Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 03, 2015 | Jun. 30, 2014 |
Entity Information [Line Items] | |||
Entity Registrant Name | MIDWESTONE FINANCIAL GROUP, INC. | ||
Entity Central Index Key | 1412665 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $165.40 | ||
Entity Common Stock, Shares Outstanding | 8,370,309 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Cash and due from banks | $23,028 | $24,516 |
Interest-bearing deposits in banks | 381 | 374 |
Cash and cash equivalents | 23,409 | 24,890 |
Investment securities: | ||
Available for sale | 474,942 | 498,561 |
Held to maturity (fair value of $51,253 as of December 31, 2014 and $30,191 as of December 31, 2013) | 51,524 | 32,625 |
Loans held for sale | 801 | 357 |
Loans | 1,132,519 | 1,088,412 |
Allowance for loan losses | -16,363 | -16,179 |
Net loans | 1,116,156 | 1,072,233 |
Loan pool participations, net | 19,332 | 25,533 |
Premises and equipment, net | 37,770 | 27,682 |
Accrued interest receivable | 10,898 | 10,409 |
Intangible assets, net | 8,259 | 8,806 |
Bank-owned life insurance | 38,142 | 29,598 |
Other real estate owned | 1,916 | 1,770 |
Deferred income taxes | 3,078 | 8,194 |
Other assets | 14,075 | 14,560 |
Total assets | 1,800,302 | 1,755,218 |
Deposits: | ||
Non-interest-bearing demand | 214,461 | 222,359 |
Interest-bearing checking | 618,540 | 592,673 |
Savings | 102,527 | 94,559 |
Certificates of deposit under $100,000 | 235,395 | 256,283 |
Certificates of deposit $100,000 and over | 237,619 | 209,068 |
Total deposits | 1,408,542 | 1,374,942 |
Federal funds purchased | 17,408 | 5,482 |
Securities sold under agreements to repurchase | 60,821 | 61,183 |
Federal Home Loan Bank borrowings | 93,000 | 106,900 |
Deferred compensation liability | 3,393 | 3,469 |
Long-term debt | 15,464 | 15,464 |
Accrued interest payable | 863 | 765 |
Other liabilities | 8,080 | 8,997 |
Total liabilities | 1,607,571 | 1,577,202 |
Commitments and contingencies (Note 16) | ||
Shareholders' Equity: | ||
Preferred stock, no par value; authorized 500,000 shares; no shares issued and outstanding at December 31, 2014 and December 31, 2013 | 0 | 0 |
Common stock, $1.00 par value; authorized 15,000,000 shares at December 31, 2014 and December 31, 2013; issued 8,690,398 shares at December 31, 2014 and December 31, 2013; outstanding 8,355,666 shares at December 31, 2014 and 8,481,799 shares at December 31, 2013 | 8,690 | 8,690 |
Additional paid-in capital | 80,537 | 80,506 |
Treasury stock at cost, 334,732 shares as of December 31, 2014 and 208,599 shares at December 31, 2013 | -6,945 | -3,702 |
Retained earnings | 105,127 | 91,473 |
Accumulated other comprehensive income | 5,322 | 1,049 |
Total shareholders’ equity | 192,731 | 178,016 |
Total liabilities and shareholders’ equity | $1,800,302 | $1,755,218 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical Parentheticals (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Fair value of investment securities held to maturity | $51,253 | $30,191 |
Shareholders' equity: | ||
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 8,690,398 | 8,690,398 |
Common stock, shares outstanding | 8,355,666 | 8,481,799 |
Shares of Treasury stock | 334,732 | 208,599 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income: | |||
Interest and fees on loans | $48,466 | $48,828 | $51,355 |
Interest and discount on loan pool participations | 1,516 | 2,046 | 1,978 |
Interest on bank deposits | 38 | 16 | 54 |
Interest on federal funds sold | 8 | 1 | 1 |
Interest on investment securities: | |||
Taxable securities | 8,921 | 9,905 | 10,836 |
Tax-exempt securities | 5,455 | 5,298 | 5,078 |
Total interest income | 64,404 | 66,094 | 69,302 |
Interest expense: | |||
Interest-bearing checking | 2,168 | 2,362 | 3,007 |
Savings | 145 | 140 | 143 |
Certificates of deposit under $100,000 | 2,701 | 4,239 | 5,885 |
Certificates of deposit $100,000 and over | 2,013 | 2,214 | 2,929 |
Total interest expense on deposits | 7,027 | 8,955 | 11,964 |
Interest on federal funds purchased | 8 | 38 | 12 |
Interest on securities sold under agreements to repurchase | 119 | 128 | 192 |
Interest on Federal Home Loan Bank borrowings | 2,092 | 2,686 | 3,094 |
Interest on other borrowings | 24 | 29 | 34 |
Interest on long-term debt | 281 | 296 | 656 |
Total interest expense | 9,551 | 12,132 | 15,952 |
Net interest income | 54,853 | 53,962 | 53,350 |
Provision for loan losses | 1,200 | 1,350 | 2,379 |
Net interest income after provision for loan losses | 53,653 | 52,612 | 50,971 |
Noninterest income: | |||
Trust, investment, and insurance fees | 5,771 | 5,345 | 4,995 |
Service charges and fees on deposit accounts | 3,279 | 2,980 | 3,247 |
Mortgage origination and loan servicing fees | 1,554 | 3,209 | 3,578 |
Other service charges, commissions and fees | 2,381 | 2,210 | 2,316 |
Bank-owned life insurance income | 1,102 | 922 | 953 |
Impairment losses on investment securities | 0 | 0 | -345 |
Gain (loss) on sale or call of available for sale securities (Includes $1,227 and $65 reclassified from accumulated other comprehensive income for net gains on available for sale securities for the year ended December 31, 2014 and 2013, respectively) | 1,227 | 65 | 805 |
Gain (loss) on sale of premises and equipment | -1 | -3 | 4,188 |
Total noninterest income | 15,313 | 14,728 | 19,737 |
Noninterest expense: | |||
Salaries and employee benefits | 24,918 | 24,596 | 30,684 |
Net occupancy and equipment expense | 6,293 | 6,356 | 6,246 |
Professional fees | 3,606 | 2,622 | 2,758 |
Data processing expense | 1,565 | 1,452 | 1,679 |
FDIC Insurance expense | 964 | 1,066 | 1,224 |
Amortization of intangible assets | 547 | 663 | 778 |
Other operating expense | 5,520 | 5,332 | 5,591 |
Total noninterest expense | 43,413 | 42,087 | 48,960 |
Income before income tax expense | 25,553 | 25,253 | 21,748 |
Income tax expense (Includes $478 and $25 income tax expense reclassified from accumulated other comprehensive income for the year ended December 31, 2014 and 2013, respectively) | 7,031 | 6,646 | 5,214 |
Net income | $18,522 | $18,607 | $16,534 |
Earnings per share: | |||
Earnings per share, basic | $2.20 | $2.19 | $1.95 |
Earnings per share, diluted | $2.19 | $2.18 | $1.94 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations Parenthetical Parentheticals (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement [Abstract] | ||
Accumulated other comprehensive income reclassifications for unrealized net gains on available for sale securities | $1,227 | $65 |
Income tax expense from reclassification items | $478 | $25 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $18,522 | $18,607 | $16,534 |
Investment securities avalable for sale: | |||
Unrealized holding gains (losses) arising during period | 8,114 | -15,920 | 2,681 |
Reclassification adjustment for gains included in net income | -1,227 | -65 | -805 |
Income tax expense (benefit) | 2,614 | -5,984 | 706 |
Other comprehensive income (loss) on available for sale securities | 4,273 | -10,001 | 1,170 |
Defined benefit pension: | |||
Reclassification of pension plan expense due to plan settlement | 5,968 | ||
Income tax (expense) benefit | -2,226 | ||
Other comprehensive income (loss) on defined benefit pension plan | 0 | 0 | -3,742 |
Total other comprehensive income (loss) | 4,273 | -10,001 | 4,912 |
Comprehensive income | $22,795 | $8,606 | $21,446 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | |||||||
Balance at Dec. 31, 2011 | $156,494 | $0 | $8,690 | $80,333 | ($2,312) | $63,645 | $6,138 |
Net income | 16,534 | 16,534 | |||||
Dividends paid on common stock | -3,054 | -3,054 | |||||
Stock options exercised | 577 | -16 | 593 | ||||
Release/lapse of restriction on RSUs | 13 | -200 | 213 | ||||
Repurchase of common stock | -1,810 | -1,810 | |||||
Stock compensation | 266 | 266 | |||||
Other comprehensive income (loss), net of tax | 4,912 | 4,912 | |||||
Balance at Dec. 31, 2012 | 173,932 | 0 | 8,690 | 80,383 | -3,316 | 77,125 | 11,050 |
Net income | 18,607 | 18,607 | |||||
Dividends paid on common stock | -4,259 | -4,259 | |||||
Stock options exercised | 305 | 9 | 296 | ||||
Release/lapse of restriction on RSUs | 15 | -270 | 285 | ||||
Repurchase of common stock | -967 | -967 | |||||
Stock compensation | 384 | 384 | |||||
Other comprehensive income (loss), net of tax | -10,001 | -10,001 | |||||
Balance at Dec. 31, 2013 | 178,016 | 0 | 8,690 | 80,506 | -3,702 | 91,473 | 1,049 |
Net income | 18,522 | 18,522 | |||||
Dividends paid on common stock | -4,868 | -4,868 | |||||
Stock options exercised | 259 | -26 | 285 | ||||
Release/lapse of restriction on RSUs | 23 | -436 | 459 | ||||
Repurchase of common stock | -3,987 | -3,987 | |||||
Stock compensation | 493 | 493 | |||||
Other comprehensive income (loss), net of tax | 4,273 | 4,273 | |||||
Balance at Dec. 31, 2014 | $192,731 | $0 | $8,690 | $80,537 | ($6,945) | $105,127 | $5,322 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity Parenthetical Parentheticals (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends paid on common stock (per share) | $0.58 | $0.50 | $0.36 |
Stock options exercised (shares) | 15,419 | 56,314 | 55,986 |
Release/lapse of restriction on RSUs (shares) | 27,491 | 19,585 | 15,810 |
Repurchase of common stock (shares) | 165,766 | 40,713 | 104,518 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $18,522 | $18,607 | $16,534 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 1,200 | 1,350 | 2,379 |
Depreciation, amortization and accretion | 4,226 | 5,162 | 5,422 |
(Gain) loss on sale of premises and equipment | 1 | 3 | -4,188 |
Deferred income taxes | 2,502 | -1,454 | -54 |
Stock based compensation | 493 | 384 | 266 |
Net gain on sale or call of available for sale securities | -1,227 | -65 | -805 |
Net (gain) loss on sale of other real estate owned | -74 | 115 | -196 |
Net gain on sale of loans held for sale | -507 | -1,237 | -2,157 |
Writedown of other real estate owned | 66 | 33 | 326 |
Other-than-temporary impairment of investment securities | 0 | 0 | 345 |
Origination of loans held for sale | 42,410 | 82,282 | 152,389 |
Proceeds from sales of loans held for sale | 42,473 | 84,357 | 155,306 |
Recognition of previously deferred expense related to pension plan settlement | 3,002 | ||
Pension plan contribution | -3,031 | ||
(Increase) decrease in accrued interest receivable | -489 | -117 | 130 |
Increase in cash value of bank-owned life insurance | -1,102 | -922 | -953 |
Decrease in other assets | 485 | 5,822 | 1,280 |
Decrease in deferred compensation liability | -76 | -86 | -88 |
(Decrease) increase in accounts payable, accrued expenses, and other liabilities | -819 | -1,410 | 1,409 |
Net cash provided by operating activities | 23,264 | 28,260 | 22,538 |
Cash flows from investing activities | |||
Proceeds from sales of available for sale investment securities | 33,457 | 12,447 | 18,307 |
Proceeds from maturities and calls of available for sale securities | 64,669 | 103,200 | 130,432 |
Purchase of available for sale investment securities | -67,892 | -74,582 | -172,060 |
Proceeds from maturities and calls of held to maturity securities | 1,147 | 1,232 | 722 |
Purchases of held to maturity securities | -20,052 | -1,185 | -31,348 |
Increase in loans | -45,911 | -54,477 | -53,560 |
Decrease in loan pool participations, net | 6,201 | 10,117 | 14,402 |
Purchase of premises and equipment, net | -12,320 | -4,521 | -3,518 |
Proceeds from sale of other real estate owned | 650 | 1,581 | 2,976 |
Proceeds from sales of premises and equipment | 57 | 18 | 5,244 |
Proceeds from sale of assets held for sale | 764 | ||
Proceeds of principal and earnings from bank-owned life insurance | 488 | ||
Purchases of bank-owned life insurance | -7,930 | ||
Net cash used in investing activities | -47,436 | -5,406 | -88,403 |
Cash flows from financing activities: | |||
Net increase (decrease) in deposits | 33,600 | -24,791 | 93,091 |
Net increase (decrease) in federal funds purchased | 11,926 | 5,482 | -8,920 |
Net (decrease) increase in securities sold under agreements to repurchase | -362 | -7,640 | 20,536 |
Proceeds from Federal Home Loan Bank borrowings | 26,000 | 166,000 | 20,000 |
Repayment of Federal Home Loan Bank borrowings | -39,900 | -179,300 | -40,000 |
Stock options exercised | 282 | 320 | 590 |
Dividends paid | -4,868 | -4,259 | -3,054 |
Repurchase of common stock | -3,987 | -967 | -1,810 |
Net cash (used in) provided by financing activities | 22,691 | -45,155 | 80,433 |
Net (decrease) increase in cash and cash equivalents | -1,481 | -22,301 | 14,568 |
Cash and cash equivalents: | |||
Cash and cash equivalents at beginning of period | 24,890 | 47,191 | 32,623 |
Cash and cash equivalents at end of period | 23,409 | 24,890 | 47,191 |
Supplemental disclosures of cash flow information: | |||
Cash payments for interest paid on deposits and borrowings | 9,453 | 12,842 | 16,007 |
Cash payments for income taxes | 4,144 | 7,961 | 5,169 |
Transfer of loans to other real estate owned | 788 | 221 | 2,351 |
Transfer of property to assets held for sale | $764 |
Principles_of_Consolidation_an
Principles of Consolidation and Presentation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Principles of Consolidation and Presentation [Abstract] | |||||||||||||
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Nature of Business and Significant Accounting Policies | ||||||||||||
Nature of business: The Company is a bank holding company registered under the Bank Holding Company Act of 1956 that has elected to be a financial holding company. It is headquartered in Iowa City, Iowa and owns 100% of the outstanding common stock of MidWestOne Bank, Iowa City, and 100% of the common stock of MidWestOne Insurance Services, Inc., Oskaloosa, Iowa. MidWestOne Bank (“MidWestOne Bank” or the “Bank”) is also headquartered in Iowa City, Iowa, and provides services to individuals, businesses, governmental units and institutional customers in central and east-central Iowa. The Bank has office locations in Belle Plaine, Burlington, Cedar Falls, Conrad, Coralville, Davenport, Fairfield, Fort Madison, Melbourne, North English, North Liberty, Oskaloosa, Ottumwa, Parkersburg, Pella, Sigourney, Waterloo and West Liberty, Iowa. MidWestOne Insurance Services, Inc. provides personal and business insurance services in Cedar Falls, Conrad, Melbourne, Oskaloosa, Parkersburg, and Pella, Iowa. The Bank is actively engaged in many areas of commercial banking, including: acceptance of demand, savings and time deposits; making commercial, real estate, agricultural and consumer loans, and other banking services tailored for its individual customers. The Wealth Management area of the Bank administers estates, personal trusts, conservatorships, and pension and profit-sharing accounts along with providing other management services to customers. | |||||||||||||
On November 20, 2014, the Company entered into merger agreement with Central Bancshares, Inc. ("Central"), a Minnesota corporation, pursuant to which Central will merge with and into the Company. In connection with the merger, Central Bank, a Minnesota-chartered commercial bank and wholly-owned subsidiary of Central, will become a wholly-owned subsidiary of the Company. The merger agreement also provides that each of the outstanding shares of Central common stock will be converted into the right for each Central shareholder to receive its pro rata share of 2,723,083 shares of Company common stock and $64.0 million in cash. The corporate headquarters of the combined company will be Iowa City, Iowa. The merger is anticipated to be completed in the second quarter of 2015. (See Note 20. “Proposed Merger” for additional information.) | |||||||||||||
Accounting estimates: The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The U.S. economic environment in recent years has increased the degree of uncertainty inherent in these estimates. | |||||||||||||
Certain significant estimates: The allowance for loan losses and the fair values of investment securities and other financial instruments involve certain significant estimates made by management. These estimates are reviewed by management routinely and it is reasonably possible that circumstances that exist may change in the near-term future and that the effect could be material to the consolidated financial statements. | |||||||||||||
Principles of consolidation: The consolidated financial statements include the accounts of MidWestOne Financial Group, Inc., a bank holding company, and its wholly-owned subsidiaries which include MidWestOne Bank, a state chartered bank whose primary federal regulator is the Federal Deposit Insurance Corporation, and MidWestOne Insurance Services, Inc. All significant inter-company accounts and transactions have been eliminated in consolidation. | |||||||||||||
Trust assets, other than cash deposits held by the Bank in a fiduciary or agency capacity for its customers, are not included in the accompanying consolidated financial statements because such accounts are not assets of the Bank. | |||||||||||||
In the normal course of business, the Company may enter into a transaction with a variable interest entity (“VIE”). VIEs are legal entities whose investors lack the ability to make decisions about the entity’s activities, or whose equity investors do not have the right to receive the residual returns of the entity. The applicable accounting guidance requires the Company to perform ongoing quantitative and qualitative analysis to determine whether it must consolidate any VIE. The Company does not have any ownership interest in or exert any control over any VIE, and thus no VIEs are included in the consolidated financial statements. Investments in non-marketable loan participation certificates for which the Company does not have the ability to exert significant influence are accounted for using the cost method. | |||||||||||||
Presentation of cash flows: For purposes of reporting cash flows, cash and due from banks includes cash on hand, amounts due from banks, and federal funds sold. Cash flows from portfolio loans originated by the Bank, deposits, federal funds purchased, and securities sold under agreements to repurchase are reported net. | |||||||||||||
Cash receipts and cash payments resulting from acquisitions and sales of loans originated for sale are classified as operating cash flows on a gross basis in the consolidated statements of cash flows. | |||||||||||||
Investment securities: Certain debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. | |||||||||||||
The Company carries its investment securities at fair value, and the Company employs valuation techniques which utilize observable inputs when those inputs are available. These observable inputs reflect assumptions market participants would use in pricing the security, developed based on market data obtained from sources independent of the Company. When such information is not available, the Company employs valuation techniques which utilize unobservable inputs, or those which reflect the Company’s own assumptions about assumptions that market participants would use, based on the best information available in the circumstances. These valuation methods typically involve cash flow and other financial modeling techniques. Changes in underlying factors, assumptions, estimates, or other inputs to the valuation techniques could have a material impact on the Company’s future financial condition and results of operations. Fair value measurements are required to be classified as Level 1 (quoted prices), Level 2 (based on observable inputs) or Level 3 (based on unobservable inputs) discussed in more detail in Note 18 to the consolidated financial statements. Available for sale securities are recorded at fair value with unrealized gains and losses excluded from earnings and reported as a separate component of shareholders’ equity until realized. | |||||||||||||
Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Declines in the fair value of held to maturity and available for sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In determining whether other than temporary impairment exists, management considers whether: (1) we have the intent to sell the security; (2) it is more likely than not that we will be required to sell the security before recovery of the amortized cost basis; and (3) we do not expect to recover the entire amortized cost basis of the security. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | |||||||||||||
Loans: Loans are stated at the principal amount outstanding, net of deferred loan fees and costs and allowance for loan losses. Interest on loans is credited to income as earned based on the principal amount outstanding. Deferred loan fees and costs are amortized using the level yield method over the remaining maturities on the loans. | |||||||||||||
The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due, unless the credit is well secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date, if collection of principal or interest is considered doubtful. | |||||||||||||
All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||
Loan Pool Participations: The Company acquired its loan pool participations from the Former MidwestOne during the merger and continued in this business following the merger. However, in 2010, the Company made the decision to exit this line of business and is thus not purchasing new loan pool participations as existing pools pay down. The pools consist of loans to borrowers located throughout the United States. | |||||||||||||
The Company carries its investment in the loan pools as a separate earning asset on the consolidated balance sheets. Principal or interest restructures, write-downs, or write-offs within the pools are not included in the Company’s disclosures for its loan portfolio, and foreclosed property from loans associated with the pools is not included in other real estate owned on the consolidated balance sheets. The loan pool participations are managed by a non-affiliate servicer operating in Omaha, Nebraska. | |||||||||||||
Each pool has a different composition and different characteristics. The composition of a loan pool is generally determined by the seller based on its desire to maximize the price it receives for all loans among the various pools. Many of the pools consist of loans primarily secured by single-family, multi-family, and small commercial real estate. Some pools may consist of a large number of small consumer loans that are secured by other assets such as automobiles or mobile homes, while other pools may consist of small- to medium-balance commercial loans. Some may contain a mixture of such loans and other types of loans. | |||||||||||||
The Company invested in pools consisting of both performing loans and past-due nonperforming loans. The price bid and paid for such a loan pool was determined based on the composition of the particular pool, the amounts the servicer believed could be collected on such a pool, and the risks associated with the collection of such amounts. | |||||||||||||
Upon the acquisition of a participation interest in a loan pool, the Company assumed the risk of loss on a pro-rata basis. The extent of such risk is dependent on a number of factors, including the servicer’s ability to locate the debtors, the debtors’ financial condition, the possibility that a debtor may file for protection under applicable bankruptcy laws, the servicer’s ability to locate the collateral, if any, for the loan and to obtain possession of such collateral, the value of such collateral, and the length of time it takes to realize the ultimate recovery either through collection procedures or through a resale of the loans following a restructure. | |||||||||||||
A cost “basis” was assigned to each individual loan acquired on a cents-per-dollar (discounted price) basis based on the servicer’s assessment of the recovery potential of each such loan. This methodology assigns a higher basis to performing loans with greater potential collectability and a lower basis to those loans identified as having little or no potential for collection. | |||||||||||||
Loan pool participations are shown on the Company’s consolidated balance sheets as a separate asset category. The original carrying value of loan pool participations represents the discounted price paid by the Company to acquire its participation interests in various loan pools purchased by the servicer. The Company’s investment balance is reduced as the servicer collects principal payments on the loans and remits the proportionate share of such payments to the Company, as well as for charge-offs of amounts determined to be uncollectible. | |||||||||||||
The loan pool participations acquired are accounted for in accordance with the provisions of ASC Topic 310. | |||||||||||||
ASC Topic 310 provides guidance on the accounting for purchased loans that show evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the purchaser will be unable to collect all contractually required payments receivable. ASC Topic 310 generally requires that the excess of the estimated cash flows expected to be collected on the loan over the initial investment be accreted over the estimated remaining life of the loan. | |||||||||||||
According to ASC Topic 310, in order to apply the interest method of recognition to these types of loans, there must be sufficient information to reasonably estimate the amount and timing of the cash flows expected to be collected. When that is not the case, the loan should be accounted for as a nonaccrual status applying the cash basis income recognition to the loan. | |||||||||||||
The Company developed and implemented procedures to determine if accretion of the discount (“accretable yield”) on the purchased loans in a pool is required under ASC Topic 310. Given the impaired nature of the loan pools typically purchased, the individual loans were evaluated for ASC Topic 310 purposes by the end of a six-month window from the date of purchase. This provided time to assess the quality of the loans and assign basis to each loan within the pool. Purchased loans were evaluated individually with a determination made utilizing various criteria including: past-due status, late payments, legal status of the loan (not in foreclosure, judgment against the borrower, or referred to legal counsel), frequency of payments made, collateral adequacy and the borrower’s financial condition. If all the criteria were met, the Company utilized the accounting treatment for that individual loan required by ASC Topic 310 with the accretable yield difference between the expected cash flows and the purchased basis accreted into income on the level yield basis over the anticipated life of the loan. If any of the six criteria were not met, the loan is accounted for on the cash-basis of accounting. | |||||||||||||
In the event that a prepayment is received on a loan accounted for under ASC Topic 310, the accretable yield is recomputed and the revised amount accreted over the estimated remaining life of the loan on the level yield basis. If a loan subject to accretable yield under ASC Topic 310 fails to make timely payments, it is subject to classification and an allowance for loss would be established. | |||||||||||||
Collection expenses incurred by the servicer are netted against discount income. Discount income is added to interest income and reflected as one amount on the Company’s consolidated statements of operations. | |||||||||||||
Interest income is only recognized when collected and actually remitted to the Company by the servicer for those loans subject to nonaccrual status in accordance with ASC Topic 310. Many of the pools that have been purchased by the servicer do not include purchased interest in the cost basis; thus, interest collected does not have a cost basis and represents profit. Interest income collected by the servicer is reflected in the Company’s consolidated financial statements as interest income and is included as part of interest and discount on loan pool participations. | |||||||||||||
Loans held for sale: Loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value, as determined by aggregate outstanding commitments from investors or current investor yield requirements. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. | |||||||||||||
Mortgage loans held for sale are generally sold with the mortgage servicing rights retained. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price plus the value of servicing rights, less the carrying value of the related mortgage loans sold. | |||||||||||||
Allowance for loan losses: The allowance for loan losses is established as losses estimated to have been incurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |||||||||||||
The allowance for loan losses is evaluated on a quarterly basis by management and is based upon management’s periodic review of the collectiblity of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. | |||||||||||||
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as doubtful, substandard or special mention. For such loans that are also classified as impaired as well as any loan (regardless of classification) meeting the definition of a troubled debt restructuring, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan are lower than the carrying value of that loan. The general component covers loans not classified as impaired and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects that margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include: payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral, if the loan is collateral dependent. | |||||||||||||
Large groups of smaller-balance, homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank generally does not separately identify individual consumer and residential loans for impairment unless they meet the definition of a troubled debt restructure. | |||||||||||||
Transfers of financial assets: Revenue from the origination and sale of loans in the secondary market is recognized upon the transfer of financial assets and accounted for as sales when control over the assets has been surrendered. The Bank also sells participation interests in some large loans originated, to non-affiliated entities. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Bank and its affiliates; (2) the transferee has the right to pledge or exchange the assets it received and no condition both constrains the transferee from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the transferor; and (3) the Bank and its affiliates do not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | |||||||||||||
Revenue recognition: Trust fees, deposit account service charges and other fees are recognized when payment is received for the services (cash basis), which generally occurs at the time the services are provided. | |||||||||||||
Credit-related financial instruments: In the ordinary course of business, the Bank has entered into commitments to extend credit, including commitments under credit card arrangements, commercial letters of credit and standby letters of credit. Such financial instruments are recorded when they are funded. The Bank records a liability to the extent losses on its commitments to lend are probable. | |||||||||||||
Premises and equipment: Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. The estimated useful lives and primary method of depreciation for the principal items are as follows: | |||||||||||||
Years | |||||||||||||
Type of Assets | Minimum | Maximum | Depreciation Method | ||||||||||
Buildings and leasehold improvements | 10 | - | 30 | Straight-line | |||||||||
Furniture and equipment | 3 | - | 10 | Straight-line | |||||||||
Charges for maintenance and repairs are expensed as incurred. When assets are retired or disposed of the related cost and accumulated depreciation are removed from the respective accounts and the resulting gain or loss is recorded. | |||||||||||||
Other real estate owned: Real estate properties acquired through or in lieu of foreclosure are initially recorded at fair value less estimated selling cost at the date of foreclosure, establishing a new cost basis. Fair value is determined by management by obtaining appraisals or other market value information at least annually. Any write-downs in value at the date of acquisition are charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management by obtaining updated appraisals or other market value information. Any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the updated fair value less estimated selling cost. Net costs related to the holding of properties are included in noninterest expense. | |||||||||||||
Mortgage servicing rights: Mortgage servicing rights are recorded at fair value based on assumptions through a third-party valuation service. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the servicing cost per loan, the discount rate, the escrow float rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. | |||||||||||||
Bank-owned life insurance: Bank-owned life insurance is carried at cash surrender value, net of surrender and other charges, with increases/decreases reflected as income/expense in the consolidated statements of operations. | |||||||||||||
Employee benefit plans: Deferred benefits under a salary continuation plan are charged to expense during the period in which the participating employees attain full eligibility. | |||||||||||||
Stock-based compensation: Compensation expense for share based awards is recorded over the vesting period at the fair value of the award at the time of grant. The exercise price of options or fair value of nonvested shares granted under the Company’s incentive plans is equal to the fair market value of the underlying stock at the grant date. The Company assumes no projected forfeitures on its stock based compensation, since actual historical forfeiture rates on its stock-based incentive awards has been negligible. | |||||||||||||
Income taxes: The Company files a consolidated federal income tax return. Income tax expense is generally allocated as if the Company and its subsidiaries file separate income tax returns. For state purposes, the Bank files a franchise tax return and the remaining entities file a consolidated income tax return. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||||||||||
In accordance with ASC 740, Income Taxes, the Company recognizes a tax position as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized upon examination. For tax positions not meeting the more likely than not test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. | |||||||||||||
There were no material unrecognized tax benefits or any interest or penalties on any unrecognized tax benefits as of December 31, 2014 and 2013. | |||||||||||||
Common stock: On October 18, 2011, our Board of Directors amended the Company’s then existing share repurchase program by increasing the remaining amount of authorized repurchases to $5.0 million, and extending the expiration of the program to December 31, 2012. We repurchased 57,151 shares of common stock during the fourth quarter of 2011 for an aggregate cost of $840,000. In 2012, we repurchased a total of 104,518 shares of common stock at a cost of $1.8 million. | |||||||||||||
On January 15, 2013, the Company's board of directors announced the renewal of the Company's share repurchase program, extending the expiration of the program to December 31, 2014 and increasing the remaining amount of authorized repurchases under the program to $5.0 million from the approximately $2.4 million of authorized repurchases that had previously remained. Pursuant to the program, the Company may continue to repurchase shares from time to time in the open market, and the method, timing and amounts of repurchase will be solely in the discretion of the Company's management. The repurchase program does not require the Company to acquire a specific number of shares. Therefore, the amount of shares repurchased pursuant to the program will depend on several factors, including market conditions, capital and liquidity requirements, and alternative uses for cash available. In 2013, we repurchased 40,713 shares of common stock at a cost of $1.0 million. | |||||||||||||
On July 17, 2014, the board of directors of the Company approved a new share repurchase program, allowing for the repurchase of up to $5.0 million of stock through December 31, 2016. The new repurchase program replaced the Company's prior repurchase program, pursuant to which the Company had repurchased approximately $3.7 million of common stock since January 1, 2013. Pursuant to the new program, the Company may continue to repurchase shares from time to time in the open market, and the method, timing and amounts of repurchase will be solely in the discretion of the Company's management. The repurchase program does not require the Company to acquire a specific number of shares. Therefore, the amount of shares repurchased pursuant to the program will depend on several factors, including market conditions, capital and liquidity requirements, and alternative uses for cash available. Of the $5.0 million of stock authorized under the repurchase plan, $3.8 million remained available for possible future repurchases as of December 31, 2014. In 2014, we repurchased 165,766 shares of common stock at a cost of $4.0 million . | |||||||||||||
In addition, as part of the agreement with Central, the Company will issue 2,723,083 shares of Company common stock to Central’s shareholders upon consummation of the transaction, which is expected to occur in the second quarter of 2015. | |||||||||||||
Comprehensive income: Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of shareholders’ equity on the consolidated balance sheets, and are disclosed in the consolidated statements of comprehensive income. | |||||||||||||
The components of accumulated other comprehensive income, included in shareholders’ equity, net of tax, are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Unrealized gains on securities available for sale, net of tax | $ | 5,322 | $ | 1,049 | $ | 11,050 | |||||||
Accumulated other comprehensive income, net of tax | $ | 5,322 | $ | 1,049 | $ | 11,050 | |||||||
Recent Accounting Pronouncements | |||||||||||||
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The objective of this update is to eliminate the diversity in practice on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. For public entities, the amendments became effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. The adoption of this amendment did not have a material effect on the Company’s consolidated financial statements. | |||||||||||||
In January 2014, the FASB issued Accounting Standards Update No. 2014-01, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. The objective of this update is to provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The low-income housing tax credit program is designed to encourage private capital investment in the construction and rehabilitation of low-income housing. This program is an indirect tax subsidy that allows investors in a flow-through limited liability entity, such as limited partnerships or limited liability companies that manage or invest in qualified affordable housing projects, to receive the benefits of the tax credits allocated to the entity that owns the qualified affordable housing project. The tax credits are allowable on the tax return each year over a 10-year period as a result of a sufficient number of units being rented to qualifying tenants and are subject to restrictions on gross rentals paid by those tenants. Those credits are subject to recapture over a 15-year period starting with the first year tax credits are earned. The amendments in this update permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. For public entities, the amendments are to be applied retrospectively to all annual periods and interim reporting periods presented within those annual periods, beginning after December 15, 2014. The adoption of this amendment is not expected to have a material effect on the Company’s consolidated financial statements. | |||||||||||||
In January 2014, the FASB issued Accounting Standards Update No. 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The objective of this update is to reduce diversity by clarifying when an in-substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. For public entities, the amendments are effective for reporting periods beginning after December 31, 2014, with early adoption permitted. The adoption of this amendment is not expected to have a material effect on the Company’s consolidated financial statements. | |||||||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contract with Customers (Topic 606). The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following five steps: 1) identify the contracts(s) with the customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer. For a public entity, the amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is still evaluating the effect of this amendment on the Company’s consolidated financial statements. | |||||||||||||
In June 2014, the FASB issued Accounting Standards Update No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The guidance in this update changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. It also requires enhanced disclosures about repurchase agreements and other similar transactions. The accounting changes in this update are effective for public companies for the first interim or annual period beginning after December 15, 2014. In addition, for public companies, the disclosure for certain transactions accounted for as a sale is effective for the first interim or annual period beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early application is not permitted. The adoption of this amendment is not expected to have a material effect on the Company’s consolidated financial statements. | |||||||||||||
In August 2014, the FASB issued Accounting Standards Update No. 2014-14, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. This update provides guidance on how to classify and measure certain government-guaranteed mortgage loans upon foreclosure, most commonly those offered by the Federal Housing Administration (FHA) of the U.S. Department of Housing and Urban Development (HUD), and the U.S. Department of Veterans Affairs (VA). The ASU requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: 1) the loan has a government guarantee that is not separable from the loan before foreclosure; 2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under the claim; and 3) at the time of foreclosure, an amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The accounting changes in this update are effective for public companies for annual periods, and the interim periods within those annual periods, beginning after December 15, 2014. Early application is permitted under certain circumstances. The adoption of this amendment is not expected to have a material effect on the Company’s consolidated financial statements. | |||||||||||||
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The amendments in this update provide guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. In doing so, the amendment should reduce diversity in the timing and content of footnote disclosures. Disclosures are required if it is probable an entity will be unable to meet its obligations within the look-forward period of twelve months after the financial statements are made available. Incremental substantial doubt disclosure is required if the probability is not mitigated by management's plans. The new standard applies to all entities for the first annual period ending after December 15, 2016, and interim periods thereafter. The adoption of this standard is not expected to have a material effect on the Company’s consolidated financial statements. | |||||||||||||
In November 2014, the FASB issued Accounting Standards Update No. 2014-17, Business Combinations (Topic 805): Pushdown Accounting. The amendments in this update provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. The amendments in this Update are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Investment Securities [Abstract] | |||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investment Securities | ||||||||||||||||||||||||||
The amortized cost and fair value of investment securities available for sale, with gross unrealized gains and losses, are as follows: | |||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
U.S. Government agencies and corporations | $ | 49,392 | $ | 248 | $ | 265 | $ | 49,375 | |||||||||||||||||||
State and political subdivisions | 187,276 | 8,113 | 190 | 195,199 | |||||||||||||||||||||||
Mortgage-backed securities | 30,965 | 1,498 | — | 32,463 | |||||||||||||||||||||||
Collateralized mortgage obligations | 147,412 | 813 | 2,093 | 146,132 | |||||||||||||||||||||||
Collateralized debt obligations | — | — | — | — | |||||||||||||||||||||||
Corporate debt securities | 48,656 | 188 | 103 | 48,741 | |||||||||||||||||||||||
Total debt securities | 463,701 | 10,860 | 2,651 | 471,910 | |||||||||||||||||||||||
Other equity securities | 2,686 | 380 | 34 | 3,032 | |||||||||||||||||||||||
Total investment securities | $ | 466,387 | $ | 11,240 | $ | 2,685 | $ | 474,942 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
U.S. Government agencies and corporations | $ | 45,279 | $ | 527 | $ | 867 | $ | 44,939 | |||||||||||||||||||
State and political subdivisions | 207,734 | 5,625 | 2,563 | 210,796 | |||||||||||||||||||||||
Mortgage-backed securities | 37,593 | 1,692 | — | 39,285 | |||||||||||||||||||||||
Collateralized mortgage obligations | 171,714 | 1,003 | 3,494 | 169,223 | |||||||||||||||||||||||
Collateralized debt obligations | 2,111 | 190 | 984 | 1,317 | |||||||||||||||||||||||
Corporate debt securities | 29,802 | 284 | 142 | 29,944 | |||||||||||||||||||||||
Total debt securities | 494,233 | 9,321 | 8,050 | 495,504 | |||||||||||||||||||||||
Other equity securities | 2,659 | 453 | 55 | 3,057 | |||||||||||||||||||||||
Total investment securities | $ | 496,892 | $ | 9,774 | $ | 8,105 | $ | 498,561 | |||||||||||||||||||
The amortized cost and fair value of investment securities held to maturity, with gross unrealized gains and losses, are as follows: | |||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
State and political subdivisions | $ | 39,704 | $ | 370 | $ | 252 | $ | 39,822 | |||||||||||||||||||
Mortgage-backed securities | 22 | 3 | — | 25 | |||||||||||||||||||||||
Collateralized mortgage obligations | 8,531 | — | 233 | 8,298 | |||||||||||||||||||||||
Corporate debt securities | 3,267 | — | 159 | 3,108 | |||||||||||||||||||||||
Total | $ | 51,524 | $ | 373 | $ | 644 | $ | 51,253 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
State and political subdivisions | $ | 19,888 | $ | — | $ | 1,326 | $ | 18,562 | |||||||||||||||||||
Mortgage-backed securities | 28 | 3 | — | 31 | |||||||||||||||||||||||
Collateralized mortgage obligations | 9,447 | — | 834 | 8,613 | |||||||||||||||||||||||
Corporate debt securities | 3,262 | — | 277 | 2,985 | |||||||||||||||||||||||
Total | $ | 32,625 | $ | 3 | $ | 2,437 | $ | 30,191 | |||||||||||||||||||
Investment securities with a market value of $200.7 million and $202.8 million at December 31, 2014 and 2013, respectively, were pledged on public deposits, securities sold under agreements to repurchase and for other purposes, as required or permitted by law. | |||||||||||||||||||||||||||
The summary of investment securities shows that some of the securities in the available for sale and held to maturity investment portfolios had unrealized losses, or were temporarily impaired, as of December 31, 2014 and December 31, 2013. This temporary impairment represents the estimated amount of loss that would be realized if the securities were sold on the valuation date. | |||||||||||||||||||||||||||
The following presents information pertaining to securities with gross unrealized losses as of December 31, 2014 and 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position: | |||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||
Number | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
of | |||||||||||||||||||||||||||
Available for Sale | Securities | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
U.S. Government agencies and corporations | 4 | $ | 9,946 | $ | 11 | $ | 15,018 | $ | 254 | $ | 24,964 | $ | 265 | ||||||||||||||
State and political subdivisions | 46 | 3,024 | 18 | 10,728 | 172 | 13,752 | 190 | ||||||||||||||||||||
Collateralized mortgage obligations | 14 | 14,971 | 123 | 68,370 | 1,970 | 83,341 | 2,093 | ||||||||||||||||||||
Corporate debt securities | 7 | 23,024 | 50 | 3,400 | 53 | 26,424 | 103 | ||||||||||||||||||||
Other equity securities | 1 | — | — | 966 | 34 | 966 | 34 | ||||||||||||||||||||
Total | 72 | $ | 50,965 | $ | 202 | $ | 98,482 | $ | 2,483 | $ | 149,447 | $ | 2,685 | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||
Number | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
of | |||||||||||||||||||||||||||
Securities | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
U.S. Government agencies and corporations | 3 | $ | 21,977 | $ | 867 | $ | — | $ | — | $ | 21,977 | $ | 867 | ||||||||||||||
State and political subdivisions | 171 | 54,153 | 2,331 | 1,799 | 232 | 55,952 | 2,563 | ||||||||||||||||||||
Collateralized mortgage obligations | 18 | 110,142 | 3,164 | 5,047 | 330 | 115,189 | 3,494 | ||||||||||||||||||||
Collateralized debt obligations | 3 | — | — | 934 | 984 | 934 | 984 | ||||||||||||||||||||
Corporate debt securities | 3 | 7,430 | 93 | 1,561 | 49 | 8,991 | 142 | ||||||||||||||||||||
Other equity securities | 1 | 945 | 55 | — | — | 945 | 55 | ||||||||||||||||||||
Total | 199 | $ | 194,647 | $ | 6,510 | $ | 9,341 | $ | 1,595 | $ | 203,988 | $ | 8,105 | ||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||
Number | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
of | |||||||||||||||||||||||||||
Held to Maturity | Securities | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
State and political subdivisions | 29 | $ | 5,322 | $ | 190 | $ | 9,144 | $ | 62 | $ | 14,466 | $ | 252 | ||||||||||||||
Collateralized mortgage obligations | 1 | — | — | 8,298 | 233 | 8,298 | 233 | ||||||||||||||||||||
Corporate debt securities | 2 | 2,358 | 27 | 750 | 132 | 3,108 | 159 | ||||||||||||||||||||
Total | 32 | $ | 7,680 | $ | 217 | $ | 18,192 | $ | 427 | $ | 25,872 | $ | 644 | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||
Number | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
of | |||||||||||||||||||||||||||
Securities | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
State and political subdivisions | 30 | $ | 17,420 | $ | 1,195 | $ | 1,142 | $ | 131 | $ | 18,562 | $ | 1,326 | ||||||||||||||
Collateralized mortgage obligations | 1 | 8,613 | 834 | — | — | 8,613 | 834 | ||||||||||||||||||||
Corporate debt securities | 2 | 2,984 | 277 | — | — | 2,984 | 277 | ||||||||||||||||||||
Total | 33 | $ | 29,017 | $ | 2,306 | $ | 1,142 | $ | 131 | $ | 30,159 | $ | 2,437 | ||||||||||||||
The Company's assessment of other-than-temporary impairment ("OTTI") is based on its reasonable judgment of the specific facts and circumstances impacting each individual security at the time such assessments are made. The Company reviews and considers factual information, including expected cash flows, the structure of the security, the creditworthiness of the issuer, the type of underlying assets and the current and anticipated market conditions. | |||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Company’s mortgage-backed securities and collateralized mortgage obligations portfolios consisted of securities predominantly backed by one- to four-family mortgage loans and underwritten to the standards of and guaranteed by the following government-sponsored agencies: the Federal Home Loan Mortgage Corporation (FHLMC), the Federal National Mortgage Association (FNMA), and the Government National Mortgage Association (GNMA). The receipt of principal, at par, and interest on mortgage-backed securities is guaranteed by the respective government-sponsored agency guarantor, such that the Company believes that its mortgage-backed securities do not expose the Company to credit-related losses. | |||||||||||||||||||||||||||
At December 31, 2014, approximately 60% of the municipal obligations held by the Company were Iowa-based. The Company does not intend to sell these municipal obligations, and it is more likely than not that the Company will not be required to sell them until the recovery of its cost. Due to the issuers’ continued satisfaction of their obligations under the securities in accordance with their contractual terms and the expectation that they will continue to do so, management’s intent and ability to hold these securities for a period of time sufficient to allow for any anticipated recovery in fair value, as well as the evaluation of the fundamentals of the issuers’ financial conditions and other objective evidence, the Company believes that the municipal obligations identified in the tables above were temporarily depressed as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||
At December 31, 2013, the Company owned five collateralized debt obligations (“CDOs”) backed by pools of trust preferred securities with an original cost basis of $8.8 million. The amortized cost of these securities as of that date totaled $2.1 million after OTTI charges have been recognized. During the quarter ended March 31, 2014, the Company sold these investment securities at a net gain of $0.8 million. | |||||||||||||||||||||||||||
As of December 31, 2014, the Company owned $2.1 million of equity securities in banks and financial service-related companies, and $1.0 million of mutual funds invested in debt securities and other debt instruments that will cause units of the fund to be deemed to be qualified under the Community Reinvestment Act. Equity securities are considered to have OTTI whenever they have been in a loss position, compared to current book value, for twelve consecutive months, and the Company does not expect them to recover to their original cost basis. For the years ended December 31, 2014 and 2013, no impairment charges were recorded, as the affected equity securities were not deemed impaired due to market prices that are above the Company's original purchase price. | |||||||||||||||||||||||||||
The following table provides a roll forward of credit losses on fixed maturity securities recognized in net income: | |||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Beginning balance | $ | 6,639 | $ | 7,379 | |||||||||||||||||||||||
Additional credit losses: | |||||||||||||||||||||||||||
Securities with no previous other than temporary impairment | — | — | |||||||||||||||||||||||||
Securities with previous other than temporary impairments | — | — | |||||||||||||||||||||||||
Reductions to credit losses: | |||||||||||||||||||||||||||
Securities with previous other than temporary impairments, due to liquidation | — | (740 | ) | ||||||||||||||||||||||||
Securities with previous other than temporary impairments, due to sale | (6,639 | ) | — | ||||||||||||||||||||||||
Ending balance | $ | — | $ | 6,639 | |||||||||||||||||||||||
It is reasonably possible that the fair values of the Company's investment securities could decline in the future if the overall economy or the financial conditions of the issuers deteriorate or the liquidity of certain securities remains depressed. As a result, there is a risk that additional OTTI may be recognized in the future and any such amounts could be material to the Company's consolidated statements of operations. | |||||||||||||||||||||||||||
The contractual maturity distribution of investment debt securities at December 31, 2014, is summarized as follows: | |||||||||||||||||||||||||||
Available For Sale | Held to Maturity | ||||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Due in one year or less | $ | 22,476 | $ | 22,637 | $ | 190 | $ | 189 | |||||||||||||||||||
Due after one year through five years | 122,371 | 124,385 | 2,750 | 2,723 | |||||||||||||||||||||||
Due after five years through ten years | 102,908 | 107,773 | 17,829 | 17,905 | |||||||||||||||||||||||
Due after ten years | 37,569 | 38,520 | 22,202 | 22,113 | |||||||||||||||||||||||
Debt securities without a single maturity date | 178,377 | 178,595 | 8,553 | 8,323 | |||||||||||||||||||||||
Total | $ | 463,701 | $ | 471,910 | $ | 51,524 | $ | 51,253 | |||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations are collateralized by mortgage loans, and guaranteed by U.S. government agencies. Experience has indicated that principal payments will be collected sooner than scheduled because of prepayments. Therefore, these securities are not scheduled in the maturity categories indicated above. Other equity securities available for sale with an amortized cost of $2.7 million and a fair value of $3.0 million are also excluded from this table. | |||||||||||||||||||||||||||
Proceeds from the sales of investment securities available for sale during 2014 were $33.5 million. During 2013 there were $12.4 million sales of investment securities available for sale, while in 2012 there were $18.3 million sales of investment securities available for sale. | |||||||||||||||||||||||||||
Other investment securities include investments in Federal Home Loan Bank (“FHLB”) stock. The carrying value of the FHLB stock at December 31, 2014 and December 31, 2013 was $8.6 million and $9.2 million, respectively, which is included in the Other Assets line of the consolidated balance sheets. This security is not readily marketable and ownership of FHLB stock is a requirement for membership in the FHLB-Des Moines. The amount of FHLB stock the Bank is required to hold is directly related to the amount of FHLB advances borrowed. Because there are no available market values for this security, it is carried at cost and evaluated for potential impairment each quarter. No impairment charges have been recognized on these securities. Redemption of this investment is at the option of the FHLB. | |||||||||||||||||||||||||||
Realized gains and losses on sales are determined on the basis of specific identification of investments based on the trade date. Realized gains (losses) on investments, including impairment losses for the years ended December 31, 2014, 2013 and 2012, were as follows: | |||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Available for sale fixed maturity securities: | |||||||||||||||||||||||||||
Gross realized gains | $ | 1,463 | $ | 144 | $ | 424 | |||||||||||||||||||||
Gross realized losses | (236 | ) | (79 | ) | — | ||||||||||||||||||||||
Other-than-temporary impairment | — | — | (345 | ) | |||||||||||||||||||||||
1,227 | 65 | 79 | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Gross realized gains | — | — | 381 | ||||||||||||||||||||||||
Gross realized losses | — | — | — | ||||||||||||||||||||||||
Other-than-temporary impairment | — | — | — | ||||||||||||||||||||||||
— | — | 381 | |||||||||||||||||||||||||
Total net realized gains and losses | $ | 1,227 | $ | 65 | $ | 460 | |||||||||||||||||||||
Loans_Receivable_and_the_Allow
Loans Receivable and the Allowance for Loan Losses | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Loans Receivable and the Allowance for Loan Losses [Abstract] | ||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Loans Receivable and the Allowance for Loan Losses | |||||||||||||||||||||||||||||
The composition of allowance for loan losses, loans, and loan pool participations by portfolio segment, as of and for the years ended December 31, 2014 and 2013, were as follows: | ||||||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loan Receivables | ||||||||||||||||||||||||||||||
For the Years Ended December 31, 2014 and 2013 | ||||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 88 | $ | 206 | $ | 226 | $ | 623 | $ | 2 | $ | — | $ | 1,145 | ||||||||||||||||
Collectively evaluated for impairment | 1,418 | 5,574 | 4,173 | 2,544 | 321 | 1,188 | 15,218 | |||||||||||||||||||||||
Total | $ | 1,506 | $ | 5,780 | $ | 4,399 | $ | 3,167 | $ | 323 | $ | 1,188 | $ | 16,363 | ||||||||||||||||
Loans acquired with deteriorated credit quality (loan pool participations) | $ | — | $ | 70 | $ | 669 | $ | 82 | $ | 9 | $ | 1,304 | $ | 2,134 | ||||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,027 | $ | 3,168 | $ | 3,916 | $ | 3,341 | $ | 34 | $ | — | $ | 13,486 | ||||||||||||||||
Collectively evaluated for impairment | 101,782 | 301,732 | 422,605 | 269,270 | 23,644 | — | 1,119,033 | |||||||||||||||||||||||
Total | $ | 104,809 | $ | 304,900 | $ | 426,521 | $ | 272,611 | $ | 23,678 | $ | — | $ | 1,132,519 | ||||||||||||||||
Loans acquired with deteriorated credit quality (loan pool participations)* | $ | 4 | $ | 935 | $ | 14,246 | $ | 3,340 | $ | 12 | $ | 2,929 | $ | 21,466 | ||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 125 | $ | 559 | $ | 513 | $ | 220 | $ | 6 | $ | — | $ | 1,423 | ||||||||||||||||
Collectively evaluated for impairment | 1,233 | 4,421 | 4,781 | 2,965 | 269 | 1,087 | 14,756 | |||||||||||||||||||||||
Total | $ | 1,358 | $ | 4,980 | $ | 5,294 | $ | 3,185 | $ | 275 | $ | 1,087 | $ | 16,179 | ||||||||||||||||
Loans acquired with deteriorated credit quality (loan pool participations) | $ | 3 | $ | 64 | $ | 627 | $ | 88 | $ | 6 | $ | 1,346 | $ | 2,134 | ||||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,146 | $ | 3,521 | $ | 5,079 | $ | 1,664 | $ | 50 | $ | — | $ | 13,460 | ||||||||||||||||
Collectively evaluated for impairment | 94,021 | 260,130 | 429,345 | 272,462 | 18,994 | — | 1,074,952 | |||||||||||||||||||||||
Total | $ | 97,167 | $ | 263,651 | $ | 434,424 | $ | 274,126 | $ | 19,044 | $ | — | $ | 1,088,412 | ||||||||||||||||
Loans acquired with deteriorated credit quality (loan pool participations)* | $ | 49 | $ | 1,302 | $ | 18,168 | $ | 3,823 | $ | 18 | $ | 4,307 | $ | 27,667 | ||||||||||||||||
* The amount shown as “Unallocated” represents the carrying value of other real estate owned within the loan pool participation portfolio total. | ||||||||||||||||||||||||||||||
Loans with unpaid principal in the amount of $404.4 million at December 31, 2014 were pledged to the FHLB as collateral for borrowings. | ||||||||||||||||||||||||||||||
The changes in the allowance for loan losses by portfolio segment, as of and for the years ended December 31, 2014, 2013, and 2012 were as follows: | ||||||||||||||||||||||||||||||
Allowance for Loan Loss Activity | ||||||||||||||||||||||||||||||
For the Years Ended December 31, 2014, 2013, and 2012 | ||||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,358 | $ | 4,980 | $ | 5,294 | $ | 3,185 | $ | 275 | $ | 1,087 | $ | 16,179 | ||||||||||||||||
Charge-offs | (26 | ) | (685 | ) | (165 | ) | (409 | ) | (76 | ) | — | (1,361 | ) | |||||||||||||||||
Recoveries | 10 | 217 | 61 | 22 | 35 | — | 345 | |||||||||||||||||||||||
Provision | 164 | 1,268 | (791 | ) | 369 | 89 | 101 | 1,200 | ||||||||||||||||||||||
Ending balance | $ | 1,506 | $ | 5,780 | $ | 4,399 | $ | 3,167 | $ | 323 | $ | 1,188 | $ | 16,363 | ||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,026 | $ | 4,599 | $ | 5,767 | $ | 3,007 | $ | 356 | $ | 1,202 | $ | 15,957 | ||||||||||||||||
Charge-offs | (39 | ) | (790 | ) | (545 | ) | (286 | ) | (147 | ) | — | (1,807 | ) | |||||||||||||||||
Recoveries | 36 | 70 | 479 | 67 | 27 | — | 679 | |||||||||||||||||||||||
Provision | 335 | 1,101 | (407 | ) | 397 | 39 | (115 | ) | 1,350 | |||||||||||||||||||||
Ending balance | $ | 1,358 | $ | 4,980 | $ | 5,294 | $ | 3,185 | $ | 275 | $ | 1,087 | $ | 16,179 | ||||||||||||||||
2012 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,209 | $ | 5,380 | $ | 5,171 | $ | 3,501 | $ | 167 | $ | 248 | $ | 15,676 | ||||||||||||||||
Charge-offs | — | (2,345 | ) | (129 | ) | (537 | ) | (90 | ) | — | (3,101 | ) | ||||||||||||||||||
Recoveries | 507 | 423 | 24 | 31 | 18 | — | 1,003 | |||||||||||||||||||||||
Provision | (690 | ) | 1,141 | 701 | 12 | 261 | 954 | 2,379 | ||||||||||||||||||||||
Ending balance | $ | 1,026 | $ | 4,599 | $ | 5,767 | $ | 3,007 | $ | 356 | $ | 1,202 | $ | 15,957 | ||||||||||||||||
Loan Portfolio Segment Risk Characteristics | ||||||||||||||||||||||||||||||
Agricultural - Agricultural loans, most of which are secured by crops, livestock, and machinery, are provided to finance capital improvements and farm operations as well as acquisitions of livestock and machinery. The ability of the borrower to repay may be affected by many factors outside of the borrower's control including adverse weather conditions, loss of livestock due to disease or other factors, declines in market prices for agricultural products and the impact of government regulations. The ultimate repayment of agricultural loans is dependent upon the profitable operation or management of the agricultural entity. Collateral for these loans generally includes accounts receivable, inventory, equipment and real estate. However, depending on the overall financial condition of the borrower, some loans are made on an unsecured basis. The collateral securing these loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. | ||||||||||||||||||||||||||||||
Commercial and Industrial - Commercial and industrial loans are primarily made based on the reported cash flow of the borrower and secondarily on the underlying collateral provided by the borrower. The collateral support provided by the borrower for most of these loans and the probability of repayment are based on the liquidation of the pledged collateral and enforcement of a personal guarantee, if any exists. The primary repayment risks of commercial and industrial loans are that the cash flows of the borrower may be unpredictable, and the collateral securing these loans may fluctuate in value. The size of the loans the Company can offer to commercial customers is less than the size of the loans that competitors with larger lending limits can offer. This may limit the Company's ability to establish relationships with the largest businesses in the areas in which the Company operates. As a result, the Company may assume greater lending risks than financial institutions that have a lesser concentration of such loans and tend to make loans to larger businesses. Collateral for these loans generally includes accounts receivable, inventory, equipment and real estate. However, depending on the overall financial condition of the borrower, some loans are made on an unsecured basis. The collateral securing these loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. In addition, if the U.S. economy does not continue to improve, this could harm or continue to harm the businesses of the Company’s commercial and industrial customers and reduce the value of the collateral securing these loans. | ||||||||||||||||||||||||||||||
Commercial Real Estate - The Company offers mortgage loans to commercial and agricultural customers for the acquisition of real estate used in their businesses, such as offices, warehouses and production facilities, and to real estate investors for the acquisition of apartment buildings, retail centers, office buildings and other commercial buildings. The market value of real estate securing commercial real estate loans can fluctuate significantly in a short period of time as a result of market conditions in the geographic area in which the real estate is located. Adverse developments affecting real estate values in one or more of the Company's markets could increase the credit risk associated with its loan portfolio. Additionally, real estate lending typically involves higher loan principal amounts than other loans, and the repayment of the loans generally is dependent, in large part, on sufficient income from the properties securing the loans to cover operating expenses and debt service. Economic events or governmental regulations outside of the Company’s control or that of the borrower could negatively impact the future cash flow and market values of the affected properties. | ||||||||||||||||||||||||||||||
Residential Real Estate - The Company generally retains short-term residential mortgage loans that are originated for its own portfolio but sells most long-term loans to other parties while retaining servicing rights on the majority of those loans. The market value of real estate securing residential real estate loans can fluctuate as a result of market conditions in the geographic area in which the real estate is located. Adverse developments affecting real estate values in one or more of the Company's markets could increase the credit risk associated with its loan portfolio. Additionally, real estate lending typically involves higher loan principal amounts than other loans, and the repayment of the loans generally is dependent, in large part, on the borrower's continuing financial stability, and is therefore more likely to be affected by adverse personal circumstances. | ||||||||||||||||||||||||||||||
Consumer - Consumer loans typically have shorter terms, lower balances, higher yields and higher risks of default than real estate related loans. Consumer loan collections are dependent on the borrower's continuing financial stability, and are therefore more likely to be affected by adverse personal circumstances. Collateral for these loans generally includes automobiles, boats, recreational vehicles, mobile homes, and real estate. However, depending on the overall financial condition of the borrower, some loans are made on an unsecured basis. The collateral securing these loans may depreciate over time, may be difficult to recover and may fluctuate in value based on condition. In addition, a decline in the United States economy could result in reduced employment, impacting the ability of customers to repay their obligations. | ||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (loan pool participations) - The underlying loans in the loan pool participations include both fixed-rate and variable-rate instruments. No amounts for interest due are reflected in the carrying value of the loan pool participations. Based on historical experience, the average period of collectibility for loans underlying loan pool participations, many of which have exceeded contractual maturity dates, is approximately three to five years. Loan pool balances are affected by the payment and refinancing activities of the borrowers resulting in pay-offs of the underlying loans and reduction in the balances. Collections from the individual borrowers are managed by the loan pool servicer and are affected by the borrower's financial ability and willingness to pay, foreclosure and legal action, collateral value, and the economy in general. | ||||||||||||||||||||||||||||||
Charge-off Policy | ||||||||||||||||||||||||||||||
The Company requires a loan to be charged-off as soon as it becomes apparent that some loss will be incurred, or when its collectability is sufficiently questionable that it no longer is considered a bankable asset. The primary considerations when determining if and how much of a loan should be charged-off are as follows: (1) the potential for future cash flows; (2) the value of any collateral; and (3) the strength of any co-makers or guarantors. | ||||||||||||||||||||||||||||||
When it is determined that a loan requires a partial or full charge-off, a request for approval of a charge-off is submitted to the Bank's President, Executive Vice President and Chief Credit Officer, and the Senior Regional Loan officer. The Bank's board of directors formally approves all loan charge-offs. Once a loan is charged-off, it cannot be restructured and returned to the Bank's books. | ||||||||||||||||||||||||||||||
The Allowance for Loan and Lease Losses - Bank Loans | ||||||||||||||||||||||||||||||
The Company requires the maintenance of an adequate allowance for loan and lease losses (“ALLL”) in order to cover estimated probable losses without eroding the Company's capital base. Calculations are done at each quarter end, or more frequently if warranted, to analyze the collectability of loans and to ensure the adequacy of the allowance. In line with FDIC directives, the ALLL calculation does not include consideration of loans held for sale or off-balance-sheet credit exposures (such as unfunded letters of credit). Determining the appropriate level for the ALLL relies on the informed judgment of management, and as such, is subject to inaccuracy. Given the inherently imprecise nature of calculating the necessary ALLL, the Company's policy permits an "unallocated" allowance between 15% above and 5% below the “indicated reserve.” These unallocated amounts are due to those overall factors impacting the ALLL that are not captured in detailed loan category calculations. | ||||||||||||||||||||||||||||||
Loans Reviewed Individually for Impairment | ||||||||||||||||||||||||||||||
The Company identifies loans to be reviewed and evaluated individually for impairment based on current information and events and the probability that the borrower will be unable to repay all amounts due according to the contractual terms of the loan agreement. Specific areas of consideration include: size of credit exposure, risk rating, delinquency, nonaccrual status, and loan classification. | ||||||||||||||||||||||||||||||
The level of individual impairment is measured using one of the following methods: (1) the fair value of the collateral less costs to sell; (2) the present value of expected future cash flows, discounted at the loan's effective interest rate; or (3) the loan's observable market price. Loans that are deemed fully collateralized or have been charged down to a level corresponding with any of the three measurements require no assignment of reserves from the ALLL. | ||||||||||||||||||||||||||||||
All loans deemed troubled debt restructure or “TDR” are considered impaired. A loan is considered a TDR when the Bank, for economic or legal reasons related to a borrower's financial difficulties, grants a concession to the borrower that the Bank would not otherwise consider. All of the following factors are potential indicators that the Bank has granted a concession (one or multiple items may be present): | ||||||||||||||||||||||||||||||
• | The borrower receives a reduction of the stated interest rate for the remaining original life of the debt. | |||||||||||||||||||||||||||||
• | The borrower receives an extension of the maturity date or dates at a stated interest rate lower that the current market interest rate for new debt with similar risk characteristics. | |||||||||||||||||||||||||||||
• | The borrower receives a reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement. | |||||||||||||||||||||||||||||
• | The borrower receives a deferral of required payments (principal and/or interest). | |||||||||||||||||||||||||||||
• | The borrower receives a reduction of the accrued interest. | |||||||||||||||||||||||||||||
The following tables set forth information on the Company's TDRs by class of financing receivable occurring during the stated periods: | ||||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||
Troubled Debt Restructurings(1): | ||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||
Amortization or maturity date change | 1 | 1,405 | 1,405 | 10 | 1,546 | 1,546 | 1 | 551 | 551 | |||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Farmland | ||||||||||||||||||||||||||||||
Interest rate reduction | 0 | — | — | 0 | — | — | 2 | 2,475 | 2,388 | |||||||||||||||||||||
Commercial real estate-other | ||||||||||||||||||||||||||||||
Amortization or maturity date change | 0 | — | — | 2 | 165 | 136 | 0 | — | — | |||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | ||||||||||||||||||||||||||||||
Interest rate reduction | 1 | 285 | 292 | 2 | 164 | 169 | 0 | — | — | |||||||||||||||||||||
Amortization or maturity date change | 0 | — | — | 1 | 66 | 69 | 0 | — | — | |||||||||||||||||||||
One- to four- family junior liens | ||||||||||||||||||||||||||||||
Interest rate reduction | 0 | — | — | 1 | 8 | 13 | 1 | 135 | 138 | |||||||||||||||||||||
Total | 2 | $ | 1,690 | $ | 1,697 | 16 | $ | 1,949 | $ | 1,933 | 4 | $ | 3,161 | $ | 3,077 | |||||||||||||||
(1) TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower. | ||||||||||||||||||||||||||||||
Loans by class of financing receivable modified as TDRs within the previous 12 months and for which there was a payment default during the stated periods were: | ||||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||
Troubled Debt Restructurings(1) That Subsequently Defaulted: | ||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||
Amortization or maturity date change | 0 | — | 0 | — | 1 | $ | 547 | |||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Commercial real estate-other | ||||||||||||||||||||||||||||||
Amortization or maturity date change | 0 | — | 1 | 69 | 0 | — | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | ||||||||||||||||||||||||||||||
Interest rate reduction | 0 | — | 1 | 111 | 0 | — | ||||||||||||||||||||||||
Total | 0 | $ | — | 2 | $ | 180 | 1 | $ | 547 | |||||||||||||||||||||
(1) TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower. | ||||||||||||||||||||||||||||||
Loans Reviewed Collectively for Impairment | ||||||||||||||||||||||||||||||
All loans not evaluated individually for impairment are grouped together by type (i.e. commercial, agricultural, consumer, etc.) and further segmented within each subset by risk classification (i.e. pass, special mention, and substandard). Homogeneous loans past due 60-89 days and 90 days and over are classified special mention and substandard, respectively, for allocation purposes. | ||||||||||||||||||||||||||||||
The Company's historical loss experience for each loan type is calculated using the fiscal quarter-end data for the most recent 20 quarters as a starting point for estimating losses. In addition, other prevailing qualitative or environmental factors likely to cause probable losses to vary from historical data are incorporated in the form of adjustments to increase or decrease the loss rate applied to each group. These adjustments are documented and fully explain how the current information, events, circumstances, and conditions impact the historical loss measurement assumptions. | ||||||||||||||||||||||||||||||
Although not a comprehensive list, the following are considered key factors and are evaluated with each calculation of the ALLL to determine if adjustments to historical loss rates are warranted: | ||||||||||||||||||||||||||||||
• | Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses. | |||||||||||||||||||||||||||||
• | Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. | |||||||||||||||||||||||||||||
• | Changes in the nature and volume of the portfolio and in the terms of loans. | |||||||||||||||||||||||||||||
• | Changes in the experience, ability and depth of lending management and other relevant staff. | |||||||||||||||||||||||||||||
• | Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans. | |||||||||||||||||||||||||||||
• | Changes in the quality of our loan review system. | |||||||||||||||||||||||||||||
• | Changes in the value of underlying collateral for collateral-dependent loans. | |||||||||||||||||||||||||||||
• | The existence and effect of any concentrations of credit, and changes in the level of such concentrations. | |||||||||||||||||||||||||||||
• | The effect of other external factors, such as competition and legal and regulatory requirements, on the level of estimated credit losses in the Bank’s existing portfolio. | |||||||||||||||||||||||||||||
The items listed above are used to determine the pass percentage for loans evaluated collectively and, as such, are applied to the loans risk rated pass. Due to the inherent risks associated with special mention risk rated loans (i.e. early stages of financial deterioration, technical exceptions, etc.), this subset is reserved at two times the pass allocation factor to reflect this increased risk exposure. In addition, non-impaired loans classified as substandard loans carry greater risk than special mention loans, and as such, this subset is reserved at six times the pass allocation. Further, non-impaired loans less than $0.2 million that are past due 60 - 89 days or 90 days and over, are respectively classified as special mention or substandard. They are given an increased loan loss allocation of 25% or 50%, respectively, above the five-year historical loss rate of the specific loan type. | ||||||||||||||||||||||||||||||
The Allowance for Loan and Lease Losses - Loan Pool Participations | ||||||||||||||||||||||||||||||
The Company requires the maintenance of an adequate allowance for loan pool participation losses (“ALLL”) in order to cover estimated probable losses. Currently, charge-offs are netted against the income the Company receives, thus the balance in the loan pool reserve is not affected and remains stable. In essence, a provision for loan losses is made that is equal to the quarterly charge-offs, which is deducted from income received from the loan pools. By maintaining a sufficient reserve to cover the next quarter’s charge-offs, the Company will have sufficient reserves in place should no income be collected from the loan pools during the quarter. In the event the estimated charge-offs provided by the servicer are greater than the loan pool ALLL, an additional provision is made to cover the difference between the current ALLL and the estimated charge-offs provided by the servicer. | ||||||||||||||||||||||||||||||
Loans Reviewed Individually for Impairment | ||||||||||||||||||||||||||||||
The loan servicer reviews the portfolio quarterly on a loan-by-loan basis, and loans that are deemed to be impaired are charged-down to their estimated value during the next calendar quarter. All loans that are to be charged-down are reserved against in the ALLL adequacy calculation. Loans that continue to have an investment basis that have been charged-down are monitored, and, if additional impairment is noted, the reserve requirement is increased on the individual loan. | ||||||||||||||||||||||||||||||
Loans Reviewed Collectively for Impairment | ||||||||||||||||||||||||||||||
The Company utilizes the annualized average of portfolio loan (not loan pool participation) historical loss per risk category over a two year period of time. Supporting documentation for the technique used to develop the historical loss rate for each group of loans is required to be maintained. It is management’s assessment that the two year rate is most reflective of the estimated credit losses in the current loan pool portfolio. | ||||||||||||||||||||||||||||||
The following table sets forth the composition of the Company’s loans and loan pool participations by internally assigned credit quality indicators at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||
Pass | Special Mention/Watch | Substandard | Doubtful | Loss | Total | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Agricultural | $ | 98,096 | $ | 5,032 | $ | 1,681 | $ | — | $ | — | $ | 104,809 | ||||||||||||||||||
Commercial and industrial | 273,290 | 7,468 | 22,350 | — | — | 303,108 | ||||||||||||||||||||||||
Credit cards | 1,240 | 6 | — | — | — | 1,246 | ||||||||||||||||||||||||
Overdrafts | 373 | 262 | 109 | — | — | 744 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 56,963 | 1,151 | 1,269 | — | — | 59,383 | ||||||||||||||||||||||||
Farmland | 79,629 | 1,778 | 2,293 | — | — | 83,700 | ||||||||||||||||||||||||
Multifamily | 54,708 | 178 | — | — | — | 54,886 | ||||||||||||||||||||||||
Commercial real estate-other | 215,268 | 11,216 | 2,068 | — | — | 228,552 | ||||||||||||||||||||||||
Total commercial real estate | 406,568 | 14,323 | 5,630 | — | — | 426,521 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 211,390 | 3,933 | 3,991 | — | — | 219,314 | ||||||||||||||||||||||||
One- to four- family junior liens | 53,039 | 48 | 210 | — | — | 53,297 | ||||||||||||||||||||||||
Total residential real estate | 264,429 | 3,981 | 4,201 | — | — | 272,611 | ||||||||||||||||||||||||
Consumer | 23,431 | 8 | 41 | — | — | 23,480 | ||||||||||||||||||||||||
Total | $ | 1,067,427 | $ | 31,080 | $ | 34,012 | $ | — | $ | — | $ | 1,132,519 | ||||||||||||||||||
Loans acquired with deteriorated credit quality (loan pool participations) | $ | 10,256 | $ | — | $ | 11,202 | $ | — | $ | 8 | $ | 21,466 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Agricultural | $ | 93,187 | $ | 460 | $ | 3,520 | $ | — | $ | — | $ | 97,167 | ||||||||||||||||||
Commercial and industrial | 239,485 | 11,097 | 11,786 | — | — | 262,368 | ||||||||||||||||||||||||
Credit cards | 1,010 | 1 | 17 | — | — | 1,028 | ||||||||||||||||||||||||
Overdrafts | 326 | 123 | 88 | — | — | 537 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 56,112 | 14,984 | 1,493 | — | — | 72,589 | ||||||||||||||||||||||||
Farmland | 80,044 | 3,091 | 2,340 | — | — | 85,475 | ||||||||||||||||||||||||
Multifamily | 53,315 | 1,732 | 396 | — | — | 55,443 | ||||||||||||||||||||||||
Commercial real estate-other | 205,914 | 12,994 | 2,009 | — | — | 220,917 | ||||||||||||||||||||||||
Total commercial real estate | 395,385 | 32,801 | 6,238 | — | — | 434,424 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 213,815 | 3,994 | 2,859 | — | — | 220,668 | ||||||||||||||||||||||||
One- to four- family junior liens | 53,225 | 38 | 195 | — | — | 53,458 | ||||||||||||||||||||||||
Total residential real estate | 267,040 | 4,032 | 3,054 | — | — | 274,126 | ||||||||||||||||||||||||
Consumer | 18,643 | 57 | 62 | — | — | 18,762 | ||||||||||||||||||||||||
Total | $ | 1,015,076 | $ | 48,571 | $ | 24,765 | $ | — | $ | — | $ | 1,088,412 | ||||||||||||||||||
Loans acquired with deteriorated credit quality (loan pool participations) | $ | 13,569 | $ | — | $ | 14,093 | $ | — | $ | 5 | $ | 27,667 | ||||||||||||||||||
Special Mention/Watch - A special mention/watch asset has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company's credit position at some future date. Special mention/watch assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. | ||||||||||||||||||||||||||||||
Substandard - Substandard loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||||||||||
Doubtful - Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. | ||||||||||||||||||||||||||||||
Loss - Loans classified loss are generally considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future. | ||||||||||||||||||||||||||||||
The following tables set forth the amounts and categories of the Company’s impaired loans as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||
Agricultural | $ | 1,410 | $ | 1,910 | $ | — | $ | 1,475 | $ | 1,975 | $ | — | ||||||||||||||||||
Commercial and industrial | 2,169 | 2,270 | — | 1,919 | 2,020 | — | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 49 | 176 | — | 132 | 601 | — | ||||||||||||||||||||||||
Farmland | 2,270 | 2,433 | — | 93 | 107 | — | ||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 939 | 1,064 | — | 587 | 612 | — | ||||||||||||||||||||||||
Total commercial real estate | 3,258 | 3,673 | — | 812 | 1,320 | — | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 535 | 773 | — | 622 | 741 | — | ||||||||||||||||||||||||
One- to four- family junior liens | 134 | 157 | — | 50 | 50 | — | ||||||||||||||||||||||||
Total residential real estate | 669 | 930 | — | 672 | 791 | — | ||||||||||||||||||||||||
Consumer | 6 | 22 | — | 10 | 26 | — | ||||||||||||||||||||||||
Total | $ | 7,512 | $ | 8,805 | $ | — | $ | 4,888 | $ | 6,132 | $ | — | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||
Agricultural | $ | 1,617 | $ | 1,617 | $ | 88 | $ | 1,671 | $ | 1,671 | $ | 125 | ||||||||||||||||||
Commercial and industrial | 999 | 999 | 206 | 1,602 | 1,657 | 559 | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 34 | 34 | 34 | 7 | 7 | 3 | ||||||||||||||||||||||||
Farmland | 74 | 74 | 4 | 2,311 | 2,461 | 219 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 550 | 550 | 188 | 1,949 | 2,164 | 291 | ||||||||||||||||||||||||
Total commercial real estate | 658 | 658 | 226 | 4,267 | 4,632 | 513 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 2,600 | 2,600 | 594 | 902 | 902 | 170 | ||||||||||||||||||||||||
One- to four- family junior liens | 72 | 72 | 29 | 90 | 90 | 50 | ||||||||||||||||||||||||
Total residential real estate | 2,672 | 2,672 | 623 | 992 | 992 | 220 | ||||||||||||||||||||||||
Consumer | 28 | 28 | 2 | 40 | 40 | 6 | ||||||||||||||||||||||||
Total | $ | 5,974 | $ | 5,974 | $ | 1,145 | $ | 8,572 | $ | 8,992 | $ | 1,423 | ||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||
Agricultural | $ | 3,027 | $ | 3,527 | $ | 88 | $ | 3,146 | $ | 3,646 | $ | 125 | ||||||||||||||||||
Commercial and industrial | 3,168 | 3,269 | 206 | 3,521 | 3,677 | 559 | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 83 | 210 | 34 | 139 | 608 | 3 | ||||||||||||||||||||||||
Farmland | 2,344 | 2,507 | 4 | 2,404 | 2,568 | 219 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 1,489 | 1,614 | 188 | 2,536 | 2,776 | 291 | ||||||||||||||||||||||||
Total commercial real estate | 3,916 | 4,331 | 226 | 5,079 | 5,952 | 513 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 3,135 | 3,373 | 594 | 1,524 | 1,643 | 170 | ||||||||||||||||||||||||
One- to four- family junior liens | 206 | 229 | 29 | 140 | 140 | 50 | ||||||||||||||||||||||||
Total residential real estate | 3,341 | 3,602 | 623 | 1,664 | 1,783 | 220 | ||||||||||||||||||||||||
Consumer | 34 | 50 | 2 | 50 | 66 | 6 | ||||||||||||||||||||||||
Total | $ | 13,486 | $ | 14,779 | $ | 1,145 | $ | 13,460 | $ | 15,124 | $ | 1,423 | ||||||||||||||||||
The following table sets forth the average recorded investment and interest income recognized for each category of the Company’s impaired loans during the stated periods: | ||||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||
Agricultural | $ | 1,413 | $ | 211 | $ | 1,128 | $ | 114 | $ | 1,600 | $ | 60 | ||||||||||||||||||
Commercial and industrial | 2,234 | 160 | 2,025 | 76 | 965 | 52 | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 49 | — | 149 | 21 | 316 | — | ||||||||||||||||||||||||
Farmland | 2,288 | 456 | 101 | 8 | 83 | 8 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 975 | (3 | ) | 593 | 25 | 1,770 | 72 | |||||||||||||||||||||||
Total commercial real estate | 3,312 | 453 | 843 | 54 | 2,169 | 80 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 547 | 32 | 669 | 14 | 143 | 4 | ||||||||||||||||||||||||
One- to four- family junior liens | 134 | 6 | 50 | 1 | 43 | 3 | ||||||||||||||||||||||||
Total residential real estate | 681 | 38 | 719 | 15 | 186 | 7 | ||||||||||||||||||||||||
Consumer | 8 | — | 12 | — | 16 | — | ||||||||||||||||||||||||
Total | $ | 7,648 | $ | 862 | $ | 4,727 | $ | 259 | $ | 4,936 | $ | 199 | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||
Agricultural | $ | 1,627 | $ | 203 | $ | 1,681 | $ | 51 | $ | 1,723 | $ | 50 | ||||||||||||||||||
Commercial and industrial | 1,044 | 104 | 1,697 | 75 | 1,044 | 36 | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 35 | 3 | 7 | — | 526 | 30 | ||||||||||||||||||||||||
Farmland | 74 | 3 | 2,315 | 110 | 2,504 | 114 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 551 | 43 | 1,921 | 55 | 559 | 18 | ||||||||||||||||||||||||
Total commercial real estate | 660 | 49 | 4,243 | 165 | 3,589 | 162 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 2,612 | 203 | 909 | 38 | 645 | 33 | ||||||||||||||||||||||||
One- to four- family junior liens | 74 | — | 92 | 1 | 68 | 2 | ||||||||||||||||||||||||
Total residential real estate | 2,686 | 203 | 1,001 | 39 | 713 | 35 | ||||||||||||||||||||||||
Consumer | 31 | 5 | 41 | 2 | 24 | 2 | ||||||||||||||||||||||||
Total | $ | 6,048 | $ | 564 | $ | 8,663 | $ | 332 | $ | 7,093 | $ | 285 | ||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||
Agricultural | $ | 3,040 | $ | 414 | $ | 2,809 | $ | 165 | $ | 3,323 | $ | 110 | ||||||||||||||||||
Commercial and industrial | 3,278 | 264 | 3,722 | 151 | 2,009 | 88 | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 84 | 3 | 156 | 21 | 842 | 30 | ||||||||||||||||||||||||
Farmland | 2,362 | 459 | 2,416 | 118 | 2,587 | 122 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 1,526 | 40 | 2,514 | 80 | 2,329 | 90 | ||||||||||||||||||||||||
Total commercial real estate | 3,972 | 502 | 5,086 | 219 | 5,758 | 242 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 3,159 | 235 | 1,578 | 52 | 788 | 37 | ||||||||||||||||||||||||
One- to four- family junior liens | 208 | 6 | 142 | 2 | 111 | 5 | ||||||||||||||||||||||||
Total residential real estate | 3,367 | 241 | 1,720 | 54 | 899 | 42 | ||||||||||||||||||||||||
Consumer | 39 | 5 | 53 | 2 | 40 | 2 | ||||||||||||||||||||||||
Total | $ | 13,696 | $ | 1,426 | $ | 13,390 | $ | 591 | $ | 12,029 | $ | 484 | ||||||||||||||||||
The following table sets forth the composition and past due status of the Company’s loans at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||
30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days Past Due and Accruing | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Agricultural | $ | 58 | $ | 30 | $ | — | $ | 88 | $ | 104,721 | $ | 104,809 | $ | — | ||||||||||||||||
Commercial and industrial | 897 | 603 | 515 | 2,015 | 301,093 | 303,108 | 66 | |||||||||||||||||||||||
Credit cards | 3 | 3 | — | 6 | 1,240 | 1,246 | — | |||||||||||||||||||||||
Overdrafts | 104 | 2 | 4 | 110 | 634 | 744 | — | |||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | — | — | 83 | 83 | 59,300 | 59,383 | — | |||||||||||||||||||||||
Farmland | 503 | — | — | 503 | 83,197 | 83,700 | — | |||||||||||||||||||||||
Multifamily | — | — | — | — | 54,886 | 54,886 | — | |||||||||||||||||||||||
Commercial real estate-other | 168 | 57 | 1,200 | 1,425 | 227,127 | 228,552 | — | |||||||||||||||||||||||
Total commercial real estate | 671 | 57 | 1,283 | 2,011 | 424,510 | 426,521 | — | |||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 1,481 | 581 | 2,023 | 4,085 | 215,229 | 219,314 | 780 | |||||||||||||||||||||||
One- to four- family junior liens | 105 | 48 | 192 | 345 | 52,952 | 53,297 | — | |||||||||||||||||||||||
Total residential real estate | 1,586 | 629 | 2,215 | 4,430 | 268,181 | 272,611 | 780 | |||||||||||||||||||||||
Consumer | 35 | 8 | 23 | 66 | 23,414 | 23,480 | 2 | |||||||||||||||||||||||
Total | $ | 3,354 | $ | 1,332 | $ | 4,040 | $ | 8,726 | $ | 1,123,793 | $ | 1,132,519 | $ | 848 | ||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Agricultural | $ | 65 | $ | 23 | $ | 52 | $ | 140 | $ | 97,027 | $ | 97,167 | $ | — | ||||||||||||||||
Commercial and industrial | 610 | 876 | 960 | 2,446 | 259,922 | 262,368 | 213 | |||||||||||||||||||||||
Credit cards | — | 1 | 17 | 18 | 1,010 | 1,028 | 17 | |||||||||||||||||||||||
Overdrafts | 40 | 1 | 48 | 89 | 448 | 537 | — | |||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 84 | — | 56 | 140 | 72,449 | 72,589 | — | |||||||||||||||||||||||
Farmland | — | — | — | — | 85,475 | 85,475 | — | |||||||||||||||||||||||
Multifamily | — | — | 395 | 395 | 55,048 | 55,443 | 395 | |||||||||||||||||||||||
Commercial real estate-other | 604 | 190 | 1,740 | 2,534 | 218,383 | 220,917 | 164 | |||||||||||||||||||||||
Total commercial real estate | 688 | 190 | 2,191 | 3,069 | 431,355 | 434,424 | 559 | |||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 1,891 | 869 | 984 | 3,744 | 216,924 | 220,668 | 540 | |||||||||||||||||||||||
One- to four- family junior liens | 316 | 38 | 175 | 529 | 52,929 | 53,458 | 49 | |||||||||||||||||||||||
Total residential real estate | 2,207 | 907 | 1,159 | 4,273 | 269,853 | 274,126 | 589 | |||||||||||||||||||||||
Consumer | 17 | 62 | 36 | 115 | 18,647 | 18,762 | 7 | |||||||||||||||||||||||
Total | $ | 3,627 | $ | 2,060 | $ | 4,463 | $ | 10,150 | $ | 1,078,262 | $ | 1,088,412 | $ | 1,385 | ||||||||||||||||
Non-accrual and Delinquent Loans | ||||||||||||||||||||||||||||||
Loans are placed on non-accrual when (1) payment in full of principal and interest is no longer expected or (2) principal or interest has been in default for 90 days or more (unless the loan is both well secured with marketable collateral and in the process of collection). All loans rated doubtful or worse, and certain loans rated substandard, are placed on non-accrual. | ||||||||||||||||||||||||||||||
A non-accrual asset may be restored to an accrual status when (1) all past due principal and interest has been paid (excluding renewals and modifications that involve the capitalizing of interest) or (2) the loan becomes well secured with marketable collateral and is in the process of collection. An established track record of performance is also considered when determining accrual status. | ||||||||||||||||||||||||||||||
Delinquency status of a loan is determined by the number of days that have elapsed past the loan's payment due date, using the following classification groupings: 30-59 days, 60-89 days and 90 days or more. Loans shown in the 30-59 days and 60-89 days columns in the table above reflect contractual delinquency status of loans not considered nonperforming due to classification as a TDR or being placed on non-accrual. | ||||||||||||||||||||||||||||||
The following table sets forth the composition of the Company’s recorded investment in loans on nonaccrual status as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
Agricultural | $ | — | $ | 52 | ||||||||||||||||||||||||||
Commercial and industrial | 479 | 746 | ||||||||||||||||||||||||||||
Credit cards | — | — | ||||||||||||||||||||||||||||
Overdrafts | — | — | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 83 | 139 | ||||||||||||||||||||||||||||
Farmland | 24 | 29 | ||||||||||||||||||||||||||||
Multifamily | — | — | ||||||||||||||||||||||||||||
Commercial real estate-other | 1,200 | 1,576 | ||||||||||||||||||||||||||||
Total commercial real estate | 1,307 | 1,744 | ||||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 1,261 | 543 | ||||||||||||||||||||||||||||
One- to four- family junior liens | 192 | 126 | ||||||||||||||||||||||||||||
Total residential real estate | 1,453 | 669 | ||||||||||||||||||||||||||||
Consumer | 16 | 29 | ||||||||||||||||||||||||||||
Total | $ | 3,255 | $ | 3,240 | ||||||||||||||||||||||||||
As of December 31, 2014, the Company had no commitments to lend additional funds to borrowers who have had a TDR. | ||||||||||||||||||||||||||||||
A summary of the changes in the carrying value of loan pool participations for the years ended December 31, 2014 and 2013, is as follows: | ||||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 25,533 | $ | 35,650 | ||||||||||||||||||||||||||
Principal payments | (4,724 | ) | (8,687 | ) | ||||||||||||||||||||||||||
Net charge-offs | (1,477 | ) | (1,430 | ) | ||||||||||||||||||||||||||
Balance at end of year | $ | 19,332 | $ | 25,533 | ||||||||||||||||||||||||||
Total face value at end of year | $ | 68,376 | $ | 80,902 | ||||||||||||||||||||||||||
Loan Pool Participations | ||||||||||||||||||||||||||||||
ASC Topic 310 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities acquired in a transfer if those differences are attributable, at least in part, to credit quality. The loans underlying the loan pool participations were evaluated individually when purchased for application of ASC Topic 310, utilizing various criteria including: past-due status, late payments, legal status of the loan (not in foreclosure, judgment against the borrower, or referred to legal counsel), frequency of payments made, collateral adequacy and the borrower’s financial condition. If all the criteria were met, the individual loan utilized the accounting treatment required by ASC Topic 310 with the accretable yield difference between the expected cash flows and the purchased basis accreted into income on the level yield basis over the anticipated life of the loan. If any of the six criteria were not met at the time of purchase, the loan was accounted for on the cash basis of accounting. | ||||||||||||||||||||||||||||||
The loan servicer reviews the portfolio quarterly on a loan-by-loan basis, and loans that are deemed to be impaired are charged-down to their estimated value. As of December 31, 2014, approximately 70% of the loans were contractually current or less than 90 days past due, while 30% were contractually past due 90 days or more. Many of the loans were acquired in a contractually past due status, which is reflected in the discounted purchase price of the loans. Performance status is monitored on a monthly basis. The 30% of loans contractually past due includes loans in litigation and foreclosed property. | ||||||||||||||||||||||||||||||
The Company evaluated all loans under the ASC Topic 310 criteria as of December 31, 2014 and 2013 and determined that certain loans did not meet the criteria for level-yield income recognition required by ASC Topic 310. The outstanding balance of those loans was $65.0 million with a carrying value of $18.9 million as of December 31, 2014, and $76.9 million and $24.6 million, respectively, as of December 31, 2013. Income from these loans is realized on a cash basis, or when payments are actually received from the borrower. | ||||||||||||||||||||||||||||||
The outstanding balances and carrying values as of December 31, 2014 and 2013, of the loans purchased that met the level-yield income recognition criteria under ASC Topic 310 are as follows: | ||||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
Commercial | 477 | 502 | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||
1-4 family residences | 201 | 229 | ||||||||||||||||||||||||||||
Commercial | 1,930 | 2,320 | ||||||||||||||||||||||||||||
Total real estate | 2,131 | 2,549 | ||||||||||||||||||||||||||||
Total | $ | 2,608 | $ | 3,051 | ||||||||||||||||||||||||||
Allowance | (56 | ) | (48 | ) | ||||||||||||||||||||||||||
Carrying amount, net of allowance | $ | 2,552 | $ | 3,003 | ||||||||||||||||||||||||||
Changes in accretable yield on the loans that met the level-yield income recognition criteria under ASC Topic 310 were as follows: | ||||||||||||||||||||||||||||||
Accretable Yield December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 2,244 | $ | 2,627 | ||||||||||||||||||||||||||
Additions | — | — | ||||||||||||||||||||||||||||
Accretions | (665 | ) | (383 | ) | ||||||||||||||||||||||||||
Reclassifications to nonaccretable differences | — | — | ||||||||||||||||||||||||||||
Balance at end of year | $ | 1,579 | $ | 2,244 | ||||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | $ | 7,913 | $ | 8,128 | ||||||||||||||||||||||||||
Basis in acquired loans at acquisition | $ | 4,482 | $ | 4,638 | ||||||||||||||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Premises and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | Premises and Equipment | |||||||
Premises and equipment as of December 31, 2014 and 2013 were as follows: | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Land | $ | 4,836 | $ | 4,836 | ||||
Buildings and leasehold improvements | 29,942 | 30,278 | ||||||
Furniture and equipment | 13,206 | 13,741 | ||||||
Construction in process | 14,705 | 3,774 | ||||||
Premises and equipment | 62,689 | 52,629 | ||||||
Accumulated depreciation and amortization | 24,919 | 24,947 | ||||||
Premises and equipment, net | $ | 37,770 | $ | 27,682 | ||||
Premises and equipment depreciation and amortization expense for the years ended December 31, 2014, 2013 and 2012 was $2.2 million, $2.4 million and $2.3 million, respectively. |
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Intangible Assets [Abstract] | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Intangible Assets | |||||||||||||||
Amortization of intangible assets is recorded using an accelerated method based on the estimated useful life of the core deposit intangible, customer list intangible and insurance agency intangible. Projections of amortization expense are based on existing asset balances and the remaining useful lives. | ||||||||||||||||
The trade name intangible is not amortized but is evaluated for impairment annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. No impairment was recorded on this asset in 2014, 2013, or 2012. | ||||||||||||||||
The following table summarizes the amounts and carrying values of intangible assets as of December 31, 2014 and 2013: | ||||||||||||||||
Weighted | Gross | Unamortized | ||||||||||||||
Average | Carrying | Accumulated | Intangible | |||||||||||||
Useful Life | Amount | Amortization | Assets | |||||||||||||
(dollars in thousands) | (years) | |||||||||||||||
December 31, 2014 | ||||||||||||||||
Other intangible assets: | ||||||||||||||||
Insurance agency intangible | 7 | $ | 1,320 | $ | 956 | $ | 364 | |||||||||
Core deposit premium | 4 | 5,433 | 4,742 | 691 | ||||||||||||
Trade name intangible | — | 7,040 | — | 7,040 | ||||||||||||
Customer list intangible | 9 | 330 | 166 | 164 | ||||||||||||
Total | $ | 14,123 | $ | 5,864 | $ | 8,259 | ||||||||||
December 31, 2013 | ||||||||||||||||
Other intangible assets: | ||||||||||||||||
Insurance agency intangible | 8 | $ | 1,320 | $ | 850 | $ | 470 | |||||||||
Core deposit premium | 5 | 5,433 | 4,322 | 1,111 | ||||||||||||
Trade name intangible | — | 7,040 | — | 7,040 | ||||||||||||
Customer list intangible | 10 | 330 | 145 | 185 | ||||||||||||
Total | $ | 14,123 | $ | 5,317 | $ | 8,806 | ||||||||||
The following table summarizes future amortization expense of intangible assets: | ||||||||||||||||
Insurance | Core | Customer | ||||||||||||||
Agency | Deposit | List | ||||||||||||||
Intangible | Premium | Intangible | Totals | |||||||||||||
(in thousands) | ||||||||||||||||
Year ending December 31, | ||||||||||||||||
2015 | $ | 89 | $ | 321 | $ | 21 | $ | 431 | ||||||||
2016 | 72 | 222 | 20 | 314 | ||||||||||||
2017 | 55 | 123 | 19 | 197 | ||||||||||||
2018 | 38 | 25 | 18 | 81 | ||||||||||||
2019 | 21 | — | 17 | 38 | ||||||||||||
Thereafter | 89 | — | 69 | 158 | ||||||||||||
Total | $ | 364 | $ | 691 | $ | 164 | $ | 1,219 | ||||||||
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets [Abstract] | ||||||||
Other Assets Disclosure [Text Block] | Other Assets | |||||||
The components of the Company’s other assets as of December 31, 2014 and 2013 were as follows: | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Federal Home Loan Bank Stock | $ | 8,582 | $ | 9,226 | ||||
Prepaid expenses | 1,350 | 1,030 | ||||||
Mortgage servicing rights | 2,308 | 2,298 | ||||||
Accounts receivable & other miscellaneous assets | 1,835 | 2,006 | ||||||
$ | 14,075 | $ | 14,560 | |||||
The Bank is a member of The Federal Home Loan Bank of Des Moines, and ownership of FHLB stock is a requirement for membership in the FHLB Des Moines. The amount of FHLB stock the Bank is required to hold is directly related to the amount of FHLB advances borrowed. Because this security is not readily marketable and there are no available market values, this security is carried at cost and evaluated for potential impairment each quarter. Redemption of this investment is at the option of the FHLB. | ||||||||
Mortgage servicing rights are recorded at fair value based on assumptions provided by a third-party valuation service. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the servicing cost per loan, the discount rate, the escrow float rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. |
Loans_Serviced_for_Others
Loans Serviced for Others | 12 Months Ended |
Dec. 31, 2014 | |
Loans Serviced for Others [Abstract] | |
Loans Serviced For Others [Text Block] | Loans Serviced for Others |
Loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage and other loans serviced for others were $370.0 million and $362.9 million at December 31, 2014 and 2013, respectively. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors and collection and foreclosure processing. Loan servicing income is recorded on the accrual basis and includes servicing fees from investors and certain charges collected from borrowers, such as late payment fees, and is net of fair value adjustments to capitalized mortgage servicing rights. |
Time_Deposits
Time Deposits | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Time Deposits [Abstract] | ||||
Deposit Liabilities Disclosures [Text Block] | Time Deposits | |||
Time deposits that meet or exceed the FDIC Insurance limit of $250,000 at December 31, 2014 was $150.2 million. | ||||
At December 31, 2014, the scheduled maturities of certificates of deposits were as follows: | ||||
(in thousands) | ||||
2015 | $ | 267,510 | ||
2016 | 127,149 | |||
2017 | 60,174 | |||
2018 | 9,004 | |||
2019 | 9,177 | |||
Total | $ | 473,014 | ||
The Company had $6.1 million and $12.9 million in brokered time deposits through the CDARS program as of December 31, 2014 and December 31, 2013, respectively. The CDARS program coordinates, on a reciprocal basis, a network of banks to spread deposits exceeding the FDIC insurance coverage limits out to numerous institutions in order to provide insurance coverage for all participating deposits. |
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2014 | |
Short-term Debt [Abstract] | |
Debt Disclosure [Text Block] | Short-Term Borrowings |
At December 31, 2014 and 2013, the Company had no borrowings through the Federal Reserve Discount Window, while the borrowing capacity was $11.8 million and $11.4 million, respectively. As of December 31, 2014, the Bank had $13.1 million of municipal securities pledged to the Federal Reserve to secure potential borrowings. The Company also has various other unsecured Federal Funds agreements with correspondent banks. As of December 31, 2014 and 2013 there were $17.4 million and $5.5 million borrowings through these correspondent bank federal funds agreements, respectively. | |
Securities sold under repurchase agreements are used by the Company to acquire funds from customers where the customer is required or desires to have its funds supported by collateral consisting of U.S. Treasury securities, U.S. Government agencies or other types of securities. The repurchase agreement is a promise to sell these securities to a customer at a certain price and repurchase them within one to four days after the transaction date at that same price plus interest accrued at an agreed upon rate. As of December 31, 2014 and December 31, 2013, the Company’s balance of securities sold under repurchase agreements was $60.8 million and $61.2 million, respectively. The weighted average interest rate on these agreements was 0.21% at December 31, 2014 and 2013. |
Federal_Home_Loan_Bank_Borrowi
Federal Home Loan Bank Borrowings and Long-Term Debt | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Federal Home Loan Bank Borrowings and Long-Term Debt [Abstract] | ||||||||||||||
Federal Home Loan Bank Borrowings and Long-Term Debt [Text Block] | Federal Home Loan Bank Borrowings and Long-Term Debt | |||||||||||||
As a member of The Federal Home Loan Bank of Des Moines, the Bank may borrow funds from the FHLB in amounts up to 35% of the Bank’s total assets, provided the Bank is able to pledge an adequate amount of qualified assets to secure the borrowings. Advances from the FHLB are collateralized primarily by 1-4 unit residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. As of December 31, 2014, the Bank had $263.4 million of collateral pledged to the FHLB. As of December 31, 2014 and 2013, Federal Home Loan Bank borrowings were as follows: | ||||||||||||||
Rates | Amount | |||||||||||||
Minimum | Maximum | 2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||||
Due in 2014 | 1.25 | % | to | 3.4 | % | $ | — | $ | 39,900 | |||||
Due in 2015 | 2.06 | % | to | 3 | % | 20,000 | 20,000 | |||||||
Due in 2016 | 1.13 | % | to | 2.46 | % | 17,000 | 17,000 | |||||||
Due in 2017 | 1.09 | % | to | 2.78 | % | 10,000 | 10,000 | |||||||
Due in 2018 | 1.3 | % | to | 1.83 | % | 17,000 | 5,000 | |||||||
Due in 2019 | 1.42 | % | to | 1.85 | % | 17,000 | 10,000 | |||||||
Thereafter | 1.52 | % | to | 2.25 | % | 12,000 | 5,000 | |||||||
Total | $ | 93,000 | $ | 106,900 | ||||||||||
In connection with the Company’s merger with the Former MidWestOne in March 2008, the Company acquired $15.5 million in long-term subordinated debt from the Former MidwestOne’s issuance of a pooled trust preferred security. The junior subordinated debentures supporting the trust preferred securities have a maturity date of December 15, 2037, do not require any principal amortization and became callable on December 15, 2012 at par, and are callable in whole or in part, on any interest payment date thereafter, at the Company’s option. The interest rate on the trust preferred securities is variable based on the three-month LIBOR rate plus 1.59% with interest payable quarterly. At December 31, 2014, the interest rate on the debt was 1.83%. During 2014 the interest rate ranged from 1.83% to 1.82%. Interest expense recorded during 2014 and 2013 was $0.3 million. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Taxes [Abstract] | ||||||||||||
Income Tax Disclosure [Text Block] | Income Taxes | |||||||||||
Income taxes for the years ended December 31, 2014, 2013 and 2012 are summarized as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 3,573 | $ | 6,841 | $ | 4,165 | ||||||
State | 956 | 1,259 | 1,103 | |||||||||
Deferred | 2,502 | (1,454 | ) | (54 | ) | |||||||
Total income tax provision | $ | 7,031 | $ | 6,646 | $ | 5,214 | ||||||
The income tax provisions for the years ended December 31, 2014, 2013 and 2012 were less than the amounts computed by applying the maximum effective federal income tax rate of 35% for the years ended December 31, 2014 and 2013, and 34% for the year of 2012, to the income before income taxes because of the following items: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Expected provision | $ | 8,943 | $ | 8,839 | $ | 7,394 | ||||||
Tax-exempt interest | (2,520 | ) | (2,345 | ) | (2,213 | ) | ||||||
Bank-owned life insurance | (385 | ) | (322 | ) | (323 | ) | ||||||
State income taxes, net of federal income tax benefit | 798 | 776 | 723 | |||||||||
Non-deductible acquisition expenses | 261 | — | — | |||||||||
Other | (66 | ) | (302 | ) | (367 | ) | ||||||
Total income tax provision | $ | 7,031 | $ | 6,646 | $ | 5,214 | ||||||
Net deferred tax assets as of December 31, 2014 and 2013 consisted of the following components: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred income tax assets: | ||||||||||||
Allowance for loan losses | $ | 7,981 | $ | 7,753 | ||||||||
Deferred compensation | 1,022 | 1,076 | ||||||||||
Net operating losses | 3,266 | 3,089 | ||||||||||
Impairment losses on securities | 53 | 2,613 | ||||||||||
Other real estate owned | 568 | 767 | ||||||||||
Nonaccrual interest | 206 | 434 | ||||||||||
Other | 1,072 | 931 | ||||||||||
Gross deferred tax assets | 14,168 | 16,663 | ||||||||||
Deferred income tax liabilities: | ||||||||||||
Premises and equipment depreciation and amortization | 1,992 | 2,012 | ||||||||||
Federal Home Loan Bank stock | 132 | 132 | ||||||||||
Purchase accounting adjustments | 684 | 895 | ||||||||||
Mortgage servicing rights | 875 | 871 | ||||||||||
Prepaid expenses | 213 | 105 | ||||||||||
Unrealized gains on investment securities | 3,234 | 620 | ||||||||||
Deferred loan fees | 249 | 238 | ||||||||||
Other | 253 | 315 | ||||||||||
Gross deferred tax liabilities | 7,632 | 5,188 | ||||||||||
Net deferred income tax asset | 6,536 | 11,475 | ||||||||||
Valuation allowance | 3,458 | 3,281 | ||||||||||
Net deferred tax asset | $ | 3,078 | $ | 8,194 | ||||||||
The Company has recorded a deferred tax asset for the future tax benefits of Iowa net operating loss carry forwards and certain impairment losses on investment securities. The Iowa net operating loss carry forwards amounting to approximately $38.2 million will expire in various amounts from 2018 to 2035. As of December 31, 2014 and 2013, the Company believed it was more likely than not that all temporary differences associated with the Iowa corporate tax return, as well as certain impairment and capital losses on securities at the federal and state level, would not be fully realized. Accordingly, the Company has recorded a valuation allowance to reduce the net operating loss carry forwards and certain impairment losses on securities. A valuation allowance related to the remaining deferred tax assets has not been provided because management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets. | ||||||||||||
The Company had no material unrecognized tax benefits as of December 31, 2014 and 2013. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Employee Benefit Plans |
Prior to the Company’s merger with the Former MidWestOne, the Bank sponsored a noncontributory defined benefit pension plan for substantially all its employees. Effective December 31, 2007, the Bank elected to curtail the plan by limiting this employee benefit to those employees vested as of December 31, 2007. During the second quarter of 2012, the Company completed the liquidation of plan assets and full termination of the plan, including full benefit payout to plan participants. The total amount of the Company’s required contribution to fully fund the plan for liquidation was $6.1 million, pre-tax, which is included in Salaries and Employee Benefits expense on the 2012 consolidated statements of operations. | |
The Company has a salary reduction profit-sharing 401(k) plan covering all employees fulfilling minimum age and service requirements. Employee contributions to the plan are optional. Employer contributions are discretionary and may be made to the plan in an amount equal to a percentage of each participating employee’s salary. The 401(k) contribution expense for this plan totaled $676,000, $647,000 and $667,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |
The Company has an employee stock ownership plan (ESOP) covering all employees fulfilling minimum age and service requirements. Employer contributions are discretionary and may be made to the plan in an amount equal to a percentage of each participating employee’s salary. The ESOP contribution expense for this plan totaled $538,000, $609,000 and $635,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |
The Company has a salary continuation plan for several officers and directors. These plans provide annual payments of various amounts upon retirement or death. The Company accrues the expense for these benefits by charges to operating expense during the period the respective officer or director attains full eligibility. The amount charged to operating expense during the years ended December 31, 2014, 2013 and 2012 totaled $294,000, $350,000 and $359,000, respectively. To provide the retirement benefits, the Company carries life insurance policies which had cash values totaling $14.3 million, $13.9 million and $13.5 million at December 31, 2014, 2013 and 2012, respectively. |
Stock_Compensation_Plans
Stock Compensation Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stock Compensation Plans [Abstract] | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock Compensation Plans | ||||||||||||
The Company maintains the MidWestOne Financial Group, Inc. 2008 Equity Incentive Plan (the “Plan”) as a means to attract, retain and reward certain designated employees and directors of, and service providers to, the Company and its subsidiaries. Under the terms of the Plan, the Company may grant a total of 750,000 total shares of the Company’s common stock as stock options, stock appreciation rights or stock awards (including restricted stock units) and may also grant cash incentive awards to eligible individuals. As of December 31, 2014 and 2013, 492,878 and 514,191 shares, respectively, of the Company’s common stock remained available for future awards under the Plan. | |||||||||||||
During 2014, the Company recognized $493,000 of stock based compensation expense, which consisted of $493,000 of expense related to restricted stock unit grants and no expense related to stock option grants. In comparison, during 2013, the Company recognized $384,000 of stock-based compensation expense, which consisted of $380,000 for restricted stock unit grants and $4,000 for stock option grants, while total stock-based compensation expense in 2012 was $266,000 which consisted of $234,000 for restricted stock unit grants and $32,000 for stock option grants. | |||||||||||||
Incentive Stock Options: | |||||||||||||
The Company is required to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as compensation expense in the Company’s consolidated statements of operations over the requisite service periods using a straight-line method. The Company assumes no projected forfeitures on its stock-based compensation, since actual historical forfeiture rates on its stock-based incentive awards have been negligible. | |||||||||||||
The stock options have a maximum term of ten years, an exercise price equal to the fair market value of a share of stock on the date of grant and vest 25% per year over four years, with the first vesting date being the one-year anniversary of the grant date. | |||||||||||||
The following is a summary of stock option activity for the year ended December 31, 2014: | |||||||||||||
Weighted- | |||||||||||||
Average | |||||||||||||
Weighted- | Remaining | Aggregate | |||||||||||
Average | Contractual | Intrinsic | |||||||||||
Exercise | Term in | Value | |||||||||||
Shares | Price | Years | $0 | ||||||||||
Outstanding at December 31, 2013 | 47,590 | $ | 15.66 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (15,419 | ) | 18.5 | ||||||||||
Forfeited | — | — | |||||||||||
Expired | (1,310 | ) | 19.5 | ||||||||||
Outstanding at December 31, 2014 | 30,861 | $ | 14.08 | 3.1 | $ | 455 | |||||||
Exercisable at December 31, 2014 | 30,861 | $ | 14.08 | 3.1 | $ | 455 | |||||||
During 2014, the Company received $282,000 of cash from the exercise of stock option awards and recorded a $8,000 tax benefit from these exercises. Plan participants realized an intrinsic value of $109,000 from the exercise of these stock options during 2014. In comparison, Plan participants realized an intrinsic value of $362,000 and $278,000 from the exercise of stock options during 2013 and 2012, respectively. As of December 31, 2014, there were no remaining compensation costs related to nonvested stock options that have not yet been recognized. | |||||||||||||
There were no stock option awards granted in 2014, 2013, or 2012. | |||||||||||||
Restricted Stock Units: | |||||||||||||
Under the Plan, the Company may grant restricted stock unit awards that vest upon the completion of future service requirements or specified performance criteria. The fair value of these awards is equal to the market price of the common stock at the date of the grant. The Company recognizes stock-based compensation expense for these awards over the vesting period, using the straight-line method, based upon the number of awards ultimately expected to vest. Each restricted stock unit entitles the recipient to receive one share of stock on the vesting date. Generally, for employee awards, the restricted stock units vest 25% per year over four years, with the first vesting date being the one-year anniversary of the grant date, or 100% upon the death or disability of the recipient, or upon change of control (as defined in the Plan) of the Company. Beginning with the awards granted with an effective date of May 15, 2013, the restricted stock units awarded to directors vest 100% one year from the date of the award. Director awards made prior to May 15, 2013 generally vest 25% per year over four years. If a participant terminates employment or service prior to the end of the continuous service period, the unearned portion of the stock unit award may be forfeited, at the discretion of the Company’s Compensation Committee. The Company may also issue awards that vest upon satisfaction of specified performance criteria. For these types of awards, the final measure of compensation cost is based upon the number of shares that ultimately vest considering the performance criteria. | |||||||||||||
The following is a summary of nonvested restricted stock unit activity for the year ended December 31, 2014: | |||||||||||||
Weighted- | |||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Shares | Fair Value | ||||||||||||
Nonvested at December 31, 2013 | 52,397 | $ | 18.24 | ||||||||||
Granted | 26,100 | 24.61 | |||||||||||
Vested | (27,491 | ) | 17.02 | ||||||||||
Forfeited | (200 | ) | 19.1 | ||||||||||
Nonvested at December 31, 2014 | 50,806 | $ | 22.17 | ||||||||||
The fair value of restricted stock unit awards that vested during 2014 was $792,000, compared to $533,000 and $324,000 during the years ended December 31, 2013 and 2012, respectively. As of December 31, 2014, the total compensation costs related to nonvested restricted stock units that have not yet been recognized totaled $740,000, and the weighted average period over which these costs are expected to be recognized is approximately 2.4 years. | |||||||||||||
Value Information: | |||||||||||||
The risk-free interest rate assumption is based upon observed interest rates for the expected term of the Company’s stock options. The expected volatility input into the model takes into account the historical volatility of the Company’s stock over the period that it has been publicly traded or the expected term of the option. The expected dividend yield assumption is based upon the Company’s historical dividend payout determined at the date of grant, if any. |
Earnings_per_Common_Share
Earnings per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings per Common Share [Abstract] | ||||||||||||
Earnings Per Share Disclosure [Text Block] | Earnings per Common Share | |||||||||||
Basic per-share amounts are computed by dividing net income (the numerator) by the weighted-average number of common shares outstanding (the denominator). Diluted per share amounts assume issuance of all common stock issuable upon conversion or exercise of other securities, unless the effect is to reduce the loss or increase the income per common share from continuing operations. | ||||||||||||
Following are the calculations for basic and diluted earnings per common share: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||
Basic earnings per common share computation | ||||||||||||
Numerator: | ||||||||||||
Net income | $ | 18,522 | $ | 18,607 | $ | 16,534 | ||||||
Denominator: | ||||||||||||
Weighted average shares outstanding | 8,405,284 | 8,477,904 | 8,485,008 | |||||||||
Basic earnings per common share | $ | 2.2 | $ | 2.19 | $ | 1.95 | ||||||
Diluted earnings per common share computation | ||||||||||||
Numerator: | ||||||||||||
Net income | $ | 18,522 | $ | 18,607 | $ | 16,534 | ||||||
Denominator: | ||||||||||||
Weighted average shares outstanding, included all dilutive potential shares | 8,433,296 | 8,525,119 | 8,527,544 | |||||||||
Diluted earnings per common share | $ | 2.19 | $ | 2.18 | $ | 1.94 | ||||||
Regulatory_Capital_Requirement
Regulatory Capital Requirements and Restrictions on Subsidiary Cash | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Regulatory Capital Requirements and Restrictions on Subsidiary Cash [Abstract] | |||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | Regulatory Capital Requirements and Restrictions on Subsidiary Cash | ||||||||||||||||||||
The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies. With the implementation of the Basel III Rules, which became effective on January 1, 2015, these capital requirements and the related prompt corrective action provisions, have increased. Based on the Company’s assessment of these new regulations, as of December 31, 2014, the Company and the Bank met the requirements necessary to be classified as well-capitalized under the new regulations. | |||||||||||||||||||||
Quantitative measures established by the regulations in effect on December 31, 2014, to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2014 and 2013, that the Company and the Bank met all capital adequacy requirements to which they were subject. | |||||||||||||||||||||
As of December 31, 2014, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action then in effect. To be categorized as well capitalized under those requirements, an institution had to maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since the notification that management believes have changed the Bank’s category, and management believes that the Bank will still be well capitalized under the revised requirements of Basel III. Notwithstanding its compliance with the specified regulatory thresholds, however, the Bank’s board of directors, subsequent to December 31, 2008, adopted a capital policy pursuant to which it will maintain a ratio of Tier 1 capital to total assets of 8% or greater, which ratio is greater than the ratio required to be well capitalized under the regulatory framework for prompt corrective action. This capital policy also provides that the Bank will maintain a ratio of total capital to total risk-weighted assets of at least 10%, which is equal to the threshold for being well capitalized under the regulatory framework for prompt corrective action. | |||||||||||||||||||||
A comparison of the Company’s and the Bank’s capital with the corresponding minimum regulatory requirements in effect as of December 31, 2014, is presented below: | |||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
At December 31, 2014: | |||||||||||||||||||||
Consolidated: | |||||||||||||||||||||
Total capital/risk based | $ | 212,559 | 14.73 | % | $ | 115,407 | 8 | % | N/A | N/A | |||||||||||
Tier 1 capital/risk based | 194,362 | 13.47 | 57,703 | 4 | N/A | N/A | |||||||||||||||
Tier 1 capital/adjusted average | 194,362 | 10.85 | 71,647 | 4 | N/A | N/A | |||||||||||||||
MidWestOne Bank: | |||||||||||||||||||||
Total capital/risk based | $ | 197,018 | 13.75 | % | $ | 114,624 | 8 | % | $ | 143,280 | 10 | % | |||||||||
Tier 1 capital/risk based | 179,098 | 12.5 | 57,312 | 4 | 85,968 | 6 | |||||||||||||||
Tier 1 capital/adjusted average | 179,098 | 10.05 | 71,249 | 4 | 89,061 | 5 | |||||||||||||||
At December 31, 2013: | |||||||||||||||||||||
Consolidated: | |||||||||||||||||||||
Total capital/risk based | $ | 200,714 | 14.62 | % | $ | 109,812 | 8 | % | N/A | N/A | |||||||||||
Tier 1 capital/risk based | 183,361 | 13.36 | 54,906 | 4 | N/A | N/A | |||||||||||||||
Tier 1 capital/adjusted average | 183,361 | 10.55 | 69,491 | 4 | N/A | N/A | |||||||||||||||
MidWestOne Bank: | |||||||||||||||||||||
Total capital/risk based | $ | 183,646 | 13.49 | % | $ | 108,903 | 8 | % | $ | 136,128 | 10 | % | |||||||||
Tier 1 capital/risk based | 166,612 | 12.24 | 54,451 | 4 | 81,677 | 6 | |||||||||||||||
Tier 1 capital/adjusted average | 166,612 | 9.65 | 69,063 | 4 | 86,329 | 5 | |||||||||||||||
The ability of the Company to pay dividends to its shareholders is dependent upon dividends paid by the Bank to the Company. The Bank is subject to certain statutory and regulatory restrictions on the amount of dividends it may pay. In addition, as previously noted, subsequent to December 31, 2008, the Bank’s board of directors adopted a capital policy requiring it to maintain a ratio of Tier 1 capital to total assets of at least 8% and a ratio of total capital to risk-based capital of at least 10%. Maintenance of these ratios also could limit the ability of the Bank to pay dividends to the Company. | |||||||||||||||||||||
The Bank is required to maintain reserve balances in cash on hand or on deposit with Federal Reserve Banks. Reserve balances totaled $1.8 million and $1.6 million as of December 31, 2014 and 2013, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies [Abstract] | ||||||||
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies | |||||||
Financial instruments with off-balance sheet risk: The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets. | ||||||||
The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. A summary of the Bank’s commitments at December 31, 2014 and 2013, is as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Commitments to extend credit | $ | 267,036 | $ | 263,887 | ||||
Commitments to sell loans | 801 | 357 | ||||||
Standby letters of credit | 3,204 | 4,491 | ||||||
Total | $ | 271,041 | $ | 268,735 | ||||
The Bank’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the party. Collateral held varies, but may include accounts receivable, crops, livestock, inventory, property and equipment, residential real estate and income-producing commercial properties. | ||||||||
Commitments to sell loans are agreements to sell loans held for sale to third parties at an agreed upon price. | ||||||||
Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements and, generally, have terms of one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds collateral, which may include accounts receivable, inventory, property, equipment and income-producing properties, that support those commitments, if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Bank would be required to fund the commitment. The maximum potential amount of future payments the Bank could be required to make is represented by the contractual amount shown in the summary above. If the commitment is funded, the Bank would be entitled to seek recovery from the customer. At both December 31, 2014 and 2013, the amount recorded as liabilities for the Bank’s potential obligations under these guarantees was $0.2 million. | ||||||||
Building commitments: The Bank is party to contractual agreements related to certain major building projects entered into in 2013, with a total original estimated cost of $29.8 million. As of December 31, 2014, an estimated $15.5 million remained to be paid on these contracts. The projects are scheduled for completion in 2016. | ||||||||
Contingencies: In the normal course of business, the Bank is involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material adverse effect on the accompanying consolidated financial statements. | ||||||||
Concentrations of credit risk: Substantially all of the Bank’s loans, commitments to extend credit and standby letters of credit have been granted to customers in the Bank’s market areas. Although the loan portfolio of the Bank is diversified, approximately 62% of the loans are real estate loans and approximately 17% are agriculturally related. The concentrations of credit by type of loan are set forth in Note 3. Commitments to extend credit are primarily related to commercial loans and home equity loans. Standby letters of credit were granted primarily to commercial borrowers. Investments in securities issued by state and political subdivisions involve certain governmental entities within Iowa. The carrying value of investment securities of Iowa political subdivisions totaled $135.3 million as of December 31, 2014. No individual municipality exceeded $5.0 million. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Related Party Transactions Disclosure [Text Block] | Related Party Transactions | |||||||
Certain directors of the Company and certain principal officers are customers of, and have banking transactions with, the Bank in the ordinary course of business. Such indebtedness has been incurred on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons. | ||||||||
The following is an analysis of the changes in the loans to related parties during the years ended December 31, 2014 and 2013: | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Balance, beginning | $ | 22,392 | $ | 21,935 | ||||
Net decrease due to change in related parties | (10,275 | ) | (150 | ) | ||||
Advances | 2,420 | 2,310 | ||||||
Collections | (2,882 | ) | (1,703 | ) | ||||
Balance, ending | $ | 11,655 | $ | 22,392 | ||||
None of these loans are past due, nonaccrual or restructured to provide a reduction or deferral of interest or principal because of deterioration in the financial position of the borrower. Deposits from these related parties totaled $6.5 million and $7.3 million as of December 31, 2014 and 2013, respectively. Deposits from related parties are accepted subject to the same interest rates and terms as those from nonrelated parties. | ||||||||
The Company has from time to time engaged Neumann Monson, P.C. (“Neumann Monson”), an architectural services firm headquartered in Iowa City for which Kevin Monson, Chairman of the Company, is President, Managing Partner and majority owner, to perform architectural and design services with respect to the Company's offices. During 2014 and 2013, the Company paid Neumann Monson $315,000 and $2,289,000, respectively, for such services. The engagement of Neumann Monson to provide the services described was reviewed by our Audit Committee, which also monitors the level of services by Neumann Monson on a periodic basis. Apart from the approval and monitoring process involving the Audit Committee, Neumann Monson was retained in the ordinary course of business and the Company believes that such services are provided to the Company on terms no less favorable than those that would have been realized in transactions with unaffiliated parties. |
Estimated_Fair_Value_of_Financ
Estimated Fair Value of Financial Instruments and Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Estimated Fair Value of Financial Instruments and Fair Value Measurements [Abstract] | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | Estimated Fair Value of Financial Instruments and Fair Value Measurements | |||||||||||||||||||
Fair value is the price that would be received in selling an asset or paid in transferring a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. | ||||||||||||||||||||
GAAP requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, GAAP establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | ||||||||||||||||||||
• | Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | |||||||||||||||||||
• | Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. | |||||||||||||||||||
• | Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | |||||||||||||||||||
It is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. The Company is required to use observable inputs, to the extent available, in the fair value estimation process unless that data results from forced liquidations or distressed sales. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. | ||||||||||||||||||||
Valuation methods for instruments measured at fair value on a recurring basis | ||||||||||||||||||||
Securities Available for Sale - The Company’s investment securities classified as available for sale include: debt securities issued by the U.S. Treasury and other U.S. Government agencies and corporations, debt securities issued by state and political subdivisions, mortgage-backed securities, collateralized mortgage obligations, corporate debt securities, and equity securities. Quoted exchange prices are available for equity securities, which are classified as Level 1. The Company utilizes an independent pricing service to obtain the fair value of debt securities. On a quarterly basis, the Company selects a sample of 30 securities from its primary pricing service and compares them to a secondary independent pricing service to validate value. In addition, the Company periodically reviews the pricing methodology utilized by the primary independent service for reasonableness. Debt securities issued by the U.S. Treasury and other U.S. Government agencies and corporations and mortgage-backed obligations are priced utilizing industry-standard models that consider various assumptions, including time value, yield curves, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace and are classified as Level 2. Municipal securities are valued using a type of matrix, or grid, pricing in which securities are benchmarked against the treasury rate based on credit rating. These model and matrix measurements are classified as Level 2 in the fair value hierarchy. On an annual basis, a group of selected municipal securities are priced by a securities dealer and that price is used to verify the primary independent service’s valuation. | ||||||||||||||||||||
The Company classified its pooled trust preferred CDOs as Level 3 until such securities were sold in the first quarter of 2014. The portfolio consisted of five investments in CDOs backed by pools of trust preferred securities issued by financial institutions and insurance companies. The Company had determined that the observable market data associated with these assets did not represent orderly transactions and reflected forced liquidations or distressed sales. Based on the lack of observable market data, the Company estimated fair value based on the observable data available and reasonable unobservable market data. The Company estimated fair value based on a discounted cash flow model which used appropriately adjusted discount rates reflecting credit and liquidity risks. | ||||||||||||||||||||
Mortgage Servicing Rights - The Company recognizes the rights to service mortgage loans for others on residential real estate loans internally originated and then sold. Mortgage servicing rights are recorded at fair value based on assumptions through a third-party valuation service. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the servicing cost per loan, the discount rate, the escrow float rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Because many of these inputs are unobservable, the valuations are classified as Level 3. | ||||||||||||||||||||
The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2014 and 2013. There were no liabilities subject to fair value measurement on a recurring basis as of these dates. The assets are segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value: | ||||||||||||||||||||
Fair Value Measurement at December 31, 2014 Using | ||||||||||||||||||||
(in thousands) | Total | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Assets: | ||||||||||||||||||||
Available for sale debt securities: | ||||||||||||||||||||
U.S. Government agencies and corporations | $ | 49,375 | $ | — | $ | 49,375 | $ | — | ||||||||||||
State and political subdivisions | 195,199 | — | 195,199 | — | ||||||||||||||||
Mortgage-backed securities | 32,463 | — | 32,463 | — | ||||||||||||||||
Collateralized mortgage obligations | 146,132 | — | 146,132 | — | ||||||||||||||||
Corporate debt securities | 48,741 | — | 48,741 | — | ||||||||||||||||
Total available for sale debt securities | 471,910 | — | 471,910 | — | ||||||||||||||||
Other equity securities | 3,032 | 3,032 | — | — | ||||||||||||||||
Total securities available for sale | $ | 474,942 | $ | 3,032 | $ | 471,910 | $ | — | ||||||||||||
Mortgage servicing rights | $ | 2,308 | $ | — | $ | — | $ | 2,308 | ||||||||||||
Fair Value Measurement at December 31, 2013 Using | ||||||||||||||||||||
(in thousands) | Total | Quoted Prices in | Significant | Significant | ||||||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||||||
(Level 2) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Available for sale debt securities: | ||||||||||||||||||||
U.S. Government agencies and corporations | $ | 44,939 | $ | — | $ | 44,939 | $ | — | ||||||||||||
State and political subdivisions | 210,796 | — | 210,796 | — | ||||||||||||||||
Mortgage-backed securities | 39,285 | — | 39,285 | — | ||||||||||||||||
Collateralized mortgage obligations | 169,223 | — | 169,223 | — | ||||||||||||||||
Corporate debt securities | 29,944 | — | 29,944 | — | ||||||||||||||||
Collateralized debt obligations | 1,317 | — | — | 1,317 | ||||||||||||||||
Total available for sale debt securities | 495,504 | — | 494,187 | 1,317 | ||||||||||||||||
Other equity securities | 3,057 | 3,057 | — | — | ||||||||||||||||
Total securities available for sale | $ | 498,561 | $ | 3,057 | $ | 494,187 | $ | 1,317 | ||||||||||||
Mortgage servicing rights | $ | 2,298 | $ | — | $ | — | $ | 2,298 | ||||||||||||
There were no transfers of assets between levels of the fair value hierarchy during the years ended December 31, 2014 and 2013. | ||||||||||||||||||||
There have been no changes in valuation techniques used for any assets measured at fair value during the year ended December 31, 2014. | ||||||||||||||||||||
The following table presents additional information about assets measured at fair market value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Collateralized | Mortgage | Collateralized | Mortgage | |||||||||||||||||
Debt | Servicing | Debt | Servicing | |||||||||||||||||
Obligations | Rights | Obligations | Rights | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Beginning balance | $ | 1,317 | $ | 2,298 | $ | 755 | $ | 1,484 | ||||||||||||
Transfers into Level 3 | — | — | — | — | ||||||||||||||||
Transfers out of Level 3 | — | — | — | — | ||||||||||||||||
Total gains (losses): | ||||||||||||||||||||
Included in earnings | 782 | (243 | ) | (18 | ) | 293 | ||||||||||||||
Included in other comprehensive income | 794 | — | 822 | — | ||||||||||||||||
Purchases, issuances, sales, and settlements: | ||||||||||||||||||||
Purchases | — | — | — | — | ||||||||||||||||
Issuances | — | 253 | — | 521 | ||||||||||||||||
Sales | (2,893 | ) | — | — | — | |||||||||||||||
Settlements | — | — | (242 | ) | — | |||||||||||||||
Ending Balance | $ | — | $ | 2,308 | $ | 1,317 | $ | 2,298 | ||||||||||||
In December 2013 the Company was notified by the trustee of one of the collateralized debt obligations it owns that the security was in the process of being liquidated. The Company recorded a receivable for the expected amount of the liquidation payment and wrote-off the book value of the security. The remaining five CDOs were sold in the first quarter of 2014 at a net gain of $0.8 million. | ||||||||||||||||||||
The following table presents the amount of gains and losses on Level 3 assets noted above which were included in earnings and other comprehensive income for the years ended December 31, 2014 and 2013 that are attributable to the change in unrealized gains and losses relating to those assets still held, and the line item in the consolidated financial statements in which they are included: | ||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Collateralized | Mortgage | Collateralized | Mortgage | |||||||||||||||||
Debt | Servicing | Debt | Servicing | |||||||||||||||||
Obligations | Rights | Obligations | Rights | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Total gains (losses) for the period in earnings* | $ | — | $ | 10 | $ | (18 | ) | $ | 814 | |||||||||||
Change in unrealized losses for the period included in other comprehensive income | — | — | 822 | — | ||||||||||||||||
* Losses on collateralized debt obligations are included in gain on sale or call of available for sale securities, while gains on mortgage servicing rights are included in mortgage origination and loan servicing fees, both in the consolidated statements of operations. | ||||||||||||||||||||
Changes in the fair value of available-for-sale securities are included in other comprehensive income to the extent the changes are not considered OTTI. OTTI tests are performed on a quarterly basis and any decline in the fair value of an individual security below its cost that is deemed to be other than temporary results in a write-down that is reflected directly in the Company’s consolidated statements of operations. | ||||||||||||||||||||
Valuation methods for instruments measured at fair value on a nonrecurring basis | ||||||||||||||||||||
Collateral Dependent Impaired Loans - From time to time, a loan is considered impaired and an allowance for credit losses is established. The specific reserves for collateral dependent impaired loans are based on the fair value of the collateral less estimated costs to sell. The fair value of collateral is determined based on appraisals. In some cases, adjustments are made to the appraised values due to various factors, including age of the appraisal, age of comparables included in the appraisal, and known changes in the market and in the collateral. Because many of these inputs are unobservable, the valuations are classified as Level 3. | ||||||||||||||||||||
Other Real Estate Owned (“OREO”) - OREO represents property acquired through foreclosures and settlements of loans. Property acquired through or in lieu of foreclosure are initially recorded at fair value less estimated selling cost at the date of foreclosure, establishing a new cost basis. The Company considers third party appraisals as well as independent fair value assessments from real estate brokers or persons involved in selling OREO in determining the fair value of particular properties. Accordingly, the valuation of OREO is subject to significant external and internal judgment. The Company also periodically reviews OREO to determine whether the property continues to be carried at the lower of its recorded book value or fair value of the property, less disposal costs. Because many of these inputs are unobservable, the valuations are classified as Level 3. | ||||||||||||||||||||
The following table discloses the Company’s estimated fair value amounts of its financial instruments recorded at fair value on a nonrecurring basis. It is management’s belief that the fair values presented below are reasonable based on the valuation techniques and data available to the Company as of December 31, 2014 and 2013, as more fully described above. | ||||||||||||||||||||
Fair Value Measurement at December 31, 2014 Using | ||||||||||||||||||||
(in thousands) | Total | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Assets: | ||||||||||||||||||||
Collateral dependent impaired loans: | ||||||||||||||||||||
Commercial and industrial | 793 | — | — | 793 | ||||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction and development | 49 | — | — | 49 | ||||||||||||||||
Farmland | 52 | — | — | 52 | ||||||||||||||||
Commercial real estate-other | 1,012 | — | — | 1,012 | ||||||||||||||||
Total commercial real estate | 1,113 | — | — | 1,113 | ||||||||||||||||
Residential real estate: | ||||||||||||||||||||
One- to four- family first liens | 1,427 | — | — | 1,427 | ||||||||||||||||
One- to four- family junior liens | 47 | — | — | 47 | ||||||||||||||||
Total residential real estate | 1,474 | — | — | 1,474 | ||||||||||||||||
Consumer | 32 | — | — | 32 | ||||||||||||||||
Collateral dependent impaired loans | 3,412 | — | — | 3,412 | ||||||||||||||||
Other real estate owned | 1,916 | — | — | 1,916 | ||||||||||||||||
Fair Value Measurement at December 31, 2013 Using | ||||||||||||||||||||
(in thousands) | Total | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Assets: | ||||||||||||||||||||
Collateral dependent impaired loans: | ||||||||||||||||||||
Commercial and industrial | 1,043 | — | — | 1,043 | ||||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction and development | 136 | — | — | 136 | ||||||||||||||||
Farmland | 65 | — | — | 65 | ||||||||||||||||
Commercial real estate-other | 1,786 | — | — | 1,786 | ||||||||||||||||
Total commercial real estate | 1,987 | — | — | 1,987 | ||||||||||||||||
Residential real estate: | ||||||||||||||||||||
One- to four- family first liens | 186 | — | — | 186 | ||||||||||||||||
One- to four- family junior liens | 30 | — | — | 30 | ||||||||||||||||
Total residential real estate | 216 | — | — | 216 | ||||||||||||||||
Consumer | 44 | — | — | 44 | ||||||||||||||||
Collateral dependent impaired loans | 3,290 | — | — | 3,290 | ||||||||||||||||
Other real estate owned | 1,770 | — | — | 1,770 | ||||||||||||||||
The following presents the carrying amount and estimated fair value of the financial instruments held by the Company at December 31, 2014 and 2013. The information presented is subject to change over time based on a variety of factors. The operations of the Company are managed on a going concern basis and not a liquidation basis. As a result, the ultimate value realized from the financial instruments presented could be substantially different when actually recognized over time through the normal course of operations. Additionally, a substantial portion of the Company’s inherent value is the Bank’s capitalization and franchise value. Neither of these components has been given consideration in the presentation of fair values below. | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Carrying | Estimated | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||
Amount | Fair Value | (Level 3) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 23,409 | $ | 23,409 | $ | 23,409 | $ | — | $ | — | ||||||||||
Investment securities: | ||||||||||||||||||||
Available for sale | 474,942 | 474,942 | 3,032 | 471,910 | — | |||||||||||||||
Held to maturity | 51,524 | 51,253 | — | 51,253 | — | |||||||||||||||
Total investment securities | 526,466 | 526,195 | 3,032 | 523,163 | — | |||||||||||||||
Loans held for sale | 801 | 812 | — | — | 812 | |||||||||||||||
Loans, net: | ||||||||||||||||||||
Agricultural | 103,193 | 102,927 | — | — | 102,927 | |||||||||||||||
Commercial and industrial | 297,048 | 295,886 | — | — | 295,886 | |||||||||||||||
Credit cards | 1,206 | 1,206 | — | — | 1,206 | |||||||||||||||
Overdrafts | 610 | 610 | — | — | 610 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction and development | 58,665 | 58,764 | — | — | 58,764 | |||||||||||||||
Farmland | 82,888 | 83,285 | — | — | 83,285 | |||||||||||||||
Multifamily | 54,516 | 54,356 | — | — | 54,356 | |||||||||||||||
Commercial real estate-other | 225,605 | 225,899 | — | — | 225,899 | |||||||||||||||
Total commercial real estate | 421,674 | 422,304 | — | — | 422,304 | |||||||||||||||
Residential real estate: | ||||||||||||||||||||
One- to four- family first liens | 216,338 | 216,326 | — | — | 216,326 | |||||||||||||||
One- to four- family junior liens | 52,821 | 53,664 | — | — | 53,664 | |||||||||||||||
Total residential real estate | 269,159 | 269,990 | — | — | 269,990 | |||||||||||||||
Consumer | 23,266 | 23,362 | — | — | 23,362 | |||||||||||||||
Total loans, net | 1,116,156 | 1,116,285 | — | — | 1,116,285 | |||||||||||||||
Loan pool participations, net | 19,332 | 19,332 | — | — | 19,332 | |||||||||||||||
Accrued interest receivable | 10,898 | 10,898 | 10,898 | — | — | |||||||||||||||
Federal Home Loan Bank stock | 8,582 | 8,582 | — | 8,582 | — | |||||||||||||||
Mortgage servicing rights | 2,308 | 2,308 | — | — | 2,308 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Non-interest-bearing demand | 214,461 | 214,461 | 214,461 | — | — | |||||||||||||||
Interest-bearing checking | 618,540 | 618,540 | 618,540 | — | — | |||||||||||||||
Savings | 102,527 | 102,527 | 102,527 | — | — | |||||||||||||||
Certificates of deposit under $100,000 | 235,395 | 235,401 | — | 235,401 | — | |||||||||||||||
Certificates of deposit $100,000 and over | 237,619 | 238,480 | — | 238,480 | — | |||||||||||||||
Total deposits | 1,408,542 | 1,409,409 | 935,528 | 473,881 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 78,229 | 78,229 | 78,229 | — | — | |||||||||||||||
Federal Home Loan Bank borrowings | 93,000 | 93,051 | — | — | 93,051 | |||||||||||||||
Long-term debt | 15,464 | 10,021 | — | — | 10,021 | |||||||||||||||
Accrued interest payable | 863 | 863 | 863 | — | — | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Carrying | Estimated | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||
Amount | Fair Value | (Level 3) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 24,890 | $ | 24,890 | $ | 24,890 | $ | — | $ | — | ||||||||||
Investment securities: | ||||||||||||||||||||
Available for sale | 498,561 | 498,561 | 3,057 | 494,187 | 1,317 | |||||||||||||||
Held to maturity | 32,625 | 30,191 | — | 30,191 | — | |||||||||||||||
Total investment securities | 531,186 | 528,752 | 3,057 | 524,378 | 1,317 | |||||||||||||||
Loans held for sale | 357 | 367 | — | — | 367 | |||||||||||||||
Loans, net: | ||||||||||||||||||||
Agricultural | 95,712 | 95,609 | — | — | 95,609 | |||||||||||||||
Commercial and industrial | 257,153 | 256,257 | — | — | 256,257 | |||||||||||||||
Credit cards | 998 | 998 | — | — | 998 | |||||||||||||||
Overdrafts | 415 | 415 | — | — | 415 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction and development | 71,433 | 71,569 | — | — | 71,569 | |||||||||||||||
Farmland | 84,387 | 85,058 | — | — | 85,058 | |||||||||||||||
Multifamily | 54,883 | 54,953 | — | — | 54,953 | |||||||||||||||
Commercial real estate-other | 217,993 | 219,213 | — | — | 219,213 | |||||||||||||||
Total commercial real estate | 428,696 | 430,793 | — | — | 430,793 | |||||||||||||||
Residential real estate: | ||||||||||||||||||||
One- to four- family first liens | 217,765 | 218,257 | — | — | 218,257 | |||||||||||||||
One- to four- family junior liens | 52,903 | 53,798 | — | — | 53,798 | |||||||||||||||
Total residential real estate | 270,668 | 272,055 | — | — | 272,055 | |||||||||||||||
Consumer | 18,591 | 18,638 | — | — | 18,638 | |||||||||||||||
Total loans, net | 1,072,233 | 1,074,765 | — | — | 1,074,765 | |||||||||||||||
Loan pool participations, net | 25,533 | 25,533 | — | — | 25,533 | |||||||||||||||
Accrued interest receivable | 10,409 | 10,409 | 10,409 | — | — | |||||||||||||||
Federal Home Loan Bank stock | 9,226 | 9,226 | — | 9,226 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Non-interest bearing demand | 222,359 | 222,359 | 222,359 | — | — | |||||||||||||||
Interest-bearing checking | 592,673 | 592,673 | 592,673 | — | — | |||||||||||||||
Savings | 94,559 | 94,559 | 94,559 | — | — | |||||||||||||||
Certificates of deposit under $100,000 | 256,283 | 256,549 | — | 256,549 | — | |||||||||||||||
Certificates of deposit $100,000 and over | 209,068 | 209,543 | — | 209,543 | — | |||||||||||||||
Total deposits | 1,374,942 | 1,375,683 | 909,591 | 466,092 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 66,665 | 66,665 | 66,665 | — | — | |||||||||||||||
Federal Home Loan Bank borrowings | 106,900 | 107,356 | — | — | 107,356 | |||||||||||||||
Long-term debt | 15,464 | 9,872 | — | — | 9,872 | |||||||||||||||
Accrued interest payable | 765 | 765 | 765 | — | — | |||||||||||||||
• | Cash and cash equivalents, federal funds purchased, securities sold under repurchase agreements, and accrued interest are instruments with carrying values that approximate fair value. | |||||||||||||||||||
• | Investment securities available for sale are measured at fair value on a recurring basis. Held to maturity securities are carried at amortized cost. Fair value is based upon quoted prices, if available. If a quoted price is not available, the fair value is obtained from benchmarking the security against similar securities by using a third-party pricing service. | |||||||||||||||||||
• | Loans held for sale are carried at the lower of cost or fair value, with fair value being based on recent observable loan sales. The portfolio has historically consisted primarily of residential real estate loans. | |||||||||||||||||||
• | For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans are determined using estimated future cash flows, discounted at the interest rates currently being offered for loans with similar terms to borrowers with similar credit quality. The Company does record nonrecurring fair value adjustments to loans to reflect (1) partial write-downs and allowances that are based on the observable market price or appraised value of the collateral or (2) the full charge-off of the loan carrying value. | |||||||||||||||||||
• | Loan pool participation carrying values represent the discounted price paid by us to acquire our participation interests in the various loan pool participations purchased, which approximates fair value. | |||||||||||||||||||
• | The fair value of FHLB stock is estimated at its carrying value and redemption price of $100 per share. | |||||||||||||||||||
• | Deposit liabilities are carried at historical cost. The fair value of demand deposits, savings accounts and certain money market account deposits is the amount payable on demand at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. If the fair value of the fixed maturity certificates of deposit is calculated at less than the carrying amount, the carrying value of these deposits is reported as the fair value. | |||||||||||||||||||
• | FHLB borrowings and long-term debt are recorded at historical cost. The fair value of these items is estimated using discounted cash flow analysis, based on the Company's current incremental borrowing rates for similar types of borrowing arrangements. | |||||||||||||||||||
The following presents the valuation technique(s), observable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company at December 31, 2014, categorized within Level 3 of the fair value hierarchy: | ||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||||
(dollars in thousands) | Fair Value at December 31, 2014 | Valuation Techniques(s) | Unobservable Input | Range of Inputs | Weighted Average | |||||||||||||||
Collateral dependent impaired loans: | ||||||||||||||||||||
Commercial and industrial | 793 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||||||||
Construction & development | 49 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||||||||
Farmland | 52 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||||||||
Commercial real estate-other | 1,012 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||||||||
Residential real estate one- to four- | 1,427 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
family first liens | Appraisal discount | NM * | NM * | NM * | ||||||||||||||||
Residential real estate one- to four- | 47 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
family junior liens | Appraisal discount | NM * | NM * | NM * | ||||||||||||||||
Consumer | 32 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||||||||
Mortgage servicing rights | 2,308 | Discounted cash flows | Constant prepayment rate | 7.49 | % | 15.24 | % | 8.64 | % | |||||||||||
Pretax discount rate | 10 | % | 13 | % | 10.16 | % | ||||||||||||||
Other real estate owned | 1,916 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||||||||
* Not Meaningful. Third party appraisals are obtained as to the value of the underlying asset, but disclosure of this information would not provide meaningful information, as the range will vary widely from loan to loan. Types of discounts considered include age of the appraisal, local market conditions, current condition of the property, and estimated sales costs. These discounts will also vary from loan to loan, thus providing a range would not be meaningful. | ||||||||||||||||||||
Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2014 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entity [Text Block] | Variable Interest Entities |
The Company has invested in certain participation certificates of loan pools which are purchased, held and serviced by the third-party independent servicing corporation. The Company’s portfolio holds approximately 95% of participation interests in the pools of loans owned and serviced by States Resources Corporation (“SRC”), a third-party loan servicing organization in Omaha, Nebraska, in which the Company participates. SRC’s owner holds the remaining interest. The Company does not have any ownership interest in or exert any control over SRC, and thus it is not included in the consolidated financial statements. | |
These pools of loans were purchased from large nonaffiliated banking organizations and from the FDIC acting as receiver of failed banks and savings associations. As loan pools were put out for bid (generally in a sealed bid auction), SRC’s due diligence teams evaluated the loans and determined their interest in bidding on the pool. After the due diligence, the Company’s management reviewed this information and decided if it wished to continue in the process. If the decision to consider a bid was made, SRC conducted additional analysis to determine the appropriate bid price. This analysis involved discounting loan cash flows with adjustments made for expected losses and changes in collateral values as well as targeted rates of return. A cost or investment basis was assigned to each individual loan on a cents-per-dollar (discounted price) basis based on SRC’s assessment of the recovery potential of each loan. | |
Once a bid was awarded to SRC, the Company assumed the risk of profit or loss but on a non-recourse basis so the risk is limited to its initial investment. The extent of the risk is also dependent upon: the debtor or guarantor’s financial condition, the possibility that a debtor or guarantor may file for bankruptcy protection, SRC’s ability to locate any collateral and obtain possession, the value of such collateral, and the length of time it takes to realize the recovery either through collection procedures, legal process, or resale of the loans after a restructure. | |
Loan pool participations are shown on the Company’s consolidated balance sheets as a separate asset category. The original carrying value or investment basis of loan pool participations is the discounted price paid by the Company to acquire its interests, which, as noted, is less than the face amount of the underlying loans. The Company’s investment basis is reduced as SRC recovers principal on the loans and remits its share to the Company or as loan balances are written off as uncollectible. |
Proposed_Merger_Notes
Proposed Merger (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Proposed Merger [Text Block] | Proposed Merger |
On November 20, 2014, the Company entered into merger agreement with Central Bancshares, Inc. ("Central"), a Minnesota corporation, pursuant to which Central will merge with and into the Company. In connection with the merger, Central Bank, a Minnesota-chartered commercial bank and wholly-owned subsidiary of Central, will become a wholly-owned subsidiary of the Company. The merger is contingent upon the approval of the Company’s shareholders, regulators and certain customary closing conditions. The corporate headquarters of the combined company will be in Iowa City, Iowa. | |
Simultaneously with the execution of the merger agreement, the Company entered into a Shareholder Agreement with the John M. Morrison Revocable Trust #4, the holder of all of the outstanding shares of Central common stock, CBS LLC , the holder of all outstanding preferred securities of CBI Capital Trust III, Riverbank Insurance Center, Inc., the holder of all outstanding Class A units of Central Insurance Agency, LLC and John M. Morrison, an individual with common control over the above named entities. The merger is anticipated to be completed in the second quarter of 2015. | |
Subject to the terms and conditions of the merger agreement, each share of common stock of Central will automatically be converted into the right to receive a pro rata portion of (i) 2,723,083 shares of common stock of the Company and (ii) $64.0 million in cash, subject to certain adjustments as described in the merger agreement. | |
For further information, please refer to the Current Report on Form 8-K filed by the Company with the SEC on November 21, 2014. |
Parent_Company_Only_Financial_
Parent Company Only Financial Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Parent Company Only Financial Information [Abstract] | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Parent Company Only Financial Information | |||||||||||
The following is condensed financial information of MidWestOne Financial Group, Inc. as of December 31, 2014 and 2013 (parent company only): | ||||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Balance Sheets | ||||||||||||
Assets: | ||||||||||||
Cash | $ | 5,942 | $ | 5,781 | ||||||||
Investment in subsidiaries | 193,600 | 177,190 | ||||||||||
Marketable equity securities, available for sale | 2,066 | 2,111 | ||||||||||
Loan pool participations, net | 1,964 | 3,409 | ||||||||||
Income tax receivable | — | 75 | ||||||||||
Deferred income taxes | 425 | 729 | ||||||||||
Other assets | 5,010 | 4,447 | ||||||||||
Total assets | $ | 209,007 | $ | 193,742 | ||||||||
Liabilities and Shareholders’ Equity | ||||||||||||
Liabilities: | ||||||||||||
Long-term debt | $ | 15,464 | $ | 15,464 | ||||||||
Other liabilities | 812 | 262 | ||||||||||
Total liabilities | 16,276 | 15,726 | ||||||||||
Shareholders’ equity: | ||||||||||||
Capital stock, preferred | — | — | ||||||||||
Capital stock, common | 8,690 | 8,690 | ||||||||||
Additional paid-in capital | 80,537 | 80,506 | ||||||||||
Treasury stock | (6,945 | ) | (3,702 | ) | ||||||||
Retained earnings | 105,127 | 91,473 | ||||||||||
Accumulated other comprehensive income | 5,322 | 1,049 | ||||||||||
Total shareholders’ equity | 192,731 | 178,016 | ||||||||||
Total liabilities and shareholders’ equity | $ | 209,007 | $ | 193,742 | ||||||||
The following is condensed financial information of MidWestOne Financial Group, Inc. as of December 31, 2014, 2013, and 2012 (parent company only): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Statements of Income | ||||||||||||
Dividends received from subsidiaries | $ | 8,500 | $ | 4,006 | $ | 5,520 | ||||||
Interest income and dividends on marketable equity securities | 49 | 33 | 168 | |||||||||
Interest and discount on loan pool participations | (293 | ) | (940 | ) | (2,149 | ) | ||||||
Investment securities gains | — | — | 381 | |||||||||
Interest on long-term debt | (281 | ) | (296 | ) | (656 | ) | ||||||
Operating expenses | (2,351 | ) | (1,034 | ) | (1,064 | ) | ||||||
Income before income taxes and equity in subsidiaries’ undistributed income | 5,624 | 1,769 | 2,200 | |||||||||
Income tax benefit | (807 | ) | (890 | ) | (1,355 | ) | ||||||
Income before equity in subsidiaries’ undistributed income | 6,431 | 2,659 | 3,555 | |||||||||
Equity in subsidiaries’ undistributed income | 12,091 | 15,948 | 12,979 | |||||||||
Net income | $ | 18,522 | $ | 18,607 | $ | 16,534 | ||||||
The following is condensed financial information of MidWestOne Financial Group, Inc. as of December 31, 2014, 2013, and 2012 (parent company only): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Statements of Cash Flows | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 18,522 | $ | 18,607 | $ | 16,534 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Undistributed (earnings) loss of subsidiaries, net of dividends and distributions | (12,091 | ) | (15,948 | ) | (12,979 | ) | ||||||
Deferred income taxes | 330 | (583 | ) | (106 | ) | |||||||
Investment securities gain | — | — | (381 | ) | ||||||||
Stock based compensation | 493 | 384 | 266 | |||||||||
Increase in other assets | (488 | ) | (232 | ) | (158 | ) | ||||||
Increase (decrease) in other liabilities | 550 | (15 | ) | 4 | ||||||||
Net cash provided by operating activities | 7,316 | 2,213 | 3,180 | |||||||||
Cash flows from investing activities | ||||||||||||
Proceeds from sales of investment securities | 2 | 2 | 1,131 | |||||||||
Purchase of investment securities | (29 | ) | (24 | ) | (1,192 | ) | ||||||
Loan participation pools, net | 1,445 | 2,719 | 5,834 | |||||||||
Net cash provided by investing activities | 1,418 | 2,697 | 5,773 | |||||||||
Cash flows from financing activities: | ||||||||||||
Stock options exercised | 282 | 320 | 590 | |||||||||
Repurchase of common stock | (3,987 | ) | (967 | ) | (1,810 | ) | ||||||
Dividends paid | (4,868 | ) | (4,259 | ) | (3,054 | ) | ||||||
Net cash used in financing activities | (8,573 | ) | (4,906 | ) | (4,274 | ) | ||||||
Increase in cash | 161 | 4 | 4,679 | |||||||||
Cash Balance: | ||||||||||||
Beginning | 5,781 | 5,777 | 1,098 | |||||||||
Ending | $ | 5,942 | $ | 5,781 | $ | 5,777 | ||||||
Segment_Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Reporting |
The Company’s activities are considered to be a single industry segment for financial reporting purposes. The Company is engaged in the business of commercial and retail banking, investment management and insurance services with operations throughout central and eastern Iowa. Substantially all income is derived from a diverse base of commercial, mortgage and retail lending activities, loan pools and investments. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events |
Management evaluated subsequent events through the date the consolidated financial statements were issued. Events or transactions occurring after December 31, 2014, but prior to the date the consolidated financial statements were issued, that provided additional evidence about conditions that existed at December 31, 2014 have been recognized in the consolidated financial statements for the period ended December 31, 2014. Events or transactions that provided evidence about conditions that did not exist at December 31, 2014, but arose before the consolidated financial statements were issued, have not been recognized in the consolidated financial statements for the period ended December 31, 2014. Because the merger with Central is not projected to close until the second quarter of 2015, none of the financial statements reflect any information relating to that transaction. | |
On January 21, 2015, the board of directors of the Company declared a cash dividend of $0.15 per share payable on March 16, 2015 to shareholders of record as of the close of business on February 27, 2015. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Results of Operations [Abstract] | ||||||||||||||||
Quarterly Financial Information [Text Block] | Quarterly Results of Operations (unaudited) | |||||||||||||||
Three Months Ended | ||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
2014 | ||||||||||||||||
Interest income | $ | 16,311 | $ | 15,996 | $ | 16,176 | $ | 15,921 | ||||||||
Interest expense | 2,407 | 2,429 | 2,321 | 2,394 | ||||||||||||
Net interest income | 13,904 | 13,567 | 13,855 | 13,527 | ||||||||||||
Provision for loan losses | 300 | 150 | 300 | 450 | ||||||||||||
Noninterest income | 3,534 | 4,006 | 3,556 | 4,217 | ||||||||||||
Noninterest expense | 11,563 | 10,819 | 10,639 | 10,392 | ||||||||||||
Income before income taxes | 5,575 | 6,604 | 6,472 | 6,902 | ||||||||||||
Income tax expense | 1,668 | 1,715 | 1,719 | 1,929 | ||||||||||||
Net income | $ | 3,907 | $ | 4,889 | $ | 4,753 | $ | 4,973 | ||||||||
Net income per common share - basic | $ | 0.46 | $ | 0.59 | $ | 0.56 | $ | 0.59 | ||||||||
Net income per common share - diluted | $ | 0.46 | $ | 0.59 | $ | 0.56 | $ | 0.58 | ||||||||
2013 | ||||||||||||||||
Interest income | $ | 16,020 | $ | 16,116 | $ | 16,768 | $ | 17,190 | ||||||||
Interest expense | 2,723 | 2,851 | 3,159 | 3,399 | ||||||||||||
Net interest income | 13,297 | 13,265 | 13,609 | 13,791 | ||||||||||||
Provision for loan losses | 300 | 250 | 600 | 200 | ||||||||||||
Noninterest income | 3,234 | 3,800 | 3,713 | 3,981 | ||||||||||||
Noninterest expense | 10,225 | 10,283 | 10,585 | 10,994 | ||||||||||||
Income before income taxes | 6,006 | 6,532 | 6,137 | 6,578 | ||||||||||||
Income tax expense | 1,584 | 1,668 | 1,606 | 1,788 | ||||||||||||
Net income | $ | 4,422 | $ | 4,864 | $ | 4,531 | $ | 4,790 | ||||||||
Net income per common share - basic | $ | 0.52 | $ | 0.57 | $ | 0.54 | $ | 0.56 | ||||||||
Net income per common share - diluted | $ | 0.52 | $ | 0.57 | $ | 0.53 | $ | 0.56 | ||||||||
Nature_of_Business_and_Signifi
Nature of Business and Significant Accounting Policies Nature of Business (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | The Company is a bank holding company registered under the Bank Holding Company Act of 1956 that has elected to be a financial holding company. It is headquartered in Iowa City, Iowa and owns 100% of the outstanding common stock of MidWestOne Bank, Iowa City, and 100% of the common stock of MidWestOne Insurance Services, Inc., Oskaloosa, Iowa. MidWestOne Bank (“MidWestOne Bank” or the “Bank”) is also headquartered in Iowa City, Iowa, and provides services to individuals, businesses, governmental units and institutional customers in central and east-central Iowa. The Bank has office locations in Belle Plaine, Burlington, Cedar Falls, Conrad, Coralville, Davenport, Fairfield, Fort Madison, Melbourne, North English, North Liberty, Oskaloosa, Ottumwa, Parkersburg, Pella, Sigourney, Waterloo and West Liberty, Iowa. MidWestOne Insurance Services, Inc. provides personal and business insurance services in Cedar Falls, Conrad, Melbourne, Oskaloosa, Parkersburg, and Pella, Iowa. The Bank is actively engaged in many areas of commercial banking, including: acceptance of demand, savings and time deposits; making commercial, real estate, agricultural and consumer loans, and other banking services tailored for its individual customers. The Wealth Management area of the Bank administers estates, personal trusts, conservatorships, and pension and profit-sharing accounts along with providing other management services to customers. |
On November 20, 2014, the Company entered into merger agreement with Central Bancshares, Inc. ("Central"), a Minnesota corporation, pursuant to which Central will merge with and into the Company. In connection with the merger, Central Bank, a Minnesota-chartered commercial bank and wholly-owned subsidiary of Central, will become a wholly-owned subsidiary of the Company. The merger agreement also provides that each of the outstanding shares of Central common stock will be converted into the right for each Central shareholder to receive its pro rata share of 2,723,083 shares of Company common stock and $64.0 million in cash. The corporate headquarters of the combined company will be Iowa City, Iowa. The merger is anticipated to be completed in the second quarter of 2015. (See Note 20. “Proposed Merger” for additional information.) |
Nature_of_Business_and_Signifi1
Nature of Business and Significant Accounting Policies Presentation of Financial Statements (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | Cash receipts and cash payments resulting from acquisitions and sales of loans originated for sale are classified as operating cash flows on a gross basis in the consolidated statements of cash flows. |
Nature_of_Business_and_Signifi2
Nature of Business and Significant Accounting Policies Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | In July 2013, the FASB issued Accounting Standards Update No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The objective of this update is to eliminate the diversity in practice on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. For public entities, the amendments became effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. The adoption of this amendment did not have a material effect on the Company’s consolidated financial statements. | ||||||||||||
In January 2014, the FASB issued Accounting Standards Update No. 2014-01, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. The objective of this update is to provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The low-income housing tax credit program is designed to encourage private capital investment in the construction and rehabilitation of low-income housing. This program is an indirect tax subsidy that allows investors in a flow-through limited liability entity, such as limited partnerships or limited liability companies that manage or invest in qualified affordable housing projects, to receive the benefits of the tax credits allocated to the entity that owns the qualified affordable housing project. The tax credits are allowable on the tax return each year over a 10-year period as a result of a sufficient number of units being rented to qualifying tenants and are subject to restrictions on gross rentals paid by those tenants. Those credits are subject to recapture over a 15-year period starting with the first year tax credits are earned. The amendments in this update permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. For public entities, the amendments are to be applied retrospectively to all annual periods and interim reporting periods presented within those annual periods, beginning after December 15, 2014. The adoption of this amendment is not expected to have a material effect on the Company’s consolidated financial statements. | |||||||||||||
In January 2014, the FASB issued Accounting Standards Update No. 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The objective of this update is to reduce diversity by clarifying when an in-substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. For public entities, the amendments are effective for reporting periods beginning after December 31, 2014, with early adoption permitted. The adoption of this amendment is not expected to have a material effect on the Company’s consolidated financial statements. | |||||||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contract with Customers (Topic 606). The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following five steps: 1) identify the contracts(s) with the customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer. For a public entity, the amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is still evaluating the effect of this amendment on the Company’s consolidated financial statements. | |||||||||||||
In June 2014, the FASB issued Accounting Standards Update No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The guidance in this update changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. It also requires enhanced disclosures about repurchase agreements and other similar transactions. The accounting changes in this update are effective for public companies for the first interim or annual period beginning after December 15, 2014. In addition, for public companies, the disclosure for certain transactions accounted for as a sale is effective for the first interim or annual period beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early application is not permitted. The adoption of this amendment is not expected to have a material effect on the Company’s consolidated financial statements. | |||||||||||||
In August 2014, the FASB issued Accounting Standards Update No. 2014-14, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. This update provides guidance on how to classify and measure certain government-guaranteed mortgage loans upon foreclosure, most commonly those offered by the Federal Housing Administration (FHA) of the U.S. Department of Housing and Urban Development (HUD), and the U.S. Department of Veterans Affairs (VA). The ASU requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: 1) the loan has a government guarantee that is not separable from the loan before foreclosure; 2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under the claim; and 3) at the time of foreclosure, an amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The accounting changes in this update are effective for public companies for annual periods, and the interim periods within those annual periods, beginning after December 15, 2014. Early application is permitted under certain circumstances. The adoption of this amendment is not expected to have a material effect on the Company’s consolidated financial statements. | |||||||||||||
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The amendments in this update provide guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. In doing so, the amendment should reduce diversity in the timing and content of footnote disclosures. Disclosures are required if it is probable an entity will be unable to meet its obligations within the look-forward period of twelve months after the financial statements are made available. Incremental substantial doubt disclosure is required if the probability is not mitigated by management's plans. The new standard applies to all entities for the first annual period ending after December 15, 2016, and interim periods thereafter. The adoption of this standard is not expected to have a material effect on the Company’s consolidated financial statements. | |||||||||||||
In November 2014, the FASB issued Accounting Standards Update No. 2014-17, Business Combinations (Topic 805): Pushdown Accounting. The amendments in this update provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. The amendments in this Update are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The U.S. economic environment in recent years has increased the degree of uncertainty inherent in these estimates. | ||||||||||||
Certain significant estimates: The allowance for loan losses and the fair values of investment securities and other financial instruments involve certain significant estimates made by management. These estimates are reviewed by management routinely and it is reasonably possible that circumstances that exist may change in the near-term future and that the effect could be material to the consolidated financial statements. | |||||||||||||
Consolidation, Policy [Policy Text Block] | The consolidated financial statements include the accounts of MidWestOne Financial Group, Inc., a bank holding company, and its wholly-owned subsidiaries which include MidWestOne Bank, a state chartered bank whose primary federal regulator is the Federal Deposit Insurance Corporation, and MidWestOne Insurance Services, Inc. All significant inter-company accounts and transactions have been eliminated in consolidation. | ||||||||||||
Trust assets, other than cash deposits held by the Bank in a fiduciary or agency capacity for its customers, are not included in the accompanying consolidated financial statements because such accounts are not assets of the Bank. | |||||||||||||
In the normal course of business, the Company may enter into a transaction with a variable interest entity (“VIE”). VIEs are legal entities whose investors lack the ability to make decisions about the entity’s activities, or whose equity investors do not have the right to receive the residual returns of the entity. The applicable accounting guidance requires the Company to perform ongoing quantitative and qualitative analysis to determine whether it must consolidate any VIE. The Company does not have any ownership interest in or exert any control over any VIE, and thus no VIEs are included in the consolidated financial statements. Investments in non-marketable loan participation certificates for which the Company does not have the ability to exert significant influence are accounted for using the cost method. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | For purposes of reporting cash flows, cash and due from banks includes cash on hand, amounts due from banks, and federal funds sold. Cash flows from portfolio loans originated by the Bank, deposits, federal funds purchased, and securities sold under agreements to repurchase are reported net. | ||||||||||||
Marketable Securities, Held-to-maturity Securities, Policy [Policy Text Block] | Certain debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. | ||||||||||||
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | The Company carries its investment securities at fair value, and the Company employs valuation techniques which utilize observable inputs when those inputs are available. These observable inputs reflect assumptions market participants would use in pricing the security, developed based on market data obtained from sources independent of the Company. When such information is not available, the Company employs valuation techniques which utilize unobservable inputs, or those which reflect the Company’s own assumptions about assumptions that market participants would use, based on the best information available in the circumstances. These valuation methods typically involve cash flow and other financial modeling techniques. Changes in underlying factors, assumptions, estimates, or other inputs to the valuation techniques could have a material impact on the Company’s future financial condition and results of operations. Fair value measurements are required to be classified as Level 1 (quoted prices), Level 2 (based on observable inputs) or Level 3 (based on unobservable inputs) discussed in more detail in Note 18 to the consolidated financial statements. Available for sale securities are recorded at fair value with unrealized gains and losses excluded from earnings and reported as a separate component of shareholders’ equity until realized. | ||||||||||||
Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Declines in the fair value of held to maturity and available for sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In determining whether other than temporary impairment exists, management considers whether: (1) we have the intent to sell the security; (2) it is more likely than not that we will be required to sell the security before recovery of the amortized cost basis; and (3) we do not expect to recover the entire amortized cost basis of the security. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | |||||||||||||
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block] | Loans are stated at the principal amount outstanding, net of deferred loan fees and costs and allowance for loan losses. Interest on loans is credited to income as earned based on the principal amount outstanding. Deferred loan fees and costs are amortized using the level yield method over the remaining maturities on the loans. | ||||||||||||
The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due, unless the credit is well secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date, if collection of principal or interest is considered doubtful. | |||||||||||||
All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||
Loan Pool Participations [Policy Text Block] | The Company acquired its loan pool participations from the Former MidwestOne during the merger and continued in this business following the merger. However, in 2010, the Company made the decision to exit this line of business and is thus not purchasing new loan pool participations as existing pools pay down. The pools consist of loans to borrowers located throughout the United States. | ||||||||||||
The Company carries its investment in the loan pools as a separate earning asset on the consolidated balance sheets. Principal or interest restructures, write-downs, or write-offs within the pools are not included in the Company’s disclosures for its loan portfolio, and foreclosed property from loans associated with the pools is not included in other real estate owned on the consolidated balance sheets. The loan pool participations are managed by a non-affiliate servicer operating in Omaha, Nebraska. | |||||||||||||
Each pool has a different composition and different characteristics. The composition of a loan pool is generally determined by the seller based on its desire to maximize the price it receives for all loans among the various pools. Many of the pools consist of loans primarily secured by single-family, multi-family, and small commercial real estate. Some pools may consist of a large number of small consumer loans that are secured by other assets such as automobiles or mobile homes, while other pools may consist of small- to medium-balance commercial loans. Some may contain a mixture of such loans and other types of loans. | |||||||||||||
The Company invested in pools consisting of both performing loans and past-due nonperforming loans. The price bid and paid for such a loan pool was determined based on the composition of the particular pool, the amounts the servicer believed could be collected on such a pool, and the risks associated with the collection of such amounts. | |||||||||||||
Upon the acquisition of a participation interest in a loan pool, the Company assumed the risk of loss on a pro-rata basis. The extent of such risk is dependent on a number of factors, including the servicer’s ability to locate the debtors, the debtors’ financial condition, the possibility that a debtor may file for protection under applicable bankruptcy laws, the servicer’s ability to locate the collateral, if any, for the loan and to obtain possession of such collateral, the value of such collateral, and the length of time it takes to realize the ultimate recovery either through collection procedures or through a resale of the loans following a restructure. | |||||||||||||
A cost “basis” was assigned to each individual loan acquired on a cents-per-dollar (discounted price) basis based on the servicer’s assessment of the recovery potential of each such loan. This methodology assigns a higher basis to performing loans with greater potential collectability and a lower basis to those loans identified as having little or no potential for collection. | |||||||||||||
Loan pool participations are shown on the Company’s consolidated balance sheets as a separate asset category. The original carrying value of loan pool participations represents the discounted price paid by the Company to acquire its participation interests in various loan pools purchased by the servicer. The Company’s investment balance is reduced as the servicer collects principal payments on the loans and remits the proportionate share of such payments to the Company, as well as for charge-offs of amounts determined to be uncollectible. | |||||||||||||
The loan pool participations acquired are accounted for in accordance with the provisions of ASC Topic 310. | |||||||||||||
ASC Topic 310 provides guidance on the accounting for purchased loans that show evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the purchaser will be unable to collect all contractually required payments receivable. ASC Topic 310 generally requires that the excess of the estimated cash flows expected to be collected on the loan over the initial investment be accreted over the estimated remaining life of the loan. | |||||||||||||
According to ASC Topic 310, in order to apply the interest method of recognition to these types of loans, there must be sufficient information to reasonably estimate the amount and timing of the cash flows expected to be collected. When that is not the case, the loan should be accounted for as a nonaccrual status applying the cash basis income recognition to the loan. | |||||||||||||
The Company developed and implemented procedures to determine if accretion of the discount (“accretable yield”) on the purchased loans in a pool is required under ASC Topic 310. Given the impaired nature of the loan pools typically purchased, the individual loans were evaluated for ASC Topic 310 purposes by the end of a six-month window from the date of purchase. This provided time to assess the quality of the loans and assign basis to each loan within the pool. Purchased loans were evaluated individually with a determination made utilizing various criteria including: past-due status, late payments, legal status of the loan (not in foreclosure, judgment against the borrower, or referred to legal counsel), frequency of payments made, collateral adequacy and the borrower’s financial condition. If all the criteria were met, the Company utilized the accounting treatment for that individual loan required by ASC Topic 310 with the accretable yield difference between the expected cash flows and the purchased basis accreted into income on the level yield basis over the anticipated life of the loan. If any of the six criteria were not met, the loan is accounted for on the cash-basis of accounting. | |||||||||||||
In the event that a prepayment is received on a loan accounted for under ASC Topic 310, the accretable yield is recomputed and the revised amount accreted over the estimated remaining life of the loan on the level yield basis. If a loan subject to accretable yield under ASC Topic 310 fails to make timely payments, it is subject to classification and an allowance for loss would be established. | |||||||||||||
Collection expenses incurred by the servicer are netted against discount income. Discount income is added to interest income and reflected as one amount on the Company’s consolidated statements of operations. | |||||||||||||
Interest income is only recognized when collected and actually remitted to the Company by the servicer for those loans subject to nonaccrual status in accordance with ASC Topic 310. Many of the pools that have been purchased by the servicer do not include purchased interest in the cost basis; thus, interest collected does not have a cost basis and represents profit. Interest income collected by the servicer is reflected in the Company’s consolidated financial statements as interest income and is included as part of interest and discount on loan pool participations. | |||||||||||||
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value, as determined by aggregate outstanding commitments from investors or current investor yield requirements. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. | ||||||||||||
Mortgage loans held for sale are generally sold with the mortgage servicing rights retained. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price plus the value of servicing rights, less the carrying value of the related mortgage loans sold. | |||||||||||||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | The allowance for loan losses is established as losses estimated to have been incurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | ||||||||||||
The allowance for loan losses is evaluated on a quarterly basis by management and is based upon management’s periodic review of the collectiblity of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. | |||||||||||||
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as doubtful, substandard or special mention. For such loans that are also classified as impaired as well as any loan (regardless of classification) meeting the definition of a troubled debt restructuring, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan are lower than the carrying value of that loan. The general component covers loans not classified as impaired and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects that margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include: payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral, if the loan is collateral dependent. | |||||||||||||
Large groups of smaller-balance, homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank generally does not separately identify individual consumer and residential loans for impairment unless they meet the definition of a troubled debt restructure. | |||||||||||||
The Allowance for Loan and Lease Losses - Bank Loans | |||||||||||||
The Company requires the maintenance of an adequate allowance for loan and lease losses (“ALLL”) in order to cover estimated probable losses without eroding the Company's capital base. Calculations are done at each quarter end, or more frequently if warranted, to analyze the collectability of loans and to ensure the adequacy of the allowance. In line with FDIC directives, the ALLL calculation does not include consideration of loans held for sale or off-balance-sheet credit exposures (such as unfunded letters of credit). Determining the appropriate level for the ALLL relies on the informed judgment of management, and as such, is subject to inaccuracy. Given the inherently imprecise nature of calculating the necessary ALLL, the Company's policy permits an "unallocated" allowance between 15% above and 5% below the “indicated reserve.” These unallocated amounts are due to those overall factors impacting the ALLL that are not captured in detailed loan category calculations. | |||||||||||||
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy [Policy Text Block] | Revenue from the origination and sale of loans in the secondary market is recognized upon the transfer of financial assets and accounted for as sales when control over the assets has been surrendered. The Bank also sells participation interests in some large loans originated, to non-affiliated entities. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Bank and its affiliates; (2) the transferee has the right to pledge or exchange the assets it received and no condition both constrains the transferee from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the transferor; and (3) the Bank and its affiliates do not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | ||||||||||||
Revenue Recognition, Sales of Services [Policy Text Block] | Trust fees, deposit account service charges and other fees are recognized when payment is received for the services (cash basis), which generally occurs at the time the services are provided. | ||||||||||||
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | In the ordinary course of business, the Bank has entered into commitments to extend credit, including commitments under credit card arrangements, commercial letters of credit and standby letters of credit. Such financial instruments are recorded when they are funded. The Bank records a liability to the extent losses on its commitments to lend are probable. | ||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. The estimated useful lives and primary method of depreciation for the principal items are as follows: | ||||||||||||
Years | |||||||||||||
Type of Assets | Minimum | Maximum | Depreciation Method | ||||||||||
Buildings and leasehold improvements | 10 | - | 30 | Straight-line | |||||||||
Furniture and equipment | 3 | - | 10 | Straight-line | |||||||||
Charges for maintenance and repairs are expensed as incurred. When assets are retired or disposed of the related cost and accumulated depreciation are removed from the respective accounts and the resulting gain or loss is recorded. | |||||||||||||
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | Real estate properties acquired through or in lieu of foreclosure are initially recorded at fair value less estimated selling cost at the date of foreclosure, establishing a new cost basis. Fair value is determined by management by obtaining appraisals or other market value information at least annually. Any write-downs in value at the date of acquisition are charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management by obtaining updated appraisals or other market value information. Any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the updated fair value less estimated selling cost. Net costs related to the holding of properties are included in noninterest expense. | ||||||||||||
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy [Policy Text Block] | Mortgage servicing rights are recorded at fair value based on assumptions through a third-party valuation service. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the servicing cost per loan, the discount rate, the escrow float rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. | ||||||||||||
Bank Owned Life Insurance [Policy Text Block] | Bank-owned life insurance is carried at cash surrender value, net of surrender and other charges, with increases/decreases reflected as income/expense in the consolidated statements of operations. | ||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Compensation expense for share based awards is recorded over the vesting period at the fair value of the award at the time of grant. The exercise price of options or fair value of nonvested shares granted under the Company’s incentive plans is equal to the fair market value of the underlying stock at the grant date. The Company assumes no projected forfeitures on its stock based compensation, since actual historical forfeiture rates on its stock-based incentive awards has been negligible. | ||||||||||||
Income Tax, Policy [Policy Text Block] | The Company files a consolidated federal income tax return. Income tax expense is generally allocated as if the Company and its subsidiaries file separate income tax returns. For state purposes, the Bank files a franchise tax return and the remaining entities file a consolidated income tax return. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||||||||||||
In accordance with ASC 740, Income Taxes, the Company recognizes a tax position as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized upon examination. For tax positions not meeting the more likely than not test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. | |||||||||||||
There were no material unrecognized tax benefits or any interest or penalties on any unrecognized tax benefits as of December 31, 2014 and 2013. | |||||||||||||
Treasury Stock [Text Block] | On October 18, 2011, our Board of Directors amended the Company’s then existing share repurchase program by increasing the remaining amount of authorized repurchases to $5.0 million, and extending the expiration of the program to December 31, 2012. We repurchased 57,151 shares of common stock during the fourth quarter of 2011 for an aggregate cost of $840,000. In 2012, we repurchased a total of 104,518 shares of common stock at a cost of $1.8 million. | ||||||||||||
On January 15, 2013, the Company's board of directors announced the renewal of the Company's share repurchase program, extending the expiration of the program to December 31, 2014 and increasing the remaining amount of authorized repurchases under the program to $5.0 million from the approximately $2.4 million of authorized repurchases that had previously remained. Pursuant to the program, the Company may continue to repurchase shares from time to time in the open market, and the method, timing and amounts of repurchase will be solely in the discretion of the Company's management. The repurchase program does not require the Company to acquire a specific number of shares. Therefore, the amount of shares repurchased pursuant to the program will depend on several factors, including market conditions, capital and liquidity requirements, and alternative uses for cash available. In 2013, we repurchased 40,713 shares of common stock at a cost of $1.0 million. | |||||||||||||
On July 17, 2014, the board of directors of the Company approved a new share repurchase program, allowing for the repurchase of up to $5.0 million of stock through December 31, 2016. The new repurchase program replaced the Company's prior repurchase program, pursuant to which the Company had repurchased approximately $3.7 million of common stock since January 1, 2013. Pursuant to the new program, the Company may continue to repurchase shares from time to time in the open market, and the method, timing and amounts of repurchase will be solely in the discretion of the Company's management. The repurchase program does not require the Company to acquire a specific number of shares. Therefore, the amount of shares repurchased pursuant to the program will depend on several factors, including market conditions, capital and liquidity requirements, and alternative uses for cash available. Of the $5.0 million of stock authorized under the repurchase plan, $3.8 million remained available for possible future repurchases as of December 31, 2014. | |||||||||||||
Comprehensive Income, Policy [Policy Text Block] | Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of shareholders’ equity on the consolidated balance sheets, and are disclosed in the consolidated statements of comprehensive income. | ||||||||||||
The components of accumulated other comprehensive income, included in shareholders’ equity, net of tax, are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Unrealized gains on securities available for sale, net of tax | $ | 5,322 | $ | 1,049 | $ | 11,050 | |||||||
Accumulated other comprehensive income, net of tax | $ | 5,322 | $ | 1,049 | $ | 11,050 | |||||||
Loans_Receivable_and_the_Allow1
Loans Receivable and the Allowance for Loan Losses Loans Receivable and the Allowance for Loan Losses (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Loans Receivable and the Allowance for Loan Losses [Abstract] | |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts | Charge-off Policy |
The Company requires a loan to be charged-off as soon as it becomes apparent that some loss will be incurred, or when its collectability is sufficiently questionable that it no longer is considered a bankable asset. The primary considerations when determining if and how much of a loan should be charged-off are as follows: (1) the potential for future cash flows; (2) the value of any collateral; and (3) the strength of any co-makers or guarantors. | |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | The allowance for loan losses is established as losses estimated to have been incurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. |
The allowance for loan losses is evaluated on a quarterly basis by management and is based upon management’s periodic review of the collectiblity of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. | |
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as doubtful, substandard or special mention. For such loans that are also classified as impaired as well as any loan (regardless of classification) meeting the definition of a troubled debt restructuring, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan are lower than the carrying value of that loan. The general component covers loans not classified as impaired and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects that margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |
A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include: payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral, if the loan is collateral dependent. | |
Large groups of smaller-balance, homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank generally does not separately identify individual consumer and residential loans for impairment unless they meet the definition of a troubled debt restructure. | |
The Allowance for Loan and Lease Losses - Bank Loans | |
The Company requires the maintenance of an adequate allowance for loan and lease losses (“ALLL”) in order to cover estimated probable losses without eroding the Company's capital base. Calculations are done at each quarter end, or more frequently if warranted, to analyze the collectability of loans and to ensure the adequacy of the allowance. In line with FDIC directives, the ALLL calculation does not include consideration of loans held for sale or off-balance-sheet credit exposures (such as unfunded letters of credit). Determining the appropriate level for the ALLL relies on the informed judgment of management, and as such, is subject to inaccuracy. Given the inherently imprecise nature of calculating the necessary ALLL, the Company's policy permits an "unallocated" allowance between 15% above and 5% below the “indicated reserve.” These unallocated amounts are due to those overall factors impacting the ALLL that are not captured in detailed loan category calculations. |
Nature_of_Business_and_Signifi3
Nature of Business and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Nature of Business and Significant Accounting Policies [Abstract] | |||||||||||||
Property, Plant and Equipment [Table Text Block] | Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. The estimated useful lives and primary method of depreciation for the principal items are as follows: | ||||||||||||
Years | |||||||||||||
Type of Assets | Minimum | Maximum | Depreciation Method | ||||||||||
Buildings and leasehold improvements | 10 | - | 30 | Straight-line | |||||||||
Furniture and equipment | 3 | - | 10 | Straight-line | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive income, included in shareholders’ equity, net of tax, are as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Unrealized gains on securities available for sale, net of tax | $ | 5,322 | $ | 1,049 | $ | 11,050 | |||||||
Accumulated other comprehensive income, net of tax | $ | 5,322 | $ | 1,049 | $ | 11,050 | |||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Investment Securities [Abstract] | |||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The amortized cost and fair value of investment securities available for sale, with gross unrealized gains and losses, are as follows: | ||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
U.S. Government agencies and corporations | $ | 49,392 | $ | 248 | $ | 265 | $ | 49,375 | |||||||||||||||||||
State and political subdivisions | 187,276 | 8,113 | 190 | 195,199 | |||||||||||||||||||||||
Mortgage-backed securities | 30,965 | 1,498 | — | 32,463 | |||||||||||||||||||||||
Collateralized mortgage obligations | 147,412 | 813 | 2,093 | 146,132 | |||||||||||||||||||||||
Collateralized debt obligations | — | — | — | — | |||||||||||||||||||||||
Corporate debt securities | 48,656 | 188 | 103 | 48,741 | |||||||||||||||||||||||
Total debt securities | 463,701 | 10,860 | 2,651 | 471,910 | |||||||||||||||||||||||
Other equity securities | 2,686 | 380 | 34 | 3,032 | |||||||||||||||||||||||
Total investment securities | $ | 466,387 | $ | 11,240 | $ | 2,685 | $ | 474,942 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
U.S. Government agencies and corporations | $ | 45,279 | $ | 527 | $ | 867 | $ | 44,939 | |||||||||||||||||||
State and political subdivisions | 207,734 | 5,625 | 2,563 | 210,796 | |||||||||||||||||||||||
Mortgage-backed securities | 37,593 | 1,692 | — | 39,285 | |||||||||||||||||||||||
Collateralized mortgage obligations | 171,714 | 1,003 | 3,494 | 169,223 | |||||||||||||||||||||||
Collateralized debt obligations | 2,111 | 190 | 984 | 1,317 | |||||||||||||||||||||||
Corporate debt securities | 29,802 | 284 | 142 | 29,944 | |||||||||||||||||||||||
Total debt securities | 494,233 | 9,321 | 8,050 | 495,504 | |||||||||||||||||||||||
Other equity securities | 2,659 | 453 | 55 | 3,057 | |||||||||||||||||||||||
Total investment securities | $ | 496,892 | $ | 9,774 | $ | 8,105 | $ | 498,561 | |||||||||||||||||||
Held-to-maturity Securities [Table Text Block] | The amortized cost and fair value of investment securities held to maturity, with gross unrealized gains and losses, are as follows: | ||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
State and political subdivisions | $ | 39,704 | $ | 370 | $ | 252 | $ | 39,822 | |||||||||||||||||||
Mortgage-backed securities | 22 | 3 | — | 25 | |||||||||||||||||||||||
Collateralized mortgage obligations | 8,531 | — | 233 | 8,298 | |||||||||||||||||||||||
Corporate debt securities | 3,267 | — | 159 | 3,108 | |||||||||||||||||||||||
Total | $ | 51,524 | $ | 373 | $ | 644 | $ | 51,253 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
State and political subdivisions | $ | 19,888 | $ | — | $ | 1,326 | $ | 18,562 | |||||||||||||||||||
Mortgage-backed securities | 28 | 3 | — | 31 | |||||||||||||||||||||||
Collateralized mortgage obligations | 9,447 | — | 834 | 8,613 | |||||||||||||||||||||||
Corporate debt securities | 3,262 | — | 277 | 2,985 | |||||||||||||||||||||||
Total | $ | 32,625 | $ | 3 | $ | 2,437 | $ | 30,191 | |||||||||||||||||||
Schedule of Temporary Impairment Losses, Investments [Table Text Block] | The following presents information pertaining to securities with gross unrealized losses as of December 31, 2014 and 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position: | ||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||
Number | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
of | |||||||||||||||||||||||||||
Available for Sale | Securities | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
U.S. Government agencies and corporations | 4 | $ | 9,946 | $ | 11 | $ | 15,018 | $ | 254 | $ | 24,964 | $ | 265 | ||||||||||||||
State and political subdivisions | 46 | 3,024 | 18 | 10,728 | 172 | 13,752 | 190 | ||||||||||||||||||||
Collateralized mortgage obligations | 14 | 14,971 | 123 | 68,370 | 1,970 | 83,341 | 2,093 | ||||||||||||||||||||
Corporate debt securities | 7 | 23,024 | 50 | 3,400 | 53 | 26,424 | 103 | ||||||||||||||||||||
Other equity securities | 1 | — | — | 966 | 34 | 966 | 34 | ||||||||||||||||||||
Total | 72 | $ | 50,965 | $ | 202 | $ | 98,482 | $ | 2,483 | $ | 149,447 | $ | 2,685 | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||
Number | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
of | |||||||||||||||||||||||||||
Securities | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
U.S. Government agencies and corporations | 3 | $ | 21,977 | $ | 867 | $ | — | $ | — | $ | 21,977 | $ | 867 | ||||||||||||||
State and political subdivisions | 171 | 54,153 | 2,331 | 1,799 | 232 | 55,952 | 2,563 | ||||||||||||||||||||
Collateralized mortgage obligations | 18 | 110,142 | 3,164 | 5,047 | 330 | 115,189 | 3,494 | ||||||||||||||||||||
Collateralized debt obligations | 3 | — | — | 934 | 984 | 934 | 984 | ||||||||||||||||||||
Corporate debt securities | 3 | 7,430 | 93 | 1,561 | 49 | 8,991 | 142 | ||||||||||||||||||||
Other equity securities | 1 | 945 | 55 | — | — | 945 | 55 | ||||||||||||||||||||
Total | 199 | $ | 194,647 | $ | 6,510 | $ | 9,341 | $ | 1,595 | $ | 203,988 | $ | 8,105 | ||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||
Number | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
of | |||||||||||||||||||||||||||
Held to Maturity | Securities | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
State and political subdivisions | 29 | $ | 5,322 | $ | 190 | $ | 9,144 | $ | 62 | $ | 14,466 | $ | 252 | ||||||||||||||
Collateralized mortgage obligations | 1 | — | — | 8,298 | 233 | 8,298 | 233 | ||||||||||||||||||||
Corporate debt securities | 2 | 2,358 | 27 | 750 | 132 | 3,108 | 159 | ||||||||||||||||||||
Total | 32 | $ | 7,680 | $ | 217 | $ | 18,192 | $ | 427 | $ | 25,872 | $ | 644 | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||
Number | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
of | |||||||||||||||||||||||||||
Securities | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
State and political subdivisions | 30 | $ | 17,420 | $ | 1,195 | $ | 1,142 | $ | 131 | $ | 18,562 | $ | 1,326 | ||||||||||||||
Collateralized mortgage obligations | 1 | 8,613 | 834 | — | — | 8,613 | 834 | ||||||||||||||||||||
Corporate debt securities | 2 | 2,984 | 277 | — | — | 2,984 | 277 | ||||||||||||||||||||
Total | 33 | $ | 29,017 | $ | 2,306 | $ | 1,142 | $ | 131 | $ | 30,159 | $ | 2,437 | ||||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | The following table provides a roll forward of credit losses on fixed maturity securities recognized in net income: | ||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Beginning balance | $ | 6,639 | $ | 7,379 | |||||||||||||||||||||||
Additional credit losses: | |||||||||||||||||||||||||||
Securities with no previous other than temporary impairment | — | — | |||||||||||||||||||||||||
Securities with previous other than temporary impairments | — | — | |||||||||||||||||||||||||
Reductions to credit losses: | |||||||||||||||||||||||||||
Securities with previous other than temporary impairments, due to liquidation | — | (740 | ) | ||||||||||||||||||||||||
Securities with previous other than temporary impairments, due to sale | (6,639 | ) | — | ||||||||||||||||||||||||
Ending balance | $ | — | $ | 6,639 | |||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | The contractual maturity distribution of investment debt securities at December 31, 2014, is summarized as follows: | ||||||||||||||||||||||||||
Available For Sale | Held to Maturity | ||||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Due in one year or less | $ | 22,476 | $ | 22,637 | $ | 190 | $ | 189 | |||||||||||||||||||
Due after one year through five years | 122,371 | 124,385 | 2,750 | 2,723 | |||||||||||||||||||||||
Due after five years through ten years | 102,908 | 107,773 | 17,829 | 17,905 | |||||||||||||||||||||||
Due after ten years | 37,569 | 38,520 | 22,202 | 22,113 | |||||||||||||||||||||||
Debt securities without a single maturity date | 178,377 | 178,595 | 8,553 | 8,323 | |||||||||||||||||||||||
Total | $ | 463,701 | $ | 471,910 | $ | 51,524 | $ | 51,253 | |||||||||||||||||||
Schedule of Realized Gain (Loss) [Table Text Block] | Realized gains and losses on sales are determined on the basis of specific identification of investments based on the trade date. Realized gains (losses) on investments, including impairment losses for the years ended December 31, 2014, 2013 and 2012, were as follows: | ||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Available for sale fixed maturity securities: | |||||||||||||||||||||||||||
Gross realized gains | $ | 1,463 | $ | 144 | $ | 424 | |||||||||||||||||||||
Gross realized losses | (236 | ) | (79 | ) | — | ||||||||||||||||||||||
Other-than-temporary impairment | — | — | (345 | ) | |||||||||||||||||||||||
1,227 | 65 | 79 | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Gross realized gains | — | — | 381 | ||||||||||||||||||||||||
Gross realized losses | — | — | — | ||||||||||||||||||||||||
Other-than-temporary impairment | — | — | — | ||||||||||||||||||||||||
— | — | 381 | |||||||||||||||||||||||||
Total net realized gains and losses | $ | 1,227 | $ | 65 | $ | 460 | |||||||||||||||||||||
Loans_Receivable_and_the_Allow2
Loans Receivable and the Allowance for Loan Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Loans Receivable and the Allowance for Loan Losses [Abstract] | ||||||||||||||||||||||||||||||
Certain Loans Acquired With Deteriorated Qredit Quality [Table Text Block] | The outstanding balances and carrying values as of December 31, 2014 and 2013, of the loans purchased that met the level-yield income recognition criteria under ASC Topic 310 are as follows: | |||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
Commercial | 477 | 502 | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||
1-4 family residences | 201 | 229 | ||||||||||||||||||||||||||||
Commercial | 1,930 | 2,320 | ||||||||||||||||||||||||||||
Total real estate | 2,131 | 2,549 | ||||||||||||||||||||||||||||
Total | $ | 2,608 | $ | 3,051 | ||||||||||||||||||||||||||
Allowance | (56 | ) | (48 | ) | ||||||||||||||||||||||||||
Carrying amount, net of allowance | $ | 2,552 | $ | 3,003 | ||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The composition of allowance for loan losses, loans, and loan pool participations by portfolio segment, as of and for the years ended December 31, 2014 and 2013, were as follows: | |||||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loan Receivables | ||||||||||||||||||||||||||||||
For the Years Ended December 31, 2014 and 2013 | ||||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 88 | $ | 206 | $ | 226 | $ | 623 | $ | 2 | $ | — | $ | 1,145 | ||||||||||||||||
Collectively evaluated for impairment | 1,418 | 5,574 | 4,173 | 2,544 | 321 | 1,188 | 15,218 | |||||||||||||||||||||||
Total | $ | 1,506 | $ | 5,780 | $ | 4,399 | $ | 3,167 | $ | 323 | $ | 1,188 | $ | 16,363 | ||||||||||||||||
Loans acquired with deteriorated credit quality (loan pool participations) | $ | — | $ | 70 | $ | 669 | $ | 82 | $ | 9 | $ | 1,304 | $ | 2,134 | ||||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,027 | $ | 3,168 | $ | 3,916 | $ | 3,341 | $ | 34 | $ | — | $ | 13,486 | ||||||||||||||||
Collectively evaluated for impairment | 101,782 | 301,732 | 422,605 | 269,270 | 23,644 | — | 1,119,033 | |||||||||||||||||||||||
Total | $ | 104,809 | $ | 304,900 | $ | 426,521 | $ | 272,611 | $ | 23,678 | $ | — | $ | 1,132,519 | ||||||||||||||||
Loans acquired with deteriorated credit quality (loan pool participations)* | $ | 4 | $ | 935 | $ | 14,246 | $ | 3,340 | $ | 12 | $ | 2,929 | $ | 21,466 | ||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 125 | $ | 559 | $ | 513 | $ | 220 | $ | 6 | $ | — | $ | 1,423 | ||||||||||||||||
Collectively evaluated for impairment | 1,233 | 4,421 | 4,781 | 2,965 | 269 | 1,087 | 14,756 | |||||||||||||||||||||||
Total | $ | 1,358 | $ | 4,980 | $ | 5,294 | $ | 3,185 | $ | 275 | $ | 1,087 | $ | 16,179 | ||||||||||||||||
Loans acquired with deteriorated credit quality (loan pool participations) | $ | 3 | $ | 64 | $ | 627 | $ | 88 | $ | 6 | $ | 1,346 | $ | 2,134 | ||||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,146 | $ | 3,521 | $ | 5,079 | $ | 1,664 | $ | 50 | $ | — | $ | 13,460 | ||||||||||||||||
Collectively evaluated for impairment | 94,021 | 260,130 | 429,345 | 272,462 | 18,994 | — | 1,074,952 | |||||||||||||||||||||||
Total | $ | 97,167 | $ | 263,651 | $ | 434,424 | $ | 274,126 | $ | 19,044 | $ | — | $ | 1,088,412 | ||||||||||||||||
Loans acquired with deteriorated credit quality (loan pool participations)* | $ | 49 | $ | 1,302 | $ | 18,168 | $ | 3,823 | $ | 18 | $ | 4,307 | $ | 27,667 | ||||||||||||||||
* The amount shown as “Unallocated” represents the carrying value of other real estate owned within the loan pool participation portfolio total. | ||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The changes in the allowance for loan losses by portfolio segment, as of and for the years ended December 31, 2014, 2013, and 2012 were as follows: | |||||||||||||||||||||||||||||
Allowance for Loan Loss Activity | ||||||||||||||||||||||||||||||
For the Years Ended December 31, 2014, 2013, and 2012 | ||||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,358 | $ | 4,980 | $ | 5,294 | $ | 3,185 | $ | 275 | $ | 1,087 | $ | 16,179 | ||||||||||||||||
Charge-offs | (26 | ) | (685 | ) | (165 | ) | (409 | ) | (76 | ) | — | (1,361 | ) | |||||||||||||||||
Recoveries | 10 | 217 | 61 | 22 | 35 | — | 345 | |||||||||||||||||||||||
Provision | 164 | 1,268 | (791 | ) | 369 | 89 | 101 | 1,200 | ||||||||||||||||||||||
Ending balance | $ | 1,506 | $ | 5,780 | $ | 4,399 | $ | 3,167 | $ | 323 | $ | 1,188 | $ | 16,363 | ||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,026 | $ | 4,599 | $ | 5,767 | $ | 3,007 | $ | 356 | $ | 1,202 | $ | 15,957 | ||||||||||||||||
Charge-offs | (39 | ) | (790 | ) | (545 | ) | (286 | ) | (147 | ) | — | (1,807 | ) | |||||||||||||||||
Recoveries | 36 | 70 | 479 | 67 | 27 | — | 679 | |||||||||||||||||||||||
Provision | 335 | 1,101 | (407 | ) | 397 | 39 | (115 | ) | 1,350 | |||||||||||||||||||||
Ending balance | $ | 1,358 | $ | 4,980 | $ | 5,294 | $ | 3,185 | $ | 275 | $ | 1,087 | $ | 16,179 | ||||||||||||||||
2012 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,209 | $ | 5,380 | $ | 5,171 | $ | 3,501 | $ | 167 | $ | 248 | $ | 15,676 | ||||||||||||||||
Charge-offs | — | (2,345 | ) | (129 | ) | (537 | ) | (90 | ) | — | (3,101 | ) | ||||||||||||||||||
Recoveries | 507 | 423 | 24 | 31 | 18 | — | 1,003 | |||||||||||||||||||||||
Provision | (690 | ) | 1,141 | 701 | 12 | 261 | 954 | 2,379 | ||||||||||||||||||||||
Ending balance | $ | 1,026 | $ | 4,599 | $ | 5,767 | $ | 3,007 | $ | 356 | $ | 1,202 | $ | 15,957 | ||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following tables set forth information on the Company's TDRs by class of financing receivable occurring during the stated periods: | |||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||
Troubled Debt Restructurings(1): | ||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||
Amortization or maturity date change | 1 | 1,405 | 1,405 | 10 | 1,546 | 1,546 | 1 | 551 | 551 | |||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Farmland | ||||||||||||||||||||||||||||||
Interest rate reduction | 0 | — | — | 0 | — | — | 2 | 2,475 | 2,388 | |||||||||||||||||||||
Commercial real estate-other | ||||||||||||||||||||||||||||||
Amortization or maturity date change | 0 | — | — | 2 | 165 | 136 | 0 | — | — | |||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | ||||||||||||||||||||||||||||||
Interest rate reduction | 1 | 285 | 292 | 2 | 164 | 169 | 0 | — | — | |||||||||||||||||||||
Amortization or maturity date change | 0 | — | — | 1 | 66 | 69 | 0 | — | — | |||||||||||||||||||||
One- to four- family junior liens | ||||||||||||||||||||||||||||||
Interest rate reduction | 0 | — | — | 1 | 8 | 13 | 1 | 135 | 138 | |||||||||||||||||||||
Total | 2 | $ | 1,690 | $ | 1,697 | 16 | $ | 1,949 | $ | 1,933 | 4 | $ | 3,161 | $ | 3,077 | |||||||||||||||
(1) TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower. | ||||||||||||||||||||||||||||||
Loans by class of financing receivable modified as TDRs within the previous 12 months and for which there was a payment default during the stated periods were: | ||||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||
Troubled Debt Restructurings(1) That Subsequently Defaulted: | ||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||
Amortization or maturity date change | 0 | — | 0 | — | 1 | $ | 547 | |||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Commercial real estate-other | ||||||||||||||||||||||||||||||
Amortization or maturity date change | 0 | — | 1 | 69 | 0 | — | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | ||||||||||||||||||||||||||||||
Interest rate reduction | 0 | — | 1 | 111 | 0 | — | ||||||||||||||||||||||||
Total | 0 | $ | — | 2 | $ | 180 | 1 | $ | 547 | |||||||||||||||||||||
(1) TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower. | ||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table sets forth the composition of the Company’s loans and loan pool participations by internally assigned credit quality indicators at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||
Pass | Special Mention/Watch | Substandard | Doubtful | Loss | Total | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Agricultural | $ | 98,096 | $ | 5,032 | $ | 1,681 | $ | — | $ | — | $ | 104,809 | ||||||||||||||||||
Commercial and industrial | 273,290 | 7,468 | 22,350 | — | — | 303,108 | ||||||||||||||||||||||||
Credit cards | 1,240 | 6 | — | — | — | 1,246 | ||||||||||||||||||||||||
Overdrafts | 373 | 262 | 109 | — | — | 744 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 56,963 | 1,151 | 1,269 | — | — | 59,383 | ||||||||||||||||||||||||
Farmland | 79,629 | 1,778 | 2,293 | — | — | 83,700 | ||||||||||||||||||||||||
Multifamily | 54,708 | 178 | — | — | — | 54,886 | ||||||||||||||||||||||||
Commercial real estate-other | 215,268 | 11,216 | 2,068 | — | — | 228,552 | ||||||||||||||||||||||||
Total commercial real estate | 406,568 | 14,323 | 5,630 | — | — | 426,521 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 211,390 | 3,933 | 3,991 | — | — | 219,314 | ||||||||||||||||||||||||
One- to four- family junior liens | 53,039 | 48 | 210 | — | — | 53,297 | ||||||||||||||||||||||||
Total residential real estate | 264,429 | 3,981 | 4,201 | — | — | 272,611 | ||||||||||||||||||||||||
Consumer | 23,431 | 8 | 41 | — | — | 23,480 | ||||||||||||||||||||||||
Total | $ | 1,067,427 | $ | 31,080 | $ | 34,012 | $ | — | $ | — | $ | 1,132,519 | ||||||||||||||||||
Loans acquired with deteriorated credit quality (loan pool participations) | $ | 10,256 | $ | — | $ | 11,202 | $ | — | $ | 8 | $ | 21,466 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Agricultural | $ | 93,187 | $ | 460 | $ | 3,520 | $ | — | $ | — | $ | 97,167 | ||||||||||||||||||
Commercial and industrial | 239,485 | 11,097 | 11,786 | — | — | 262,368 | ||||||||||||||||||||||||
Credit cards | 1,010 | 1 | 17 | — | — | 1,028 | ||||||||||||||||||||||||
Overdrafts | 326 | 123 | 88 | — | — | 537 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 56,112 | 14,984 | 1,493 | — | — | 72,589 | ||||||||||||||||||||||||
Farmland | 80,044 | 3,091 | 2,340 | — | — | 85,475 | ||||||||||||||||||||||||
Multifamily | 53,315 | 1,732 | 396 | — | — | 55,443 | ||||||||||||||||||||||||
Commercial real estate-other | 205,914 | 12,994 | 2,009 | — | — | 220,917 | ||||||||||||||||||||||||
Total commercial real estate | 395,385 | 32,801 | 6,238 | — | — | 434,424 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 213,815 | 3,994 | 2,859 | — | — | 220,668 | ||||||||||||||||||||||||
One- to four- family junior liens | 53,225 | 38 | 195 | — | — | 53,458 | ||||||||||||||||||||||||
Total residential real estate | 267,040 | 4,032 | 3,054 | — | — | 274,126 | ||||||||||||||||||||||||
Consumer | 18,643 | 57 | 62 | — | — | 18,762 | ||||||||||||||||||||||||
Total | $ | 1,015,076 | $ | 48,571 | $ | 24,765 | $ | — | $ | — | $ | 1,088,412 | ||||||||||||||||||
Loans acquired with deteriorated credit quality (loan pool participations) | $ | 13,569 | $ | — | $ | 14,093 | $ | — | $ | 5 | $ | 27,667 | ||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | The following tables set forth the amounts and categories of the Company’s impaired loans as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||
Agricultural | $ | 1,410 | $ | 1,910 | $ | — | $ | 1,475 | $ | 1,975 | $ | — | ||||||||||||||||||
Commercial and industrial | 2,169 | 2,270 | — | 1,919 | 2,020 | — | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 49 | 176 | — | 132 | 601 | — | ||||||||||||||||||||||||
Farmland | 2,270 | 2,433 | — | 93 | 107 | — | ||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 939 | 1,064 | — | 587 | 612 | — | ||||||||||||||||||||||||
Total commercial real estate | 3,258 | 3,673 | — | 812 | 1,320 | — | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 535 | 773 | — | 622 | 741 | — | ||||||||||||||||||||||||
One- to four- family junior liens | 134 | 157 | — | 50 | 50 | — | ||||||||||||||||||||||||
Total residential real estate | 669 | 930 | — | 672 | 791 | — | ||||||||||||||||||||||||
Consumer | 6 | 22 | — | 10 | 26 | — | ||||||||||||||||||||||||
Total | $ | 7,512 | $ | 8,805 | $ | — | $ | 4,888 | $ | 6,132 | $ | — | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||
Agricultural | $ | 1,617 | $ | 1,617 | $ | 88 | $ | 1,671 | $ | 1,671 | $ | 125 | ||||||||||||||||||
Commercial and industrial | 999 | 999 | 206 | 1,602 | 1,657 | 559 | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 34 | 34 | 34 | 7 | 7 | 3 | ||||||||||||||||||||||||
Farmland | 74 | 74 | 4 | 2,311 | 2,461 | 219 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 550 | 550 | 188 | 1,949 | 2,164 | 291 | ||||||||||||||||||||||||
Total commercial real estate | 658 | 658 | 226 | 4,267 | 4,632 | 513 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 2,600 | 2,600 | 594 | 902 | 902 | 170 | ||||||||||||||||||||||||
One- to four- family junior liens | 72 | 72 | 29 | 90 | 90 | 50 | ||||||||||||||||||||||||
Total residential real estate | 2,672 | 2,672 | 623 | 992 | 992 | 220 | ||||||||||||||||||||||||
Consumer | 28 | 28 | 2 | 40 | 40 | 6 | ||||||||||||||||||||||||
Total | $ | 5,974 | $ | 5,974 | $ | 1,145 | $ | 8,572 | $ | 8,992 | $ | 1,423 | ||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||
Agricultural | $ | 3,027 | $ | 3,527 | $ | 88 | $ | 3,146 | $ | 3,646 | $ | 125 | ||||||||||||||||||
Commercial and industrial | 3,168 | 3,269 | 206 | 3,521 | 3,677 | 559 | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 83 | 210 | 34 | 139 | 608 | 3 | ||||||||||||||||||||||||
Farmland | 2,344 | 2,507 | 4 | 2,404 | 2,568 | 219 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 1,489 | 1,614 | 188 | 2,536 | 2,776 | 291 | ||||||||||||||||||||||||
Total commercial real estate | 3,916 | 4,331 | 226 | 5,079 | 5,952 | 513 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 3,135 | 3,373 | 594 | 1,524 | 1,643 | 170 | ||||||||||||||||||||||||
One- to four- family junior liens | 206 | 229 | 29 | 140 | 140 | 50 | ||||||||||||||||||||||||
Total residential real estate | 3,341 | 3,602 | 623 | 1,664 | 1,783 | 220 | ||||||||||||||||||||||||
Consumer | 34 | 50 | 2 | 50 | 66 | 6 | ||||||||||||||||||||||||
Total | $ | 13,486 | $ | 14,779 | $ | 1,145 | $ | 13,460 | $ | 15,124 | $ | 1,423 | ||||||||||||||||||
The following table sets forth the average recorded investment and interest income recognized for each category of the Company’s impaired loans during the stated periods: | ||||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||
Agricultural | $ | 1,413 | $ | 211 | $ | 1,128 | $ | 114 | $ | 1,600 | $ | 60 | ||||||||||||||||||
Commercial and industrial | 2,234 | 160 | 2,025 | 76 | 965 | 52 | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 49 | — | 149 | 21 | 316 | — | ||||||||||||||||||||||||
Farmland | 2,288 | 456 | 101 | 8 | 83 | 8 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 975 | (3 | ) | 593 | 25 | 1,770 | 72 | |||||||||||||||||||||||
Total commercial real estate | 3,312 | 453 | 843 | 54 | 2,169 | 80 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 547 | 32 | 669 | 14 | 143 | 4 | ||||||||||||||||||||||||
One- to four- family junior liens | 134 | 6 | 50 | 1 | 43 | 3 | ||||||||||||||||||||||||
Total residential real estate | 681 | 38 | 719 | 15 | 186 | 7 | ||||||||||||||||||||||||
Consumer | 8 | — | 12 | — | 16 | — | ||||||||||||||||||||||||
Total | $ | 7,648 | $ | 862 | $ | 4,727 | $ | 259 | $ | 4,936 | $ | 199 | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||
Agricultural | $ | 1,627 | $ | 203 | $ | 1,681 | $ | 51 | $ | 1,723 | $ | 50 | ||||||||||||||||||
Commercial and industrial | 1,044 | 104 | 1,697 | 75 | 1,044 | 36 | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 35 | 3 | 7 | — | 526 | 30 | ||||||||||||||||||||||||
Farmland | 74 | 3 | 2,315 | 110 | 2,504 | 114 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 551 | 43 | 1,921 | 55 | 559 | 18 | ||||||||||||||||||||||||
Total commercial real estate | 660 | 49 | 4,243 | 165 | 3,589 | 162 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 2,612 | 203 | 909 | 38 | 645 | 33 | ||||||||||||||||||||||||
One- to four- family junior liens | 74 | — | 92 | 1 | 68 | 2 | ||||||||||||||||||||||||
Total residential real estate | 2,686 | 203 | 1,001 | 39 | 713 | 35 | ||||||||||||||||||||||||
Consumer | 31 | 5 | 41 | 2 | 24 | 2 | ||||||||||||||||||||||||
Total | $ | 6,048 | $ | 564 | $ | 8,663 | $ | 332 | $ | 7,093 | $ | 285 | ||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||
Agricultural | $ | 3,040 | $ | 414 | $ | 2,809 | $ | 165 | $ | 3,323 | $ | 110 | ||||||||||||||||||
Commercial and industrial | 3,278 | 264 | 3,722 | 151 | 2,009 | 88 | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 84 | 3 | 156 | 21 | 842 | 30 | ||||||||||||||||||||||||
Farmland | 2,362 | 459 | 2,416 | 118 | 2,587 | 122 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 1,526 | 40 | 2,514 | 80 | 2,329 | 90 | ||||||||||||||||||||||||
Total commercial real estate | 3,972 | 502 | 5,086 | 219 | 5,758 | 242 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 3,159 | 235 | 1,578 | 52 | 788 | 37 | ||||||||||||||||||||||||
One- to four- family junior liens | 208 | 6 | 142 | 2 | 111 | 5 | ||||||||||||||||||||||||
Total residential real estate | 3,367 | 241 | 1,720 | 54 | 899 | 42 | ||||||||||||||||||||||||
Consumer | 39 | 5 | 53 | 2 | 40 | 2 | ||||||||||||||||||||||||
Total | $ | 13,696 | $ | 1,426 | $ | 13,390 | $ | 591 | $ | 12,029 | $ | 484 | ||||||||||||||||||
Past Due Loan Receivables [Table Text Block] | The following table sets forth the composition and past due status of the Company’s loans at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||
30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days Past Due and Accruing | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Agricultural | $ | 58 | $ | 30 | $ | — | $ | 88 | $ | 104,721 | $ | 104,809 | $ | — | ||||||||||||||||
Commercial and industrial | 897 | 603 | 515 | 2,015 | 301,093 | 303,108 | 66 | |||||||||||||||||||||||
Credit cards | 3 | 3 | — | 6 | 1,240 | 1,246 | — | |||||||||||||||||||||||
Overdrafts | 104 | 2 | 4 | 110 | 634 | 744 | — | |||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | — | — | 83 | 83 | 59,300 | 59,383 | — | |||||||||||||||||||||||
Farmland | 503 | — | — | 503 | 83,197 | 83,700 | — | |||||||||||||||||||||||
Multifamily | — | — | — | — | 54,886 | 54,886 | — | |||||||||||||||||||||||
Commercial real estate-other | 168 | 57 | 1,200 | 1,425 | 227,127 | 228,552 | — | |||||||||||||||||||||||
Total commercial real estate | 671 | 57 | 1,283 | 2,011 | 424,510 | 426,521 | — | |||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 1,481 | 581 | 2,023 | 4,085 | 215,229 | 219,314 | 780 | |||||||||||||||||||||||
One- to four- family junior liens | 105 | 48 | 192 | 345 | 52,952 | 53,297 | — | |||||||||||||||||||||||
Total residential real estate | 1,586 | 629 | 2,215 | 4,430 | 268,181 | 272,611 | 780 | |||||||||||||||||||||||
Consumer | 35 | 8 | 23 | 66 | 23,414 | 23,480 | 2 | |||||||||||||||||||||||
Total | $ | 3,354 | $ | 1,332 | $ | 4,040 | $ | 8,726 | $ | 1,123,793 | $ | 1,132,519 | $ | 848 | ||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Agricultural | $ | 65 | $ | 23 | $ | 52 | $ | 140 | $ | 97,027 | $ | 97,167 | $ | — | ||||||||||||||||
Commercial and industrial | 610 | 876 | 960 | 2,446 | 259,922 | 262,368 | 213 | |||||||||||||||||||||||
Credit cards | — | 1 | 17 | 18 | 1,010 | 1,028 | 17 | |||||||||||||||||||||||
Overdrafts | 40 | 1 | 48 | 89 | 448 | 537 | — | |||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 84 | — | 56 | 140 | 72,449 | 72,589 | — | |||||||||||||||||||||||
Farmland | — | — | — | — | 85,475 | 85,475 | — | |||||||||||||||||||||||
Multifamily | — | — | 395 | 395 | 55,048 | 55,443 | 395 | |||||||||||||||||||||||
Commercial real estate-other | 604 | 190 | 1,740 | 2,534 | 218,383 | 220,917 | 164 | |||||||||||||||||||||||
Total commercial real estate | 688 | 190 | 2,191 | 3,069 | 431,355 | 434,424 | 559 | |||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 1,891 | 869 | 984 | 3,744 | 216,924 | 220,668 | 540 | |||||||||||||||||||||||
One- to four- family junior liens | 316 | 38 | 175 | 529 | 52,929 | 53,458 | 49 | |||||||||||||||||||||||
Total residential real estate | 2,207 | 907 | 1,159 | 4,273 | 269,853 | 274,126 | 589 | |||||||||||||||||||||||
Consumer | 17 | 62 | 36 | 115 | 18,647 | 18,762 | 7 | |||||||||||||||||||||||
Total | $ | 3,627 | $ | 2,060 | $ | 4,463 | $ | 10,150 | $ | 1,078,262 | $ | 1,088,412 | $ | 1,385 | ||||||||||||||||
Schedule of Loans, Non Accrual Status [Table Text Block] | The following table sets forth the composition of the Company’s recorded investment in loans on nonaccrual status as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
Agricultural | $ | — | $ | 52 | ||||||||||||||||||||||||||
Commercial and industrial | 479 | 746 | ||||||||||||||||||||||||||||
Credit cards | — | — | ||||||||||||||||||||||||||||
Overdrafts | — | — | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction & development | 83 | 139 | ||||||||||||||||||||||||||||
Farmland | 24 | 29 | ||||||||||||||||||||||||||||
Multifamily | — | — | ||||||||||||||||||||||||||||
Commercial real estate-other | 1,200 | 1,576 | ||||||||||||||||||||||||||||
Total commercial real estate | 1,307 | 1,744 | ||||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 1,261 | 543 | ||||||||||||||||||||||||||||
One- to four- family junior liens | 192 | 126 | ||||||||||||||||||||||||||||
Total residential real estate | 1,453 | 669 | ||||||||||||||||||||||||||||
Consumer | 16 | 29 | ||||||||||||||||||||||||||||
Total | $ | 3,255 | $ | 3,240 | ||||||||||||||||||||||||||
Certain Loans Acquired With Deteriorated Qredit Quality [Table Text Block] | A summary of the changes in the carrying value of loan pool participations for the years ended December 31, 2014 and 2013, is as follows: | |||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 25,533 | $ | 35,650 | ||||||||||||||||||||||||||
Principal payments | (4,724 | ) | (8,687 | ) | ||||||||||||||||||||||||||
Net charge-offs | (1,477 | ) | (1,430 | ) | ||||||||||||||||||||||||||
Balance at end of year | $ | 19,332 | $ | 25,533 | ||||||||||||||||||||||||||
Total face value at end of year | $ | 68,376 | $ | 80,902 | ||||||||||||||||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | Changes in accretable yield on the loans that met the level-yield income recognition criteria under ASC Topic 310 were as follows: | |||||||||||||||||||||||||||||
Accretable Yield December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 2,244 | $ | 2,627 | ||||||||||||||||||||||||||
Additions | — | — | ||||||||||||||||||||||||||||
Accretions | (665 | ) | (383 | ) | ||||||||||||||||||||||||||
Reclassifications to nonaccretable differences | — | — | ||||||||||||||||||||||||||||
Balance at end of year | $ | 1,579 | $ | 2,244 | ||||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | $ | 7,913 | $ | 8,128 | ||||||||||||||||||||||||||
Basis in acquired loans at acquisition | $ | 4,482 | $ | 4,638 | ||||||||||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Premises and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Premises and equipment as of December 31, 2014 and 2013 were as follows: | |||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Land | $ | 4,836 | $ | 4,836 | ||||
Buildings and leasehold improvements | 29,942 | 30,278 | ||||||
Furniture and equipment | 13,206 | 13,741 | ||||||
Construction in process | 14,705 | 3,774 | ||||||
Premises and equipment | 62,689 | 52,629 | ||||||
Accumulated depreciation and amortization | 24,919 | 24,947 | ||||||
Premises and equipment, net | $ | 37,770 | $ | 27,682 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Intangible Assets [Abstract] | ||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | The following table summarizes the amounts and carrying values of intangible assets as of December 31, 2014 and 2013: | |||||||||||||||
Weighted | Gross | Unamortized | ||||||||||||||
Average | Carrying | Accumulated | Intangible | |||||||||||||
Useful Life | Amount | Amortization | Assets | |||||||||||||
(dollars in thousands) | (years) | |||||||||||||||
December 31, 2014 | ||||||||||||||||
Other intangible assets: | ||||||||||||||||
Insurance agency intangible | 7 | $ | 1,320 | $ | 956 | $ | 364 | |||||||||
Core deposit premium | 4 | 5,433 | 4,742 | 691 | ||||||||||||
Trade name intangible | — | 7,040 | — | 7,040 | ||||||||||||
Customer list intangible | 9 | 330 | 166 | 164 | ||||||||||||
Total | $ | 14,123 | $ | 5,864 | $ | 8,259 | ||||||||||
December 31, 2013 | ||||||||||||||||
Other intangible assets: | ||||||||||||||||
Insurance agency intangible | 8 | $ | 1,320 | $ | 850 | $ | 470 | |||||||||
Core deposit premium | 5 | 5,433 | 4,322 | 1,111 | ||||||||||||
Trade name intangible | — | 7,040 | — | 7,040 | ||||||||||||
Customer list intangible | 10 | 330 | 145 | 185 | ||||||||||||
Total | $ | 14,123 | $ | 5,317 | $ | 8,806 | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table summarizes future amortization expense of intangible assets: | |||||||||||||||
Insurance | Core | Customer | ||||||||||||||
Agency | Deposit | List | ||||||||||||||
Intangible | Premium | Intangible | Totals | |||||||||||||
(in thousands) | ||||||||||||||||
Year ending December 31, | ||||||||||||||||
2015 | $ | 89 | $ | 321 | $ | 21 | $ | 431 | ||||||||
2016 | 72 | 222 | 20 | 314 | ||||||||||||
2017 | 55 | 123 | 19 | 197 | ||||||||||||
2018 | 38 | 25 | 18 | 81 | ||||||||||||
2019 | 21 | — | 17 | 38 | ||||||||||||
Thereafter | 89 | — | 69 | 158 | ||||||||||||
Total | $ | 364 | $ | 691 | $ | 164 | $ | 1,219 | ||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets [Abstract] | ||||||||
Schedule of Other Assets [Table Text Block] | The components of the Company’s other assets as of December 31, 2014 and 2013 were as follows: | |||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Federal Home Loan Bank Stock | $ | 8,582 | $ | 9,226 | ||||
Prepaid expenses | 1,350 | 1,030 | ||||||
Mortgage servicing rights | 2,308 | 2,298 | ||||||
Accounts receivable & other miscellaneous assets | 1,835 | 2,006 | ||||||
$ | 14,075 | $ | 14,560 | |||||
Time_Deposits_Tables
Time Deposits (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Time Deposits [Abstract] | ||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | At December 31, 2014, the scheduled maturities of certificates of deposits were as follows: | |||
(in thousands) | ||||
2015 | $ | 267,510 | ||
2016 | 127,149 | |||
2017 | 60,174 | |||
2018 | 9,004 | |||
2019 | 9,177 | |||
Total | $ | 473,014 | ||
Federal_Home_Loan_Bank_Borrowi1
Federal Home Loan Bank Borrowings and Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Federal Home Loan Bank Borrowings and Long-Term Debt [Abstract] | ||||||||||||||
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | As of December 31, 2014 and 2013, Federal Home Loan Bank borrowings were as follows: | |||||||||||||
Rates | Amount | |||||||||||||
Minimum | Maximum | 2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||||
Due in 2014 | 1.25 | % | to | 3.4 | % | $ | — | $ | 39,900 | |||||
Due in 2015 | 2.06 | % | to | 3 | % | 20,000 | 20,000 | |||||||
Due in 2016 | 1.13 | % | to | 2.46 | % | 17,000 | 17,000 | |||||||
Due in 2017 | 1.09 | % | to | 2.78 | % | 10,000 | 10,000 | |||||||
Due in 2018 | 1.3 | % | to | 1.83 | % | 17,000 | 5,000 | |||||||
Due in 2019 | 1.42 | % | to | 1.85 | % | 17,000 | 10,000 | |||||||
Thereafter | 1.52 | % | to | 2.25 | % | 12,000 | 5,000 | |||||||
Total | $ | 93,000 | $ | 106,900 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Taxes [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income taxes for the years ended December 31, 2014, 2013 and 2012 are summarized as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 3,573 | $ | 6,841 | $ | 4,165 | ||||||
State | 956 | 1,259 | 1,103 | |||||||||
Deferred | 2,502 | (1,454 | ) | (54 | ) | |||||||
Total income tax provision | $ | 7,031 | $ | 6,646 | $ | 5,214 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The income tax provisions for the years ended December 31, 2014, 2013 and 2012 were less than the amounts computed by applying the maximum effective federal income tax rate of 35% for the years ended December 31, 2014 and 2013, and 34% for the year of 2012, to the income before income taxes because of the following items: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Expected provision | $ | 8,943 | $ | 8,839 | $ | 7,394 | ||||||
Tax-exempt interest | (2,520 | ) | (2,345 | ) | (2,213 | ) | ||||||
Bank-owned life insurance | (385 | ) | (322 | ) | (323 | ) | ||||||
State income taxes, net of federal income tax benefit | 798 | 776 | 723 | |||||||||
Non-deductible acquisition expenses | 261 | — | — | |||||||||
Other | (66 | ) | (302 | ) | (367 | ) | ||||||
Total income tax provision | $ | 7,031 | $ | 6,646 | $ | 5,214 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Net deferred tax assets as of December 31, 2014 and 2013 consisted of the following components: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred income tax assets: | ||||||||||||
Allowance for loan losses | $ | 7,981 | $ | 7,753 | ||||||||
Deferred compensation | 1,022 | 1,076 | ||||||||||
Net operating losses | 3,266 | 3,089 | ||||||||||
Impairment losses on securities | 53 | 2,613 | ||||||||||
Other real estate owned | 568 | 767 | ||||||||||
Nonaccrual interest | 206 | 434 | ||||||||||
Other | 1,072 | 931 | ||||||||||
Gross deferred tax assets | 14,168 | 16,663 | ||||||||||
Deferred income tax liabilities: | ||||||||||||
Premises and equipment depreciation and amortization | 1,992 | 2,012 | ||||||||||
Federal Home Loan Bank stock | 132 | 132 | ||||||||||
Purchase accounting adjustments | 684 | 895 | ||||||||||
Mortgage servicing rights | 875 | 871 | ||||||||||
Prepaid expenses | 213 | 105 | ||||||||||
Unrealized gains on investment securities | 3,234 | 620 | ||||||||||
Deferred loan fees | 249 | 238 | ||||||||||
Other | 253 | 315 | ||||||||||
Gross deferred tax liabilities | 7,632 | 5,188 | ||||||||||
Net deferred income tax asset | 6,536 | 11,475 | ||||||||||
Valuation allowance | 3,458 | 3,281 | ||||||||||
Net deferred tax asset | $ | 3,078 | $ | 8,194 | ||||||||
Stock_Compensation_Plans_Table
Stock Compensation Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stock Compensation Plans [Abstract] | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following is a summary of stock option activity for the year ended December 31, 2014: | ||||||||||||
Weighted- | |||||||||||||
Average | |||||||||||||
Weighted- | Remaining | Aggregate | |||||||||||
Average | Contractual | Intrinsic | |||||||||||
Exercise | Term in | Value | |||||||||||
Shares | Price | Years | $0 | ||||||||||
Outstanding at December 31, 2013 | 47,590 | $ | 15.66 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (15,419 | ) | 18.5 | ||||||||||
Forfeited | — | — | |||||||||||
Expired | (1,310 | ) | 19.5 | ||||||||||
Outstanding at December 31, 2014 | 30,861 | $ | 14.08 | 3.1 | $ | 455 | |||||||
Exercisable at December 31, 2014 | 30,861 | $ | 14.08 | 3.1 | $ | 455 | |||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following is a summary of nonvested restricted stock unit activity for the year ended December 31, 2014: | ||||||||||||
Weighted- | |||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Shares | Fair Value | ||||||||||||
Nonvested at December 31, 2013 | 52,397 | $ | 18.24 | ||||||||||
Granted | 26,100 | 24.61 | |||||||||||
Vested | (27,491 | ) | 17.02 | ||||||||||
Forfeited | (200 | ) | 19.1 | ||||||||||
Nonvested at December 31, 2014 | 50,806 | $ | 22.17 | ||||||||||
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings per Common Share [Abstract] | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Following are the calculations for basic and diluted earnings per common share: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||
Basic earnings per common share computation | ||||||||||||
Numerator: | ||||||||||||
Net income | $ | 18,522 | $ | 18,607 | $ | 16,534 | ||||||
Denominator: | ||||||||||||
Weighted average shares outstanding | 8,405,284 | 8,477,904 | 8,485,008 | |||||||||
Basic earnings per common share | $ | 2.2 | $ | 2.19 | $ | 1.95 | ||||||
Diluted earnings per common share computation | ||||||||||||
Numerator: | ||||||||||||
Net income | $ | 18,522 | $ | 18,607 | $ | 16,534 | ||||||
Denominator: | ||||||||||||
Weighted average shares outstanding, included all dilutive potential shares | 8,433,296 | 8,525,119 | 8,527,544 | |||||||||
Diluted earnings per common share | $ | 2.19 | $ | 2.18 | $ | 1.94 | ||||||
Regulatory_Capital_Requirement1
Regulatory Capital Requirements and Restrictions on Subsidiary Cash (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Regulatory Capital Requirements and Restrictions on Subsidiary Cash [Abstract] | |||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | A comparison of the Company’s and the Bank’s capital with the corresponding minimum regulatory requirements in effect as of December 31, 2014, is presented below: | ||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
At December 31, 2014: | |||||||||||||||||||||
Consolidated: | |||||||||||||||||||||
Total capital/risk based | $ | 212,559 | 14.73 | % | $ | 115,407 | 8 | % | N/A | N/A | |||||||||||
Tier 1 capital/risk based | 194,362 | 13.47 | 57,703 | 4 | N/A | N/A | |||||||||||||||
Tier 1 capital/adjusted average | 194,362 | 10.85 | 71,647 | 4 | N/A | N/A | |||||||||||||||
MidWestOne Bank: | |||||||||||||||||||||
Total capital/risk based | $ | 197,018 | 13.75 | % | $ | 114,624 | 8 | % | $ | 143,280 | 10 | % | |||||||||
Tier 1 capital/risk based | 179,098 | 12.5 | 57,312 | 4 | 85,968 | 6 | |||||||||||||||
Tier 1 capital/adjusted average | 179,098 | 10.05 | 71,249 | 4 | 89,061 | 5 | |||||||||||||||
At December 31, 2013: | |||||||||||||||||||||
Consolidated: | |||||||||||||||||||||
Total capital/risk based | $ | 200,714 | 14.62 | % | $ | 109,812 | 8 | % | N/A | N/A | |||||||||||
Tier 1 capital/risk based | 183,361 | 13.36 | 54,906 | 4 | N/A | N/A | |||||||||||||||
Tier 1 capital/adjusted average | 183,361 | 10.55 | 69,491 | 4 | N/A | N/A | |||||||||||||||
MidWestOne Bank: | |||||||||||||||||||||
Total capital/risk based | $ | 183,646 | 13.49 | % | $ | 108,903 | 8 | % | $ | 136,128 | 10 | % | |||||||||
Tier 1 capital/risk based | 166,612 | 12.24 | 54,451 | 4 | 81,677 | 6 | |||||||||||||||
Tier 1 capital/adjusted average | 166,612 | 9.65 | 69,063 | 4 | 86,329 | 5 | |||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies [Abstract] | ||||||||
Credit Commitments [Table Text Block] | A summary of the Bank’s commitments at December 31, 2014 and 2013, is as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Commitments to extend credit | $ | 267,036 | $ | 263,887 | ||||
Commitments to sell loans | 801 | 357 | ||||||
Standby letters of credit | 3,204 | 4,491 | ||||||
Total | $ | 271,041 | $ | 268,735 | ||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Schedule of Related Party Transactions [Table Text Block] | The following is an analysis of the changes in the loans to related parties during the years ended December 31, 2014 and 2013: | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Balance, beginning | $ | 22,392 | $ | 21,935 | ||||
Net decrease due to change in related parties | (10,275 | ) | (150 | ) | ||||
Advances | 2,420 | 2,310 | ||||||
Collections | (2,882 | ) | (1,703 | ) | ||||
Balance, ending | $ | 11,655 | $ | 22,392 | ||||
Estimated_Fair_Value_of_Financ1
Estimated Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Estimated Fair Value of Financial Instruments and Fair Value Measurements [Abstract] | ||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2014 and 2013. There were no liabilities subject to fair value measurement on a recurring basis as of these dates. The assets are segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value: | |||||||||||||||||||
Fair Value Measurement at December 31, 2014 Using | ||||||||||||||||||||
(in thousands) | Total | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Assets: | ||||||||||||||||||||
Available for sale debt securities: | ||||||||||||||||||||
U.S. Government agencies and corporations | $ | 49,375 | $ | — | $ | 49,375 | $ | — | ||||||||||||
State and political subdivisions | 195,199 | — | 195,199 | — | ||||||||||||||||
Mortgage-backed securities | 32,463 | — | 32,463 | — | ||||||||||||||||
Collateralized mortgage obligations | 146,132 | — | 146,132 | — | ||||||||||||||||
Corporate debt securities | 48,741 | — | 48,741 | — | ||||||||||||||||
Total available for sale debt securities | 471,910 | — | 471,910 | — | ||||||||||||||||
Other equity securities | 3,032 | 3,032 | — | — | ||||||||||||||||
Total securities available for sale | $ | 474,942 | $ | 3,032 | $ | 471,910 | $ | — | ||||||||||||
Mortgage servicing rights | $ | 2,308 | $ | — | $ | — | $ | 2,308 | ||||||||||||
Fair Value Measurement at December 31, 2013 Using | ||||||||||||||||||||
(in thousands) | Total | Quoted Prices in | Significant | Significant | ||||||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||||||
(Level 2) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Available for sale debt securities: | ||||||||||||||||||||
U.S. Government agencies and corporations | $ | 44,939 | $ | — | $ | 44,939 | $ | — | ||||||||||||
State and political subdivisions | 210,796 | — | 210,796 | — | ||||||||||||||||
Mortgage-backed securities | 39,285 | — | 39,285 | — | ||||||||||||||||
Collateralized mortgage obligations | 169,223 | — | 169,223 | — | ||||||||||||||||
Corporate debt securities | 29,944 | — | 29,944 | — | ||||||||||||||||
Collateralized debt obligations | 1,317 | — | — | 1,317 | ||||||||||||||||
Total available for sale debt securities | 495,504 | — | 494,187 | 1,317 | ||||||||||||||||
Other equity securities | 3,057 | 3,057 | — | — | ||||||||||||||||
Total securities available for sale | $ | 498,561 | $ | 3,057 | $ | 494,187 | $ | 1,317 | ||||||||||||
Mortgage servicing rights | $ | 2,298 | $ | — | $ | — | $ | 2,298 | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table presents additional information about assets measured at fair market value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the years ended December 31, 2014 and 2013: | |||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Collateralized | Mortgage | Collateralized | Mortgage | |||||||||||||||||
Debt | Servicing | Debt | Servicing | |||||||||||||||||
Obligations | Rights | Obligations | Rights | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Beginning balance | $ | 1,317 | $ | 2,298 | $ | 755 | $ | 1,484 | ||||||||||||
Transfers into Level 3 | — | — | — | — | ||||||||||||||||
Transfers out of Level 3 | — | — | — | — | ||||||||||||||||
Total gains (losses): | ||||||||||||||||||||
Included in earnings | 782 | (243 | ) | (18 | ) | 293 | ||||||||||||||
Included in other comprehensive income | 794 | — | 822 | — | ||||||||||||||||
Purchases, issuances, sales, and settlements: | ||||||||||||||||||||
Purchases | — | — | — | — | ||||||||||||||||
Issuances | — | 253 | — | 521 | ||||||||||||||||
Sales | (2,893 | ) | — | — | — | |||||||||||||||
Settlements | — | — | (242 | ) | — | |||||||||||||||
Ending Balance | $ | — | $ | 2,308 | $ | 1,317 | $ | 2,298 | ||||||||||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | The following table presents the amount of gains and losses on Level 3 assets noted above which were included in earnings and other comprehensive income for the years ended December 31, 2014 and 2013 that are attributable to the change in unrealized gains and losses relating to those assets still held, and the line item in the consolidated financial statements in which they are included: | |||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Collateralized | Mortgage | Collateralized | Mortgage | |||||||||||||||||
Debt | Servicing | Debt | Servicing | |||||||||||||||||
Obligations | Rights | Obligations | Rights | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Total gains (losses) for the period in earnings* | $ | — | $ | 10 | $ | (18 | ) | $ | 814 | |||||||||||
Change in unrealized losses for the period included in other comprehensive income | — | — | 822 | — | ||||||||||||||||
* Losses on collateralized debt obligations are included in gain on sale or call of available for sale securities, while gains on mortgage servicing rights are included in mortgage origination and loan servicing fees, both in the consolidated statements of operations. | ||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table discloses the Company’s estimated fair value amounts of its financial instruments recorded at fair value on a nonrecurring basis. It is management’s belief that the fair values presented below are reasonable based on the valuation techniques and data available to the Company as of December 31, 2014 and 2013, as more fully described above. | |||||||||||||||||||
Fair Value Measurement at December 31, 2014 Using | ||||||||||||||||||||
(in thousands) | Total | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Assets: | ||||||||||||||||||||
Collateral dependent impaired loans: | ||||||||||||||||||||
Commercial and industrial | 793 | — | — | 793 | ||||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction and development | 49 | — | — | 49 | ||||||||||||||||
Farmland | 52 | — | — | 52 | ||||||||||||||||
Commercial real estate-other | 1,012 | — | — | 1,012 | ||||||||||||||||
Total commercial real estate | 1,113 | — | — | 1,113 | ||||||||||||||||
Residential real estate: | ||||||||||||||||||||
One- to four- family first liens | 1,427 | — | — | 1,427 | ||||||||||||||||
One- to four- family junior liens | 47 | — | — | 47 | ||||||||||||||||
Total residential real estate | 1,474 | — | — | 1,474 | ||||||||||||||||
Consumer | 32 | — | — | 32 | ||||||||||||||||
Collateral dependent impaired loans | 3,412 | — | — | 3,412 | ||||||||||||||||
Other real estate owned | 1,916 | — | — | 1,916 | ||||||||||||||||
Fair Value Measurement at December 31, 2013 Using | ||||||||||||||||||||
(in thousands) | Total | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Assets: | ||||||||||||||||||||
Collateral dependent impaired loans: | ||||||||||||||||||||
Commercial and industrial | 1,043 | — | — | 1,043 | ||||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction and development | 136 | — | — | 136 | ||||||||||||||||
Farmland | 65 | — | — | 65 | ||||||||||||||||
Commercial real estate-other | 1,786 | — | — | 1,786 | ||||||||||||||||
Total commercial real estate | 1,987 | — | — | 1,987 | ||||||||||||||||
Residential real estate: | ||||||||||||||||||||
One- to four- family first liens | 186 | — | — | 186 | ||||||||||||||||
One- to four- family junior liens | 30 | — | — | 30 | ||||||||||||||||
Total residential real estate | 216 | — | — | 216 | ||||||||||||||||
Consumer | 44 | — | — | 44 | ||||||||||||||||
Collateral dependent impaired loans | 3,290 | — | — | 3,290 | ||||||||||||||||
Other real estate owned | 1,770 | — | — | 1,770 | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following presents the carrying amount and estimated fair value of the financial instruments held by the Company at December 31, 2014 and 2013. The information presented is subject to change over time based on a variety of factors. The operations of the Company are managed on a going concern basis and not a liquidation basis. As a result, the ultimate value realized from the financial instruments presented could be substantially different when actually recognized over time through the normal course of operations. Additionally, a substantial portion of the Company’s inherent value is the Bank’s capitalization and franchise value. Neither of these components has been given consideration in the presentation of fair values below. | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Carrying | Estimated | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||
Amount | Fair Value | (Level 3) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 23,409 | $ | 23,409 | $ | 23,409 | $ | — | $ | — | ||||||||||
Investment securities: | ||||||||||||||||||||
Available for sale | 474,942 | 474,942 | 3,032 | 471,910 | — | |||||||||||||||
Held to maturity | 51,524 | 51,253 | — | 51,253 | — | |||||||||||||||
Total investment securities | 526,466 | 526,195 | 3,032 | 523,163 | — | |||||||||||||||
Loans held for sale | 801 | 812 | — | — | 812 | |||||||||||||||
Loans, net: | ||||||||||||||||||||
Agricultural | 103,193 | 102,927 | — | — | 102,927 | |||||||||||||||
Commercial and industrial | 297,048 | 295,886 | — | — | 295,886 | |||||||||||||||
Credit cards | 1,206 | 1,206 | — | — | 1,206 | |||||||||||||||
Overdrafts | 610 | 610 | — | — | 610 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction and development | 58,665 | 58,764 | — | — | 58,764 | |||||||||||||||
Farmland | 82,888 | 83,285 | — | — | 83,285 | |||||||||||||||
Multifamily | 54,516 | 54,356 | — | — | 54,356 | |||||||||||||||
Commercial real estate-other | 225,605 | 225,899 | — | — | 225,899 | |||||||||||||||
Total commercial real estate | 421,674 | 422,304 | — | — | 422,304 | |||||||||||||||
Residential real estate: | ||||||||||||||||||||
One- to four- family first liens | 216,338 | 216,326 | — | — | 216,326 | |||||||||||||||
One- to four- family junior liens | 52,821 | 53,664 | — | — | 53,664 | |||||||||||||||
Total residential real estate | 269,159 | 269,990 | — | — | 269,990 | |||||||||||||||
Consumer | 23,266 | 23,362 | — | — | 23,362 | |||||||||||||||
Total loans, net | 1,116,156 | 1,116,285 | — | — | 1,116,285 | |||||||||||||||
Loan pool participations, net | 19,332 | 19,332 | — | — | 19,332 | |||||||||||||||
Accrued interest receivable | 10,898 | 10,898 | 10,898 | — | — | |||||||||||||||
Federal Home Loan Bank stock | 8,582 | 8,582 | — | 8,582 | — | |||||||||||||||
Mortgage servicing rights | 2,308 | 2,308 | — | — | 2,308 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Non-interest-bearing demand | 214,461 | 214,461 | 214,461 | — | — | |||||||||||||||
Interest-bearing checking | 618,540 | 618,540 | 618,540 | — | — | |||||||||||||||
Savings | 102,527 | 102,527 | 102,527 | — | — | |||||||||||||||
Certificates of deposit under $100,000 | 235,395 | 235,401 | — | 235,401 | — | |||||||||||||||
Certificates of deposit $100,000 and over | 237,619 | 238,480 | — | 238,480 | — | |||||||||||||||
Total deposits | 1,408,542 | 1,409,409 | 935,528 | 473,881 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 78,229 | 78,229 | 78,229 | — | — | |||||||||||||||
Federal Home Loan Bank borrowings | 93,000 | 93,051 | — | — | 93,051 | |||||||||||||||
Long-term debt | 15,464 | 10,021 | — | — | 10,021 | |||||||||||||||
Accrued interest payable | 863 | 863 | 863 | — | — | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Carrying | Estimated | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||
Amount | Fair Value | (Level 3) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 24,890 | $ | 24,890 | $ | 24,890 | $ | — | $ | — | ||||||||||
Investment securities: | ||||||||||||||||||||
Available for sale | 498,561 | 498,561 | 3,057 | 494,187 | 1,317 | |||||||||||||||
Held to maturity | 32,625 | 30,191 | — | 30,191 | — | |||||||||||||||
Total investment securities | 531,186 | 528,752 | 3,057 | 524,378 | 1,317 | |||||||||||||||
Loans held for sale | 357 | 367 | — | — | 367 | |||||||||||||||
Loans, net: | ||||||||||||||||||||
Agricultural | 95,712 | 95,609 | — | — | 95,609 | |||||||||||||||
Commercial and industrial | 257,153 | 256,257 | — | — | 256,257 | |||||||||||||||
Credit cards | 998 | 998 | — | — | 998 | |||||||||||||||
Overdrafts | 415 | 415 | — | — | 415 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction and development | 71,433 | 71,569 | — | — | 71,569 | |||||||||||||||
Farmland | 84,387 | 85,058 | — | — | 85,058 | |||||||||||||||
Multifamily | 54,883 | 54,953 | — | — | 54,953 | |||||||||||||||
Commercial real estate-other | 217,993 | 219,213 | — | — | 219,213 | |||||||||||||||
Total commercial real estate | 428,696 | 430,793 | — | — | 430,793 | |||||||||||||||
Residential real estate: | ||||||||||||||||||||
One- to four- family first liens | 217,765 | 218,257 | — | — | 218,257 | |||||||||||||||
One- to four- family junior liens | 52,903 | 53,798 | — | — | 53,798 | |||||||||||||||
Total residential real estate | 270,668 | 272,055 | — | — | 272,055 | |||||||||||||||
Consumer | 18,591 | 18,638 | — | — | 18,638 | |||||||||||||||
Total loans, net | 1,072,233 | 1,074,765 | — | — | 1,074,765 | |||||||||||||||
Loan pool participations, net | 25,533 | 25,533 | — | — | 25,533 | |||||||||||||||
Accrued interest receivable | 10,409 | 10,409 | 10,409 | — | — | |||||||||||||||
Federal Home Loan Bank stock | 9,226 | 9,226 | — | 9,226 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Non-interest bearing demand | 222,359 | 222,359 | 222,359 | — | — | |||||||||||||||
Interest-bearing checking | 592,673 | 592,673 | 592,673 | — | — | |||||||||||||||
Savings | 94,559 | 94,559 | 94,559 | — | — | |||||||||||||||
Certificates of deposit under $100,000 | 256,283 | 256,549 | — | 256,549 | — | |||||||||||||||
Certificates of deposit $100,000 and over | 209,068 | 209,543 | — | 209,543 | — | |||||||||||||||
Total deposits | 1,374,942 | 1,375,683 | 909,591 | 466,092 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 66,665 | 66,665 | 66,665 | — | — | |||||||||||||||
Federal Home Loan Bank borrowings | 106,900 | 107,356 | — | — | 107,356 | |||||||||||||||
Long-term debt | 15,464 | 9,872 | — | — | 9,872 | |||||||||||||||
Accrued interest payable | 765 | 765 | 765 | — | — | |||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The following presents the valuation technique(s), observable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company at December 31, 2014, categorized within Level 3 of the fair value hierarchy: | |||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||||
(dollars in thousands) | Fair Value at December 31, 2014 | Valuation Techniques(s) | Unobservable Input | Range of Inputs | Weighted Average | |||||||||||||||
Collateral dependent impaired loans: | ||||||||||||||||||||
Commercial and industrial | 793 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||||||||
Construction & development | 49 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||||||||
Farmland | 52 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||||||||
Commercial real estate-other | 1,012 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||||||||
Residential real estate one- to four- | 1,427 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
family first liens | Appraisal discount | NM * | NM * | NM * | ||||||||||||||||
Residential real estate one- to four- | 47 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
family junior liens | Appraisal discount | NM * | NM * | NM * | ||||||||||||||||
Consumer | 32 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||||||||
Mortgage servicing rights | 2,308 | Discounted cash flows | Constant prepayment rate | 7.49 | % | 15.24 | % | 8.64 | % | |||||||||||
Pretax discount rate | 10 | % | 13 | % | 10.16 | % | ||||||||||||||
Other real estate owned | 1,916 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | ||||||||||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||||||||
* Not Meaningful. Third party appraisals are obtained as to the value of the underlying asset, but disclosure of this information would not provide meaningful information, as the range will vary widely from loan to loan. Types of discounts considered include age of the appraisal, local market conditions, current condition of the property, and estimated sales costs. These discounts will also vary from loan to loan, thus providing a range would not be meaningful. |
Parent_Company_Only_Financial_1
Parent Company Only Financial Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Parent Company Only Financial Information [Abstract] | ||||||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | The following is condensed financial information of MidWestOne Financial Group, Inc. as of December 31, 2014 and 2013 (parent company only): | |||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Balance Sheets | ||||||||||||
Assets: | ||||||||||||
Cash | $ | 5,942 | $ | 5,781 | ||||||||
Investment in subsidiaries | 193,600 | 177,190 | ||||||||||
Marketable equity securities, available for sale | 2,066 | 2,111 | ||||||||||
Loan pool participations, net | 1,964 | 3,409 | ||||||||||
Income tax receivable | — | 75 | ||||||||||
Deferred income taxes | 425 | 729 | ||||||||||
Other assets | 5,010 | 4,447 | ||||||||||
Total assets | $ | 209,007 | $ | 193,742 | ||||||||
Liabilities and Shareholders’ Equity | ||||||||||||
Liabilities: | ||||||||||||
Long-term debt | $ | 15,464 | $ | 15,464 | ||||||||
Other liabilities | 812 | 262 | ||||||||||
Total liabilities | 16,276 | 15,726 | ||||||||||
Shareholders’ equity: | ||||||||||||
Capital stock, preferred | — | — | ||||||||||
Capital stock, common | 8,690 | 8,690 | ||||||||||
Additional paid-in capital | 80,537 | 80,506 | ||||||||||
Treasury stock | (6,945 | ) | (3,702 | ) | ||||||||
Retained earnings | 105,127 | 91,473 | ||||||||||
Accumulated other comprehensive income | 5,322 | 1,049 | ||||||||||
Total shareholders’ equity | 192,731 | 178,016 | ||||||||||
Total liabilities and shareholders’ equity | $ | 209,007 | $ | 193,742 | ||||||||
Schedule of Condensed Income Statement [Table Text Block] | The following is condensed financial information of MidWestOne Financial Group, Inc. as of December 31, 2014, 2013, and 2012 (parent company only): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Statements of Income | ||||||||||||
Dividends received from subsidiaries | $ | 8,500 | $ | 4,006 | $ | 5,520 | ||||||
Interest income and dividends on marketable equity securities | 49 | 33 | 168 | |||||||||
Interest and discount on loan pool participations | (293 | ) | (940 | ) | (2,149 | ) | ||||||
Investment securities gains | — | — | 381 | |||||||||
Interest on long-term debt | (281 | ) | (296 | ) | (656 | ) | ||||||
Operating expenses | (2,351 | ) | (1,034 | ) | (1,064 | ) | ||||||
Income before income taxes and equity in subsidiaries’ undistributed income | 5,624 | 1,769 | 2,200 | |||||||||
Income tax benefit | (807 | ) | (890 | ) | (1,355 | ) | ||||||
Income before equity in subsidiaries’ undistributed income | 6,431 | 2,659 | 3,555 | |||||||||
Equity in subsidiaries’ undistributed income | 12,091 | 15,948 | 12,979 | |||||||||
Net income | $ | 18,522 | $ | 18,607 | $ | 16,534 | ||||||
Schedule of Condensed Cash Flow Statement [Table Text Block] | The following is condensed financial information of MidWestOne Financial Group, Inc. as of December 31, 2014, 2013, and 2012 (parent company only): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Statements of Cash Flows | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 18,522 | $ | 18,607 | $ | 16,534 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Undistributed (earnings) loss of subsidiaries, net of dividends and distributions | (12,091 | ) | (15,948 | ) | (12,979 | ) | ||||||
Deferred income taxes | 330 | (583 | ) | (106 | ) | |||||||
Investment securities gain | — | — | (381 | ) | ||||||||
Stock based compensation | 493 | 384 | 266 | |||||||||
Increase in other assets | (488 | ) | (232 | ) | (158 | ) | ||||||
Increase (decrease) in other liabilities | 550 | (15 | ) | 4 | ||||||||
Net cash provided by operating activities | 7,316 | 2,213 | 3,180 | |||||||||
Cash flows from investing activities | ||||||||||||
Proceeds from sales of investment securities | 2 | 2 | 1,131 | |||||||||
Purchase of investment securities | (29 | ) | (24 | ) | (1,192 | ) | ||||||
Loan participation pools, net | 1,445 | 2,719 | 5,834 | |||||||||
Net cash provided by investing activities | 1,418 | 2,697 | 5,773 | |||||||||
Cash flows from financing activities: | ||||||||||||
Stock options exercised | 282 | 320 | 590 | |||||||||
Repurchase of common stock | (3,987 | ) | (967 | ) | (1,810 | ) | ||||||
Dividends paid | (4,868 | ) | (4,259 | ) | (3,054 | ) | ||||||
Net cash used in financing activities | (8,573 | ) | (4,906 | ) | (4,274 | ) | ||||||
Increase in cash | 161 | 4 | 4,679 | |||||||||
Cash Balance: | ||||||||||||
Beginning | 5,781 | 5,777 | 1,098 | |||||||||
Ending | $ | 5,942 | $ | 5,781 | $ | 5,777 | ||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Results of Operations [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ||||||||||||||||
Three Months Ended | ||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
2014 | ||||||||||||||||
Interest income | $ | 16,311 | $ | 15,996 | $ | 16,176 | $ | 15,921 | ||||||||
Interest expense | 2,407 | 2,429 | 2,321 | 2,394 | ||||||||||||
Net interest income | 13,904 | 13,567 | 13,855 | 13,527 | ||||||||||||
Provision for loan losses | 300 | 150 | 300 | 450 | ||||||||||||
Noninterest income | 3,534 | 4,006 | 3,556 | 4,217 | ||||||||||||
Noninterest expense | 11,563 | 10,819 | 10,639 | 10,392 | ||||||||||||
Income before income taxes | 5,575 | 6,604 | 6,472 | 6,902 | ||||||||||||
Income tax expense | 1,668 | 1,715 | 1,719 | 1,929 | ||||||||||||
Net income | $ | 3,907 | $ | 4,889 | $ | 4,753 | $ | 4,973 | ||||||||
Net income per common share - basic | $ | 0.46 | $ | 0.59 | $ | 0.56 | $ | 0.59 | ||||||||
Net income per common share - diluted | $ | 0.46 | $ | 0.59 | $ | 0.56 | $ | 0.58 | ||||||||
2013 | ||||||||||||||||
Interest income | $ | 16,020 | $ | 16,116 | $ | 16,768 | $ | 17,190 | ||||||||
Interest expense | 2,723 | 2,851 | 3,159 | 3,399 | ||||||||||||
Net interest income | 13,297 | 13,265 | 13,609 | 13,791 | ||||||||||||
Provision for loan losses | 300 | 250 | 600 | 200 | ||||||||||||
Noninterest income | 3,234 | 3,800 | 3,713 | 3,981 | ||||||||||||
Noninterest expense | 10,225 | 10,283 | 10,585 | 10,994 | ||||||||||||
Income before income taxes | 6,006 | 6,532 | 6,137 | 6,578 | ||||||||||||
Income tax expense | 1,584 | 1,668 | 1,606 | 1,788 | ||||||||||||
Net income | $ | 4,422 | $ | 4,864 | $ | 4,531 | $ | 4,790 | ||||||||
Net income per common share - basic | $ | 0.52 | $ | 0.57 | $ | 0.54 | $ | 0.56 | ||||||||
Net income per common share - diluted | $ | 0.52 | $ | 0.57 | $ | 0.53 | $ | 0.56 | ||||||||
Nature_of_Business_and_Signifi4
Nature of Business and Significant Accounting Policies Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Depreciation Methods | Straight-line |
Buildings and leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Buildings and leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Furniture and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Nature_of_Business_and_Signifi5
Nature of Business and Significant Accounting Policies Stock Repurchase (Details) (USD $) | 12 Months Ended | 18 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Oct. 18, 2011 | Jan. 15, 2013 | Jul. 17, 2014 |
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock Repurchased During Period, Shares | 165,766 | 40,713 | 104,518 | ||||
Common Stock [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock Repurchased During Period, Shares | 165,766 | ||||||
Stock Repurchased During Period, Value | 4 | ||||||
Common Stock [Member] | October 18 2011 Share Repurchase Program [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | 5 | ||||||
Stock Repurchased During Period, Shares | 104,518 | ||||||
Stock Repurchased During Period, Value | 1.8 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 2.4 | ||||||
Common Stock [Member] | January 15 2013 Share Repurchase Program [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | 5 | ||||||
Stock Repurchased During Period, Shares | 40,713 | ||||||
Stock Repurchased During Period, Value | 1 | 3.7 | |||||
Common Stock [Member] | July 17 2014 Share Repurchase Program [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | 5 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 3.8 |
Schedule_of_Cumulative_Other_C
Schedule of Cumulative Other Comprehensive Income (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Schedule of Cumulative Other Comprehensive Income [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $5,322 | $1,049 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Schedule of Cumulative Other Comprehensive Income [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 5,322 | 1,049 | 11,050 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $5,322 | $1,049 | $11,050 |
Schedule_of_Available_for_Sale
Schedule of Available for Sale Securities(Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale | $474,942 | $498,561 |
U.S. Government agencies and corporations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 49,392 | 45,279 |
Gross unrealized gains | 248 | 527 |
Gross unrealized losses | 265 | 867 |
Available for sale | 49,375 | 44,939 |
State and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 187,276 | 207,734 |
Gross unrealized gains | 8,113 | 5,625 |
Gross unrealized losses | 190 | 2,563 |
Available for sale | 195,199 | 210,796 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 30,965 | 37,593 |
Gross unrealized gains | 1,498 | 1,692 |
Gross unrealized losses | 0 | 0 |
Available for sale | 32,463 | 39,285 |
Collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 147,412 | 171,714 |
Gross unrealized gains | 813 | 1,003 |
Gross unrealized losses | 2,093 | 3,494 |
Available for sale | 146,132 | 169,223 |
Collateralized debt obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 2,111 | |
Gross unrealized gains | 190 | |
Gross unrealized losses | 984 | |
Available for sale | 1,317 | |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 48,656 | 29,802 |
Gross unrealized gains | 188 | 284 |
Gross unrealized losses | 103 | 142 |
Available for sale | 48,741 | 29,944 |
Total debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 463,701 | 494,233 |
Gross unrealized gains | 10,860 | 9,321 |
Gross unrealized losses | 2,651 | 8,050 |
Available for sale | 471,910 | 495,504 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 2,686 | 2,659 |
Gross unrealized gains | 380 | 453 |
Gross unrealized losses | 34 | 55 |
Available for sale | 3,032 | 3,057 |
Total investment securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 466,387 | 496,892 |
Gross unrealized gains | 11,240 | 9,774 |
Gross unrealized losses | 2,685 | 8,105 |
Available for sale | $474,942 | $498,561 |
Schedule_of_Held_to_Maturity_S
Schedule of Held to Maturity Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity | $51,524 | $32,625 |
Estimated fair value | 51,253 | 30,191 |
State and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity | 39,704 | 19,888 |
Gross unrealized gains | 370 | |
Gross unrealized losses | 252 | 1,326 |
Estimated fair value | 39,822 | 18,562 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity | 22 | 28 |
Gross unrealized gains | 3 | 3 |
Estimated fair value | 25 | 31 |
Collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity | 8,531 | 9,447 |
Gross unrealized losses | 233 | 834 |
Estimated fair value | 8,298 | 8,613 |
Corporate debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity | 3,267 | 3,262 |
Gross unrealized losses | 159 | 277 |
Estimated fair value | 3,108 | 2,985 |
Total investment securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity | 51,524 | 32,625 |
Gross unrealized gains | 373 | 3 |
Gross unrealized losses | 644 | 2,437 |
Estimated fair value | $51,253 | $30,191 |
Available_for_Sale_Securities_
Available for Sale Securities in Continuous Loss Position (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | count | count |
U.S. Government agencies and corporations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities in unrealized loss positions, number of positions | 4 | 3 |
Available for sale securities, continuous unrealized loss position, less than twelve months, estimated fair value | $9,946 | $21,977 |
Available for sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 11 | 867 |
Available for sale securities, continuous unrealized loss position, twelve months or longer, estimated fair value | 15,018 | |
Available for sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 254 | |
Available for sale securities, continuous unrealized loss position, fair value | 24,964 | 21,977 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 265 | 867 |
State and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities in unrealized loss positions, number of positions | 46 | 171 |
Available for sale securities, continuous unrealized loss position, less than twelve months, estimated fair value | 3,024 | 54,153 |
Available for sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 18 | 2,331 |
Available for sale securities, continuous unrealized loss position, twelve months or longer, estimated fair value | 10,728 | 1,799 |
Available for sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 172 | 232 |
Available for sale securities, continuous unrealized loss position, fair value | 13,752 | 55,952 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 190 | 2,563 |
Collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities in unrealized loss positions, number of positions | 14 | 18 |
Available for sale securities, continuous unrealized loss position, less than twelve months, estimated fair value | 14,971 | 110,142 |
Available for sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 123 | 3,164 |
Available for sale securities, continuous unrealized loss position, twelve months or longer, estimated fair value | 68,370 | 5,047 |
Available for sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 1,970 | 330 |
Available for sale securities, continuous unrealized loss position, fair value | 83,341 | 115,189 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 2,093 | 3,494 |
Collateralized debt obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities in unrealized loss positions, number of positions | 3 | |
Available for sale securities, continuous unrealized loss position, less than twelve months, estimated fair value | 0 | |
Available for sale securities, continuous unrealized loss position, twelve months or longer, estimated fair value | 934 | |
Available for sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 984 | |
Available for sale securities, continuous unrealized loss position, fair value | 934 | |
Available for sale securities, continuous unrealized loss position, accumulated loss | 984 | |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities in unrealized loss positions, number of positions | 7 | 3 |
Available for sale securities, continuous unrealized loss position, less than twelve months, estimated fair value | 23,024 | 7,430 |
Available for sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 50 | 93 |
Available for sale securities, continuous unrealized loss position, twelve months or longer, estimated fair value | 3,400 | 1,561 |
Available for sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 53 | 49 |
Available for sale securities, continuous unrealized loss position, fair value | 26,424 | 8,991 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 103 | 142 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities in unrealized loss positions, number of positions | 1 | 1 |
Available for sale securities, continuous unrealized loss position, less than twelve months, estimated fair value | 945 | |
Available for sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 55 | |
Available for sale securities, continuous unrealized loss position, twelve months or longer, estimated fair value | 966 | |
Available for sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 34 | |
Available for sale securities, continuous unrealized loss position, fair value | 966 | 945 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 34 | 55 |
Total investment securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities in unrealized loss positions, number of positions | 72 | 199 |
Available for sale securities, continuous unrealized loss position, less than twelve months, estimated fair value | 50,965 | 194,647 |
Available for sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 202 | 6,510 |
Available for sale securities, continuous unrealized loss position, twelve months or longer, estimated fair value | 98,482 | 9,341 |
Available for sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 2,483 | 1,595 |
Available for sale securities, continuous unrealized loss position, fair value | 149,447 | 203,988 |
Available for sale securities, continuous unrealized loss position, accumulated loss | $2,685 | $8,105 |
Held_to_Maturity_Securities_in
Held to Maturity Securities in Continuous Loss Position (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | count | count |
State and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 29 | 30 |
Held to maturity securities, continuous unrealized loss position, less than twelve months, fair value | $5,322 | $17,420 |
Held to maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | 190 | 1,195 |
Held to maturity securities, continuous unrealized loss position, twelve months or longer, fair value | 9,144 | 1,142 |
Held to maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 62 | 131 |
Held to maturity securities, continuous unrealized loss position, fair value | 14,466 | 18,562 |
Held to maturity securities, continuous unrealized loss position, accumulated loss | 252 | 1,326 |
Collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 1 | 1 |
Held to maturity securities, continuous unrealized loss position, less than twelve months, fair value | 8,613 | |
Held to maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | 834 | |
Held to maturity securities, continuous unrealized loss position, twelve months or longer, fair value | 8,298 | |
Held to maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 233 | |
Held to maturity securities, continuous unrealized loss position, fair value | 8,298 | 8,613 |
Held to maturity securities, continuous unrealized loss position, accumulated loss | 233 | 834 |
Corporate debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 2 | 2 |
Held to maturity securities, continuous unrealized loss position, less than twelve months, fair value | 2,358 | 2,984 |
Held to maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | 27 | 277 |
Held to maturity securities, continuous unrealized loss position, twelve months or longer, fair value | 750 | |
Held to maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 132 | |
Held to maturity securities, continuous unrealized loss position, fair value | 3,108 | 2,984 |
Held to maturity securities, continuous unrealized loss position, accumulated loss | 159 | 277 |
Total investment securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 32 | 33 |
Held to maturity securities, continuous unrealized loss position, less than twelve months, fair value | 7,680 | 29,017 |
Held to maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | 217 | 2,306 |
Held to maturity securities, continuous unrealized loss position, twelve months or longer, fair value | 18,192 | 1,142 |
Held to maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 427 | 131 |
Held to maturity securities, continuous unrealized loss position, fair value | 25,872 | 30,159 |
Held to maturity securities, continuous unrealized loss position, accumulated loss | $644 | $2,437 |
Credit_Losses_on_Fixed_Maturit
Credit Losses on Fixed Maturity Securities Recognized in Net Income (Details) (Available-for-sale Securities [Member], Collateralized debt obligations, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Available-for-sale Securities [Member] | Collateralized debt obligations | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning balance | $6,639 | $7,379 |
Reductions to credit losses: | ||
Securities with previous other than temporary impairments, due to liquidation | -740 | |
Securities with previous other than temporary impairments, due to sale | 6,639 | |
Ending balance | $0 | $6,639 |
Investments_Classified_by_Cont
Investments Classified by Contractual Maturity (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, amortized cost | $22,476 | |
Due after one year through five years, amortized cost | 122,371 | |
Due after five years through ten years, amortized cost | 102,908 | |
Due after ten years, amortized cost | 37,569 | |
Debt securities without a single maturity date, amortized cost | 178,377 | |
Total, amortized cost | 463,701 | |
Due in one year or less, estimated fair value | 22,637 | |
Due after one year through five years, estimated fair value | 124,385 | |
Due after five years through ten years, estimated fair value | 107,773 | |
Due after ten years, estimated fair value | 38,520 | |
Debt securities without a single maturity date, estimated fair value | 178,595 | |
Total, estimated fair value | 471,910 | |
Held-to-maturity Securities, Debt Maturities [Abstract] | ||
Due in one year or less, amortized cost | 190 | |
Due after one year through five years, amortized cost | 2,750 | |
Due after five years through ten years, amortized cost | 17,829 | |
Due after ten years, amortized cost | 22,202 | |
Debt securities without a single maturity date, amortized cost | 8,553 | |
Held to maturity | 51,524 | 32,625 |
Due in one year or less, estimated fair value | 189 | |
Due after one year through five years, estimated fair value | 2,723 | |
Due after five years through ten years, estimated fair value | 17,905 | |
Due after ten years, estimated fair value | 22,113 | |
Debt securities without a single maturity date, estimated fair value | 8,323 | |
Estimated fair value | $51,253 | $30,191 |
Investment_Securities_Realized
Investment Securities Realized Gains and Losses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt securities | |||
Gain (Loss) on Investments [Line Items] | |||
Gross realized gains | $1,463 | $144 | $424 |
Gross realized losses | 236 | 79 | |
Other-than-temporary impairment | 345 | ||
Total | 1,227 | 65 | 79 |
Equity securities | |||
Gain (Loss) on Investments [Line Items] | |||
Gross realized gains | 381 | ||
Other-than-temporary impairment | 0 | ||
Total | 381 | ||
Total investment securities | |||
Gain (Loss) on Investments [Line Items] | |||
Total | $1,227 | $65 | $460 |
Investment_Securities_Investme
Investment Securities Investment Securities Textual References (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
count | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment securities gains | $1,227,000 | $65,000 | $805,000 |
Available for sale | 474,942,000 | 498,561,000 | |
Available-for-sale securities pledged as collateral | 200,700,000 | 202,800,000 | |
Investment in Collateralized Debt Obligations, Number of Securities | 5 | ||
Proceeds from sales of investment securities | 33,457,000 | 12,447,000 | 18,307,000 |
Federal Home Loan Bank Stock | 8,582,000 | 9,226,000 | |
State and political subdivisions | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale | 195,199,000 | 210,796,000 | |
Collateralized debt obligations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment securities gains | 800,000 | ||
Available for sale | 1,317,000 | ||
Investment in Collateralized Debt Obligations, Original Basis | 8,800,000 | ||
Corporate debt securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale | 48,741,000 | 29,944,000 | |
Equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale | 3,032,000 | 3,057,000 | |
Other-than-temporary impairment | 0 | ||
Fixed Income Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale | 1,000,000 | ||
IOWA | State and political subdivisions | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Geographic Concentration of Investments Credit Risk | 60.00% | ||
Carrying Amount | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale | 474,942,000 | 498,561,000 | |
Federal Home Loan Bank Stock | 8,582,000 | 9,226,000 | |
Banks, Trust and Insurance, Equities [Member] | Equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale | $2,100,000 |
Allowance_for_Loan_Losses_and_
Allowance for Loan Losses and Recorded Investment in Loan Receivables (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | $1,145 | $1,423 | ||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 15,218 | 14,756 | ||
Loans and leases receivable, allowance | 16,363 | 16,179 | 15,957 | 15,676 |
Loans acquired with deteriorated credit quality (loan pool participations) | 2,134 | 2,134 | ||
Financing Receivable [Abstract] | ||||
Financing receivable, individually evaluated for impairment | 13,486 | 13,460 | ||
Financing receivable, collectively evaluated for impairment | 1,119,033 | 1,074,952 | ||
Loans and leases receivable, gross | 1,132,519 | 1,088,412 | ||
Loans acquired with deteriorated credit quality (loan pool participations) | 21,466 | 27,667 | ||
Agricultural Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 88 | 125 | ||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 1,418 | 1,233 | ||
Loans and leases receivable, allowance | 1,506 | 1,358 | 1,026 | 1,209 |
Loans acquired with deteriorated credit quality (loan pool participations) | 3 | |||
Financing Receivable [Abstract] | ||||
Financing receivable, individually evaluated for impairment | 3,027 | 3,146 | ||
Financing receivable, collectively evaluated for impairment | 101,782 | 94,021 | ||
Loans and leases receivable, gross | 104,809 | 97,167 | ||
Loans acquired with deteriorated credit quality (loan pool participations) | 4 | 49 | ||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 206 | 559 | ||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 5,574 | 4,421 | ||
Loans and leases receivable, allowance | 5,780 | 4,980 | 4,599 | 5,380 |
Loans acquired with deteriorated credit quality (loan pool participations) | 70 | 64 | ||
Financing Receivable [Abstract] | ||||
Financing receivable, individually evaluated for impairment | 3,168 | 3,521 | ||
Financing receivable, collectively evaluated for impairment | 301,732 | 260,130 | ||
Loans and leases receivable, gross | 304,900 | 263,651 | ||
Loans acquired with deteriorated credit quality (loan pool participations) | 935 | 1,302 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 226 | 513 | ||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 4,173 | 4,781 | ||
Loans and leases receivable, allowance | 4,399 | 5,294 | 5,767 | 5,171 |
Loans acquired with deteriorated credit quality (loan pool participations) | 669 | 627 | ||
Financing Receivable [Abstract] | ||||
Financing receivable, individually evaluated for impairment | 3,916 | 5,079 | ||
Financing receivable, collectively evaluated for impairment | 422,605 | 429,345 | ||
Loans and leases receivable, gross | 426,521 | 434,424 | ||
Loans acquired with deteriorated credit quality (loan pool participations) | 14,246 | 18,168 | ||
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 623 | 220 | ||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 2,544 | 2,965 | ||
Loans and leases receivable, allowance | 3,167 | 3,185 | 3,007 | 3,501 |
Loans acquired with deteriorated credit quality (loan pool participations) | 82 | 88 | ||
Financing Receivable [Abstract] | ||||
Financing receivable, individually evaluated for impairment | 3,341 | 1,664 | ||
Financing receivable, collectively evaluated for impairment | 269,270 | 272,462 | ||
Loans and leases receivable, gross | 272,611 | 274,126 | ||
Loans acquired with deteriorated credit quality (loan pool participations) | 3,340 | 3,823 | ||
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 2 | 6 | ||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 321 | 269 | ||
Loans and leases receivable, allowance | 323 | 275 | 356 | 167 |
Loans acquired with deteriorated credit quality (loan pool participations) | 9 | 6 | ||
Financing Receivable [Abstract] | ||||
Financing receivable, individually evaluated for impairment | 34 | 50 | ||
Financing receivable, collectively evaluated for impairment | 23,644 | 18,994 | ||
Loans and leases receivable, gross | 23,678 | 19,044 | ||
Loans acquired with deteriorated credit quality (loan pool participations) | 12 | 18 | ||
Unallocated Financing Receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 1,188 | 1,087 | ||
Loans and leases receivable, allowance | 1,188 | 1,087 | 1,202 | 248 |
Loans acquired with deteriorated credit quality (loan pool participations) | 1,304 | 1,346 | ||
Financing Receivable [Abstract] | ||||
Loans acquired with deteriorated credit quality (loan pool participations) | $2,929 | $4,307 |
Allowance_for_Loan_Loss_Activi
Allowance for Loan Loss Activity (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | $16,179 | $15,957 | $16,179 | $15,957 | $15,676 | ||||||
Charge-offs | 1,361 | 1,807 | 3,101 | ||||||||
Recoveries | 345 | 679 | 1,003 | ||||||||
Provision | 300 | 150 | 300 | 450 | 300 | 250 | 600 | 200 | 1,200 | 1,350 | 2,379 |
Ending balance | 16,363 | 16,179 | 16,363 | 16,179 | 15,957 | ||||||
Agricultural Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 1,358 | 1,026 | 1,358 | 1,026 | 1,209 | ||||||
Charge-offs | 26 | 39 | |||||||||
Recoveries | 10 | 36 | 507 | ||||||||
Provision | 164 | 335 | -690 | ||||||||
Ending balance | 1,506 | 1,358 | 1,506 | 1,358 | 1,026 | ||||||
Commercial Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 4,980 | 4,599 | 4,980 | 4,599 | 5,380 | ||||||
Charge-offs | 685 | 790 | 2,345 | ||||||||
Recoveries | 217 | 70 | 423 | ||||||||
Provision | 1,268 | 1,101 | 1,141 | ||||||||
Ending balance | 5,780 | 4,980 | 5,780 | 4,980 | 4,599 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 5,294 | 5,767 | 5,294 | 5,767 | 5,171 | ||||||
Charge-offs | 165 | 545 | 129 | ||||||||
Recoveries | 61 | 479 | 24 | ||||||||
Provision | -791 | -407 | 701 | ||||||||
Ending balance | 4,399 | 5,294 | 4,399 | 5,294 | 5,767 | ||||||
Residential Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 3,185 | 3,007 | 3,185 | 3,007 | 3,501 | ||||||
Charge-offs | 409 | 286 | 537 | ||||||||
Recoveries | 22 | 67 | 31 | ||||||||
Provision | 369 | 397 | 12 | ||||||||
Ending balance | 3,167 | 3,185 | 3,167 | 3,185 | 3,007 | ||||||
Consumer Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 275 | 356 | 275 | 356 | 167 | ||||||
Charge-offs | 76 | 147 | 90 | ||||||||
Recoveries | 35 | 27 | 18 | ||||||||
Provision | 89 | 39 | 261 | ||||||||
Ending balance | 323 | 275 | 323 | 275 | 356 | ||||||
Unallocated Financing Receivables [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 1,087 | 1,202 | 1,087 | 1,202 | 248 | ||||||
Provision | 101 | -115 | 954 | ||||||||
Ending balance | $1,188 | $1,087 | $1,188 | $1,087 | $1,202 |
New_Troubled_Debt_Restructurin
New Troubled Debt Restructurings During Period (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
count | count | count | ||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | 2 | 16 | 4 | |||
Financing receivable, modifications, pre-modification recorded investment | $1,690 | $1,949 | $3,161 | |||
Financing receivable, modifications, post-modification recorded investment | 1,697 | 1,933 | 3,077 | |||
Interest Rate Reduction [Member] | Farmland Loan Financing Receivable [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | 2 | [1] | ||||
Financing receivable, modifications, pre-modification recorded investment | 2,475 | [1] | ||||
Financing receivable, modifications, post-modification recorded investment | 2,388 | [1] | ||||
Interest Rate Reduction [Member] | Residential Real Estate First Lien Loan Financing Receivable [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | 1 | [1] | 2 | [1] | ||
Financing receivable, modifications, pre-modification recorded investment | 285 | [1] | 164 | [1] | ||
Financing receivable, modifications, post-modification recorded investment | 292 | [1] | 169 | [1] | ||
Interest Rate Reduction [Member] | Residential Real Estate Junior Lien Loan Financing Receivable [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | 1 | [1] | 1 | [1] | ||
Financing receivable, modifications, pre-modification recorded investment | 8 | [1] | 135 | [1] | ||
Financing receivable, modifications, post-modification recorded investment | 13 | [1] | 138 | [1] | ||
Amortization or Maturity Date Change [Member] | Commercial and Industrial Loan Financing Receivable [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | 1 | [1] | 10 | [1] | 1 | [1] |
Financing receivable, modifications, pre-modification recorded investment | 1,405 | [1] | 1,546 | [1] | 551 | [1] |
Financing receivable, modifications, post-modification recorded investment | 1,405 | [1] | 1,546 | [1] | 551 | [1] |
Amortization or Maturity Date Change [Member] | Commercial Real Estate Loan Other Financing Receivable [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | 2 | [1] | ||||
Financing receivable, modifications, pre-modification recorded investment | 165 | [1] | ||||
Financing receivable, modifications, post-modification recorded investment | 136 | [1] | ||||
Amortization or Maturity Date Change [Member] | Residential Real Estate First Lien Loan Financing Receivable [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | 1 | [1] | ||||
Financing receivable, modifications, pre-modification recorded investment | 66 | [1] | ||||
Financing receivable, modifications, post-modification recorded investment | $69 | [1] | ||||
[1] | (1) TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower. |
New_Troubled_Debt_Restructurin1
New Troubled Debt Restructurings During Past Twelve Months That Defaulted During the Period (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
count | count | count | |||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, subsequent default, number of contracts | 0 | 2 | 1 | ||
Financing receivable, modifications, subsequent default, recorded investment | $0 | $180 | $547 | ||
Amortization or Maturity Date Change [Member] | Commercial and Industrial Loan Financing Receivable [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, subsequent default, number of contracts | 1 | [1] | |||
Financing receivable, modifications, subsequent default, recorded investment | 547 | [1] | |||
Amortization or Maturity Date Change [Member] | Commercial Real Estate Loan Other Financing Receivable [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, subsequent default, number of contracts | 1 | [1] | |||
Financing receivable, modifications, subsequent default, recorded investment | 69 | [1] | |||
Interest Rate Reduction [Member] | Residential Real Estate First Lien Loan Financing Receivable [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, subsequent default, number of contracts | 1 | [1] | |||
Financing receivable, modifications, subsequent default, recorded investment | $111 | [1] | |||
[1] | (1) TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower. |
Loans_by_Internally_Assigned_C
Loans by Internally Assigned Credit Quality Indicators (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | $1,132,519 | $1,088,412 |
Agricultural Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 104,809 | 97,167 |
Commercial and Industrial Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 303,108 | 262,368 |
Commercial Credit Card Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 1,246 | 1,028 |
Overdraft Deposit Account Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 744 | 537 |
Commercial Real Estate Construction and Development Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 59,383 | 72,589 |
Farmland Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 83,700 | 85,475 |
Multifamily Real Estate Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 54,886 | 55,443 |
Commercial Real Estate Loan Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 228,552 | 220,917 |
Commercial Real Estate Total [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 426,521 | 434,424 |
Residential Real Estate First Lien Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 219,314 | 220,668 |
Residential Real Estate Junior Lien Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 53,297 | 53,458 |
Residential Real Estate Total | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 272,611 | 274,126 |
Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 23,480 | 18,762 |
Loans Aqcuired with Deteriorated Credit Quality Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 21,466 | 27,667 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 1,067,427 | 1,015,076 |
Pass [Member] | Agricultural Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 98,096 | 93,187 |
Pass [Member] | Commercial and Industrial Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 273,290 | 239,485 |
Pass [Member] | Commercial Credit Card Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 1,240 | 1,010 |
Pass [Member] | Overdraft Deposit Account Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 373 | 326 |
Pass [Member] | Commercial Real Estate Construction and Development Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 56,963 | 56,112 |
Pass [Member] | Farmland Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 79,629 | 80,044 |
Pass [Member] | Multifamily Real Estate Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 54,708 | 53,315 |
Pass [Member] | Commercial Real Estate Loan Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 215,268 | 205,914 |
Pass [Member] | Commercial Real Estate Total [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 406,568 | 395,385 |
Pass [Member] | Residential Real Estate First Lien Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 211,390 | 213,815 |
Pass [Member] | Residential Real Estate Junior Lien Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 53,039 | 53,225 |
Pass [Member] | Residential Real Estate Total | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 264,429 | 267,040 |
Pass [Member] | Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 23,431 | 18,643 |
Pass [Member] | Loans Aqcuired with Deteriorated Credit Quality Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 10,256 | 13,569 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 31,080 | 48,571 |
Special Mention [Member] | Agricultural Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 5,032 | 460 |
Special Mention [Member] | Commercial and Industrial Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 7,468 | 11,097 |
Special Mention [Member] | Commercial Credit Card Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 6 | 1 |
Special Mention [Member] | Overdraft Deposit Account Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 262 | 123 |
Special Mention [Member] | Commercial Real Estate Construction and Development Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 1,151 | 14,984 |
Special Mention [Member] | Farmland Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 1,778 | 3,091 |
Special Mention [Member] | Multifamily Real Estate Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 178 | 1,732 |
Special Mention [Member] | Commercial Real Estate Loan Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 11,216 | 12,994 |
Special Mention [Member] | Commercial Real Estate Total [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 14,323 | 32,801 |
Special Mention [Member] | Residential Real Estate First Lien Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 3,933 | 3,994 |
Special Mention [Member] | Residential Real Estate Junior Lien Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 48 | 38 |
Special Mention [Member] | Residential Real Estate Total | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 3,981 | 4,032 |
Special Mention [Member] | Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 8 | 57 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 34,012 | 24,765 |
Substandard [Member] | Agricultural Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 1,681 | 3,520 |
Substandard [Member] | Commercial and Industrial Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 22,350 | 11,786 |
Substandard [Member] | Commercial Credit Card Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 17 | |
Substandard [Member] | Overdraft Deposit Account Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 109 | 88 |
Substandard [Member] | Commercial Real Estate Construction and Development Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 1,269 | 1,493 |
Substandard [Member] | Farmland Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 2,293 | 2,340 |
Substandard [Member] | Multifamily Real Estate Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 396 | |
Substandard [Member] | Commercial Real Estate Loan Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 2,068 | 2,009 |
Substandard [Member] | Commercial Real Estate Total [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 5,630 | 6,238 |
Substandard [Member] | Residential Real Estate First Lien Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 3,991 | 2,859 |
Substandard [Member] | Residential Real Estate Junior Lien Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 210 | 195 |
Substandard [Member] | Residential Real Estate Total | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 4,201 | 3,054 |
Substandard [Member] | Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 41 | 62 |
Substandard [Member] | Loans Aqcuired with Deteriorated Credit Quality Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 11,202 | 14,093 |
Unlikely to be Collected Financing Receivable [Member] | Loans Aqcuired with Deteriorated Credit Quality Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | $8 | $5 |
Amounts_and_Categories_of_Impa
Amounts and Categories of Impaired Loans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, with no related allowance, recorded investment | $7,512,000 | $4,888,000 | |
Impaired financing receivable, with no related allowance, unpaid principal balance | 8,805,000 | 6,132,000 | |
Impaired financing receivable, with related allowance, recorded investment | 5,974,000 | 8,572,000 | |
Impaired financing receivable, with related allowance, unpaid principal balance | 5,974,000 | 8,992,000 | |
Impaired financing receivable, related allowance | 1,145,000 | 1,423,000 | |
Impaired financing receivable, recorded investment | 13,486,000 | 13,460,000 | |
Impaired financing receivable, unpaid principal balance | 14,779,000 | 15,124,000 | |
Impaired financing receivable, with no related allowance, average recorded investment | 7,648,000 | 4,727,000 | 4,936,000 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 862,000 | 259,000 | 199,000 |
Impaired financing receivable, with related allowance, average recorded investment | 6,048,000 | 8,663,000 | 7,093,000 |
Impaired financing receivable, with related allowance, interest income, accrual method | 564,000 | 332,000 | 285,000 |
Impaired financing receivable, average recorded investment | 13,696,000 | 13,390,000 | 12,029,000 |
Impaired financing receivable, interest income, accrual method | 1,426,000 | 591,000 | 484,000 |
Loans and leases receivable, impaired, commitment to lend | 0 | ||
Agricultural Loan Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, with no related allowance, recorded investment | 1,410,000 | 1,475,000 | |
Impaired financing receivable, with no related allowance, unpaid principal balance | 1,910,000 | 1,975,000 | |
Impaired financing receivable, with related allowance, recorded investment | 1,617,000 | 1,671,000 | |
Impaired financing receivable, with related allowance, unpaid principal balance | 1,617,000 | 1,671,000 | |
Impaired financing receivable, related allowance | 88,000 | 125,000 | |
Impaired financing receivable, recorded investment | 3,027,000 | 3,146,000 | |
Impaired financing receivable, unpaid principal balance | 3,527,000 | 3,646,000 | |
Impaired financing receivable, with no related allowance, average recorded investment | 1,413,000 | 1,128,000 | 1,600,000 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 211,000 | 114,000 | 60,000 |
Impaired financing receivable, with related allowance, average recorded investment | 1,627,000 | 1,681,000 | 1,723,000 |
Impaired financing receivable, with related allowance, interest income, accrual method | 203,000 | 51,000 | 50,000 |
Impaired financing receivable, average recorded investment | 3,040,000 | 2,809,000 | 3,323,000 |
Impaired financing receivable, interest income, accrual method | 414,000 | 165,000 | 110,000 |
Commercial and Industrial Loan Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, with no related allowance, recorded investment | 2,169,000 | 1,919,000 | |
Impaired financing receivable, with no related allowance, unpaid principal balance | 2,270,000 | 2,020,000 | |
Impaired financing receivable, with related allowance, recorded investment | 999,000 | 1,602,000 | |
Impaired financing receivable, with related allowance, unpaid principal balance | 999,000 | 1,657,000 | |
Impaired financing receivable, related allowance | 206,000 | 559,000 | |
Impaired financing receivable, recorded investment | 3,168,000 | 3,521,000 | |
Impaired financing receivable, unpaid principal balance | 3,269,000 | 3,677,000 | |
Impaired financing receivable, with no related allowance, average recorded investment | 2,234,000 | 2,025,000 | 965,000 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 160,000 | 76,000 | 52,000 |
Impaired financing receivable, with related allowance, average recorded investment | 1,044,000 | 1,697,000 | 1,044,000 |
Impaired financing receivable, with related allowance, interest income, accrual method | 104,000 | 75,000 | 36,000 |
Impaired financing receivable, average recorded investment | 3,278,000 | 3,722,000 | 2,009,000 |
Impaired financing receivable, interest income, accrual method | 264,000 | 151,000 | 88,000 |
Commercial Real Estate Construction and Development Loan Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, with no related allowance, recorded investment | 49,000 | 132,000 | |
Impaired financing receivable, with no related allowance, unpaid principal balance | 176,000 | 601,000 | |
Impaired financing receivable, with related allowance, recorded investment | 34,000 | 7,000 | |
Impaired financing receivable, with related allowance, unpaid principal balance | 34,000 | 7,000 | |
Impaired financing receivable, related allowance | 34,000 | 3,000 | |
Impaired financing receivable, recorded investment | 83,000 | 139,000 | |
Impaired financing receivable, unpaid principal balance | 210,000 | 608,000 | |
Impaired financing receivable, with no related allowance, average recorded investment | 49,000 | 149,000 | 316,000 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 21,000 | ||
Impaired financing receivable, with related allowance, average recorded investment | 35,000 | 7,000 | 526,000 |
Impaired financing receivable, with related allowance, interest income, accrual method | 3,000 | 30,000 | |
Impaired financing receivable, average recorded investment | 84,000 | 156,000 | 842,000 |
Impaired financing receivable, interest income, accrual method | 3,000 | 21,000 | 30,000 |
Farmland Loan Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, with no related allowance, recorded investment | 2,270,000 | 93,000 | |
Impaired financing receivable, with no related allowance, unpaid principal balance | 2,433,000 | 107,000 | |
Impaired financing receivable, with related allowance, recorded investment | 74,000 | 2,311,000 | |
Impaired financing receivable, with related allowance, unpaid principal balance | 74,000 | 2,461,000 | |
Impaired financing receivable, related allowance | 4,000 | 219,000 | |
Impaired financing receivable, recorded investment | 2,344,000 | 2,404,000 | |
Impaired financing receivable, unpaid principal balance | 2,507,000 | 2,568,000 | |
Impaired financing receivable, with no related allowance, average recorded investment | 2,288,000 | 101,000 | 83,000 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 456,000 | 8,000 | 8,000 |
Impaired financing receivable, with related allowance, average recorded investment | 74,000 | 2,315,000 | 2,504,000 |
Impaired financing receivable, with related allowance, interest income, accrual method | 3,000 | 110,000 | 114,000 |
Impaired financing receivable, average recorded investment | 2,362,000 | 2,416,000 | 2,587,000 |
Impaired financing receivable, interest income, accrual method | 459,000 | 118,000 | 122,000 |
Commercial Real Estate Loan Other Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, with no related allowance, recorded investment | 939,000 | 587,000 | |
Impaired financing receivable, with no related allowance, unpaid principal balance | 1,064,000 | 612,000 | |
Impaired financing receivable, with related allowance, recorded investment | 550,000 | 1,949,000 | |
Impaired financing receivable, with related allowance, unpaid principal balance | 550,000 | 2,164,000 | |
Impaired financing receivable, related allowance | 188,000 | 291,000 | |
Impaired financing receivable, recorded investment | 1,489,000 | 2,536,000 | |
Impaired financing receivable, unpaid principal balance | 1,614,000 | 2,776,000 | |
Impaired financing receivable, with no related allowance, average recorded investment | 975,000 | 593,000 | 1,770,000 |
Impaired financing receivable, with no related allowance, interest income, accrual method | -3,000 | 25,000 | 72,000 |
Impaired financing receivable, with related allowance, average recorded investment | 551,000 | 1,921,000 | 559,000 |
Impaired financing receivable, with related allowance, interest income, accrual method | 43,000 | 55,000 | 18,000 |
Impaired financing receivable, average recorded investment | 1,526,000 | 2,514,000 | 2,329,000 |
Impaired financing receivable, interest income, accrual method | 40,000 | 80,000 | 90,000 |
Commercial Real Estate Total [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, with no related allowance, recorded investment | 3,258,000 | 812,000 | |
Impaired financing receivable, with no related allowance, unpaid principal balance | 3,673,000 | 1,320,000 | |
Impaired financing receivable, with related allowance, recorded investment | 658,000 | 4,267,000 | |
Impaired financing receivable, with related allowance, unpaid principal balance | 658,000 | 4,632,000 | |
Impaired financing receivable, related allowance | 226,000 | 513,000 | |
Impaired financing receivable, recorded investment | 3,916,000 | 5,079,000 | |
Impaired financing receivable, unpaid principal balance | 4,331,000 | 5,952,000 | |
Impaired financing receivable, with no related allowance, average recorded investment | 3,312,000 | 843,000 | 2,169,000 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 453,000 | 54,000 | 80,000 |
Impaired financing receivable, with related allowance, average recorded investment | 660,000 | 4,243,000 | 3,589,000 |
Impaired financing receivable, with related allowance, interest income, accrual method | 49,000 | 165,000 | 162,000 |
Impaired financing receivable, average recorded investment | 3,972,000 | 5,086,000 | 5,758,000 |
Impaired financing receivable, interest income, accrual method | 502,000 | 219,000 | 242,000 |
Residential Real Estate First Lien Loan Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, with no related allowance, recorded investment | 535,000 | 622,000 | |
Impaired financing receivable, with no related allowance, unpaid principal balance | 773,000 | 741,000 | |
Impaired financing receivable, with related allowance, recorded investment | 2,600,000 | 902,000 | |
Impaired financing receivable, with related allowance, unpaid principal balance | 2,600,000 | 902,000 | |
Impaired financing receivable, related allowance | 594,000 | 170,000 | |
Impaired financing receivable, recorded investment | 3,135,000 | 1,524,000 | |
Impaired financing receivable, unpaid principal balance | 3,373,000 | 1,643,000 | |
Impaired financing receivable, with no related allowance, average recorded investment | 547,000 | 669,000 | 143,000 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 32,000 | 14,000 | 4,000 |
Impaired financing receivable, with related allowance, average recorded investment | 2,612,000 | 909,000 | 645,000 |
Impaired financing receivable, with related allowance, interest income, accrual method | 203,000 | 38,000 | 33,000 |
Impaired financing receivable, average recorded investment | 3,159,000 | 1,578,000 | 788,000 |
Impaired financing receivable, interest income, accrual method | 235,000 | 52,000 | 37,000 |
Residential Real Estate Junior Lien Loan Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, with no related allowance, recorded investment | 134,000 | 50,000 | |
Impaired financing receivable, with no related allowance, unpaid principal balance | 157,000 | 50,000 | |
Impaired financing receivable, with related allowance, recorded investment | 72,000 | 90,000 | |
Impaired financing receivable, with related allowance, unpaid principal balance | 72,000 | 90,000 | |
Impaired financing receivable, related allowance | 29,000 | 50,000 | |
Impaired financing receivable, recorded investment | 206,000 | 140,000 | |
Impaired financing receivable, unpaid principal balance | 229,000 | 140,000 | |
Impaired financing receivable, with no related allowance, average recorded investment | 134,000 | 50,000 | 43,000 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 6,000 | 1,000 | 3,000 |
Impaired financing receivable, with related allowance, average recorded investment | 74,000 | 92,000 | 68,000 |
Impaired financing receivable, with related allowance, interest income, accrual method | 1,000 | 2,000 | |
Impaired financing receivable, average recorded investment | 208,000 | 142,000 | 111,000 |
Impaired financing receivable, interest income, accrual method | 6,000 | 2,000 | 5,000 |
Residential Real Estate Total | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, with no related allowance, recorded investment | 669,000 | 672,000 | |
Impaired financing receivable, with no related allowance, unpaid principal balance | 930,000 | 791,000 | |
Impaired financing receivable, with related allowance, recorded investment | 2,672,000 | 992,000 | |
Impaired financing receivable, with related allowance, unpaid principal balance | 2,672,000 | 992,000 | |
Impaired financing receivable, related allowance | 623,000 | 220,000 | |
Impaired financing receivable, recorded investment | 3,341,000 | 1,664,000 | |
Impaired financing receivable, unpaid principal balance | 3,602,000 | 1,783,000 | |
Impaired financing receivable, with no related allowance, average recorded investment | 681,000 | 719,000 | 186,000 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 38,000 | 15,000 | 7,000 |
Impaired financing receivable, with related allowance, average recorded investment | 2,686,000 | 1,001,000 | 713,000 |
Impaired financing receivable, with related allowance, interest income, accrual method | 203,000 | 39,000 | 35,000 |
Impaired financing receivable, average recorded investment | 3,367,000 | 1,720,000 | 899,000 |
Impaired financing receivable, interest income, accrual method | 241,000 | 54,000 | 42,000 |
Consumer Other Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivable, with no related allowance, recorded investment | 6,000 | 10,000 | |
Impaired financing receivable, with no related allowance, unpaid principal balance | 22,000 | 26,000 | |
Impaired financing receivable, with related allowance, recorded investment | 28,000 | 40,000 | |
Impaired financing receivable, with related allowance, unpaid principal balance | 28,000 | 40,000 | |
Impaired financing receivable, related allowance | 2,000 | 6,000 | |
Impaired financing receivable, recorded investment | 34,000 | 50,000 | |
Impaired financing receivable, unpaid principal balance | 50,000 | 66,000 | |
Impaired financing receivable, with no related allowance, average recorded investment | 8,000 | 12,000 | 16,000 |
Impaired financing receivable, with related allowance, average recorded investment | 31,000 | 41,000 | 24,000 |
Impaired financing receivable, with related allowance, interest income, accrual method | 5,000 | 2,000 | 2,000 |
Impaired financing receivable, average recorded investment | 39,000 | 53,000 | 40,000 |
Impaired financing receivable, interest income, accrual method | $5,000 | $2,000 | $2,000 |
Past_Due_Loan_Aging_Details
Past Due Loan Aging (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | $3,354 | $3,627 |
60 - 89 Days Past Due | 1,332 | 2,060 |
90 Days or More Past Due | 4,040 | 4,463 |
Total Past Due | 8,726 | 10,150 |
Current | 1,123,793 | 1,078,262 |
Total Loans Receivable | 1,132,519 | 1,088,412 |
90 Days Past Due and Still Accruing | 848 | 1,385 |
Agricultural Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 58 | 65 |
60 - 89 Days Past Due | 30 | 23 |
90 Days or More Past Due | 52 | |
Total Past Due | 88 | 140 |
Current | 104,721 | 97,027 |
Total Loans Receivable | 104,809 | 97,167 |
Commercial and Industrial Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 897 | 610 |
60 - 89 Days Past Due | 603 | 876 |
90 Days or More Past Due | 515 | 960 |
Total Past Due | 2,015 | 2,446 |
Current | 301,093 | 259,922 |
Total Loans Receivable | 303,108 | 262,368 |
90 Days Past Due and Still Accruing | 66 | 213 |
Commercial Credit Card Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 3 | |
60 - 89 Days Past Due | 3 | 1 |
90 Days or More Past Due | 17 | |
Total Past Due | 6 | 18 |
Current | 1,240 | 1,010 |
Total Loans Receivable | 1,246 | 1,028 |
90 Days Past Due and Still Accruing | 17 | |
Overdraft Deposit Account Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 104 | 40 |
60 - 89 Days Past Due | 2 | 1 |
90 Days or More Past Due | 4 | 48 |
Total Past Due | 110 | 89 |
Current | 634 | 448 |
Total Loans Receivable | 744 | 537 |
Commercial Real Estate Construction and Development Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 84 | |
90 Days or More Past Due | 83 | 56 |
Total Past Due | 83 | 140 |
Current | 59,300 | 72,449 |
Total Loans Receivable | 59,383 | 72,589 |
Farmland Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 503 | |
Total Past Due | 503 | |
Current | 83,197 | 85,475 |
Total Loans Receivable | 83,700 | 85,475 |
Multifamily Real Estate Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days or More Past Due | 395 | |
Total Past Due | 395 | |
Current | 54,886 | 55,048 |
Total Loans Receivable | 54,886 | 55,443 |
90 Days Past Due and Still Accruing | 395 | |
Commercial Real Estate Loan Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 168 | 604 |
60 - 89 Days Past Due | 57 | 190 |
90 Days or More Past Due | 1,200 | 1,740 |
Total Past Due | 1,425 | 2,534 |
Current | 227,127 | 218,383 |
Total Loans Receivable | 228,552 | 220,917 |
90 Days Past Due and Still Accruing | 164 | |
Commercial Real Estate Total [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 671 | 688 |
60 - 89 Days Past Due | 57 | 190 |
90 Days or More Past Due | 1,283 | 2,191 |
Total Past Due | 2,011 | 3,069 |
Current | 424,510 | 431,355 |
Total Loans Receivable | 426,521 | 434,424 |
90 Days Past Due and Still Accruing | 559 | |
Residential Real Estate First Lien Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,481 | 1,891 |
60 - 89 Days Past Due | 581 | 869 |
90 Days or More Past Due | 2,023 | 984 |
Total Past Due | 4,085 | 3,744 |
Current | 215,229 | 216,924 |
Total Loans Receivable | 219,314 | 220,668 |
90 Days Past Due and Still Accruing | 780 | 540 |
Residential Real Estate Junior Lien Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 105 | 316 |
60 - 89 Days Past Due | 48 | 38 |
90 Days or More Past Due | 192 | 175 |
Total Past Due | 345 | 529 |
Current | 52,952 | 52,929 |
Total Loans Receivable | 53,297 | 53,458 |
90 Days Past Due and Still Accruing | 49 | |
Residential Real Estate Total | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,586 | 2,207 |
60 - 89 Days Past Due | 629 | 907 |
90 Days or More Past Due | 2,215 | 1,159 |
Total Past Due | 4,430 | 4,273 |
Current | 268,181 | 269,853 |
Total Loans Receivable | 272,611 | 274,126 |
90 Days Past Due and Still Accruing | 780 | 589 |
Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 35 | 17 |
60 - 89 Days Past Due | 8 | 62 |
90 Days or More Past Due | 23 | 36 |
Total Past Due | 66 | 115 |
Current | 23,414 | 18,647 |
Total Loans Receivable | 23,480 | 18,762 |
90 Days Past Due and Still Accruing | $2 | $7 |
Nonaccrual_Loans_Details
Nonaccrual Loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $3,255 | $3,240 |
Agricultural Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 52 | |
Commercial and Industrial Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 479 | 746 |
Commercial Real Estate Construction and Development Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 83 | 139 |
Farmland Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 24 | 29 |
Commercial Real Estate Loan Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,200 | 1,576 |
Commercial Real Estate Total [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,307 | 1,744 |
Residential Real Estate First Lien Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,261 | 543 |
Residential Real Estate Junior Lien Loan Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 192 | 126 |
Residential Real Estate Total | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,453 | 669 |
Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $16 | $29 |
Loans_Receivable_and_the_Allow3
Loans Receivable and the Allowance for Loan Losses Textual References (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | quarters |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, for Federal Home Loan Bank Debt | $404.40 |
Allowance for Loan Losses, Unallocated Maximum Overage Percentage | 15.00% |
Allowance for Loan Losses, Unallocated Maximum Shortage Percentage | 5.00% |
Loans Reviewed Collectively for Impairment, Historical Loss Lookback, Number of Quarters | 20 |
Special Mention Loans, Allowance for Loan Loss Pass Allocation Multiple | 2 |
Substandard Loans, Allowance for Loan Loss Pass Allocation Multiple | 6 |
Loan_Pool_Participations_Detai
Loan Pool Participations (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loan Pool Participations [Abstract] | ||
Balance at beginning of year | $25,533 | $35,650 |
Principal payments | 4,724 | 8,687 |
Net charge-offs | 1,477 | 1,430 |
Balance at end of year | 19,332 | 25,533 |
Loan pool participations, face value | $68,376 | $80,902 |
Certain_Loans_Acquired_in_Tran
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Commercial | $477 | $502 |
Real estate loans: [Abstract] | ||
One- to four- family residential real estate, | 201 | 229 |
Other commercial real estate | 1,930 | 2,320 |
Total real estate | 2,131 | 2,549 |
Total | 2,608 | 3,051 |
Allowance | -56 | -48 |
Carrying amount, net of allowance | $2,552 | $3,003 |
Certain_Loans_Acquired_in_Tran1
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of year | $2,244 | $2,627 |
Accretions | -665 | -383 |
Balance at end of year | 1,579 | 2,244 |
Cash flows expected to be collected at acquisition | 7,913 | 8,128 |
Basis in acquired loans at acquisition | $4,482 | $4,638 |
Loan_Pool_Participations_Textu
Loan Pool Participations Textual References (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | count | |
Loan Pool Participations [Abstract] | ||
Criteria to Apply ASC Topic 310, Number | 6 | |
Loan Pool Participations Less Than 90 Days Past Due, Percentage | 70.00% | |
Loan Pool Participations 90 Days or More Past Due, Percentage | 30.00% | |
Loan Pool Participations Not Subject to Accretable Yield, Face Value | $65 | $76.90 |
Loan Pool Participations Receivable Not Subject to Accretable Yield, Gross Amount | $18.90 | $24.60 |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | $62,689,000 | $52,629,000 | |
Accumulated depreciation and amortization | 24,919,000 | 24,947,000 | |
Premises and equipment, net | 37,770,000 | 27,682,000 | |
Depreciation expense | 2,200,000 | 2,400,000 | 2,300,000 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | 4,836,000 | 4,836,000 | |
Buildings and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | 29,942,000 | 30,278,000 | |
Furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | 13,206,000 | 13,741,000 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | $14,705,000 | $3,774,000 |
Schedule_of_Intangible_Assets_
Schedule of Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Intangible Assets [Line Items] | |||
Gross carrying amount | $14,123 | $14,123 | |
Accumulated amortization | 5,864 | 5,317 | |
Unamortized intangible assets | 8,259 | 8,806 | |
Impairment of intangible assets, indefinite-lived | 0 | 0 | 0 |
Insurance agency intangible | |||
Schedule of Intangible Assets [Line Items] | |||
Finite-lived intangible asset, weighted average useful life | 7 years | 8 years | |
Gross carrying amount | 1,320 | 1,320 | |
Accumulated amortization | 956 | 850 | |
Unamortized intangible assets | 364 | 470 | |
Core deposit premium | |||
Schedule of Intangible Assets [Line Items] | |||
Finite-lived intangible asset, weighted average useful life | 4 years | 5 years | |
Gross carrying amount | 5,433 | 5,433 | |
Accumulated amortization | 4,742 | 4,322 | |
Unamortized intangible assets | 691 | 1,111 | |
Customer list intangible | |||
Schedule of Intangible Assets [Line Items] | |||
Finite-lived intangible asset, weighted average useful life | 9 years | 10 years | |
Gross carrying amount | 330 | 330 | |
Accumulated amortization | 166 | 145 | |
Unamortized intangible assets | 164 | 185 | |
Trade Names [Member] | |||
Schedule of Intangible Assets [Line Items] | |||
Gross carrying amount | 7,040 | 7,040 | |
Unamortized intangible assets | $7,040 | $7,040 |
Schedule_of_FiniteLived_Intang
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization expense, next twelve months | $431 |
Amortization expense, year two | 314 |
Amortization expense, year three | 197 |
Amortization expense, year four | 81 |
Amortization expense, year five | 38 |
Amortization expense, after year five | 158 |
Total | 1,219 |
Insurance agency intangible | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization expense, next twelve months | 89 |
Amortization expense, year two | 72 |
Amortization expense, year three | 55 |
Amortization expense, year four | 38 |
Amortization expense, year five | 21 |
Amortization expense, after year five | 89 |
Total | 364 |
Core deposit premium | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization expense, next twelve months | 321 |
Amortization expense, year two | 222 |
Amortization expense, year three | 123 |
Amortization expense, year four | 25 |
Amortization expense, year five | 0 |
Amortization expense, after year five | 0 |
Total | 691 |
Customer list intangible | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization expense, next twelve months | 21 |
Amortization expense, year two | 20 |
Amortization expense, year three | 19 |
Amortization expense, year four | 18 |
Amortization expense, year five | 17 |
Amortization expense, after year five | 69 |
Total | $164 |
Other_Assets_Details
Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ||
Federal Home Loan Bank Stock | $8,582 | $9,226 |
Prepaid expenses | 1,350 | 1,030 |
Mortgage servicing rights | 2,308 | 2,298 |
Accounts receivable & other miscellaneous assets | 1,835 | 2,006 |
Total other assets | $14,075 | $14,560 |
Loans_Serviced_for_Others_Deta
Loans Serviced for Others (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Components of Managed Servicing Portfolio [Abstract] | ||
Loans serviced for others | $370 | $362.90 |
Time_Deposits_Fiscal_Year_Matu
Time Deposits, Fiscal Year Maturity (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Time Deposits, Fiscal Year Maturity [Abstract] | |
2014 | $267,510 |
2015 | 127,149 |
2016 | 60,174 |
2017 | 9,004 |
2018 | 9,177 |
Time Deposits | $473,014 |
Time_Deposits_Time_Deposit_Tex
Time Deposits Time Deposit Textual References (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Time Deposits [Abstract] | ||
Time Deposits, $250,000 or More | $150.20 | |
Domestic time deposit, brokered | $6.10 | $12.90 |
Shortterm_Borrowings_Details
Short-term Borrowings (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ||
Available-for-sale securities pledged as collateral | $200.70 | $202.80 |
Federal Reserve Bank Advances [Member] | ||
Short-term Debt [Line Items] | ||
Short-term debt | 0 | 0 |
Line of credit facility, maximum borrowing capacity | 11.8 | 11.4 |
Available-for-sale securities pledged as collateral | 13.1 | |
Federal Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
Short-term debt | 17.4 | 5.5 |
Securities Sold under Agreements to Repurchase [Member] | ||
Short-term Debt [Line Items] | ||
Short-term debt | $60.80 | $61.20 |
Short-term debt, weighted average interest rate | 0.21% | 0.21% |
Federal_Home_Loan_Bank_Borrowi2
Federal Home Loan Bank Borrowings and Long-Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
Due in next twelve months | $20,000 | $39,900 |
Due in year two | 17,000 | 20,000 |
Due in year three | 10,000 | 17,000 |
Due in year four | 17,000 | 10,000 |
Due in year five | 17,000 | 5,000 |
Due after year five | 12,000 | 15,000 |
Total Federal Home Loan Bank borrowings | $93,000 | $106,900 |
Maximum | ||
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
Average interest rate of amounts due within one year | 3.00% | 3.40% |
Average interest rate, due in one to two years | 2.46% | 3.00% |
Average interest rate, due in two to three years | 2.78% | 2.46% |
Average interest rate, due in three to four years | 1.83% | 2.78% |
Average interest rate, due in four to five years | 1.85% | 1.30% |
Average interest rate, due after five years | 2.25% | 1.75% |
Minimum | ||
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
Average interest rate of amounts due within one year | 2.06% | 1.25% |
Average interest rate, due in one to two years | 1.13% | 2.06% |
Average interest rate, due in two to three years | 1.09% | 1.13% |
Average interest rate, due in three to four years | 1.30% | 1.09% |
Average interest rate, due in four to five years | 1.42% | 1.30% |
Average interest rate, due after five years | 1.52% | 1.42% |
Federal_Home_Loan_Bank_Borrowi3
Federal Home Loan Bank Borrowings and Long-Term Debt Textual References (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Interest Expense, Trust Preferred Securities | $281,000 | $296,000 | $656,000 |
Federal Home Loan Bank Advances [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan, Bank Advances General Debt Obligations, Disclosures Maximum Borrowing Capacity as Percentage of Total Assets | 35.00% | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 263,400,000 | ||
Junior Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 15,500,000 | ||
Debt Instrument, Maturity Date | 15-Dec-37 | ||
Debt Instrument, Call Date, Earliest | 15-Dec-12 | ||
Debt Instrument, Description of Variable Rate Basis | three-month LIBOR | ||
Debt Instrument, Basis Spread on Variable Rate | 1.59% | ||
Debt Instrument, Interest Rate at Period End | 1.83% | ||
Interest Expense, Trust Preferred Securities | $300,000 | $300,000 | |
Maximum | Junior Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate During Period | 1.83% | ||
Minimum | Junior Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate During Period | 1.82% |
Income_Tax_Components_Details
Income Tax Components (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||
Current Federal tax expense | $3,573 | $6,841 | $4,165 | ||||||||
Current State tax expense | 956 | 1,259 | 1,103 | ||||||||
Deferred income tax expense (benefit) | 2,502 | -1,454 | -54 | ||||||||
Total income tax provision | $1,668 | $1,715 | $1,719 | $1,929 | $1,584 | $1,668 | $1,606 | $1,788 | $7,031 | $6,646 | $5,214 |
Income_Tax_Reconciliation_Deta
Income Tax Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||||
Expected provision | $8,943 | $8,839 | $7,394 | ||||||||
Tax-exempt interest | -2,520 | -2,345 | -2,213 | ||||||||
Bank-owned life insurance | -385 | -322 | -323 | ||||||||
State income taxes, net of federal income tax benefit | 798 | 776 | 723 | ||||||||
Non-deductible acquisition expenses | 261 | 0 | 0 | ||||||||
Other | -66 | -302 | -367 | ||||||||
Total income tax provision | $1,668 | $1,715 | $1,719 | $1,929 | $1,584 | $1,668 | $1,606 | $1,788 | $7,031 | $6,646 | $5,214 |
Effective Federal income tax rate | 35.00% | 35.00% | 34.00% |
Deferred_Tax_Assets_and_Liabil
Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets, Gross [Abstract] | ||
Allowance for loan losses | $7,981 | $7,753 |
Deferred compensation | 1,022 | 1,076 |
Net operating losses | 3,266 | 3,089 |
Impairment losses on securities | 53 | 2,613 |
Other real estate owned | 568 | 767 |
Nonaccrual interest | 206 | 434 |
Other | 1,072 | 931 |
Gross deferred tax assets | 14,168 | 16,663 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Premises and equipment depreciation and amortization | 1,992 | 2,012 |
Federal Home Loan Bank stock | 132 | 132 |
Purchase accounting adjustments | 684 | 895 |
Mortgage servicing rights | 875 | 871 |
Prepaid expenses | 213 | 105 |
Unrealized gains on investment securities | 3,234 | 620 |
Deferred loan fees | 249 | 238 |
Other | 253 | 315 |
Gross deferred tax liabilities | 7,632 | 5,188 |
Net deferred income tax asset | 6,536 | 11,475 |
Valuation allowance | 3,458 | 3,281 |
Net deferred tax asset | $3,078 | $8,194 |
Income_Taxes_Textual_Reference
Income Taxes Textual References (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 38,200,000 | |
Unrecognized Tax Benefits | 0 | $0 |
Minimum | State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-18 | |
Maximum | State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-35 |
Employee_Benefit_Plans_Textual
Employee Benefit Plans Textual References (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Benefit Plans [Abstract] | |||
Defined benefit plan, cost of providing special or contractual termination benefits recognized during period | $6,100,000 | ||
Defined contribution plan, cost recognized | 676,000 | 647,000 | 667,000 |
Employee stock ownership plan (ESOP), compensation expense | 538,000 | 609,000 | 635,000 |
Salary continuation plan cost recognized | 294,000 | 350,000 | 359,000 |
Cash surrender value of life insurance, salary continuation plans | $14,300,000 | $13,900,000 | $13,500,000 |
Stock_Compensation_Plans_Detai
Stock Compensation Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, number of shares authorized | 750,000 | ||
Share-based compensation, number of shares available for grant | 492,878 | 514,191 | |
Share-based compensation expense | $493,000 | $384,000 | $266,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Exercised | -15,419 | -56,314 | -55,986 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Intrinsic Value Cash Received and Tax Benefits Realized [Abstract] | |||
Share-based compensation, options exercises in period, total intrinsic value | 109,000 | 362,000 | 278,000 |
Share-based compensation, cash received from exercise of stock options | 282,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Share-based compensation, nonvested stock options, compensation cost not yet recognized | 0 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 493,000 | 380,000 | 234,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Share-based compensation, nonvested awards, period for recognition of unrecognized compensation cost | 2 years 5 months | ||
Share-based compensation, nonvested awards other than options, compensation cost not yet recognized | 740,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options Grant Date Fair Value [Abstract] | |||
Share-based compensation, other than options, fair value of equity instruments vested in period | 792,000 | 533,000 | 324,000 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 0 | 4,000 | 32,000 |
Share-based compensation, description | The stock options have a maximum term of ten years, an exercise price equal to the fair market value of a share of stock on the date of grant and vest 25% per year | ||
Share-based compensation, award vesting period | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Intrinsic Value Cash Received and Tax Benefits Realized [Abstract] | |||
Share-based compensation, tax benefit from compensation expense | 8,000 | ||
2008 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested at December 31, 2013 | 52,397 | ||
Granted | 26,100 | ||
Vested | -27,491 | ||
Forfeited | -200 | ||
Nonvested at December 31, 2014 | 50,806 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested at December 31, 2013 | $18.24 | ||
Granted | $24.61 | ||
Vested | $17.02 | ||
Forfeited | $19.10 | ||
Nonvested at December 31, 2014 | $22.17 | ||
2008 Equity Incentive Plan [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at December 31, 2013 | 47,590 | ||
Granted | 0 | 0 | 0 |
Exercised | -15,419 | ||
Forfeited | 0 | ||
Expired | -1,310 | ||
Outstanding at December 31, 2014 | 30,861 | 47,590 | |
Exercisable at December 31, 2014 | 30,861 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding at December 31, 2013 | $15.66 | ||
Granted | $0 | ||
Exercised | $18.50 | ||
Forfeited | $0 | ||
Expired | $19.50 | ||
Outstanding at December 31, 2014 | $14.08 | $15.66 | |
Exercisable at December 31, 2014 | $14.08 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Share-based compensation, options outstanding weighted average remaining contractual term | 3 years 1 month 6 days | ||
Share-based compensation, options, exercisable weighted average remaining contractual term | 3 years 1 month 6 days | ||
Share-based compensation, options outstanding intrinsic value | 455,000 | ||
Share-based compensation options exercisable intrinsic value | $455,000 | ||
Management [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, description | Each restricted stock unit entitles the recipient to receive one share of stock on the vesting date. Generally, for employee awards, the restricted stock units vest 25% per year | ||
Share-based compensation, award vesting period | 4 years | ||
Before May 15, 2013 [Member] | Director [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, award vesting period | 4 years | ||
May 15, 2013 or After [Member] | Director [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, award vesting period | 1 year |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $3,907 | $4,889 | $4,753 | $4,973 | $4,422 | $4,864 | $4,531 | $4,790 | $18,522 | $18,607 | $16,534 |
Basic earnings per common share | $0.46 | $0.59 | $0.56 | $0.59 | $0.52 | $0.57 | $0.54 | $0.56 | $2.20 | $2.19 | $1.95 |
Diluted earnings per common share | $0.46 | $0.59 | $0.56 | $0.58 | $0.52 | $0.57 | $0.53 | $0.56 | $2.19 | $2.18 | $1.94 |
Common Stock [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted average shares outstanding | 8,405,284 | 8,477,904 | 8,485,008 | ||||||||
Weighted average shares outstanding, included all dilutive potential shares | 8,433,296 | 8,525,119 | 8,527,544 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements and Restrictions on Subsidiary Cash (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Regulatory Capital Requirements [Abstract] | ||
Required cash reserve | $1,800,000 | $1,600,000 |
MidWestOne Financial Group [Member] | ||
Regulatory Capital Requirements [Abstract] | ||
Total capital | 212,559,000 | 200,714,000 |
Tier one capital | 194,362,000 | 183,361,000 |
Total capital to risk weighted assets | 14.73% | 14.62% |
Tier one risk based capital to risk weighted assets | 13.47% | 13.36% |
Tier one leverage capital to average assets | 10.85% | 10.55% |
Capital required for capital adequacy | 115,407,000 | 109,812,000 |
Tier one risk based capital required for capital adequacy | 57,703,000 | 54,906,000 |
Tier one leverage capital required for capital adequacy | 71,647,000 | 69,491,000 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Tier one risk based capital required for capital adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
MidWestOne Bank [Member] | ||
Regulatory Capital Requirements [Abstract] | ||
Total capital | 197,018,000 | 183,646,000 |
Tier one capital | 179,098,000 | 166,612,000 |
Total capital to risk weighted assets | 13.75% | 13.49% |
Tier one risk based capital to risk weighted assets | 12.50% | 12.24% |
Tier one leverage capital to average assets | 10.05% | 9.65% |
Capital required for capital adequacy | 114,624,000 | 108,903,000 |
Tier one risk based capital required for capital adequacy | 57,312,000 | 54,451,000 |
Tier one leverage capital required for capital adequacy | 71,249,000 | 69,063,000 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Tier one risk based capital required for capital adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Capital required to be well capitalized | 143,280,000 | 136,128,000 |
Tier one risk based capital required to be well capitalized | 85,968,000 | 81,677,000 |
Tier one leverage capital required to be well capitalized | $89,061,000 | $86,329,000 |
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% |
Tier one risk based capital required to be well capitalized to risk weighted assets | 6.00% | 6.00% |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Credit Commitments [Line Items] | ||
Loans receivable, commitment to lend | $271,041 | $268,735 |
Commitments to sell loans held for sale | 801 | 357 |
Commitments to extend credit | ||
Credit Commitments [Line Items] | ||
Loans receivable, commitment to lend | 267,036 | 263,887 |
Standby letters of credit | ||
Credit Commitments [Line Items] | ||
Loans receivable, commitment to lend | $3,204 | $4,491 |
Commitments_and_Contingencies_2
Commitments and Contingencies Building Commitments (Details) (Building Commitment [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Building Commitment [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Purchase commitment, original amount committed | $29.80 |
Purchase commitment, remaining minimum amount committed | $15.50 |
Commitments_and_Contingencies_3
Commitments and Contingencies Textual References (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Concentration Risk [Line Items] | ||
Concentration risk, additional characteristic | Iowa | |
Standby letters of credit | ||
Concentration Risk [Line Items] | ||
Loss contingency accrual | 0.2 | $0.20 |
State and political subdivisions | ||
Concentration Risk [Line Items] | ||
Concentration risk, credit risk, financial instrument maximum exposure | 5 | |
Geographic Concentration Risk [Member] | State and political subdivisions | ||
Concentration Risk [Line Items] | ||
Concentration risk, credit risk, financial instrument maximum exposure | 135.3 | |
Accounts Receivable [Member] | Agricultural Related Loan Financing Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 17.00% | |
Accounts Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 62.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance, beginning | $22,392 | $21,935 |
Net decrease due to change in related parties | -10,275 | -150 |
Advances | 2,420 | 2,310 |
Collections | -2,882 | -1,703 |
Balance, ending | $11,655 | $22,392 |
Related_Party_Transactions_Tex
Related Party Transactions Textual References (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||
Related party deposit liabilities | $6,500,000 | $7,300,000 |
Description of related party transaction | The Company has from time to time engaged Neumann Monson, P.C. (“Neumann Monsonâ€), an architectural services firm headquartered in Iowa City for which Kevin Monson, Chairman of the Company, is President, Managing Partner and majority owner, to perform architectural and design services with respect to the Company's offices. | |
Amount of related party transaction | $315,000 | $2,289,000 |
Fair_Value_Financial_Assets_an
Fair Value Financial Assets and Liabilities Measured on a Recurring Basis (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
count | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment in Collateralized Debt Obligations, Number of Securities | 5 | ||
Investment securities gains | $1,227 | $65 | $805 |
Available for sale | 474,942 | 498,561 | |
Mortgage servicing rights | 2,308 | 2,298 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 3,032 | 3,057 | |
Mortgage servicing rights | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 471,910 | 494,187 | |
Mortgage servicing rights | 0 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 1,317 | ||
Mortgage servicing rights | 2,308 | ||
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 474,942 | 498,561 | |
Mortgage servicing rights | 2,308 | 2,298 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 3,032 | 3,057 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 471,910 | 494,187 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 1,317 | ||
Mortgage servicing rights | 2,308 | 2,298 | |
U.S. Government agencies and corporations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 49,375 | 44,939 | |
U.S. Government agencies and corporations | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 49,375 | 44,939 | |
U.S. Government agencies and corporations | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 49,375 | 44,939 | |
State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 195,199 | 210,796 | |
State and political subdivisions | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 195,199 | 210,796 | |
State and political subdivisions | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 195,199 | 210,796 | |
Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 32,463 | 39,285 | |
Mortgage-backed securities | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 32,463 | 39,285 | |
Mortgage-backed securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 32,463 | 39,285 | |
Collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 146,132 | 169,223 | |
Collateralized mortgage obligations | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 146,132 | 169,223 | |
Collateralized mortgage obligations | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 146,132 | 169,223 | |
Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 48,741 | 29,944 | |
Corporate debt securities | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 48,741 | 29,944 | |
Corporate debt securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 48,741 | 29,944 | |
Collateralized debt obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities gains | 800 | ||
Available for sale | 1,317 | ||
Collateralized debt obligations | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 1,317 | ||
Collateralized debt obligations | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 1,317 | ||
Total debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 471,910 | 495,504 | |
Total debt securities | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 471,910 | 495,504 | |
Total debt securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 471,910 | 494,187 | |
Total debt securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 1,317 | ||
Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 3,032 | 3,057 | |
Equity securities | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | 3,032 | 3,057 | |
Equity securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale | $3,032 | $3,057 |
Fair_Value_Assets_Measured_on_
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation by Asset Class (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage servicing rights | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $2,298 | $1,484 |
Total gains (losses): | ||
Included in earnings | -243 | 293 |
Purchases, issuances, sales, and settlements: | ||
Issuances | 253 | 521 |
Ending Balance | 2,308 | 2,298 |
Collateralized debt obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 1,317 | 755 |
Total gains (losses): | ||
Included in earnings | 782 | -18 |
Included in other comprehensive income | 794 | 822 |
Purchases, issuances, sales, and settlements: | ||
Sales | 2,893 | |
Settlements | -242 | |
Ending Balance | $0 | $1,317 |
Fair_Value_Assets_Measure_on_R
Fair Value, Assets Measure on Recurring Basis, Unobservable Inputs,Gain (Loss) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage servicing rights | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, assets measured on recurring basis, gain (loss) included in earnings | $10 | $814 |
Collateralized debt obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, assets measured on recurring basis, gain (loss) included in earnings | -18 | |
Change in unrealized losses for the period included in comprehensive net income | $794 | $822 |
Fair_Value_Assets_and_Liabilit
Fair Value Assets and Liabilities Measured on a Nonrecurring Basis (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Collateral dependent impaired loans: | ||
Commercial and industrial | $793 | $1,043 |
Construction and development | 49 | 136 |
Farmland Loans-Collateral Dependent | 52 | 65 |
Commercial real estate-other | 1,012 | 1,786 |
Total commercial real estate | 1,113 | 1,987 |
One- to four- family first liens | 1,427 | 186 |
One- to four- family junior liens | 47 | 30 |
Total residential real estate | 1,474 | 216 |
Consumer | 32 | 44 |
Collateral dependent impaired loans | 3,412 | 3,290 |
Other real estate owned | 1,916 | 1,770 |
Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent impaired loans: | ||
Commercial and industrial | 793 | 1,043 |
Construction and development | 49 | 136 |
Farmland Loans-Collateral Dependent | 52 | 65 |
Commercial real estate-other | 1,012 | 1,786 |
Total commercial real estate | 1,113 | 1,987 |
One- to four- family first liens | 1,427 | 186 |
One- to four- family junior liens | 47 | 30 |
Total residential real estate | 1,474 | 216 |
Consumer | 32 | 44 |
Collateral dependent impaired loans | 3,412 | 3,290 |
Other real estate owned | $1,916 | $1,770 |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment securities: | ||
Available for sale | $474,942 | $498,561 |
Held to maturity | 51,524 | 32,625 |
Loans held for sale | 801 | 357 |
Residential real estate: | ||
Loan pool participations, net | 19,332 | 25,533 |
Accrued interest receivable | 10,898 | 10,409 |
Federal Home Loan Bank Stock | 8,582 | 9,226 |
Mortgage servicing rights | 2,308 | 2,298 |
Deposits: | ||
Non-interest-bearing demand | 214,461 | 222,359 |
Interest-bearing checking | 618,540 | 592,673 |
Savings | 102,527 | 94,559 |
Certificates of deposit under $100,000 | 235,395 | 256,283 |
Certificates of deposit $100,000 and over | 237,619 | 209,068 |
Total deposits | 1,408,542 | 1,374,942 |
Federal Home Loan Bank borrowings | 93,000 | 106,900 |
Long-term debt | 15,464 | 15,464 |
Accrued interest payable | 863 | 765 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 23,409 | 24,890 |
Investment securities: | ||
Available for sale | 474,942 | 498,561 |
Held to maturity | 51,524 | 32,625 |
Total investment securities | 526,466 | 531,186 |
Loans held for sale | 801 | 357 |
Loans, net: | ||
Agricultural | 103,193 | 95,712 |
Commercial and industrial | 297,048 | 257,153 |
Credit cards | 1,206 | 998 |
Overdrafts | 610 | 415 |
Commercial real estate: | ||
Construction and development | 58,665 | 71,433 |
Farmland | 82,888 | 84,387 |
Multifamily | 54,516 | 54,883 |
Commercial real estate-other | 225,605 | 217,993 |
Total commercial real estate | 421,674 | 428,696 |
Residential real estate: | ||
One- to four- family first liens | 216,338 | 217,765 |
One- to four- family junior liens | 52,821 | 52,903 |
Total residential real estate | 269,159 | 270,668 |
Consumer | 23,266 | 18,591 |
Total loans, net | 1,116,156 | 1,072,233 |
Loan pool participations, net | 19,332 | 25,533 |
Accrued interest receivable | 10,898 | 10,409 |
Federal Home Loan Bank Stock | 8,582 | 9,226 |
Mortgage servicing rights | 2,308 | |
Deposits: | ||
Non-interest-bearing demand | 214,461 | 222,359 |
Interest-bearing checking | 618,540 | 592,673 |
Savings | 102,527 | 94,559 |
Certificates of deposit under $100,000 | 235,395 | 256,283 |
Certificates of deposit $100,000 and over | 237,619 | 209,068 |
Total deposits | 1,408,542 | 1,374,942 |
Federal funds purchased and securities sold under agreements to repurchase | 78,229 | 66,665 |
Federal Home Loan Bank borrowings | 93,000 | 106,900 |
Long-term debt | 15,464 | 15,464 |
Accrued interest payable | 863 | 765 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 23,409 | 24,890 |
Investment securities: | ||
Available for sale | 474,942 | 498,561 |
Held to maturity | 51,253 | 30,191 |
Total investment securities | 526,195 | 528,752 |
Loans held for sale | 812 | 367 |
Loans, net: | ||
Agricultural | 102,927 | 95,609 |
Commercial and industrial | 295,886 | 256,257 |
Credit cards | 1,206 | 998 |
Overdrafts | 610 | 415 |
Commercial real estate: | ||
Construction and development | 58,764 | 71,569 |
Farmland | 83,285 | 85,058 |
Multifamily | 54,356 | 54,953 |
Commercial real estate-other | 225,899 | 219,213 |
Total commercial real estate | 422,304 | 430,793 |
Residential real estate: | ||
One- to four- family first liens | 216,326 | 218,257 |
One- to four- family junior liens | 53,664 | 53,798 |
Total residential real estate | 269,990 | 272,055 |
Consumer | 23,362 | 18,638 |
Total loans, net | 1,116,285 | 1,074,765 |
Loan pool participations, net | 19,332 | 25,533 |
Accrued interest receivable | 10,898 | 10,409 |
Federal Home Loan Bank Stock | 8,582 | 9,226 |
Mortgage servicing rights | 2,308 | |
Deposits: | ||
Non-interest-bearing demand | 214,461 | 222,359 |
Interest-bearing checking | 618,540 | 592,673 |
Savings | 102,527 | 94,559 |
Certificates of deposit under $100,000 | 235,401 | 256,549 |
Certificates of deposit $100,000 and over | 238,480 | 209,543 |
Total deposits | 1,409,409 | 1,375,683 |
Federal funds purchased and securities sold under agreements to repurchase | 78,229 | 66,665 |
Federal Home Loan Bank borrowings | 93,051 | 107,356 |
Long-term debt | 10,021 | 9,872 |
Accrued interest payable | 863 | 765 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 23,409 | 24,890 |
Investment securities: | ||
Available for sale | 3,032 | 3,057 |
Total investment securities | 3,032 | 3,057 |
Residential real estate: | ||
Accrued interest receivable | 10,898 | 10,409 |
Mortgage servicing rights | 0 | |
Deposits: | ||
Non-interest-bearing demand | 214,461 | 222,359 |
Interest-bearing checking | 618,540 | 592,673 |
Savings | 102,527 | 94,559 |
Total deposits | 935,528 | 909,591 |
Federal funds purchased and securities sold under agreements to repurchase | 78,229 | 66,665 |
Accrued interest payable | 863 | 765 |
Fair Value, Inputs, Level 2 [Member] | ||
Investment securities: | ||
Available for sale | 471,910 | 494,187 |
Held to maturity | 51,253 | 30,191 |
Total investment securities | 523,163 | 524,378 |
Residential real estate: | ||
Federal Home Loan Bank Stock | 8,582 | 9,226 |
Mortgage servicing rights | 0 | |
Deposits: | ||
Certificates of deposit under $100,000 | 235,401 | 256,549 |
Certificates of deposit $100,000 and over | 238,480 | 209,543 |
Total deposits | 473,881 | 466,092 |
Fair Value, Inputs, Level 3 [Member] | ||
Investment securities: | ||
Available for sale | 1,317 | |
Total investment securities | 1,317 | |
Loans held for sale | 812 | 367 |
Loans, net: | ||
Agricultural | 102,927 | 95,609 |
Commercial and industrial | 295,886 | 256,257 |
Credit cards | 1,206 | 998 |
Overdrafts | 610 | 415 |
Commercial real estate: | ||
Construction and development | 58,764 | 71,569 |
Farmland | 83,285 | 85,058 |
Multifamily | 54,356 | 54,953 |
Commercial real estate-other | 225,899 | 219,213 |
Total commercial real estate | 422,304 | 430,793 |
Residential real estate: | ||
One- to four- family first liens | 216,326 | 218,257 |
One- to four- family junior liens | 53,664 | 53,798 |
Total residential real estate | 269,990 | 272,055 |
Consumer | 23,362 | 18,638 |
Total loans, net | 1,116,285 | 1,074,765 |
Loan pool participations, net | 19,332 | 25,533 |
Mortgage servicing rights | 2,308 | |
Deposits: | ||
Federal Home Loan Bank borrowings | 93,051 | 107,356 |
Long-term debt | $10,021 | $9,872 |
Fair_Value_Unobservable_Inputs
Fair Value, Unobservable Inputs Valuation Techniques (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Collateral dependent impaired loans: | ||
Mortgage servicing rights | 2,308 | $2,298 |
Fair Value, Measurements, Recurring [Member] | ||
Collateral dependent impaired loans: | ||
Mortgage servicing rights | 2,308 | 2,298 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Collateral dependent impaired loans: | ||
Commercial and industrial | 793 | 1,043 |
Construction and development | 49 | 136 |
Commercial real estate-other | 1,012 | 1,786 |
One- to four- family first liens | 1,427 | 186 |
One- to four- family junior liens | 47 | 30 |
Consumer | 32 | 44 |
Other real estate owned | 1,916 | 1,770 |
Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent impaired loans: | ||
Mortgage servicing rights | 2,308 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Collateral dependent impaired loans: | ||
Mortgage servicing rights | 2,308 | 2,298 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage servicing rights | ||
Collateral dependent impaired loans: | ||
Mortgage servicing rights | 2,308 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage servicing rights | Discounted Cash Flow [Member] | Minimum | ||
Fair value inputs: | ||
Pretax discount rate | 10.00% | |
Constant prepayment rate | 7.49% | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage servicing rights | Discounted Cash Flow [Member] | Maximum | ||
Fair value inputs: | ||
Pretax discount rate | 13.00% | |
Constant prepayment rate | 15.24% | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage servicing rights | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair value inputs: | ||
Pretax discount rate | 10.16% | |
Constant prepayment rate | 8.64% | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Collateral dependent impaired loans: | ||
Commercial and industrial | 793 | 1,043 |
Construction and development | 49 | 136 |
Commercial real estate-other | 1,012 | 1,786 |
One- to four- family first liens | 1,427 | 186 |
One- to four- family junior liens | 47 | 30 |
Consumer | 32 | 44 |
Other real estate owned | 1,916 | $1,770 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial and Industrial Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Minimum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial and Industrial Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Maximum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial and Industrial Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Weighted Average [Member] | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Construction and Development Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Minimum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Construction and Development Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Maximum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Construction and Development Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Weighted Average [Member] | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Farmland Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Minimum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Farmland Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Maximum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Farmland Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Weighted Average [Member] | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Loan Other Financing Receivable [Member] | Modified Appraised Value [Member] | Minimum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Loan Other Financing Receivable [Member] | Modified Appraised Value [Member] | Maximum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Loan Other Financing Receivable [Member] | Modified Appraised Value [Member] | Weighted Average [Member] | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate First Lien Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Minimum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate First Lien Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Maximum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate First Lien Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Weighted Average [Member] | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate Junior Lien Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Minimum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate Junior Lien Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Maximum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate Junior Lien Loan Financing Receivable [Member] | Modified Appraised Value [Member] | Weighted Average [Member] | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Consumer Other Financing Receivable [Member] | Modified Appraised Value [Member] | Minimum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Consumer Other Financing Receivable [Member] | Modified Appraised Value [Member] | Maximum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Consumer Other Financing Receivable [Member] | Modified Appraised Value [Member] | Weighted Average [Member] | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned | Modified Appraised Value [Member] | Minimum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned | Modified Appraised Value [Member] | Maximum | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other real estate owned | Modified Appraised Value [Member] | Weighted Average [Member] | ||
Fair value inputs: | ||
Third party appraisal | NM * | |
Appraisal discount | NM * |
Proposed_Merger_Proposed_Merge
Proposed Merger Proposed Merger (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 |
Business Acquisition [Line Items] | |
Business Acquisition, Name of Acquired Entity | Central Bancshares, Inc. |
Central Bancshares, Inc. [Member] | |
Business Acquisition [Line Items] | |
Payments to Acquire Businesses, Gross | 64 |
Central Bancshares, Inc. [Member] | Common Stock [Member] | |
Business Acquisition [Line Items] | |
Shares to be issued in proposed business combination | 2,723,083 |
Parent_Company_Only_Balance_Sh
Parent Company Only Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Loan pool participations, net | $19,332 | $25,533 | ||
Deferred income taxes | 3,078 | 8,194 | ||
Other assets | 14,075 | 14,560 | ||
Total assets | 1,800,302 | 1,755,218 | ||
Liabilities: | ||||
Long-term debt | 15,464 | 15,464 | ||
Other liabilities | 8,080 | 8,997 | ||
Total liabilities | 1,607,571 | 1,577,202 | ||
Shareholders’ equity: | ||||
Capital stock, preferred | 0 | 0 | ||
Capital stock, common | 8,690 | 8,690 | ||
Additional paid-in capital | 80,537 | 80,506 | ||
Treasury stock | -6,945 | -3,702 | ||
Retained earnings | 105,127 | 91,473 | ||
Accumulated other comprehensive income | 5,322 | 1,049 | ||
Total shareholders’ equity | 192,731 | 178,016 | 173,932 | 156,494 |
Total liabilities and shareholders’ equity | 1,800,302 | 1,755,218 | ||
Parent Company [Member] | ||||
Assets: | ||||
Cash | 5,942 | 5,781 | ||
Investment in subsidiaries | 193,600 | 177,190 | ||
Marketable equity securities, available for sale | 2,066 | 2,111 | ||
Loan pool participations, net | 1,964 | 3,409 | ||
Income tax receivable | 0 | 75 | ||
Deferred income taxes | 425 | 729 | ||
Other assets | 5,010 | 4,447 | ||
Total assets | 209,007 | 193,742 | ||
Liabilities: | ||||
Long-term debt | 15,464 | 15,464 | ||
Other liabilities | 812 | 262 | ||
Total liabilities | 16,276 | 15,726 | ||
Shareholders’ equity: | ||||
Capital stock, preferred | 0 | 0 | ||
Capital stock, common | 8,690 | 8,690 | ||
Additional paid-in capital | 80,537 | 80,506 | ||
Treasury stock | -6,945 | -3,702 | ||
Retained earnings | 105,127 | 91,473 | ||
Accumulated other comprehensive income | 5,322 | 1,049 | ||
Total shareholders’ equity | 192,731 | 178,016 | ||
Total liabilities and shareholders’ equity | $209,007 | $193,742 |
Parent_Company_Only_Statements
Parent Company Only Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest and discount on loan pool participations | $1,516 | $2,046 | $1,978 | ||||||||
Investment securities gains | 1,227 | 65 | 805 | ||||||||
Interest on long-term debt | -281 | -296 | -656 | ||||||||
Operating expenses | 11,563 | 10,819 | 10,639 | 10,392 | 10,225 | 10,283 | 10,585 | 10,994 | 43,413 | 42,087 | 48,960 |
Income before income tax expense | 5,575 | 6,604 | 6,472 | 6,902 | 6,006 | 6,532 | 6,137 | 6,578 | 25,553 | 25,253 | 21,748 |
Income tax benefit | 1,668 | 1,715 | 1,719 | 1,929 | 1,584 | 1,668 | 1,606 | 1,788 | 7,031 | 6,646 | 5,214 |
Net income | 3,907 | 4,889 | 4,753 | 4,973 | 4,422 | 4,864 | 4,531 | 4,790 | 18,522 | 18,607 | 16,534 |
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiaries | 8,500 | 4,006 | 5,520 | ||||||||
Interest income and dividends on marketable equity securities | 49 | 33 | 168 | ||||||||
Interest and discount on loan pool participations | -293 | -940 | -2,149 | ||||||||
Investment securities gains | 0 | 0 | 381 | ||||||||
Interest on long-term debt | -281 | -296 | -656 | ||||||||
Operating expenses | 2,351 | 1,034 | 1,064 | ||||||||
Income before income tax expense | 5,624 | 1,769 | 2,200 | ||||||||
Income tax benefit | -807 | -890 | -1,355 | ||||||||
Income before equity in subsidiaries’ undistributed income | 6,431 | 2,659 | 3,555 | ||||||||
Equity in subsidiaries’ undistributed income | 12,091 | 15,948 | 12,979 | ||||||||
Net income | $18,522 | $18,607 | $16,534 |
Parent_Company_Only_Statements1
Parent Company Only Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $18,522 | $18,607 | $16,534 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income taxes | 2,502 | -1,454 | -54 |
Investment securities gain | -1,227 | -65 | -805 |
Stock based compensation | 493 | 384 | 266 |
Other-than-temporary impairment of investment securities | 0 | 0 | 345 |
Increase in other assets | 485 | 5,822 | 1,280 |
Increase (decrease) in other liabilities | -819 | -1,410 | 1,409 |
Net cash provided by operating activities | 23,264 | 28,260 | 22,538 |
Cash flows from investing activities | |||
Proceeds from sales of investment securities | 33,457 | 12,447 | 18,307 |
Purchase of investment securities | -67,892 | -74,582 | -172,060 |
Loan participation pools, net | 6,201 | 10,117 | 14,402 |
Net cash provided by investing activities | -47,436 | -5,406 | -88,403 |
Cash flows from financing activities: | |||
Stock options exercised | 282 | 320 | 590 |
Repurchase of common stock | -3,987 | -967 | -1,810 |
Dividends paid | -4,868 | -4,259 | -3,054 |
Net cash used in financing activities | 22,691 | -45,155 | 80,433 |
Increase in cash | -1,481 | -22,301 | 14,568 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net income | 18,522 | 18,607 | 16,534 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Undistributed (earnings) loss of subsidiaries, net of dividends and distributions | -12,091 | -15,948 | -12,979 |
Deferred income taxes | 330 | -583 | -106 |
Investment securities gain | 0 | 0 | -381 |
Stock based compensation | 493 | 384 | 266 |
Increase in other assets | -488 | -232 | -158 |
Increase (decrease) in other liabilities | 550 | -15 | 4 |
Net cash provided by operating activities | 7,316 | 2,213 | 3,180 |
Cash flows from investing activities | |||
Proceeds from sales of investment securities | 2 | 2 | 1,131 |
Purchase of investment securities | -29 | -24 | -1,192 |
Loan participation pools, net | 1,445 | 2,719 | 5,834 |
Net cash provided by investing activities | 1,418 | 2,697 | 5,773 |
Cash flows from financing activities: | |||
Stock options exercised | 282 | 320 | 590 |
Repurchase of common stock | -3,987 | -967 | -1,810 |
Dividends paid | -4,868 | -4,259 | -3,054 |
Net cash used in financing activities | -8,573 | -4,906 | -4,274 |
Increase in cash | 161 | 4 | 4,679 |
Cash Balance: | |||
Beginning | 5,781 | 5,777 | 1,098 |
Ending | $5,942 | $5,781 | $5,777 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events Textual References (Details) (Subsequent Event [Member], Common Stock [Member], USD $) | 0 Months Ended | |
Jan. 21, 2015 | Jan. 21, 2015 | |
Subsequent Event [Member] | Common Stock [Member] | ||
Subsequent Event [Line Items] | ||
Dividends Payable, Amount Per Share | $0.15 | $0.15 |
Dividends Payable, Date to be Paid | 16-Mar-15 | |
Dividends Payable, Date of Record | 27-Feb-15 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income | $16,311 | $15,996 | $16,176 | $15,921 | $16,020 | $16,116 | $16,768 | $17,190 | $64,404 | $66,094 | $69,302 |
Interest expense | 2,407 | 2,429 | 2,321 | 2,394 | 2,723 | 2,851 | 3,159 | 3,399 | 9,551 | 12,132 | 15,952 |
Net interest income | 13,904 | 13,567 | 13,855 | 13,527 | 13,297 | 13,265 | 13,609 | 13,791 | 54,853 | 53,962 | 53,350 |
Provision for loan losses | 300 | 150 | 300 | 450 | 300 | 250 | 600 | 200 | 1,200 | 1,350 | 2,379 |
Noninterest income | 3,534 | 4,006 | 3,556 | 4,217 | 3,234 | 3,800 | 3,713 | 3,981 | 15,313 | 14,728 | 19,737 |
Noninterest expense | 11,563 | 10,819 | 10,639 | 10,392 | 10,225 | 10,283 | 10,585 | 10,994 | 43,413 | 42,087 | 48,960 |
Income before income tax expense | 5,575 | 6,604 | 6,472 | 6,902 | 6,006 | 6,532 | 6,137 | 6,578 | 25,553 | 25,253 | 21,748 |
Income tax expense (Includes $478 and $25 income tax expense reclassified from accumulated other comprehensive income for the year ended December 31, 2014 and 2013, respectively) | 1,668 | 1,715 | 1,719 | 1,929 | 1,584 | 1,668 | 1,606 | 1,788 | 7,031 | 6,646 | 5,214 |
Net income | $3,907 | $4,889 | $4,753 | $4,973 | $4,422 | $4,864 | $4,531 | $4,790 | $18,522 | $18,607 | $16,534 |
Basic earnings per common share | $0.46 | $0.59 | $0.56 | $0.59 | $0.52 | $0.57 | $0.54 | $0.56 | $2.20 | $2.19 | $1.95 |
Diluted earnings per common share | $0.46 | $0.59 | $0.56 | $0.58 | $0.52 | $0.57 | $0.53 | $0.56 | $2.19 | $2.18 | $1.94 |