Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 25, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | WESTAMERICA BANCORPORATION | |
Entity Central Index Key | 311,094 | |
Trading Symbol | wabc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 25,671,339 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and due from banks | $ 471,367,000 | $ 433,044,000 |
Investment securities available for sale | 1,762,408,000 | 1,570,216,000 |
Investment securities held to maturity, with fair values of: $1,440,119 at September 30, 2016 and $1,325,699 at December 31, 2015 | 1,411,019,000 | 1,316,075,000 |
Loans | 1,364,329,000 | 1,533,396,000 |
Allowance for loan losses | (26,359,000) | (29,771,000) |
Loans, net of allowance for loan losses | 1,337,970,000 | 1,503,625,000 |
Other real estate owned | 3,032,000 | 9,264,000 |
Premises and equipment, net | 37,059,000 | 38,693,000 |
Identifiable intangibles, net | 7,789,000 | 10,431,000 |
Goodwill | 121,673,000 | 121,673,000 |
Other assets | 154,461,000 | 165,854,000 |
Total Assets | 5,306,778,000 | 5,168,875,000 |
Liabilities: | ||
Noninterest bearing deposits | 2,064,988,000 | 2,026,049,000 |
Interest bearing deposits | 2,579,882,000 | 2,514,610,000 |
Total deposits | 4,644,870,000 | 4,540,659,000 |
Short-term borrowed funds | 56,358,000 | 53,028,000 |
Other liabilities | 42,554,000 | 42,983,000 |
Total Liabilities | 4,743,782,000 | 4,636,670,000 |
Shareholders' Equity: | ||
Common stock (no par value), authorized - 150,000 shares Issued and outstanding: 25,665 at September 30, 2016 and 25,528 at December 31, 2015 | 391,601,000 | 378,858,000 |
Deferred compensation | 1,533,000 | 2,578,000 |
Accumulated other comprehensive income | 9,001,000 | 675,000 |
Retained earnings | 160,861,000 | 150,094,000 |
Total Shareholders' Equity | 562,996,000 | 532,205,000 |
Total Liabilities and Shareholders' Equity | $ 5,306,778,000 | $ 5,168,875,000 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Investment securities held to maturity, fair values | $ 1,440,119 | $ 1,325,699 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 150,000 | 150,000 |
Common stock, Issued (in shares) | 25,665 | 25,528 |
Common stock, outstanding (in shares) | 25,665 | 25,528 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest and Fee Income: | ||||
Loans | $ 16,968,000 | $ 19,378,000 | $ 52,904,000 | $ 59,643,000 |
Investment securities available for sale | 8,796,000 | 7,880,000 | 24,855,000 | 23,347,000 |
Investment securities held to maturity | 7,704,000 | 7,041,000 | 23,083,000 | 19,651,000 |
Total Interest and Fee Income | 33,468,000 | 34,299,000 | 100,842,000 | 102,641,000 |
Interest Expense: | ||||
Deposits | 512,000 | 573,000 | 1,586,000 | 1,816,000 |
Short-term borrowed funds | 11,000 | 12,000 | 30,000 | 44,000 |
Federal Home Loan Bank advances | 0 | 1,000 | ||
Total Interest Expense | 523,000 | 585,000 | 1,616,000 | 1,861,000 |
Net Interest Income | 32,945,000 | 33,714,000 | 99,226,000 | 100,780,000 |
Reversal of provision for loan losses | (3,200,000) | (3,200,000) | ||
Net Interest Income After Reversal of Provision For Loan Losses | 36,145,000 | 33,714,000 | 102,426,000 | 100,780,000 |
Noninterest Income: | ||||
Service charges on deposit accounts | 5,303,000 | 5,581,000 | 15,790,000 | 16,981,000 |
Debit card fees | 1,587,000 | 1,538,000 | 4,724,000 | 4,528,000 |
Merchant processing services | 1,532,000 | 1,485,000 | 4,699,000 | 4,971,000 |
Trust fees | 686,000 | 682,000 | 2,004,000 | 2,061,000 |
Other service fees | 671,000 | 693,000 | 1,951,000 | 2,041,000 |
ATM processing fees | 600,000 | 616,000 | 1,860,000 | 1,828,000 |
Financial services commissions | 118,000 | 177,000 | 411,000 | 527,000 |
Other | 1,101,000 | 1,221,000 | 3,590,000 | 3,625,000 |
Total Noninterest Income | 11,598,000 | 11,993,000 | 35,029,000 | 36,562,000 |
Noninterest Expense: | ||||
Salaries and related benefits | 13,063,000 | 12,761,000 | 39,067,000 | 39,795,000 |
Occupancy | 3,749,000 | 3,746,000 | 10,546,000 | 11,199,000 |
Outsourced data processing services | 2,114,000 | 2,115,000 | 6,375,000 | 6,334,000 |
Professional fees | 1,693,000 | 746,000 | 3,183,000 | 1,876,000 |
Furniture and equipment | 1,211,000 | 1,075,000 | 3,611,000 | 3,353,000 |
Amortization of identifiable intangibles | 867,000 | 952,000 | 2,642,000 | 2,908,000 |
Courier service | 451,000 | 604,000 | 1,458,000 | 1,744,000 |
Other real estate owned | (206,000) | 83,000 | (487,000) | 451,000 |
Other | 3,146,000 | 4,091,000 | 10,780,000 | 12,136,000 |
Total Noninterest Expense | 26,088,000 | 26,173,000 | 77,175,000 | 79,796,000 |
Income Before Income Taxes | 21,655,000 | 19,534,000 | 60,280,000 | 57,546,000 |
Provision for income taxes | 6,027,000 | 4,677,000 | 15,880,000 | 13,371,000 |
Net Income | $ 15,628,000 | $ 14,857,000 | $ 44,400,000 | $ 44,175,000 |
Average Common Shares Outstanding (in shares) | 25,641 | 25,530 | 25,558 | 25,565 |
Diluted Average Common Shares Outstanding (in shares) | 25,687 | 25,565 | 25,595 | 25,585 |
Per Common Share Data: | ||||
Basic earnings (in dollars per share) | $ 0.61 | $ 0.58 | $ 1.74 | $ 1.73 |
Diluted earnings (in dollars per share) | 0.61 | 0.58 | 1.73 | 1.73 |
Dividends paid (in dollars per share) | $ 0.39 | $ 0.38 | $ 1.17 | $ 1.14 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 15,628,000 | $ 14,857,000 | $ 44,400,000 | $ 44,175,000 |
Other comprehensive (loss) income: | ||||
(Decrease) increase in net unrealized gains on securities available for sale | (4,992,000) | 5,522,000 | 14,319,000 | 3,242,000 |
Deferred tax benefit (expense) | 2,099,000 | (2,321,000) | (6,020,000) | (1,363,000) |
(Decrease) increase in net unrealized gains on securities available for sale, net of tax | (2,893,000) | 3,201,000 | 8,299,000 | 1,879,000 |
Post-retirement benefit transition obligation amortization | 15,000 | 15,000 | 45,000 | 45,000 |
Deferred tax expense | (6,000) | (6,000) | (18,000) | (18,000) |
Post-retirement benefit transition obligation amortization, net of tax | 9,000 | 9,000 | 27,000 | 27,000 |
Total other comprehensive (loss) income | (2,884,000) | 3,210,000 | 8,326,000 | 1,906,000 |
Total comprehensive income | $ 12,744,000 | $ 18,067,000 | $ 52,726,000 | $ 46,081,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Accumulated Deferred Compensation [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 25,745 | ||||
Balance at Dec. 31, 2014 | $ 378,132 | $ 2,711 | $ 5,292 | $ 140,468 | $ 526,603 |
Net income | 44,175 | 44,175 | |||
Other comprehensive income | 1,906 | 1,906 | |||
Exercise of stock options (in shares) | 108 | ||||
Exercise of stock options | $ 4,848 | 4,848 | |||
Tax benefit increase (decrease) upon exercise and expiration of stock options | $ (1,215) | (1,215) | |||
Restricted stock activity (in shares) | 17 | ||||
Restricted stock activity | $ 874 | 741 | |||
Stock based compensation | $ 987 | 987 | |||
Stock awarded to employees (in shares) | 2 | ||||
Stock awarded to employees | $ 89 | 89 | |||
Retirement of common stock (in shares) | (342) | ||||
Retirement of common stock | $ (5,066) | (9,962) | (15,028) | ||
Dividends | (29,168) | (29,168) | |||
Balance (in shares) at Sep. 30, 2015 | 25,530 | ||||
Balance at Sep. 30, 2015 | $ 378,649 | 2,578 | 7,198 | 145,513 | 533,938 |
Balance (in shares) at Dec. 31, 2015 | 25,528 | ||||
Balance at Dec. 31, 2015 | $ 378,858 | 2,578 | 675 | 150,094 | 532,205 |
Net income | 44,400 | 44,400 | |||
Other comprehensive income | 8,326 | 8,326 | |||
Exercise of stock options (in shares) | 258 | ||||
Exercise of stock options | $ 11,588 | 11,588 | |||
Tax benefit increase (decrease) upon exercise and expiration of stock options | $ 199 | 199 | |||
Restricted stock activity (in shares) | 15 | ||||
Restricted stock activity | $ 1,798 | (1,045) | 753 | ||
Stock based compensation | $ 1,142 | 1,142 | |||
Stock awarded to employees (in shares) | 1 | ||||
Stock awarded to employees | $ 75 | 75 | |||
Retirement of common stock (in shares) | (137) | ||||
Retirement of common stock | $ (2,059) | (3,721) | (5,780) | ||
Dividends | (29,912) | (29,912) | |||
Balance (in shares) at Sep. 30, 2016 | 25,665 | ||||
Balance at Sep. 30, 2016 | $ 391,601 | $ 1,533 | $ 9,001 | $ 160,861 | $ 562,996 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | ||
Operating Activities: | |||
Net income | $ 44,400,000 | $ 44,175,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 14,211,000 | 12,379,000 | |
Reversal of provision for loan losses | (3,200,000) | ||
Net amortization of deferred loan fees | (281,000) | (263,000) | |
Decrease in interest income receivable | 475,000 | 757,000 | |
(Increase) decrease in other assets | (753,000) | 107,000 | |
Increase (decrease) in income taxes payable | 403,000 | (257,000) | |
Decrease in net deferred tax asset | 3,258,000 | 968,000 | |
Decrease in interest expense payable | (19,000) | (56,000) | |
Decrease in other liabilities | 143,000 | (2,571,000) | |
Stock option compensation expense | 1,142,000 | 987,000 | |
Tax benefit (increase) decrease upon exercise and expiration of stock options | (199,000) | 1,215,000 | |
Net writedown/loss on sale of premises and equipment | 21,000 | 24,000 | |
Net gain on sale of foreclosed assets | (1,182,000) | (73,000) | |
Writedown of foreclosed assets | 759,000 | 315,000 | |
Net Cash Provided by Operating Activities | 59,178,000 | 57,707,000 | |
Investing Activities: | |||
Net repayments of loans | 171,573,000 | 124,615,000 | |
Change in payable to FDIC | [1] | 3,180,000 | |
Purchases of investment securities available for sale | (812,697,000) | (828,169,000) | |
Proceeds from sale/maturity/calls of securities available for sale | 632,795,000 | 858,850,000 | |
Purchases of investment securities held to maturity | (246,956,000) | (366,247,000) | |
Proceeds from maturity/calls of securities held to maturity | 141,770,000 | 117,877,000 | |
Purchases of premises and equipment | (1,299,000) | (4,049,000) | |
Net change in FRB(2)/FHLB(3) securities | [2],[3] | 940,000 | |
Proceeds from sale of foreclosed assets | 7,143,000 | 1,774,000 | |
Net Cash Used in Investing Activities | (104,491,000) | (94,409,000) | |
Financing Activities: | |||
Net increase in deposits | 104,211,000 | 17,737,000 | |
Net increase (decrease) in short-term borrowings and FHLB(3) advances | 3,330,000 | (52,721,000) | |
Exercise of stock options/issuance of shares | 11,588,000 | 4,848,000 | |
Tax benefit increase (decrease) upon exercise and expiration of stock options | 199,000 | (1,215,000) | |
Retirement of common stock | (5,780,000) | (15,028,000) | |
Common stock dividends paid | (29,912,000) | (29,168,000) | |
Net Cash Provided by (Used in) Financing Activities | 83,636,000 | (75,547,000) | |
Net Change In Cash and Due from Banks | 38,323,000 | (112,249,000) | |
Cash and Due from Banks at Beginning of Period | 433,044,000 | 380,836,000 | |
Cash and Due from Banks at End of Period | 471,367,000 | 268,587,000 | |
Supplemental disclosure of non cash activities: | |||
Loan collateral transferred to other real estate owned | 488,000 | 4,911,000 | |
Securities purchases pending settlement | 171,000 | ||
Supplemental disclosure of cash flow activities: | |||
Interest paid for the period | 1,635,000 | 1,941,000 | |
Income tax payments for the period | $ 14,032,000 | $ 12,596,000 | |
[1] | Federal Deposit Insurance Corporation ("FDIC"). | ||
[2] | Federal Home Loan Bank ("FHLB") | ||
[3] | Federal Reserve Bank ("FRB") |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1: Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission and follow general practices within the banking industry. The results of operations reflect interim adjustments, all of which are of a normal recurring nature and which, in the opinion of Management, are necessary for a fair presentation of the results for the interim periods presented. The interim results for the three and nine months ended September 30, 2016 are not necessarily indicative of the results expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes as well as other information included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. |
Note 2 - Accounting Policies
Note 2 - Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2: Accounting Policies The most significant accounting policies followed by the Company are presented in Note 1 to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. These policies, along with the disclosures presented in the other financial statement notes and in this discussion, provide information on how significant assets and liabilities are valued in the financial statements and how those values are determined. Based on the valuation techniques used and the sensitivity of financial statement amounts to the methods, assumptions, and estimates underlying those amounts, Management has identified the allowance for loan losses accounting to be the accounting area requiring the most subjective or complex judgments, and as such could be most subject to revision as new information becomes available. A discussion of the factors affecting accounting for the allowance for loan losses and purchased loans is included in the “Loan Portfolio Credit Risk” discussion below. Application of these principles requires the Company to make certain estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates, assumptions, and judgments. Certain accounting policies inherently have a greater reliance on the use of estimates, assumptions and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Estimates, assumptions and judgments are necessary when assets and liabilities are required to be recorded at fair value, when a decline in the value of an asset not carried on the financial statements at fair value warrants an impairment writedown or valuation reserve to be established, or when an asset or liability needs to be recorded contingent upon a future event. Carrying assets and liabilities at fair value inherently results in more financial statement volatility. The fair values and the information used to record valuation adjustments for certain assets and liabilities are based either on quoted market prices or are provided by other third-party sources, when available. Recently Issued Accounting Standards FASB Accounting Standards Update (ASU) 2016-01 Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, The Company will be required to adopt the ASU provisions on January 1, 2018. Management does not expect the adoption of the ASU to have a material effect on the Company’s financial statements. FASB Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), The Company will be required to adopt the ASU provisions January 1, 2019, utilizing the modified retrospective transition approach. Management is evaluating the impact that the ASU will have on the Company’s financial statements. FASB ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, The Company will be required to adopt the ASU provisions January 1, 2017. Management does not expect the adoption of the ASU to have a material effect on the Company’s financial statements. The most notable impact will be the effect of Excess Tax Benefits on the provision for income taxes. FASB ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, The Company will be required to adopt the ASU provisions on January 1, 2020. Management is evaluating the impact that the ASU will have on the Company’s financial statements. |
Note 3 - Investment Securities
Note 3 - Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3: Investment Securities An analysis of the amortized cost, gross unrealized gains and losses accumulated in other comprehensive income, and fair value of the available for sale investment securities portfolio follows: Investment Securities Available for Sale Amortized Gross Gross Fair (In thousands) Securities of U.S. Government sponsored entities $ 171,579 $ 300 $ ( 33 ) $ 171,846 Agency residential mortgage-backed securities (MBS) 499,860 1,712 (1,883 ) 499,689 Non-agency residential MBS 301 1 - 302 Non-agency commercial MBS 2,127 1 (10 ) 2,118 Obligations of states and political subdivisions 177,786 8,086 (378 ) 185,494 Asset-backed securities 1,003 - (3 ) 1,000 FHLMC (1) (2) 775 3,481 - 4,256 Corporate securities 891,335 5,808 (1,911 ) 895,232 Other securities 2,034 577 (140 ) 2,471 Total $ 1,746,800 $ 19,966 $ ( 4,358 ) $ 1,762,408 (1) (2) An analysis of the amortized cost, gross unrecognized gains and losses, and fair value of the held to maturity investment securities portfolio follows: Investment Securities Held to Maturity Amortized Gross Gross Fair (In thousands) Securities of U.S. government sponsored entities $ 621 $ 3 $ - $ 624 Agency residential MBS 712,470 10,210 (194 ) 722,486 Non-agency residential MBS 5,678 54 (1 ) 5,731 Agency commercial MBS 9,404 24 (163 ) 9,265 Obligations of states and political subdivisions 682,846 19,508 (341 ) 702,013 Total $ 1,411,019 $ 29,799 $ ( 699 ) $ 1,440,119 An analysis of the amortized cost, gross unrealized gains and losses accumulated in other comprehensive income, and fair value of the available for sale investment securities portfolio follows: Investment Securities Available for Sale Amortized Gross Gross Fair (In thousands) Securities of U.S. Government sponsored entities $ 302,292 $ 255 $ ( 665 ) $ 301,882 Agency residential MBS 208,046 1,407 (6,909 ) 202,544 Non-agency residential MBS 354 16 - 370 Non-agency commercial MBS 2,383 5 (9 ) 2,379 Obligations of states and political subdivisions 148,705 8,861 (57 ) 157,509 Asset-backed securities 2,025 - (22 ) 2,003 FHLMC (1) (2) 775 3,554 - 4,329 Corporate securities 902,308 882 (6,821 ) 896,369 Other securities 2,039 952 (160 ) 2,831 Total $ 1,568,927 $ 15,932 $ ( 14,643 ) $ 1,570,216 (1) (2) An analysis of the amortized cost, gross unrecognized gains and losses, and fair value of the held to maturity investment securities portfolio follows: Investment Securities Held to Maturity Amortized Gross Gross Fair (In thousands) Securities of U.S. government sponsored entities $ 764 $ - $ - $ 764 Agency residential MBS 595,503 1,810 (4,966 ) 592,347 Non-agency residential MBS 9,667 185 - 9,852 Agency commercial MBS 16,258 20 (274 ) 16,004 Obligations of states and political subdivisions 693,883 13,638 (789 ) 706,732 Total $ 1,316,075 $ 15,653 $ ( 6,029 ) $ 1,325,699 The amortized cost and fair value of investment securities by contractual maturity are shown in the following table At September 30, 2016 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 159,685 $ 160,009 $ 18,809 $ 19,437 Over 1 to 5 years 745,541 750,330 290,412 295,190 Over 5 to 10 years 301,266 308,276 308,222 319,417 Over 10 years 35,211 34,957 66,024 68,593 Subtotal 1,241,703 1,253,572 683,467 702,637 MBS 502,288 502,109 727,552 737,482 Other securities 2,809 6,727 - - Total $ 1,746,800 $ 1,762,408 $ 1,411,019 $ 1,440,119 At December 31, 2015 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 136,717 $ 136,976 $ 20,709 $ 21,354 Over 1 to 5 years 1,049,786 1,044,453 259,556 262,163 Over 5 to 10 years 166,352 173,585 289,568 296,352 Over 10 years 2,475 2,749 124,814 127,627 Subtotal 1,355,330 1,357,763 694,647 707,496 MBS 210,783 205,293 621,428 618,203 Other securities 2,814 7,160 - - Total $ 1,568,927 $ 1,570,216 $ 1,316,075 $ 1,325,699 Expected maturities of mortgage-related securities can differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. In addition, such factors as prepayments and interest rates may affect the yield on the carrying value of mortgage-related securities. At September 30, 2016 and December 31, 2015, the Company had no high-risk collateralized mortgage obligations as defined by regulatory guidelines. An analysis of the gross unrealized losses of the available for sale investment securities portfolio follows: Investment Securities Available for Sale No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrealized Investment Fair Value Unrealized Investment Fair Value Unrealized ($ in thousands) Securities of U.S. Government sponsored entities 3 $ 39,965 $ ( 33 ) - $ - $ - 3 $ 39,965 $ ( 33 ) Agency residential MBS 9 109,244 (222 ) 28 133,665 (1,661 ) 37 242,909 (1,883 ) Non-agency residential MBS 1 31 - - - - 1 31 - Non-agency commercial MBS 1 324 (4 ) 1 794 (6 ) 2 1,118 (10 ) Obligations of states and political subdivisions 30 42,214 (356 ) 3 1,118 (22 ) 33 43,332 (378 ) Asset-backed securities - - - 1 1,000 (3 ) 1 1,000 (3 ) Corporate securities 25 136,421 (704 ) 26 102,085 (1,207 ) 51 238,506 (1,911 ) Other securities - - - 1 1,860 (140 ) 1 1,860 (140 ) Total 69 $ 328,199 $ ( 1,319 ) 60 $ 240,522 $ ( 3,039 ) 129 $ 568,721 $ ( 4,358 ) An analysis of gross unrecognized losses of the held to maturity investment securities portfolio follows: Investment Securities Held to Maturity No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrecognized Investment Fair Value Unrecognized Investment Fair Value Unrecognized ($ in thousands) Agency residential MBS 6 $ 12,463 $ (79 ) 3 $ 11,615 $ ( 115 ) 9 $ 24,078 $ ( 194 ) Non-agency residential MBS 1 1,253 (1 ) - - - 1 1,253 (1 ) Agency commercial MBS - - - 1 7,250 (163 ) 1 7,250 (163 ) Obligations of states and political subdivisions 31 30,041 (182 ) 9 6,779 (159 ) 40 36,820 (341 ) Total 38 $ 43,757 $ ( 262 ) 13 $ 25,644 $ ( 437 ) 51 $ 69,401 $ ( 699 ) The unrealized losses on the Company’s investment securities were caused by market conditions for these types of investments, particularly changes in risk-free interest rates. The Company evaluates securities on a quarterly basis including changes in security ratings issued by rating agencies, changes in the financial condition of the issuer, and, for mortgage-backed and asset-backed securities, delinquency and loss information with respect to the underlying collateral, changes in the levels of subordination for the Company’s particular position within the repayment structure and remaining credit enhancement as compared to expected credit losses of the security. Substantially all of these securities continue to be investment grade rated by a major rating agency. In addition to monitoring credit rating agency evaluations, Management performs its own evaluations regarding the credit worthiness of the issuer or the securitized assets underlying asset backed securities. The Company does not intend to sell any investments and has concluded that it is more likely than not that it will not be required to sell the investments prior to recovery of the amortized cost basis. Therefore, the Company does not consider these investments to be other-than-temporarily impaired as of September 30, 2016. The fair values of the investment securities could decline in the future if the general economy deteriorates, inflation increases, credit ratings decline, the issuer’s financial condition deteriorates, or the liquidity for securities declines. As a result, other than temporary impairments may occur in the future. As of September 30, 2016, $ 755,762 An analysis of gross unrealized losses Investment Securities Available for Sale At December 31, 2015 No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrealized Investment Fair Value Unrealized Investment Fair Value Unrealized ($ in thousands) Securities of U.S. Government sponsored entities 8 $ 121,392 $ ( 665 ) - $ - $ - 8 $ 121,392 $ (665 ) Agency residential MBS 2 12,491 (366 ) 31 161,296 (6,543 ) 33 173,787 (6,909 ) Non-agency commercial MBS 1 1,071 - 1 855 (9 ) 2 1,926 (9 ) Obligations of states and political subdivisions 3 2,728 (18 ) 4 1,644 (39 ) 7 4,372 (57 ) Asset-backed securities - - - 1 2,003 (22 ) 1 2,003 (22 ) Corporate securities 97 548,177 (5,442 ) 25 86,762 (1,379 ) 122 634,939 (6,821 ) Other securities - - - 1 1,840 (160 ) 1 1,840 (160 ) Total 111 $ 685,859 $ ( 6,491 ) 63 $ 254,400 $ ( 8,152 ) 174 $ 940,259 $ ( 14,643 ) An analysis of gross unrecognized losses Investment Securities Held to Maturity No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrecognized Investment Fair Value Unrecognized Investment Fair Value Unrecognized ($ in thousands) Agency residential MBS 41 $ 426,317 $ ( 3,490 ) 13 $ 62,041 $ ( 1,476 ) 54 $ 488,358 $ ( 4,966 ) Agency commercial MBS - - - 2 13,951 (274 ) 2 13,951 (274 ) Obligations of states and political subdivisions 55 44,585 (249 ) 54 42,081 (540 ) 109 86,666 (789 ) Total 96 $ 470,902 $ ( 3,739 ) 69 $ 118,073 $ ( 2,290 ) 165 $ 588,975 $ ( 6,029 ) The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax: For the Three Months For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Taxable $ 11,024 $ 9,120 $ 31,256 $ 25,067 Tax-exempt from regular federal income tax 5,476 5,801 16,682 17,931 Total interest income from investment securities $ 16,500 $ 14,921 $ 47,938 $ 42,998 |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4: Loans and Allowance for Loan Losses A summary of the major categories of loans outstanding is shown in the following tables. At September 30, 2016 Commercial Commercial Construction Residential Consumer Total (In thousands) Originated loans $ 331,429 $ 480,950 $ 2,282 $ 91,934 $ 335,629 $ 1,242,224 Purchased covered loans - - - 2,233 9,512 11,745 Purchased non-covered loans : Gross purchased non-covered loans 12,337 74,595 153 224 27,973 115,282 Purchased loan discount (682 ) (3,197 ) - (23 ) (1,020 ) (4,922 ) Total $ 343,084 $ 552,348 $ 2,435 $ 94,368 $ 372,094 $ 1,364,329 At December 31, 2015 Commercial Commercial Construction Residential Consumer Total (In thousands) Originated loans $ 368,117 $ 517,070 $ 2,978 $ 117,631 $ 346,043 $ 1,351,839 Purchased covered loans : Gross purchased covered loans - - - 2,385 11,828 14,213 Purchased loan discount - - - (133 ) (19 ) (152 ) Purchased non-covered loans : Gross purchased non-covered loans 15,620 124,650 973 231 32,454 173,928 Purchased loan discount (989 ) (4,264 ) - (23 ) (1,156 ) (6,432 ) Total $ 382,748 $ 637,456 $ 3,951 $ 120,091 $ 389,150 $ 1,533,396 Changes in the carrying amount of impaired purchased loans were as follows: For the For the Year Ended Impaired purchased loans (In thousands) Carrying amount at the beginning of the period $ 3,887 $ 4,672 Reductions during the period (2,651 ) (785 ) Carrying amount at the end of the period $ 1,236 $ 3,887 Changes in the accretable yield for purchased loans were as follows: For the For the Accretable yield: (In thousands) Balance at the beginning of the period $ 1,259 $ 2,261 Reclassification from nonaccretable difference 3,322 3,051 Accretion (2,936 ) (4,053 ) Balance at the end of the period $ 1,645 $ 1,259 Accretion $ ( 2,936 ) $ ( 4,053 ) Change in FDIC indemnification 995 698 (Increase) in interest income $ ( 1,941 ) $ ( 3,355 ) The following summarizes activity in the allowance for loan losses: Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 10,402 $ 3,912 $ 127 $ 1,601 $ 6,616 $ 1,044 $ 66 $ 5,142 $ 28,910 Additions: Provision (3,638 ) (328 ) 9 (193 ) 1,651 (399 ) (4 ) (298 ) (3,200 ) Deductions: Chargeoffs (88 ) - - - (1,736 ) (112 ) - - (1,936 ) Recoveries 1,735 15 - - 337 498 - - 2,585 Net loan recoveries (losses) 1,647 15 - - (1,399 ) 386 - - 649 Total allowance for loan losses $ 8,411 $ 3,599 $ 136 $ 1,408 $ 6,868 $ 1,031 $ 62 $ 4,844 $ 26,359 Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 9,559 $ 4,224 $ 177 $ 1,801 $ 7,080 $ 967 $ - $ 5,963 $ 29,771 Additions: Provision (1,641 ) (670 ) (41 ) (393 ) 2,074 (1,472 ) 62 (1,119 ) (3,200 ) Deductions: Chargeoffs (2,024 ) - - - (3,418 ) (150 ) - - (5,592 ) Recoveries 2,517 45 - - 1,132 1,686 - - 5,380 Net loan recoveries (losses) 493 45 - - (2,286 ) 1,536 - - (212 ) Total allowance for loan losses $ 8,411 $ 3,599 $ 136 $ 1,408 $ 6,868 $ 1,031 $ 62 $ 4,844 $ 26,359 Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 7,107 $ 4,896 $ 403 $ 2,058 $ 7,248 $ 1,244 $ - $ 7,872 $ 30,828 Additions: Provision 1,246 (96 ) (205 ) (50 ) 367 (15 ) 65 (1,312 ) - Deductions: Chargeoffs (239 ) (449 ) - - (773 ) - - - (1,461 ) Recoveries 300 27 - - 336 6 - - 669 Net loan recoveries (losses) 61 (422 ) - - (437 ) 6 - - (792 ) Total allowance for loan losses $ 8,414 $ 4,378 $ 198 $ 2,008 $ 7,178 $ 1,235 $ 65 $ 6,560 $ 30,036 Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 5,460 $ 4,245 $ 644 $ 2,241 $ 7,717 $ 2,120 $ - $ 9,058 $ 31,485 Additions: Provision 2,840 525 (446 ) (233 ) 436 (689 ) 65 (2,498 ) - Deductions: Chargeoffs (700 ) (449 ) - - (2,344 ) (431 ) - - (3,924 ) Recoveries 814 57 - - 1,369 235 - - 2,475 Net loan recoveries (losses) 114 (392 ) - - (975 ) (196 ) - - (1,449 ) Total allowance for loan losses $ 8,414 $ 4,378 $ 198 $ 2,008 $ 7,178 $ 1,235 $ 65 $ 6,560 $ 30,036 The allowance for loan losses and recorded investment in loans were evaluated for impairment as follows: Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Purchased Non-covered Loans Purchased Covered Loans Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 5,070 $ 216 $ - $ - $ - $ - $ - $ - $ 5,286 Collectively evaluated for impairment 3,341 3,383 136 1,408 6,868 1,031 62 4,844 21,073 Purchased loans with evidence of credit deterioration - - - - - - - - - Total $ 8,411 $ 3,599 $ 136 $ 1,408 $ 6,868 $ 1,031 $ 62 $ 4,844 $ 26,359 Carrying value of loans: Individually evaluated for impairment $ 11,210 $ 5,270 $ - $ - $ - $ 6,125 $ - $ - $ 22,605 Collectively evaluated for impairment 320,219 475,680 2,282 91,934 335,629 103,189 11,555 - 1,340,488 Purchased loans with evidence of credit deterioration - - - - - 1,046 190 - 1,236 Total $ 331,429 $ 480,950 $ 2,282 $ 91,934 $ 335,629 $ 110,360 $ 11,745 $ - $ 1,364,329 Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Purchased Non-covered Loans Purchased Covered Loans Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 4,942 $ 585 $ - $ - $ - $ - $ - $ - $ 5,527 Collectively evaluated for impairment 4,617 3,639 177 1,801 7,080 967 - 5,963 24,244 Purchased loans with evidence of credit deterioration - - - - - - - - - Total $ 9,559 $ 4,224 $ 177 $ 1,801 $ 7,080 $ 967 $ - $ 5,963 $ 29,771 Carrying value of loans: Individually evaluated for impairment $ 12,587 $ 5,541 $ - $ - $ - $ 11,777 $ - $ - $ 29,905 Collectively evaluated for impairment 355,530 511,529 2,978 117,631 346,043 152,038 13,855 - 1,499,604 Purchased loans with evidence of credit deterioration - - - - - 3,681 206 - 3,887 Total $ 368,117 $ 517,070 $ 2,978 $ 117,631 $ 346,043 $ 167,496 $ 14,061 $ - $ 1,533,396 The Bank’s customers are small businesses, professionals and consumers. Given the scale of these borrowers, corporate credit rating agencies do not evaluate the borrowers’ financial condition. The Bank maintains a Loan Review Department which reports directly to the Board of Directors. The Loan Review Department performs independent evaluations of loans and assigns credit risk grades to evaluated loans using grading standards employed by bank regulatory agencies. Loans judged to carry lower-risk attributes are assigned a “pass” grade, with a minimal likelihood of loss. Loans judged to carry higher-risk attributes are referred to as “classified loans,” and are further disaggregated, with increasing expectations for loss recognition, as “substandard,” “doubtful,” and “loss.” Loan Review Department evaluations occur every calendar quarter. If the Bank becomes aware of deterioration in a borrower’s performance or financial condition between Loan Review Department examinations, assigned risk grades are re-evaluated promptly. Credit risk grades assigned by the Loan Review Department are subject to review by the Bank’s regulatory authorities during regulatory examinations. The following summarizes the credit risk profile by internally assigned grade: Credit Risk Profile by Internally Assigned Grade Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Purchased Non-covered Loans Purchased Covered Loans (1) Total (In thousands) Grade: Pass $ 318,077 $ 466,364 $ 2,282 $ 88,920 $ 334,163 $ 101,295 $ 10,126 $ 1,321,227 Substandard 13,352 14,586 - 3,014 1,000 13,983 1,619 47,554 Doubtful - - - - 26 - - 26 Loss - - - - 440 4 - 444 Purchased loan discount - - - - - (4,922 ) - (4,922 ) Total $ 331,429 $ 480,950 $ 2,282 $ 91,934 $ 335,629 $ 110,360 $ 11,745 $ 1,364,329 (1) Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. Credit Risk Profile by Internally Assigned Grade Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Purchased Non-covered Loans Purchased Covered Loans (1) Total (In thousands) Grade: Pass $ 353,474 $ 496,744 $ 2,978 $ 114,525 $ 344,876 $ 149,100 $ 12,563 $ 1,474,260 Substandard 14,643 20,326 - 3,106 781 24,810 1,650 65,316 Doubtful - - - - 12 18 - 30 Loss - - - - 374 - - 374 Purchased loan discount - - - - - (6,432 ) (152 ) (6,584 ) Total $ 368,117 $ 517,070 $ 2,978 $ 117,631 $ 346,043 $ 167,496 $ 14,061 $ 1,533,396 (1) Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. The following tables summarize loans by delinquency and nonaccrual status: Summary of Loans by Delinquency and Nonaccrual Status Current and Accruing 30-59 Days Past Due and Accruing 60-89 Days Past Due and Accruing Past Due 90 Days or More and Accruing Nonaccrual Total Loans (In thousands) Commercial $ 330,596 $ 647 $ 186 $ - $ - $ 331,429 Commercial real estate 474,741 914 - - 5,295 480,950 Construction 2,282 - - - - 2,282 Residential real estate 90,713 908 - - 313 91,934 Consumer installment and other 331,310 3,198 683 438 - 335,629 Total originated loans 1,229,642 5,667 869 438 5,608 1,242,224 Purchased non-covered loans 105,255 4,030 370 49 656 110,360 Purchased covered loans 11,716 - - - 29 11,745 Total $ 1,346,613 $ 9,697 $ 1,239 $ 487 $ 6,293 $ 1,364,329 Summary of Loans by Delinquency and Nonaccrual Status Current and Accruing 30-59 Days Past Due and Accruing 60-89 Days Past Due and Accruing Past Due 90 Days or More and Accruing Nonaccrual Total Loans (In thousands) Commercial $ 365,450 $ 1,777 $ 122 $ - $ 768 $ 368,117 Commercial real estate 504,970 5,930 726 - 5,444 517,070 Construction 2,978 - - - - 2,978 Residential real estate 115,575 1,202 414 - 440 117,631 Consumer installment and other 341,566 3,263 919 295 - 346,043 Total originated loans 1,330,539 12,172 2,181 295 6,652 1,351,839 Purchased non-covered loans 158,554 589 7 - 8,346 167,496 Purchased covered loans 13,929 132 - - - 14,061 Total $ 1,503,022 $ 12,893 $ 2,188 $ 295 $ 14,998 $ 1,533,396 The following is a summary of the effect of nonaccrual loans on interest income: For the Three Months Ended For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 193 $ 315 $ 756 $ 969 Less: Interest income (recognized) reversed on nonaccrual loans (500 ) 17 (1,033 ) (308 ) Total (addition) reduction of interest income $ ( 307 ) $ 332 $ ( 277 ) $ 661 There were no commitments to lend additional funds to borrowers whose loans were on nonaccrual status at September 30, 2016 and December 31, 2015. The following summarizes impaired loans: Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 1,058 $ 1,145 $ - Commercial real estate 8,013 9,560 - Construction - - - Residential real estate 533 563 - Consumer installment and other 611 718 - Impaired loans with an allowance recorded: Commercial 10,202 10,211 5,070 Commercial real estate 4,410 5,427 216 Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 11,260 $ 11,356 $ 5,070 Commercial real estate 12,423 14,987 216 Construction - - - Residential real estate 533 563 - Consumer installment and other 611 718 - Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 2,917 $ 2,979 $ - Commercial real estate 16,309 21,168 - Construction 271 271 - Residential real estate 666 697 - Consumer installment and other 350 456 - Impaired loans with an allowance recorded: Commercial 10,170 10,170 4,942 Commercial real estate 4,660 5,109 585 Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 13,087 $ 13,149 $ 4,942 Commercial real estate 20,969 26,277 585 Construction 271 271 - Residential real estate 666 697 - Consumer installment and other 350 456 - Impaired loans include troubled debt restructured loans. Impaired loans at September 30, 2016, included $ 12,402 5,307 Impaired Loans For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Average Recognized Average Recognized Average Recognized Average Recognized (In thousands) Commercial $ 12,858 $ 126 $ 12,750 $ 147 $ 13,454 $ 394 $ 12,513 $ 440 Commercial real estate 14,486 188 21,923 142 17,991 549 19,985 546 Construction - - - - 136 - 306 - Residential real estate 530 4 403 9 693 13 652 23 Consumer installment and other 545 6 516 6 435 18 856 19 Total $ 28,419 $ 324 $ 35,592 $ 304 $ 32,709 $ 974 $ 34,312 $ 1,028 The following table provides information on troubled debt restructurings: Troubled Debt Restructurings Number of Pre-Modification Period-End Period-End ($ in thousands) Commercial 7 $ 2,719 $ 1,519 $ 169 Commercial real estate 10 11,257 10,663 216 Residential real estate 1 241 220 - Total 18 $ 14,217 $ 12,402 $ 385 Troubled Debt Restructurings Number of Pre-Modification Period-End Period-End ($ in thousands) Commercial 6 $ 3,138 $ 2,802 $ 194 Commercial real estate 10 12,927 12,684 - Residential real estate 1 242 226 - Total 17 $ 16,307 $ 15,712 $ 194 During the three and nine months ended September 30, 2016, the Company modified zero four 4,843 four three one During the three and nine months ended September 30, 2015, the Company modified one loan with a carrying value of $6,330 thousand and seven loans with an aggregate carrying value of $8,150 thousand, respectively, that were considered troubled debt restructurings. The concessions granted in the seven restructurings completed in the first nine months of 2015 consisted of modification of payment terms to extend the maturity date to allow for deferred principal repayment, under-market terms and court order. During the three and nine months ended September 30, 2016 and 2015, no troubled debt restructured loans defaulted within 12 months of the modification date. A troubled debt restructuring is considered to be in default when payments are 90 days or more past due. There were no loans restricted due to collateral requirements at September 30, 2016 and December 31, 2015. There were no loans held for sale at September 30, 2016 and December 31, 2015. At September 30, 2016 and December 31, 2015, the Company held total other real estate owned (OREO) of $ 3,032 2,238 -0- -0- |
Note 5 - Concentration of Credi
Note 5 - Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 5: Concentration of Credit Risk Under the California Financial Code, credit extended to any one person owing to a commercial bank at any one time shall not exceed the following limitations: (a) unsecured loans shall not exceed 15 percent of the sum of the shareholders' equity, allowance for loan losses, capital notes, and debentures of the bank, or (b) secured and unsecured loans in all shall not exceed 25 percent of the sum of the shareholders' equity, allowance for loan losses, capital notes, and debentures of the bank. At September 30, 2016, Westamerica Bank did not have credit extended to any one entity exceeding these limits. At September 30, 2016, Westamerica Bank had 32 58,148 51 |
Note 6 - Other Assets
Note 6 - Other Assets | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | Note 6: Other Assets Other assets consisted of the following: At September 30, At December 31, (In thousands) Cost method equity investments: Federal Reserve Bank stock (1) $ 14,069 $ 14,069 Other investments 201 201 Total cost method equity investments 14,270 14,270 Life insurance cash surrender value 50,883 48,972 Net deferred tax asset 42,505 51,748 Limited partnership investments 13,188 15,259 Interest receivable 19,699 20,174 Prepaid assets 4,112 4,771 Other assets 9,804 10,660 Total other assets $ 154,461 $ 165,854 (1) The Company invests in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for low-income housing tax credits. At September 30, 2016, this investment totaled $ 13,188 2,299 2,299 453 763 1,083 The amounts recognized in net income for these investments include: For the Three Months Ended For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Investment loss included in pre-tax income $ 675 $ 750 $ 2,025 $ 2,175 Tax credits recognized in provision for income taxes 562 663 1,723 1,988 |
Note 7 - Goodwill and Identifia
Note 7 - Goodwill and Identifiable Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7: Goodwill and Identifiable Intangible Assets The Company has recorded goodwill and other identifiable intangibles associated with purchase business combinations. Goodwill is not amortized, but is evaluated for impairment at least annually. The Company did not recognize impairment during the three and nine months ended September 30, 2016 and year ended December 31, 2015. Identifiable intangibles are amortized to their estimated residual values over their expected useful lives. Such lives and residual values are also periodically reassessed to determine if any amortization period adjustments are indicated. During the three and nine months ended September 30, 2016 and year ended December 31, 2015, no such adjustments were recorded. The carrying values of goodwill were: At September 30, At December 31, (In thousands) Goodwill $ 121,673 $ 121,673 The gross carrying amount of identifiable intangible assets and accumulated amortization was: At September 30, 2016 At December 31, 2015 Gross Accumulated Gross Accumulated (In thousands) Core Deposit Intangibles $ 56,808 $ (49,263 ) $ 56,808 $ (46,782 ) Merchant Draft Processing Intangible 10,300 (10,056 ) 10,300 (9,895 ) Total Identifiable Intangible Assets $ 67,108 $ (59,319 ) $ 67,108 $ (56,677 ) As of September 30, 2016, the current period and estimated future amortization expense for identifiable intangible assets was: Core Merchant Total (In thousands) For the Nine Months ended September 30, 2016 (actual) $ 2,481 $ 161 $ 2,642 Estimate for the remainder of year ended December 31, 2016 811 51 862 Estimate for year ended December 31, 2017 2,913 164 3,077 2018 1,892 29 1,921 2019 538 - 538 2020 287 - 287 2021 269 - 269 |
Note 8 - Deposits and Borrowed
Note 8 - Deposits and Borrowed Funds | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Deposits and Borrowed Funds [Text Block] | Note 8: Deposits and Borrowed Funds The following table provides additional detail regarding deposits. Deposits At September 30, At December 31, (In thousands) Noninterest-bearing $ 2,064,988 $ 2,026,049 Interest-bearing: Transaction 851,885 860,706 Savings 1,462,860 1,366,936 Time deposits less than $100 thousand 138,655 150,780 Time deposits $100 thousand through $250 thousand 88,666 96,971 Time deposits more than $250 thousand 37,816 39,217 Total deposits $ 4,644,870 $ 4,540,659 Demand deposit overdrafts of $ 2,880 124 395 The following table provides additional detail regarding short-term borrowed funds. Repurchase Agreements (Sweep) Remaining Contractual Maturity of the Agreements At September 30, 2016 At December 31, 2015 Repurchase agreements: (In thousands) Collateral securing borrowings: Securities of U.S. Government sponsored entities $ 86,034 $ 98,969 Agency residential MBS 20,742 - Obligations of states and political subdivisions 1,015 3,975 Corporate securities 91,160 54,681 Total collateral carrying value $ 198,951 $ 157,625 Total short-term borrowed funds $ 56,358 $ 53,028 The Company had a $35,000 thousand unsecured line of credit which expired March 18, 2016. There was no outstanding balance at December 31, 2015. |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 9: Fair Value Measurements The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Available for sale investment securities are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as other real estate owned, impaired loans, certain loans held for investment, investment securities held to maturity, and other assets. These nonrecurring fair value adjustments typically involve the lower-of-cost or fair-value accounting of individual assets. In accordance with the Fair Value Measurement and Disclosure topic of the Codification, the Company bases its fair values on the price that would be received to sell an asset or paid to transfer a liability in the principal market or most advantageous market for an asset or liability in an orderly transaction between market participants on the measurement date under current market conditions. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset, and the risk of nonperformance. The Company groups its assets and liabilities measured at fair value into a three-level hierarchy, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. When the valuation assumptions used to measure the fair value of the asset or liability are categorized within different levels of the fair value hierarchy, the asset or liability is categorized in its entirety within the lowest level of the hierarchy. These levels are: Level 1 – Valuation is based upon quoted prices for identical instruments traded in active exchange markets, such as the New York Stock Exchange. Level 1 includes U.S. Treasury and equity securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 2 includes federal agency securities, mortgage-backed securities, corporate securities, asset-backed securities, and municipal bonds. Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. The Company relies on independent vendor pricing services to measure fair value for investment securities available for sale and investment securities held to maturity. The Company employs three pricing services. To validate the pricing of these vendors, the Company compares vendors’ pricing for each of the securities for consistency; significant pricing differences, if any, are evaluated using all available independent quotes with the quote closely affecting the market generally used as the fair value estimate. In addition, the Company conducts “other than temporary impairment (OTTI)” analysis on a quarterly basis; securities selected for OTTI analysis include all securities at a market price below 95 percent of par value or with a market to book ratio below 95:100. As with any valuation technique used to estimate fair value, changes in underlying assumptions used could significantly affect the results of current and future values. Accordingly, these fair value estimates may not be realized in an actual sale of the securities. The Company regularly reviews the valuation techniques and assumptions used by its vendors and determines which valuation techniques are utilized based on observable market inputs for the type of securities being measured. The Company uses the information to determine the placement in the fair value hierarchy as level 1, 2 or 3. When the Company changes its valuation assumptions for measuring financial assets and financial liabilities at fair value, either due to changes in current market conditions or other factors, or reevaluates the valuation techniques and assumptions used by its vendors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new information. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the nine months ended September 30, 2016, and three months ended March 31, 2015, there were no transfers in or out of levels 1, 2 or 3. During the three months ended June 30, 2015, the Company reevaluated the valuation techniques and assumptions used by its vendors in valuing the Company’s available for sale securities, and based on the evaluation, transferred $437,715 thousand out of level 1 and transferred $437,715 thousand into level 2. There were no transfers into level 1 or into or out of level 3 during this same period. Subsequent to June 30, 2015 and through the year ended December 31, 2015, there were no transfers into or out of levels 1, 2 or 3. Assets Recorded at Fair Value on a Recurring Basis The tables below present assets measured at fair value on a recurring basis on the dates indicated. At September 30, 2016 Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Securities of U.S. Government sponsored entities $ 171,846 $ - $ 171,846 $ - Agency residential MBS 499,689 - 499,689 - Non-agency residential MBS 302 - 302 - Non-agency commercial MBS 2,118 - 2,118 - Obligations of states and political subdivisions 185,494 - 185,494 - Asset-backed securities 1,000 - 1,000 - FHLMC and FNMA stock 4,256 7 4,249 - Corporate securities 895,232 - 895,232 - Other securities 2,471 611 1,860 - Total securities available for sale $ 1,762,408 $ 618 $ 1,761,790 $ - At December 31, 2015 Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Securities of U.S. Government sponsored entities $ 301,882 $ - $ 301,882 $ - Agency residential MBS 202,544 - 202,544 - Non-agency residential MBS 370 - 370 - Non-agency commercial MBS 2,379 - 2,379 - Obligations of states and political subdivisions 157,509 - 157,509 - Asset-backed securities 2,003 - 2,003 - FHLMC and FNMA stock 4,329 7 4,322 - Corporate securities 896,369 - 896,369 - Other securities 2,831 991 1,840 - Total securities available for sale $ 1,570,216 $ 998 $ 1,569,218 $ - Assets Recorded at Fair Value on a Nonrecurring Basis The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower-of-cost or fair-value accounting of individual assets. For assets measured at fair value on a nonrecurring basis that were recorded in the balance sheet at September 30, 2016 and December 31, 2015, the following table provides the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets at period end. At September 30, 2016 For the Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 3,032 $ - $ - $ 3,032 $ ( 705 ) Impaired loans 9,326 - - 9,326 - Total assets measured at fair value on a nonrecurring basis $ 12,358 $ - $ - $ 12,358 $ ( 705 ) At December 31, 2015 For the Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 9,264 $ - $ - $ 9,264 $ ( 320 ) Impaired loans 15,633 - - 15,633 (449 ) Total assets measured at fair value on a nonrecurring basis $ 24,897 $ - $ - $ 24,897 $ ( 769 ) Level 3 – Valuation is based upon present value of expected future cash flows, independent market prices, estimated liquidation values of loan collateral or appraised value of the collateral as determined by third-party independent appraisers, less 10% for selling costs, generally. Level 3 includes other real estate owned that has been measured at fair value upon transfer to foreclosed assets and impaired loans collateralized by real property and other business asset collateral where a specific reserve has been established or a chargeoff has been recorded. Losses on other real estate owned represent losses recognized in earnings during the period subsequent to its initial classification as foreclosed assets. The unobservable inputs and qualitative information about the unobservable inputs are not presented due to the unavailability from third party evaluators. Disclosures about Fair Value of Financial Instruments The following section describes the valuation methodologies used by the Company for estimating fair value of financial instruments not recorded at fair value in the balance sheet. Cash and Due from Banks Investment Securities Held to Maturity Loans 26,359 4,922 Deposit Liabilities Short-Term Borrowed Funds The table below is a summary of fair value estimates for financial instruments and the level of the fair value hierarchy within which the fair value measurements are categorized, excluding financial instruments recorded at fair value on a recurring basis. The values assigned do not necessarily represent amounts which ultimately may be realized for assets or paid to settle liabilities. In addition, these values do not give effect to adjustments to fair value which may occur when financial instruments are sold or settled in larger quantities. The carrying amounts in the following table are recorded in the balance sheet under the indicated captions. The Company has not included assets and liabilities that are not financial instruments, such as goodwill, long-term relationships with deposit, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other assets and liabilities. The total estimated fair values do not represent, and should not be construed to represent, the underlying value of the Company. At September 30, 2016 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: (In thousands) Cash and due from banks $ 471,367 $ 471,367 $ 471,367 $ - $ - Investment securities held to maturity 1,411,019 1,440,119 - 1,440,119 - Loans 1,337,970 1,358,225 - - 1,358,225 Financial Liabilities: Deposits $ 4,644,870 $ 4,643,754 $ - $ 4,379,733 $ 264,021 Short-term borrowed funds 56,358 56,358 - 56,358 - At December 31, 2015 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: (In thousands) Cash and due from banks $ 433,044 $ 433,044 $ 433,044 $ - $ - Investment securities held to maturity 1,316,075 1,325,699 - 1,325,699 - Loans 1,503,625 1,517,394 - - 1,517,394 Financial Liabilities: Deposits $ 4,540,659 $ 4,539,455 $ - $ 4,253,691 $ 285,764 Short-term borrowed funds 53,028 53,028 - 53,028 - The majority of the Company’s standby letters of credit and other commitments to extend credit carry current market interest rates if converted to loans. No premium or discount was ascribed to these commitments because virtually all funding would be at current market rates. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10: Commitments and Contingent Liabilities Loan commitments are agreements to lend to a customer provided there is no violation of any condition established in the agreement. Commitments generally have fixed expiration dates or other termination clauses. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future funding requirements. Loan commitments are subject to the Company’s normal credit policies and collateral requirements. Unfunded loan commitments were $ 312,592 21,131 -0- 2,593 Due to the nature of its business, the Company is subject to various threatened or filed legal cases. Based on the advice of legal counsel, the Company does not expect such cases will have a material, adverse effect on its financial position or results of operations. Legal liabilities are accrued when obligations become probable and the amount is reasonably estimable. |
Note 11 - Earnings Per Common S
Note 11 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11: Earnings Per Common Share The table below shows earnings per common share and diluted earnings per common share. Basic earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period. Diluted earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period plus the impact of common stock equivalents. For the Three Months For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands, except per share data) Net income applicable to common equity (numerator) $ 15,628 $ 14,857 $ 44,400 $ 44,175 Basic earnings per common share Weighted average number of common shares outstanding - basic (denominator) 25,641 25,530 25,558 25,565 Basic earnings per common share $ 0.61 $ 0.58 $ 1.74 $ 1.73 Diluted earnings per common share Weighted average number of common shares outstanding - basic 25,641 25,530 25,558 25,565 Add common stock equivalents for options 46 35 37 20 Weighted average number of common shares outstanding - diluted (denominator) 25,687 25,565 25,595 25,585 Diluted earnings per common share $ 0.61 $ 0.58 $ 1.73 $ 1.73 For the three and nine months ended September 30, 2016, options to purchase 771 948 For the three and nine months ended September 30, 2015, options to purchase 1,043 thousand and 1,396 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because the option exercise price exceeded the fair value of the stock such that their inclusion would have had an anti-dilutive effect. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards FASB Accounting Standards Update (ASU) 2016-01 Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, The Company will be required to adopt the ASU provisions on January 1, 2018. Management does not expect the adoption of the ASU to have a material effect on the Company’s financial statements. FASB Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), The Company will be required to adopt the ASU provisions January 1, 2019, utilizing the modified retrospective transition approach. Management is evaluating the impact that the ASU will have on the Company’s financial statements. FASB ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, The Company will be required to adopt the ASU provisions January 1, 2017. Management does not expect the adoption of the ASU to have a material effect on the Company’s financial statements. The most notable impact will be the effect of Excess Tax Benefits on the provision for income taxes. FASB ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, The Company will be required to adopt the ASU provisions on January 1, 2020. Management is evaluating the impact that the ASU will have on the Company’s financial statements. |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Investment Securities Available for Sale Amortized Gross Gross Fair (In thousands) Securities of U.S. Government sponsored entities $ 171,579 $ 300 $ ( 33 ) $ 171,846 Agency residential mortgage-backed securities (MBS) 499,860 1,712 (1,883 ) 499,689 Non-agency residential MBS 301 1 - 302 Non-agency commercial MBS 2,127 1 (10 ) 2,118 Obligations of states and political subdivisions 177,786 8,086 (378 ) 185,494 Asset-backed securities 1,003 - (3 ) 1,000 FHLMC (1) (2) 775 3,481 - 4,256 Corporate securities 891,335 5,808 (1,911 ) 895,232 Other securities 2,034 577 (140 ) 2,471 Total $ 1,746,800 $ 19,966 $ ( 4,358 ) $ 1,762,408 Investment Securities Available for Sale Amortized Gross Gross Fair (In thousands) Securities of U.S. Government sponsored entities $ 302,292 $ 255 $ ( 665 ) $ 301,882 Agency residential MBS 208,046 1,407 (6,909 ) 202,544 Non-agency residential MBS 354 16 - 370 Non-agency commercial MBS 2,383 5 (9 ) 2,379 Obligations of states and political subdivisions 148,705 8,861 (57 ) 157,509 Asset-backed securities 2,025 - (22 ) 2,003 FHLMC (1) (2) 775 3,554 - 4,329 Corporate securities 902,308 882 (6,821 ) 896,369 Other securities 2,039 952 (160 ) 2,831 Total $ 1,568,927 $ 15,932 $ ( 14,643 ) $ 1,570,216 |
Held-to-maturity Securities [Table Text Block] | Investment Securities Held to Maturity Amortized Gross Gross Fair (In thousands) Securities of U.S. government sponsored entities $ 621 $ 3 $ - $ 624 Agency residential MBS 712,470 10,210 (194 ) 722,486 Non-agency residential MBS 5,678 54 (1 ) 5,731 Agency commercial MBS 9,404 24 (163 ) 9,265 Obligations of states and political subdivisions 682,846 19,508 (341 ) 702,013 Total $ 1,411,019 $ 29,799 $ ( 699 ) $ 1,440,119 Investment Securities Held to Maturity Amortized Gross Gross Fair (In thousands) Securities of U.S. government sponsored entities $ 764 $ - $ - $ 764 Agency residential MBS 595,503 1,810 (4,966 ) 592,347 Non-agency residential MBS 9,667 185 - 9,852 Agency commercial MBS 16,258 20 (274 ) 16,004 Obligations of states and political subdivisions 693,883 13,638 (789 ) 706,732 Total $ 1,316,075 $ 15,653 $ ( 6,029 ) $ 1,325,699 |
Investments Classified by Contractual Maturity Date [Table Text Block] | At September 30, 2016 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 159,685 $ 160,009 $ 18,809 $ 19,437 Over 1 to 5 years 745,541 750,330 290,412 295,190 Over 5 to 10 years 301,266 308,276 308,222 319,417 Over 10 years 35,211 34,957 66,024 68,593 Subtotal 1,241,703 1,253,572 683,467 702,637 MBS 502,288 502,109 727,552 737,482 Other securities 2,809 6,727 - - Total $ 1,746,800 $ 1,762,408 $ 1,411,019 $ 1,440,119 At December 31, 2015 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 136,717 $ 136,976 $ 20,709 $ 21,354 Over 1 to 5 years 1,049,786 1,044,453 259,556 262,163 Over 5 to 10 years 166,352 173,585 289,568 296,352 Over 10 years 2,475 2,749 124,814 127,627 Subtotal 1,355,330 1,357,763 694,647 707,496 MBS 210,783 205,293 621,428 618,203 Other securities 2,814 7,160 - - Total $ 1,568,927 $ 1,570,216 $ 1,316,075 $ 1,325,699 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Investment Securities Available for Sale No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrealized Investment Fair Value Unrealized Investment Fair Value Unrealized ($ in thousands) Securities of U.S. Government sponsored entities 3 $ 39,965 $ ( 33 ) - $ - $ - 3 $ 39,965 $ ( 33 ) Agency residential MBS 9 109,244 (222 ) 28 133,665 (1,661 ) 37 242,909 (1,883 ) Non-agency residential MBS 1 31 - - - - 1 31 - Non-agency commercial MBS 1 324 (4 ) 1 794 (6 ) 2 1,118 (10 ) Obligations of states and political subdivisions 30 42,214 (356 ) 3 1,118 (22 ) 33 43,332 (378 ) Asset-backed securities - - - 1 1,000 (3 ) 1 1,000 (3 ) Corporate securities 25 136,421 (704 ) 26 102,085 (1,207 ) 51 238,506 (1,911 ) Other securities - - - 1 1,860 (140 ) 1 1,860 (140 ) Total 69 $ 328,199 $ ( 1,319 ) 60 $ 240,522 $ ( 3,039 ) 129 $ 568,721 $ ( 4,358 ) Investment Securities Held to Maturity No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrecognized Investment Fair Value Unrecognized Investment Fair Value Unrecognized ($ in thousands) Agency residential MBS 6 $ 12,463 $ (79 ) 3 $ 11,615 $ ( 115 ) 9 $ 24,078 $ ( 194 ) Non-agency residential MBS 1 1,253 (1 ) - - - 1 1,253 (1 ) Agency commercial MBS - - - 1 7,250 (163 ) 1 7,250 (163 ) Obligations of states and political subdivisions 31 30,041 (182 ) 9 6,779 (159 ) 40 36,820 (341 ) Total 38 $ 43,757 $ ( 262 ) 13 $ 25,644 $ ( 437 ) 51 $ 69,401 $ ( 699 ) Investment Securities Available for Sale At December 31, 2015 No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrealized Investment Fair Value Unrealized Investment Fair Value Unrealized ($ in thousands) Securities of U.S. Government sponsored entities 8 $ 121,392 $ ( 665 ) - $ - $ - 8 $ 121,392 $ (665 ) Agency residential MBS 2 12,491 (366 ) 31 161,296 (6,543 ) 33 173,787 (6,909 ) Non-agency commercial MBS 1 1,071 - 1 855 (9 ) 2 1,926 (9 ) Obligations of states and political subdivisions 3 2,728 (18 ) 4 1,644 (39 ) 7 4,372 (57 ) Asset-backed securities - - - 1 2,003 (22 ) 1 2,003 (22 ) Corporate securities 97 548,177 (5,442 ) 25 86,762 (1,379 ) 122 634,939 (6,821 ) Other securities - - - 1 1,840 (160 ) 1 1,840 (160 ) Total 111 $ 685,859 $ ( 6,491 ) 63 $ 254,400 $ ( 8,152 ) 174 $ 940,259 $ ( 14,643 ) Investment Securities Held to Maturity No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrecognized Investment Fair Value Unrecognized Investment Fair Value Unrecognized ($ in thousands) Agency residential MBS 41 $ 426,317 $ ( 3,490 ) 13 $ 62,041 $ ( 1,476 ) 54 $ 488,358 $ ( 4,966 ) Agency commercial MBS - - - 2 13,951 (274 ) 2 13,951 (274 ) Obligations of states and political subdivisions 55 44,585 (249 ) 54 42,081 (540 ) 109 86,666 (789 ) Total 96 $ 470,902 $ ( 3,739 ) 69 $ 118,073 $ ( 2,290 ) 165 $ 588,975 $ ( 6,029 ) |
Interest Income from Investments [Table Text Block] | For the Three Months For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Taxable $ 11,024 $ 9,120 $ 31,256 $ 25,067 Tax-exempt from regular federal income tax 5,476 5,801 16,682 17,931 Total interest income from investment securities $ 16,500 $ 14,921 $ 47,938 $ 42,998 |
Note 4 - Loans and Allowance 21
Note 4 - Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Loans Receivable [Table Text Block] | At September 30, 2016 Commercial Commercial Construction Residential Consumer Total (In thousands) Originated loans $ 331,429 $ 480,950 $ 2,282 $ 91,934 $ 335,629 $ 1,242,224 Purchased covered loans - - - 2,233 9,512 11,745 Purchased non-covered loans : Gross purchased non-covered loans 12,337 74,595 153 224 27,973 115,282 Purchased loan discount (682 ) (3,197 ) - (23 ) (1,020 ) (4,922 ) Total $ 343,084 $ 552,348 $ 2,435 $ 94,368 $ 372,094 $ 1,364,329 At December 31, 2015 Commercial Commercial Construction Residential Consumer Total (In thousands) Originated loans $ 368,117 $ 517,070 $ 2,978 $ 117,631 $ 346,043 $ 1,351,839 Purchased covered loans : Gross purchased covered loans - - - 2,385 11,828 14,213 Purchased loan discount - - - (133 ) (19 ) (152 ) Purchased non-covered loans : Gross purchased non-covered loans 15,620 124,650 973 231 32,454 173,928 Purchased loan discount (989 ) (4,264 ) - (23 ) (1,156 ) (6,432 ) Total $ 382,748 $ 637,456 $ 3,951 $ 120,091 $ 389,150 $ 1,533,396 |
Impaired Purchased Loans Roll Forward [Table Text Block] | For the For the Year Ended Impaired purchased loans (In thousands) Carrying amount at the beginning of the period $ 3,887 $ 4,672 Reductions during the period (2,651 ) (785 ) Carrying amount at the end of the period $ 1,236 $ 3,887 |
Accretable Yield Reconciliation Schedule [Table Text Block] | For the For the Accretable yield: (In thousands) Balance at the beginning of the period $ 1,259 $ 2,261 Reclassification from nonaccretable difference 3,322 3,051 Accretion (2,936 ) (4,053 ) Balance at the end of the period $ 1,645 $ 1,259 Accretion $ ( 2,936 ) $ ( 4,053 ) Change in FDIC indemnification 995 698 (Increase) in interest income $ ( 1,941 ) $ ( 3,355 ) |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 10,402 $ 3,912 $ 127 $ 1,601 $ 6,616 $ 1,044 $ 66 $ 5,142 $ 28,910 Additions: Provision (3,638 ) (328 ) 9 (193 ) 1,651 (399 ) (4 ) (298 ) (3,200 ) Deductions: Chargeoffs (88 ) - - - (1,736 ) (112 ) - - (1,936 ) Recoveries 1,735 15 - - 337 498 - - 2,585 Net loan recoveries (losses) 1,647 15 - - (1,399 ) 386 - - 649 Total allowance for loan losses $ 8,411 $ 3,599 $ 136 $ 1,408 $ 6,868 $ 1,031 $ 62 $ 4,844 $ 26,359 Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 9,559 $ 4,224 $ 177 $ 1,801 $ 7,080 $ 967 $ - $ 5,963 $ 29,771 Additions: Provision (1,641 ) (670 ) (41 ) (393 ) 2,074 (1,472 ) 62 (1,119 ) (3,200 ) Deductions: Chargeoffs (2,024 ) - - - (3,418 ) (150 ) - - (5,592 ) Recoveries 2,517 45 - - 1,132 1,686 - - 5,380 Net loan recoveries (losses) 493 45 - - (2,286 ) 1,536 - - (212 ) Total allowance for loan losses $ 8,411 $ 3,599 $ 136 $ 1,408 $ 6,868 $ 1,031 $ 62 $ 4,844 $ 26,359 Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 7,107 $ 4,896 $ 403 $ 2,058 $ 7,248 $ 1,244 $ - $ 7,872 $ 30,828 Additions: Provision 1,246 (96 ) (205 ) (50 ) 367 (15 ) 65 (1,312 ) - Deductions: Chargeoffs (239 ) (449 ) - - (773 ) - - - (1,461 ) Recoveries 300 27 - - 336 6 - - 669 Net loan recoveries (losses) 61 (422 ) - - (437 ) 6 - - (792 ) Total allowance for loan losses $ 8,414 $ 4,378 $ 198 $ 2,008 $ 7,178 $ 1,235 $ 65 $ 6,560 $ 30,036 Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 5,460 $ 4,245 $ 644 $ 2,241 $ 7,717 $ 2,120 $ - $ 9,058 $ 31,485 Additions: Provision 2,840 525 (446 ) (233 ) 436 (689 ) 65 (2,498 ) - Deductions: Chargeoffs (700 ) (449 ) - - (2,344 ) (431 ) - - (3,924 ) Recoveries 814 57 - - 1,369 235 - - 2,475 Net loan recoveries (losses) 114 (392 ) - - (975 ) (196 ) - - (1,449 ) Total allowance for loan losses $ 8,414 $ 4,378 $ 198 $ 2,008 $ 7,178 $ 1,235 $ 65 $ 6,560 $ 30,036 |
Schedule of Recorded Investment in Loans Evaluated for Impairment [Table Text Block] | Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Purchased Non-covered Loans Purchased Covered Loans Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 5,070 $ 216 $ - $ - $ - $ - $ - $ - $ 5,286 Collectively evaluated for impairment 3,341 3,383 136 1,408 6,868 1,031 62 4,844 21,073 Purchased loans with evidence of credit deterioration - - - - - - - - - Total $ 8,411 $ 3,599 $ 136 $ 1,408 $ 6,868 $ 1,031 $ 62 $ 4,844 $ 26,359 Carrying value of loans: Individually evaluated for impairment $ 11,210 $ 5,270 $ - $ - $ - $ 6,125 $ - $ - $ 22,605 Collectively evaluated for impairment 320,219 475,680 2,282 91,934 335,629 103,189 11,555 - 1,340,488 Purchased loans with evidence of credit deterioration - - - - - 1,046 190 - 1,236 Total $ 331,429 $ 480,950 $ 2,282 $ 91,934 $ 335,629 $ 110,360 $ 11,745 $ - $ 1,364,329 Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Purchased Non-covered Loans Purchased Covered Loans Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 4,942 $ 585 $ - $ - $ - $ - $ - $ - $ 5,527 Collectively evaluated for impairment 4,617 3,639 177 1,801 7,080 967 - 5,963 24,244 Purchased loans with evidence of credit deterioration - - - - - - - - - Total $ 9,559 $ 4,224 $ 177 $ 1,801 $ 7,080 $ 967 $ - $ 5,963 $ 29,771 Carrying value of loans: Individually evaluated for impairment $ 12,587 $ 5,541 $ - $ - $ - $ 11,777 $ - $ - $ 29,905 Collectively evaluated for impairment 355,530 511,529 2,978 117,631 346,043 152,038 13,855 - 1,499,604 Purchased loans with evidence of credit deterioration - - - - - 3,681 206 - 3,887 Total $ 368,117 $ 517,070 $ 2,978 $ 117,631 $ 346,043 $ 167,496 $ 14,061 $ - $ 1,533,396 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Risk Profile by Internally Assigned Grade Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Purchased Non-covered Loans Purchased Covered Loans (1) Total (In thousands) Grade: Pass $ 318,077 $ 466,364 $ 2,282 $ 88,920 $ 334,163 $ 101,295 $ 10,126 $ 1,321,227 Substandard 13,352 14,586 - 3,014 1,000 13,983 1,619 47,554 Doubtful - - - - 26 - - 26 Loss - - - - 440 4 - 444 Purchased loan discount - - - - - (4,922 ) - (4,922 ) Total $ 331,429 $ 480,950 $ 2,282 $ 91,934 $ 335,629 $ 110,360 $ 11,745 $ 1,364,329 Credit Risk Profile by Internally Assigned Grade Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Purchased Non-covered Loans Purchased Covered Loans (1) Total (In thousands) Grade: Pass $ 353,474 $ 496,744 $ 2,978 $ 114,525 $ 344,876 $ 149,100 $ 12,563 $ 1,474,260 Substandard 14,643 20,326 - 3,106 781 24,810 1,650 65,316 Doubtful - - - - 12 18 - 30 Loss - - - - 374 - - 374 Purchased loan discount - - - - - (6,432 ) (152 ) (6,584 ) Total $ 368,117 $ 517,070 $ 2,978 $ 117,631 $ 346,043 $ 167,496 $ 14,061 $ 1,533,396 |
Past Due Financing Receivables [Table Text Block] | Summary of Loans by Delinquency and Nonaccrual Status Current and Accruing 30-59 Days Past Due and Accruing 60-89 Days Past Due and Accruing Past Due 90 Days or More and Accruing Nonaccrual Total Loans (In thousands) Commercial $ 330,596 $ 647 $ 186 $ - $ - $ 331,429 Commercial real estate 474,741 914 - - 5,295 480,950 Construction 2,282 - - - - 2,282 Residential real estate 90,713 908 - - 313 91,934 Consumer installment and other 331,310 3,198 683 438 - 335,629 Total originated loans 1,229,642 5,667 869 438 5,608 1,242,224 Purchased non-covered loans 105,255 4,030 370 49 656 110,360 Purchased covered loans 11,716 - - - 29 11,745 Total $ 1,346,613 $ 9,697 $ 1,239 $ 487 $ 6,293 $ 1,364,329 Summary of Loans by Delinquency and Nonaccrual Status Current and Accruing 30-59 Days Past Due and Accruing 60-89 Days Past Due and Accruing Past Due 90 Days or More and Accruing Nonaccrual Total Loans (In thousands) Commercial $ 365,450 $ 1,777 $ 122 $ - $ 768 $ 368,117 Commercial real estate 504,970 5,930 726 - 5,444 517,070 Construction 2,978 - - - - 2,978 Residential real estate 115,575 1,202 414 - 440 117,631 Consumer installment and other 341,566 3,263 919 295 - 346,043 Total originated loans 1,330,539 12,172 2,181 295 6,652 1,351,839 Purchased non-covered loans 158,554 589 7 - 8,346 167,496 Purchased covered loans 13,929 132 - - - 14,061 Total $ 1,503,022 $ 12,893 $ 2,188 $ 295 $ 14,998 $ 1,533,396 |
Effect Of Nonaccrual Loans On Interest Income [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 193 $ 315 $ 756 $ 969 Less: Interest income (recognized) reversed on nonaccrual loans (500 ) 17 (1,033 ) (308 ) Total (addition) reduction of interest income $ ( 307 ) $ 332 $ ( 277 ) $ 661 |
Impaired Financing Receivables [Table Text Block] | Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 1,058 $ 1,145 $ - Commercial real estate 8,013 9,560 - Construction - - - Residential real estate 533 563 - Consumer installment and other 611 718 - Impaired loans with an allowance recorded: Commercial 10,202 10,211 5,070 Commercial real estate 4,410 5,427 216 Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 11,260 $ 11,356 $ 5,070 Commercial real estate 12,423 14,987 216 Construction - - - Residential real estate 533 563 - Consumer installment and other 611 718 - Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 2,917 $ 2,979 $ - Commercial real estate 16,309 21,168 - Construction 271 271 - Residential real estate 666 697 - Consumer installment and other 350 456 - Impaired loans with an allowance recorded: Commercial 10,170 10,170 4,942 Commercial real estate 4,660 5,109 585 Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 13,087 $ 13,149 $ 4,942 Commercial real estate 20,969 26,277 585 Construction 271 271 - Residential real estate 666 697 - Consumer installment and other 350 456 - |
Impaired Financing Receivables Supplemental Schedule [Table Text Block] | Impaired Loans For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Average Recognized Average Recognized Average Recognized Average Recognized (In thousands) Commercial $ 12,858 $ 126 $ 12,750 $ 147 $ 13,454 $ 394 $ 12,513 $ 440 Commercial real estate 14,486 188 21,923 142 17,991 549 19,985 546 Construction - - - - 136 - 306 - Residential real estate 530 4 403 9 693 13 652 23 Consumer installment and other 545 6 516 6 435 18 856 19 Total $ 28,419 $ 324 $ 35,592 $ 304 $ 32,709 $ 974 $ 34,312 $ 1,028 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Troubled Debt Restructurings Number of Pre-Modification Period-End Period-End ($ in thousands) Commercial 7 $ 2,719 $ 1,519 $ 169 Commercial real estate 10 11,257 10,663 216 Residential real estate 1 241 220 - Total 18 $ 14,217 $ 12,402 $ 385 Troubled Debt Restructurings Number of Pre-Modification Period-End Period-End ($ in thousands) Commercial 6 $ 3,138 $ 2,802 $ 194 Commercial real estate 10 12,927 12,684 - Residential real estate 1 242 226 - Total 17 $ 16,307 $ 15,712 $ 194 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | At September 30, At December 31, (In thousands) Cost method equity investments: Federal Reserve Bank stock (1) $ 14,069 $ 14,069 Other investments 201 201 Total cost method equity investments 14,270 14,270 Life insurance cash surrender value 50,883 48,972 Net deferred tax asset 42,505 51,748 Limited partnership investments 13,188 15,259 Interest receivable 19,699 20,174 Prepaid assets 4,112 4,771 Other assets 9,804 10,660 Total other assets $ 154,461 $ 165,854 |
Schedule of Amounts Recognized in Net Income [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Investment loss included in pre-tax income $ 675 $ 750 $ 2,025 $ 2,175 Tax credits recognized in provision for income taxes 562 663 1,723 1,988 |
Note 7 - Goodwill and Identif23
Note 7 - Goodwill and Identifiable Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | At September 30, At December 31, (In thousands) Goodwill $ 121,673 $ 121,673 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | At September 30, 2016 At December 31, 2015 Gross Accumulated Gross Accumulated (In thousands) Core Deposit Intangibles $ 56,808 $ (49,263 ) $ 56,808 $ (46,782 ) Merchant Draft Processing Intangible 10,300 (10,056 ) 10,300 (9,895 ) Total Identifiable Intangible Assets $ 67,108 $ (59,319 ) $ 67,108 $ (56,677 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Core Merchant Total (In thousands) For the Nine Months ended September 30, 2016 (actual) $ 2,481 $ 161 $ 2,642 Estimate for the remainder of year ended December 31, 2016 811 51 862 Estimate for year ended December 31, 2017 2,913 164 3,077 2018 1,892 29 1,921 2019 538 - 538 2020 287 - 287 2021 269 - 269 |
Note 8 - Deposits and Borrowe24
Note 8 - Deposits and Borrowed Funds (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Deposits [Table Text Block] | Deposits At September 30, At December 31, (In thousands) Noninterest-bearing $ 2,064,988 $ 2,026,049 Interest-bearing: Transaction 851,885 860,706 Savings 1,462,860 1,366,936 Time deposits less than $100 thousand 138,655 150,780 Time deposits $100 thousand through $250 thousand 88,666 96,971 Time deposits more than $250 thousand 37,816 39,217 Total deposits $ 4,644,870 $ 4,540,659 |
Schedule of Repurchase Agreements [Table Text Block] | Repurchase Agreements (Sweep) Remaining Contractual Maturity of the Agreements At September 30, 2016 At December 31, 2015 Repurchase agreements: (In thousands) Collateral securing borrowings: Securities of U.S. Government sponsored entities $ 86,034 $ 98,969 Agency residential MBS 20,742 - Obligations of states and political subdivisions 1,015 3,975 Corporate securities 91,160 54,681 Total collateral carrying value $ 198,951 $ 157,625 Total short-term borrowed funds $ 56,358 $ 53,028 |
Note 9 - Fair Value Measureme25
Note 9 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | At September 30, 2016 Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Securities of U.S. Government sponsored entities $ 171,846 $ - $ 171,846 $ - Agency residential MBS 499,689 - 499,689 - Non-agency residential MBS 302 - 302 - Non-agency commercial MBS 2,118 - 2,118 - Obligations of states and political subdivisions 185,494 - 185,494 - Asset-backed securities 1,000 - 1,000 - FHLMC and FNMA stock 4,256 7 4,249 - Corporate securities 895,232 - 895,232 - Other securities 2,471 611 1,860 - Total securities available for sale $ 1,762,408 $ 618 $ 1,761,790 $ - At December 31, 2015 Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Securities of U.S. Government sponsored entities $ 301,882 $ - $ 301,882 $ - Agency residential MBS 202,544 - 202,544 - Non-agency residential MBS 370 - 370 - Non-agency commercial MBS 2,379 - 2,379 - Obligations of states and political subdivisions 157,509 - 157,509 - Asset-backed securities 2,003 - 2,003 - FHLMC and FNMA stock 4,329 7 4,322 - Corporate securities 896,369 - 896,369 - Other securities 2,831 991 1,840 - Total securities available for sale $ 1,570,216 $ 998 $ 1,569,218 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | At September 30, 2016 For the Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 3,032 $ - $ - $ 3,032 $ ( 705 ) Impaired loans 9,326 - - 9,326 - Total assets measured at fair value on a nonrecurring basis $ 12,358 $ - $ - $ 12,358 $ ( 705 ) At December 31, 2015 For the Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 9,264 $ - $ - $ 9,264 $ ( 320 ) Impaired loans 15,633 - - 15,633 (449 ) Total assets measured at fair value on a nonrecurring basis $ 24,897 $ - $ - $ 24,897 $ ( 769 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At September 30, 2016 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: (In thousands) Cash and due from banks $ 471,367 $ 471,367 $ 471,367 $ - $ - Investment securities held to maturity 1,411,019 1,440,119 - 1,440,119 - Loans 1,337,970 1,358,225 - - 1,358,225 Financial Liabilities: Deposits $ 4,644,870 $ 4,643,754 $ - $ 4,379,733 $ 264,021 Short-term borrowed funds 56,358 56,358 - 56,358 - At December 31, 2015 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: (In thousands) Cash and due from banks $ 433,044 $ 433,044 $ 433,044 $ - $ - Investment securities held to maturity 1,316,075 1,325,699 - 1,325,699 - Loans 1,503,625 1,517,394 - - 1,517,394 Financial Liabilities: Deposits $ 4,540,659 $ 4,539,455 $ - $ 4,253,691 $ 285,764 Short-term borrowed funds 53,028 53,028 - 53,028 - |
Note 11 - Earnings Per Common26
Note 11 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands, except per share data) Net income applicable to common equity (numerator) $ 15,628 $ 14,857 $ 44,400 $ 44,175 Basic earnings per common share Weighted average number of common shares outstanding - basic (denominator) 25,641 25,530 25,558 25,565 Basic earnings per common share $ 0.61 $ 0.58 $ 1.74 $ 1.73 Diluted earnings per common share Weighted average number of common shares outstanding - basic 25,641 25,530 25,558 25,565 Add common stock equivalents for options 46 35 37 20 Weighted average number of common shares outstanding - diluted (denominator) 25,687 25,565 25,595 25,585 Diluted earnings per common share $ 0.61 $ 0.58 $ 1.73 $ 1.73 |
Note 3 - Investment Securitie27
Note 3 - Investment Securities (Details Textual) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
High Risk Collateralized Mortgage Obligations | $ 0 | $ 0 |
Pledged Financial Instruments, Not Separately Reported, Securities | $ 755,762,000 | $ 738,865,000 |
Note 3 - Amortized Cost, Unreal
Note 3 - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Investment securities available for sale, amortized cost | $ 171,579 | $ 302,292 | |
Investment securities available for sale, gross unrealized gains | 300 | 255 | |
Investment securities available for sale, gross unrealized losses | (33) | (665) | |
Investment securities available for sale | 171,846 | 301,882 | |
Agency Residential MBS [Member] | |||
Investment securities available for sale, amortized cost | 499,860 | 208,046 | |
Investment securities available for sale, gross unrealized gains | 1,712 | 1,407 | |
Investment securities available for sale, gross unrealized losses | (1,883) | (6,909) | |
Investment securities available for sale | 499,689 | 202,544 | |
Non-agency Residential MBS [Member] | |||
Investment securities available for sale, amortized cost | 301 | 354 | |
Investment securities available for sale, gross unrealized gains | 1 | 16 | |
Investment securities available for sale, gross unrealized losses | |||
Investment securities available for sale | 302 | 370 | |
Non-agency Commercial MBS [Member] | |||
Investment securities available for sale, amortized cost | 2,127 | 2,383 | |
Investment securities available for sale, gross unrealized gains | 1 | 5 | |
Investment securities available for sale, gross unrealized losses | (10) | (9) | |
Investment securities available for sale | 2,118 | 2,379 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Investment securities available for sale, amortized cost | 177,786 | 148,705 | |
Investment securities available for sale, gross unrealized gains | 8,086 | 8,861 | |
Investment securities available for sale, gross unrealized losses | (378) | (57) | |
Investment securities available for sale | 185,494 | 157,509 | |
Asset-backed Securities [Member] | |||
Investment securities available for sale, amortized cost | 1,003 | 2,025 | |
Investment securities available for sale, gross unrealized gains | |||
Investment securities available for sale, gross unrealized losses | (3) | (22) | |
Investment securities available for sale | 1,000 | 2,003 | |
FHLMC and FNMA Stock [Member] | |||
Investment securities available for sale, amortized cost | [1],[2] | 775 | 775 |
Investment securities available for sale, gross unrealized gains | [1],[2] | 3,481 | 3,554 |
Investment securities available for sale, gross unrealized losses | [1],[2] | ||
Investment securities available for sale | [1],[2] | 4,256 | 4,329 |
Domestic Corporate Debt Securities [Member] | |||
Investment securities available for sale, amortized cost | 891,335 | 902,308 | |
Investment securities available for sale, gross unrealized gains | 5,808 | 882 | |
Investment securities available for sale, gross unrealized losses | (1,911) | (6,821) | |
Investment securities available for sale | 895,232 | 896,369 | |
Other Securities [Member] | |||
Investment securities available for sale, amortized cost | 2,034 | 2,039 | |
Investment securities available for sale, gross unrealized gains | 577 | 952 | |
Investment securities available for sale, gross unrealized losses | (140) | (160) | |
Investment securities available for sale | 2,471 | 2,831 | |
Investment securities available for sale, amortized cost | 1,746,800 | 1,568,927 | |
Investment securities available for sale, gross unrealized gains | 19,966 | 15,932 | |
Investment securities available for sale, gross unrealized losses | (4,358) | (14,643) | |
Investment securities available for sale | $ 1,762,408 | $ 1,570,216 | |
[1] | Federal Home Loan Mortgage Corporation | ||
[2] | Federal National Mortgage Association |
Note 3 - Amortized Cost, Unre29
Note 3 - Amortized Cost, Unrealized Gains and Losses, and Estimated Market Value of Held to Maturity Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Investment securities held to maturity, amortized cost | $ 621 | $ 764 |
Investment securities held to maturity, gross unrecognized gains | 3 | |
Investment securities held to maturity, gross unrecognized losses | ||
Investment securities held to maturity, fair values | 624 | 764 |
Agency Residential MBS [Member] | ||
Investment securities held to maturity, amortized cost | 712,470 | 595,503 |
Investment securities held to maturity, gross unrecognized gains | 10,210 | 1,810 |
Investment securities held to maturity, gross unrecognized losses | (194) | (4,966) |
Investment securities held to maturity, fair values | 722,486 | 592,347 |
Non-agency Residential MBS [Member] | ||
Investment securities held to maturity, amortized cost | 5,678 | 9,667 |
Investment securities held to maturity, gross unrecognized gains | 54 | 185 |
Investment securities held to maturity, gross unrecognized losses | (1) | |
Investment securities held to maturity, fair values | 5,731 | 9,852 |
Agency Commercial MBS [Member] | ||
Investment securities held to maturity, amortized cost | 9,404 | 16,258 |
Investment securities held to maturity, gross unrecognized gains | 24 | 20 |
Investment securities held to maturity, gross unrecognized losses | (163) | (274) |
Investment securities held to maturity, fair values | 9,265 | 16,004 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities held to maturity, amortized cost | 682,846 | 693,883 |
Investment securities held to maturity, gross unrecognized gains | 19,508 | 13,638 |
Investment securities held to maturity, gross unrecognized losses | (341) | (789) |
Investment securities held to maturity, fair values | 702,013 | 706,732 |
Investment securities held to maturity, amortized cost | 1,411,019 | 1,316,075 |
Investment securities held to maturity, gross unrecognized gains | 29,799 | 15,653 |
Investment securities held to maturity, gross unrecognized losses | (699) | (6,029) |
Investment securities held to maturity, fair values | $ 1,440,119 | $ 1,325,699 |
Note 3 - Amortized Cost and Est
Note 3 - Amortized Cost and Estimated Market Value of Securities by Contractual Maturity (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Mortgage Backed Securities [Member] | ||
Investment securities available for sale, amortized cost | $ 502,288,000 | $ 210,783,000 |
Investment securities available for sale | 502,109,000 | 205,293,000 |
Investment securities held to maturity, amortized cost | 727,552,000 | 621,428 |
Investment securities held to maturity, fair value | 737,482,000 | 618,203 |
Other Securities [Member] | ||
Investment securities available for sale, amortized cost | 2,809,000 | 2,814,000 |
Investment securities available for sale | 6,727,000 | 7,160,000 |
Investment securities held to maturity, amortized cost | ||
Investment securities held to maturity, fair value | ||
Investment securities available for sale, amortized cost | 2,034,000 | 2,039,000 |
Investment securities available for sale | 2,471,000 | 2,831,000 |
Investment securities available for sale, amortized cost, 1 year or less | 159,685,000 | 136,717,000 |
Investment securities available for sale, fair value, 1 year or less | 160,009,000 | 136,976,000 |
Investment securities held to maturity, amortized cost, 1 year or less | 18,809,000 | 20,709,000 |
Investment securities held to maturity, fair value, 1 year or less | 19,437,000 | 21,354,000 |
Investment securities available for sale, amortized cost, over 1 to 5 years | 745,541,000 | 1,049,786,000 |
Investment securities available for sale, fair value, over 1 to 5 years | 750,330,000 | 1,044,453,000 |
Investment securities held to maturity, amortized cost, over 1 to 5 years | 290,412,000 | 259,556,000 |
Investment securities held to maturity, fair value, over 1 to 5 years | 295,190,000 | 262,163,000 |
Investment securities available for sale, amortized cost, over 5 to 10 years | 301,266,000 | 166,352,000 |
Investment securities available for sale, fair value, over 5 to 10 years | 308,276,000 | 173,585,000 |
Investment securities held to maturity, amortized cost, over 5 to 10 years | 308,222,000 | 289,568,000 |
Investment securities held to maturity, fair value, over 5 to 10 years | 319,417,000 | 296,352,000 |
Investment securities available for sale, amortized cost, over 10 years | 35,211,000 | 2,475,000 |
Investment securities available for sale, fair value, over 10 years | 34,957,000 | 2,749,000 |
Investment securities held to maturity, amortized cost, over 10 years | 66,024,000 | 124,814,000 |
Investment securities held to maturity, fair value, over 10 years | 68,593,000 | 127,627,000 |
Investment securities available for sale, amortized cost, subtotal | 1,241,703,000 | 1,355,330,000 |
Investment securities available for sale, fair value, subtotal | 1,253,572,000 | 1,357,763,000 |
Investment securities held to maturity, amortized cost, subtotal | 683,467,000 | 694,647,000 |
Investment securities held to maturity, fair value, subtotal | 702,637,000 | 707,496,000 |
Investment securities available for sale, amortized cost | 1,746,800,000 | 1,568,927,000 |
Investment securities available for sale | 1,762,408,000 | 1,570,216,000 |
Investment securities held to maturity, amortized cost | 1,411,019,000 | 1,316,075,000 |
Investment securities held to maturity, fair values | $ 1,440,119,000 | $ 1,325,699,000 |
Note 3 - Gross Unrealized Losse
Note 3 - Gross Unrealized Losses, Investment Securities Portfolio (Details) $ in Thousands | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 3 | 8 |
Available for sale securities, less than 12 months, fair value | $ 39,965 | $ 121,392 |
Available for sale securities, less than 12 months, unrealized losses | $ (33) | $ (665) |
Available for sale securities, 12 months or longer, number of investment positions | ||
Available for sale securities, 12 months or longer, fair value | ||
Available for sale securities, 12 months or longer, unrealized losses | ||
Available for sale securities, total, number of investment positions | 3 | 8 |
Available for sale securities, total, fair value | $ 39,965 | $ 121,392 |
Available for sale securities, total, unrealized losses | $ (33) | $ (665) |
Residential Mortgage Backed Securities [Member] | Agency Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 9 | 2 |
Available for sale securities, less than 12 months, fair value | $ 109,244 | $ 12,491 |
Available for sale securities, less than 12 months, unrealized losses | $ (222) | $ (366) |
Available for sale securities, 12 months or longer, number of investment positions | 28 | 31 |
Available for sale securities, 12 months or longer, fair value | $ 133,665 | $ 161,296 |
Available for sale securities, 12 months or longer, unrealized losses | $ (1,661) | $ (6,543) |
Available for sale securities, total, number of investment positions | 37 | 33 |
Available for sale securities, total, fair value | $ 242,909 | $ 173,787 |
Available for sale securities, total, unrealized losses | $ (1,883) | $ (6,909) |
Held to Maturity securities, less than 12 months, number of investment positions | 6 | 41 |
Held to Maturity securities, less than 12 months, fair value | $ 12,463 | $ 426,317 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (79) | $ (3,490) |
Held to Maturity securities, 12 months or longer, number of investment positions | 3 | 13 |
Held to Maturity securities, 12 months or longer, fair value | $ 11,615 | $ 62,041 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (115) | $ (1,476) |
Held to Maturity securities, total, number of investment positions | 9 | 54 |
Held to Maturity securities, total, fair value | $ 24,078 | $ 488,358 |
Held to Maturity securities, total, unrecognized losses | $ (194) | $ (4,966) |
Residential Mortgage Backed Securities [Member] | Non-agency Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 1 | |
Available for sale securities, less than 12 months, fair value | $ 31 | |
Available for sale securities, less than 12 months, unrealized losses | ||
Available for sale securities, 12 months or longer, number of investment positions | ||
Available for sale securities, 12 months or longer, fair value | ||
Available for sale securities, 12 months or longer, unrealized losses | ||
Available for sale securities, total, number of investment positions | 1 | |
Available for sale securities, total, fair value | $ 31 | |
Available for sale securities, total, unrealized losses | ||
Held to Maturity securities, less than 12 months, number of investment positions | 1 | |
Held to Maturity securities, less than 12 months, fair value | $ 1,253 | |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (1) | |
Held to Maturity securities, 12 months or longer, number of investment positions | ||
Held to Maturity securities, 12 months or longer, fair value | ||
Held to Maturity securities, 12 months or longer, unrecognized losses | ||
Held to Maturity securities, total, number of investment positions | 1 | |
Held to Maturity securities, total, fair value | $ 1,253 | |
Held to Maturity securities, total, unrecognized losses | $ (1) | |
Commercial Mortgage Backed Securities [Member] | Agency Securities [Member] | ||
Held to Maturity securities, less than 12 months, number of investment positions | ||
Held to Maturity securities, less than 12 months, fair value | ||
Held to Maturity securities, less than 12 months, unrecognized losses | ||
Held to Maturity securities, 12 months or longer, number of investment positions | 1 | 2 |
Held to Maturity securities, 12 months or longer, fair value | $ 7,250 | $ 13,951 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (163) | $ (274) |
Held to Maturity securities, total, number of investment positions | 1 | 2 |
Held to Maturity securities, total, fair value | $ 7,250 | $ 13,951 |
Held to Maturity securities, total, unrecognized losses | $ (163) | $ (274) |
Commercial Mortgage Backed Securities [Member] | Non-agency Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 1 | 1 |
Available for sale securities, less than 12 months, fair value | $ 324 | $ 1,071 |
Available for sale securities, less than 12 months, unrealized losses | $ (4) | |
Available for sale securities, 12 months or longer, number of investment positions | 1 | 1 |
Available for sale securities, 12 months or longer, fair value | $ 794 | $ 855 |
Available for sale securities, 12 months or longer, unrealized losses | $ (6) | $ (9) |
Available for sale securities, total, number of investment positions | 2 | 2 |
Available for sale securities, total, fair value | $ 1,118 | $ 1,926 |
Available for sale securities, total, unrealized losses | $ (10) | $ (9) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 30 | 3 |
Available for sale securities, less than 12 months, fair value | $ 42,214 | $ 2,728 |
Available for sale securities, less than 12 months, unrealized losses | $ (356) | $ (18) |
Available for sale securities, 12 months or longer, number of investment positions | 3 | 4 |
Available for sale securities, 12 months or longer, fair value | $ 1,118 | $ 1,644 |
Available for sale securities, 12 months or longer, unrealized losses | $ (22) | $ (39) |
Available for sale securities, total, number of investment positions | 33 | 7 |
Available for sale securities, total, fair value | $ 43,332 | $ 4,372 |
Available for sale securities, total, unrealized losses | $ (378) | $ (57) |
Held to Maturity securities, less than 12 months, number of investment positions | 31 | 55 |
Held to Maturity securities, less than 12 months, fair value | $ 30,041 | $ 44,585 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (182) | $ (249) |
Held to Maturity securities, 12 months or longer, number of investment positions | 9 | 54 |
Held to Maturity securities, 12 months or longer, fair value | $ 6,779 | $ 42,081 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (159) | $ (540) |
Held to Maturity securities, total, number of investment positions | 40 | 109 |
Held to Maturity securities, total, fair value | $ 36,820 | $ 86,666 |
Held to Maturity securities, total, unrecognized losses | $ (341) | $ (789) |
Asset-backed Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | ||
Available for sale securities, less than 12 months, fair value | ||
Available for sale securities, less than 12 months, unrealized losses | ||
Available for sale securities, 12 months or longer, number of investment positions | 1 | 1 |
Available for sale securities, 12 months or longer, fair value | $ 1,000 | $ 2,003 |
Available for sale securities, 12 months or longer, unrealized losses | $ (3) | $ (22) |
Available for sale securities, total, number of investment positions | 1 | 1 |
Available for sale securities, total, fair value | $ 1,000 | $ 2,003 |
Available for sale securities, total, unrealized losses | $ (3) | $ (22) |
Domestic Corporate Debt Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 25 | 97 |
Available for sale securities, less than 12 months, fair value | $ 136,421 | $ 548,177 |
Available for sale securities, less than 12 months, unrealized losses | $ (704) | $ (5,442) |
Available for sale securities, 12 months or longer, number of investment positions | 26 | 25 |
Available for sale securities, 12 months or longer, fair value | $ 102,085 | $ 86,762 |
Available for sale securities, 12 months or longer, unrealized losses | $ (1,207) | $ (1,379) |
Available for sale securities, total, number of investment positions | 51 | 122 |
Available for sale securities, total, fair value | $ 238,506 | $ 634,939 |
Available for sale securities, total, unrealized losses | $ (1,911) | $ (6,821) |
Other Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | ||
Available for sale securities, less than 12 months, fair value | ||
Available for sale securities, less than 12 months, unrealized losses | ||
Available for sale securities, 12 months or longer, number of investment positions | 1 | 1 |
Available for sale securities, 12 months or longer, fair value | $ 1,860 | $ 1,840 |
Available for sale securities, 12 months or longer, unrealized losses | $ (140) | $ (160) |
Available for sale securities, total, number of investment positions | 1 | 1 |
Available for sale securities, total, fair value | $ 1,860 | $ 1,840 |
Available for sale securities, total, unrealized losses | $ (140) | $ (160) |
Available for sale securities, less than 12 months, number of investment positions | 69 | 111 |
Available for sale securities, less than 12 months, fair value | $ 328,199 | $ 685,859 |
Available for sale securities, less than 12 months, unrealized losses | $ (1,319) | $ (6,491) |
Available for sale securities, 12 months or longer, number of investment positions | 60 | 63 |
Available for sale securities, 12 months or longer, fair value | $ 240,522 | $ 254,400 |
Available for sale securities, 12 months or longer, unrealized losses | $ (3,039) | $ (8,152) |
Available for sale securities, total, number of investment positions | 129 | 174 |
Available for sale securities, total, fair value | $ 568,721 | $ 940,259 |
Available for sale securities, total, unrealized losses | $ (4,358) | $ (14,643) |
Held to Maturity securities, less than 12 months, number of investment positions | 38 | 96 |
Held to Maturity securities, less than 12 months, fair value | $ 43,757 | $ 470,902 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (262) | $ (3,739) |
Held to Maturity securities, 12 months or longer, number of investment positions | 13 | 69 |
Held to Maturity securities, 12 months or longer, fair value | $ 25,644 | $ 118,073 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (437) | $ (2,290) |
Held to Maturity securities, total, number of investment positions | 51 | 165 |
Held to Maturity securities, total, fair value | $ 69,401 | $ 588,975 |
Held to Maturity securities, total, unrecognized losses | $ (699) | $ (6,029) |
Note 3 - Interest Income from I
Note 3 - Interest Income from Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Taxable | $ 11,024 | $ 9,120 | $ 31,256 | $ 25,067 |
Tax-exempt from regular federal income tax | 5,476 | 5,801 | 16,682 | 17,931 |
Total interest income from investment securities | $ 16,500 | $ 14,921 | $ 47,938 | $ 42,998 |
Note 4 - Loans and Allowance 33
Note 4 - Loans and Allowance for Loan Losses (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Court Order [Member] | |||||
Troubled Debt Restructurings During Period | 1 | ||||
Under Market Modification to Payment Terms, Extended Maturity Date, and Court Order [Member] | |||||
Troubled Debt Restructurings During Period | 7 | ||||
Under-market Modification to Payment Terms and Extended Maturity Date [Member] | |||||
Troubled Debt Restructurings During Period | 4 | ||||
Restructured Loans [Member] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 12,402,000 | $ 12,402,000 | $ 15,712,000 | ||
Impaired Loans, Restructured, Nonaccrual Status | 5,307,000 | 5,307,000 | 7,464,000 | ||
Four Loans [Member] | |||||
Financing Receivable, Modifications, Recorded Investment | 4,843,000 | 4,843,000 | |||
One Loan [Member] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 6,330,000 | $ 6,330,000 | |||
Seven Loans [Member] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 8,150,000 | $ 8,150,000 | |||
Residential Real Estate Included in OREO [Member] | |||||
Real Estate Acquired Through Foreclosure | $ 0 | $ 0 | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | |
Loans and Leases Receivable, Nonaccrual, Commitment to Lend | $ 0 | $ 0 | 0 | ||
Troubled Debt Restructurings During Period | 0 | 1 | 4 | 7 | |
Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral | $ 0 | $ 0 | 0 | ||
Loans Receivable Held-for-sale, Amount | 0 | 0 | 0 | ||
Financing Receivable, Modifications, Recorded Investment | 12,402,000 | 12,402,000 | 15,712,000 | ||
Other Real Estate | 3,032,000 | 3,032,000 | 9,264,000 | ||
Other Real Estate, Reserve | 2,238,000 | 2,238,000 | 1,986,000 | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 0 | $ 0 | $ 0 |
Note 4 - Loans Receivable at Ca
Note 4 - Loans Receivable at Carrying Amount (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Commercial Portfolio Segment [Member] | ||
Originated loans | $ 331,429 | $ 368,117 |
Purchased covered loans | ||
Gross purchased non-covered loans | 12,337 | 15,620 |
Purchased loan discount | (682) | (989) |
Total | 343,084 | 382,748 |
Purchased loan discount | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Originated loans | 480,950 | 517,070 |
Purchased covered loans | ||
Gross purchased non-covered loans | 74,595 | 124,650 |
Purchased loan discount | (3,197) | (4,264) |
Total | 552,348 | 637,456 |
Purchased loan discount | ||
Construction Portfolio Segment [Member] | ||
Originated loans | 2,282 | 2,978 |
Purchased covered loans | ||
Gross purchased non-covered loans | 153 | 973 |
Purchased loan discount | ||
Total | 2,435 | 3,951 |
Purchased loan discount | ||
Residential Portfolio Segment [Member] | ||
Originated loans | 91,934 | 117,631 |
Purchased covered loans | 2,233 | 2,385 |
Gross purchased non-covered loans | 224 | 231 |
Purchased loan discount | (23) | (23) |
Total | 94,368 | 120,091 |
Purchased loan discount | (133) | |
Consumer Portfolio Segment [Member] | ||
Originated loans | 335,629 | 346,043 |
Purchased covered loans | 9,512 | 11,828 |
Gross purchased non-covered loans | 27,973 | 32,454 |
Purchased loan discount | (1,020) | (1,156) |
Total | 372,094 | 389,150 |
Purchased loan discount | (19) | |
Originated loans | 1,242,224 | 1,351,839 |
Purchased covered loans | 11,745 | 14,213 |
Gross purchased non-covered loans | 115,282 | 173,928 |
Purchased loan discount | (4,922) | (6,432) |
Total | $ 1,364,329 | 1,533,396 |
Purchased loan discount | $ (152) |
Note 4 - Changes in the Carryin
Note 4 - Changes in the Carrying Amount of Impaired Purchased Loans (Details) - Receivables Acquired with Deteriorated Credit Quality [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Carrying amount at the beginning of the period | $ 3,887 | $ 4,672 |
Reductions during the period | (2,651) | (785) |
Carrying amount at the end of the period | $ 1,236 | $ 3,887 |
Note 4 - Changes in the Accreta
Note 4 - Changes in the Accretable Yield for Purchased Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Balance at the beginning of the period | $ 1,259 | $ 2,261 |
Reclassification from nonaccretable difference | 3,322 | 3,051 |
Accretion | (2,936) | (4,053) |
Balance at the end of the period | 1,645 | 1,259 |
Change in FDIC indemnification | 995 | 698 |
(Increase) in interest income | $ (1,941) | $ (3,355) |
Note 4 - Allowance for Credit L
Note 4 - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Balance at beginning of period | $ 10,402 | $ 7,107 | $ 9,559 | $ 5,460 |
Provision | (3,638) | 1,246 | (1,641) | 2,840 |
Chargeoffs | (88) | (239) | (2,024) | (700) |
Recoveries | 1,735 | 300 | 2,517 | 814 |
Net loan recoveries (losses) | 1,647 | 61 | 493 | 114 |
Total allowance for loan losses | 8,411 | 8,414 | 8,411 | 8,414 |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Balance at beginning of period | 3,912 | 4,896 | 4,224 | 4,245 |
Provision | (328) | (96) | (670) | 525 |
Chargeoffs | (449) | (449) | ||
Recoveries | 15 | 27 | 45 | 57 |
Net loan recoveries (losses) | 15 | (422) | 45 | (392) |
Total allowance for loan losses | 3,599 | 4,378 | 3,599 | 4,378 |
Originated Loans [Member] | Construction Portfolio Segment [Member] | ||||
Balance at beginning of period | 127 | 403 | 177 | 644 |
Provision | 9 | (205) | (41) | (446) |
Chargeoffs | ||||
Recoveries | ||||
Net loan recoveries (losses) | ||||
Total allowance for loan losses | 136 | 198 | 136 | 198 |
Originated Loans [Member] | Residential Portfolio Segment [Member] | ||||
Balance at beginning of period | 1,601 | 2,058 | 1,801 | 2,241 |
Provision | (193) | (50) | (393) | (233) |
Chargeoffs | ||||
Recoveries | ||||
Net loan recoveries (losses) | ||||
Total allowance for loan losses | 1,408 | 2,008 | 1,408 | 2,008 |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | ||||
Balance at beginning of period | 6,616 | 7,248 | 7,080 | 7,717 |
Provision | 1,651 | 367 | 2,074 | 436 |
Chargeoffs | (1,736) | (773) | (3,418) | (2,344) |
Recoveries | 337 | 336 | 1,132 | 1,369 |
Net loan recoveries (losses) | (1,399) | (437) | (2,286) | (975) |
Total allowance for loan losses | 6,868 | 7,178 | 6,868 | 7,178 |
Purchased Non-Covered Loans [Member] | ||||
Balance at beginning of period | 1,044 | 1,244 | 967 | 2,120 |
Provision | (399) | (15) | (1,472) | (689) |
Chargeoffs | (112) | (150) | (431) | |
Recoveries | 498 | 6 | 1,686 | 235 |
Net loan recoveries (losses) | 386 | 6 | 1,536 | (196) |
Total allowance for loan losses | 1,031 | 1,235 | 1,031 | 1,235 |
Purchased Covered Loans [Member] | ||||
Balance at beginning of period | 66 | |||
Provision | (4) | 65 | 62 | 65 |
Chargeoffs | ||||
Recoveries | ||||
Net loan recoveries (losses) | ||||
Total allowance for loan losses | 62 | 65 | 62 | 65 |
Unallocated Financing Receivable [Member] | ||||
Balance at beginning of period | 5,142 | 7,872 | 5,963 | 9,058 |
Provision | (298) | (1,312) | (1,119) | (2,498) |
Chargeoffs | ||||
Recoveries | ||||
Net loan recoveries (losses) | ||||
Total allowance for loan losses | 4,844 | 6,560 | 4,844 | 6,560 |
Balance at beginning of period | 28,910 | 30,828 | 29,771 | 31,485 |
Provision | (3,200) | (3,200) | ||
Chargeoffs | (1,936) | (1,461) | (5,592) | (3,924) |
Recoveries | 2,585 | 669 | 5,380 | 2,475 |
Net loan recoveries (losses) | 649 | (792) | (212) | (1,449) |
Total allowance for loan losses | $ 26,359 | $ 30,036 | $ 26,359 | $ 30,036 |
Note 4 - Recorded Investment in
Note 4 - Recorded Investment in Loans Evaluated for Impairment (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | |||||||
Individually evaluated for impairment | $ 5,070,000 | $ 4,942,000 | |||||
Collectively evaluated for impairment | 3,341,000 | 4,617,000 | |||||
Total | 8,411,000 | $ 10,402,000 | 9,559,000 | $ 8,414,000 | $ 7,107,000 | $ 5,460,000 | |
Individually evaluated for impairment | 11,210,000 | 12,587,000 | |||||
Collectively evaluated for impairment | 320,219,000 | 355,530,000 | |||||
Total loans | 331,429,000 | 368,117,000 | |||||
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||
Individually evaluated for impairment | 216,000 | 585,000 | |||||
Collectively evaluated for impairment | 3,383,000 | 3,639,000 | |||||
Total | 3,599,000 | 3,912,000 | 4,224,000 | 4,378,000 | 4,896,000 | 4,245,000 | |
Individually evaluated for impairment | 5,270,000 | 5,541,000 | |||||
Collectively evaluated for impairment | 475,680,000 | 511,529,000 | |||||
Total loans | 480,950,000 | 517,070,000 | |||||
Originated Loans [Member] | Construction Portfolio Segment [Member] | |||||||
Individually evaluated for impairment | 0 | 0 | |||||
Collectively evaluated for impairment | 136,000 | 177,000 | |||||
Total | 136,000 | 127,000 | 177,000 | 198,000 | 403,000 | 644,000 | |
Individually evaluated for impairment | 0 | 0 | |||||
Collectively evaluated for impairment | 2,282,000 | 2,978,000 | |||||
Total loans | 2,282,000 | 2,978,000 | |||||
Originated Loans [Member] | Residential Portfolio Segment [Member] | |||||||
Individually evaluated for impairment | 0 | 0 | |||||
Collectively evaluated for impairment | 1,408,000 | 1,801,000 | |||||
Total | 1,408,000 | 1,601,000 | 1,801,000 | 2,008,000 | 2,058,000 | 2,241,000 | |
Individually evaluated for impairment | 0 | 0 | |||||
Collectively evaluated for impairment | 91,934,000 | 117,631,000 | |||||
Total loans | 91,934,000 | 117,631,000 | |||||
Originated Loans [Member] | Consumer Portfolio Segment [Member] | |||||||
Individually evaluated for impairment | 0 | 0 | |||||
Collectively evaluated for impairment | 6,868,000 | 7,080,000 | |||||
Total | 6,868,000 | 6,616,000 | 7,080,000 | 7,178,000 | 7,248,000 | 7,717,000 | |
Individually evaluated for impairment | 0 | 0 | |||||
Collectively evaluated for impairment | 335,629,000 | 346,043,000 | |||||
Total loans | 335,629,000 | 346,043,000 | |||||
Originated Loans [Member] | |||||||
Total loans | 1,242,224,000 | 1,351,839,000 | |||||
Purchased Non-Covered Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Total loans | 1,046,000 | 3,681,000 | |||||
Purchased Non-Covered Loans [Member] | |||||||
Individually evaluated for impairment | 0 | 0 | |||||
Collectively evaluated for impairment | 1,031,000 | 967,000 | |||||
Total | 1,031,000 | 1,044,000 | 967,000 | 1,235,000 | 1,244,000 | 2,120,000 | |
Individually evaluated for impairment | 6,125,000 | 11,777,000 | |||||
Collectively evaluated for impairment | 103,189,000 | 152,038,000 | |||||
Total loans | 110,360,000 | 167,496,000 | |||||
Purchased Covered Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Total loans | 190,000 | 206,000 | |||||
Purchased Covered Loans [Member] | |||||||
Individually evaluated for impairment | 0 | 0 | |||||
Collectively evaluated for impairment | 62,000 | ||||||
Total | 62,000 | 66,000 | 65,000 | ||||
Individually evaluated for impairment | 0 | 0 | |||||
Collectively evaluated for impairment | 11,555,000 | 13,855,000 | |||||
Total loans | [1] | 11,745,000 | 14,061,000 | ||||
Unallocated Financing Receivable [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Total loans | 0 | 0 | |||||
Unallocated Financing Receivable [Member] | |||||||
Individually evaluated for impairment | 0 | 0 | |||||
Collectively evaluated for impairment | 4,844,000 | 5,963,000 | |||||
Total | 4,844,000 | 5,142,000 | 5,963,000 | 6,560,000 | 7,872,000 | 9,058,000 | |
Individually evaluated for impairment | 0 | 0 | |||||
Collectively evaluated for impairment | 0 | 0 | |||||
Total loans | 0 | 0 | |||||
Commercial Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Total loans | 0 | 0 | |||||
Commercial Portfolio Segment [Member] | |||||||
Total loans | 343,084,000 | 382,748,000 | |||||
Commercial Real Estate Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Total loans | 0 | 0 | |||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Total loans | 552,348,000 | 637,456,000 | |||||
Construction Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Total loans | 0 | 0 | |||||
Construction Portfolio Segment [Member] | |||||||
Total loans | 2,435,000 | 3,951,000 | |||||
Residential Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Total loans | 0 | 0 | |||||
Residential Portfolio Segment [Member] | |||||||
Total loans | 94,368,000 | 120,091,000 | |||||
Consumer Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Total loans | 0 | 0 | |||||
Consumer Portfolio Segment [Member] | |||||||
Total loans | 372,094,000 | 389,150,000 | |||||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Total loans | 1,236,000 | 3,887,000 | |||||
Individually evaluated for impairment | 5,286,000 | 5,527,000 | |||||
Collectively evaluated for impairment | 21,073,000 | 24,244,000 | |||||
Total | 26,359,000 | $ 28,910,000 | 29,771,000 | $ 30,036,000 | $ 30,828,000 | $ 31,485,000 | |
Individually evaluated for impairment | 22,605,000 | 29,905,000 | |||||
Collectively evaluated for impairment | 1,340,488,000 | 1,499,604,000 | |||||
Total loans | $ 1,364,329,000 | $ 1,533,396,000 | |||||
[1] | Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. |
Note 4 - Credit Risk Profile by
Note 4 - Credit Risk Profile by Internally Assigned Grade (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | |||
Loans, before purchased loan discount | $ 318,077,000 | $ 353,474,000 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Loans, before purchased loan discount | 13,352,000 | 14,643,000 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Loans, before purchased loan discount | 0 | 0 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Loans, before purchased loan discount | 0 | 0 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | |||
Loans | 331,429,000 | 368,117,000 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Loans, before purchased loan discount | 466,364,000 | 496,744,000 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Loans, before purchased loan discount | 14,586,000 | 20,326,000 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Loans, before purchased loan discount | 0 | 0 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Loans, before purchased loan discount | 0 | 0 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 480,950,000 | 517,070,000 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Pass [Member] | |||
Loans, before purchased loan discount | 2,282,000 | 2,978,000 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Substandard [Member] | |||
Loans, before purchased loan discount | 0 | 0 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Doubtful [Member] | |||
Loans, before purchased loan discount | 0 | 0 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Loans, before purchased loan discount | 0 | 0 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | |||
Loans | 2,282,000 | 2,978,000 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Pass [Member] | |||
Loans, before purchased loan discount | 88,920,000 | 114,525,000 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | |||
Loans, before purchased loan discount | 3,014,000 | 3,106,000 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Doubtful [Member] | |||
Loans, before purchased loan discount | 0 | 0 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Loans, before purchased loan discount | 0 | 0 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | |||
Loans | 91,934,000 | 117,631,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | |||
Loans, before purchased loan discount | 334,163,000 | 344,876,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Loans, before purchased loan discount | 1,000,000 | 781,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Loans, before purchased loan discount | 26,000 | 12,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Loans, before purchased loan discount | 440,000 | 374,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | |||
Loans | 335,629,000 | 346,043,000 | |
Originated Loans [Member] | |||
Loans | 1,242,224,000 | 1,351,839,000 | |
Purchased Non-Covered Loans [Member] | Pass [Member] | |||
Loans, before purchased loan discount | 101,295,000 | 149,100,000 | |
Purchased Non-Covered Loans [Member] | Substandard [Member] | |||
Loans, before purchased loan discount | 13,983,000 | 24,810,000 | |
Purchased Non-Covered Loans [Member] | Doubtful [Member] | |||
Loans, before purchased loan discount | 0 | 18,000 | |
Purchased Non-Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Loans, before purchased loan discount | 4,000 | 0 | |
Purchased Non-Covered Loans [Member] | |||
Purchased loan discount | (4,922,000) | (6,432,000) | |
Loans | 110,360,000 | 167,496,000 | |
Purchased Covered Loans [Member] | Pass [Member] | |||
Loans, before purchased loan discount | [1] | 10,126,000 | 12,563,000 |
Purchased Covered Loans [Member] | Substandard [Member] | |||
Loans, before purchased loan discount | [1] | 1,619,000 | 1,650,000 |
Purchased Covered Loans [Member] | Doubtful [Member] | |||
Loans, before purchased loan discount | [1] | 0 | 0 |
Purchased Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Loans, before purchased loan discount | [1] | 0 | 0 |
Purchased Covered Loans [Member] | |||
Purchased loan discount | [1] | 0 | (152,000) |
Loans | [1] | 11,745,000 | 14,061,000 |
Purchased Non-covered and Covered Loans [Member] | |||
Purchased loan discount | (4,922,000) | (6,584,000) | |
Commercial Portfolio Segment [Member] | |||
Purchased loan discount | 0 | 0 | |
Loans | 343,084,000 | 382,748,000 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Purchased loan discount | 0 | 0 | |
Loans | 552,348,000 | 637,456,000 | |
Construction Portfolio Segment [Member] | |||
Purchased loan discount | 0 | 0 | |
Loans | 2,435,000 | 3,951,000 | |
Residential Portfolio Segment [Member] | |||
Purchased loan discount | 0 | 0 | |
Loans | 94,368,000 | 120,091,000 | |
Consumer Portfolio Segment [Member] | |||
Purchased loan discount | 0 | 0 | |
Loans | 372,094,000 | 389,150,000 | |
Pass [Member] | |||
Loans, before purchased loan discount | 1,321,227,000 | 1,474,260,000 | |
Substandard [Member] | |||
Loans, before purchased loan discount | 47,554,000 | 65,316,000 | |
Doubtful [Member] | |||
Loans, before purchased loan discount | 26,000 | 30,000 | |
Unlikely to be Collected Financing Receivable [Member] | |||
Loans, before purchased loan discount | 444,000 | 374,000 | |
Loans | $ 1,364,329,000 | $ 1,533,396,000 | |
[1] | Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. |
Note 4 - Loans by Delinquency a
Note 4 - Loans by Delinquency and Nonaccrual Status (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | $ 647,000 | $ 1,777,000 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 186,000 | 122,000 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due and accruing | 0 | 0 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | |||
Current and accruing | 330,596,000 | 365,450,000 | |
Nonaccrual | 768,000 | ||
Total loans | 331,429,000 | 368,117,000 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 914,000 | 5,930,000 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 726,000 | ||
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due and accruing | 0 | 0 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Current and accruing | 474,741,000 | 504,970,000 | |
Nonaccrual | 5,295,000 | 5,444,000 | |
Total loans | 480,950,000 | 517,070,000 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 0 | 0 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 0 | 0 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due and accruing | 0 | 0 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | |||
Current and accruing | 2,282,000 | 2,978,000 | |
Nonaccrual | 0 | 0 | |
Total loans | 2,282,000 | 2,978,000 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 908,000 | 1,202,000 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 414,000 | ||
Originated Loans [Member] | Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due and accruing | 0 | 0 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | |||
Current and accruing | 90,713,000 | 115,575,000 | |
Nonaccrual | 313,000 | 440,000 | |
Total loans | 91,934,000 | 117,631,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 3,198,000 | 3,263,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 683,000 | 919,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due and accruing | 438,000 | 295,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | |||
Current and accruing | 331,310,000 | 341,566,000 | |
Nonaccrual | 0 | ||
Total loans | 335,629,000 | 346,043,000 | |
Originated Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 5,667,000 | 12,172,000 | |
Originated Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 869,000 | 2,181,000 | |
Originated Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due and accruing | 438,000 | 295,000 | |
Originated Loans [Member] | |||
Current and accruing | 1,229,642,000 | 1,330,539,000 | |
Nonaccrual | 5,608,000 | 6,652,000 | |
Total loans | 1,242,224,000 | 1,351,839,000 | |
Purchased Non-Covered Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 4,030,000 | 589,000 | |
Purchased Non-Covered Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 370,000 | 7,000 | |
Purchased Non-Covered Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due and accruing | 49,000 | 0 | |
Purchased Non-Covered Loans [Member] | |||
Current and accruing | 105,255,000 | 158,554,000 | |
Nonaccrual | 656,000 | 8,346,000 | |
Total loans | 110,360,000 | 167,496,000 | |
Purchased Covered Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 132,000 | ||
Purchased Covered Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 0 | ||
Purchased Covered Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due and accruing | 0 | 0 | |
Purchased Covered Loans [Member] | |||
Current and accruing | 11,716,000 | 13,929,000 | |
Nonaccrual | 29,000 | 0 | |
Total loans | [1] | 11,745,000 | 14,061,000 |
Commercial Portfolio Segment [Member] | |||
Total loans | 343,084,000 | 382,748,000 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Total loans | 552,348,000 | 637,456,000 | |
Construction Portfolio Segment [Member] | |||
Total loans | 2,435,000 | 3,951,000 | |
Residential Portfolio Segment [Member] | |||
Total loans | 94,368,000 | 120,091,000 | |
Consumer Portfolio Segment [Member] | |||
Total loans | 372,094,000 | 389,150,000 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 9,697,000 | 12,893,000 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 1,239,000 | 2,188,000 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due and accruing | 487,000 | 295,000 | |
Current and accruing | 1,346,613,000 | 1,503,022,000 | |
Nonaccrual | 6,293,000 | 14,998,000 | |
Total loans | $ 1,364,329,000 | $ 1,533,396,000 | |
[1] | Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. |
Note 4 - Effect of Nonaccrual L
Note 4 - Effect of Nonaccrual Loans on Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ 193 | $ 315 | $ 756 | $ 969 |
Less: Interest income (recognized) reversed on nonaccrual loans | (500) | 17 | (1,033) | (308) |
Total (addition) reduction of interest income | $ (307) | $ 332 | $ (277) | $ 661 |
Note 4 - Impaired Loans (Detail
Note 4 - Impaired Loans (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Commercial Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | $ 1,058,000 | $ 2,917,000 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 1,145,000 | 2,979,000 |
Impaired loans with an allowance recorded, Recorded Investment | 10,202,000 | 10,170,000 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 10,211,000 | 10,170,000 |
Total Impaired loans, Related Allowance | 5,070,000 | 4,942,000 |
Total Impaired loans, Recorded Investment | 11,260,000 | 13,087,000 |
Total Impaired loans, Unpaid Principal Balance | 11,356,000 | 13,149,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 8,013,000 | 16,309,000 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 9,560,000 | 21,168,000 |
Impaired loans with an allowance recorded, Recorded Investment | 4,410,000 | 4,660,000 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 5,427,000 | 5,109,000 |
Total Impaired loans, Related Allowance | 216,000 | 585,000 |
Total Impaired loans, Recorded Investment | 12,423,000 | 20,969,000 |
Total Impaired loans, Unpaid Principal Balance | 14,987,000 | 26,277,000 |
Construction Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 271,000 | |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 271,000 | |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Total Impaired loans, Related Allowance | 0 | 0 |
Total Impaired loans, Recorded Investment | 271,000 | |
Total Impaired loans, Unpaid Principal Balance | 271,000 | |
Residential Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 533,000 | 666,000 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 563,000 | 697,000 |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Total Impaired loans, Related Allowance | 0 | 0 |
Total Impaired loans, Recorded Investment | 533,000 | 666,000 |
Total Impaired loans, Unpaid Principal Balance | 563,000 | 697,000 |
Consumer Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 611,000 | 350,000 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 718,000 | 456,000 |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Total Impaired loans, Related Allowance | 0 | 0 |
Total Impaired loans, Recorded Investment | 611,000 | 350,000 |
Total Impaired loans, Unpaid Principal Balance | $ 718,000 | $ 456,000 |
Note 4 - Impaired Loans, Supple
Note 4 - Impaired Loans, Supplemental Schedule (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Commercial Portfolio Segment [Member] | ||||
Average Recorded Investment | $ 12,858 | $ 12,750 | $ 13,454 | $ 12,513 |
Recognized Interest Income | 126 | 147 | 394 | 440 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Average Recorded Investment | 14,486 | 21,923 | 17,991 | 19,985 |
Recognized Interest Income | 188 | 142 | 549 | 546 |
Construction Portfolio Segment [Member] | ||||
Average Recorded Investment | 136 | 306 | ||
Recognized Interest Income | ||||
Residential Portfolio Segment [Member] | ||||
Average Recorded Investment | 530 | 403 | 693 | 652 |
Recognized Interest Income | 4 | 9 | 13 | 23 |
Consumer Portfolio Segment [Member] | ||||
Average Recorded Investment | 545 | 516 | 435 | 856 |
Recognized Interest Income | 6 | 6 | 18 | 19 |
Average Recorded Investment | 28,419 | 35,592 | 32,709 | 34,312 |
Recognized Interest Income | $ 324 | $ 304 | $ 974 | $ 1,028 |
Note 4 - Troubled Debt Restruct
Note 4 - Troubled Debt Restructurings (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 7 | 6 |
Pre-Modification Carrying Value | $ 2,719 | $ 3,138 |
Financing Receivable, Modifications, Recorded Investment | 1,519 | 2,802 |
Period-End Individual Impairment Allowance | $ 169 | $ 194 |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of Contracts | 10 | 10 |
Pre-Modification Carrying Value | $ 11,257 | $ 12,927 |
Financing Receivable, Modifications, Recorded Investment | 10,663 | 12,684 |
Period-End Individual Impairment Allowance | $ 216 | |
Residential Portfolio Segment [Member] | ||
Number of Contracts | 1 | 1 |
Pre-Modification Carrying Value | $ 241 | $ 242 |
Financing Receivable, Modifications, Recorded Investment | 220 | 226 |
Period-End Individual Impairment Allowance | ||
Number of Contracts | 18 | 17 |
Pre-Modification Carrying Value | $ 14,217 | $ 16,307 |
Financing Receivable, Modifications, Recorded Investment | 12,402 | 15,712 |
Period-End Individual Impairment Allowance | $ 385 | $ 194 |
Note 5 - Concentration of Cre45
Note 5 - Concentration of Credit Risk (Details Textual) $ in Thousands | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Aggregate Loans [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk, Borrowing Relationships | 32 | |
Concentration Risk, Aggregate Loans Amount | $ 5,000 | |
Commercial Real Estate Loans [Member] | ||
Loan To Value Ratio Requirement | 75.00% | |
Residential Real Estate Loans [Member] | ||
Loan To Value Ratio Requirement | 80.00% | |
Unsecured Loan Limit, Percentage of Shareholders' Equity, California Financial Code | 15.00% | |
Secured and Unsecured Loan Limit Percentage, California Financial Code | 25.00% | |
Loan Commitments and Standby Letters of Credit Related to Real Estate Loans | $ 58,148 | $ 61,190 |
Concentration Risk, Issuer Relationships | 51 | |
Concentration Risk, Aggregate Securities Amount | $ 5,000 |
Note 6 - Other Assets (Details
Note 6 - Other Assets (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Contingent Commitment, Year 1 [Member] | |||
Qualified Affordable Housing Project Investments, Commitment | $ 453 | ||
Contingent Commitment, Year 2 [Member] | |||
Qualified Affordable Housing Project Investments, Commitment | 763 | ||
Contingent Commitment, Year 3 and Beyond [Member] | |||
Qualified Affordable Housing Project Investments, Commitment | 1,083 | ||
FRB Membership, Stock Subscription, Percent of Paid-Up Capital Stock and Surplus Requirement | 6.00% | ||
LIHTC Investments | 13,188 | $ 15,259 | |
Qualified Affordable Housing Project Investments, Commitment | $ 2,299 | $ 2,299 |
Note 6 - Summary of Other Asset
Note 6 - Summary of Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Cost method equity investments: | |||
Federal Reserve Bank stock | [1] | $ 14,069 | $ 14,069 |
Other investments | 201 | 201 | |
Total cost method equity investments | 14,270 | 14,270 | |
Life insurance cash surrender value | 50,883 | 48,972 | |
Net deferred tax asset | 42,505 | 51,748 | |
LIHTC Investments | 13,188 | 15,259 | |
Interest receivable | 19,699 | 20,174 | |
Prepaid assets | 4,112 | 4,771 | |
Other assets | 9,804 | 10,660 | |
Total other assets | $ 154,461 | $ 165,854 | |
[1] | A bank applying for membership in the Federal Reserve System is required to subscribe to stock in the Federal Reserve Bank (FRB) in its district in a sum equal to six percent of the bank's paid-up capital stock and surplus. One-half of the amount of the bank's subscription shall be paid to the FRB and the remaining half will be subject to call when deemed necessary by the Board of Governors of the Federal Reserve System. |
Note 6 - Amounts Recognized in
Note 6 - Amounts Recognized in Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Investment loss included in pre-tax income | $ 675 | $ 750 | $ 2,025 | $ 2,175 |
Tax credits recognized in provision for income taxes | $ 562 | $ 663 | $ 1,723 | $ 1,988 |
Note 7 - Goodwill and Identif49
Note 7 - Goodwill and Identifiable Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Amortization Expense, Adjustment Resulting from a Change in Estimates of Useful Lives or Residual Values | $ 0 | $ 0 | $ 0 | |
Goodwill and Intangible Asset Impairment | $ 0 | $ 0 | $ 0 |
Note 7 - Carrying Values of Goo
Note 7 - Carrying Values of Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Goodwill | $ 121,673 | $ 121,673 |
Note 7 - Gross Carrying Amount
Note 7 - Gross Carrying Amount of Intangible Assets and Accumulated Amortization (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Core Deposits [Member] | ||
Gross Carrying Amount | $ 56,808 | $ 56,808 |
Accumulated Amortization | (49,263) | (46,782) |
Mechant Draft Processing [Member] | ||
Gross Carrying Amount | 10,300 | 10,300 |
Accumulated Amortization | (10,056) | (9,895) |
Gross Carrying Amount | 67,108 | 67,108 |
Accumulated Amortization | $ (59,319) | $ (56,677) |
Note 7 - Estimated Future Amort
Note 7 - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Core Deposits [Member] | ||||
For the Nine Months ended September 30, 2016 (actual) | $ 2,481,000 | |||
Estimate for the remainder of year ended December 31, 2016 | $ 811,000 | 811,000 | ||
Estimate for year ended December 31, 2017 | 2,913,000 | 2,913,000 | ||
2,018 | 1,892,000 | 1,892,000 | ||
2,019 | 538,000 | 538,000 | ||
2,020 | 287,000 | 287,000 | ||
2,021 | 269,000 | 269,000 | ||
Mechant Draft Processing [Member] | ||||
For the Nine Months ended September 30, 2016 (actual) | 161,000 | |||
Estimate for the remainder of year ended December 31, 2016 | 51,000 | 51,000 | ||
Estimate for year ended December 31, 2017 | 164,000 | 164,000 | ||
2,018 | 29,000 | 29,000 | ||
2,019 | ||||
2,020 | ||||
2,021 | ||||
For the Nine Months ended September 30, 2016 (actual) | 867,000 | $ 952,000 | 2,642,000 | $ 2,908,000 |
Estimate for the remainder of year ended December 31, 2016 | 862,000 | 862,000 | ||
Estimate for year ended December 31, 2017 | 3,077,000 | 3,077,000 | ||
2,018 | 1,921,000 | 1,921,000 | ||
2,019 | 538,000 | 538,000 | ||
2,020 | 287,000 | 287,000 | ||
2,021 | $ 269,000 | $ 269,000 |
Note 8 - Deposits and Borrowe53
Note 8 - Deposits and Borrowed Funds (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 18, 2016 | Dec. 31, 2015 | |
Unsecured Line of Credit [Member] | ||||||
Long-term Line of Credit | $ 0 | |||||
Line of Credit Facility, Maximum Borrowing Capacity, Expired | $ 35,000,000 | |||||
Demand Deposit Overdrafts | $ 2,880,000 | $ 2,880,000 | $ 3,038,000 | |||
Interest Expense, Time Deposits, $100,000 or More | $ 124,000 | $ 164,000 | $ 395,000 | $ 543,000 |
Note 8 - Deposits Detail (Detai
Note 8 - Deposits Detail (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Noninterest bearing deposits | $ 2,064,988 | $ 2,026,049 |
Transaction | 851,885 | 860,706 |
Savings | 1,462,860 | 1,366,936 |
Time deposits less than $100 thousand | 138,655 | 150,780 |
Time deposits $100 thousand through $250 thousand | 88,666 | 96,971 |
Time deposits more than $250 thousand | 37,816 | 39,217 |
Total deposits | $ 4,644,870 | $ 4,540,659 |
Note 8 - Short-term Borrowed Fu
Note 8 - Short-term Borrowed Funds (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Collateral Carrying Value | $ 86,034 | $ 98,969 |
Agency Residential MBS [Member] | ||
Collateral Carrying Value | 20,742 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Collateral Carrying Value | 1,015 | 3,975 |
Corporate Debt Securities [Member] | ||
Collateral Carrying Value | 91,160 | 54,681 |
Collateral Carrying Value | 198,951 | 157,625 |
Short-term borrowed funds | $ 56,358 | $ 53,028 |
Note 9 - Fair Value Measureme56
Note 9 - Fair Value Measurements (Details Textual) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Appraisal Rate | 10.00% | ||
Purchased Covered Loans [Member] | |||
Fair Value Discount, Credit Default Risk, Purchased Loans | $ 0 | $ 152,000 | |
Purchased Non-Covered Loans [Member] | |||
Fair Value Discount, Credit Default Risk, Purchased Loans | $ 4,922,000 | 6,432,000 | |
Securities Selected for OTTI Analysis, Market Price, Threshold | 95.00% | ||
Securities Selected for OTTI Analysis, Market to Book Ratio, Threshold | 95 | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 437,715,000 | ||
Loans and Leases Receivable, Allowance | $ 26,359,000 | $ 29,771,000 |
Note 9 - Assets Measured at Fai
Note 9 - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 171,846 | 301,882 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 171,846 | 301,882 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Investment securities available for sale | 171,846 | 301,882 | |
Agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 499,689 | 202,544 | |
Agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 499,689 | 202,544 | |
Agency Residential MBS [Member] | |||
Investment securities available for sale | 499,689 | 202,544 | |
Non-agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Non-agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 302 | 370 | |
Non-agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Non-agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 302 | 370 | |
Non-agency Residential MBS [Member] | |||
Investment securities available for sale | 302 | 370 | |
Non-agency Commercial MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Non-agency Commercial MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 2,118 | 2,379 | |
Non-agency Commercial MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Non-agency Commercial MBS [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 2,118 | 2,379 | |
Non-agency Commercial MBS [Member] | |||
Investment securities available for sale | 2,118 | 2,379 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 185,494 | 157,509 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 185,494 | 157,509 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Investment securities available for sale | 185,494 | 157,509 | |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 1,000 | 2,003 | |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 1,000 | 2,003 | |
Asset-backed Securities [Member] | |||
Investment securities available for sale | 1,000 | 2,003 | |
FHLMC and FNMA Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | 7 | 7 | |
FHLMC and FNMA Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 4,249 | 4,322 | |
FHLMC and FNMA Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
FHLMC and FNMA Stock [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 4,256 | 4,329 | |
FHLMC and FNMA Stock [Member] | |||
Investment securities available for sale | [1],[2] | 4,256 | 4,329 |
Domestic Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Domestic Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 895,232 | 896,369 | |
Domestic Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Domestic Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 895,232 | 896,369 | |
Domestic Corporate Debt Securities [Member] | |||
Investment securities available for sale | 895,232 | 896,369 | |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | 611 | 991 | |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 1,860 | 1,840 | |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 2,471 | 2,831 | |
Other Securities [Member] | |||
Investment securities available for sale | 2,471 | 2,831 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | 618 | 998 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 1,761,790 | 1,569,218 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 1,762,408 | 1,570,216 | |
Investment securities available for sale | $ 1,762,408 | $ 1,570,216 | |
[1] | Federal Home Loan Mortgage Corporation | ||
[2] | Federal National Mortgage Association |
Note 9 - Assets Measured at F58
Note 9 - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 3,032 | 9,264 |
Other Real Estate Owned [Member] | ||
Fair Value | 3,032 | 9,264 |
Total Losses | (705) | (320) |
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 9,326 | 15,633 |
Impaired Loans [Member] | ||
Fair Value | 9,326 | 15,633 |
Total Losses | (449) | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 12,358 | 24,897 |
Fair Value | 12,358 | 24,897 |
Total Losses | $ (705) | $ (769) |
Note 9 - Fair Value Estimates f
Note 9 - Fair Value Estimates for Financial Instruments, Excluding Financial Instruments Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Reported Value Measurement [Member] | ||
Cash and due from banks | $ 471,367 | $ 433,044 |
Investment securities held to maturity | 1,411,019 | 1,316,075 |
Loans | 1,337,970 | 1,503,625 |
Deposits | 4,644,870 | 4,540,659 |
Short-term borrowed funds | 56,358 | 53,028 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 471,367 | 433,044 |
Investment securities held to maturity | 1,440,119 | 1,325,699 |
Loans | 1,358,225 | 1,517,394 |
Deposits | 4,643,754 | 4,539,455 |
Short-term borrowed funds | 56,358 | 53,028 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 471,367 | 433,044 |
Investment securities held to maturity | ||
Loans | ||
Deposits | ||
Short-term borrowed funds | ||
Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | ||
Investment securities held to maturity | 1,440,119 | 1,325,699 |
Loans | ||
Deposits | 4,379,733 | 4,253,691 |
Short-term borrowed funds | 56,358 | 53,028 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | ||
Investment securities held to maturity | ||
Loans | 1,358,225 | 1,517,394 |
Deposits | 264,021 | 285,764 |
Short-term borrowed funds | ||
Investment securities held to maturity | $ 1,440,119 | $ 1,325,699 |
Note 10 - Commitments and Con60
Note 10 - Commitments and Contingent Liabilities (Details Textual) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Other Liabilities [Member] | ||
Reserve for Unfunded Commitments | $ 2,593,000 | $ 2,593,000 |
Financial Standby Letter of Credit [Member] | ||
Letters of Credit Outstanding, Amount | 21,131,000 | 26,149,000 |
Commercial Standby Letters of Credit [Member] | ||
Letters of Credit Outstanding, Amount | 0 | 40,000 |
Unfunded Loan Commitments | $ 312,592,000 | $ 299,884,000 |
Note 11 - Earnings Per Common61
Note 11 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 771 | 1,043 | 948 | 1,396 |
Note 11 - Earnings Per Common62
Note 11 - Earnings Per Common Share and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income applicable to common equity (numerator) | $ 15,628,000 | $ 14,857,000 | $ 44,400,000 | $ 44,175,000 |
Average Common Shares Outstanding (in shares) | 25,641 | 25,530 | 25,558 | 25,565 |
Basic earnings (in dollars per share) | $ 0.61 | $ 0.58 | $ 1.74 | $ 1.73 |
Add common stock equivalents for options (in shares) | 46 | 35 | 37 | 20 |
Weighted average number of common shares outstanding - diluted (denominator) (in shares) | 25,687 | 25,565 | 25,595 | 25,585 |
Diluted earnings (in dollars per share) | $ 0.61 | $ 0.58 | $ 1.73 | $ 1.73 |