Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 15, 2017 | Jun. 30, 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 | No | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 26,265,972 | ||
Entity Public Float | $ 1,077,625,583 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and due from banks | $ 462,271 | $ 433,044 |
Investment securities available for sale | 1,890,758 | 1,570,216 |
Investment securities held to maturity, with fair values of: $1,340,741 at December 31, 2016 and $1,325,699 at December 31, 2015 | 1,346,312 | 1,316,075 |
Loans | 1,352,711 | 1,533,396 |
Allowance for loan losses | (25,954) | (29,771) |
Loans, net of allowance for loan losses | 1,326,757 | 1,503,625 |
Other real estate owned | 3,095 | 9,264 |
Premises and equipment, net | 36,566 | 38,693 |
Identifiable intangibles, net | 6,927 | 10,431 |
Goodwill | 121,673 | 121,673 |
Other assets | 171,724 | 165,854 |
Total Assets | 5,366,083 | 5,168,875 |
Liabilities: | ||
Noninterest-bearing deposits | 2,089,443 | 2,026,049 |
Interest-bearing deposits | 2,615,298 | 2,514,610 |
Total deposits | 4,704,741 | 4,540,659 |
Short-term borrowed funds | 59,078 | 53,028 |
Other liabilities | 40,897 | 42,983 |
Total Liabilities | 4,804,716 | 4,636,670 |
Contingencies (Note 13) | ||
Shareholders' Equity: | ||
Common stock (no par value), authorized - 150,000 shares Issued and outstanding: 25,907 at December 31, 2016 and 25,528 at December 31, 2015 | 404,606 | 378,858 |
Deferred compensation | 1,533 | 2,578 |
Accumulated other comprehensive (loss) income | (10,074) | 675 |
Retained earnings | 165,302 | 150,094 |
Total Shareholders' Equity | 561,367 | 532,205 |
Total Liabilities and Shareholders' Equity | $ 5,366,083 | $ 5,168,875 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities held to maturity, fair values | $ 1,340,741 | $ 1,325,699 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 25,907,000 | 25,528,000 |
Common stock, outstanding (in shares) | 25,907,000 | 25,528,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and Fee Income: | |||
Loans | $ 69,139 | $ 78,441 | $ 89,056 |
Investment securities available for sale | 34,276 | 31,263 | 24,740 |
Investment securities held to maturity | 30,636 | 26,825 | 26,413 |
Total Interest and Fee Income | 134,051 | 136,529 | 140,209 |
Interest Expense: | |||
Deposits | 2,077 | 2,370 | 2,887 |
Short-term borrowed funds | 39 | 53 | 90 |
Federal Home Loan Bank advances | 0 | 1 | 407 |
Term repurchase agreement | 60 | ||
Total Interest Expense | 2,116 | 2,424 | 3,444 |
Net Interest Income | 131,935 | 134,105 | 136,765 |
(Reversal of) Provision for Loan Losses | (3,200) | 2,800 | |
Net Interest Income After (Reversal of) Provision For Loan Losses | 135,135 | 134,105 | 133,965 |
Noninterest Income: | |||
Service charges on deposit accounts | 20,854 | 22,241 | 24,191 |
Merchant processing services | 6,377 | 6,339 | 7,219 |
Debit card fees | 6,290 | 6,084 | 5,960 |
Other service fees | 2,571 | 2,689 | 2,717 |
Trust fees | 2,686 | 2,732 | 2,582 |
ATM processing fees | 2,411 | 2,397 | 2,473 |
Financial services commissions | 568 | 695 | 757 |
Other | 4,817 | 4,690 | 5,888 |
Total Noninterest Income | 46,574 | 47,867 | 51,787 |
Noninterest Expense: | |||
Salaries and related benefits | 51,507 | 52,192 | 54,777 |
Occupancy | 14,116 | 14,960 | 14,992 |
Outsourced data processing services | 8,505 | 8,441 | 8,411 |
Amortization of identifiable intangibles | 3,504 | 3,856 | 4,270 |
Furniture and equipment | 4,901 | 4,434 | 4,174 |
Courier service | 1,952 | 2,329 | 2,624 |
Professional fees | 3,980 | 2,490 | 2,346 |
Other real estate owned | (479) | 504 | (642) |
Other | 13,766 | 16,094 | 15,847 |
Total Noninterest Expense | 101,752 | 105,300 | 106,799 |
Income Before Income Taxes | 79,957 | 76,672 | 78,953 |
Provision for income taxes | 21,104 | 17,919 | 18,307 |
Net Income | $ 58,853 | $ 58,753 | $ 60,646 |
Average Common Shares Outstanding (in shares) | 25,612 | 25,555 | 26,099 |
Diluted Average Common Shares Outstanding (in shares) | 25,678 | 25,577 | 26,160 |
Per Common Share Data: | |||
Basic earnings (in dollars per share) | $ 2.30 | $ 2.30 | $ 2.32 |
Diluted earnings (in dollars per share) | 2.29 | 2.30 | 2.32 |
Dividends paid (in dollars per share) | $ 1.56 | $ 1.53 | $ 1.52 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income | $ 14,453 | $ 15,628 | $ 14,546 | $ 14,226 | $ 14,578 | $ 14,857 | $ 14,761 | $ 14,557 | $ 15,028 | $ 15,154 | $ 15,157 | $ 15,307 | $ 58,853 | $ 58,753 | $ 60,646 |
Other comprehensive (loss) income: | |||||||||||||||
(Decrease) increase in net unrealized gains on securities available for sale | (18,610) | (8,028) | 1,627 | ||||||||||||
Deferred tax benefit (expense) | 7,825 | 3,375 | (684) | ||||||||||||
(Decrease) increase in net unrealized gains on securities available for sale, net of tax | (10,785) | (4,653) | 943 | ||||||||||||
Post-retirement benefit transition obligation amortization | 61 | 61 | 61 | ||||||||||||
Deferred tax expense | (25) | (25) | (25) | ||||||||||||
Post-retirement benefit transition obligation amortization, net of tax | 36 | 36 | 36 | ||||||||||||
Total Other Comprehensive (Loss) Income | (10,749) | (4,617) | 979 | ||||||||||||
Total Comprehensive Income | $ 48,104 | $ 54,136 | $ 61,625 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - 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, 2013 | 26,510 | ||||
Balance at Dec. 31, 2013 | $ 378,946 | $ 2,711 | $ 4,313 | $ 156,964 | $ 542,934 |
Net income | 60,646 | 60,646 | |||
Net change | 979 | 979 | |||
Exercise of stock options (in shares) | 256 | ||||
Exercise of stock options | $ 12,396 | 12,396 | |||
Tax benefit increase (decrease) upon exercise and expiration of stock options | $ (447) | (447) | |||
Restricted stock activity (in shares) | 21 | ||||
Restricted stock activity | $ 1,114 | 1,114 | |||
Stock based compensation | $ 1,318 | 1,318 | |||
Stock awarded to employees (in shares) | 2 | ||||
Stock awarded to employees | $ 102 | 102 | |||
Retirement of common stock (in shares) | (1,044) | ||||
Retirement of common stock | $ (15,297) | (37,381) | (52,678) | ||
Dividends | (39,761) | (39,761) | |||
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 | 58,753 | 58,753 | |||
Net change | (4,617) | (4,617) | |||
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 | $ (1,284) | (1,284) | |||
Restricted stock activity (in shares) | 17 | ||||
Restricted stock activity | $ 874 | (133) | 741 | ||
Stock based compensation | $ 1,272 | 1,272 | |||
Stock awarded to employees (in shares) | 2 | ||||
Stock awarded to employees | $ 105 | 105 | |||
Retirement of common stock (in shares) | (344) | ||||
Retirement of common stock | $ (5,089) | (10,003) | (15,092) | ||
Dividends | (39,124) | (39,124) | |||
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 | 58,853 | 58,853 | |||
Net change | (10,749) | $ (10,749) | |||
Exercise of stock options (in shares) | 499 | 500 | |||
Exercise of stock options | $ 24,031 | $ 24,031 | |||
Tax benefit increase (decrease) upon exercise and expiration of stock options | $ 394 | 394 | |||
Restricted stock activity (in shares) | 15 | ||||
Restricted stock activity | $ 1,798 | (1,045) | 753 | ||
Stock based compensation | $ 1,494 | 1,494 | |||
Stock awarded to employees (in shares) | 2 | ||||
Stock awarded to employees | $ 90 | 90 | |||
Retirement of common stock (in shares) | (137) | ||||
Retirement of common stock | $ (2,059) | (3,721) | (5,780) | ||
Dividends | (39,924) | (39,924) | |||
Balance (in shares) at Dec. 31, 2016 | 25,907 | ||||
Balance at Dec. 31, 2016 | $ 404,606 | $ 1,533 | $ (10,074) | $ 165,302 | $ 561,367 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Operating Activities: | ||||
Net income | $ 58,853 | $ 58,753 | $ 60,646 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization/accretion | 19,939 | 16,402 | 15,502 | |
(Reversal of) Provision for Loan Losses | (3,200) | 2,800 | ||
Net amortization of deferred loan fees | (340) | (310) | (279) | |
Increase in interest income receivable | (1,316) | (780) | (469) | |
Life insurance premiums paid | (828) | (782) | (751) | |
Decrease in net deferred tax asset | 4,380 | 830 | 1,417 | |
Increase in other assets | (2,493) | (1,046) | (2,172) | |
Stock option compensation expense | 1,494 | 1,272 | 1,318 | |
Tax benefit (increase) decrease upon exercise and expiration of stock options | (394) | 1,284 | 447 | |
(Decrease) increase in income taxes payable | (40) | 265 | 478 | |
Decrease in interest expense payable | (52) | (86) | (111) | |
Increase (decrease) in other liabilities | 2,026 | (5,754) | 4,474 | |
Gain on sale of real estate and other assets | (400) | |||
Write-down/net loss on sale of premises and equipment | 30 | 109 | 76 | |
Net loss/write-down (gain) on sale of foreclosed assets | (422) | 247 | (665) | |
Net Cash Provided by Operating Activities | 77,637 | 70,404 | 82,311 | |
Investing Activities: | ||||
Net repayments of loans | 183,506 | 164,093 | 126,414 | |
Net (payments) receipts under FDIC1 indemnification agreements | [1] | (127) | 6,703 | |
Purchases of investment securities available for sale | (1,080,959) | (946,794) | (1,126,203) | |
Proceeds from sale/maturity/calls of securities available for sale | 737,625 | 967,118 | 604,475 | |
Purchases of investment securities held to maturity | (246,956) | (437,935) | (67,725) | |
Proceeds from maturity/calls of securities held to maturity | 204,054 | 153,014 | 153,405 | |
Purchases of premises and equipment | (1,818) | (4,474) | (3,791) | |
Net change in FRB2/FHLB3 securities | [2],[3] | 940 | 3,248 | |
Proceeds from sale of foreclosed assets | 7,412 | 1,774 | 8,212 | |
Net Cash Used in Investing Activities | (197,263) | (102,264) | (295,262) | |
Financing Activities: | ||||
Net increase in deposits | 164,082 | 191,476 | 185,508 | |
Net change in short-term borrowings and FHLB3 advances | [2] | 6,050 | (56,756) | 26,741 |
Repayments of term repurchase agreement | (10,000) | |||
Exercise of stock options/issuance of shares | 24,031 | 4,848 | 12,396 | |
Taxes paid by withholding shares for tax purposes | (356) | (357) | (521) | |
Tax benefit increase (decrease) upon exercise and expiration of stock options | 394 | (1,284) | (447) | |
Retirement of common stock | (5,424) | (14,735) | (52,157) | |
Common stock dividends paid | (39,924) | (39,124) | (39,761) | |
Net Cash Provided by Financing Activities | 148,853 | 84,068 | 121,759 | |
Net Change In Cash and Due from Banks | 29,227 | 52,208 | (91,192) | |
Cash and Due from Banks at Beginning of Period | 433,044 | 380,836 | 472,028 | |
Cash and Due from Banks at End of Period | 462,271 | 433,044 | 380,836 | |
Supplemental disclosure of noncash activities: | ||||
Loan collateral transferred to other real estate owned | 821 | 4,911 | 968 | |
Securities purchases pending settlement | 2,885 | 2,892 | ||
Supplemental disclosure of cash flow activities: | ||||
Interest paid for the period | 2,202 | 2,533 | 3,822 | |
Income tax payments for the period | $ 19,264 | $ 17,666 | $ 16,412 | |
[1] | Federal Deposit Insurance Corporation ("FDIC") | |||
[2] | Federal Home Loan Bank ("FHLB"). | |||
[3] | Federal Reserve Bank ("FRB"). |
Note 1 - Business and Accountin
Note 1 - Business and Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1: Westamerica Bancorporation, a registered bank holding company (the “Company”), provides a full range of banking services to corporate and individual customers in Northern and Central California through its wholly-owned subsidiary bank, Westamerica Bank (the “Bank”). The Bank is subject to competition from both financial and nonfinancial institutions and to the regulations of certain agencies and undergoes periodic examinations by those regulatory authorities. All of the financial service operations are considered by management to be aggregated in one The Company has evaluated events and transactions subsequent to the balance sheet date. Based on this evaluation, the Company is not aware of any events or transactions that occurred subsequent to the balance sheet date but prior to filing that would require recognition or disclosure in its consolidated financial statements. Certain amounts in prior periods have been reclassified to conform to the current presentation. Summary of Significant Accounting Policies The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. The following is a summary of significant policies used in the preparation of the accompanying financial statements. Accounting Estimates. Certain accounting policies underlying the preparation of these financial statements require Management to make estimates and judgments about future economic and market conditions. These estimates and judgments may 2017 Principles of Consolidation. The consolidated financial statements include the accounts of the Company and all the Company’s subsidiaries. Significant intercompany transactions have been eliminated in consolidation. The Company does not maintain or conduct transactions with any unconsolidated special purpose entities. Cash. Cash includes Due From Banks balances which are readily convertible to known amounts of cash and are generally 90 Securities. Investment securities consist of debt securities of the U.S. Treasury, government sponsored entities, states, counties, municipalities, corporations, agency and non-agency mortgage-backed securities, asset-backed securities and equity securities. Securities transactions are recorded on a trade date basis. The Company classifies its debt and marketable equity securities in one three The Company utilizes third 1 2 third one third third 3 A decline in the market value of any available for sale or held to maturity security below amortized cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. Unrealized investment securities losses are evaluated at least quarterly to determine whether such declines in value should be considered “other than temporary” and therefore be subject to immediate loss recognition in income. Although these evaluations involve significant judgment, an unrealized loss in the fair value of a debt security is generally deemed to be temporary when the fair value of the security is below the carrying value primarily due to changes in risk-free interest rates, there has not been significant deterioration in the financial condition of the issuer, and the Company does not intend to sell or be required to sell the securities before recovery of its amortized cost. An unrealized loss in the value of an equity security is generally considered temporary when the fair value of the security declined primarily due to current market conditions and not deterioration in the financial condition of the issuer, the Company expects the fair value of the security to recover in the near term and the Company does not intend to sell or be required to sell the securities before recovery of its cost basis. Other factors that may The Company follows the guidance issued by the Board of Governors of the Federal Reserve System, “Investing in Securities without Reliance on Nationally Recognized Statistical Rating Agencies” (SR 12 15) Purchase premiums are amortized and purchase discounts are accreted over the estimated life of the related investment security as an adjustment to yield using the effective interest method. Unamortized premiums, unaccreted discounts, and early payment premiums are recognized as a component of gain or loss on sale upon disposition of the related security. Interest and dividend income are recognized when earned. Realized gains and losses from the sale of available for sale securities are included in earnings using the specific identification method. Nonmarketable Equity Securities. Nonmarketable equity securities include securities that are not publicly traded, such as Visa Class B common stock, and securities acquired to meet regulatory requirements, such as Federal Home Loan Bank and Federal Reserve Bank stock, which are restricted. These restricted securities are accounted for under the cost method and are included in other assets. The Company reviews those assets accounted for under the cost method at least quarterly for possible declines in value that are considered “other than temporary”. The Company’s review typically includes an analysis of the facts and circumstances of each investment, the expectations for the investment’s cash flows and capital needs, the viability of its business model and any exit strategy. The asset value is reduced when a decline in value is considered to be other than temporary. The Company recognizes the estimated loss in noninterest income. Loans. Loans are stated at the principal amount outstanding, net of unearned discount and unamortized deferred fees and costs. Interest is accrued daily on the outstanding principal balances. Loans which are more than 90 120 The Company evaluates all classified loans and nonaccrual loans with outstanding principal balances in excess of $500 310 40, Nonrefundable fees and certain costs associated with originating or acquiring loans are deferred and amortized as an adjustment to interest income over the contractual loan lives. Upon prepayment, unamortized loan fees, net of costs, are immediately recognized in interest income. Other fees, including those collected upon principal prepayments, are included in interest income when received. Loans held for sale are identified upon origination and are reported at the lower of cost or market value on an aggregate loan basis. Purchased Loans. Purchased loans are recorded at estimated fair value on the date of purchase. Impaired purchased loans are accounted for under FASB ASC 310 30, may 310 30. 310 30 310 30 Covered Loans. Loans covered under loss-sharing or similar credit protection agreements with the FDIC are reported in loans exclusive of the expected reimbursement cash flows from the FDIC. Covered loans are initially recorded at fair value at the acquisition date. Subsequent decreases in the amount expected to be collected results in a provision for loan losses and a corresponding increase in the estimated FDIC reimbursement, with the estimated net loss impacting earnings. Interest previously accrued on covered loans placed on nonaccrual status is charged against interest income, net of estimated FDIC reimbursements of such accrued interest. The FDIC reimburses the Company up to 80% 90 Allowance for Credit Losses. The Company extends loans to commercial and consumer customers in Northern and Central California. These lending activities expose the Company to the risk borrowers will default, causing loan losses. The Company’s lending activities are exposed to various qualitative risks. All loan segments are exposed to risks inherent in the economy and market conditions. Significant risk characteristics related to the commercial loan segment include the borrowers’ business performance and financial condition, and the value of collateral for secured loans. Significant risk characteristics related to the commercial real estate segment include the borrowers’ business performance and the value of properties collateralizing the loans. Significant risk characteristics related to the construction loan segment include the borrowers’ performance in successfully developing the real estate into the intended purpose and the value of the property collateralizing the loans. Significant risk characteristics related to the residential real estate segment include the borrowers’ financial wherewithal to service the mortgages and the value of the property collateralizing the loans. Significant risk characteristics related to the consumer loan segment include the financial condition of the borrowers and the value of collateral securing the loans. The preparation of these financial statements requires Management to estimate the amount of probable incurred losses inherent in the loan portfolio and establish an allowance for credit losses. The allowance for credit losses is established by assessing a provision for loan losses against the Company’s earnings. In estimating credit losses, Management must exercise significant judgment in evaluating information deemed relevant, such as financial information regarding individual borrowers, overall credit loss experience, the amount of past due, nonperforming and classified loans, recommendations of regulatory authorities, prevailing economic conditions and other information. The amount of ultimate losses on the loan portfolio can vary from the estimated amounts. Management follows a systematic methodology to estimate loss potential in an effort to reduce the differences between estimated and actual losses. The allowance for credit losses is established through provisions for credit losses charged to income. Losses on loans, including impaired loans, are charged to the allowance for loan losses when all or a portion of the recorded amount of a loan is deemed to be uncollectible. Recoveries of loans previously charged off are credited to the allowance when realized. The Company’s allowance for credit losses is maintained at a level considered adequate to provide for losses that can be estimated based upon specific and general conditions. These include conditions unique to individual borrowers, as well as overall credit loss experience, the amount of past due, nonperforming and classified loans, recommendations of regulatory authorities, prevailing economic conditions, FDIC loss-sharing or similar credit protection agreements and other factors. A portion of the allowance is specifically allocated to impaired loans whose full collectability is uncertain. Such allocations are determined by Management based on loan-by-loan analyses. The Company evaluates all classified loans and nonaccrual loans with outstanding principal balances in excess of $500 second Liability for Off-Balance Sheet Credit Exposures. A liability for off-balance sheet credit exposures is established through expense recognition. Off-balance sheet credit exposures relate to letters of credit and unfunded loan commitments for commercial, construction and consumer loans. Historical credit loss factors for commercial, construction and consumer loans are applied to the amount of these off-balance sheet credit exposures to estimate inherent losses. Other Real Estate Owned. Other real estate owned is comprised of property acquired through foreclosure proceedings, acceptances of deeds-in-lieu of foreclosure and, if applicable, vacated bank properties. Losses recognized at the time of acquiring property in full or partial satisfaction of debt are charged against the allowance for credit losses. Other real estate owned is recorded at the fair value of the collateral, generally based upon an independent property appraisal, less estimated disposition costs. Losses incurred subsequent to acquisition due to any decline in annual independent property appraisals are recognized as noninterest expense. Routine holding costs, such as property taxes, insurance and maintenance, and losses from sales and dispositions, are recognized as noninterest expense. Covered Other Real Estate Owned. Other real estate owned covered under loss-sharing agreements with the FDIC is reported exclusive of expected reimbursement cash flows from the FDIC. Upon transferring covered loan collateral to covered other real estate owned status, the covered loan collateral is recorded at fair value, generally based upon an independent property appraisal, less estimated disposition costs with losses charged against acquisition date fair value discounts; the amount of losses exceeding acquisition date fair value discounts are recognized as noninterest expense inclusive of expected reimbursement cash flows from the FDIC. Subsequent losses incurred due to any decline in annual independent property appraisal valuations are recognized as noninterest expense inclusive of expected reimbursement cash flows from the FDIC. Premises and Equipment. Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed substantially on the straight-line method over the estimated useful life of each type of asset. Estimated useful lives of premises and equipment range from 20 50 3 20 Revenue Recognition. The Company recognizes revenue as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. In certain circumstances, noninterest income is reported net of associated expenses that are directly related to variable volume-based sales or revenue sharing arrangements or when the Company acts on an agency basis for others. Life Insurance Cash Surrender Value. The Company has purchased life insurance policies on certain directors and officers as well as acquired such assets as part of the acquisition of other banks. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. These assets are included in other assets on the consolidated balance sheets. Intangible Assets. Intangible assets are comprised of goodwill, core deposit intangibles and other identifiable intangibles acquired in business combinations. Intangible assets with definite useful lives are amortized on an accelerated basis over their respective estimated useful lives not exceeding 15 may first 2011 08, Testing for Goodwill Impairment. first Impairment of Long-Lived Assets. The Company reviews its long-lived and certain intangible assets for impairment whenever events or changes indicate that the carrying amount of an asset may Income Taxes. The Company and its subsidiaries file consolidated tax returns. The Company accounts for income taxes in accordance with FASB ASC 740, two fifty Stock Options. The Company applies FASB ASC 718 Extinguishment of Debt. Gains and losses, including fees, incurred in connection with the early extinguishment of debt are charged to current earnings as reductions in noninterest income. Postretirement Benefits. The Company uses an actuarial-based accrual method of accounting for post-retirement benefits. Other. Securities and other property held by the Bank in a fiduciary or agency capacity are not included in the financial statements since such items are not assets of the Company or its subsidiaries. Recently Issued Accounting Standards FASB Accounting Standards Update (ASU) 2016 01 Financial Instruments – Overall (Subtopic 825 10): January 2016. The Company will be required to adopt the ASU provisions on January 1, 2018. FASB Accounting Standards Update (ASU) 2016 02, Leases (Topic 842), February 25, 2016. January 1, 2019, FASB ASU 2016 09, Improvements to Employee Share-Based Payment Accounting, March 30, 2016. (1) (2) (3) January 1, 2017. FASB ASU 2016 13, Financial Instruments – Credit Losses (Topic 326): June 16, 2016. The Company will be required to adopt the ASU provisions on January 1, 2020. |
Note 2 - Investment Securities
Note 2 - Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2: 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 $ 141,599 $ 35 $ (2,974 ) $ 138,660 Agency residential mortgage-backed securities (MBS) 711,623 921 (21,045 ) 691,499 Non-agency residential MBS 272 - (1 ) 271 Non-agency commercial MBS 2,041 - (16 ) 2,025 Obligations of states and political subdivisions 182,230 5,107 (3,926 ) 183,411 Asset-backed securities 696 - (1 ) 695 FHLMC (1) (2) 749 10,120 - 10,869 Corporate securities 866,835 1,690 (7,668 ) 860,857 Other securities 2,034 621 (184 ) 2,471 Total $ 1,908,079 $ 18,494 $ (35,815 ) $ 1,890,758 (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 $ 581 $ 1 $ - $ 582 Agency residential MBS 668,235 1,122 (8,602 ) 660,755 Non-agency residential MBS 5,370 76 - 5,446 Agency commercial MBS 9,332 11 (143 ) 9,200 Obligations of states and political subdivisions 662,794 6,031 (4,067 ) 664,758 Total $ 1,346,312 $ 7,241 $ (12,812 ) $ 1,340,741 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 s at the dates indicated: At December 31, 2016 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 154,693 $ 154,835 $ 14,961 $ 15,639 Over 1 to 5 years 750,834 745,219 292,024 292,062 Over 5 to 10 years 238,077 239,153 318,580 319,587 Over 10 years 47,756 44,416 37,810 38,052 Subtotal 1,191,360 1,183,623 663,375 665,340 MBS 713,936 693,795 682,937 675,401 Other securities 2,783 13,340 - - Total $ 1,908,079 $ 1,890,758 $ 1,346,312 $ 1,340,741 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 December 31, 2016 December 31, 2015, no 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 Unrealized Investment Unrealized Investment Unrealized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ in thousands) Securities of U.S. Government sponsored entities 8 $ 117,227 $ (2,974 ) - $ - $ - 8 $ 117,227 $ (2,974 ) Agency residential MBS 21 524,269 (16,494 ) 28 122,901 (4,551 ) 49 647,170 (21,045 ) Non-agency residential MBS 2 246 (1 ) - - - 2 246 (1 ) Non-agency commercial MBS 2 1,253 (9 ) 1 772 (7 ) 3 2,025 (16 ) Obligations of states and political subdivisions 43 57,989 (3,905 ) 3 1,117 (21 ) 46 59,106 (3,926 ) Asset-backed securities - - - 1 695 (1 ) 1 695 (1 ) Corporate securities 53 385,175 (6,551 ) 27 96,145 (1,117 ) 80 481,320 (7,668 ) Other securities - - - 1 1,816 (184 ) 1 1,816 (184 ) Total 129 $ 1,086,159 $ (29,934 ) 61 $ 223,446 $ (5,881 ) 190 $ 1,309,605 $ (35,815 ) 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 Unrecognized Investment Unrecognized Investment Unrecognized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ in thousands) Agency residential MBS 66 $ 569,876 $ (8,285 ) 3 $ 10,480 $ (317 ) 69 $ 580,356 $ (8,602 ) Agency commercial MBS - - - 1 7,214 (143 ) 1 7,214 (143 ) Obligations of states and political subdivisions 295 272,496 (3,710 ) 12 13,126 (357 ) 307 285,622 (4,067 ) Total 361 $ 842,372 $ (11,995 ) 16 $ 30,820 $ (817 ) 377 $ 873,192 $ (12,812 ) 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 December 31, 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 As of December 31, 2016, $768,845 December 31, 2015, $738,865 An analysis of gross unrealized losses of investment securities available for sale follows: Investment Securities Available for Sale No. of Less than 12 months No. of 12 months or longer No. of Total Investment Unrealized Investment Unrealized Investment Unrealized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ 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 of investment securities held to maturity follows: Investment Securities Held to Maturity No. of Less than 12 months No. of 12 months or longer No. of Total Investment Unrecognized Investment Unrecognized Investment Unrecognized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ 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 Years Ended December 31, 2016 2015 2014 (In thousands) Taxable $ 42,718 $ 34,472 $ 24,766 Tax-exempt from regular federal income tax 22,194 23,616 26,387 Total interest income from investment securities $ 64,912 $ 58,088 $ 51,153 |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3: A summary of the major categories of loans outstanding is shown in the following tables. At December 31, 2016 Commercial Commercial Construction Residential Consumer Total (In thousands) Originated loans $ 342,792 $ 473,558 $ 2,409 $ 85,439 $ 331,361 $ 1,235,559 Purchased covered loans - - - 2,086 8,941 11,027 Purchased non-covered loans : Gross purchased non-covered loans 12,452 71,250 146 222 26,113 110,183 Purchased loan discount (547 ) (2,637 ) - (23 ) (851 ) (4,058 ) Total $ 354,697 $ 542,171 $ 2,555 $ 87,724 $ 365,564 $ 1,352,711 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 Years Ended December 31, 2016 2015 Impaired purchased loans (In thousands) Carrying amount at the beginning of the period $ 3,887 $ 4,672 Reductions during the period (3,022 ) (785 ) Carrying amount at the end of the period $ 865 $ 3,887 Changes in the accretable yield for purchased loans were as follows: For the Years Ended December 31, 2016 2015 Accretable yield: (In thousands) Balance at the beginning of the period $ 1,259 $ 2,261 Reclassification from nonaccretable difference 3,912 3,051 Accretion (3,934 ) (4,053 ) Balance at the end of the period $ 1,237 $ 1,259 Accretion $ (3,934 ) $ (4,053 ) Change in FDIC indemnification 1,053 698 (Increase) in interest income $ (2,881 ) $ (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 $ 9,559 $ 4,224 $ 177 $ 1,801 $ 7,080 $ 967 $ - $ 5,963 $ 29,771 Additions: (Reversal) provision (2,065 ) (954 ) (34 ) (493 ) 2,344 (923 ) 53 (1,128 ) (3,200 ) Deductions: Chargeoffs (2,023 ) - - - (4,404 ) (345 ) - - (6,772 ) Recoveries 2,836 60 - - 1,512 1,747 - - 6,155 Net loan recoveries (losses) 813 60 - - (2,892 ) 1,402 - - (617 ) Total allowance for loan losses $ 8,307 $ 3,330 $ 143 $ 1,308 $ 6,532 $ 1,446 $ 53 $ 4,835 $ 25,954 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 (reversal) 3,702 356 (512 ) (440 ) 950 (961 ) - (3,095 ) - Deductions: Chargeoffs (756 ) (449 ) - - (3,493 ) (431 ) - - (5,129 ) Recoveries 1,153 72 45 - 1,906 239 - - 3,415 Net loan recoveries (losses) 397 (377 ) 45 - (1,587 ) (192 ) - - (1,714 ) Total allowance for loan losses $ 9,559 $ 4,224 $ 177 $ 1,801 $ 7,080 $ 967 $ - $ 5,963 $ 29,771 Allowance for Credit Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 4,005 $ 12,070 $ 602 $ 405 $ 3,198 $ - $ 1,561 $ 9,852 $ 31,693 Additions: Provision (reversal) 1,095 (7,276 ) 39 1,866 6,864 1,006 - (794 ) 2,800 Deductions: Chargeoffs (1,890 ) (762 ) - (30 ) (4,214 ) (522 ) - - (7,418 ) Recoveries 2,250 213 3 - 1,869 75 - - 4,410 Net loan recoveries (losses) 360 (549 ) 3 (30 ) (2,345 ) (447 ) - - (3,008 ) Indemnification expiration - - - - - 1,561 (1,561 ) - - Balance at end of period 5,460 4,245 644 2,241 7,717 2,120 - 9,058 31,485 Liability for off-balance sheet credit exposure 2,408 - 344 - 437 - - (496 ) 2,693 Total allowance for credit losses $ 7,868 $ 4,245 $ 988 $ 2,241 $ 8,154 $ 2,120 $ - $ 8,562 $ 34,178 FDIC indemnification expired February 6, 2014 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 Construction Residential Consumer Purchased Non- Purchased Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 5,048 $ - $ - $ - $ - $ - $ - $ - $ 5,048 Collectively evaluated for impairment 3,259 3,330 143 1,308 6,532 1,446 53 4,835 20,906 Purchased loans with evidence of credit deterioration - - - - - - - - - Total $ 8,307 $ 3,330 $ 143 $ 1,308 $ 6,532 $ 1,446 $ 53 $ 4,835 $ 25,954 Carrying value of loans: Individually evaluated for impairment $ 11,140 $ 5,264 $ - $ - $ - $ 7,694 $ 617 $ - $ 24,715 Collectively evaluated for impairment 331,652 468,294 2,409 85,439 331,361 97,751 10,225 - 1,327,131 Purchased loans with evidence of credit deterioration - - - - - 680 185 - 865 Total $ 342,792 $ 473,558 $ 2,409 $ 85,439 $ 331,361 $ 106,125 $ 11,027 $ - $ 1,352,711 Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment Commercial Commercial Construction Residential Consumer Purchased Non- Purchased 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 Construction Residential Consumer Purchased Non- Purchased (1) Total (In thousands) Grade: Pass $ 329,964 $ 459,771 $ 2,409 $ 82,715 $ 329,961 $ 95,373 $ 9,419 $ 1,309,612 Substandard 12,828 13,787 - 2,724 1,056 13,368 1,608 45,371 Doubtful - - - - 6 1,300 - 1,306 Loss - - - - 338 142 - 480 Purchased loan discount - - - - - (4,058 ) - (4,058 ) Total $ 342,792 $ 473,558 $ 2,409 $ 85,439 $ 331,361 $ 106,125 $ 11,027 $ 1,352,711 (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 Construction Residential Consumer Purchased Non- Purchased (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) The following tables summarize loans by delinquency and nonaccrual status: Summary of Loans by Delinquency and Nonaccrual Status Current and 30-59 Days 60-89 Days Past Due 90 Nonaccrual Total Loans (In thousands) Commercial $ 341,632 $ 926 $ 40 $ - $ 194 $ 342,792 Commercial real estate 467,529 407 445 - 5,177 473,558 Construction 2,183 226 - - - 2,409 Residential real estate 84,430 528 37 - 444 85,439 Consumer installment and other 327,029 3,028 949 355 - 331,361 Total originated loans 1,222,803 5,115 1,471 355 5,815 1,235,559 Purchased non-covered loans 102,878 1,353 40 142 1,712 106,125 Purchased covered loans 10,169 - - - 858 11,027 Total $ 1,335,850 $ 6,468 $ 1,511 $ 497 $ 8,385 $ 1,352,711 Summary of Loans by Delinquency and Nonaccrual Status Current and 30-59 Days 60-89 Days Past Due 90 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 Years Ended December 31, 2016 2015 2014 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 874 $ 1,277 $ 1,146 Interest income recognized on nonaccrual loans (1,097 ) (362 ) (60 ) Total (addition) reduction of interest income $ (223 ) $ 915 $ 1,086 There were no December 31, 2016 December 31, 2015. The following summarizes impaired loans: Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 1,234 $ 1,303 $ - Commercial real estate 13,233 15,610 - Construction - - - Residential real estate 1,279 1,309 - Consumer installment and other 569 675 - Impaired loans with an allowance recorded: Commercial 10,163 10,172 5,048 Commercial real estate - - - Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 11,397 $ 11,475 $ 5,048 Commercial real estate 13,233 15,610 - Construction - - - Residential real estate 1,279 1,309 - Consumer installment and other 569 675 - 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 December 31, 2016, $12,381 $5,302 December 31, 2015, $15,712 $7,464 Impaired Loans 2016 2015 2014 Average Recognized Average Recognized Average Recognized (In thousands) Commercial $ 12,923 $ 512 $ 12,631 $ 584 $ 5,240 $ 325 Commercial real estate 16,701 725 20,307 674 19,880 469 Construction 102 - 263 - 2,015 - Residential real estate 746 19 643 31 153 - Consumer installment and other 473 25 739 25 1,399 29 Total $ 30,945 $ 1,281 $ 34,583 $ 1,314 $ 28,687 $ 823 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 $ 1,489 $ 113 Commercial real estate 10 11,257 10,673 - Residential real estate 1 241 219 - Total 18 $ 14,217 $ 12,381 $ 113 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 Troubled Debt Restructurings Number of Pre-Modification Period-End Period-End (In thousands) Commercial 3 $ 2,075 $ 1,901 $ - Commercial real estate 4 2,890 2,928 - Consumer installment and other 1 18 8 - Total 8 $ 4,983 $ 4,837 $ - During the year ended December 31, 2016, four $4,731 four 2016 three one During the year ended December 31, 2015, ten $11,026 2015 four six During the year ended December 31, 2014, five $713 five 2014 During the years ended December 31, 2016, 2015 2014, 12 ninety There were no December 31, 2016 December 31, 2015. There were no December 31, 2016 December 31, 2015. At December 31, 2016 December 31, 2015, $3,095 $1,816 $9,264 $1,986 0 0 December 31, 2016 December 31, 2015. |
Note 4 - Concentration of Credi
Note 4 - Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 4: Under the California Financial Code, credit extended to any one one 15 25 December 31, 2016, one December 31, 2016, 35 $5 3, $57,721 $61,190 December 31, 2016 December 31, 2015, 75% 80% December 31, 2016, 50 $5 |
Note 5 - Premises, Equipment an
Note 5 - Premises, Equipment and Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | Note 5: Premises and equipment consisted of the following: At December 31, Cost Accumulated Net Book Value (In thousands) 2016 Land $ 11,896 $ - $ 11,896 Building and improvements 40,992 (25,180 ) 15,812 Leasehold improvements 5,922 (4,599 ) 1,323 Furniture and equipment 21,874 (14,339 ) 7,535 Total $ 80,684 $ (44,118 ) $ 36,566 2015 Land $ 11,896 $ - $ 11,896 Building and improvements 40,795 (24,024 ) 16,771 Leasehold improvements 5,696 (4,628 ) 1,068 Furniture and equipment 24,266 (15,308 ) 8,958 Total $ 82,653 $ (43,960 ) $ 38,693 Depreciation and amortization of premises and equipment included in noninterest expense amounted to $3,959 2016, $3,523 2015 $3,177 2014. Other assets consisted of the following: At December 31, 2016 2015 (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 51,535 48,972 Net deferred tax asset 55,417 51,748 Limited partnership investments 12,591 15,259 Interest receivable 21,489 20,174 Prepaid assets 4,825 4,771 Other assets 11,597 10,660 Total other assets $ 171,724 $ 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 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 December 31, 2016, $12,591 $2,299 December 31, 2015, $15,259 $2,299 December 31, 2016, $2,299 $722 2020, $131 2023, $90 2024 $1,356 2025 The amounts recognized in net income for these investments include: For the Years Ended December 31, 2016 2015 2014 (In thousands) Investment loss included in pre-tax income $ 2,475 $ 2,850 $ 2,950 Tax credits recognized in provision for income taxes 2,286 2,650 2,825 |
Note 6 - Goodwill and Identifia
Note 6 - Goodwill and Identifiable Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6: 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 December 31, 2016, December 31, 2015 December 31, 2014. December 31, 2016, December 31, 2015 December 31, 2014, no The carrying values of goodwill were: At December 31, 2016 2015 (In thousands) Goodwill $ 121,673 $ 121,673 The gross carrying amount of identifiable intangible assets and accumulated amortization was: At December 31, 2016 At December 31, 2015 Gross Accumulated Gross Accumulated (In thousands) Core Deposit Intangibles $ 56,808 $ (50,074 ) $ 56,808 $ (46,782 ) Merchant Draft Processing Intangible 10,300 (10,107 ) 10,300 (9,895 ) Total Identifiable Intangible Assets $ 67,108 $ (60,181 ) $ 67,108 $ (56,677 ) As of December 31, 2016, Core Merchant Total (In thousands) For the Year Ended December 31, 2016 (actual) $ 3,292 $ 212 $ 3,504 Estimate for the 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 7 - Deposits and Borrowed
Note 7 - Deposits and Borrowed Funds | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Deposits and Borrowed Funds [Text Block] | Note 7: The following table provides additional detail regarding deposits. Deposits At December 31, 2016 2015 (In thousands) Noninterest-bearing $ 2,089,443 $ 2,026,049 Interest-bearing: Transaction 865,701 860,706 Savings 1,493,427 1,366,936 Time deposits less than $100 thousand 133,712 150,780 Time deposits $100 thousand through $250 thousand 84,925 96,971 Time deposits more than $250 thousand 37,533 39,217 Total deposits $ 4,704,741 $ 4,540,659 Demand deposit overdrafts of $2,679 $3,038 December 31, 2016 December 31, 2015, $100 $509 2016, $687 2015 $893 2014. The following table provides additional detail regarding short-term borrowed funds. Repurchase Agreements (Sweep) Remaining Contractual Maturity of the Agreements At December 31, 2016 2015 Repurchase agreements: (In thousands) Collateral securing borrowings: Securities of U.S. Government sponsored entities $ 74,031 $ 98,969 Agency residential MBS 63,277 - Obligations of states and political subdivisions - 3,975 Corporate securities 90,554 54,681 Total collateral carrying value $ 227,862 $ 157,625 Total short-term borrowed funds $ 59,078 $ 53,028 The Company had a $35,000 March 18, 2016. no December 31, 2015. For the Years Ended December 31, 2016 2015 Highest Balance at Any Month-end (In thousands) Securities sold under repurchase agreements $ 74,815 $ 89,484 |
Note 8 - Shareholders' Equity
Note 8 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8: The Company grants stock options and restricted performance shares to employees in exchange for employee services, pursuant to the shareholder-approved 1995 2012. three ten three three The following table summarizes information about stock options granted under the Plan as of December 31, 2016. December 31, 2016 December 31, 2016 $62.93 Options Outstanding Options Exercisable At December 31, 2016 For the Year At December 31, 2016 For the Year Range of Exercise Price Number Aggregate Weighted Weighted Number Aggregate Weighted Weighted (In thousands) (Years) (In thousands) (Years) $40 - 45 594 $ 12,072 8.1 $ 43 107 $ 2,105 5.4 $ 43 45 - 50 112 1,791 2.4 47 112 1,791 2.4 47 50 - 55 472 5,360 3.9 52 406 4,724 3.4 51 55 - 60 95 596 3.1 57 95 596 3.1 57 $40 - 60 1,273 $ 19,819 5.7 47 720 $ 9,216 3.5 50 The Company applies the Roll-Geske option pricing model (Modified Roll) to determine grant date fair value of stock option grants. This model modifies the Black-Scholes Model to take into account dividends and American options. During the twelve December 31, 2016, 2015 2014, 325 343 294 For the Years Ended December 31, 2016 2015 2014 Expected volatility (1) 22 % 20 % 16 % Expected life in years (2) 4.8 4.9 4.9 Risk-free interest rate 1.41 % 1.36 % 1.59 % Expected dividend yield (3) 4.49 % 3.64 % 3.32 % Fair value per award $ 5.97 $ 5.46 $ 5.91 (1) Measured using daily price changes of Company’s stock over respective expected term of the option and the implied volatility derived from the market prices of the Company’s stock and traded options. (2) The number of years that the Company estimates that the options will be outstanding prior to exercise. (3) The risk-free rate over the expected life based on the US Treasury yield curve in effect at the time of the grant. Employee stock option grants are being expensed by the Company over the grants’ three December 31, 2016 1,211 A summary of option activity during the year ended December 31, 2016 Shares Weighted Weighted (In thousands) (Years) Outstanding at January 1, 2016 1,549 $ 48.83 Granted 325 42.33 Exercised (500 ) 48.08 Forfeited or expired (101 ) 50.17 Outstanding at December 31, 2016 1,273 47.36 5.7 Exercisable at December 31, 2016 720 50.12 3.5 A summary of the Company’s nonvested option activity during the year ended December 31, 2016 Shares Weighted (In thousands) Nonvested at January 1, 2016 493 $ 5.45 Granted 325 5.97 Vested (239 ) 5.32 Forfeited (26 ) 5.82 Nonvested at December 31, 2016 553 $ 5.80 The weighted average estimated grant date fair value for options granted under the Company’s stock option plan during the twelve December 31, 2016, 2015 2014 $5.97, $5.46 $5.91 December 31, 2016 $1,605 1.8 The total intrinsic value of options exercised during the twelve December 31, 2016, 2015 2014 $3,242 $504 $1,309 twelve December 31, 2016, 2015 2014 $753 $741 $1,115 twelve December 31, 2016, 2015 2014 $1,269 $1,321 $1,397 $394 twelve December 31, 2016. $1,284 $447 twelve December 31, 2015 2014. A summary of the status of the Company’s restricted performance shares as of December 31, 2016 2015 twelve 2016 2015 (In thousands) Outstanding at January 1, 45 50 Granted 18 21 Issued upon vesting (15 ) (17 ) Forfeited - (9 ) Outstanding at December 31, 48 45 As of December 31, 2016 2015, 1.1 1.3 $1,228 $535 $575 twelve December 31, 2016, 2015 2014, no twelve December 31, 2016 2015. On February 13, 2009, 246,640 $50.92 December 31, 2016. The Company repurchases and retires its common stock in accordance with Board of Directors approved share repurchase programs. At December 31, 2016, 1,750 Shareholders have authorized two one 150 December 31, 2016, no |
Note 9 - Risk-based Capital
Note 9 - Risk-based Capital | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 9: Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can result in regulatory action. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective for the Company on January 1, 2015 January 1, 2019. 0.0% 2015 2.50% 2019. 2016 0.625%. December 31, 2016, Prompt corrective action regulations provide five 2016 2015, The capital ratios for the Company and the Bank under the new capital framework as of the dates indicated are presented in the table below. At December 31, 2016 Required To Be Well-capitalized Amount Ratio Amount Ratio Amount Ratio ($ in thousands) Common Equity Tier 1 Capital Company $ 443,574 14.85 % $ 153,126 5.125 % (1) N/A N/A Bank 344,739 11.70 % 150,982 5.125 % (1) $ 191,489 6.50 % Tier 1 Capital Company 443,574 14.85 % 197,944 6.625 % (1) N/A N/A Bank 344,739 11.70 % 195,172 6.625 % (1) 235,680 8.00 % Total Capital Company 476,595 15.95 % 257,700 8.625 % (1) N/A N/A Bank 383,572 13.02 % 254,092 8.625 % (1) 294,600 10.00 % Leverage Ratio (2) Company 443,574 8.46 % 209,702 4.000 % N/A N/A Bank 344,739 6.63 % 208,005 4.000 % 260,006 5.00 % (1) 0.625% (2) 1capital At December 31, 2015 Required To Be Well-capitalized Amount Ratio Amount Ratio Amount Ratio ($ in thousands) Common Equity Tier 1 Capital Company $ 402,876 12.82 % $ 141,417 4.50 % N/A N/A Bank 340,918 11.00 % 139,412 4.50 % $ 201,373 6.50 % Tier 1 Capital Company 402,876 12.82 % 188,557 6.00 % N/A N/A Bank 340,918 11.00 % 185,883 6.00 % 247,844 8.00 % Total Capital Company 420,731 13.39 % 251,409 8.00 % N/A N/A Bank 361,880 11.68 % 247,844 8.00 % 309,805 10.00 % Leverage Ratio (1) Company 402,876 7.99 % 201,606 4.00 % N/A N/A Bank 340,918 6.82 % 199,919 4.00 % 249,899 5.00 % (1) 1capital |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10: Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the amounts reported in the financial statements of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Amounts for the current year are based upon estimates and assumptions as of the date of these financial statements and could vary significantly from amounts shown on the tax returns as filed. The components of the net deferred tax asset are as follows: At December 31, 2016 2015 (In thousands) Deferred tax asset Allowance for credit losses $ 11,801 $ 13,466 State franchise taxes 2,679 2,612 Securities available for sale 7,283 - Deferred compensation 8,043 8,082 Real estate owned 756 1,062 Purchased assets and assumed liabilities 3,026 4,975 Post-retirement benefits 903 1,072 Employee benefit accruals 3,399 3,772 VISA Class B shares 137 1,691 Limited partnership investments 86 760 Impaired capital assets 18,465 19,074 Accrued liabilities 967 - Premises and equipment 577 205 Other 724 397 Total deferred tax asset 58,846 57,168 Deferred tax liability Net deferred loan fees 346 456 Intangible assets 2,955 4,294 Securities available for sale - 542 Other 128 128 Total deferred tax liability 3,429 5,420 Net deferred tax asset $ 55,417 $ 51,748 Based on Management’s judgment, a valuation allowance is not needed to reduce the gross deferred tax asset because it is more likely than not that the gross deferred tax asset will be realized through recoverable taxes or future taxable income. Net deferred tax assets are included with other assets in the consolidated balance sheets. The provision for federal and state income taxes consists of amounts currently payable and amounts deferred are as follows: For the Years Ended December 31, 2016 2015 2014 (In thousands) Current income tax expense: Federal $ 16,258 $ 9,647 $ 11,950 State 7,292 6,738 7,802 Total current 23,550 16,385 19,752 Deferred income tax (benefit) expense: Federal (2,604 ) 1,643 (1,220 ) State 158 (109 ) (225 ) Total deferred (2,446 ) 1,534 (1,445 ) Provision for income taxes $ 21,104 $ 17,919 $ 18,307 [The remainder of this page intentionally left blank] The provision for income taxes differs from the provision computed by applying the statutory federal income tax rate to income before taxes, as follows: For the Years Ended December 31, 2016 2015 2014 (In thousands) Federal income taxes due at statutory rate $ 27,985 $ 26,835 $ 27,634 Reductions in income taxes resulting from: Interest on state and municipal securities and loans not taxable for federal income tax purposes (8,382 ) (9,046 ) (10,173 ) State franchise taxes, net of federal income tax benefit 4,843 4,309 4,925 Tax credits (2,286 ) (2,600 ) (2,700 ) Dividend received deduction (52 ) (45 ) (39 ) Cash value life insurance (607 ) (599 ) (641 ) Other (397 ) (935 ) (699 ) Provision for income taxes $ 21,104 $ 17,919 $ 18,307 At December 31, 2016, no A reconciliation of the beginning and ending amounts of unrecognized tax benefits follow: 2016 2015 (In thousands) Balance at January 1, $ 1,243 $ 1,635 Additions for tax positions taken in the current period - - Reductions for tax positions taken in the current period - - Additions for tax positions taken in prior years - 55 Reductions for tax positions taken in prior years (144 ) (447 ) Decrease related to settlements with taxing authorities - - Decrease as a result of a lapse in statute of limitations - - Balance at December 31, $ 1,099 $ 1,243 The deductibility of these tax positions will be determined through examination by the appropriate tax jurisdictions or the expiration of the tax statute of limitations. The Company does not anticipate any significant increase or decrease in unrecognized tax benefits during 2017. December 31, 2016 2015 $57 $88 The Company classifies interest and penalties as a component of the provision for income taxes. At December 31, 2016, December 31, 2015, 2014 2013 December 31, 2015, 2014, 2013 2012 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 11: 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 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 1 1 Level 2 2 Level 3 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 95 95:100. may 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 3. may twelve December 31, 2016, three March 31, 2015, 1, 2 3. three June 30, 2015, $437,715 1 $437,715 2. 1 3 June 30, 2015 December 31, 2015, 1, 2 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 December 31, 2016 Fair Value Quoted Prices Significant Significant (In thousands) Securities of U.S. Government sponsored entities $ 138,660 $ - $ 138,660 $ - Agency residential MBS 691,499 - 691,499 - Non-agency residential MBS 271 - 271 - Non-agency commercial MBS 2,025 - 2,025 - Obligations of states and political subdivisions 183,411 - 183,411 - Asset-backed securities 695 - 695 - FHLMC and FNMA stock 10,869 17 10,852 - Corporate securities 860,857 - 860,857 - Other securities 2,471 656 1,815 - Total securities available for sale $ 1,890,758 $ 673 $ 1,890,085 $ - At December 31, 2015 Fair Value Quoted Prices Significant Significant (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 December 31, 2016 December 31, 2015, At December 31, 2016 For the Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 3,095 $ - $ - $ 3,095 $ (705 ) Impaired loans 9,525 - - 9,525 - Total assets measured at fair value on a nonrecurring basis $ 12,620 $ - $ - $ 12,620 $ (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 third 10% 3 third 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 2 Loans two $25,954 December 31, 2016 $29,771 December 31, 2015 0 $4,058 December 31, 2016 $152 $6,432 December 31, 2015 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 may 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 December 31, 2016 Carrying Estimated Quoted Prices Significant Significant Financial Assets: (In thousands) Cash and due from banks $ 462,271 $ 462,271 $ 462,271 $ - $ - Investment securities held to maturity 1,346,312 1,340,741 - 1,340,741 - Loans 1,326,757 1,337,774 - - 1,337,774 Financial Liabilities: Deposits $ 4,704,741 $ 4,702,797 $ - $ 4,448,571 $ 254,226 Short-term borrowed funds 59,078 59,078 - 59,078 - At December 31, 2015 Carrying Estimated Quoted Prices Significant Significant 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 12 - Lease Commitments
Note 12 - Lease Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | Note 12: Thirty banking offices and a centralized administrative service center are owned and 61 Minimum future rental payments under noncancelable operating leases as of December 31, 2016 Minimum (In thousands) 2017 $ 6,335 2018 5,665 2019 4,134 2020 2,584 2021 1,003 Thereafter 1,045 Total minimum future rental payments $ 20,766 The total minimum future rental payments have not been reduced by minimum sublease rentals of $2,157 $6,823 2016, $8,359 2015 $8,798 2014. $435 2016, $1,721 2015 $1,833 2014. $6,388 2016, $6,638 2015 $6,965 2014. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13: 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 $304,508 $299,884 December 31, 2016 December 31, 2015, $21,732 $26,149 December 31, 2016 December 31, 2015, 0 December 31, 2016 $40 December 31, 2015. $2,408 December 31, 2016 $2,593 December 31, 2015, 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 can be reasonably estimated. |
Note 14 - Retirement Benefit Pl
Note 14 - Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 14: The Company sponsors a qualified defined contribution Deferred Profit-Sharing Plan covering substantially all of its salaried employees with one $1,000 2016, $734 2015 $1,002 2014. The Company also sponsors a qualified defined contribution Tax Deferred Savings/Retirement Plan (ESOP) covering salaried employees who become eligible to participate upon completion of a 90 may one $1,075 2016, $1,147 2015 $1,159 2014. The Company offers a continuation of group insurance coverage to eligible employees electing early retirement, for the period from the date of retirement until age 65. 65 February 1, 2006 January 1, 2019. December 31 The following tables set forth the net periodic post-retirement benefit cost and the change in the benefit obligation for the years ended December 31 December 31: Net Periodic Benefit Cost At December 31, 2016 2015 2014 (In thousands) Service (benefit) cost $ (153 ) $ (202 ) $ 288 Interest cost 108 106 122 Amortization of unrecognized transition obligation 61 61 61 Net periodic cost (benefit) $ 16 $ (35 ) $ 471 Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Amortization of unrecognized transition obligation, net of tax (36 ) (36 ) (36 ) Total recognized in net periodic (benefit) cost and accumulated other comprehensive income $ (20 ) $ (71 ) $ 435 The remaining transition obligation cost for this post-retirement benefit plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $61 Obligation and Funded Status At December 31, 2016 2015 2014 Change in benefit obligation (In thousands) Benefit obligation at beginning of year $ 2,522 $ 2,782 $ 2,544 Service (benefit) cost $ (153 ) (202 ) 288 Interest cost 108 106 122 Benefits paid (158 ) (164 ) (172 ) Benefit obligation at end of year $ 2,319 $ 2,522 $ 2,782 Accumulated post-retirement benefit obligation attributable to: Retirees $ 1,705 $ 1,695 $ 1,732 Fully eligible participants 606 809 998 Other 8 18 52 Total $ 2,319 $ 2,522 $ 2,782 Fair value of plan assets - - - Accumulated post-retirement benefit obligation in excess of plan assets $ 2,319 $ 2,522 $ 2,782 Additional Information Assumptions At December 31, 2016 2015 2014 Weighted-average assumptions used to determine benefit obligations Discount rate 4.10 % 4.30 % 3.80 % Weighted-average assumptions used to determine net periodic benefit cost Discount rate 4.30 % 3.80 % 4.80 % The above discount rate is based on the Corporate Aa 25 zero 2017 Assumed benefit inflation rates are not applicable for this program. Estimated (In thousands) 2017 $ 158 2018 150 2019 142 2020 135 2021 129 Years 2022-2026 552 |
Note 15 - Regulatory Matters
Note 15 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Regulatory Matters [Text Block] | Note 15: Payment of dividends to the Company by the Bank is limited under regulations for state chartered banks. The amount that can be paid in any calendar year, without prior approval from regulatory agencies, cannot exceed the net profits (as defined) for the preceding three 2016; December 31, 2016, 1972. The Bank is required to maintain reserves with the Federal Reserve Bank equal to a percentage of its reservable deposits. The Bank’s daily average on deposit at the Federal Reserve Bank was $365,880 2016 $254,600 2015, |
Note 16 - Other Comprehensive I
Note 16 - Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 16: The components of other comprehensive (loss) income and other related tax effects were: 2016 Before tax Tax effect Net of tax (In thousands) Securities available for sale: Net unrealized losses arising during the year $ (18,610 ) $ 7,825 $ (10,785 ) Reclassification of gains (losses) included in net income - - - Net unrealized losses arising during the year (18,610 ) 7,825 (10,785 ) Post-retirement benefit obligation 61 (25 ) 36 Other comprehensive loss $ (18,549 ) $ 7,800 $ (10,749 ) 2015 Before tax Tax effect Net of tax (In thousands) Securities available for sale: Net unrealized losses arising during the year $ (8,028 ) $ 3,375 $ (4,653 ) Reclassification of gains (losses) included in net income - - - Net unrealized losses arising during the year (8,028 ) 3,375 (4,653 ) Post-retirement benefit obligation 61 (25 ) 36 Other comprehensive loss $ (7,967 ) $ 3,350 $ (4,617 ) 2014 Before tax Tax effect Net of tax (In thousands) Securities available for sale: Net unrealized gains arising during the year $ 1,627 $ (684 ) $ 943 Reclassification of gains (losses) included in net income - - - Net unrealized gains arising during the year 1,627 (684 ) 943 Post-retirement benefit obligation 61 (25 ) 36 Other comprehensive income $ 1,688 $ (709 ) $ 979 Accumulated other comprehensive income (loss) balances were: Post-retirement Net Unrealized Accumulated (In thousands) Balance, December 31, 2013 $ (142 ) $ 4,455 $ 4,313 Net change 36 943 979 Balance, December 31, 2014 (106 ) 5,398 5,292 Net change 36 (4,653 ) (4,617 ) Balance, December 31, 2015 (70 ) 745 675 Net change 36 (10,785 ) (10,749 ) Balance, December 31, 2016 $ (34 ) $ (10,040 ) $ (10,074 ) |
Note 17 - Earnings Per Common S
Note 17 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 17: 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 Years Ended December 31, 2016 2015 2014 (In thousands, except per share data) Net income (numerator) $ 58,853 $ 58,753 $ 60,646 Basic earnings per common share Weighted average number of common shares outstanding - basic (denominator) 25,612 25,555 26,099 Basic earnings per common share $ 2.30 $ 2.30 $ 2.32 Diluted earnings per common share Weighted average number of common shares outstanding - basic 25,612 25,555 26,099 Add common stock equivalents for options 66 22 61 Weighted average number of common shares outstanding - diluted (denominator) 25,678 25,577 26,160 Diluted earnings per common share $ 2.29 $ 2.30 $ 2.32 For the years ended December 31, 2016, 2015, 2014, 773 1,313 1,133 |
Note 18 - Westamerica Bancorpor
Note 18 - Westamerica Bancorporation (Parent Company Only Condensed Financial Information) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 18: Statements of Income and Comprehensive (Loss) Income For the Years Ended December 31, 2016 2015 2014 (In thousands) Dividends from subsidiaries $ 56,824 $ 68,981 $ 75,369 Interest income 25 10 7 Other income 8,315 8,411 7,182 Total income 65,164 77,402 82,558 Interest on borrowings - 1 42 Salaries and benefits 7,079 6,291 6,587 Other expense 3,290 3,424 1,704 Total expense 10,369 9,716 8,333 Income before taxes and equity in undistributed income of subsidiaries 54,795 67,686 74,225 Income tax benefit 1,025 803 742 Earnings of subsidiaries greater (less) than subsidiary dividends 3,033 (9,736 ) (14,321 ) Net income 58,853 58,753 60,646 Other comprehensive (loss) income, net of tax (10,749 ) (4,617 ) 979 Comprehensive income $ 48,104 $ 54,136 $ 61,625 Balance Sheets At December 31, 2016 2015 (In thousands) Assets Cash $ 64,054 $ 26,453 Investment securities available for sale 656 991 Investment in Westamerica Bank 468,172 475,697 Investment in non-bank subsidiaries 455 455 Premises and equipment, net 9,165 9,391 Accounts receivable from Westamerica Bank 522 552 Other assets 34,077 33,850 Total assets $ 577,101 $ 547,389 Liabilities Accounts payable to Westamerica Bank $ 705 $ 737 Other liabilities 15,029 14,447 Total liabilities 15,734 15,184 Shareholders' equity 561,367 532,205 Total liabilities and shareholders' equity $ 577,101 $ 547,389 Statements of Cash Flows For the Years Ended December 31, 2016 2015 2014 (In thousands) Operating Activities Net income $ 58,853 $ 58,753 $ 60,646 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 305 326 341 Decrease (increase) in accounts receivable from affiliates 299 (217 ) (17 ) Insurance premiums paid (683 ) (637 ) (606 ) Increase in other assets (1,257 ) (1,076 ) (1,062 ) Stock option compensation expense 1,494 1,272 1,318 Tax benefit (increase) decrease upon exercise of stock options and expiration of stock options (394 ) 1,284 447 Provision (benefit) for deferred income tax 1,983 (491 ) 616 Increase (decrease) in other liabilities 1,392 743 (814 ) Earnings of subsidiaries (greater) less than subsidiary dividends (3,033 ) 9,736 14,321 Gain on sales of property and equipment (79 ) (39 ) (88 ) Net Cash Provided by Operating Activities 58,880 69,654 75,102 Investing Activities Purchases of premises and equipment - - - Net Cash Provided by Investing Activities - - - Financing Activities Exercise of stock options/issuance of shares 24,031 4,848 12,396 Taxes paid by withholding shares for tax purposes (356 ) (357 ) (521 ) Tax benefit increase (decrease) upon exercise of stock options and expiration of stock options 394 (1,284 ) (447 ) Retirement of common stock (5,424 ) (14,735 ) (52,157 ) Dividends (39,924 ) (39,124 ) (39,761 ) Net Cash Used in Financing Activities (21,279 ) (50,652 ) (80,490 ) Net change in cash 37,601 19,002 (5,388 ) Cash at Beginning of Period 26,453 7,451 12,839 Cash at End of Period $ 64,054 $ 26,453 $ 7,451 Supplemental Cash Flow Disclosures: Supplemental disclosure of cash flow activities: Interest paid for the period $ - $ 1 $ 42 Income tax payments for the period 19,264 17,666 16,412 |
Note 19 - Quarterly Financial I
Note 19 - Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 19: (Unaudited) For the Three Months Ended March 31, June 30, September 30, December 31, (In thousands, expect per share data and 2016 Interest and loan fee income $ 33,647 $ 33,727 $ 33,468 $ 33,209 Net interest income 33,095 33,186 32,945 32,709 (Reversal of) provision for loan losses - - (3,200 ) - Noninterest income 11,729 11,702 11,598 11,545 Noninterest expense 25,858 25,229 26,088 24,577 Income before taxes 18,966 19,659 21,655 19,677 Net income 14,226 14,546 15,628 14,453 Basic earnings per common share 0.56 0.57 0.61 0.56 Diluted earnings per common share 0.56 0.57 0.61 0.56 Dividends paid per common share 0.39 0.39 0.39 0.39 Price range, common stock 40.72 - 49.63 45.86 - 51.53 46.61 - 50.96 48.20 - 65.34 2015 Interest and loan fee income $ 33,917 $ 34,425 $ 34,299 $ 33,888 Net interest income 33,258 33,808 33,714 33,325 Provision for loan losses - - - - Noninterest income 12,300 12,269 11,993 11,305 Noninterest expense 26,727 26,896 26,173 25,504 Income before taxes 18,831 19,181 19,534 19,126 Net income 14,557 14,761 14,857 14,578 Basic earnings per common share 0.57 0.58 0.58 0.57 Diluted earnings per common share 0.57 0.58 0.58 0.57 Dividends paid per common share 0.38 0.38 0.38 0.39 Price range, common stock 40.68 - 48.44 42.70 - 51.69 43.00 - 51.90 42.96 - 49.64 2014 Interest and loan fee income $ 35,564 $ 35,403 $ 34,900 $ 34,342 Net interest income 34,666 34,503 34,054 33,542 Provision for loan losses 1,000 1,000 600 200 Noninterest income 12,990 13,198 13,054 12,545 Noninterest expense 26,873 26,957 26,616 26,353 Income before taxes 19,783 19,744 19,892 19,534 Net income 15,307 15,157 15,154 15,028 Basic earnings per common share 0.58 0.58 0.58 0.58 Diluted earnings per common share 0.58 0.58 0.58 0.58 Dividends paid per common share 0.38 0.38 0.38 0.38 Price range, common stock 48.36 - 56.51 47.85 - 55.34 46.12 - 53.93 42.71 - 51.24 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates. Certain accounting policies underlying the preparation of these financial statements require Management to make estimates and judgments about future economic and market conditions. These estimates and judgments may 2017 |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. The consolidated financial statements include the accounts of the Company and all the Company’s subsidiaries. Significant intercompany transactions have been eliminated in consolidation. The Company does not maintain or conduct transactions with any unconsolidated special purpose entities. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash. Cash includes Due From Banks balances which are readily convertible to known amounts of cash and are generally 90 |
Marketable Securities, Policy [Policy Text Block] | Securities. Investment securities consist of debt securities of the U.S. Treasury, government sponsored entities, states, counties, municipalities, corporations, agency and non-agency mortgage-backed securities, asset-backed securities and equity securities. Securities transactions are recorded on a trade date basis. The Company classifies its debt and marketable equity securities in one three The Company utilizes third 1 2 third one third third 3 A decline in the market value of any available for sale or held to maturity security below amortized cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. Unrealized investment securities losses are evaluated at least quarterly to determine whether such declines in value should be considered “other than temporary” and therefore be subject to immediate loss recognition in income. Although these evaluations involve significant judgment, an unrealized loss in the fair value of a debt security is generally deemed to be temporary when the fair value of the security is below the carrying value primarily due to changes in risk-free interest rates, there has not been significant deterioration in the financial condition of the issuer, and the Company does not intend to sell or be required to sell the securities before recovery of its amortized cost. An unrealized loss in the value of an equity security is generally considered temporary when the fair value of the security declined primarily due to current market conditions and not deterioration in the financial condition of the issuer, the Company expects the fair value of the security to recover in the near term and the Company does not intend to sell or be required to sell the securities before recovery of its cost basis. Other factors that may The Company follows the guidance issued by the Board of Governors of the Federal Reserve System, “Investing in Securities without Reliance on Nationally Recognized Statistical Rating Agencies” (SR 12 15) Purchase premiums are amortized and purchase discounts are accreted over the estimated life of the related investment security as an adjustment to yield using the effective interest method. Unamortized premiums, unaccreted discounts, and early payment premiums are recognized as a component of gain or loss on sale upon disposition of the related security. Interest and dividend income are recognized when earned. Realized gains and losses from the sale of available for sale securities are included in earnings using the specific identification method. |
Cost Method Investments, Policy [Policy Text Block] | Nonmarketable Equity Securities. Nonmarketable equity securities include securities that are not publicly traded, such as Visa Class B common stock, and securities acquired to meet regulatory requirements, such as Federal Home Loan Bank and Federal Reserve Bank stock, which are restricted. These restricted securities are accounted for under the cost method and are included in other assets. The Company reviews those assets accounted for under the cost method at least quarterly for possible declines in value that are considered “other than temporary”. The Company’s review typically includes an analysis of the facts and circumstances of each investment, the expectations for the investment’s cash flows and capital needs, the viability of its business model and any exit strategy. The asset value is reduced when a decline in value is considered to be other than temporary. The Company recognizes the estimated loss in noninterest income. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans. Loans are stated at the principal amount outstanding, net of unearned discount and unamortized deferred fees and costs. Interest is accrued daily on the outstanding principal balances. Loans which are more than 90 120 The Company evaluates all classified loans and nonaccrual loans with outstanding principal balances in excess of $500 310 40, Nonrefundable fees and certain costs associated with originating or acquiring loans are deferred and amortized as an adjustment to interest income over the contractual loan lives. Upon prepayment, unamortized loan fees, net of costs, are immediately recognized in interest income. Other fees, including those collected upon principal prepayments, are included in interest income when received. Loans held for sale are identified upon origination and are reported at the lower of cost or market value on an aggregate loan basis. Purchased Loans. Purchased loans are recorded at estimated fair value on the date of purchase. Impaired purchased loans are accounted for under FASB ASC 310 30, may 310 30. 310 30 310 30 Covered Loans. Loans covered under loss-sharing or similar credit protection agreements with the FDIC are reported in loans exclusive of the expected reimbursement cash flows from the FDIC. Covered loans are initially recorded at fair value at the acquisition date. Subsequent decreases in the amount expected to be collected results in a provision for loan losses and a corresponding increase in the estimated FDIC reimbursement, with the estimated net loss impacting earnings. Interest previously accrued on covered loans placed on nonaccrual status is charged against interest income, net of estimated FDIC reimbursements of such accrued interest. The FDIC reimburses the Company up to 80% 90 |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses. The Company extends loans to commercial and consumer customers in Northern and Central California. These lending activities expose the Company to the risk borrowers will default, causing loan losses. The Company’s lending activities are exposed to various qualitative risks. All loan segments are exposed to risks inherent in the economy and market conditions. Significant risk characteristics related to the commercial loan segment include the borrowers’ business performance and financial condition, and the value of collateral for secured loans. Significant risk characteristics related to the commercial real estate segment include the borrowers’ business performance and the value of properties collateralizing the loans. Significant risk characteristics related to the construction loan segment include the borrowers’ performance in successfully developing the real estate into the intended purpose and the value of the property collateralizing the loans. Significant risk characteristics related to the residential real estate segment include the borrowers’ financial wherewithal to service the mortgages and the value of the property collateralizing the loans. Significant risk characteristics related to the consumer loan segment include the financial condition of the borrowers and the value of collateral securing the loans. The preparation of these financial statements requires Management to estimate the amount of probable incurred losses inherent in the loan portfolio and establish an allowance for credit losses. The allowance for credit losses is established by assessing a provision for loan losses against the Company’s earnings. In estimating credit losses, Management must exercise significant judgment in evaluating information deemed relevant, such as financial information regarding individual borrowers, overall credit loss experience, the amount of past due, nonperforming and classified loans, recommendations of regulatory authorities, prevailing economic conditions and other information. The amount of ultimate losses on the loan portfolio can vary from the estimated amounts. Management follows a systematic methodology to estimate loss potential in an effort to reduce the differences between estimated and actual losses. The allowance for credit losses is established through provisions for credit losses charged to income. Losses on loans, including impaired loans, are charged to the allowance for loan losses when all or a portion of the recorded amount of a loan is deemed to be uncollectible. Recoveries of loans previously charged off are credited to the allowance when realized. The Company’s allowance for credit losses is maintained at a level considered adequate to provide for losses that can be estimated based upon specific and general conditions. These include conditions unique to individual borrowers, as well as overall credit loss experience, the amount of past due, nonperforming and classified loans, recommendations of regulatory authorities, prevailing economic conditions, FDIC loss-sharing or similar credit protection agreements and other factors. A portion of the allowance is specifically allocated to impaired loans whose full collectability is uncertain. Such allocations are determined by Management based on loan-by-loan analyses. The Company evaluates all classified loans and nonaccrual loans with outstanding principal balances in excess of $500 second |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Liability for Off-Balance Sheet Credit Exposures. A liability for off-balance sheet credit exposures is established through expense recognition. Off-balance sheet credit exposures relate to letters of credit and unfunded loan commitments for commercial, construction and consumer loans. Historical credit loss factors for commercial, construction and consumer loans are applied to the amount of these off-balance sheet credit exposures to estimate inherent losses. |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | Other Real Estate Owned. Other real estate owned is comprised of property acquired through foreclosure proceedings, acceptances of deeds-in-lieu of foreclosure and, if applicable, vacated bank properties. Losses recognized at the time of acquiring property in full or partial satisfaction of debt are charged against the allowance for credit losses. Other real estate owned is recorded at the fair value of the collateral, generally based upon an independent property appraisal, less estimated disposition costs. Losses incurred subsequent to acquisition due to any decline in annual independent property appraisals are recognized as noninterest expense. Routine holding costs, such as property taxes, insurance and maintenance, and losses from sales and dispositions, are recognized as noninterest expense. Covered Other Real Estate Owned. Other real estate owned covered under loss-sharing agreements with the FDIC is reported exclusive of expected reimbursement cash flows from the FDIC. Upon transferring covered loan collateral to covered other real estate owned status, the covered loan collateral is recorded at fair value, generally based upon an independent property appraisal, less estimated disposition costs with losses charged against acquisition date fair value discounts; the amount of losses exceeding acquisition date fair value discounts are recognized as noninterest expense inclusive of expected reimbursement cash flows from the FDIC. Subsequent losses incurred due to any decline in annual independent property appraisal valuations are recognized as noninterest expense inclusive of expected reimbursement cash flows from the FDIC. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment. Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed substantially on the straight-line method over the estimated useful life of each type of asset. Estimated useful lives of premises and equipment range from 20 50 3 20 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition. The Company recognizes revenue as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. In certain circumstances, noninterest income is reported net of associated expenses that are directly related to variable volume-based sales or revenue sharing arrangements or when the Company acts on an agency basis for others. |
Life Insurance Cash Surrender Value [Policy Text Block] | Life Insurance Cash Surrender Value. The Company has purchased life insurance policies on certain directors and officers as well as acquired such assets as part of the acquisition of other banks. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. These assets are included in other assets on the consolidated balance sheets. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets. Intangible assets are comprised of goodwill, core deposit intangibles and other identifiable intangibles acquired in business combinations. Intangible assets with definite useful lives are amortized on an accelerated basis over their respective estimated useful lives not exceeding 15 may first 2011 08, Testing for Goodwill Impairment. first |
Impairment of Long Lived Assets [Policy Text Block] | Impairment of Long-Lived Assets. The Company reviews its long-lived and certain intangible assets for impairment whenever events or changes indicate that the carrying amount of an asset may |
Income Tax, Policy [Policy Text Block] | Income Taxes. The Company and its subsidiaries file consolidated tax returns. The Company accounts for income taxes in accordance with FASB ASC 740, two fifty |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Options. The Company applies FASB ASC 718 |
Extinguishment of Debt [Policy Text Block] | Extinguishment of Debt. Gains and losses, including fees, incurred in connection with the early extinguishment of debt are charged to current earnings as reductions in noninterest income. |
Postemployment Benefit Plans, Policy [Policy Text Block] | Postretirement Benefits. The Company uses an actuarial-based accrual method of accounting for post-retirement benefits. |
Fiduciary [Policy Text Block] | Other. Securities and other property held by the Bank in a fiduciary or agency capacity are not included in the financial statements since such items are not assets of the Company or its subsidiaries. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards FASB Accounting Standards Update (ASU) 2016 01 Financial Instruments – Overall (Subtopic 825 10): January 2016. The Company will be required to adopt the ASU provisions on January 1, 2018. FASB Accounting Standards Update (ASU) 2016 02, Leases (Topic 842), February 25, 2016. January 1, 2019, FASB ASU 2016 09, Improvements to Employee Share-Based Payment Accounting, March 30, 2016. (1) (2) (3) January 1, 2017. FASB ASU 2016 13, Financial Instruments – Credit Losses (Topic 326): June 16, 2016. The Company will be required to adopt the ASU provisions on January 1, 2020. |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 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 $ 141,599 $ 35 $ (2,974 ) $ 138,660 Agency residential mortgage-backed securities (MBS) 711,623 921 (21,045 ) 691,499 Non-agency residential MBS 272 - (1 ) 271 Non-agency commercial MBS 2,041 - (16 ) 2,025 Obligations of states and political subdivisions 182,230 5,107 (3,926 ) 183,411 Asset-backed securities 696 - (1 ) 695 FHLMC (1) (2) 749 10,120 - 10,869 Corporate securities 866,835 1,690 (7,668 ) 860,857 Other securities 2,034 621 (184 ) 2,471 Total $ 1,908,079 $ 18,494 $ (35,815 ) $ 1,890,758 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 $ 581 $ 1 $ - $ 582 Agency residential MBS 668,235 1,122 (8,602 ) 660,755 Non-agency residential MBS 5,370 76 - 5,446 Agency commercial MBS 9,332 11 (143 ) 9,200 Obligations of states and political subdivisions 662,794 6,031 (4,067 ) 664,758 Total $ 1,346,312 $ 7,241 $ (12,812 ) $ 1,340,741 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 December 31, 2016 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 154,693 $ 154,835 $ 14,961 $ 15,639 Over 1 to 5 years 750,834 745,219 292,024 292,062 Over 5 to 10 years 238,077 239,153 318,580 319,587 Over 10 years 47,756 44,416 37,810 38,052 Subtotal 1,191,360 1,183,623 663,375 665,340 MBS 713,936 693,795 682,937 675,401 Other securities 2,783 13,340 - - Total $ 1,908,079 $ 1,890,758 $ 1,346,312 $ 1,340,741 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 Unrealized Investment Unrealized Investment Unrealized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ in thousands) Securities of U.S. Government sponsored entities 8 $ 117,227 $ (2,974 ) - $ - $ - 8 $ 117,227 $ (2,974 ) Agency residential MBS 21 524,269 (16,494 ) 28 122,901 (4,551 ) 49 647,170 (21,045 ) Non-agency residential MBS 2 246 (1 ) - - - 2 246 (1 ) Non-agency commercial MBS 2 1,253 (9 ) 1 772 (7 ) 3 2,025 (16 ) Obligations of states and political subdivisions 43 57,989 (3,905 ) 3 1,117 (21 ) 46 59,106 (3,926 ) Asset-backed securities - - - 1 695 (1 ) 1 695 (1 ) Corporate securities 53 385,175 (6,551 ) 27 96,145 (1,117 ) 80 481,320 (7,668 ) Other securities - - - 1 1,816 (184 ) 1 1,816 (184 ) Total 129 $ 1,086,159 $ (29,934 ) 61 $ 223,446 $ (5,881 ) 190 $ 1,309,605 $ (35,815 ) Investment Securities Held to Maturity No. of Less than 12 months No. of 12 months or longer No. of Total Investment Unrecognized Investment Unrecognized Investment Unrecognized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ in thousands) Agency residential MBS 66 $ 569,876 $ (8,285 ) 3 $ 10,480 $ (317 ) 69 $ 580,356 $ (8,602 ) Agency commercial MBS - - - 1 7,214 (143 ) 1 7,214 (143 ) Obligations of states and political subdivisions 295 272,496 (3,710 ) 12 13,126 (357 ) 307 285,622 (4,067 ) Total 361 $ 842,372 $ (11,995 ) 16 $ 30,820 $ (817 ) 377 $ 873,192 $ (12,812 ) Investment Securities Available for Sale No. of Less than 12 months No. of 12 months or longer No. of Total Investment Unrealized Investment Unrealized Investment Unrealized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ 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 Unrecognized Investment Unrecognized Investment Unrecognized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ 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 Years Ended December 31, 2016 2015 2014 (In thousands) Taxable $ 42,718 $ 34,472 $ 24,766 Tax-exempt from regular federal income tax 22,194 23,616 26,387 Total interest income from investment securities $ 64,912 $ 58,088 $ 51,153 |
Note 3 - Loans and Allowance 29
Note 3 - Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Loans Receivable [Table Text Block] | At December 31, 2016 Commercial Commercial Construction Residential Consumer Total (In thousands) Originated loans $ 342,792 $ 473,558 $ 2,409 $ 85,439 $ 331,361 $ 1,235,559 Purchased covered loans - - - 2,086 8,941 11,027 Purchased non-covered loans : Gross purchased non-covered loans 12,452 71,250 146 222 26,113 110,183 Purchased loan discount (547 ) (2,637 ) - (23 ) (851 ) (4,058 ) Total $ 354,697 $ 542,171 $ 2,555 $ 87,724 $ 365,564 $ 1,352,711 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 Years Ended December 31, 2016 2015 Impaired purchased loans (In thousands) Carrying amount at the beginning of the period $ 3,887 $ 4,672 Reductions during the period (3,022 ) (785 ) Carrying amount at the end of the period $ 865 $ 3,887 |
Accretable Yield Reconciliation Schedule [Table Text Block] | For the Years Ended December 31, 2016 2015 Accretable yield: (In thousands) Balance at the beginning of the period $ 1,259 $ 2,261 Reclassification from nonaccretable difference 3,912 3,051 Accretion (3,934 ) (4,053 ) Balance at the end of the period $ 1,237 $ 1,259 Accretion $ (3,934 ) $ (4,053 ) Change in FDIC indemnification 1,053 698 (Increase) in interest income $ (2,881 ) $ (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 $ 9,559 $ 4,224 $ 177 $ 1,801 $ 7,080 $ 967 $ - $ 5,963 $ 29,771 Additions: (Reversal) provision (2,065 ) (954 ) (34 ) (493 ) 2,344 (923 ) 53 (1,128 ) (3,200 ) Deductions: Chargeoffs (2,023 ) - - - (4,404 ) (345 ) - - (6,772 ) Recoveries 2,836 60 - - 1,512 1,747 - - 6,155 Net loan recoveries (losses) 813 60 - - (2,892 ) 1,402 - - (617 ) Total allowance for loan losses $ 8,307 $ 3,330 $ 143 $ 1,308 $ 6,532 $ 1,446 $ 53 $ 4,835 $ 25,954 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 (reversal) 3,702 356 (512 ) (440 ) 950 (961 ) - (3,095 ) - Deductions: Chargeoffs (756 ) (449 ) - - (3,493 ) (431 ) - - (5,129 ) Recoveries 1,153 72 45 - 1,906 239 - - 3,415 Net loan recoveries (losses) 397 (377 ) 45 - (1,587 ) (192 ) - - (1,714 ) Total allowance for loan losses $ 9,559 $ 4,224 $ 177 $ 1,801 $ 7,080 $ 967 $ - $ 5,963 $ 29,771 Allowance for Credit Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 4,005 $ 12,070 $ 602 $ 405 $ 3,198 $ - $ 1,561 $ 9,852 $ 31,693 Additions: Provision (reversal) 1,095 (7,276 ) 39 1,866 6,864 1,006 - (794 ) 2,800 Deductions: Chargeoffs (1,890 ) (762 ) - (30 ) (4,214 ) (522 ) - - (7,418 ) Recoveries 2,250 213 3 - 1,869 75 - - 4,410 Net loan recoveries (losses) 360 (549 ) 3 (30 ) (2,345 ) (447 ) - - (3,008 ) Indemnification expiration - - - - - 1,561 (1,561 ) - - Balance at end of period 5,460 4,245 644 2,241 7,717 2,120 - 9,058 31,485 Liability for off-balance sheet credit exposure 2,408 - 344 - 437 - - (496 ) 2,693 Total allowance for credit losses $ 7,868 $ 4,245 $ 988 $ 2,241 $ 8,154 $ 2,120 $ - $ 8,562 $ 34,178 |
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 Construction Residential Consumer Purchased Non- Purchased Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 5,048 $ - $ - $ - $ - $ - $ - $ - $ 5,048 Collectively evaluated for impairment 3,259 3,330 143 1,308 6,532 1,446 53 4,835 20,906 Purchased loans with evidence of credit deterioration - - - - - - - - - Total $ 8,307 $ 3,330 $ 143 $ 1,308 $ 6,532 $ 1,446 $ 53 $ 4,835 $ 25,954 Carrying value of loans: Individually evaluated for impairment $ 11,140 $ 5,264 $ - $ - $ - $ 7,694 $ 617 $ - $ 24,715 Collectively evaluated for impairment 331,652 468,294 2,409 85,439 331,361 97,751 10,225 - 1,327,131 Purchased loans with evidence of credit deterioration - - - - - 680 185 - 865 Total $ 342,792 $ 473,558 $ 2,409 $ 85,439 $ 331,361 $ 106,125 $ 11,027 $ - $ 1,352,711 Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment Commercial Commercial Construction Residential Consumer Purchased Non- Purchased 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 Construction Residential Consumer Purchased Non- Purchased (1) Total (In thousands) Grade: Pass $ 329,964 $ 459,771 $ 2,409 $ 82,715 $ 329,961 $ 95,373 $ 9,419 $ 1,309,612 Substandard 12,828 13,787 - 2,724 1,056 13,368 1,608 45,371 Doubtful - - - - 6 1,300 - 1,306 Loss - - - - 338 142 - 480 Purchased loan discount - - - - - (4,058 ) - (4,058 ) Total $ 342,792 $ 473,558 $ 2,409 $ 85,439 $ 331,361 $ 106,125 $ 11,027 $ 1,352,711 Credit Risk Profile by Internally Assigned Grade Commercial Commercial Construction Residential Consumer Purchased Non- Purchased (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 30-59 Days 60-89 Days Past Due 90 Nonaccrual Total Loans (In thousands) Commercial $ 341,632 $ 926 $ 40 $ - $ 194 $ 342,792 Commercial real estate 467,529 407 445 - 5,177 473,558 Construction 2,183 226 - - - 2,409 Residential real estate 84,430 528 37 - 444 85,439 Consumer installment and other 327,029 3,028 949 355 - 331,361 Total originated loans 1,222,803 5,115 1,471 355 5,815 1,235,559 Purchased non-covered loans 102,878 1,353 40 142 1,712 106,125 Purchased covered loans 10,169 - - - 858 11,027 Total $ 1,335,850 $ 6,468 $ 1,511 $ 497 $ 8,385 $ 1,352,711 Summary of Loans by Delinquency and Nonaccrual Status Current and 30-59 Days 60-89 Days Past Due 90 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 Years Ended December 31, 2016 2015 2014 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 874 $ 1,277 $ 1,146 Interest income recognized on nonaccrual loans (1,097 ) (362 ) (60 ) Total (addition) reduction of interest income $ (223 ) $ 915 $ 1,086 |
Impaired Financing Receivables [Table Text Block] | Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 1,234 $ 1,303 $ - Commercial real estate 13,233 15,610 - Construction - - - Residential real estate 1,279 1,309 - Consumer installment and other 569 675 - Impaired loans with an allowance recorded: Commercial 10,163 10,172 5,048 Commercial real estate - - - Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 11,397 $ 11,475 $ 5,048 Commercial real estate 13,233 15,610 - Construction - - - Residential real estate 1,279 1,309 - Consumer installment and other 569 675 - 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 2016 2015 2014 Average Recognized Average Recognized Average Recognized (In thousands) Commercial $ 12,923 $ 512 $ 12,631 $ 584 $ 5,240 $ 325 Commercial real estate 16,701 725 20,307 674 19,880 469 Construction 102 - 263 - 2,015 - Residential real estate 746 19 643 31 153 - Consumer installment and other 473 25 739 25 1,399 29 Total $ 30,945 $ 1,281 $ 34,583 $ 1,314 $ 28,687 $ 823 |
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 $ 1,489 $ 113 Commercial real estate 10 11,257 10,673 - Residential real estate 1 241 219 - Total 18 $ 14,217 $ 12,381 $ 113 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 Troubled Debt Restructurings Number of Pre-Modification Period-End Period-End (In thousands) Commercial 3 $ 2,075 $ 1,901 $ - Commercial real estate 4 2,890 2,928 - Consumer installment and other 1 18 8 - Total 8 $ 4,983 $ 4,837 $ - |
Note 5 - Premises, Equipment 30
Note 5 - Premises, Equipment and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Premises and Equipment [Table Text Block] | At December 31, Cost Accumulated Net Book Value (In thousands) 2016 Land $ 11,896 $ - $ 11,896 Building and improvements 40,992 (25,180 ) 15,812 Leasehold improvements 5,922 (4,599 ) 1,323 Furniture and equipment 21,874 (14,339 ) 7,535 Total $ 80,684 $ (44,118 ) $ 36,566 2015 Land $ 11,896 $ - $ 11,896 Building and improvements 40,795 (24,024 ) 16,771 Leasehold improvements 5,696 (4,628 ) 1,068 Furniture and equipment 24,266 (15,308 ) 8,958 Total $ 82,653 $ (43,960 ) $ 38,693 |
Schedule of Other Assets [Table Text Block] | At December 31, 2016 2015 (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 51,535 48,972 Net deferred tax asset 55,417 51,748 Limited partnership investments 12,591 15,259 Interest receivable 21,489 20,174 Prepaid assets 4,825 4,771 Other assets 11,597 10,660 Total other assets $ 171,724 $ 165,854 |
Schedule of Amounts Recognized in Net Income [Table Text Block] | For the Years Ended December 31, 2016 2015 2014 (In thousands) Investment loss included in pre-tax income $ 2,475 $ 2,850 $ 2,950 Tax credits recognized in provision for income taxes 2,286 2,650 2,825 |
Note 6 - Goodwill and Identif31
Note 6 - Goodwill and Identifiable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | At December 31, 2016 2015 (In thousands) Goodwill $ 121,673 $ 121,673 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | At December 31, 2016 At December 31, 2015 Gross Accumulated Gross Accumulated (In thousands) Core Deposit Intangibles $ 56,808 $ (50,074 ) $ 56,808 $ (46,782 ) Merchant Draft Processing Intangible 10,300 (10,107 ) 10,300 (9,895 ) Total Identifiable Intangible Assets $ 67,108 $ (60,181 ) $ 67,108 $ (56,677 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Core Merchant Total (In thousands) For the Year Ended December 31, 2016 (actual) $ 3,292 $ 212 $ 3,504 Estimate for the 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 7 - Deposits and Borrowe32
Note 7 - Deposits and Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Deposits [Table Text Block] | Deposits At December 31, 2016 2015 (In thousands) Noninterest-bearing $ 2,089,443 $ 2,026,049 Interest-bearing: Transaction 865,701 860,706 Savings 1,493,427 1,366,936 Time deposits less than $100 thousand 133,712 150,780 Time deposits $100 thousand through $250 thousand 84,925 96,971 Time deposits more than $250 thousand 37,533 39,217 Total deposits $ 4,704,741 $ 4,540,659 |
Schedule of Repurchase Agreements [Table Text Block] | Repurchase Agreements (Sweep) Remaining Contractual Maturity of the Agreements At December 31, 2016 2015 Repurchase agreements: (In thousands) Collateral securing borrowings: Securities of U.S. Government sponsored entities $ 74,031 $ 98,969 Agency residential MBS 63,277 - Obligations of states and political subdivisions - 3,975 Corporate securities 90,554 54,681 Total collateral carrying value $ 227,862 $ 157,625 Total short-term borrowed funds $ 59,078 $ 53,028 |
Borrowed Funds Highest Month End Balance [Table Text Block] | For the Years Ended December 31, 2016 2015 Highest Balance at Any Month-end (In thousands) Securities sold under repurchase agreements $ 74,815 $ 89,484 |
Note 8 - Shareholders' Equity (
Note 8 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable At December 31, 2016 For the Year At December 31, 2016 For the Year Range of Exercise Price Number Aggregate Weighted Weighted Number Aggregate Weighted Weighted (In thousands) (Years) (In thousands) (Years) $40 - 45 594 $ 12,072 8.1 $ 43 107 $ 2,105 5.4 $ 43 45 - 50 112 1,791 2.4 47 112 1,791 2.4 47 50 - 55 472 5,360 3.9 52 406 4,724 3.4 51 55 - 60 95 596 3.1 57 95 596 3.1 57 $40 - 60 1,273 $ 19,819 5.7 47 720 $ 9,216 3.5 50 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Years Ended December 31, 2016 2015 2014 Expected volatility (1) 22 % 20 % 16 % Expected life in years (2) 4.8 4.9 4.9 Risk-free interest rate 1.41 % 1.36 % 1.59 % Expected dividend yield (3) 4.49 % 3.64 % 3.32 % Fair value per award $ 5.97 $ 5.46 $ 5.91 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted Weighted (In thousands) (Years) Outstanding at January 1, 2016 1,549 $ 48.83 Granted 325 42.33 Exercised (500 ) 48.08 Forfeited or expired (101 ) 50.17 Outstanding at December 31, 2016 1,273 47.36 5.7 Exercisable at December 31, 2016 720 50.12 3.5 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted (In thousands) Nonvested at January 1, 2016 493 $ 5.45 Granted 325 5.97 Vested (239 ) 5.32 Forfeited (26 ) 5.82 Nonvested at December 31, 2016 553 $ 5.80 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | 2016 2015 (In thousands) Outstanding at January 1, 45 50 Granted 18 21 Issued upon vesting (15 ) (17 ) Forfeited - (9 ) Outstanding at December 31, 48 45 |
Note 9 - Risk-based Capital (Ta
Note 9 - Risk-based Capital (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | At December 31, 2016 Required To Be Well-capitalized Amount Ratio Amount Ratio Amount Ratio ($ in thousands) Common Equity Tier 1 Capital Company $ 443,574 14.85 % $ 153,126 5.125 % (1) N/A N/A Bank 344,739 11.70 % 150,982 5.125 % (1) $ 191,489 6.50 % Tier 1 Capital Company 443,574 14.85 % 197,944 6.625 % (1) N/A N/A Bank 344,739 11.70 % 195,172 6.625 % (1) 235,680 8.00 % Total Capital Company 476,595 15.95 % 257,700 8.625 % (1) N/A N/A Bank 383,572 13.02 % 254,092 8.625 % (1) 294,600 10.00 % Leverage Ratio (2) Company 443,574 8.46 % 209,702 4.000 % N/A N/A Bank 344,739 6.63 % 208,005 4.000 % 260,006 5.00 % At December 31, 2015 Required To Be Well-capitalized Amount Ratio Amount Ratio Amount Ratio ($ in thousands) Common Equity Tier 1 Capital Company $ 402,876 12.82 % $ 141,417 4.50 % N/A N/A Bank 340,918 11.00 % 139,412 4.50 % $ 201,373 6.50 % Tier 1 Capital Company 402,876 12.82 % 188,557 6.00 % N/A N/A Bank 340,918 11.00 % 185,883 6.00 % 247,844 8.00 % Total Capital Company 420,731 13.39 % 251,409 8.00 % N/A N/A Bank 361,880 11.68 % 247,844 8.00 % 309,805 10.00 % Leverage Ratio (1) Company 402,876 7.99 % 201,606 4.00 % N/A N/A Bank 340,918 6.82 % 199,919 4.00 % 249,899 5.00 % |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | At December 31, 2016 2015 (In thousands) Deferred tax asset Allowance for credit losses $ 11,801 $ 13,466 State franchise taxes 2,679 2,612 Securities available for sale 7,283 - Deferred compensation 8,043 8,082 Real estate owned 756 1,062 Purchased assets and assumed liabilities 3,026 4,975 Post-retirement benefits 903 1,072 Employee benefit accruals 3,399 3,772 VISA Class B shares 137 1,691 Limited partnership investments 86 760 Impaired capital assets 18,465 19,074 Accrued liabilities 967 - Premises and equipment 577 205 Other 724 397 Total deferred tax asset 58,846 57,168 Deferred tax liability Net deferred loan fees 346 456 Intangible assets 2,955 4,294 Securities available for sale - 542 Other 128 128 Total deferred tax liability 3,429 5,420 Net deferred tax asset $ 55,417 $ 51,748 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Years Ended December 31, 2016 2015 2014 (In thousands) Current income tax expense: Federal $ 16,258 $ 9,647 $ 11,950 State 7,292 6,738 7,802 Total current 23,550 16,385 19,752 Deferred income tax (benefit) expense: Federal (2,604 ) 1,643 (1,220 ) State 158 (109 ) (225 ) Total deferred (2,446 ) 1,534 (1,445 ) Provision for income taxes $ 21,104 $ 17,919 $ 18,307 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended December 31, 2016 2015 2014 (In thousands) Federal income taxes due at statutory rate $ 27,985 $ 26,835 $ 27,634 Reductions in income taxes resulting from: Interest on state and municipal securities and loans not taxable for federal income tax purposes (8,382 ) (9,046 ) (10,173 ) State franchise taxes, net of federal income tax benefit 4,843 4,309 4,925 Tax credits (2,286 ) (2,600 ) (2,700 ) Dividend received deduction (52 ) (45 ) (39 ) Cash value life insurance (607 ) (599 ) (641 ) Other (397 ) (935 ) (699 ) Provision for income taxes $ 21,104 $ 17,919 $ 18,307 |
Summary of Income Tax Contingencies [Table Text Block] | 2016 2015 (In thousands) Balance at January 1, $ 1,243 $ 1,635 Additions for tax positions taken in the current period - - Reductions for tax positions taken in the current period - - Additions for tax positions taken in prior years - 55 Reductions for tax positions taken in prior years (144 ) (447 ) Decrease related to settlements with taxing authorities - - Decrease as a result of a lapse in statute of limitations - - Balance at December 31, $ 1,099 $ 1,243 |
Note 11 - Fair Value Measurem36
Note 11 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | At December 31, 2016 Fair Value Quoted Prices Significant Significant (In thousands) Securities of U.S. Government sponsored entities $ 138,660 $ - $ 138,660 $ - Agency residential MBS 691,499 - 691,499 - Non-agency residential MBS 271 - 271 - Non-agency commercial MBS 2,025 - 2,025 - Obligations of states and political subdivisions 183,411 - 183,411 - Asset-backed securities 695 - 695 - FHLMC and FNMA stock 10,869 17 10,852 - Corporate securities 860,857 - 860,857 - Other securities 2,471 656 1,815 - Total securities available for sale $ 1,890,758 $ 673 $ 1,890,085 $ - At December 31, 2015 Fair Value Quoted Prices Significant Significant (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 December 31, 2016 For the Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 3,095 $ - $ - $ 3,095 $ (705 ) Impaired loans 9,525 - - 9,525 - Total assets measured at fair value on a nonrecurring basis $ 12,620 $ - $ - $ 12,620 $ (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 December 31, 2016 Carrying Estimated Quoted Prices Significant Significant Financial Assets: (In thousands) Cash and due from banks $ 462,271 $ 462,271 $ 462,271 $ - $ - Investment securities held to maturity 1,346,312 1,340,741 - 1,340,741 - Loans 1,326,757 1,337,774 - - 1,337,774 Financial Liabilities: Deposits $ 4,704,741 $ 4,702,797 $ - $ 4,448,571 $ 254,226 Short-term borrowed funds 59,078 59,078 - 59,078 - At December 31, 2015 Carrying Estimated Quoted Prices Significant Significant 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 12 - Lease Commitments (Ta
Note 12 - Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum (In thousands) 2017 $ 6,335 2018 5,665 2019 4,134 2020 2,584 2021 1,003 Thereafter 1,045 Total minimum future rental payments $ 20,766 |
Note 14 - Retirement Benefit 38
Note 14 - Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | At December 31, 2016 2015 2014 (In thousands) Service (benefit) cost $ (153 ) $ (202 ) $ 288 Interest cost 108 106 122 Amortization of unrecognized transition obligation 61 61 61 Net periodic cost (benefit) $ 16 $ (35 ) $ 471 Amortization of unrecognized transition obligation, net of tax (36 ) (36 ) (36 ) Total recognized in net periodic (benefit) cost and accumulated other comprehensive income $ (20 ) $ (71 ) $ 435 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | At December 31, 2016 2015 2014 Change in benefit obligation (In thousands) Benefit obligation at beginning of year $ 2,522 $ 2,782 $ 2,544 Service (benefit) cost $ (153 ) (202 ) 288 Interest cost 108 106 122 Benefits paid (158 ) (164 ) (172 ) Benefit obligation at end of year $ 2,319 $ 2,522 $ 2,782 Accumulated post-retirement benefit obligation attributable to: Retirees $ 1,705 $ 1,695 $ 1,732 Fully eligible participants 606 809 998 Other 8 18 52 Total $ 2,319 $ 2,522 $ 2,782 Fair value of plan assets - - - Accumulated post-retirement benefit obligation in excess of plan assets $ 2,319 $ 2,522 $ 2,782 |
Schedule of Assumptions Used [Table Text Block] | At December 31, 2016 2015 2014 Weighted-average assumptions used to determine benefit obligations Discount rate 4.10 % 4.30 % 3.80 % Weighted-average assumptions used to determine net periodic benefit cost Discount rate 4.30 % 3.80 % 4.80 % |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated (In thousands) 2017 $ 158 2018 150 2019 142 2020 135 2021 129 Years 2022-2026 552 |
Note 16 - Other Comprehensive39
Note 16 - Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | 2016 Before tax Tax effect Net of tax (In thousands) Securities available for sale: Net unrealized losses arising during the year $ (18,610 ) $ 7,825 $ (10,785 ) Reclassification of gains (losses) included in net income - - - Net unrealized losses arising during the year (18,610 ) 7,825 (10,785 ) Post-retirement benefit obligation 61 (25 ) 36 Other comprehensive loss $ (18,549 ) $ 7,800 $ (10,749 ) 2015 Before tax Tax effect Net of tax (In thousands) Securities available for sale: Net unrealized losses arising during the year $ (8,028 ) $ 3,375 $ (4,653 ) Reclassification of gains (losses) included in net income - - - Net unrealized losses arising during the year (8,028 ) 3,375 (4,653 ) Post-retirement benefit obligation 61 (25 ) 36 Other comprehensive loss $ (7,967 ) $ 3,350 $ (4,617 ) 2014 Before tax Tax effect Net of tax (In thousands) Securities available for sale: Net unrealized gains arising during the year $ 1,627 $ (684 ) $ 943 Reclassification of gains (losses) included in net income - - - Net unrealized gains arising during the year 1,627 (684 ) 943 Post-retirement benefit obligation 61 (25 ) 36 Other comprehensive income $ 1,688 $ (709 ) $ 979 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Post-retirement Net Unrealized Accumulated (In thousands) Balance, December 31, 2013 $ (142 ) $ 4,455 $ 4,313 Net change 36 943 979 Balance, December 31, 2014 (106 ) 5,398 5,292 Net change 36 (4,653 ) (4,617 ) Balance, December 31, 2015 (70 ) 745 675 Net change 36 (10,785 ) (10,749 ) Balance, December 31, 2016 $ (34 ) $ (10,040 ) $ (10,074 ) |
Note 17 - Earnings Per Common40
Note 17 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Years Ended December 31, 2016 2015 2014 (In thousands, except per share data) Net income (numerator) $ 58,853 $ 58,753 $ 60,646 Basic earnings per common share Weighted average number of common shares outstanding - basic (denominator) 25,612 25,555 26,099 Basic earnings per common share $ 2.30 $ 2.30 $ 2.32 Diluted earnings per common share Weighted average number of common shares outstanding - basic 25,612 25,555 26,099 Add common stock equivalents for options 66 22 61 Weighted average number of common shares outstanding - diluted (denominator) 25,678 25,577 26,160 Diluted earnings per common share $ 2.29 $ 2.30 $ 2.32 |
Note 18 - Westamerica Bancorp41
Note 18 - Westamerica Bancorporation (Parent Company Only Condensed Financial Information) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Statements of Income and Comprehensive Income, Parent Only [Table Text Block] | For the Years Ended December 31, 2016 2015 2014 (In thousands) Dividends from subsidiaries $ 56,824 $ 68,981 $ 75,369 Interest income 25 10 7 Other income 8,315 8,411 7,182 Total income 65,164 77,402 82,558 Interest on borrowings - 1 42 Salaries and benefits 7,079 6,291 6,587 Other expense 3,290 3,424 1,704 Total expense 10,369 9,716 8,333 Income before taxes and equity in undistributed income of subsidiaries 54,795 67,686 74,225 Income tax benefit 1,025 803 742 Earnings of subsidiaries greater (less) than subsidiary dividends 3,033 (9,736 ) (14,321 ) Net income 58,853 58,753 60,646 Other comprehensive (loss) income, net of tax (10,749 ) (4,617 ) 979 Comprehensive income $ 48,104 $ 54,136 $ 61,625 |
Balance Sheets Parent Only [Table Text Block] | At December 31, 2016 2015 (In thousands) Assets Cash $ 64,054 $ 26,453 Investment securities available for sale 656 991 Investment in Westamerica Bank 468,172 475,697 Investment in non-bank subsidiaries 455 455 Premises and equipment, net 9,165 9,391 Accounts receivable from Westamerica Bank 522 552 Other assets 34,077 33,850 Total assets $ 577,101 $ 547,389 Liabilities Accounts payable to Westamerica Bank $ 705 $ 737 Other liabilities 15,029 14,447 Total liabilities 15,734 15,184 Shareholders' equity 561,367 532,205 Total liabilities and shareholders' equity $ 577,101 $ 547,389 |
Statement of Cash Flows Parent Only [Table Text Block] | For the Years Ended December 31, 2016 2015 2014 (In thousands) Operating Activities Net income $ 58,853 $ 58,753 $ 60,646 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 305 326 341 Decrease (increase) in accounts receivable from affiliates 299 (217 ) (17 ) Insurance premiums paid (683 ) (637 ) (606 ) Increase in other assets (1,257 ) (1,076 ) (1,062 ) Stock option compensation expense 1,494 1,272 1,318 Tax benefit (increase) decrease upon exercise of stock options and expiration of stock options (394 ) 1,284 447 Provision (benefit) for deferred income tax 1,983 (491 ) 616 Increase (decrease) in other liabilities 1,392 743 (814 ) Earnings of subsidiaries (greater) less than subsidiary dividends (3,033 ) 9,736 14,321 Gain on sales of property and equipment (79 ) (39 ) (88 ) Net Cash Provided by Operating Activities 58,880 69,654 75,102 Investing Activities Purchases of premises and equipment - - - Net Cash Provided by Investing Activities - - - Financing Activities Exercise of stock options/issuance of shares 24,031 4,848 12,396 Taxes paid by withholding shares for tax purposes (356 ) (357 ) (521 ) Tax benefit increase (decrease) upon exercise of stock options and expiration of stock options 394 (1,284 ) (447 ) Retirement of common stock (5,424 ) (14,735 ) (52,157 ) Dividends (39,924 ) (39,124 ) (39,761 ) Net Cash Used in Financing Activities (21,279 ) (50,652 ) (80,490 ) Net change in cash 37,601 19,002 (5,388 ) Cash at Beginning of Period 26,453 7,451 12,839 Cash at End of Period $ 64,054 $ 26,453 $ 7,451 Supplemental Cash Flow Disclosures: Supplemental disclosure of cash flow activities: Interest paid for the period $ - $ 1 $ 42 Income tax payments for the period 19,264 17,666 16,412 |
Note 19 - Quarterly Financial42
Note 19 - Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | For the Three Months Ended March 31, June 30, September 30, December 31, (In thousands, expect per share data and 2016 Interest and loan fee income $ 33,647 $ 33,727 $ 33,468 $ 33,209 Net interest income 33,095 33,186 32,945 32,709 (Reversal of) provision for loan losses - - (3,200 ) - Noninterest income 11,729 11,702 11,598 11,545 Noninterest expense 25,858 25,229 26,088 24,577 Income before taxes 18,966 19,659 21,655 19,677 Net income 14,226 14,546 15,628 14,453 Basic earnings per common share 0.56 0.57 0.61 0.56 Diluted earnings per common share 0.56 0.57 0.61 0.56 Dividends paid per common share 0.39 0.39 0.39 0.39 Price range, common stock 40.72 - 49.63 45.86 - 51.53 46.61 - 50.96 48.20 - 65.34 2015 Interest and loan fee income $ 33,917 $ 34,425 $ 34,299 $ 33,888 Net interest income 33,258 33,808 33,714 33,325 Provision for loan losses - - - - Noninterest income 12,300 12,269 11,993 11,305 Noninterest expense 26,727 26,896 26,173 25,504 Income before taxes 18,831 19,181 19,534 19,126 Net income 14,557 14,761 14,857 14,578 Basic earnings per common share 0.57 0.58 0.58 0.57 Diluted earnings per common share 0.57 0.58 0.58 0.57 Dividends paid per common share 0.38 0.38 0.38 0.39 Price range, common stock 40.68 - 48.44 42.70 - 51.69 43.00 - 51.90 42.96 - 49.64 2014 Interest and loan fee income $ 35,564 $ 35,403 $ 34,900 $ 34,342 Net interest income 34,666 34,503 34,054 33,542 Provision for loan losses 1,000 1,000 600 200 Noninterest income 12,990 13,198 13,054 12,545 Noninterest expense 26,873 26,957 26,616 26,353 Income before taxes 19,783 19,744 19,892 19,534 Net income 15,307 15,157 15,154 15,028 Basic earnings per common share 0.58 0.58 0.58 0.58 Diluted earnings per common share 0.58 0.58 0.58 0.58 Dividends paid per common share 0.38 0.38 0.38 0.38 Price range, common stock 48.36 - 56.51 47.85 - 55.34 46.12 - 53.93 42.71 - 51.24 |
Note 1 - Business and Account43
Note 1 - Business and Accounting Policies (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Loans and Leases Receivable, Days Before Nonaccrual Status | 90 days |
Loans and Leases Receivable, Certain Consumer Loans and Auto Receivables, Days Before Chargeoff | 120 days |
Financing Receivable, Impairment Evaluation Criterion, Minimum Outstanding Principal Balance | $ 0.5 |
FDIC Indemnification Rate | 80.00% |
FDIC Indemnification Rate, Duration of Interest Covered | 90 days |
Maximum [Member] | |
Finite-Lived Intangible Asset, Useful Life | 15 years |
Land and Land Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 20 years |
Land and Land Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 50 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 20 years |
Note 2 - Investment Securitie44
Note 2 - Investment Securities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pledged Financial Instruments, Not Separately Reported, Securities | $ 768,845 | $ 738,865 |
High Risk Collateralized Mortgage Obligations | $ 0 | $ 0 |
Note 2 - Investment Securitie45
Note 2 - Investment Securities - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment securities available for sale, amortized cost | $ 1,908,079 | $ 1,568,927 | |
Investment securities available for sale, gross unrealized gains | 18,494 | 15,932 | |
Investment securities available for sale, gross unrealized losses | (35,815) | (14,643) | |
Investment securities available for sale | 1,890,758 | 1,570,216 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Investment securities available for sale, amortized cost | 141,599 | 302,292 | |
Investment securities available for sale, gross unrealized gains | 35 | 255 | |
Investment securities available for sale, gross unrealized losses | (2,974) | (665) | |
Investment securities available for sale | 138,660 | 301,882 | |
Agency Residential MBS [Member] | |||
Investment securities available for sale, amortized cost | 711,623 | 208,046 | |
Investment securities available for sale, gross unrealized gains | 921 | 1,407 | |
Investment securities available for sale, gross unrealized losses | (21,045) | (6,909) | |
Investment securities available for sale | 691,499 | 202,544 | |
Non-agency Residential MBS [Member] | |||
Investment securities available for sale, amortized cost | 272 | 354 | |
Investment securities available for sale, gross unrealized gains | 16 | ||
Investment securities available for sale, gross unrealized losses | (1) | ||
Investment securities available for sale | 271 | 370 | |
Non-agency Commercial MBS [Member] | |||
Investment securities available for sale, amortized cost | 2,041 | 2,383 | |
Investment securities available for sale, gross unrealized gains | 5 | ||
Investment securities available for sale, gross unrealized losses | (16) | (9) | |
Investment securities available for sale | 2,025 | 2,379 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Investment securities available for sale, amortized cost | 182,230 | 148,705 | |
Investment securities available for sale, gross unrealized gains | 5,107 | 8,861 | |
Investment securities available for sale, gross unrealized losses | (3,926) | (57) | |
Investment securities available for sale | 183,411 | 157,509 | |
Asset-backed Securities [Member] | |||
Investment securities available for sale, amortized cost | 696 | 2,025 | |
Investment securities available for sale, gross unrealized gains | |||
Investment securities available for sale, gross unrealized losses | (1) | (22) | |
Investment securities available for sale | 695 | 2,003 | |
FHLMC and FNMA Stock [Member] | |||
Investment securities available for sale, amortized cost | [1],[2] | 749 | 775 |
Investment securities available for sale, gross unrealized gains | [1],[2] | 10,120 | 3,554 |
Investment securities available for sale, gross unrealized losses | [1],[2] | ||
Investment securities available for sale | [1],[2] | 10,869 | 4,329 |
Domestic Corporate Debt Securities [Member] | |||
Investment securities available for sale, amortized cost | 866,835 | 902,308 | |
Investment securities available for sale, gross unrealized gains | 1,690 | 882 | |
Investment securities available for sale, gross unrealized losses | (7,668) | (6,821) | |
Investment securities available for sale | 860,857 | 896,369 | |
Other Securities [Member] | |||
Investment securities available for sale, amortized cost | 2,034 | 2,039 | |
Investment securities available for sale, gross unrealized gains | 621 | 952 | |
Investment securities available for sale, gross unrealized losses | (184) | (160) | |
Investment securities available for sale | $ 2,471 | $ 2,831 | |
[1] | Federal Home Loan Mortgage Corporation | ||
[2] | Federal National Mortgage Association |
Note 2 - Investment Securitie46
Note 2 - Investment Securities - Amortized Cost, Unrealized Gains and Losses, and Estimated Market Value of Held to Maturity Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities held to maturity, amortized cost | $ 1,346,312 | $ 1,316,075 |
Investment securities held to maturity, gross unrecognized gains | 7,241 | 15,653 |
Investment securities held to maturity, gross unrecognized losses | (12,812) | (6,029) |
Investment securities held to maturity, fair values | 1,340,741 | 1,325,699 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Investment securities held to maturity, amortized cost | 581 | 764 |
Investment securities held to maturity, gross unrecognized gains | 1 | |
Investment securities held to maturity, gross unrecognized losses | ||
Investment securities held to maturity, fair values | 582 | 764 |
Agency Residential MBS [Member] | ||
Investment securities held to maturity, amortized cost | 668,235 | 595,503 |
Investment securities held to maturity, gross unrecognized gains | 1,122 | 1,810 |
Investment securities held to maturity, gross unrecognized losses | (8,602) | (4,966) |
Investment securities held to maturity, fair values | 660,755 | 592,347 |
Non-agency Residential MBS [Member] | ||
Investment securities held to maturity, amortized cost | 5,370 | 9,667 |
Investment securities held to maturity, gross unrecognized gains | 76 | 185 |
Investment securities held to maturity, gross unrecognized losses | ||
Investment securities held to maturity, fair values | 5,446 | 9,852 |
Agency Commercial MBS [Member] | ||
Investment securities held to maturity, amortized cost | 9,332 | 16,258 |
Investment securities held to maturity, gross unrecognized gains | 11 | 20 |
Investment securities held to maturity, gross unrecognized losses | (143) | (274) |
Investment securities held to maturity, fair values | 9,200 | 16,004 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities held to maturity, amortized cost | 662,794 | 693,883 |
Investment securities held to maturity, gross unrecognized gains | 6,031 | 13,638 |
Investment securities held to maturity, gross unrecognized losses | (4,067) | (789) |
Investment securities held to maturity, fair values | $ 664,758 | $ 706,732 |
Note 2 - Investment Securitie47
Note 2 - Investment Securities - Amortized Cost and Estimated Market Value of Securities by Contractual Maturity (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities available for sale, amortized cost, 1 year or less | $ 154,693,000 | $ 136,717,000 |
Investment securities available for sale, fair value, 1 year or less | 154,835,000 | 136,976,000 |
Investment securities held to maturity, amortized cost, 1 year or less | 14,961,000 | 20,709,000 |
Investment securities held to maturity, fair value, 1 year or less | 15,639,000 | 21,354,000 |
Investment securities available for sale, amortized cost, over 1 to 5 years | 750,834,000 | 1,049,786,000 |
Investment securities available for sale, fair value, over 1 to 5 years | 745,219,000 | 1,044,453,000 |
Investment securities held to maturity, amortized cost, over 1 to 5 years | 292,024,000 | 259,556,000 |
Investment securities held to maturity, fair value, over 1 to 5 years | 292,062,000 | 262,163,000 |
Investment securities available for sale, amortized cost, over 5 to 10 years | 238,077,000 | 166,352,000 |
Investment securities available for sale, fair value, over 5 to 10 years | 239,153,000 | 173,585,000 |
Investment securities held to maturity, amortized cost, over 5 to 10 years | 318,580,000 | 289,568,000 |
Investment securities held to maturity, fair value, over 5 to 10 years | 319,587,000 | 296,352,000 |
Investment securities available for sale, amortized cost, over 10 years | 47,756,000 | 2,475,000 |
Investment securities available for sale, fair value, over 10 years | 44,416,000 | 2,749,000 |
Investment securities held to maturity, amortized cost, over 10 years | 37,810,000 | 124,814,000 |
Investment securities held to maturity, fair value, over 10 years | 38,052,000 | 127,627,000 |
Investment securities available for sale, amortized cost, subtotal | 1,191,360,000 | 1,355,330,000 |
Investment securities available for sale, fair value, subtotal | 1,183,623,000 | 1,357,763,000 |
Investment securities held to maturity, amortized cost, subtotal | 663,375,000 | 694,647,000 |
Investment securities held to maturity, fair value, subtotal | 665,340,000 | 707,496,000 |
Investment securities available for sale, amortized cost | 1,908,079,000 | 1,568,927,000 |
Investment securities available for sale | 1,890,758,000 | 1,570,216,000 |
Investment securities held to maturity, amortized cost | 1,346,312,000 | 1,316,075,000 |
Investment securities held to maturity, fair values | 1,340,741,000 | 1,325,699,000 |
Mortgage Backed Securities [Member] | ||
Investment securities available for sale, amortized cost | 713,936,000 | 210,783,000 |
Investment securities available for sale | 693,795,000 | 205,293,000 |
Investment securities held to maturity, amortized cost | 682,937,000 | 621,428 |
Investment securities held to maturity, fair value | 675,401,000 | 618,203 |
Other Securities [Member] | ||
Investment securities available for sale, amortized cost | 2,783,000 | 2,814,000 |
Investment securities available for sale | 13,340,000 | 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 |
Note 2 - Investment Securitie48
Note 2 - Investment Securities - Gross Unrealized Losses, Investment Securities Portfolio (Details) $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Available for sale securities, less than 12 months, number of investment positions | 129 | 111 |
Available for sale securities, less than 12 months, fair value | $ 1,086,159 | $ 685,859 |
Available for sale securities, less than 12 months, unrealized losses | $ (29,934) | $ (6,491) |
Available for sale securities, 12 months or longer, number of investment positions | 61 | 63 |
Available for sale securities, 12 months or longer, fair value | $ 223,446 | $ 254,400 |
Available for sale securities, 12 months or longer, unrealized losses | $ (5,881) | $ (8,152) |
Available for sale securities, total, number of investment positions | 190 | 174 |
Available for sale securities, total, fair value | $ 1,309,605 | $ 940,259 |
Available for sale securities, total, unrealized losses | $ (35,815) | $ (14,643) |
Held to Maturity securities, less than 12 months, number of investment positions | 361 | 96 |
Held to Maturity securities, less than 12 months, fair value | $ 842,372 | $ 470,902 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (11,995) | $ (3,739) |
Held to Maturity securities, 12 months or longer, number of investment positions | 16 | 69 |
Held to Maturity securities, 12 months or longer, fair value | $ 30,820 | $ 118,073 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (817) | $ (2,290) |
Held to Maturity securities, total, number of investment positions | 377 | 165 |
Held to Maturity securities, total, fair value | $ 873,192 | $ 588,975 |
Held to Maturity securities, total, unrecognized losses | $ (12,812) | $ (6,029) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 8 | 8 |
Available for sale securities, less than 12 months, fair value | $ 117,227 | $ 121,392 |
Available for sale securities, less than 12 months, unrealized losses | $ (2,974) | $ (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 | 8 | 8 |
Available for sale securities, total, fair value | $ 117,227 | $ 121,392 |
Available for sale securities, total, unrealized losses | $ (2,974) | $ (665) |
Residential Mortgage Backed Securities [Member] | Agency Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 21 | 2 |
Available for sale securities, less than 12 months, fair value | $ 524,269 | $ 12,491 |
Available for sale securities, less than 12 months, unrealized losses | $ (16,494) | $ (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 | $ 122,901 | $ 161,296 |
Available for sale securities, 12 months or longer, unrealized losses | $ (4,551) | $ (6,543) |
Available for sale securities, total, number of investment positions | 49 | 33 |
Available for sale securities, total, fair value | $ 647,170 | $ 173,787 |
Available for sale securities, total, unrealized losses | $ (21,045) | $ (6,909) |
Held to Maturity securities, less than 12 months, number of investment positions | 66 | 41 |
Held to Maturity securities, less than 12 months, fair value | $ 569,876 | $ 426,317 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (8,285) | $ (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 | $ 10,480 | $ 62,041 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (317) | $ (1,476) |
Held to Maturity securities, total, number of investment positions | 69 | 54 |
Held to Maturity securities, total, fair value | $ 580,356 | $ 488,358 |
Held to Maturity securities, total, unrecognized losses | $ (8,602) | $ (4,966) |
Residential Mortgage Backed Securities [Member] | Non-agency Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 2 | |
Available for sale securities, less than 12 months, fair value | $ 246 | |
Available for sale securities, less than 12 months, unrealized losses | $ (1) | |
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 | 2 | |
Available for sale securities, total, fair value | $ 246 | |
Available for sale securities, total, unrealized 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 | $ 7,214 | $ 13,951 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (143) | $ (274) |
Held to Maturity securities, total, number of investment positions | 1 | 2 |
Held to Maturity securities, total, fair value | $ 7,214 | $ 13,951 |
Held to Maturity securities, total, unrecognized losses | $ (143) | $ (274) |
Commercial Mortgage Backed Securities [Member] | Non-agency Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 2 | 1 |
Available for sale securities, less than 12 months, fair value | $ 1,253 | $ 1,071 |
Available for sale securities, less than 12 months, unrealized losses | $ (9) | |
Available for sale securities, 12 months or longer, number of investment positions | 1 | 1 |
Available for sale securities, 12 months or longer, fair value | $ 772 | $ 855 |
Available for sale securities, 12 months or longer, unrealized losses | $ (7) | $ (9) |
Available for sale securities, total, number of investment positions | 3 | 2 |
Available for sale securities, total, fair value | $ 2,025 | $ 1,926 |
Available for sale securities, total, unrealized losses | $ (16) | $ (9) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 43 | 3 |
Available for sale securities, less than 12 months, fair value | $ 57,989 | $ 2,728 |
Available for sale securities, less than 12 months, unrealized losses | $ (3,905) | $ (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 | $ 1,117 | $ 1,644 |
Available for sale securities, 12 months or longer, unrealized losses | $ (21) | $ (39) |
Available for sale securities, total, number of investment positions | 46 | 7 |
Available for sale securities, total, fair value | $ 59,106 | $ 4,372 |
Available for sale securities, total, unrealized losses | $ (3,926) | $ (57) |
Held to Maturity securities, less than 12 months, number of investment positions | 295 | 55 |
Held to Maturity securities, less than 12 months, fair value | $ 272,496 | $ 44,585 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (3,710) | $ (249) |
Held to Maturity securities, 12 months or longer, number of investment positions | 12 | 54 |
Held to Maturity securities, 12 months or longer, fair value | $ 13,126 | $ 42,081 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (357) | $ (540) |
Held to Maturity securities, total, number of investment positions | 307 | 109 |
Held to Maturity securities, total, fair value | $ 285,622 | $ 86,666 |
Held to Maturity securities, total, unrecognized losses | $ (4,067) | $ (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 | $ 695 | $ 2,003 |
Available for sale securities, 12 months or longer, unrealized losses | $ (1) | $ (22) |
Available for sale securities, total, number of investment positions | 1 | 1 |
Available for sale securities, total, fair value | $ 695 | $ 2,003 |
Available for sale securities, total, unrealized losses | $ (1) | $ (22) |
Domestic Corporate Debt Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 53 | 97 |
Available for sale securities, less than 12 months, fair value | $ 385,175 | $ 548,177 |
Available for sale securities, less than 12 months, unrealized losses | $ (6,551) | $ (5,442) |
Available for sale securities, 12 months or longer, number of investment positions | 27 | 25 |
Available for sale securities, 12 months or longer, fair value | $ 96,145 | $ 86,762 |
Available for sale securities, 12 months or longer, unrealized losses | $ (1,117) | $ (1,379) |
Available for sale securities, total, number of investment positions | 80 | 122 |
Available for sale securities, total, fair value | $ 481,320 | $ 634,939 |
Available for sale securities, total, unrealized losses | $ (7,668) | $ (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 | $ 1,816 | $ 1,840 |
Available for sale securities, 12 months or longer, unrealized losses | $ (184) | $ (160) |
Available for sale securities, total, number of investment positions | 1 | 1 |
Available for sale securities, total, fair value | $ 1,816 | $ 1,840 |
Available for sale securities, total, unrealized losses | $ (184) | $ (160) |
Note 2 - Investment Securitie49
Note 2 - Investment Securities - Interest Income from Investment Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Taxable | $ 42,718 | $ 34,472 | $ 24,766 |
Tax-exempt from regular federal income tax | 22,194 | 23,616 | 26,387 |
Total interest income from investment securities | $ 64,912 | $ 58,088 | $ 51,153 |
Note 3 - Loans and Allowance 50
Note 3 - Loans and Allowance for Credit Losses (Details Textual) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Mortgage Loans in Process of Foreclosure, Amount | $ 0 | $ 0 | |
Financing Receivable, Modifications, Recorded Investment | $ 12,381,000 | $ 15,712,000 | $ 4,837,000 |
Troubled Debt Restructurings During Period | 4 | 10 | 5 |
Other Real Estate | $ 3,095,000 | $ 9,264,000 | |
Other Real Estate, Reserve | 1,816,000 | 1,986,000 | |
Loans and Leases Receivable, Nonaccrual, Commitment to Lend | $ 0 | $ 0 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Loans Receivable Held-for-sale, Amount | $ 0 | $ 0 | |
Residential Real Estate Included in OREO [Member] | |||
Real Estate Acquired Through Foreclosure | 0 | 0 | |
Under-Market Terms, Extended Maturity Date and Court Orders [Member] | |||
Financing Receivable, Modifications, Recorded Investment | $ 4,731,000 | $ 11,026,000 | $ 713,000 |
Under-market Modification to Payment Terms and Extended Maturity Date [Member] | |||
Troubled Debt Restructurings During Period | 3 | 4 | 5 |
Court Order [Member] | |||
Troubled Debt Restructurings During Period | 1 | 6 | |
Restructured Loans [Member] | |||
Financing Receivable, Modifications, Recorded Investment | $ 12,381,000 | $ 15,712,000 | |
Impaired Loans, Restructured, Nonaccrual Status | $ 5,302,000 | $ 7,464,000 |
Note 3 - Loans and Allowance 51
Note 3 - Loans and Allowance for Credit Losses - Loans Receivable at Carrying Amount (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Originated loans | $ 1,235,559 | $ 1,351,839 |
Purchased covered loans | 11,027 | 14,213 |
Purchased loan discount, covered loans | (152) | |
Gross purchased non-covered loans | 110,183 | 173,928 |
Purchased loan discount, non-covered laons | (4,058) | (6,432) |
Total | 1,352,711 | 1,533,396 |
Commercial Portfolio Segment [Member] | ||
Originated loans | 342,792 | 368,117 |
Purchased covered loans | ||
Purchased loan discount, covered loans | ||
Gross purchased non-covered loans | 12,452 | 15,620 |
Purchased loan discount, non-covered laons | (547) | (989) |
Total | 354,697 | 382,748 |
Commercial Real Estate Portfolio Segment [Member] | ||
Originated loans | 473,558 | 517,070 |
Purchased covered loans | ||
Purchased loan discount, covered loans | ||
Gross purchased non-covered loans | 71,250 | 124,650 |
Purchased loan discount, non-covered laons | (2,637) | (4,264) |
Total | 542,171 | 637,456 |
Construction Portfolio Segment [Member] | ||
Originated loans | 2,409 | 2,978 |
Purchased covered loans | ||
Purchased loan discount, covered loans | ||
Gross purchased non-covered loans | 146 | 973 |
Purchased loan discount, non-covered laons | ||
Total | 2,555 | 3,951 |
Residential Portfolio Segment [Member] | ||
Originated loans | 85,439 | 117,631 |
Purchased covered loans | 2,086 | 2,385 |
Purchased loan discount, covered loans | (133) | |
Gross purchased non-covered loans | 222 | 231 |
Purchased loan discount, non-covered laons | (23) | (23) |
Total | 87,724 | 120,091 |
Consumer Portfolio Segment [Member] | ||
Originated loans | 331,361 | 346,043 |
Purchased covered loans | 8,941 | 11,828 |
Purchased loan discount, covered loans | (19) | |
Gross purchased non-covered loans | 26,113 | 32,454 |
Purchased loan discount, non-covered laons | (851) | (1,156) |
Total | $ 365,564 | $ 389,150 |
Note 3 - Loans and Allowance 52
Note 3 - Loans and Allowance for Credit Losses - Changes in the Carrying Amount of Impaired Purchased Loans (Details) - Receivables Acquired with Deteriorated Credit Quality [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Carrying amount at the beginning of the period | $ 3,887 | $ 4,672 |
Reductions during the period | (3,022) | (785) |
Carrying amount at the end of the period | $ 865 | $ 3,887 |
Note 3 - Loans and Allowance 53
Note 3 - Loans and Allowance for Credit Losses - Changes in the Accretable Yield for Purchased Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at the beginning of the period | $ 1,259 | $ 2,261 |
Reclassification from nonaccretable difference | 3,912 | 3,051 |
Accretion | (3,934) | (4,053) |
Balance at the end of the period | 1,237 | 1,259 |
Change in FDIC indemnification | 1,053 | 698 |
(Increase) in interest income | $ (2,881) | $ (3,355) |
Note 3 - Loans and Allowance 54
Note 3 - Loans and Allowance for Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance at beginning of period | $ 29,771 | $ 31,485 | $ 31,693 | $ 29,771 | $ 31,485 | $ 31,693 | |||||||||
(Reversal) provision | $ (3,200) | $ 200 | $ 600 | $ 1,000 | 1,000 | (3,200) | 2,800 | ||||||||
Chargeoffs | (6,772) | (5,129) | (7,418) | ||||||||||||
Recoveries | 6,155 | 3,415 | 4,410 | ||||||||||||
Net loan recoveries (losses) | (617) | (1,714) | (3,008) | ||||||||||||
Total allowance for loan losses | 25,954 | 29,771 | 31,485 | 25,954 | 29,771 | 31,485 | |||||||||
Indemnification expiration | |||||||||||||||
Liability for off-balance sheet credit exposure | 2,693 | 2,693 | |||||||||||||
Total allowance for credit losses | 25,954 | 29,771 | 34,178 | 25,954 | 29,771 | 34,178 | |||||||||
Originated Loans [Member] | Commercial Portfolio Segment [Member] | |||||||||||||||
Balance at beginning of period | 9,559 | 5,460 | 4,005 | 9,559 | 5,460 | 4,005 | |||||||||
(Reversal) provision | (2,065) | 3,702 | 1,095 | ||||||||||||
Chargeoffs | (2,023) | (756) | (1,890) | ||||||||||||
Recoveries | 2,836 | 1,153 | 2,250 | ||||||||||||
Net loan recoveries (losses) | 813 | 397 | 360 | ||||||||||||
Total allowance for loan losses | 8,307 | 9,559 | 5,460 | 8,307 | 9,559 | 5,460 | |||||||||
Indemnification expiration | |||||||||||||||
Liability for off-balance sheet credit exposure | 2,408 | 2,408 | |||||||||||||
Total allowance for credit losses | 8,307 | 9,559 | 7,868 | 8,307 | 9,559 | 7,868 | |||||||||
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||||||||||
Balance at beginning of period | 4,224 | 4,245 | 12,070 | 4,224 | 4,245 | 12,070 | |||||||||
(Reversal) provision | (954) | 356 | (7,276) | ||||||||||||
Chargeoffs | (449) | (762) | |||||||||||||
Recoveries | 60 | 72 | 213 | ||||||||||||
Net loan recoveries (losses) | 60 | (377) | (549) | ||||||||||||
Total allowance for loan losses | 3,330 | 4,224 | 4,245 | 3,330 | 4,224 | 4,245 | |||||||||
Indemnification expiration | |||||||||||||||
Liability for off-balance sheet credit exposure | |||||||||||||||
Total allowance for credit losses | 3,330 | 4,224 | 4,245 | 3,330 | 4,224 | 4,245 | |||||||||
Originated Loans [Member] | Construction Portfolio Segment [Member] | |||||||||||||||
Balance at beginning of period | 177 | 644 | 602 | 177 | 644 | 602 | |||||||||
(Reversal) provision | (34) | (512) | 39 | ||||||||||||
Chargeoffs | |||||||||||||||
Recoveries | 45 | 3 | |||||||||||||
Net loan recoveries (losses) | 45 | 3 | |||||||||||||
Total allowance for loan losses | 143 | 177 | 644 | 143 | 177 | 644 | |||||||||
Indemnification expiration | |||||||||||||||
Liability for off-balance sheet credit exposure | 344 | 344 | |||||||||||||
Total allowance for credit losses | 143 | 177 | 988 | 143 | 177 | 988 | |||||||||
Originated Loans [Member] | Residential Portfolio Segment [Member] | |||||||||||||||
Balance at beginning of period | 1,801 | 2,241 | 405 | 1,801 | 2,241 | 405 | |||||||||
(Reversal) provision | (493) | (440) | 1,866 | ||||||||||||
Chargeoffs | (30) | ||||||||||||||
Recoveries | |||||||||||||||
Net loan recoveries (losses) | (30) | ||||||||||||||
Total allowance for loan losses | 1,308 | 1,801 | 2,241 | 1,308 | 1,801 | 2,241 | |||||||||
Indemnification expiration | |||||||||||||||
Liability for off-balance sheet credit exposure | |||||||||||||||
Total allowance for credit losses | 1,308 | 1,801 | 2,241 | 1,308 | 1,801 | 2,241 | |||||||||
Originated Loans [Member] | Consumer Portfolio Segment [Member] | |||||||||||||||
Balance at beginning of period | 7,080 | 7,717 | 3,198 | 7,080 | 7,717 | 3,198 | |||||||||
(Reversal) provision | 2,344 | 950 | 6,864 | ||||||||||||
Chargeoffs | (4,404) | (3,493) | (4,214) | ||||||||||||
Recoveries | 1,512 | 1,906 | 1,869 | ||||||||||||
Net loan recoveries (losses) | (2,892) | (1,587) | (2,345) | ||||||||||||
Total allowance for loan losses | 6,532 | 7,080 | 7,717 | 6,532 | 7,080 | 7,717 | |||||||||
Indemnification expiration | |||||||||||||||
Liability for off-balance sheet credit exposure | 437 | 437 | |||||||||||||
Total allowance for credit losses | 6,532 | 7,080 | 8,154 | 6,532 | 7,080 | 8,154 | |||||||||
Purchased Non-Covered Loans [Member] | |||||||||||||||
Balance at beginning of period | 967 | 2,120 | 967 | 2,120 | |||||||||||
(Reversal) provision | (923) | (961) | 1,006 | ||||||||||||
Chargeoffs | (345) | (431) | (522) | ||||||||||||
Recoveries | 1,747 | 239 | 75 | ||||||||||||
Net loan recoveries (losses) | 1,402 | (192) | (447) | ||||||||||||
Total allowance for loan losses | 1,446 | 967 | 2,120 | 1,446 | 967 | 2,120 | |||||||||
Indemnification expiration | 1,561 | 1,561 | |||||||||||||
Liability for off-balance sheet credit exposure | |||||||||||||||
Total allowance for credit losses | 1,446 | 967 | 2,120 | 1,446 | 967 | 2,120 | |||||||||
Purchased Covered Loans [Member] | |||||||||||||||
Balance at beginning of period | 1,561 | 1,561 | |||||||||||||
(Reversal) provision | 53 | ||||||||||||||
Chargeoffs | |||||||||||||||
Recoveries | |||||||||||||||
Net loan recoveries (losses) | |||||||||||||||
Total allowance for loan losses | 53 | 53 | |||||||||||||
Indemnification expiration | (1,561) | (1,561) | |||||||||||||
Liability for off-balance sheet credit exposure | |||||||||||||||
Total allowance for credit losses | 53 | 0 | 53 | 0 | |||||||||||
Unallocated Financing Receivable [Member] | |||||||||||||||
Balance at beginning of period | $ 5,963 | $ 9,058 | $ 9,852 | 5,963 | 9,058 | 9,852 | |||||||||
(Reversal) provision | (1,128) | (3,095) | (794) | ||||||||||||
Chargeoffs | |||||||||||||||
Recoveries | |||||||||||||||
Net loan recoveries (losses) | |||||||||||||||
Total allowance for loan losses | 4,835 | 5,963 | 9,058 | 4,835 | 5,963 | 9,058 | |||||||||
Indemnification expiration | |||||||||||||||
Liability for off-balance sheet credit exposure | (496) | (496) | |||||||||||||
Total allowance for credit losses | $ 4,835 | $ 5,963 | $ 8,562 | $ 4,835 | $ 5,963 | $ 8,562 |
Note 3 - Loans and Allowance 55
Note 3 - Loans and Allowance for Credit Losses - Recorded Investment in Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Individually evaluated for impairment | $ 5,048 | $ 5,527 | ||
Collectively evaluated for impairment | 20,906 | 24,244 | ||
Total allowance for credit losses | 25,954 | 29,771 | $ 34,178 | |
Individually evaluated for impairment | 24,715 | 29,905 | ||
Collectively evaluated for impairment | 1,327,131 | 1,499,604 | ||
Total loans | 1,352,711 | 1,533,396 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | 865 | 3,887 | ||
Commercial Portfolio Segment [Member] | ||||
Total loans | 354,697 | 382,748 | ||
Commercial Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Total loans | 542,171 | 637,456 | ||
Commercial Real Estate Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | 0 | 0 | ||
Construction Portfolio Segment [Member] | ||||
Total loans | 2,555 | 3,951 | ||
Construction Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | 0 | 0 | ||
Residential Portfolio Segment [Member] | ||||
Total loans | 87,724 | 120,091 | ||
Residential Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | 0 | 0 | ||
Consumer Portfolio Segment [Member] | ||||
Total loans | 365,564 | 389,150 | ||
Consumer Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | 0 | 0 | ||
Originated Loans [Member] | ||||
Total loans | 1,235,559 | 1,351,839 | ||
Originated Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 5,048 | 4,942 | ||
Collectively evaluated for impairment | 3,259 | 4,617 | ||
Total allowance for credit losses | 8,307 | 9,559 | 7,868 | |
Individually evaluated for impairment | 11,140 | 12,587 | ||
Collectively evaluated for impairment | 331,652 | 355,530 | ||
Total loans | 342,792 | 368,117 | ||
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 585 | |||
Collectively evaluated for impairment | 3,330 | 3,639 | ||
Total allowance for credit losses | 3,330 | 4,224 | 4,245 | |
Individually evaluated for impairment | 5,264 | 5,541 | ||
Collectively evaluated for impairment | 468,294 | 511,529 | ||
Total loans | 473,558 | 517,070 | ||
Originated Loans [Member] | Construction Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 143 | 177 | ||
Total allowance for credit losses | 143 | 177 | 988 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 2,409 | 2,978 | ||
Total loans | 2,409 | 2,978 | ||
Originated Loans [Member] | Residential Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,308 | 1,801 | ||
Total allowance for credit losses | 1,308 | 1,801 | 2,241 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 85,439 | 117,631 | ||
Total loans | 85,439 | 117,631 | ||
Originated Loans [Member] | Consumer Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 6,532 | 7,080 | ||
Total allowance for credit losses | 6,532 | 7,080 | 8,154 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 331,361 | 346,043 | ||
Total loans | 331,361 | 346,043 | ||
Purchased Non-Covered Loans [Member] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,446 | 967 | ||
Total allowance for credit losses | 1,446 | 967 | 2,120 | |
Individually evaluated for impairment | 7,694 | 11,777 | ||
Collectively evaluated for impairment | 97,751 | 152,038 | ||
Total loans | 106,125 | 167,496 | ||
Purchased Non-Covered Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | 680 | 3,681 | ||
Purchased Covered Loans [Member] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 53 | |||
Total allowance for credit losses | 53 | 0 | ||
Individually evaluated for impairment | 617 | 0 | ||
Collectively evaluated for impairment | 10,225 | 13,855 | ||
Total loans | [1] | 11,027 | 14,061 | |
Purchased Covered Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | 185 | 206 | ||
Unallocated Financing Receivable [Member] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 4,835 | 5,963 | ||
Total allowance for credit losses | 4,835 | 5,963 | $ 8,562 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | ||
Total loans | 0 | 0 | ||
Unallocated Financing Receivable [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | $ 0 | $ 0 | ||
[1] | Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. |
Note 3 - Loans and Allowance 56
Note 3 - Loans and Allowance for Credit Losses - Credit Risk Profile by Internally Assigned Grade (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Loans | $ 1,352,711 | $ 1,533,396 | |
Pass [Member] | |||
Loans, before purchased loan discount | 1,309,612 | 1,474,260 | |
Substandard [Member] | |||
Loans, before purchased loan discount | 45,371 | 65,316 | |
Doubtful [Member] | |||
Loans, before purchased loan discount | 1,306 | 30 | |
Unlikely to be Collected Financing Receivable [Member] | |||
Loans, before purchased loan discount | 480 | 374 | |
Commercial Portfolio Segment [Member] | |||
Purchased loan discount | 0 | 0 | |
Loans | 354,697 | 382,748 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Purchased loan discount | 0 | 0 | |
Loans | 542,171 | 637,456 | |
Construction Portfolio Segment [Member] | |||
Purchased loan discount | 0 | 0 | |
Loans | 2,555 | 3,951 | |
Residential Portfolio Segment [Member] | |||
Purchased loan discount | 0 | 0 | |
Loans | 87,724 | 120,091 | |
Consumer Portfolio Segment [Member] | |||
Purchased loan discount | 0 | 0 | |
Loans | 365,564 | 389,150 | |
Originated Loans [Member] | |||
Loans | 1,235,559 | 1,351,839 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | |||
Loans | 342,792 | 368,117 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | |||
Loans, before purchased loan discount | 329,964 | 353,474 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Loans, before purchased loan discount | 12,828 | 14,643 | |
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 Real Estate Portfolio Segment [Member] | |||
Loans | 473,558 | 517,070 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Loans, before purchased loan discount | 459,771 | 496,744 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Loans, before purchased loan discount | 13,787 | 20,326 | |
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] | Construction Portfolio Segment [Member] | |||
Loans | 2,409 | 2,978 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Pass [Member] | |||
Loans, before purchased loan discount | 2,409 | 2,978 | |
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] | Residential Portfolio Segment [Member] | |||
Loans | 85,439 | 117,631 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Pass [Member] | |||
Loans, before purchased loan discount | 82,715 | 114,525 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | |||
Loans, before purchased loan discount | 2,724 | 3,106 | |
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] | Consumer Portfolio Segment [Member] | |||
Loans | 331,361 | 346,043 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | |||
Loans, before purchased loan discount | 329,961 | 344,876 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Loans, before purchased loan discount | 1,056 | 781 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Loans, before purchased loan discount | 6 | 12 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Loans, before purchased loan discount | 338 | 374 | |
Purchased Non-Covered Loans [Member] | |||
Purchased loan discount | (4,058) | (6,432) | |
Loans | 106,125 | 167,496 | |
Purchased Non-Covered Loans [Member] | Pass [Member] | |||
Loans, before purchased loan discount | 95,373 | 149,100 | |
Purchased Non-Covered Loans [Member] | Substandard [Member] | |||
Loans, before purchased loan discount | 13,368 | 24,810 | |
Purchased Non-Covered Loans [Member] | Doubtful [Member] | |||
Loans, before purchased loan discount | 1,300 | 18 | |
Purchased Non-Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Loans, before purchased loan discount | 142 | 0 | |
Purchased Covered Loans [Member] | |||
Purchased loan discount | [1] | 0 | (152) |
Loans | [1] | 11,027 | 14,061 |
Purchased Covered Loans [Member] | Pass [Member] | |||
Loans, before purchased loan discount | [1] | 9,419 | 12,563 |
Purchased Covered Loans [Member] | Substandard [Member] | |||
Loans, before purchased loan discount | [1] | 1,608 | 1,650 |
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 Non-covered and Covered Loans [Member] | |||
Purchased loan discount | $ (4,058) | $ (6,584) | |
[1] | Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. |
Note 3 - Loans and Allowance 57
Note 3 - Loans and Allowance for Credit Losses - Loans by Delinquency and Nonaccrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Current and accruing | $ 1,335,850 | $ 1,503,022 | |
Nonaccrual | 8,385 | 14,998 | |
Total loans | 1,352,711 | 1,533,396 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 6,468 | 12,893 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 1,511 | 2,188 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due and accruing | 497 | 295 | |
Commercial Portfolio Segment [Member] | |||
Total loans | 354,697 | 382,748 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Total loans | 542,171 | 637,456 | |
Construction Portfolio Segment [Member] | |||
Total loans | 2,555 | 3,951 | |
Residential Portfolio Segment [Member] | |||
Total loans | 87,724 | 120,091 | |
Consumer Portfolio Segment [Member] | |||
Total loans | 365,564 | 389,150 | |
Originated Loans [Member] | |||
Current and accruing | 1,222,803 | 1,330,539 | |
Nonaccrual | 5,815 | 6,652 | |
Total loans | 1,235,559 | 1,351,839 | |
Originated Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 5,115 | 12,172 | |
Originated Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 1,471 | 2,181 | |
Originated Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due and accruing | 355 | 295 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | |||
Current and accruing | 341,632 | 365,450 | |
Nonaccrual | 194 | 768 | |
Total loans | 342,792 | 368,117 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 926 | 1,777 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 40 | 122 | |
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 Real Estate Portfolio Segment [Member] | |||
Current and accruing | 467,529 | 504,970 | |
Nonaccrual | 5,177 | 5,444 | |
Total loans | 473,558 | 517,070 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 407 | 5,930 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 445 | 726 | |
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] | Construction Portfolio Segment [Member] | |||
Current and accruing | 2,183 | 2,978 | |
Nonaccrual | 0 | 0 | |
Total loans | 2,409 | 2,978 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 226 | 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] | Residential Portfolio Segment [Member] | |||
Current and accruing | 84,430 | 115,575 | |
Nonaccrual | 444 | 440 | |
Total loans | 85,439 | 117,631 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 528 | 1,202 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 37 | 414 | |
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] | Consumer Portfolio Segment [Member] | |||
Current and accruing | 327,029 | 341,566 | |
Nonaccrual | 0 | ||
Total loans | 331,361 | 346,043 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 3,028 | 3,263 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 949 | 919 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due and accruing | 355 | 295 | |
Purchased Non-Covered Loans [Member] | |||
Current and accruing | 102,878 | 158,554 | |
Nonaccrual | 1,712 | 8,346 | |
Total loans | 106,125 | 167,496 | |
Purchased Non-Covered Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 1,353 | 589 | |
Purchased Non-Covered Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due and accruing | 40 | 7 | |
Purchased Non-Covered Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due and accruing | 142 | 0 | |
Purchased Covered Loans [Member] | |||
Current and accruing | 10,169 | 13,929 | |
Nonaccrual | 858 | 0 | |
Total loans | [1] | 11,027 | 14,061 |
Purchased Covered Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due and accruing | 132 | ||
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 | |
[1] | Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. |
Note 3 - Loans and Allowance 58
Note 3 - Loans and Allowance for Credit Losses - Effect of Nonaccrual Loans on Interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ 874 | $ 1,277 | $ 1,146 |
Interest income recognized on nonaccrual loans | (1,097) | (362) | (60) |
Total (addition) reduction of interest income | $ (223) | $ 915 | $ 1,086 |
Note 3 - Loans and Allowance 59
Note 3 - Loans and Allowance for Credit Losses - Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Commercial Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | $ 1,234 | $ 2,917 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 1,303 | 2,979 |
Impaired loans with an allowance recorded, Recorded Investment | 10,163 | 10,170 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 10,172 | 10,170 |
Impaired loans with an allowance recorded, Related Allowance | 5,048 | 4,942 |
Total Impaired loans, Recorded Investment | 11,397 | 13,087 |
Total Impaired loans, Unpaid Principal Balance | 11,475 | 13,149 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 13,233 | 16,309 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 15,610 | 21,168 |
Impaired loans with an allowance recorded, Recorded Investment | 4,660 | |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 5,109 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 585 |
Total Impaired loans, Recorded Investment | 13,233 | 20,969 |
Total Impaired loans, Unpaid Principal Balance | 15,610 | 26,277 |
Construction Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 271 | |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 271 | |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Total Impaired loans, Recorded Investment | 271 | |
Total Impaired loans, Unpaid Principal Balance | 271 | |
Residential Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 1,279 | 666 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 1,309 | 697 |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Total Impaired loans, Recorded Investment | 1,279 | 666 |
Total Impaired loans, Unpaid Principal Balance | 1,309 | 697 |
Consumer Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 569 | 350 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 675 | 456 |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Total Impaired loans, Recorded Investment | 569 | 350 |
Total Impaired loans, Unpaid Principal Balance | $ 675 | $ 456 |
Note 3 - Loans and Allowance 60
Note 3 - Loans and Allowance for Credit Losses - Impaired Loans, Supplemental Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Average Recorded Investment | $ 30,945 | $ 34,583 | $ 28,687 |
Recognized Interest Income | 1,281 | 1,314 | 823 |
Commercial Portfolio Segment [Member] | |||
Average Recorded Investment | 12,923 | 12,631 | 5,240 |
Recognized Interest Income | 512 | 584 | 325 |
Commercial Real Estate Portfolio Segment [Member] | |||
Average Recorded Investment | 16,701 | 20,307 | 19,880 |
Recognized Interest Income | 725 | 674 | 469 |
Construction Portfolio Segment [Member] | |||
Average Recorded Investment | 102 | 263 | 2,015 |
Recognized Interest Income | |||
Residential Portfolio Segment [Member] | |||
Average Recorded Investment | 746 | 643 | 153 |
Recognized Interest Income | 19 | 31 | |
Consumer Portfolio Segment [Member] | |||
Average Recorded Investment | 473 | 739 | 1,399 |
Recognized Interest Income | $ 25 | $ 25 | $ 29 |
Note 3 - Loans and Allowance 61
Note 3 - Loans and Allowance for Credit Losses - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of Contracts | 18 | 17 | 8 |
Pre-Modification Carrying Value | $ 14,217 | $ 16,307 | $ 4,983 |
Financing Receivable, Modifications, Recorded Investment | 12,381 | 15,712 | 4,837 |
Period-End Individual Impairment Allowance | $ 113 | $ 194 | |
Commercial Portfolio Segment [Member] | |||
Number of Contracts | 7 | 6 | 3 |
Pre-Modification Carrying Value | $ 2,719 | $ 3,138 | $ 2,075 |
Financing Receivable, Modifications, Recorded Investment | 1,489 | 2,802 | 1,901 |
Period-End Individual Impairment Allowance | $ 113 | $ 194 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Number of Contracts | 10 | 10 | 4 |
Pre-Modification Carrying Value | $ 11,257 | $ 12,927 | $ 2,890 |
Financing Receivable, Modifications, Recorded Investment | 10,673 | 12,684 | 2,928 |
Period-End Individual Impairment Allowance | |||
Residential Portfolio Segment [Member] | |||
Number of Contracts | 1 | 1 | |
Pre-Modification Carrying Value | $ 241 | $ 242 | |
Financing Receivable, Modifications, Recorded Investment | 219 | 226 | |
Period-End Individual Impairment Allowance | |||
Consumer Portfolio Segment [Member] | |||
Number of Contracts | 1 | ||
Pre-Modification Carrying Value | $ 18 | ||
Financing Receivable, Modifications, Recorded Investment | 8 | ||
Period-End Individual Impairment Allowance |
Note 4 - Concentration of Cre62
Note 4 - Concentration of Credit Risk (Details Textual) $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Unsecured Loan Limit, Percentage of Shareholders' Equity, California Financial Code | 15.00% | |
Secured and Unsecured Loan Limit Percentage, California Financial Code | 25.00% | |
Concentration Risk, Issuer Relationships | 50 | |
Loan Commitments and Standby Letters of Credit Related to Real Estate Loans | $ 57,721 | $ 61,190 |
Concentration Risk, Aggregate Securities 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% | |
Aggregate Loans [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk, Issuer Relationships | 35 | |
Concentration Risk, Aggregate Loans Amount | $ 5,000 |
Note 5 - Premises, Equipment 63
Note 5 - Premises, Equipment and Other Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation, Depletion and Amortization, Nonproduction | $ 3,959 | $ 3,523 | $ 3,177 |
FRB Membership, Stock Subscription, Percent of Paid-Up Capital Stock and Surplus Requirement | 6.00% | ||
LIHTC Investments | $ 12,591 | 15,259 | |
Qualified Affordable Housing Project Investments, Commitment | 2,299 | $ 2,299 | |
Contingent Commitment, Year 4 [Member] | |||
Qualified Affordable Housing Project Investments, Commitment | 722 | ||
Contingent Commitment, Year 7 [Member] | |||
Qualified Affordable Housing Project Investments, Commitment | 131 | ||
Contingent Commitment, Year 8 [Member] | |||
Qualified Affordable Housing Project Investments, Commitment | 90 | ||
Contingent Commitment, Year 9 or Thereafter [Member] | |||
Qualified Affordable Housing Project Investments, Commitment | $ 1,356 |
Note 5 - Premises, Equipment 64
Note 5 - Premises, Equipment and Other Assets - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cost | $ 80,684 | $ 82,653 |
Accumulated Depreciation and Amortization | (44,118) | (43,960) |
Premises and equipment, net | 36,566 | 38,693 |
Land [Member] | ||
Cost | 11,896 | 11,896 |
Accumulated Depreciation and Amortization | ||
Premises and equipment, net | 11,896 | 11,896 |
Building and Building Improvements [Member] | ||
Cost | 40,992 | 40,795 |
Accumulated Depreciation and Amortization | (25,180) | (24,024) |
Premises and equipment, net | 15,812 | 16,771 |
Leasehold Improvements [Member] | ||
Cost | 5,922 | 5,696 |
Accumulated Depreciation and Amortization | (4,599) | (4,628) |
Premises and equipment, net | 1,323 | 1,068 |
Furniture and Fixtures [Member] | ||
Cost | 21,874 | 24,266 |
Accumulated Depreciation and Amortization | (14,339) | (15,308) |
Premises and equipment, net | $ 7,535 | $ 8,958 |
Note 5 - Premises, Equipment 65
Note 5 - Premises, Equipment and Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Cost method equity investments: | |||
Federal Reserve Bank stock (1) | [1] | $ 14,069 | $ 14,069 |
Other investments | 201 | 201 | |
Total cost method equity investments | 14,270 | 14,270 | |
Life insurance cash surrender value | 51,535 | 48,972 | |
Net deferred tax asset | 55,417 | 51,748 | |
Limited partnership investments | 12,591 | 15,259 | |
Interest receivable | 21,489 | 20,174 | |
Prepaid assets | 4,825 | 4,771 | |
Other assets | 11,597 | 10,660 | |
Total other assets | $ 171,724 | $ 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 5 - Premises, Equipment 66
Note 5 - Premises, Equipment and Other Assets - Amounts Recognized in Net Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment loss included in pre-tax income | $ 2,475 | $ 2,850 | $ 2,950 |
Tax credits recognized in provision for income taxes | $ 2,286 | $ 2,650 | $ 2,825 |
Note 6 - Goodwill and Identif67
Note 6 - Goodwill and Identifiable Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 6 - Goodwill and Identif68
Note 6 - Goodwill and Identifiable Intangible Assets - Carrying Values of Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill | $ 121,673 | $ 121,673 |
Note 6 - Goodwill and Identif69
Note 6 - Goodwill and Identifiable Intangible Assets - Gross Carrying Amount of Intangible Assets and Accumulated Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Gross Carrying Amount | $ 67,108 | $ 67,108 |
Accumulated Amortization | (60,181) | (56,677) |
Core Deposits [Member] | ||
Gross Carrying Amount | 56,808 | 56,808 |
Accumulated Amortization | (50,074) | (46,782) |
Mechant Draft Processing [Member] | ||
Gross Carrying Amount | 10,300 | 10,300 |
Accumulated Amortization | $ (10,107) | $ (9,895) |
Note 6 - Goodwill and Identif70
Note 6 - Goodwill and Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
For the Year Ended December 31, 2016 (actual) | $ 3,504 | $ 3,856 | $ 4,270 |
Estimate for the Year Ended December 31, 2017 | 3,077 | ||
2,018 | 1,921 | ||
2,019 | 538 | ||
2,020 | 287 | ||
2,021 | 269 | ||
Core Deposits [Member] | |||
For the Year Ended December 31, 2016 (actual) | 3,292 | ||
Estimate for the Year Ended December 31, 2017 | 2,913 | ||
2,018 | 1,892 | ||
2,019 | 538 | ||
2,020 | 287 | ||
2,021 | 269 | ||
Mechant Draft Processing [Member] | |||
For the Year Ended December 31, 2016 (actual) | 212 | ||
Estimate for the Year Ended December 31, 2017 | 164 | ||
2,018 | 29 | ||
2,019 | |||
2,020 | |||
2,021 |
Note 7 - Deposits and Borrowe71
Note 7 - Deposits and Borrowed Funds (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 18, 2016 | |
Demand Deposit Overdrafts | $ 2,679 | $ 3,038 | ||
Interest Expense, Time Deposits, $100,000 or More | $ 509 | 687 | $ 893 | |
Unsecured Line of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity, Expired | $ 35,000 | |||
Long-term Line of Credit | $ 0 |
Note 7 - Deposits and Borrowe72
Note 7 - Deposits and Borrowed Funds - Deposits Detail (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Noninterest-bearing deposits | $ 2,089,443 | $ 2,026,049 |
Transaction | 865,701 | 860,706 |
Savings | 1,493,427 | 1,366,936 |
Time deposits less than $100 thousand | 133,712 | 150,780 |
Time deposits $100 thousand through $250 thousand | 84,925 | 96,971 |
Time deposits more than $250 thousand | 37,533 | 39,217 |
Total deposits | $ 4,704,741 | $ 4,540,659 |
Note 7 - Deposits and Borrowe73
Note 7 - Deposits and Borrowed Funds - Short-term Borrowed Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Collateral Carrying Value | $ 227,862 | $ 157,625 |
Short-term borrowed funds | 59,078 | 53,028 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Collateral Carrying Value | 74,031 | 98,969 |
Agency Residential MBS [Member] | ||
Collateral Carrying Value | 63,277 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Collateral Carrying Value | 3,975 | |
Corporate Debt Securities [Member] | ||
Collateral Carrying Value | $ 90,554 | $ 54,681 |
Note 7 - Deposits and Borrowe74
Note 7 - Deposits and Borrowed Funds - Borrowed Funds, Highest Month End Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Securities Sold under Agreements to Repurchase [Member] | ||
Securities sold under repurchase agreements | $ 74,815 | $ 89,484 |
Note 8 - Shareholders' Equity75
Note 8 - Shareholders' Equity (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Feb. 13, 2009$ / sharesshares | |
Share Price | $ / shares | $ 62.93 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 325,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 5.97 | $ 5.46 | $ 5.91 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ | $ 1,605 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | 3,242 | $ 504 | $ 1,309 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | $ 1,269 | $ 1,321 | $ 1,397 | |
Preferred Stock, Shares Outstanding | 0 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 246,640 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 50.92 | |||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,750,000 | |||
Additional Classes of Stock Authorized | 2 | |||
Additional Classes of Stock Authorized, Shares Authorized, Per Class | 1,000,000 | |||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 18,000 | 21,000 | ||
Common Stock, Shares, Outstanding | 25,907,000 | 25,528,000 | ||
Common Class B [Member] | ||||
Common Stock, Shares, Outstanding | 0 | |||
NQSO [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 325,000 | 343,000 | 294,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,211,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 292 days | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ | $ (394) | $ 1,284 | $ 447 | |
Restricted Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 753 | $ 741 | 1,115 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 36 days | 1 year 109 days | ||
Allocated Share-based Compensation Expense | $ | $ 1,228 | $ 535 | $ 575 | |
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 |
Note 8 - Shareholders' Equity -
Note 8 - Shareholders' Equity - Information About Stock Options Granted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Options outstanding, range of exercise price, lower range (in dollars per share) | $ 40 | |
Options outstanding, range of exercise price, upper range (in dollars per share) | $ 60 | |
Options outstanding, number outstanding (in shares) | 1,273 | 1,549 |
Options outstanding, aggregate intrinsic value | $ 19,819 | |
Options outstanding, weighted average remaining contractual life (Year) | 5 years 255 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 47 | |
Options exercisable, number outstanding (in shares) | 720 | |
Options exercisable, aggregate intrinsic value | $ 9,216 | |
Options exercisable, weighted average remaining contractual life (Year) | 3 years 182 days | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 50 | |
Range 1 [Member] | ||
Options outstanding, range of exercise price, lower range (in dollars per share) | 40 | |
Options outstanding, range of exercise price, upper range (in dollars per share) | $ 45 | |
Options outstanding, number outstanding (in shares) | 594 | |
Options outstanding, aggregate intrinsic value | $ 12,072 | |
Options outstanding, weighted average remaining contractual life (Year) | 8 years 36 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 43 | |
Options exercisable, number outstanding (in shares) | 107 | |
Options exercisable, aggregate intrinsic value | $ 2,105 | |
Options exercisable, weighted average remaining contractual life (Year) | 5 years 146 days | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 43 | |
Range 2 [Member] | ||
Options outstanding, range of exercise price, lower range (in dollars per share) | 45 | |
Options outstanding, range of exercise price, upper range (in dollars per share) | $ 50 | |
Options outstanding, number outstanding (in shares) | 112 | |
Options outstanding, aggregate intrinsic value | $ 1,791 | |
Options outstanding, weighted average remaining contractual life (Year) | 2 years 146 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 47 | |
Options exercisable, number outstanding (in shares) | 112 | |
Options exercisable, aggregate intrinsic value | $ 1,791 | |
Options exercisable, weighted average remaining contractual life (Year) | 2 years 146 days | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 47 | |
Range 3 [Member] | ||
Options outstanding, range of exercise price, lower range (in dollars per share) | 50 | |
Options outstanding, range of exercise price, upper range (in dollars per share) | $ 55 | |
Options outstanding, number outstanding (in shares) | 472 | |
Options outstanding, aggregate intrinsic value | $ 5,360 | |
Options outstanding, weighted average remaining contractual life (Year) | 3 years 328 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 52 | |
Options exercisable, number outstanding (in shares) | 406 | |
Options exercisable, aggregate intrinsic value | $ 4,724 | |
Options exercisable, weighted average remaining contractual life (Year) | 3 years 146 days | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 51 | |
Range 4 [Member] | ||
Options outstanding, range of exercise price, lower range (in dollars per share) | 55 | |
Options outstanding, range of exercise price, upper range (in dollars per share) | $ 60 | |
Options outstanding, number outstanding (in shares) | 95 | |
Options outstanding, aggregate intrinsic value | $ 596 | |
Options outstanding, weighted average remaining contractual life (Year) | 3 years 36 days | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 57 | |
Options exercisable, number outstanding (in shares) | 95 | |
Options exercisable, aggregate intrinsic value | $ 596 | |
Options exercisable, weighted average remaining contractual life (Year) | 3 years 36 days | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 57 |
Note 8 - Shareholders' Equity77
Note 8 - Shareholders' Equity - Weighted Average Assumptions Used in the Option Pricing to Value Stock Options Granted (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Expected volatility (1) | [1] | 22.00% | 20.00% | 16.00% |
Expected life in years (2) (Year) | [2] | 4 years 292 days | 4 years 328 days | 4 years 328 days |
Risk-free interest rate | 1.41% | 1.36% | 1.59% | |
Expected dividend yield (3) | [3] | 4.49% | 3.64% | 3.32% |
Fair value per award (in dollars per share) | $ 5.97 | $ 5.46 | $ 5.91 | |
[1] | Measured using daily price changes of Company's stock over respective expected term of the option and the implied volatility derived from the market prices of the Company's stock and traded options. | |||
[2] | The number of years that the Company estimates that the options will be outstanding prior to exercise. | |||
[3] | The risk-free rate over the expected life based on the US Treasury yield curve in effect at the time of the grant. |
Note 8 - Shareholders' Equity78
Note 8 - Shareholders' Equity - Summary of Option Activity (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Outstanding at January 1, 2016 (in shares) | shares | 1,549 |
Outstanding at January 1, 2016 (in dollars per share) | $ / shares | $ 48.83 |
Granted (in shares) | shares | 325 |
Granted (in dollars per share) | $ / shares | $ 42.33 |
Exercised (in shares) | shares | (500) |
Exercised (in dollars per share) | $ / shares | $ 48.08 |
Forfeited or expired (in shares) | shares | (101) |
Forfeited or expired (in dollars per share) | $ / shares | $ 50.17 |
Outstanding at December 31, 2016 (in shares) | shares | 1,273 |
Outstanding at December 31, 2016 (in dollars per share) | $ / shares | $ 47.36 |
Outstanding at December 31, 2016 (Year) | 5 years 255 days |
Exercisable at December 31, 2016 (in shares) | shares | 720 |
Exercisable at December 31, 2016 (in dollars per share) | $ / shares | $ 50.12 |
Exercisable at December 31, 2016 (Year) | 3 years 182 days |
Note 8 - Shareholders' Equity79
Note 8 - Shareholders' Equity - Summary of Nonvested Option Activity (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Nonvested at January 1, 2016 (in shares) | shares | 493 |
Nonvested at January 1, 2016 (in dollars per share) | $ / shares | $ 5.45 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 325 |
Granted (in dollars per share) | $ / shares | $ 5.97 |
Vested (in shares) | shares | (239) |
Vested (in dollars per share) | $ / shares | $ 5.32 |
Forfeited (in shares) | shares | (26) |
Forfeited (in dollars per share) | $ / shares | $ 5.82 |
Nonvested at December 31, 2016 (in shares) | shares | 553 |
Nonvested at December 31, 2016 (in dollars per share) | $ / shares | $ 5.80 |
Note 8 - Shareholders' Equity80
Note 8 - Shareholders' Equity - Summary of the Status of Restricted Performance Shares (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding at January 1, (in shares) | 45 | 50 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 18 | 21 |
Issued upon vesting (in shares) | (15) | (17) |
Forfeited (in shares) | (9) | |
Outstanding at December 31, (in shares) | 48 | 45 |
Note 9 - Risk-based Capital (De
Note 9 - Risk-based Capital (Details Textual) | Jan. 01, 2019 | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Conservation Buffer | 0.625% | 0.00% | |
Scenario, Forecast [Member] | |||
Capital Conservation Buffer | 2.50% |
Note 9 - Risk-based Capital - C
Note 9 - Risk-based Capital - Capital Ratios for the Company and the Bank (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | ||
Company | $ 443,574 | $ 402,876 | ||
Company | 14.85% | 12.82% | ||
Company | $ 153,126 | $ 141,417 | ||
Company | 5.125% | [1] | 4.50% | |
Company | ||||
Company | ||||
Company | $ 443,574 | $ 402,876 | ||
Company | 14.85% | 12.82% | ||
Company | $ 197,944 | $ 188,557 | ||
Company | 6.625% | [1] | 6.00% | |
Company | ||||
Company | ||||
Company | $ 476,595 | $ 420,731 | ||
Company | 15.95% | 13.39% | ||
Company | $ 257,700 | $ 251,409 | ||
Company | 8.625% | [1] | 8.00% | |
Company | ||||
Company | ||||
Company | $ 443,574 | [2] | $ 402,876 | |
Company | [2] | 8.46% | 7.99% | |
Company | [2] | $ 209,702 | $ 201,606 | |
Company | [2] | 4.00% | 4.00% | |
Company | ||||
Company | ||||
Westamerica Bank [Member] | ||||
Company | $ 344,739 | $ 340,918 | ||
Company | 11.70% | 11.00% | ||
Company | $ 150,982 | $ 139,412 | ||
Company | 5.125% | [1] | 4.50% | |
Company | $ 191,489 | $ 201,373 | ||
Company | 6.50% | 6.50% | ||
Company | $ 344,739 | $ 340,918 | ||
Company | 11.70% | 11.00% | ||
Company | $ 195,172 | $ 185,883 | ||
Company | 6.625% | [1] | 6.00% | |
Company | $ 235,680 | $ 247,844 | ||
Company | 8.00% | 8.00% | ||
Company | $ 383,572 | $ 361,880 | ||
Company | 13.02% | 11.68% | ||
Company | $ 254,092 | $ 247,844 | ||
Company | 8.625% | [1] | 8.00% | |
Company | $ 294,600 | $ 309,805 | ||
Company | 10.00% | 10.00% | ||
Company | $ 344,739 | [2] | $ 340,918 | |
Company | [2] | 6.63% | 6.82% | |
Company | [2] | $ 208,005 | $ 199,919 | |
Company | [2] | 4.00% | 4.00% | |
Company | [2] | $ 260,006 | $ 249,899 | |
Company | [2] | 5.00% | 5.00% | |
[1] | Includes 0.625% capital conservation buffer. | |||
[2] | The leverage ratio consists of Tier 1capital divided by the most recent quarterly average total assets, excluding certain intangible assets. |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 57 | $ 88 |
Operating Loss Carryforwards | 0 | |
Tax Credit Carryforward, Amount | $ 0 | |
Internal Revenue Service (IRS) [Member] | Tax Year 2015 [Member] | ||
Open Tax Year | 2,015 | |
Internal Revenue Service (IRS) [Member] | Tax Year 2014 [Member] | ||
Open Tax Year | 2,014 | |
Internal Revenue Service (IRS) [Member] | Tax Year 2013 [Member] | ||
Open Tax Year | 2,013 | |
California Franchise Tax Board [Member] | Tax Year 2015 [Member] | ||
Open Tax Year | 2,015 | |
California Franchise Tax Board [Member] | Tax Year 2014 [Member] | ||
Open Tax Year | 2,014 | |
California Franchise Tax Board [Member] | Tax Year 2013 [Member] | ||
Open Tax Year | 2,013 | |
California Franchise Tax Board [Member] | Tax Year 2012 [Member] | ||
Open Tax Year | 2,012 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Net Deferred Tax Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax asset | ||
Allowance for credit losses | $ 11,801 | $ 13,466 |
State franchise taxes | 2,679 | 2,612 |
Securities available for sale | 7,283 | |
Deferred compensation | 8,043 | 8,082 |
Real estate owned | 756 | 1,062 |
Purchased assets and assumed liabilities | 3,026 | 4,975 |
Post-retirement benefits | 903 | 1,072 |
Employee benefit accruals | 3,399 | 3,772 |
VISA Class B shares | 137 | 1,691 |
Limited partnership investments | 86 | 760 |
Impaired capital assets | 18,465 | 19,074 |
Accrued liabilities | 967 | |
Premises and equipment | 577 | 205 |
Other | 724 | 397 |
Total deferred tax asset | 58,846 | 57,168 |
Deferred tax liability | ||
Net deferred loan fees | 346 | 456 |
Intangible assets | 2,955 | 4,294 |
Securities available for sale | 542 | |
Other | 128 | 128 |
Total deferred tax liability | 3,429 | 5,420 |
Net deferred tax asset | $ 55,417 | $ 51,748 |
Note 10 - Income Taxes - Provis
Note 10 - Income Taxes - Provision for Federal and State Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current income tax expense: | |||
Federal | $ 16,258 | $ 9,647 | $ 11,950 |
State | 7,292 | 6,738 | 7,802 |
Total current | 23,550 | 16,385 | 19,752 |
Deferred income tax (benefit) expense: | |||
Federal | (2,604) | 1,643 | (1,220) |
State | 158 | (109) | (225) |
Total deferred | (2,446) | 1,534 | (1,445) |
Provision for income taxes | $ 21,104 | $ 17,919 | $ 18,307 |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal income taxes due at statutory rate | $ 27,985 | $ 26,835 | $ 27,634 |
Reductions in income taxes resulting from: | |||
Interest on state and municipal securities and loans not taxable for federal income tax purposes | (8,382) | (9,046) | (10,173) |
State franchise taxes, net of federal income tax benefit | 4,843 | 4,309 | 4,925 |
Tax credits | (2,286) | (2,600) | (2,700) |
Dividend received deduction | (52) | (45) | (39) |
Cash value life insurance | (607) | (599) | (641) |
Other | (397) | (935) | (699) |
Provision for income taxes | $ 21,104 | $ 17,919 | $ 18,307 |
Note 10 - Income Taxes - Reco87
Note 10 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at January 1, | $ 1,243 | $ 1,635 |
Additions for tax positions taken in prior years | 55 | |
Reductions for tax positions taken in prior years | (144) | (447) |
Balance at December 31, | $ 1,099 | $ 1,243 |
Note 11 - Fair Value Measurem88
Note 11 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | |||||
Loans and Leases Receivable, Allowance | $ 25,954 | $ 29,771 | $ 31,485 | $ 31,693 | ||
Purchased Covered Loans [Member] | ||||||
Loans and Leases Receivable, Allowance | 53 | 1,561 | ||||
Fair Value Discount, Credit Default Risk, Purchased Loans | 0 | 152 | ||||
Purchased Non-Covered Loans [Member] | ||||||
Loans and Leases Receivable, Allowance | 1,446 | 967 | $ 2,120 | |||
Fair Value Discount, Credit Default Risk, Purchased Loans | $ 4,058 | $ 6,432 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Appraisal Rate | 10.00% |
Note 11 - Fair Value Measurem89
Note 11 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment securities available for sale | $ 1,890,758 | $ 1,570,216 | |
Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 1,890,758 | 1,570,216 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | 673 | 998 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 1,890,085 | 1,569,218 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
US Government-sponsored Enterprises Debt Securities [Member] | |||
Investment securities available for sale | 138,660 | 301,882 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 138,660 | 301,882 | |
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 | 138,660 | 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 | |||
Agency Residential MBS [Member] | |||
Investment securities available for sale | 691,499 | 202,544 | |
Agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 691,499 | 202,544 | |
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 | 691,499 | 202,544 | |
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] | |||
Investment securities available for sale | 271 | 370 | |
Non-agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 271 | 370 | |
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 | 271 | 370 | |
Non-agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Non-agency Commercial MBS [Member] | |||
Investment securities available for sale | 2,025 | 2,379 | |
Non-agency Commercial MBS [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 2,025 | 2,379 | |
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 | 2,025 | 2,379 | |
Non-agency Commercial MBS [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] | |||
Investment securities available for sale | 183,411 | 157,509 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 183,411 | 157,509 | |
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 | 183,411 | 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 | |||
Asset-backed Securities [Member] | |||
Investment securities available for sale | 695 | 2,003 | |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 695 | 2,003 | |
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 | 695 | 2,003 | |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
FHLMC and FNMA Stock [Member] | |||
Investment securities available for sale | [1],[2] | 10,869 | 4,329 |
FHLMC and FNMA Stock [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 10,869 | 4,329 | |
FHLMC and FNMA Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | 17 | 7 | |
FHLMC and FNMA Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 10,852 | 4,322 | |
FHLMC and FNMA Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Domestic Corporate Debt Securities [Member] | |||
Investment securities available for sale | 860,857 | 896,369 | |
Domestic Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 860,857 | 896,369 | |
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 | 860,857 | 896,369 | |
Domestic Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Other Securities [Member] | |||
Investment securities available for sale | 2,471 | 2,831 | |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 2,471 | 2,831 | |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | 656 | 991 | |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 1,815 | 1,840 | |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
[1] | Federal Home Loan Mortgage Corporation | ||
[2] | Federal National Mortgage Association |
Note 11 - Fair Value Measurem90
Note 11 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value | $ 12,620 | $ 24,897 |
Total Losses | (705) | (769) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 12,620 | 24,897 |
Other Real Estate Owned [Member] | ||
Fair Value | 3,095 | 9,264 |
Total Losses | (705) | (320) |
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 | 3,095 | 9,264 |
Impaired Loans [Member] | ||
Fair Value | 9,525 | 15,633 |
Total Losses | (449) | |
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 | $ 9,525 | $ 15,633 |
Note 11 - Fair Value Measurem91
Note 11 - Fair Value Measurements - Fair Value Estimates for Financial Instruments, Excluding Financial Instruments Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities held to maturity | $ 1,340,741 | $ 1,325,699 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 462,271 | 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 | 1,340,741 | 1,325,699 |
Loans | ||
Deposits | 4,448,571 | 4,253,691 |
Short-term borrowed funds | 59,078 | 53,028 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | ||
Investment securities held to maturity | ||
Loans | 1,337,774 | 1,517,394 |
Deposits | 254,226 | 285,764 |
Short-term borrowed funds | ||
Reported Value Measurement [Member] | ||
Cash and due from banks | 462,271 | 433,044 |
Investment securities held to maturity | 1,346,312 | 1,316,075 |
Loans | 1,326,757 | 1,503,625 |
Deposits | 4,704,741 | 4,540,659 |
Short-term borrowed funds | 59,078 | 53,028 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 462,271 | 433,044 |
Investment securities held to maturity | 1,340,741 | 1,325,699 |
Loans | 1,337,774 | 1,517,394 |
Deposits | 4,702,797 | 4,539,455 |
Short-term borrowed funds | $ 59,078 | $ 53,028 |
Note 12 - Lease Commitments (De
Note 12 - Lease Commitments (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Facilities Leased | 61 | ||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $ 2,157 | ||
Operating Leases, Rent Expense, Minimum Rentals | 6,823 | $ 8,359 | $ 8,798 |
Operating Leases, Rent Expense, Sublease Rentals | 435 | 1,721 | 1,833 |
Operating Leases, Rent Expense, Net | $ 6,388 | $ 6,638 | $ 6,965 |
Banking Offices Owned | 30 |
Note 12 - Lease Commitments - M
Note 12 - Lease Commitments - Minimum Future Rental Payments Under Noncancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 6,335 |
2,018 | 5,665 |
2,019 | 4,134 |
2,020 | 2,584 |
2,021 | 1,003 |
Thereafter | 1,045 |
Total minimum future rental payments | $ 20,766 |
Note 13 - Commitments and Con94
Note 13 - Commitments and Contingent Liabilities (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Unfunded Loan Commitments | $ 304,508,000 | $ 299,884,000 |
Other Liabilities [Member] | ||
Reserve for Unfunded Commitments | 2,408,000 | 2,593,000 |
Financial Standby Letter of Credit [Member] | ||
Letters of Credit Outstanding, Amount | 21,732,000 | 26,149,000 |
Commercial Standby Letters of Credit [Member] | ||
Letters of Credit Outstanding, Amount | $ 0 | $ 40,000 |
Note 14 - Retirement Benefit 95
Note 14 - Retirement Benefit Plans (Details Textual) - USD ($) xbrli-pure in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan, Cost Recognized | $ 1,000 | $ 734 | $ 1,002 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 1,075 | $ 1,147 | $ 1,159 |
Defined Benefit Plan, Future Amortization of Transition Obligation (Asset) | $ 61 | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% |
Note 14 - Retirement Benefit 96
Note 14 - Retirement Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Service (benefit) cost | $ (153) | $ (202) | $ 288 |
Interest cost | 108 | 106 | 122 |
Amortization of unrecognized transition obligation | 61 | 61 | 61 |
Net periodic cost (benefit) | 16 | (35) | 471 |
Amortization of unrecognized transition obligation, net of tax | (36) | (36) | (36) |
Total recognized in net periodic (benefit) cost and accumulated other comprehensive income | $ (20) | $ (71) | $ 435 |
Note 14 - Retirement Benefit 97
Note 14 - Retirement Benefit Plans - Obligation and Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Benefit obligation at beginning of year | $ 2,522 | $ 2,782 | $ 2,544 | |||
Service (benefit) cost | (153) | (202) | 288 | |||
Interest cost | 108 | 106 | 122 | |||
Benefits paid | (158) | (164) | (172) | |||
Benefit obligation at end of year | 2,319 | 2,522 | 2,782 | |||
Accumulated post-retirement benefit obligation | 2,522 | 2,522 | 2,782 | $ 2,319 | $ 2,522 | $ 2,782 |
Accumulated post-retirement benefit obligation in excess of plan assets | 2,319 | 2,522 | 2,782 | |||
Retirees [Member] | ||||||
Benefit obligation at beginning of year | 1,695 | 1,732 | ||||
Benefit obligation at end of year | 1,705 | 1,695 | 1,732 | |||
Accumulated post-retirement benefit obligation | 1,705 | 1,695 | 1,732 | 1,705 | 1,695 | 1,732 |
Fully Eligible Participants [Member] | ||||||
Benefit obligation at beginning of year | 809 | 998 | ||||
Benefit obligation at end of year | 606 | 809 | 998 | |||
Accumulated post-retirement benefit obligation | 606 | 809 | 998 | 606 | 809 | 998 |
Other Participants [Member] | ||||||
Benefit obligation at beginning of year | 18 | 52 | ||||
Benefit obligation at end of year | 8 | 18 | 52 | |||
Accumulated post-retirement benefit obligation | $ 8 | $ 18 | $ 52 | $ 8 | $ 18 | $ 52 |
Note 14 - Retirement Benefit 98
Note 14 - Retirement Benefit Plans - Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Discount rate | 4.10% | 4.30% | 3.80% |
Discount rate | 4.30% | 3.80% | 4.80% |
Note 14 - Retirement Benefit 99
Note 14 - Retirement Benefit Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 158 |
2,018 | 150 |
2,019 | 142 |
2,020 | 135 |
2,021 | 129 |
Years 2022-2026 | $ 552 |
Note 15 - Regulatory Matters (D
Note 15 - Regulatory Matters (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Federal Reserve Bank Average Balance Deposit | $ 365,880 | $ 254,600 |
Note 16 - Other Comprehensiv101
Note 16 - Other Comprehensive Income - Components of Other Comprehensive Income (Loss) and Other Related Tax Effects (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net unrealized gains (losses) arising during the year, before tax | $ (18,610) | $ (8,028) | $ 1,627 |
Net unrealized gains (losses) arising during the year, tax | 7,825 | 3,375 | (684) |
Net unrealized gains (losses) arising during the year, net of tax | (10,785) | (4,653) | 943 |
Reclassification of gains (losses) included in net income, before tax | |||
Reclassification of gains (losses) included in net income, tax | |||
Reclassification of gains (losses) included in net income, net of tax | |||
Net unrealized losses arising during the year, before tax | (18,610) | (8,028) | 1,627 |
Net unrealized gains (losses) arising during the year, tax | 7,825 | 3,375 | (684) |
Net unrealized gains (losses) on securities, net change | (10,785) | (4,653) | 943 |
Post-retirement benefit transition obligation amortization | 61 | 61 | 61 |
Deferred tax expense | (25) | (25) | (25) |
Post-retirement benefit obligation, net change | 36 | 36 | 36 |
Other comprehensive income (loss), before tax | (18,549) | (7,967) | 1,688 |
Other comprehensive income (loss), tax | 7,800 | 3,350 | (709) |
Other comprehensive (loss) income, net of tax | $ (10,749) | $ (4,617) | $ 979 |
Note 16 - Other Comprehensiv102
Note 16 - Other Comprehensive Income - Cumulative Other Comprehensive Income (Loss) Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Post-retirement benefit obligation balance | $ (70) | $ (106) | $ (142) |
Net unrealized gains (losses) on securities, balance | 745 | 5,398 | 4,455 |
Accumulated other comprehensive income (loss), balance | 675 | 5,292 | 4,313 |
Post-retirement benefit obligation, net change | 36 | 36 | 36 |
Net unrealized gains (losses) on securities, net change | (10,785) | (4,653) | 943 |
Net change | (10,749) | (4,617) | 979 |
Post-retirement benefit obligation balance | (34) | (70) | (106) |
Net unrealized gains (losses) on securities, balance | (10,040) | 745 | 5,398 |
Accumulated other comprehensive income (loss), balance | $ (10,074) | $ 675 | $ 5,292 |
Note 17 - Earnings Per Commo103
Note 17 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 773 | 1,313 | 1,133 |
Note 17 - Earnings Per Commo104
Note 17 - Earnings Per Common Share and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 14,453 | $ 15,628 | $ 14,546 | $ 14,226 | $ 14,578 | $ 14,857 | $ 14,761 | $ 14,557 | $ 15,028 | $ 15,154 | $ 15,157 | $ 15,307 | $ 58,853 | $ 58,753 | $ 60,646 |
Average Common Shares Outstanding (in shares) | 25,612 | 25,555 | 26,099 | ||||||||||||
Basic earnings (in dollars per share) | $ 0.56 | $ 0.61 | $ 0.57 | $ 0.56 | $ 0.57 | $ 0.58 | $ 0.58 | $ 0.57 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.58 | $ 2.30 | $ 2.30 | $ 2.32 |
Add common stock equivalents for options (in shares) | 66 | 22 | 61 | ||||||||||||
Weighted average number of common shares outstanding - diluted (denominator) (in shares) | 25,678 | 25,577 | 26,160 | ||||||||||||
Diluted earnings (in dollars per share) | $ 0.56 | $ 0.61 | $ 0.57 | $ 0.56 | $ 0.57 | $ 0.58 | $ 0.58 | $ 0.57 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.58 | $ 2.29 | $ 2.30 | $ 2.32 |
Note 18 - Westamerica Bancor105
Note 18 - Westamerica Bancorporation (Parent Company Only Condensed Financial Information) - Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Salaries and related benefits | $ 51,507 | $ 52,192 | $ 54,777 | ||||||||||||
Income before taxes and equity in undistributed income of subsidiaries | $ 19,677 | $ 21,655 | $ 19,659 | $ 18,966 | $ 19,126 | $ 19,534 | $ 19,181 | $ 18,831 | $ 19,534 | $ 19,892 | $ 19,744 | $ 19,783 | 79,957 | 76,672 | 78,953 |
Income tax benefit | (21,104) | (17,919) | (18,307) | ||||||||||||
Net income | $ 14,453 | $ 15,628 | $ 14,546 | $ 14,226 | $ 14,578 | $ 14,857 | $ 14,761 | $ 14,557 | $ 15,028 | $ 15,154 | $ 15,157 | $ 15,307 | 58,853 | 58,753 | 60,646 |
Other comprehensive (loss) income, net of tax | (10,749) | (4,617) | 979 | ||||||||||||
Comprehensive income | 48,104 | 54,136 | 61,625 | ||||||||||||
Parent Company [Member] | |||||||||||||||
Dividends from subsidiaries | 56,824 | 68,981 | 75,369 | ||||||||||||
Interest income | 25 | 10 | 7 | ||||||||||||
Other income | 8,315 | 8,411 | 7,182 | ||||||||||||
Total income | 65,164 | 77,402 | 82,558 | ||||||||||||
Interest on borrowings | 1 | 42 | |||||||||||||
Salaries and related benefits | 7,079 | 6,291 | 6,587 | ||||||||||||
Other expense | 3,290 | 3,424 | 1,704 | ||||||||||||
Total expense | 10,369 | 9,716 | 8,333 | ||||||||||||
Income before taxes and equity in undistributed income of subsidiaries | 54,795 | 67,686 | 74,225 | ||||||||||||
Income tax benefit | 1,025 | 803 | 742 | ||||||||||||
Earnings of subsidiaries greater (less) than subsidiary dividends | 3,033 | (9,736) | (14,321) | ||||||||||||
Net income | 58,853 | 58,753 | 60,646 | ||||||||||||
Other comprehensive (loss) income, net of tax | (10,749) | (4,617) | 979 | ||||||||||||
Comprehensive income | $ 48,104 | $ 54,136 | $ 61,625 |
Note 18 - Westamerica Bancor106
Note 18 - Westamerica Bancorporation (Parent Company Only Condensed Financial Information) - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | ||||
Premises and equipment, net | $ 36,566 | $ 38,693 | ||
Other assets | 171,724 | 165,854 | ||
Total assets | 5,366,083 | 5,168,875 | ||
Liabilities: | ||||
Other liabilities | 40,897 | 42,983 | ||
Total liabilities | 4,804,716 | 4,636,670 | ||
Shareholders' equity | 561,367 | 532,205 | $ 526,603 | $ 542,934 |
Total liabilities and shareholders' equity | 5,366,083 | 5,168,875 | ||
Non-bank Subsidiaries [Member] | ||||
Assets: | ||||
Investment | 455 | 455 | ||
Parent Company [Member] | ||||
Assets: | ||||
Cash | 64,054 | 26,453 | $ 7,451 | $ 12,839 |
Investment securities available for sale | 656 | 991 | ||
Premises and equipment, net | 9,165 | 9,391 | ||
Accounts receivable from Westamerica Bank | 522 | 552 | ||
Other assets | 34,077 | 33,850 | ||
Total assets | 577,101 | 547,389 | ||
Liabilities: | ||||
Accounts payable to Westamerica Bank | 705 | 737 | ||
Other liabilities | 15,029 | 14,447 | ||
Total liabilities | 15,734 | 15,184 | ||
Shareholders' equity | 561,367 | 532,205 | ||
Total liabilities and shareholders' equity | 577,101 | 547,389 | ||
Parent Company [Member] | Westamerica Bank [Member] | ||||
Assets: | ||||
Investment | $ 468,172 | $ 475,697 |
Note 18 - Westamerica Bancor107
Note 18 - Westamerica Bancorporation (Parent Company Only Condensed Financial Information) - Cash Flow Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | |||||||||||||||
Net income | $ 14,453 | $ 15,628 | $ 14,546 | $ 14,226 | $ 14,578 | $ 14,857 | $ 14,761 | $ 14,557 | $ 15,028 | $ 15,154 | $ 15,157 | $ 15,307 | $ 58,853 | $ 58,753 | $ 60,646 |
Depreciation and amortization/accretion | 19,939 | 16,402 | 15,502 | ||||||||||||
Life insurance premiums paid | (828) | (782) | (751) | ||||||||||||
Increase in other assets | (2,493) | (1,046) | (2,172) | ||||||||||||
Stock option compensation expense | 1,494 | 1,272 | 1,318 | ||||||||||||
Provision (benefit) for deferred income tax | (2,446) | 1,534 | (1,445) | ||||||||||||
Increase (decrease) in other liabilities | 2,026 | (5,754) | 4,474 | ||||||||||||
Financing Activities | |||||||||||||||
Exercise of stock options/issuance of shares | 24,031 | 4,848 | 12,396 | ||||||||||||
Taxes paid by withholding shares for tax purposes | (356) | (357) | (521) | ||||||||||||
Retirement of common stock | (5,424) | (14,735) | (52,157) | ||||||||||||
Common stock dividends paid | (39,924) | (39,124) | (39,761) | ||||||||||||
Net change in cash | 29,227 | 52,208 | (91,192) | ||||||||||||
Supplemental disclosure of cash flow activities: | |||||||||||||||
Interest paid for the period | 2,202 | 2,533 | 3,822 | ||||||||||||
Income tax payments for the period | 19,264 | 17,666 | 16,412 | ||||||||||||
Parent Company [Member] | |||||||||||||||
Operating Activities | |||||||||||||||
Net income | 58,853 | 58,753 | 60,646 | ||||||||||||
Depreciation and amortization/accretion | 305 | 326 | 341 | ||||||||||||
Decrease (increase) in accounts receivable from affiliates | 299 | (217) | (17) | ||||||||||||
Life insurance premiums paid | (683) | (637) | (606) | ||||||||||||
Increase in other assets | (1,257) | (1,076) | (1,062) | ||||||||||||
Stock option compensation expense | 1,494 | 1,272 | 1,318 | ||||||||||||
Tax benefit (increase) decrease upon exercise of stock options and expiration of stock options | (394) | 1,284 | 447 | ||||||||||||
Provision (benefit) for deferred income tax | 1,983 | (491) | 616 | ||||||||||||
Increase (decrease) in other liabilities | 1,392 | 743 | (814) | ||||||||||||
Earnings of subsidiaries (greater) less than subsidiary dividends | (3,033) | 9,736 | 14,321 | ||||||||||||
Gain on sales of property and equipment | (79) | (39) | (88) | ||||||||||||
Net Cash Provided by Operating Activities | 58,880 | 69,654 | 75,102 | ||||||||||||
Financing Activities | |||||||||||||||
Exercise of stock options/issuance of shares | 24,031 | 4,848 | 12,396 | ||||||||||||
Taxes paid by withholding shares for tax purposes | (356) | (357) | (521) | ||||||||||||
Tax benefit increase (decrease) upon exercise of stock options and expiration of stock options | 394 | (1,284) | (447) | ||||||||||||
Retirement of common stock | (5,424) | (14,735) | (52,157) | ||||||||||||
Common stock dividends paid | (39,924) | (39,124) | (39,761) | ||||||||||||
Net Cash Used in Financing Activities | (21,279) | (50,652) | (80,490) | ||||||||||||
Net change in cash | 37,601 | 19,002 | (5,388) | ||||||||||||
Cash at Beginning of Period | $ 26,453 | $ 7,451 | $ 12,839 | 26,453 | 7,451 | 12,839 | |||||||||
Cash at End of Period | $ 64,054 | $ 26,453 | $ 7,451 | 64,054 | 26,453 | 7,451 | |||||||||
Supplemental disclosure of cash flow activities: | |||||||||||||||
Interest paid for the period | 1 | 42 | |||||||||||||
Income tax payments for the period | $ 19,264 | $ 17,666 | $ 16,412 |
Note 19 - Quarterly Financia108
Note 19 - Quarterly Financial Information - Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and loan fee income | $ 33,209 | $ 33,468 | $ 33,727 | $ 33,647 | $ 33,888 | $ 34,299 | $ 34,425 | $ 33,917 | $ 34,342 | $ 34,900 | $ 35,403 | $ 35,564 | $ 134,051 | $ 136,529 | $ 140,209 |
Net interest income | 32,709 | 32,945 | 33,186 | 33,095 | 33,325 | 33,714 | 33,808 | 33,258 | 33,542 | 34,054 | 34,503 | 34,666 | 131,935 | 134,105 | 136,765 |
(Reversal of) Provision for Loan Losses | (3,200) | 200 | 600 | 1,000 | 1,000 | (3,200) | 2,800 | ||||||||
Noninterest income | 11,545 | 11,598 | 11,702 | 11,729 | 11,305 | 11,993 | 12,269 | 12,300 | 12,545 | 13,054 | 13,198 | 12,990 | 46,574 | 47,867 | 51,787 |
Noninterest expense | 24,577 | 26,088 | 25,229 | 25,858 | 25,504 | 26,173 | 26,896 | 26,727 | 26,353 | 26,616 | 26,957 | 26,873 | 101,752 | 105,300 | 106,799 |
Income before taxes and equity in undistributed income of subsidiaries | 19,677 | 21,655 | 19,659 | 18,966 | 19,126 | 19,534 | 19,181 | 18,831 | 19,534 | 19,892 | 19,744 | 19,783 | 79,957 | 76,672 | 78,953 |
Net income | $ 14,453 | $ 15,628 | $ 14,546 | $ 14,226 | $ 14,578 | $ 14,857 | $ 14,761 | $ 14,557 | $ 15,028 | $ 15,154 | $ 15,157 | $ 15,307 | $ 58,853 | $ 58,753 | $ 60,646 |
Basic earnings (in dollars per share) | $ 0.56 | $ 0.61 | $ 0.57 | $ 0.56 | $ 0.57 | $ 0.58 | $ 0.58 | $ 0.57 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.58 | $ 2.30 | $ 2.30 | $ 2.32 |
Diluted earnings (in dollars per share) | 0.56 | 0.61 | 0.57 | 0.56 | 0.57 | 0.58 | 0.58 | 0.57 | 0.58 | 0.58 | 0.58 | 0.58 | 2.29 | 2.30 | 2.32 |
Dividends paid (in dollars per share) | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 1.56 | 1.53 | 1.52 |
Price range, common stock (in dollars per share) | 62.93 | 62.93 | |||||||||||||
Minimum [Member] | |||||||||||||||
Price range, common stock (in dollars per share) | 48.20 | 46.61 | 45.86 | 40.72 | 42.96 | 43 | 42.70 | 40.68 | 42.71 | 46.12 | 47.85 | 48.36 | 48.20 | 42.96 | 42.71 |
Maximum [Member] | |||||||||||||||
Price range, common stock (in dollars per share) | $ 65.34 | $ 50.96 | $ 51.53 | $ 49.63 | $ 49.64 | $ 51.90 | $ 51.69 | $ 48.44 | $ 51.24 | $ 53.93 | $ 55.34 | $ 56.51 | $ 65.34 | $ 49.64 | $ 51.24 |