Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 26, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | WESTAMERICA BANCORPORATION | |
Entity Central Index Key | 311,094 | |
Trading Symbol | wabc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 26,626,524 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and due from banks | $ 555,607 | $ 575,002 |
Equity securities | 1,764 | 1,800 |
Debt securities available for sale | 2,351,970 | 2,191,707 |
Debt securities held to maturity, with fair values of: $1,098,895 at March 31, 2018 and $1,155,342 at December 31, 2017 | 1,114,287 | 1,158,864 |
Loans | 1,228,584 | 1,287,982 |
Allowance for loan losses | (23,081) | (23,009) |
Loans, net of allowance for loan losses | 1,205,503 | 1,264,973 |
Other real estate owned | 1,376 | 1,426 |
Premises and equipment, net | 35,790 | 35,301 |
Identifiable intangibles, net | 3,280 | 3,850 |
Goodwill | 121,673 | 121,673 |
Other assets | 159,786 | 158,450 |
Total Assets | 5,551,036 | 5,513,046 |
Liabilities: | ||
Noninterest-bearing deposits | 2,179,157 | 2,197,526 |
Interest-bearing deposits | 2,688,710 | 2,630,087 |
Total deposits | 4,867,867 | 4,827,613 |
Short-term borrowed funds | 65,356 | 58,471 |
Other liabilities | 35,730 | 36,723 |
Total Liabilities | 4,968,953 | 4,922,807 |
Contingencies (Note 10) | ||
Shareholders' Equity: | ||
Common stock (no par value), authorized - 150,000 shares Issued and outstanding: 26,591 at March 31, 2018 and 26,425 at December 31, 2017 | 439,817 | 431,734 |
Deferred compensation | 1,533 | 1,533 |
Accumulated other comprehensive loss | (43,452) | (16,832) |
Retained earnings | 184,185 | 173,804 |
Total Shareholders' Equity | 582,083 | 590,239 |
Total Liabilities and Shareholders' Equity | $ 5,551,036 | $ 5,513,046 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt securities held to maturity, fair values | $ 1,098,895 | $ 1,155,342 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 150,000 | 150,000 |
Common stock, issued (in shares) | 26,591 | 26,425 |
Common stock, outstanding (in shares) | 26,591 | 26,425 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest and Fee Income: | ||
Loans | $ 14,697 | $ 15,780 |
Equity securities | 85 | 74 |
Debt securities available for sale | 13,551 | 10,175 |
Debt securities held to maturity | 6,174 | 7,295 |
Total Interest and Fee Income | 34,507 | 33,324 |
Interest Expense: | ||
Deposits | 450 | 469 |
Short-term borrowed funds | 9 | 11 |
Total Interest Expense | 459 | 480 |
Net Interest and Fee Income | 34,048 | 32,844 |
Provision for Loan Losses | ||
Net Interest and Fee Income After Provision For Loan Losses | 34,048 | 32,844 |
Noninterest Income: | ||
Equity securities losses | (36) | |
Other noninterest income | 1,062 | 1,256 |
Total Noninterest Income | 11,955 | 11,657 |
Noninterest Expense: | ||
Salaries and related benefits | 13,351 | 13,070 |
Occupancy and equipment | 4,691 | 4,887 |
Outsourced data processing services | 2,340 | 2,139 |
Professional fees | 785 | 611 |
Amortization of identifiable intangibles | 570 | 800 |
Courier service | 463 | 421 |
Other noninterest expense | 2,014 | 2,687 |
Total Noninterest Expense | 24,214 | 24,615 |
Income Before Income Taxes | 21,789 | 19,886 |
Provision for income taxes | 4,283 | 4,837 |
Net Income | $ 17,506 | $ 15,049 |
Average Common Shares Outstanding (in shares) | 26,532 | 26,171 |
Average Diluted Common Shares Outstanding (in shares) | 26,665 | 26,329 |
Per Common Share Data: | ||
Basic earnings (in dollars per share) | $ 0.66 | $ 0.58 |
Diluted earnings (in dollars per share) | 0.66 | 0.57 |
Dividends paid (in dollars per share) | $ 0.40 | $ 0.39 |
Deposit Account [Member] | ||
Noninterest Income: | ||
Noninterest income revenue | $ 4,752 | $ 4,923 |
Credit Card, Merchant Discount [Member] | ||
Noninterest Income: | ||
Noninterest income revenue | 2,420 | 1,875 |
Debit Card [Member] | ||
Noninterest Income: | ||
Noninterest income revenue | 1,605 | 1,481 |
Fiduciary and Trust [Member] | ||
Noninterest Income: | ||
Noninterest income revenue | 743 | 702 |
ATM Processing Fees [Member] | ||
Noninterest Income: | ||
Noninterest income revenue | 664 | 575 |
Financial Service, Other [Member] | ||
Noninterest Income: | ||
Noninterest income revenue | 631 | 650 |
Financial Services Commission [Member] | ||
Noninterest Income: | ||
Noninterest income revenue | $ 114 | $ 195 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income | $ 17,506 | $ 15,049 |
Other comprehensive (loss) income: | ||
Changes in net unrealized gains on debt securities available for sale | (32,846) | 1,074 |
Deferred tax benefit (expense) | 9,709 | (452) |
Changes in net unrealized gains on debt securities available for sale, net of tax | (23,137) | 622 |
Post-retirement benefit transition obligation amortization | 15 | |
Deferred tax expense | (6) | |
Post-retirement benefit transition obligation amortization, net of tax | 9 | |
Total other comprehensive (loss) income | (23,137) | 631 |
Total comprehensive (loss) income | $ (5,631) | $ 15,680 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Accumulated Deferred Compensation [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 25,907 | ||||
Balance at Dec. 31, 2016 | $ 404,606 | $ 1,533 | $ (10,074) | $ 165,302 | $ 561,367 |
Net income | 15,049 | 15,049 | |||
Other comprehensive income | 631 | 631 | |||
Exercise of stock options (in shares) | 376 | ||||
Exercise of stock options | $ 17,593 | 17,593 | |||
Stock based compensation | 456 | 456 | |||
Stock awarded to employees | 15 | 15 | |||
Dividends | (10,223) | (10,223) | |||
Balance (in shares) at Mar. 31, 2017 | 26,283 | ||||
Balance at Mar. 31, 2017 | $ 422,670 | 1,533 | (9,443) | 170,128 | 584,888 |
Balance (in shares) at Dec. 31, 2017 | 26,425 | ||||
Balance at Dec. 31, 2017 | $ 431,734 | 1,533 | (16,832) | 173,804 | 590,239 |
Cumulative effect of equity securities losses reclassified at Dec. 31, 2017 | 142 | (142) | |||
Adjusted Balance at Dec. 31, 2017 | $ 431,734 | 1,533 | (16,690) | 173,662 | 590,239 |
Balance (in shares) at Dec. 31, 2017 | 26,425 | ||||
Balance at Dec. 31, 2017 | $ 431,734 | 1,533 | (16,832) | 173,804 | 590,239 |
Net income | 17,506 | 17,506 | |||
Other comprehensive income | (23,137) | (23,137) | |||
Exercise of stock options (in shares) | 166 | ||||
Exercise of stock options | $ 7,534 | 7,534 | |||
Stock based compensation | 525 | 525 | |||
Stock awarded to employees | 24 | 24 | |||
Dividends | (10,608) | (10,608) | |||
Cumulative effect of equity securities losses reclassified at Dec. 31, 2017 | 142 | (142) | |||
Adjusted Balance at Dec. 31, 2017 | 431,734 | 1,533 | (16,690) | 173,662 | 590,239 |
Reclass stranded tax effects resulting from the Tax Cuts and Jobs Act | (3,625) | 3,625 | |||
Balance (in shares) at Mar. 31, 2018 | 26,591 | ||||
Balance at Mar. 31, 2018 | $ 439,817 | $ 1,533 | $ (43,452) | $ 184,185 | $ 582,083 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Operating Activities: | |||
Net income | $ 17,506 | $ 15,049 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization/accretion | 1,643 | 5,754 | |
Net amortization of deferred net loan (fees) cost | (40) | 26 | |
Decrease in interest income receivable | 1,019 | 1,744 | |
Life insurance premiums paid | (203) | (126) | |
Increase in income taxes payable | 4,302 | 2,896 | |
(Increase) decrease in deferred tax asset | (20) | 1,441 | |
Decrease in other assets | 2,676 | 895 | |
Stock option compensation expense | 525 | 456 | |
Increase in interest expense payable | 15 | 8 | |
Decrease in other liabilities | (984) | (2,864) | |
Equity securities losses | 36 | ||
Writedown of premises and equipment | 1 | 50 | |
Net gain on sale of foreclosed assets | (55) | ||
Net Cash Provided by Operating Activities | 26,476 | 25,274 | |
Investing Activities: | |||
Net repayments of loans | 59,959 | 1,526 | |
Net receipts under FDIC(1) indemnification agreements | [1] | 129 | |
Purchases of debt securities available for sale | (279,327) | (51,297) | |
Proceeds from sale/maturity/calls of debt securities available for sale | 86,218 | 47,600 | |
Proceeds from maturity/calls of debt securities held to maturity | 44,577 | 45,640 | |
Purchases of premises and equipment | (1,413) | (501) | |
Proceeds from sale of FRB(2) stock | [2] | 24 | |
Proceeds from sale of foreclosed assets | 50 | 1,014 | |
Net Cash (Used in) Provided by Investing Activities | (89,936) | 44,135 | |
Financing Activities: | |||
Net change in deposits | 40,254 | (6,768) | |
Net change in short-term borrowings | 6,885 | 14,533 | |
Exercise of stock options/issuance of shares | 7,534 | 17,593 | |
Common stock dividends paid | (10,608) | (10,223) | |
Net Cash Provided by Financing Activities | 44,065 | 15,135 | |
Net Change In Cash and Due from Banks | (19,395) | 84,544 | |
Cash and Due from Banks at Beginning of Period | 575,002 | 462,271 | |
Cash and Due from Banks at End of Period | 555,607 | 546,815 | |
Supplemental disclosure of noncash activities: | |||
Loan collateral transferred to other real estate owned | |||
Securities purchases pending settlement | |||
Supplemental disclosure of cash flow activities: | |||
Interest paid for the period | 444 | 504 | |
Income tax payments for the period | $ 500 | ||
[1] | Federal Deposit Insurance Corporation ("FDIC") | ||
[2] | Federal Reserve Bank ("FRB") |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1: The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission and follow general practices within the banking industry. The results of operations reflect interim adjustments, all of which are of a normal recurring nature and which, in the opinion of Management, are necessary for a fair presentation of the results for the interim periods presented. The interim results for the three March 31, 2018 not 10 December 31, 2017. |
Note 2 - Accounting Policies
Note 2 - Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2: The most significant accounting policies followed by the Company are presented in Note 1 10 December 31, 2017. Application of these principles requires the Company to make certain estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates, assumptions, and judgments. Certain accounting policies inherently have a greater reliance on the use of estimates, assumptions and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Estimates, assumptions and judgments are necessary when assets and liabilities are required to be recorded at fair value, when a decline in the value of an asset not third Certain amounts in prior periods have been reclassified to conform to the current presentation. Recently Adopted Accounting Standards In the three March 31, 2018, FASB Accounting Standard Update (ASU) 2014 09 Revenue (Topic 606 May 2014. not 606 not Approximately 73% not Service Charges on Deposit Accounts Merchant Processing Services and Debit Card Fees Trust Fees Gains/Losses on Sales of OREO not The Company adopted the ASU on January 1, 2018 no FASB ASU 2016 01 Financial Instruments – Overall (Subtopic 825 10 January 2016. 9 The Company was required to adopt the ASU provisions on January 1, 2018, not January 1, 2018, $142 FASB ASU 2018 02 Income Statement – Reporting Comprehensive Income (Topic 220 February 2018. January 1, 2018, $3,625 Recently Issued Accounting Standards FASB ASU 2016 02, Leases (Topic 842 February 25, 2016. The Company will be required to adopt the ASU provisions January 1, 2019, December 31, 2017, 58 $17.5 not 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. FASB ASU 2017 08 Receivables – Non-Refundable Fees and Other Costs (Subtopic 310 20 March 2017. not The Company will be required to adopt the ASU provisions on January 1, 2019. FASB ASU 2017 12 Derivatives and Hedging (Topic 815 August 2017. one The Company will be required to adopt the ASU provisions January 1, 2019. not may one |
Note 3 - Investment Securities
Note 3 - Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3: Effective January 1, 2018, 2016 01, $1,800 $142 At March 31, 2018, $1,764 three March 31, 2018, $36 An analysis of the amortized cost and fair value by major categories of debt securities available for sale, which are carried at fair value with net unrealized gains (losses) reported on an after-tax basis as a component of cumulative other comprehensive income, and debt securities held to maturity, which are carried at amortized cost, follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At March 31, 2018 (In thousands) Debt securities available for sale Securities of U.S. Government sponsored entities $ 122,291 $ 1 $ (4,345 ) $ 117,947 Agency residential mortgage-backed securities (MBS) 879,824 500 (32,684 ) 847,640 Non-agency residential MBS 138 1 - 139 Agency commercial MBS 2,229 - (39 ) 2,190 Securities of U.S. Government entities 1,526 - (6 ) 1,520 Obligations of states and political subdivisions 181,386 2,910 (3,661 ) 180,635 Corporate securities 1,226,267 523 (24,891 ) 1,201,899 Total debt securities available for sale 2,413,661 3,935 (65,626 ) 2,351,970 Debt securities held to maturity Agency residential MBS 520,105 325 (16,728 ) 503,702 Non-agency residential MBS 4,179 77 - 4,256 Agency commercial MBS 1,902 - (9 ) 1,893 Obligations of states and political subdivisions 588,101 4,419 (3,476 ) 589,044 Total debt securities held to maturity 1,114,287 4,821 (20,213 ) 1,098,895 Total $ 3,527,948 $ 8,756 $ (85,839 ) $ 3,450,865 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At December 31, 2017 (In thousands) Debt securities available for sale Securities of U.S. Government sponsored entities $ 122,285 $ 1 $ (2,967 ) $ 119,319 Agency residential MBS 787,679 522 (20,495 ) 767,706 Non-agency residential MBS 153 1 - 154 Agency commercial MBS 2,244 - (25 ) 2,219 Securities of U.S. Government entities 1,612 - (22 ) 1,590 Obligations of states and political subdivisions 182,907 3,796 (1,482 ) 185,221 Corporate securities 1,123,671 1,104 (9,277 ) 1,115,498 Total debt securities available for sale 2,220,551 5,424 (34,268 ) 2,191,707 Debt securities held to maturity Agency residential MBS 545,883 606 (9,850 ) 536,639 Non-agency residential MBS 4,462 70 - 4,532 Agency commercial MBS 9,041 - (66 ) 8,975 Obligations of states and political subdivisions 599,478 7,736 (2,018 ) 605,196 Total debt securities held to maturity 1,158,864 8,412 (11,934 ) 1,155,342 Total $ 3,379,415 $ 13,836 $ (46,202 ) $ 3,347,049 The amortized cost and fair value of debt At March 31, 2018 Debt Securities Available Debt Securities Held for Sale to Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Maturity in years: 1 year or less $ 164,450 $ 162,099 $ 67,865 $ 68,636 Over 1 to 5 years 1,098,360 1,075,777 248,126 247,858 Over 5 to 10 years 225,690 223,481 269,159 269,527 Over 10 years 42,970 40,644 2,951 3,023 Subtotal 1,531,470 1,502,001 588,101 589,044 MBS 882,191 849,969 526,186 509,851 Total $ 2,413,661 $ 2,351,970 $ 1,114,287 $ 1,098,895 At December 31, 2017 Debt Securities Available Debt Securities Held for Sale to Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Maturity in years: 1 year or less $ 193,337 $ 193,385 $ 50,295 $ 51,105 Over 1 to 5 years 1,031,807 1,023,047 269,050 269,471 Over 5 to 10 years 159,266 160,042 277,170 281,546 Over 10 years 46,065 45,154 2,963 3,074 Subtotal 1,430,475 1,421,628 599,478 605,196 MBS 790,076 770,079 559,386 550,146 Total $ 2,220,551 $ 2,191,707 $ 1,158,864 $ 1,155,342 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 March 31, 2018 December 31, 2017, no An analysis of the gross unrealized losses of the debt securities available for sale portfolio follows: Debt Securities Available for Sale At March 31, 2018 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 2 $ 1,977 $ (12 ) 8 $ 115,889 $ (4,333 ) 10 $ 117,866 $ (4,345 ) Agency residential MBS 11 280,804 (6,163 ) 52 492,453 (26,521 ) 63 773,257 (32,684 ) Agency commercial MBS 2 2,190 (39 ) - - - 2 2,190 (39 ) Securities of U.S. Government entities - - - 3 1,520 (6 ) 3 1,520 (6 ) Obligations of states and political subdivisions 57 31,091 (636 ) 35 49,993 (3,025 ) 92 81,084 (3,661 ) Corporate securities 82 781,714 (16,548 ) 34 258,551 (8,343 ) 116 1,040,265 (24,891 ) Total 154 $ 1,097,776 $ (23,398 ) 132 $ 918,406 $ (42,228 ) 286 $ 2,016,182 $ (65,626 ) Debt Securities Held to Maturity At March 31, 2018 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 23 $ 33,919 $ (578 ) 67 $ 451,597 $ (16,150 ) 90 $ 485,516 $ (16,728 ) Agency commercial MBS 1 1,893 (9 ) - - - 1 1,893 (9 ) Obligations of states and political subdivisions 266 257,849 (1,557 ) 58 57,422 (1,919 ) 324 315,271 (3,476 ) Total 290 $ 293,661 $ (2,144 ) 125 $ 509,019 $ (18,069 ) 415 $ 802,680 $ (20,213 ) The unrealized losses on the Company’s debt securities were caused by market conditions for these types of investments, particularly changes in risk-free interest rates. The Company evaluates debt 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 not not not March 31, 2018. The fair values of the debt 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 debt securities declines. As a result, other than temporary impairments may As of March 31, 2018 December 31, 2017, 696,058 $715,774 An analysis of gross unrealized losses of debt securities available for sale follows: Debt Securities Available for Sale At December 31, 2017 No. of Less than 12 months No. of 12 months or longer No. of Total Investment Unrealized Investment Unrealized Investment Unrealized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ in thousands) Securities of U.S. Government sponsored entities 1 $ 996 $ (2 ) 8 $ 117,252 $ (2,965 ) 9 $ 118,248 $ (2,967 ) Agency residential MBS 7 238,554 (1,501 ) 51 516,711 (18,994 ) 58 755,265 (20,495 ) Non-agency residential MBS 1 1 - - - - 1 1 - Agency commercial MBS 2 2,219 (25 ) - - - 2 2,219 (25 ) Securities of U.S. Government entities - - - 3 1,590 (22 ) 3 1,590 (22 ) Obligations of states and political subdivisions 50 21,453 (228 ) 35 52,071 (1,254 ) 85 73,524 (1,482 ) Corporate securities 64 571,112 (4,047 ) 38 282,924 (5,230 ) 102 854,036 (9,277 ) Total 125 $ 834,335 $ (5,803 ) 135 $ 970,548 $ (28,465 ) 260 $ 1,804,883 $ (34,268 ) An analysis of gross unrecognized losses of the debt securities held to maturity portfolio follows: Debt Securities Held to Maturity At December 31, 2017 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 15 $ 30,218 $ (201 ) 65 $ 479,775 $ (9,649 ) 80 $ 509,993 $ (9,850 ) Agency commercial MBS 1 1,913 (4 ) 1 7,062 (62 ) 2 8,975 (66 ) Obligations of states and political subdivisions 146 131,032 (553 ) 59 58,979 (1,465 ) 205 190,011 (2,018 ) Total 162 $ 163,163 $ (758 ) 125 $ 545,816 $ (11,176 ) 287 $ 708,979 $ (11,934 ) The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax: For the Three Months Ended March 31, 2018 2017 (In thousands) Taxable $ 14,935 $ 12,147 Tax-exempt from regular federal income tax 4,875 5,397 Total interest income from investment securities $ 19,810 $ 17,544 |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4: A summary of the major categories of loans outstanding is shown in the following table at the dates indicated. At March 31, At December 31, 2018 2017 (In thousands) Commercial $ 306,978 $ 335,996 Commercial Real Estate 553,318 568,584 Construction 2,941 5,649 Residential Real Estate 59,484 65,183 Consumer Installment & Other 305,863 312,570 Total $ 1,228,584 $ 1,287,982 Total loans outstanding reported above include loans purchased from the FDIC of $ 75,476 $83,478 March 31, 2018 December 31, 2017, Changes in the accretable yield for purchased loans were as follows: For the For the Three Months Ended Year Ended March 31, 2018 December 31, 2017 Accretable yield: (In thousands) Balance at the beginning of the period $ 738 $ 1,237 Reclassification from nonaccretable difference 313 1,852 Accretion (452 ) (2,351 ) Balance at the end of the period $ 599 $ 738 Accretion $ (452 ) $ (2,351 ) Change in FDIC indemnification 1 192 (Increase) in interest income $ (451 ) $ (2,159 ) The following summarizes activity in the allowance for loan losses: Allowance for Loan Losses For the Three Months Ended March 31, 2018 Consumer Commercial Residential Installment Commercial Real Estate Construction Real Estate and Other Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 7,746 $ 3,849 $ 335 $ 995 $ 6,418 $ 3,666 $ 23,009 Additions: (Reversal) provision (17 ) (25 ) (160 ) (87 ) 37 252 - Deductions: Chargeoffs (41 ) - - - (1,365 ) - (1,406 ) Recoveries 829 - - - 649 - 1,478 Net loan recoveries (losses) 788 - - - (716 ) - 72 Total allowance for loan losses $ 8,517 $ 3,824 $ 175 $ 908 $ 5,739 $ 3,918 $ 23,081 Allowance for Loan Losses For the Three Months Ended March 31, 2017 Consumer Commercial Residential Installment Commercial Real Estate Construction Real Estate and Other Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 8,327 $ 3,330 $ 152 $ 1,330 $ 7,980 $ 4,835 $ 25,954 Additions: Provision (reversal) 209 182 (40 ) (116 ) 106 (341 ) - Deductions: Chargeoffs (103 ) - - - (1,739 ) - (1,842 ) Recoveries 160 10 - - 637 - 807 Net loan recoveries (losses) 57 10 - - (1,102 ) - (1,035 ) Total allowance for loan losses $ 8,593 $ 3,522 $ 112 $ 1,214 $ 6,984 $ 4,494 $ 24,919 The allowance for loan losses and recorded investment in loans evaluated for impairment were as follows: Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment At March 31, 2018 Commercial Commercial Construction Residential Consumer Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 4,777 $ 214 $ - $ - $ - $ - $ 4,991 Collectively evaluated for impairment 3,740 3,610 175 908 5,739 3,918 18,090 Purchased loans with evidence of credit deterioration - - - - - - - Total $ 8,517 $ 3,824 $ 175 $ 908 $ 5,739 $ 3,918 $ 23,081 Carrying value of loans: Individually evaluated for impairment $ 10,513 $ 11,393 $ - $ 206 $ - $ - $ 22,112 Collectively evaluated for impairment 296,432 541,327 2,941 59,278 305,705 - 1,205,683 Purchased loans with evidence of credit deterioration 33 598 - - 158 - 789 Total $ 306,978 $ 553,318 $ 2,941 $ 59,484 $ 305,863 $ - $ 1,228,584 Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment At December 31, 2017 Commercial Commercial Construction Residential Consumer Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 4,814 $ 171 $ - $ - $ - $ - $ 4,985 Collectively evaluated for impairment 2,932 3,678 335 995 6,418 3,666 18,024 Purchased loans with evidence of credit deterioration - - - - - - - Total $ 7,746 $ 3,849 $ 335 $ 995 $ 6,418 $ 3,666 $ 23,009 Carrying value of loans: Individually evaluated for impairment $ 10,675 $ 14,234 $ - $ 208 $ - $ - $ 25,117 Collectively evaluated for impairment 325,291 553,769 5,649 64,975 312,406 - 1,262,090 Purchased loans with evidence of credit deterioration 30 581 - - 164 - 775 Total $ 335,996 $ 568,584 $ 5,649 $ 65,183 $ 312,570 $ - $ 1,287,982 The Bank’s customers are small businesses, professionals and consumers. Given the scale of these borrowers, corporate credit rating agencies do not The following summarizes the credit risk profile by internally assigned grade: Credit Risk Profile by Internally Assigned Grade At March 31, 2018 Commercial Commercial Construction Residential Consumer Total (In thousands) Grade: Pass $ 283,666 $ 547,740 $ 2,941 $ 59,202 $ 303,836 $ 1,197,385 Substandard 23,312 5,578 - 282 1,523 30,695 Doubtful - - - - 177 177 Loss - - - - 327 327 Total $ 306,978 $ 553,318 $ 2,941 $ 59,484 $ 305,863 $ 1,228,584 Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. Credit Risk Profile by Internally Assigned Grade At December 31, 2017 Commercial Commercial Construction Residential Consumer Total (In thousands) Grade: Pass $ 324,185 $ 548,853 $ 5,649 $ 62,253 $ 310,429 $ 1,251,369 Substandard 11,811 19,731 - 2,930 1,370 35,842 Doubtful - - - - 1 1 Loss - - - - 770 770 Total $ 335,996 $ 568,584 $ 5,649 $ 65,183 $ 312,570 $ 1,287,982 Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. The following tables summarize loans by delinquency and nonaccrual status: Summary of Loans by Delinquency and Nonaccrual Status At March 31, 2018 Current and 30-59 Days 60-89 Days Past Due 90 Nonaccrual Total Loans (In thousands) Commercial $ 306,396 $ 227 $ 84 $ - $ 271 $ 306,978 Commercial real estate 544,476 2,809 360 - 5,673 553,318 Construction 2,941 - - - - 2,941 Residential real estate 59,184 300 - - - 59,484 Consumer installment and other 302,214 2,667 531 255 196 305,863 Total $ 1,215,211 $ 6,003 $ 975 $ 255 $ 6,140 $ 1,228,584 Summary of Loans by Delinquency and Nonaccrual Status At December 31, 2017 Current and 30-59 Days 60-89 Days Past Due 90 Nonaccrual Total Loans (In thousands) Commercial $ 334,908 $ 627 $ 164 $ - $ 297 $ 335,996 Commercial real estate 561,883 1,143 125 - 5,433 568,584 Construction 5,649 - - - - 5,649 Residential real estate 65,183 - - - - 65,183 Consumer installment and other 307,445 3,321 1,077 531 196 312,570 Total $ 1,275,068 $ 5,091 $ 1,366 $ 531 $ 5,926 $ 1,287,982 There were no March 31, 2018 December 31, 2017. The following summarizes impaired loans: Impaired Loans At March 31, At December 31, 2018 2017 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance (In thousands) With no related allowance recorded: Commercial $ 1,183 $ 1,227 $ - $ 1,212 $ 1,271 $ - Commercial real estate 9,766 11,752 - 13,169 14,985 - Residential real estate 206 237 - 208 239 - Consumer installment and other 354 461 - 360 466 - Total with no related allowance recorded 11,509 13,677 - 14,949 16,961 - With an allowance recorded: Commercial 9,634 9,634 4,777 9,764 9,764 4,814 Commercial real estate 2,784 2,787 214 1,790 1,792 171 Total with an allowance recorded 12,418 12,421 4,991 11,554 11,556 4,985 Total $ 23,927 $ 26,098 $ 4,991 $ 26,503 $ 28,517 $ 4,985 Impaired loans include troubled debt restructured loans. Impaired loans at March 31, 2018, 9,550 4,110 December 31, 2017, $12,081 $4,285 Impaired Loans For the Three Months Ended March 31, 2018 2017 Average Recognized Average Recognized Recorded Interest Recorded Interest Investment Income Investment Income (In thousands) Commercial $ 10,897 $ 175 $ 11,292 $ 118 Commercial real estate 13,755 215 14,500 237 Construction - - - - Residential real estate 207 4 748 4 Consumer installment and other 357 3 543 7 Total $ 25,216 $ 397 $ 27,083 $ 366 The following tables provide information on troubled debt restructurings: Troubled Debt Restructurings At March 31, 2018 Period-End Individual Number of Pre-Modification Period-End Impairment Contracts Carrying Value Carrying Value Allowance ($ in thousands) Commercial 7 $ 2,393 $ 1,043 $ 39 Commercial real estate 9 9,537 8,301 - Residential real estate 1 241 206 - Total 17 $ 12,171 $ 9,550 $ 39 Troubled Debt Restructurings At December 31, 2017 Period-End Individual Number of Pre-Modification Period-End Impairment Contracts Carrying Value Carrying Value Allowance ($ in thousands) Commercial 7 $ 2,393 $ 1,085 $ 43 Commercial real estate 10 11,528 10,788 - Residential real estate 1 241 208 - Total 18 $ 14,162 $ 12,081 $ 43 During the three March 31, 2018, not three March 31, 2017, two $273 two three March 31, 2017 no three March 31, 2018 March 31, 2017. three March 31, 2018 2017, no 12 ninety There were no March 31, 2018 December 31, 2017. There were no March 31, 2018 December 31, 2017. At March 31, 2018 December 31, 2017, 1,376 1,905 $1,426 $1,905 - 0 $196 March 31, 2018 December 31, 2017. |
Note 5 - Concentration of Credi
Note 5 - Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 5: Under the California Financial Code, credit extended to any one one not not 15 not 25 March 31, 2018, not one March 31, 2018, 36 $5 4, 48,623 $53,874 March 31, 2018 December 31, 2017, no 75% no 80% March 31, 2018, 72 $5 |
Note 6 - Other Assets
Note 6 - Other Assets | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | Note 6: Other assets consisted of the following: At March 31, At December 31, 2018 2017 (In thousands) Equity securities without readily determinable fair values: Federal Reserve Bank stock (1) $ 14,069 $ 14,069 Other investments 158 158 Total equity securities without readily determinable fair values 14,227 14,227 Life insurance cash surrender value 54,742 54,101 Net deferred tax asset 42,842 33,112 Limited partnership investments 9,519 10,119 Interest receivable 22,538 23,557 Prepaid assets 4,532 4,906 Other assets 11,386 18,428 Total other assets $ 159,786 $ 158,450 ( 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 March 31, 2018, 9,519 2,299 December 31, 2017, $10,119 $2,299 March 31, 2018, $2,299 $722 2020, $131 2023, $90 2024 $1,356 2025 The amounts recognized in net income for these investments include: For the Three Months Ended March 31, 2018 2017 (In thousands) Investment loss included in pre-tax income $ 600 $ 450 Tax credits recognized in provision for income taxes 336 463 |
Note 7 - Goodwill and Identifia
Note 7 - Goodwill and Identifiable Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7: The Company has recorded goodwill and other identifiable intangibles associated with purchase business combinations. Goodwill is not not three March 31, 2018 December 31, 2017. three March 31, 2018 December 31, 2017 no The carrying values of goodwill were: At March 31, 2018 At December 31, 2017 (In thousands) Goodwill $ 121,673 $ 121,673 The gross carrying amount of identifiable intangible assets and accumulated amortization was: At March 31, At December 31, 2018 2017 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (In thousands) Core Deposit Intangibles $ 56,808 $ (53,528 ) $ 56,808 $ (52,987 ) Merchant Draft Processing Intangible 10,300 (10,300 ) 10,300 (10,271 ) Total Identifiable Intangible Assets $ 67,108 $ (63,828 ) $ 67,108 $ (63,258 ) As of March 31, 2018, Merchant Core Draft Deposit Processing Intangibles Intangible Total (In thousands) For the Three Months ended March 31, 2018 (actual) $ 541 $ 29 $ 570 Estimate for the remainder of year ending December 31, 2018 1,351 - 1,351 Estimate for year ending December 31, 2019 538 - 538 2020 287 - 287 2021 269 - 269 2022 252 - 252 2023 236 - 236 |
Note 8 - Deposits and Borrowed
Note 8 - Deposits and Borrowed Funds | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Deposits and Borrowed Funds [Text Block] | Note 8: The following table provides additional detail regarding deposits. Deposits At March 31, At December 31, 2018 2017 (In thousands) Noninterest-bearing $ 2,179,157 $ 2,197,526 Interest-bearing: Transaction 924,081 904,245 Savings 1,540,192 1,494,024 Time deposits less than $100 thousand 114,301 117,848 Time deposits $100 thousand through $250 thousand 74,436 76,578 Time deposits more than $250 thousand 35,700 37,392 Total deposits $ 4,867,867 $ 4,827,613 Demand deposit overdrafts of $ 788 $2,786 March 31, 2018 December 31, 2017, $100 97 three March 31, 2018 $106 three March 31, 2017. The following table provides additional detail regarding short-term borrowed funds. Repurchase Agreements (Sweep) Remaining Contractual Maturity of the Agreements Overnight and Continuous At March 31, 2018 At December 31, 2017 Repurchase agreements: (In thousands) Collateral securing borrowings: Securities of U.S. Government sponsored entities $ 73,165 $ 74,173 Agency residential MBS 64,266 58,251 Corporate securities 104,210 105,113 Total collateral carrying value $ 241,641 $ 237,537 Total short-term borrowed funds $ 65,356 $ 58,471 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 9: The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Equity securities and available for sale debt 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 not 2 Level 3 not The Company relies on independent vendor pricing services to measure fair value for equity securities, debt securities available for sale and debt securities held to maturity. The Company employs three 95 may not 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 three March 31, 2018 December 31, 2017, no 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 March 31, 2018 Fair Value Quoted Prices Significant Significant (In thousands) Equity securities Mutual funds $ 1,764 $ - $ 1,764 $ - Total equity securities 1,764 - 1,764 - Debt securities available for sale Securities of U.S. Government sponsored entities 117,947 - 117,947 - Agency residential MBS 847,640 - 847,640 - Non-agency residential MBS 139 - 139 - Agency commercial MBS 2,190 - 2,190 - Securities of U.S. Government entities 1,520 - 1,520 - Obligations of states and political subdivisions 180,635 - 180,635 - Corporate securities 1,201,899 - 1,201,899 - Total debt securities available for sale 2,351,970 - 2,351,970 - Total $ 2,353,734 $ - $ 2,353,734 $ - At December 31, 2017 Fair Value Quoted Prices Significant Significant (In thousands) Equity securities Mutual funds $ 1,800 $ - $ 1,800 $ - Total equity securities 1,800 - 1,800 - Debt securities available for sale Securities of U.S. Government sponsored entities 119,319 - 119,319 - Agency residential MBS 767,706 - 767,706 - Non-agency residential MBS 154 - 154 - Agency commercial MBS 2,219 - 2,219 - Securities of U.S. Government entities 1,590 - 1,590 - Obligations of states and political subdivisions 185,221 - 185,221 - Corporate securities 1,115,498 - 1,115,498 - Total debt securities available for sale 2,191,707 - 2,191,707 - Total $ 2,193,507 $ - $ 2,193,507 $ - Assets Recorded at Fair Value on a Nonrecurring Basis The Company may March 31, 2018 December 31, 2017, For the Three Months Ended At March 31, 2018 March 31, 2018 Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 1,376 $ - $ - $ 1,376 $ - Impaired loans: Commercial 4,857 - - 4,857 - Commercial real estate 6,680 - - 6,680 - Total assets measured at fair value on a nonrecurring basis $ 12,913 $ - $ - $ 12,913 $ - For the Year Ended At December 31, 2017 December 31, 2017 Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 1,426 $ - $ - $ 1,426 $ (219 ) Impaired loans: Commercial 4,950 - - 4,950 - Commercial real estate 5,904 - - 5,904 - Total assets measured at fair value on a nonrecurring basis $ 12,280 $ - $ - $ 12,280 $ (219 ) Level 3 third 10% 3 not not 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 2016 01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities January 1, 2018. Cash and Due from Banks Debt Securities Held to Maturity 2 Loans Prior to adoption of ASU 2016 01, two $23,009 December 31, 2017 Deposit Liabilities no no Prior to adoption of ASU 2016 01, Short-Term Borrowed Funds The tables below are 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 may not may The Company has not not not not At March 31, 2018 Carrying Estimated Fair Quoted Prices Significant Significant Financial Assets: (In thousands) Cash and due from banks $ 555,607 $ 555,607 $ 555,607 $ - $ - Debt securities held to maturity 1,114,287 1,098,895 - 1,098,895 - Loans 1,205,503 1,244,670 - - 1,244,670 Financial Liabilities: Deposits $ 4,867,867 $ 4,864,792 $ - $ 4,643,430 $ 221,362 Short-term borrowed funds 65,356 65,356 - 65,356 - At December 31, 2017 Carrying Estimated Fair Quoted Prices Significant Significant Financial Assets: (In thousands) Cash and due from banks $ 575,002 $ 575,002 $ 575,002 $ - $ - Debt securities held to maturity 1,158,864 1,155,342 - 1,155,342 - Loans 1,264,973 1,257,811 - - 1,257,811 Financial Liabilities: Deposits $ 4,827,613 $ 4,824,586 $ - $ 4,595,795 $ 228,791 Short-term borrowed funds 58,471 58,471 - 58,471 - 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 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10: Loan commitments are agreements to lend to a customer provided there is no not 282,428 $272,646 March 31, 2018 December 31, 2017, 3,849 $19,263 March 31, 2018 December 31, 2017, no March 31, 2018 December 31, 2017. 2,308 March 31, 2018 $2,308 December 31, 2017, 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 The Company has determined that it will be obligated to provide refunds of revenue recognized in prior years to some customers. The Company estimates the probable amount of these obligations will be $5,542 |
Note 11 - Earnings Per Common S
Note 11 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11: The table below shows earnings per common share and diluted earnings per common share. Basic earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period. Diluted earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period plus the impact of common stock equivalents. For the Three Months Ended March 31, 2018 2017 (In thousands, except per share data) Net income (numerator) $ 17,506 $ 15,049 Basic earnings per common share Weighted average number of common shares outstanding - basic (denominator) 26,532 26,171 Basic earnings per common share $ 0.66 $ 0.58 Diluted earnings per common share Weighted average number of common shares outstanding - basic 26,532 26,171 Add common stock equivalents for options 133 158 Weighted average number of common shares outstanding - diluted (denominator) 26,665 26,329 Diluted earnings per common share $ 0.66 $ 0.57 For the three March 31, 2018 2017, 491 299 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In the three March 31, 2018, FASB Accounting Standard Update (ASU) 2014 09 Revenue (Topic 606 May 2014. not 606 not Approximately 73% not Service Charges on Deposit Accounts Merchant Processing Services and Debit Card Fees Trust Fees Gains/Losses on Sales of OREO not The Company adopted the ASU on January 1, 2018 no FASB ASU 2016 01 Financial Instruments – Overall (Subtopic 825 10 January 2016. 9 The Company was required to adopt the ASU provisions on January 1, 2018, not January 1, 2018, $142 FASB ASU 2018 02 Income Statement – Reporting Comprehensive Income (Topic 220 February 2018. January 1, 2018, $3,625 Recently Issued Accounting Standards FASB ASU 2016 02, Leases (Topic 842 February 25, 2016. The Company will be required to adopt the ASU provisions January 1, 2019, December 31, 2017, 58 $17.5 not 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. FASB ASU 2017 08 Receivables – Non-Refundable Fees and Other Costs (Subtopic 310 20 March 2017. not The Company will be required to adopt the ASU provisions on January 1, 2019. FASB ASU 2017 12 Derivatives and Hedging (Topic 815 August 2017. one The Company will be required to adopt the ASU provisions January 1, 2019. not may one |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Debt Securities, Available-for-sale and Held-to-maturity [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At March 31, 2018 (In thousands) Debt securities available for sale Securities of U.S. Government sponsored entities $ 122,291 $ 1 $ (4,345 ) $ 117,947 Agency residential mortgage-backed securities (MBS) 879,824 500 (32,684 ) 847,640 Non-agency residential MBS 138 1 - 139 Agency commercial MBS 2,229 - (39 ) 2,190 Securities of U.S. Government entities 1,526 - (6 ) 1,520 Obligations of states and political subdivisions 181,386 2,910 (3,661 ) 180,635 Corporate securities 1,226,267 523 (24,891 ) 1,201,899 Total debt securities available for sale 2,413,661 3,935 (65,626 ) 2,351,970 Debt securities held to maturity Agency residential MBS 520,105 325 (16,728 ) 503,702 Non-agency residential MBS 4,179 77 - 4,256 Agency commercial MBS 1,902 - (9 ) 1,893 Obligations of states and political subdivisions 588,101 4,419 (3,476 ) 589,044 Total debt securities held to maturity 1,114,287 4,821 (20,213 ) 1,098,895 Total $ 3,527,948 $ 8,756 $ (85,839 ) $ 3,450,865 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At December 31, 2017 (In thousands) Debt securities available for sale Securities of U.S. Government sponsored entities $ 122,285 $ 1 $ (2,967 ) $ 119,319 Agency residential MBS 787,679 522 (20,495 ) 767,706 Non-agency residential MBS 153 1 - 154 Agency commercial MBS 2,244 - (25 ) 2,219 Securities of U.S. Government entities 1,612 - (22 ) 1,590 Obligations of states and political subdivisions 182,907 3,796 (1,482 ) 185,221 Corporate securities 1,123,671 1,104 (9,277 ) 1,115,498 Total debt securities available for sale 2,220,551 5,424 (34,268 ) 2,191,707 Debt securities held to maturity Agency residential MBS 545,883 606 (9,850 ) 536,639 Non-agency residential MBS 4,462 70 - 4,532 Agency commercial MBS 9,041 - (66 ) 8,975 Obligations of states and political subdivisions 599,478 7,736 (2,018 ) 605,196 Total debt securities held to maturity 1,158,864 8,412 (11,934 ) 1,155,342 Total $ 3,379,415 $ 13,836 $ (46,202 ) $ 3,347,049 |
Investments Classified by Contractual Maturity Date [Table Text Block] | At March 31, 2018 Debt Securities Available Debt Securities Held for Sale to Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Maturity in years: 1 year or less $ 164,450 $ 162,099 $ 67,865 $ 68,636 Over 1 to 5 years 1,098,360 1,075,777 248,126 247,858 Over 5 to 10 years 225,690 223,481 269,159 269,527 Over 10 years 42,970 40,644 2,951 3,023 Subtotal 1,531,470 1,502,001 588,101 589,044 MBS 882,191 849,969 526,186 509,851 Total $ 2,413,661 $ 2,351,970 $ 1,114,287 $ 1,098,895 At December 31, 2017 Debt Securities Available Debt Securities Held for Sale to Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Maturity in years: 1 year or less $ 193,337 $ 193,385 $ 50,295 $ 51,105 Over 1 to 5 years 1,031,807 1,023,047 269,050 269,471 Over 5 to 10 years 159,266 160,042 277,170 281,546 Over 10 years 46,065 45,154 2,963 3,074 Subtotal 1,430,475 1,421,628 599,478 605,196 MBS 790,076 770,079 559,386 550,146 Total $ 2,220,551 $ 2,191,707 $ 1,158,864 $ 1,155,342 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Debt Securities Available for Sale At March 31, 2018 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 2 $ 1,977 $ (12 ) 8 $ 115,889 $ (4,333 ) 10 $ 117,866 $ (4,345 ) Agency residential MBS 11 280,804 (6,163 ) 52 492,453 (26,521 ) 63 773,257 (32,684 ) Agency commercial MBS 2 2,190 (39 ) - - - 2 2,190 (39 ) Securities of U.S. Government entities - - - 3 1,520 (6 ) 3 1,520 (6 ) Obligations of states and political subdivisions 57 31,091 (636 ) 35 49,993 (3,025 ) 92 81,084 (3,661 ) Corporate securities 82 781,714 (16,548 ) 34 258,551 (8,343 ) 116 1,040,265 (24,891 ) Total 154 $ 1,097,776 $ (23,398 ) 132 $ 918,406 $ (42,228 ) 286 $ 2,016,182 $ (65,626 ) Debt Securities Held to Maturity At March 31, 2018 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 23 $ 33,919 $ (578 ) 67 $ 451,597 $ (16,150 ) 90 $ 485,516 $ (16,728 ) Agency commercial MBS 1 1,893 (9 ) - - - 1 1,893 (9 ) Obligations of states and political subdivisions 266 257,849 (1,557 ) 58 57,422 (1,919 ) 324 315,271 (3,476 ) Total 290 $ 293,661 $ (2,144 ) 125 $ 509,019 $ (18,069 ) 415 $ 802,680 $ (20,213 ) Debt Securities Available for Sale At December 31, 2017 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 1 $ 996 $ (2 ) 8 $ 117,252 $ (2,965 ) 9 $ 118,248 $ (2,967 ) Agency residential MBS 7 238,554 (1,501 ) 51 516,711 (18,994 ) 58 755,265 (20,495 ) Non-agency residential MBS 1 1 - - - - 1 1 - Agency commercial MBS 2 2,219 (25 ) - - - 2 2,219 (25 ) Securities of U.S. Government entities - - - 3 1,590 (22 ) 3 1,590 (22 ) Obligations of states and political subdivisions 50 21,453 (228 ) 35 52,071 (1,254 ) 85 73,524 (1,482 ) Corporate securities 64 571,112 (4,047 ) 38 282,924 (5,230 ) 102 854,036 (9,277 ) Total 125 $ 834,335 $ (5,803 ) 135 $ 970,548 $ (28,465 ) 260 $ 1,804,883 $ (34,268 ) Debt Securities Held to Maturity At December 31, 2017 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 15 $ 30,218 $ (201 ) 65 $ 479,775 $ (9,649 ) 80 $ 509,993 $ (9,850 ) Agency commercial MBS 1 1,913 (4 ) 1 7,062 (62 ) 2 8,975 (66 ) Obligations of states and political subdivisions 146 131,032 (553 ) 59 58,979 (1,465 ) 205 190,011 (2,018 ) Total 162 $ 163,163 $ (758 ) 125 $ 545,816 $ (11,176 ) 287 $ 708,979 $ (11,934 ) |
Interest Income from Investments [Table Text Block] | For the Three Months Ended March 31, 2018 2017 (In thousands) Taxable $ 14,935 $ 12,147 Tax-exempt from regular federal income tax 4,875 5,397 Total interest income from investment securities $ 19,810 $ 17,544 |
Note 4 - Loans and Allowance 21
Note 4 - Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Loans Receivable [Table Text Block] | At March 31, At December 31, 2018 2017 (In thousands) Commercial $ 306,978 $ 335,996 Commercial Real Estate 553,318 568,584 Construction 2,941 5,649 Residential Real Estate 59,484 65,183 Consumer Installment & Other 305,863 312,570 Total $ 1,228,584 $ 1,287,982 |
Accretable Yield Reconciliation Schedule [Table Text Block] | For the For the Three Months Ended Year Ended March 31, 2018 December 31, 2017 Accretable yield: (In thousands) Balance at the beginning of the period $ 738 $ 1,237 Reclassification from nonaccretable difference 313 1,852 Accretion (452 ) (2,351 ) Balance at the end of the period $ 599 $ 738 Accretion $ (452 ) $ (2,351 ) Change in FDIC indemnification 1 192 (Increase) in interest income $ (451 ) $ (2,159 ) |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | Allowance for Loan Losses For the Three Months Ended March 31, 2018 Consumer Commercial Residential Installment Commercial Real Estate Construction Real Estate and Other Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 7,746 $ 3,849 $ 335 $ 995 $ 6,418 $ 3,666 $ 23,009 Additions: (Reversal) provision (17 ) (25 ) (160 ) (87 ) 37 252 - Deductions: Chargeoffs (41 ) - - - (1,365 ) - (1,406 ) Recoveries 829 - - - 649 - 1,478 Net loan recoveries (losses) 788 - - - (716 ) - 72 Total allowance for loan losses $ 8,517 $ 3,824 $ 175 $ 908 $ 5,739 $ 3,918 $ 23,081 Allowance for Loan Losses For the Three Months Ended March 31, 2017 Consumer Commercial Residential Installment Commercial Real Estate Construction Real Estate and Other Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 8,327 $ 3,330 $ 152 $ 1,330 $ 7,980 $ 4,835 $ 25,954 Additions: Provision (reversal) 209 182 (40 ) (116 ) 106 (341 ) - Deductions: Chargeoffs (103 ) - - - (1,739 ) - (1,842 ) Recoveries 160 10 - - 637 - 807 Net loan recoveries (losses) 57 10 - - (1,102 ) - (1,035 ) Total allowance for loan losses $ 8,593 $ 3,522 $ 112 $ 1,214 $ 6,984 $ 4,494 $ 24,919 |
Schedule of Recorded Investment in Loans Evaluated for Impairment [Table Text Block] | Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment At March 31, 2018 Commercial Commercial Construction Residential Consumer Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 4,777 $ 214 $ - $ - $ - $ - $ 4,991 Collectively evaluated for impairment 3,740 3,610 175 908 5,739 3,918 18,090 Purchased loans with evidence of credit deterioration - - - - - - - Total $ 8,517 $ 3,824 $ 175 $ 908 $ 5,739 $ 3,918 $ 23,081 Carrying value of loans: Individually evaluated for impairment $ 10,513 $ 11,393 $ - $ 206 $ - $ - $ 22,112 Collectively evaluated for impairment 296,432 541,327 2,941 59,278 305,705 - 1,205,683 Purchased loans with evidence of credit deterioration 33 598 - - 158 - 789 Total $ 306,978 $ 553,318 $ 2,941 $ 59,484 $ 305,863 $ - $ 1,228,584 Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment At December 31, 2017 Commercial Commercial Construction Residential Consumer Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 4,814 $ 171 $ - $ - $ - $ - $ 4,985 Collectively evaluated for impairment 2,932 3,678 335 995 6,418 3,666 18,024 Purchased loans with evidence of credit deterioration - - - - - - - Total $ 7,746 $ 3,849 $ 335 $ 995 $ 6,418 $ 3,666 $ 23,009 Carrying value of loans: Individually evaluated for impairment $ 10,675 $ 14,234 $ - $ 208 $ - $ - $ 25,117 Collectively evaluated for impairment 325,291 553,769 5,649 64,975 312,406 - 1,262,090 Purchased loans with evidence of credit deterioration 30 581 - - 164 - 775 Total $ 335,996 $ 568,584 $ 5,649 $ 65,183 $ 312,570 $ - $ 1,287,982 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Risk Profile by Internally Assigned Grade At March 31, 2018 Commercial Commercial Construction Residential Consumer Total (In thousands) Grade: Pass $ 283,666 $ 547,740 $ 2,941 $ 59,202 $ 303,836 $ 1,197,385 Substandard 23,312 5,578 - 282 1,523 30,695 Doubtful - - - - 177 177 Loss - - - - 327 327 Total $ 306,978 $ 553,318 $ 2,941 $ 59,484 $ 305,863 $ 1,228,584 Credit Risk Profile by Internally Assigned Grade At December 31, 2017 Commercial Commercial Construction Residential Consumer Total (In thousands) Grade: Pass $ 324,185 $ 548,853 $ 5,649 $ 62,253 $ 310,429 $ 1,251,369 Substandard 11,811 19,731 - 2,930 1,370 35,842 Doubtful - - - - 1 1 Loss - - - - 770 770 Total $ 335,996 $ 568,584 $ 5,649 $ 65,183 $ 312,570 $ 1,287,982 |
Past Due Financing Receivables [Table Text Block] | Summary of Loans by Delinquency and Nonaccrual Status At March 31, 2018 Current and 30-59 Days 60-89 Days Past Due 90 Nonaccrual Total Loans (In thousands) Commercial $ 306,396 $ 227 $ 84 $ - $ 271 $ 306,978 Commercial real estate 544,476 2,809 360 - 5,673 553,318 Construction 2,941 - - - - 2,941 Residential real estate 59,184 300 - - - 59,484 Consumer installment and other 302,214 2,667 531 255 196 305,863 Total $ 1,215,211 $ 6,003 $ 975 $ 255 $ 6,140 $ 1,228,584 Summary of Loans by Delinquency and Nonaccrual Status At December 31, 2017 Current and 30-59 Days 60-89 Days Past Due 90 Nonaccrual Total Loans (In thousands) Commercial $ 334,908 $ 627 $ 164 $ - $ 297 $ 335,996 Commercial real estate 561,883 1,143 125 - 5,433 568,584 Construction 5,649 - - - - 5,649 Residential real estate 65,183 - - - - 65,183 Consumer installment and other 307,445 3,321 1,077 531 196 312,570 Total $ 1,275,068 $ 5,091 $ 1,366 $ 531 $ 5,926 $ 1,287,982 |
Impaired Financing Receivables [Table Text Block] | Impaired Loans At March 31, At December 31, 2018 2017 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance (In thousands) With no related allowance recorded: Commercial $ 1,183 $ 1,227 $ - $ 1,212 $ 1,271 $ - Commercial real estate 9,766 11,752 - 13,169 14,985 - Residential real estate 206 237 - 208 239 - Consumer installment and other 354 461 - 360 466 - Total with no related allowance recorded 11,509 13,677 - 14,949 16,961 - With an allowance recorded: Commercial 9,634 9,634 4,777 9,764 9,764 4,814 Commercial real estate 2,784 2,787 214 1,790 1,792 171 Total with an allowance recorded 12,418 12,421 4,991 11,554 11,556 4,985 Total $ 23,927 $ 26,098 $ 4,991 $ 26,503 $ 28,517 $ 4,985 |
Impaired Financing Receivables Supplemental Schedule [Table Text Block] | Impaired Loans For the Three Months Ended March 31, 2018 2017 Average Recognized Average Recognized Recorded Interest Recorded Interest Investment Income Investment Income (In thousands) Commercial $ 10,897 $ 175 $ 11,292 $ 118 Commercial real estate 13,755 215 14,500 237 Construction - - - - Residential real estate 207 4 748 4 Consumer installment and other 357 3 543 7 Total $ 25,216 $ 397 $ 27,083 $ 366 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Troubled Debt Restructurings At March 31, 2018 Period-End Individual Number of Pre-Modification Period-End Impairment Contracts Carrying Value Carrying Value Allowance ($ in thousands) Commercial 7 $ 2,393 $ 1,043 $ 39 Commercial real estate 9 9,537 8,301 - Residential real estate 1 241 206 - Total 17 $ 12,171 $ 9,550 $ 39 Troubled Debt Restructurings At December 31, 2017 Period-End Individual Number of Pre-Modification Period-End Impairment Contracts Carrying Value Carrying Value Allowance ($ in thousands) Commercial 7 $ 2,393 $ 1,085 $ 43 Commercial real estate 10 11,528 10,788 - Residential real estate 1 241 208 - Total 18 $ 14,162 $ 12,081 $ 43 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | At March 31, At December 31, 2018 2017 (In thousands) Equity securities without readily determinable fair values: Federal Reserve Bank stock (1) $ 14,069 $ 14,069 Other investments 158 158 Total equity securities without readily determinable fair values 14,227 14,227 Life insurance cash surrender value 54,742 54,101 Net deferred tax asset 42,842 33,112 Limited partnership investments 9,519 10,119 Interest receivable 22,538 23,557 Prepaid assets 4,532 4,906 Other assets 11,386 18,428 Total other assets $ 159,786 $ 158,450 |
Schedule of Amounts Recognized in Net Income [Table Text Block] | For the Three Months Ended March 31, 2018 2017 (In thousands) Investment loss included in pre-tax income $ 600 $ 450 Tax credits recognized in provision for income taxes 336 463 |
Note 7 - Goodwill and Identif23
Note 7 - Goodwill and Identifiable Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | At March 31, 2018 At December 31, 2017 (In thousands) Goodwill $ 121,673 $ 121,673 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | At March 31, At December 31, 2018 2017 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (In thousands) Core Deposit Intangibles $ 56,808 $ (53,528 ) $ 56,808 $ (52,987 ) Merchant Draft Processing Intangible 10,300 (10,300 ) 10,300 (10,271 ) Total Identifiable Intangible Assets $ 67,108 $ (63,828 ) $ 67,108 $ (63,258 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Merchant Core Draft Deposit Processing Intangibles Intangible Total (In thousands) For the Three Months ended March 31, 2018 (actual) $ 541 $ 29 $ 570 Estimate for the remainder of year ending December 31, 2018 1,351 - 1,351 Estimate for year ending December 31, 2019 538 - 538 2020 287 - 287 2021 269 - 269 2022 252 - 252 2023 236 - 236 |
Note 8 - Deposits and Borrowe24
Note 8 - Deposits and Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | Deposits At March 31, At December 31, 2018 2017 (In thousands) Noninterest-bearing $ 2,179,157 $ 2,197,526 Interest-bearing: Transaction 924,081 904,245 Savings 1,540,192 1,494,024 Time deposits less than $100 thousand 114,301 117,848 Time deposits $100 thousand through $250 thousand 74,436 76,578 Time deposits more than $250 thousand 35,700 37,392 Total deposits $ 4,867,867 $ 4,827,613 |
Schedule of Repurchase Agreements [Table Text Block] | Repurchase Agreements (Sweep) Remaining Contractual Maturity of the Agreements Overnight and Continuous At March 31, 2018 At December 31, 2017 Repurchase agreements: (In thousands) Collateral securing borrowings: Securities of U.S. Government sponsored entities $ 73,165 $ 74,173 Agency residential MBS 64,266 58,251 Corporate securities 104,210 105,113 Total collateral carrying value $ 241,641 $ 237,537 Total short-term borrowed funds $ 65,356 $ 58,471 |
Note 9 - Fair Value Measureme25
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | At March 31, 2018 Fair Value Quoted Prices Significant Significant (In thousands) Equity securities Mutual funds $ 1,764 $ - $ 1,764 $ - Total equity securities 1,764 - 1,764 - Debt securities available for sale Securities of U.S. Government sponsored entities 117,947 - 117,947 - Agency residential MBS 847,640 - 847,640 - Non-agency residential MBS 139 - 139 - Agency commercial MBS 2,190 - 2,190 - Securities of U.S. Government entities 1,520 - 1,520 - Obligations of states and political subdivisions 180,635 - 180,635 - Corporate securities 1,201,899 - 1,201,899 - Total debt securities available for sale 2,351,970 - 2,351,970 - Total $ 2,353,734 $ - $ 2,353,734 $ - At December 31, 2017 Fair Value Quoted Prices Significant Significant (In thousands) Equity securities Mutual funds $ 1,800 $ - $ 1,800 $ - Total equity securities 1,800 - 1,800 - Debt securities available for sale Securities of U.S. Government sponsored entities 119,319 - 119,319 - Agency residential MBS 767,706 - 767,706 - Non-agency residential MBS 154 - 154 - Agency commercial MBS 2,219 - 2,219 - Securities of U.S. Government entities 1,590 - 1,590 - Obligations of states and political subdivisions 185,221 - 185,221 - Corporate securities 1,115,498 - 1,115,498 - Total debt securities available for sale 2,191,707 - 2,191,707 - Total $ 2,193,507 $ - $ 2,193,507 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | For the Three Months Ended At March 31, 2018 March 31, 2018 Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 1,376 $ - $ - $ 1,376 $ - Impaired loans: Commercial 4,857 - - 4,857 - Commercial real estate 6,680 - - 6,680 - Total assets measured at fair value on a nonrecurring basis $ 12,913 $ - $ - $ 12,913 $ - For the Year Ended At December 31, 2017 December 31, 2017 Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 1,426 $ - $ - $ 1,426 $ (219 ) Impaired loans: Commercial 4,950 - - 4,950 - Commercial real estate 5,904 - - 5,904 - Total assets measured at fair value on a nonrecurring basis $ 12,280 $ - $ - $ 12,280 $ (219 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At March 31, 2018 Carrying Estimated Fair Quoted Prices Significant Significant Financial Assets: (In thousands) Cash and due from banks $ 555,607 $ 555,607 $ 555,607 $ - $ - Debt securities held to maturity 1,114,287 1,098,895 - 1,098,895 - Loans 1,205,503 1,244,670 - - 1,244,670 Financial Liabilities: Deposits $ 4,867,867 $ 4,864,792 $ - $ 4,643,430 $ 221,362 Short-term borrowed funds 65,356 65,356 - 65,356 - At December 31, 2017 Carrying Estimated Fair Quoted Prices Significant Significant Financial Assets: (In thousands) Cash and due from banks $ 575,002 $ 575,002 $ 575,002 $ - $ - Debt securities held to maturity 1,158,864 1,155,342 - 1,155,342 - Loans 1,264,973 1,257,811 - - 1,257,811 Financial Liabilities: Deposits $ 4,827,613 $ 4,824,586 $ - $ 4,595,795 $ 228,791 Short-term borrowed funds 58,471 58,471 - 58,471 - |
Note 11 - Earnings Per Common26
Note 11 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2018 2017 (In thousands, except per share data) Net income (numerator) $ 17,506 $ 15,049 Basic earnings per common share Weighted average number of common shares outstanding - basic (denominator) 26,532 26,171 Basic earnings per common share $ 0.66 $ 0.58 Diluted earnings per common share Weighted average number of common shares outstanding - basic 26,532 26,171 Add common stock equivalents for options 133 158 Weighted average number of common shares outstanding - diluted (denominator) 26,665 26,329 Diluted earnings per common share $ 0.66 $ 0.57 |
Note 2 - Accounting Policies (D
Note 2 - Accounting Policies (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Percentage of Revenue Out of Scope of ASU 2014-09 | 73.00% | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | |||
Tax Cuts and Jobs Act of 2017, Reclassification From Aoci to Retained Earnings | |||
Operating Leases, Future Minimum Payments Due, Total | 17,500 | ||
Retained Earnings [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | (142) | ||
Tax Cuts and Jobs Act of 2017, Reclassification From Aoci to Retained Earnings | 3,625 | ||
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (142) | ||
Retained Earnings [Member] | Accounting Standards Update 2018-02 [Member] | |||
Tax Cuts and Jobs Act of 2017, Reclassification From Aoci to Retained Earnings | 3,625 | ||
AOCI Attributable to Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 142 | ||
Tax Cuts and Jobs Act of 2017, Reclassification From Aoci to Retained Earnings | $ (3,625) | ||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 142 | ||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2018-02 [Member] | |||
Tax Cuts and Jobs Act of 2017, Reclassification From Aoci to Retained Earnings | $ (3,625) |
Note 3 - Investment Securitie28
Note 3 - Investment Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Equity Securities, FV-NI | $ 1,764 | $ 1,800 | $ 1,800 | |
Cumulative Effect of New Accounting Principle in Period of Adoption | ||||
Unrealized Gain (Loss) on Securities | (36) | |||
High Risk Collateralized Mortgage Obligations | 0 | 0 | ||
Pledged Financial Instruments, Not Separately Reported, Securities, Total | $ 696,058 | 715,774 | ||
Retained Earnings [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (142) | |||
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (142) | |||
AOCI Attributable to Parent [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 142 | |||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 142 |
Note 3 - Investment Securitie29
Note 3 - Investment Securities - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt securities available for sale, amortized cost | $ 2,413,661 | $ 2,220,551 |
Debt securities available for sale, gross unrealized gains | 3,935 | 5,424 |
Debt securities available for sale, gross unrealized losses | (65,626) | (34,268) |
Debt securities available for sale | 2,351,970 | 2,191,707 |
Debt securities held to maturity, amortized cost | 1,114,287 | 1,158,864 |
Debt securities held to maturity, gross unrecognized gains | 4,821 | 8,412 |
Debt securities held to maturity, gross unrecognized losses | (20,213) | (11,934) |
Debt securities held to maturity, fair values | 1,098,895 | 1,155,342 |
Debt securities, amortized cost | 3,527,948 | 3,379,415 |
Debt securities, gross unrecognized gains | 8,756 | 13,836 |
Debt securities, gross unrecognized losses | (85,839) | (46,202) |
Debt securities, fair value | 3,450,865 | 3,347,049 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt securities available for sale, amortized cost | 122,291 | 122,285 |
Debt securities available for sale, gross unrealized gains | 1 | 1 |
Debt securities available for sale, gross unrealized losses | (4,345) | (2,967) |
Debt securities available for sale | 117,947 | 119,319 |
Agency Residential MBS [Member] | ||
Debt securities available for sale, amortized cost | 879,824 | 787,679 |
Debt securities available for sale, gross unrealized gains | 500 | 522 |
Debt securities available for sale, gross unrealized losses | (32,684) | (20,495) |
Debt securities available for sale | 847,640 | 767,706 |
Debt securities held to maturity, amortized cost | 520,105 | 545,883 |
Debt securities held to maturity, gross unrecognized gains | 325 | 606 |
Debt securities held to maturity, gross unrecognized losses | (16,728) | (9,850) |
Debt securities held to maturity, fair values | 503,702 | 536,639 |
Non-agency Residential MBS [Member] | ||
Debt securities available for sale, amortized cost | 138 | 153 |
Debt securities available for sale, gross unrealized gains | 1 | 1 |
Debt securities available for sale, gross unrealized losses | ||
Debt securities available for sale | 139 | 154 |
Debt securities held to maturity, amortized cost | 4,179 | 4,462 |
Debt securities held to maturity, gross unrecognized gains | 77 | 70 |
Debt securities held to maturity, gross unrecognized losses | ||
Debt securities held to maturity, fair values | 4,256 | 4,532 |
Agency Commercial MBS [Member] | ||
Debt securities available for sale, amortized cost | 2,229 | 2,244 |
Debt securities available for sale, gross unrealized gains | ||
Debt securities available for sale, gross unrealized losses | (39) | (25) |
Debt securities available for sale | 2,190 | 2,219 |
Debt securities held to maturity, amortized cost | 1,902 | 9,041 |
Debt securities held to maturity, gross unrecognized gains | ||
Debt securities held to maturity, gross unrecognized losses | (9) | (66) |
Debt securities held to maturity, fair values | 1,893 | 8,975 |
US Government Agencies Debt Securities [Member] | ||
Debt securities available for sale, amortized cost | 1,526 | 1,612 |
Debt securities available for sale, gross unrealized gains | ||
Debt securities available for sale, gross unrealized losses | (6) | (22) |
Debt securities available for sale | 1,520 | 1,590 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt securities available for sale, amortized cost | 181,386 | 182,907 |
Debt securities available for sale, gross unrealized gains | 2,910 | 3,796 |
Debt securities available for sale, gross unrealized losses | (3,661) | (1,482) |
Debt securities available for sale | 180,635 | 185,221 |
Debt securities held to maturity, amortized cost | 588,101 | 599,478 |
Debt securities held to maturity, gross unrecognized gains | 4,419 | 7,736 |
Debt securities held to maturity, gross unrecognized losses | (3,476) | (2,018) |
Debt securities held to maturity, fair values | 589,044 | 605,196 |
Debt Security, Corporate, US [Member] | ||
Debt securities available for sale, amortized cost | 1,226,267 | 1,123,671 |
Debt securities available for sale, gross unrealized gains | 523 | 1,104 |
Debt securities available for sale, gross unrealized losses | (24,891) | (9,277) |
Debt securities available for sale | $ 1,201,899 | $ 1,115,498 |
Note 3 - Investment Securitie30
Note 3 - Investment Securities - Amortized Cost and Estimated Market Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investment securities available for sale, amortized cost, 1 year or less | $ 164,450 | $ 193,337 |
Investment securities available for sale, fair value, 1 year or less | 162,099 | 193,385 |
Investment securities held to maturity, amortized cost, 1 year or less | 67,865 | 50,295 |
Investment securities held to maturity, fair value, 1 year or less | 68,636 | 51,105 |
Investment securities available for sale, amortized cost, over 1 to 5 years | 1,098,360 | 1,031,807 |
Investment securities available for sale, fair value, over 1 to 5 years | 1,075,777 | 1,023,047 |
Investment securities held to maturity, amortized cost, over 1 to 5 years | 248,126 | 269,050 |
Investment securities held to maturity, fair value, over 1 to 5 years | 247,858 | 269,471 |
Investment securities available for sale, amortized cost, over 5 to 10 years | 225,690 | 159,266 |
Investment securities available for sale, fair value, over 5 to 10 years | 223,481 | 160,042 |
Investment securities held to maturity, amortized cost, over 5 to 10 years | 269,159 | 277,170 |
Investment securities held to maturity, fair value, over 5 to 10 years | 269,527 | 281,546 |
Investment securities available for sale, amortized cost, over 10 years | 42,970 | 46,065 |
Investment securities available for sale, fair value, over 10 years | 40,644 | 45,154 |
Investment securities held to maturity, amortized cost, over 10 years | 2,951 | 2,963 |
Investment securities held to maturity, fair value, over 10 years | 3,023 | 3,074 |
Investment securities available for sale, amortized cost, subtotal | 1,531,470 | 1,430,475 |
Investment securities available for sale, fair value, subtotal | 1,502,001 | 1,421,628 |
Investment securities held to maturity, amortized cost, subtotal | 588,101 | 599,478 |
Investment securities held to maturity, fair value, subtotal | 589,044 | 605,196 |
Investment securities available for sale, amortized cost | 882,191 | 790,076 |
Investment securities available for sale, fair value | 849,969 | 770,079 |
Investment securities held to maturity, amortized cost | 526,186 | 559,386 |
Investment securities held to maturity, fair value | 509,851 | 550,146 |
Investment securities available for sale, amortized cost | 2,413,661 | 2,220,551 |
Investment securities available for sale, fair value | 2,351,970 | 2,191,707 |
Investment securities held to maturity, amortized cost | 1,114,287 | 1,158,864 |
Investment securities held to maturity, fair value | $ 1,098,895 | $ 1,155,342 |
Note 3 - Investment Securitie31
Note 3 - Investment Securities - Gross Unrealized Losses, Investment Securities Portfolio (Details) $ in Thousands | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Available for sale securities, less than 12 months, number of investment positions | 154 | 125 |
Available for sale securities, less than 12 months, fair value | $ 1,097,776 | $ 834,335 |
Available for sale securities, less than 12 months, unrealized losses | $ (23,398) | $ (5,803) |
Available for sale securities, 12 months or longer, number of investment positions | 132 | 135 |
Available for sale securities, 12 months or longer, fair value | $ 918,406 | $ 970,548 |
Available for sale securities, 12 months or longer, unrealized losses | $ (42,228) | $ (28,465) |
Available for sale securities, total, number of investment positions | 286 | 260 |
Available for sale securities, total, fair value | $ 2,016,182 | $ 1,804,883 |
Available for sale securities, total, unrealized losses | $ (65,626) | $ (34,268) |
Held to Maturity securities, less than 12 months, number of investment positions | 290 | 162 |
Held to Maturity securities, less than 12 months, fair value | $ 293,661 | $ 163,163 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (2,144) | $ (758) |
Held to Maturity securities, 12 months or longer, number of investment positions | 125 | 125 |
Held to Maturity securities, 12 months or longer, fair value | $ 509,019 | $ 545,816 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (18,069) | $ (11,176) |
Held to Maturity securities, total, number of investment positions | 415 | 287 |
Held to Maturity securities, total, fair value | $ 802,680 | $ 708,979 |
Held to Maturity securities, total, unrecognized losses | $ (20,213) | $ (11,934) |
US Government-sponsored Enterprises Debt 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 | $ 1,977 | $ 996 |
Available for sale securities, less than 12 months, unrealized losses | $ (12) | $ (2) |
Available for sale securities, 12 months or longer, number of investment positions | 8 | 8 |
Available for sale securities, 12 months or longer, fair value | $ 115,889 | $ 117,252 |
Available for sale securities, 12 months or longer, unrealized losses | $ (4,333) | $ (2,965) |
Available for sale securities, total, number of investment positions | 10 | 9 |
Available for sale securities, total, fair value | $ 117,866 | $ 118,248 |
Available for sale securities, total, unrealized losses | $ (4,345) | $ (2,967) |
Agency Residential MBS [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 11 | 7 |
Available for sale securities, less than 12 months, fair value | $ 280,804 | $ 238,554 |
Available for sale securities, less than 12 months, unrealized losses | $ (6,163) | $ (1,501) |
Available for sale securities, 12 months or longer, number of investment positions | 52 | 51 |
Available for sale securities, 12 months or longer, fair value | $ 492,453 | $ 516,711 |
Available for sale securities, 12 months or longer, unrealized losses | $ (26,521) | $ (18,994) |
Available for sale securities, total, number of investment positions | 63 | 58 |
Available for sale securities, total, fair value | $ 773,257 | $ 755,265 |
Available for sale securities, total, unrealized losses | $ (32,684) | $ (20,495) |
Held to Maturity securities, less than 12 months, number of investment positions | 23 | 15 |
Held to Maturity securities, less than 12 months, fair value | $ 33,919 | $ 30,218 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (578) | $ (201) |
Held to Maturity securities, 12 months or longer, number of investment positions | 67 | 65 |
Held to Maturity securities, 12 months or longer, fair value | $ 451,597 | $ 479,775 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (16,150) | $ (9,649) |
Held to Maturity securities, total, number of investment positions | 90 | 80 |
Held to Maturity securities, total, fair value | $ 485,516 | $ 509,993 |
Held to Maturity securities, total, unrecognized losses | $ (16,728) | $ (9,850) |
Agency Commercial MBS [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 2 | 2 |
Available for sale securities, less than 12 months, fair value | $ 2,190 | $ 2,219 |
Available for sale securities, less than 12 months, unrealized losses | $ (39) | $ (25) |
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 | 2 |
Available for sale securities, total, fair value | $ 2,190 | $ 2,219 |
Available for sale securities, total, unrealized losses | $ (39) | $ (25) |
Held to Maturity securities, less than 12 months, number of investment positions | 1 | 1 |
Held to Maturity securities, less than 12 months, fair value | $ 1,893 | $ 1,913 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (9) | $ (4) |
Held to Maturity securities, 12 months or longer, number of investment positions | 1 | |
Held to Maturity securities, 12 months or longer, fair value | $ 7,062 | |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (62) | |
Held to Maturity securities, total, number of investment positions | 1 | 2 |
Held to Maturity securities, total, fair value | $ 1,893 | $ 8,975 |
Held to Maturity securities, total, unrecognized losses | $ (9) | $ (66) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 57 | 50 |
Available for sale securities, less than 12 months, fair value | $ 31,091 | $ 21,453 |
Available for sale securities, less than 12 months, unrealized losses | $ (636) | $ (228) |
Available for sale securities, 12 months or longer, number of investment positions | 35 | 35 |
Available for sale securities, 12 months or longer, fair value | $ 49,993 | $ 52,071 |
Available for sale securities, 12 months or longer, unrealized losses | $ (3,025) | $ (1,254) |
Available for sale securities, total, number of investment positions | 92 | 85 |
Available for sale securities, total, fair value | $ 81,084 | $ 73,524 |
Available for sale securities, total, unrealized losses | $ (3,661) | $ (1,482) |
Held to Maturity securities, less than 12 months, number of investment positions | 266 | 146 |
Held to Maturity securities, less than 12 months, fair value | $ 257,849 | $ 131,032 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (1,557) | $ (553) |
Held to Maturity securities, 12 months or longer, number of investment positions | 58 | 59 |
Held to Maturity securities, 12 months or longer, fair value | $ 57,422 | $ 58,979 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (1,919) | $ (1,465) |
Held to Maturity securities, total, number of investment positions | 324 | 205 |
Held to Maturity securities, total, fair value | $ 315,271 | $ 190,011 |
Held to Maturity securities, total, unrecognized losses | $ (3,476) | $ (2,018) |
Non-agency Residential MBS [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 1 | |
Available for sale securities, less than 12 months, fair value | $ 1 | |
Available for sale securities, less than 12 months, unrealized losses | ||
Available for sale securities, 12 months or longer, number of investment positions | ||
Available for sale securities, 12 months or longer, fair value | ||
Available for sale securities, 12 months or longer, unrealized losses | ||
Available for sale securities, total, number of investment positions | 1 | |
Available for sale securities, total, fair value | $ 1 | |
Available for sale securities, total, unrealized losses | ||
US Government Agencies Debt 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 | 3 | 3 |
Available for sale securities, 12 months or longer, fair value | $ 1,520 | $ 1,590 |
Available for sale securities, 12 months or longer, unrealized losses | $ (6) | $ (22) |
Available for sale securities, total, number of investment positions | 3 | 3 |
Available for sale securities, total, fair value | $ 1,520 | $ 1,590 |
Available for sale securities, total, unrealized losses | $ (6) | $ (22) |
Debt Security, Corporate, US [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 82 | 64 |
Available for sale securities, less than 12 months, fair value | $ 781,714 | $ 571,112 |
Available for sale securities, less than 12 months, unrealized losses | $ (16,548) | $ (4,047) |
Available for sale securities, 12 months or longer, number of investment positions | 34 | 38 |
Available for sale securities, 12 months or longer, fair value | $ 258,551 | $ 282,924 |
Available for sale securities, 12 months or longer, unrealized losses | $ (8,343) | $ (5,230) |
Available for sale securities, total, number of investment positions | 116 | 102 |
Available for sale securities, total, fair value | $ 1,040,265 | $ 854,036 |
Available for sale securities, total, unrealized losses | $ (24,891) | $ (9,277) |
Note 3 - Investment Securitie32
Note 3 - Investment Securities - Interest Income From Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Taxable | $ 14,935 | $ 12,147 |
Tax-exempt from regular federal income tax | 4,875 | 5,397 |
Total interest income from investment securities | $ 19,810 | $ 17,544 |
Note 4 - Loans and Allowance 33
Note 4 - Loans and Allowance for Loan Losses (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Purchased Loans | $ 75,476 | $ 83,478 | |
Loans and Leases Receivable, Nonaccrual, Commitment to Lend | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 9,550 | 12,081 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral, Total | $ 0 | 0 | |
Loans Receivable Held-for-sale, Amount | 0 | 0 | |
Other Real Estate, Ending Balance | 1,376 | 1,426 | |
Other Real Estate, Reserve | 1,905 | 1,905 | |
Mortgage Loans in Process of Foreclosure, Amount | 196 | ||
Residential Real Estate Included in OREO [Member] | |||
Real Estate Acquired Through Foreclosure | $ 0 | 0 | |
Under Market Modification to Payment Terms, Extended Maturity Date [Member] | |||
Financing Receivable, Modifications, Recorded Investment | $ 273 | ||
Troubled Debt Restructurings During Period | 0 | 2 | |
Restructured Loans [Member] | |||
Financing Receivable, Modifications, Recorded Investment | $ 9,550 | 12,081 | |
Impaired Loans, Restructured, Nonaccrual Status | $ 4,110 | $ 4,285 |
Note 4 - Loans and Allowance 34
Note 4 - Loans and Allowance for Loan Losses - Loans Receivable at Carrying Amount (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Loans | $ 1,228,584 | $ 1,287,982 |
Commercial Portfolio Segment [Member] | ||
Loans | 306,978 | 335,996 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 553,318 | 568,584 |
Construction Portfolio Segment [Member] | ||
Loans | 2,941 | 5,649 |
Residential Portfolio Segment [Member] | ||
Loans | 59,484 | 65,183 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 305,863 | $ 312,570 |
Note 4 - Loans and Allowance 35
Note 4 - Loans and Allowance for Loan Losses - Changes in the Accretable Yield for Purchased Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Balance at the beginning of the period | $ 738 | $ 1,237 |
Reclassification from nonaccretable difference | 313 | 1,852 |
Accretion | (452) | (2,351) |
Balance at the end of the period | 599 | 738 |
Change in FDIC indemnification | 1 | 192 |
(Increase) in interest income | $ (451) | $ (2,159) |
Note 4 - Loans and Allowance 36
Note 4 - Loans and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Balance at beginning of period | $ 23,009 | $ 25,954 |
(Reversal) provision | ||
Chargeoffs | (1,406) | (1,842) |
Recoveries | 1,478 | 807 |
Net loan recoveries (losses) | 72 | (1,035) |
Total allowance for loan losses | 23,081 | 24,919 |
Unallocated Financing Receivable [Member] | ||
Balance at beginning of period | 3,666 | 4,835 |
(Reversal) provision | 252 | (341) |
Chargeoffs | ||
Recoveries | ||
Net loan recoveries (losses) | ||
Total allowance for loan losses | 3,918 | 4,494 |
Commercial Portfolio Segment [Member] | ||
Balance at beginning of period | 7,746 | 8,327 |
(Reversal) provision | (17) | 209 |
Chargeoffs | (41) | (103) |
Recoveries | 829 | 160 |
Net loan recoveries (losses) | 788 | 57 |
Total allowance for loan losses | 8,517 | 8,593 |
Commercial Real Estate Portfolio Segment [Member] | ||
Balance at beginning of period | 3,849 | 3,330 |
(Reversal) provision | (25) | 182 |
Chargeoffs | ||
Recoveries | 10 | |
Net loan recoveries (losses) | 10 | |
Total allowance for loan losses | 3,824 | 3,522 |
Construction Portfolio Segment [Member] | ||
Balance at beginning of period | 335 | 152 |
(Reversal) provision | (160) | (40) |
Chargeoffs | ||
Recoveries | ||
Net loan recoveries (losses) | ||
Total allowance for loan losses | 175 | 112 |
Residential Portfolio Segment [Member] | ||
Balance at beginning of period | 995 | 1,330 |
(Reversal) provision | (87) | (116) |
Chargeoffs | ||
Recoveries | ||
Net loan recoveries (losses) | ||
Total allowance for loan losses | 908 | 1,214 |
Consumer Portfolio Segment [Member] | ||
Balance at beginning of period | 6,418 | 7,980 |
(Reversal) provision | 37 | 106 |
Chargeoffs | (1,365) | (1,739) |
Recoveries | 649 | 637 |
Net loan recoveries (losses) | (716) | (1,102) |
Total allowance for loan losses | $ 5,739 | $ 6,984 |
Note 4 - Loans and Allowance 37
Note 4 - Loans and Allowance for Loan Losses - Recorded Investment in Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Individually evaluated for impairment | $ 4,991 | $ 4,985 | ||
Collectively evaluated for impairment | 18,090 | 18,024 | ||
Total allowance for loan losses | 23,081 | 23,009 | $ 24,919 | $ 25,954 |
Individually evaluated for impairment | 22,112 | 25,117 | ||
Collectively evaluated for impairment | 1,205,683 | 1,262,090 | ||
Total loans | 1,228,584 | 1,287,982 | ||
Financial Asset Acquired with Credit Deterioration [Member] | ||||
Total allowance for loan losses | 0 | 0 | ||
Total loans | 789 | 775 | ||
Unallocated Financing Receivable [Member] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 3,918 | 3,666 | ||
Total allowance for loan losses | 3,918 | 3,666 | 4,494 | 4,835 |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | ||
Total loans | 0 | 0 | ||
Unallocated Financing Receivable [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Total allowance for loan losses | 0 | 0 | ||
Total loans | 0 | 0 | ||
Commercial Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 4,777 | 4,814 | ||
Collectively evaluated for impairment | 3,740 | 2,932 | ||
Total allowance for loan losses | 8,517 | 7,746 | 8,593 | 8,327 |
Individually evaluated for impairment | 10,513 | 10,675 | ||
Collectively evaluated for impairment | 296,432 | 325,291 | ||
Total loans | 306,978 | 335,996 | ||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Total allowance for loan losses | 0 | 0 | ||
Total loans | 33 | 30 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 214 | 171 | ||
Collectively evaluated for impairment | 3,610 | 3,678 | ||
Total allowance for loan losses | 3,824 | 3,849 | 3,522 | 3,330 |
Individually evaluated for impairment | 11,393 | 14,234 | ||
Collectively evaluated for impairment | 541,327 | 553,769 | ||
Total loans | 553,318 | 568,584 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Total allowance for loan losses | 0 | 0 | ||
Total loans | 598 | 581 | ||
Construction Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 175 | 335 | ||
Total allowance for loan losses | 175 | 335 | 112 | 152 |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 2,941 | 5,649 | ||
Total loans | 2,941 | 5,649 | ||
Construction Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Total allowance for loan losses | 0 | 0 | ||
Total loans | 0 | 0 | ||
Residential Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 908 | 995 | ||
Total allowance for loan losses | 908 | 995 | 1,214 | 1,330 |
Individually evaluated for impairment | 206 | 208 | ||
Collectively evaluated for impairment | 59,278 | 64,975 | ||
Total loans | 59,484 | 65,183 | ||
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Total allowance for loan losses | 0 | 0 | ||
Total loans | 0 | 0 | ||
Consumer Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 5,739 | 6,418 | ||
Total allowance for loan losses | 5,739 | 6,418 | $ 6,984 | $ 7,980 |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 305,705 | 312,406 | ||
Total loans | 305,863 | 312,570 | ||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Total allowance for loan losses | 0 | 0 | ||
Total loans | $ 158 | $ 164 |
Note 4 - Loans and Allowance 38
Note 4 - Loans and Allowance for Loan Losses - Credit Risk Profile by Internally Assigned Grade (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Loans | $ 1,228,584 | $ 1,287,982 |
Pass [Member] | ||
Loans | 1,197,385 | 1,251,369 |
Substandard [Member] | ||
Loans | 30,695 | 35,842 |
Doubtful [Member] | ||
Loans | 177 | 1 |
Unlikely to be Collected Financing Receivable [Member] | ||
Loans | 327 | 770 |
Commercial Portfolio Segment [Member] | ||
Loans | 306,978 | 335,996 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 283,666 | 324,185 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 23,312 | 11,811 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 553,318 | 568,584 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans | 547,740 | 548,853 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 5,578 | 19,731 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans | 0 | 0 |
Construction Portfolio Segment [Member] | ||
Loans | 2,941 | 5,649 |
Construction Portfolio Segment [Member] | Pass [Member] | ||
Loans | 2,941 | 5,649 |
Construction Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 0 | |
Construction Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Construction Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans | 59,484 | 65,183 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans | 59,202 | 62,253 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 282 | 2,930 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans | 305,863 | 312,570 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 303,836 | 310,429 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 1,523 | 1,370 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 177 | 1 |
Consumer Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans | $ 327 | $ 770 |
Note 4 - Loans and Allowance 39
Note 4 - Loans and Allowance for Loan Losses - Loans by Delinquency and Nonaccrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current and accruing | $ 1,215,211 | $ 1,275,068 |
Nonaccrual | 6,140 | 5,926 |
Total loans | 1,228,584 | 1,287,982 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due and accruing | 6,003 | 5,091 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due and accruing | 975 | 1,366 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due and accruing | 255 | 531 |
Commercial Portfolio Segment [Member] | ||
Current and accruing | 306,396 | 334,908 |
Nonaccrual | 271 | 297 |
Total loans | 306,978 | 335,996 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due and accruing | 227 | 627 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due and accruing | 84 | 164 |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due and accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Current and accruing | 544,476 | 561,883 |
Nonaccrual | 5,673 | 5,433 |
Total loans | 553,318 | 568,584 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due and accruing | 2,809 | 1,143 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due and accruing | 360 | 125 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due and accruing | 0 | 0 |
Construction Portfolio Segment [Member] | ||
Current and accruing | 2,941 | 5,649 |
Nonaccrual | 0 | 0 |
Total loans | 2,941 | 5,649 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due and accruing | 0 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due and accruing | 0 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due and accruing | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Current and accruing | 59,184 | 65,183 |
Nonaccrual | 0 | 0 |
Total loans | 59,484 | 65,183 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due and accruing | 300 | 0 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due and accruing | 0 | 0 |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due and accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Current and accruing | 302,214 | 307,445 |
Nonaccrual | 196 | 196 |
Total loans | 305,863 | 312,570 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due and accruing | 2,667 | 3,321 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due and accruing | 531 | 1,077 |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due and accruing | $ 255 | $ 531 |
Note 4 - Loans and Allowance 40
Note 4 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Impaired loans with no related allowance recorded, recorded investment | $ 11,509 | $ 14,949 |
Impaired loans with no related allowance recorded, unpaid principal balance | 13,677 | 16,961 |
Impaired loans with an allowance recorded, recorded investment | 12,418 | 11,554 |
Impaired loans with an allowance recorded, unpaid principal balance | 12,421 | 11,556 |
Impaired loans with an allowance recorded, related allowance | 4,991 | 4,985 |
Total impaired loans, recorded investment | 23,927 | 26,503 |
Total impaired loans, unpaid principal balance | 26,098 | 28,517 |
Commercial Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, recorded investment | 1,183 | 1,212 |
Impaired loans with no related allowance recorded, unpaid principal balance | 1,227 | 1,271 |
Impaired loans with an allowance recorded, recorded investment | 9,634 | 9,764 |
Impaired loans with an allowance recorded, unpaid principal balance | 9,634 | 9,764 |
Impaired loans with an allowance recorded, related allowance | 4,777 | 4,814 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, recorded investment | 9,766 | 13,169 |
Impaired loans with no related allowance recorded, unpaid principal balance | 11,752 | 14,985 |
Impaired loans with an allowance recorded, recorded investment | 2,784 | 1,790 |
Impaired loans with an allowance recorded, unpaid principal balance | 2,787 | 1,792 |
Impaired loans with an allowance recorded, related allowance | 214 | 171 |
Residential Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, recorded investment | 206 | 208 |
Impaired loans with no related allowance recorded, unpaid principal balance | 237 | 239 |
Consumer Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, recorded investment | 354 | 360 |
Impaired loans with no related allowance recorded, unpaid principal balance | $ 461 | $ 466 |
Note 4 - Loans and Allowance 41
Note 4 - Loans and Allowance for Loan Losses - Impaired Loans, Supplemental Schedule (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Average Recorded Investment | $ 25,216 | $ 27,083 |
Recognized Interest Income | 397 | 366 |
Commercial Portfolio Segment [Member] | ||
Average Recorded Investment | 10,897 | 11,292 |
Recognized Interest Income | 175 | 118 |
Commercial Real Estate Portfolio Segment [Member] | ||
Average Recorded Investment | 13,755 | 14,500 |
Recognized Interest Income | 215 | 237 |
Construction Portfolio Segment [Member] | ||
Average Recorded Investment | 0 | 0 |
Recognized Interest Income | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Average Recorded Investment | 207 | 748 |
Recognized Interest Income | 4 | 4 |
Consumer Portfolio Segment [Member] | ||
Average Recorded Investment | 357 | 543 |
Recognized Interest Income | $ 3 | $ 7 |
Note 4 - Loans and Allowance 42
Note 4 - Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Number of Contracts | 17 | 18 |
Pre-Modification Carrying Value | $ 12,171 | $ 14,162 |
Financing Receivable, Modifications, Recorded Investment | 9,550 | 12,081 |
Period-End Individual Impairment Allowance | $ 39 | $ 43 |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 7 | 7 |
Pre-Modification Carrying Value | $ 2,393 | $ 2,393 |
Financing Receivable, Modifications, Recorded Investment | 1,043 | 1,085 |
Period-End Individual Impairment Allowance | $ 39 | $ 43 |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of Contracts | 9 | 10 |
Pre-Modification Carrying Value | $ 9,537 | $ 11,528 |
Financing Receivable, Modifications, Recorded Investment | 8,301 | 10,788 |
Period-End Individual Impairment Allowance | $ 0 | $ 0 |
Residential Portfolio Segment [Member] | ||
Number of Contracts | 1 | 1 |
Pre-Modification Carrying Value | $ 241 | $ 241 |
Financing Receivable, Modifications, Recorded Investment | 206 | 208 |
Period-End Individual Impairment Allowance | $ 0 | $ 0 |
Note 5 - Concentration of Cre43
Note 5 - Concentration of Credit Risk (Details Textual) $ in Thousands | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
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 | 72 | |
Loan Commitments and Standby Letters of Credit Related to Real Estate Loans | $ 48,623 | $ 53,874 |
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 | 36 | |
Concentration Risk, Aggregate Loans Amount | $ 5,000 |
Note 6 - Other Assets (Details
Note 6 - Other Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
FRB Membership, Stock Subscription, Percent of Paid-Up Capital Stock and Surplus Requirement | 6.00% | |
LIHTC Investments | $ 9,519 | $ 10,119 |
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 6 - Other Assets - Summary
Note 6 - Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Federal Reserve Bank stock | [1] | $ 14,069 | $ 14,069 |
Other investments | 158 | 158 | |
Total equity securities without readily determinable fair values | 14,227 | 14,227 | |
Life insurance cash surrender value | 54,742 | 54,101 | |
Net deferred tax asset | 42,842 | 33,112 | |
Limited partnership investments | 9,519 | 10,119 | |
Interest receivable | 22,538 | 23,557 | |
Prepaid assets | 4,532 | 4,906 | |
Other assets | 11,386 | 18,428 | |
Total other assets | $ 159,786 | $ 158,450 | |
[1] | A bank applying for membership in the Federal Reserve System is required to subscribe to stock in the Federal Reserve Bank (FRB) in its district in a sum equal to six percent of the bank's paid-up capital stock and surplus. One-half of the amount of the bank's subscription shall be paid to the FRB and the remaining half will be subject to call when deemed necessary by the Board of Governors of the Federal Reserve System. |
Note 6 - Other Assets - Amounts
Note 6 - Other Assets - Amounts Recognized in Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Investment loss included in pre-tax income | $ 600 | $ 450 |
Tax credits recognized in provision for income taxes | $ 336 | $ 463 |
Note 7 - Goodwill and Identif47
Note 7 - Goodwill and Identifiable Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Goodwill and Intangible Asset Impairment, Total | $ 0 | $ 0 | |
Amortization Expense, Adjustment Resulting from a Change in Estimates of Useful Lives or Residual Values | $ 0 | $ 0 |
Note 7 - Goodwill and Identif48
Note 7 - Goodwill and Identifiable Intangible Assets - Carrying Values of Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Goodwill | $ 121,673 | $ 121,673 |
Note 7 - Goodwill and Identif49
Note 7 - Goodwill and Identifiable Intangible Assets - Gross Carrying Amount of Intangible Assets and Accumulated Amortization (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Gross Carrying Amount | $ 67,108 | $ 67,108 |
Accumulated Amortization | (63,828) | (63,258) |
Core Deposits [Member] | ||
Gross Carrying Amount | 56,808 | 56,808 |
Accumulated Amortization | (53,528) | (52,987) |
Mechant Draft Processing [Member] | ||
Gross Carrying Amount | 10,300 | 10,300 |
Accumulated Amortization | $ (10,300) | $ (10,271) |
Note 7 - Goodwill and Identif50
Note 7 - Goodwill and Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
For the Three Months ended March 31, 2018 (actual) | $ 570 | $ 800 |
Estimate for the remainder of year ending December 31, 2018 | 1,351 | |
Estimate for year ending December 31, 2019 | 538 | |
2,020 | 287 | |
2,021 | 269 | |
2,022 | 252 | |
2,023 | 236 | |
Core Deposits [Member] | ||
For the Three Months ended March 31, 2018 (actual) | 541 | |
Estimate for the remainder of year ending December 31, 2018 | 1,351 | |
Estimate for year ending December 31, 2019 | 538 | |
2,020 | 287 | |
2,021 | 269 | |
2,022 | 252 | |
2,023 | 236 | |
Mechant Draft Processing [Member] | ||
For the Three Months ended March 31, 2018 (actual) | 29 | |
Estimate for the remainder of year ending December 31, 2018 | ||
Estimate for year ending December 31, 2019 | ||
2,020 | ||
2,021 | ||
2,022 | ||
2,023 |
Note 8 - Deposits and Borrowe51
Note 8 - Deposits and Borrowed Funds (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Demand Deposit Overdrafts | $ 788 | $ 2,786 | |
Interest Expense, Time Deposits, $100,000 or More | $ 97 | $ 106 |
Note 8 - Deposits and Borrowe52
Note 8 - Deposits and Borrowed Funds - Deposits Detail (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Noninterest-bearing deposits | $ 2,179,157 | $ 2,197,526 |
Interest-bearing: | ||
Transaction | 924,081 | 904,245 |
Savings | 1,540,192 | 1,494,024 |
Time deposits less than $100 thousand | 114,301 | 117,848 |
Time deposits $100 thousand through $250 thousand | 74,436 | 76,578 |
Time deposits more than $250 thousand | 35,700 | 37,392 |
Total deposits | $ 4,867,867 | $ 4,827,613 |
Note 8 - Deposits and Borrowe53
Note 8 - Deposits and Borrowed Funds - Short-term Borrowed Funds (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Collateral Carrying Value | $ 241,641 | $ 237,537 |
Short-term borrowed funds | 65,356 | 58,471 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Collateral Carrying Value | 73,165 | 74,173 |
Agency Residential MBS [Member] | ||
Collateral Carrying Value | 64,266 | 58,251 |
Corporate Debt Securities [Member] | ||
Collateral Carrying Value | $ 104,210 | $ 105,113 |
Note 9 - Fair Value Measureme54
Note 9 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Securities Selected for OTTI Analysis, Market Price, Threshold | 95.00% | |
Loans and Leases Receivable, Allowance, Ending Balance | $ 23,081 | $ 23,009 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Appraisal Rate | 10.00% |
Note 9 - Fair Value Measureme55
Note 9 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Equity securities | $ 1,764 | $ 1,800 | $ 1,800 |
Debt securities available for sale | 2,351,970 | 2,191,707 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Debt securities available for sale | 117,947 | 119,319 | |
Agency Residential MBS [Member] | |||
Debt securities available for sale | 847,640 | 767,706 | |
Non-agency Residential MBS [Member] | |||
Debt securities available for sale | 139 | 154 | |
Agency Commercial MBS [Member] | |||
Debt securities available for sale | 2,190 | 2,219 | |
US Government Agencies Debt Securities [Member] | |||
Debt securities available for sale | 1,520 | 1,590 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Debt securities available for sale | 180,635 | 185,221 | |
Debt Security, Corporate, US [Member] | |||
Debt securities available for sale | 1,201,899 | 1,115,498 | |
Fair Value, Measurements, Recurring [Member] | |||
Equity securities | 1,764 | 1,800 | |
Debt securities available for sale | 2,351,970 | 2,191,707 | |
Total | 2,353,734 | 2,193,507 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Equity securities | |||
Debt securities available for sale | |||
Total | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Equity securities | 1,764 | 1,800 | |
Debt securities available for sale | 2,351,970 | 2,191,707 | |
Total | 2,353,734 | 2,193,507 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Equity securities | |||
Debt securities available for sale | |||
Total | |||
Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | |||
Equity securities | 1,764 | 1,800 | |
Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Equity securities | |||
Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Equity securities | 1,764 | 1,800 | |
Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Equity securities | |||
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Debt securities available for sale | 117,947 | 119,319 | |
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Debt securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Debt securities available for sale | 117,947 | 119,319 | |
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Debt securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Agency Residential MBS [Member] | |||
Debt securities available for sale | 847,640 | 767,706 | |
Fair Value, Measurements, Recurring [Member] | Agency Residential MBS [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Debt securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Agency Residential MBS [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Debt securities available for sale | 847,640 | 767,706 | |
Fair Value, Measurements, Recurring [Member] | Agency Residential MBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Debt securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Non-agency Residential MBS [Member] | |||
Debt securities available for sale | 139 | 154 | |
Fair Value, Measurements, Recurring [Member] | Non-agency Residential MBS [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Debt securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Non-agency Residential MBS [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Debt securities available for sale | 139 | 154 | |
Fair Value, Measurements, Recurring [Member] | Non-agency Residential MBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Debt securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Agency Commercial MBS [Member] | |||
Debt securities available for sale | 2,190 | 2,219 | |
Fair Value, Measurements, Recurring [Member] | Agency Commercial MBS [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Debt securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Agency Commercial MBS [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Debt securities available for sale | 2,190 | 2,219 | |
Fair Value, Measurements, Recurring [Member] | Agency Commercial MBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Debt securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Debt securities available for sale | 1,520 | 1,590 | |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Debt securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Debt securities available for sale | 1,520 | 1,590 | |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Debt securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Debt securities available for sale | 180,635 | 185,221 | |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Debt securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Debt securities available for sale | 180,635 | 185,221 | |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Debt securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Debt Security, Corporate, US [Member] | |||
Debt securities available for sale | 1,201,899 | 1,115,498 | |
Fair Value, Measurements, Recurring [Member] | Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Debt securities available for sale | |||
Fair Value, Measurements, Recurring [Member] | Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Debt securities available for sale | 1,201,899 | 1,115,498 | |
Fair Value, Measurements, Recurring [Member] | Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Debt securities available for sale |
Note 9 - Fair Value Measureme56
Note 9 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value | $ 12,280 | |
Total Losses | (219) | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 12,280 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value | $ 12,913 | |
Total Losses | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 12,913 | |
Other Real Estate Owned [Member] | ||
Fair Value | 1,426 | |
Total Losses | (219) | |
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 | 1,426 | |
Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value | 1,376 | |
Total Losses | ||
Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 1,376 | |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value | 4,950 | |
Total Losses | ||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value | 5,904 | |
Total Losses | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value | 4,950 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value | $ 5,904 | |
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value | 4,857 | |
Total Losses | ||
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value | 6,680 | |
Total Losses | ||
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value | ||
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value | ||
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value | ||
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value | ||
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value | 4,857 | |
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value | $ 6,680 |
Note 9 - Fair Value Measureme57
Note 9 - Fair Value Measurements - Fair Value Estimates for Financial Instruments, Excluding Financial Instruments Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt securities held to maturity | $ 1,098,895 | $ 1,155,342 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 555,607 | 575,002 |
Debt securities held to maturity | 1,114,287 | 1,158,864 |
Loans | 1,205,503 | 1,264,973 |
Deposits | 4,867,867 | 4,827,613 |
Short-term borrowed funds | 65,356 | 58,471 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 555,607 | 575,002 |
Debt securities held to maturity | 1,098,895 | 1,155,342 |
Loans | 1,244,670 | 1,257,811 |
Deposits | 4,864,792 | 4,824,586 |
Short-term borrowed funds | 65,356 | 58,471 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 555,607 | 575,002 |
Debt securities held to maturity | ||
Loans | ||
Deposits | ||
Short-term borrowed funds | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | ||
Debt securities held to maturity | 1,098,895 | 1,155,342 |
Loans | ||
Deposits | 4,643,430 | 4,595,795 |
Short-term borrowed funds | 65,356 | 58,471 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | ||
Debt securities held to maturity | ||
Loans | 1,244,670 | 1,257,811 |
Deposits | 221,362 | 228,791 |
Short-term borrowed funds |
Note 10 - Commitments and Con58
Note 10 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Unfunded Loan Commitments | $ 282,428 | $ 272,646 |
Other Liabilities [Member] | ||
Reserve for Unfunded Commitments | 2,308 | 2,308 |
Financial Standby Letter of Credit [Member] | ||
Letters of Credit Outstanding, Amount | 3,849 | 19,263 |
Commercial Standby Letters of Credit [Member] | ||
Letters of Credit Outstanding, Amount | 0 | $ 0 |
Customer Refunds [Member] | ||
Loss Contingency Accrual, Ending Balance | $ 5,542 |
Note 11 - Earnings Per Common59
Note 11 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 491 | 299 |
Note 11 - Earnings Per Common60
Note 11 - Earnings Per Common Share - Earnings Per Common Share and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income (numerator) | $ 17,506 | $ 15,049 |
Basic earnings per common share | ||
Weighted average number of common shares outstanding - basic (in shares) | 26,532 | 26,171 |
Basic earnings per common share (in dollars per share) | $ 0.66 | $ 0.58 |
Diluted earnings per common share | ||
Weighted average number of common shares outstanding - basic (in shares) | 26,532 | 26,171 |
Add common stock equivalents for options (in shares) | 133 | 158 |
Weighted average number of common shares outstanding - diluted (denominator) (in shares) | 26,665 | 26,329 |
Diluted earnings per common share (in dollars per share) | $ 0.66 | $ 0.57 |