Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 26, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TCBK | ||
Entity Registrant Name | TRICO BANCSHARES / | ||
Entity Central Index Key | 356,171 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 22,785,173 | ||
Entity Public Float | $ 455,364,095 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash and due from banks | $ 94,305 | $ 93,150 |
Cash at Federal Reserve and other banks | 209,156 | 517,578 |
Cash and cash equivalents | 303,461 | 610,728 |
Investment securities: | ||
Available for sale | 404,885 | 83,205 |
Held to maturity | 726,530 | 676,426 |
Restricted equity securities | 16,956 | 16,956 |
Loans held for sale | 1,873 | 3,579 |
Loans | 2,522,937 | 2,282,524 |
Allowance for loan losses | (36,011) | (36,585) |
Total loans, net | 2,486,926 | 2,245,939 |
Foreclosed assets, net | 5,369 | 4,894 |
Premises and equipment, net | 43,811 | 43,493 |
Cash value of life insurance | 94,560 | 92,337 |
Accrued interest receivable | 10,786 | 9,275 |
Goodwill | 63,462 | 63,462 |
Other intangible assets, net | 5,894 | 7,051 |
Mortgage servicing rights | 7,618 | 7,378 |
Other assets | 48,591 | 51,735 |
Total assets | 4,220,722 | 3,916,458 |
Deposits: | ||
Noninterest-bearing demand | 1,155,695 | 1,083,900 |
Interest-bearing | 2,475,571 | 2,296,523 |
Total deposits | 3,631,266 | 3,380,423 |
Accrued interest payable | 774 | 978 |
Reserve for unfunded commitments | 2,475 | 2,145 |
Other liabilities | 65,293 | 49,192 |
Other borrowings | 12,328 | 9,276 |
Junior subordinated debt | 56,470 | 56,272 |
Total liabilities | $ 3,768,606 | $ 3,498,286 |
Commitments and contingencies (Note 18) | ||
Shareholders' equity: | ||
Common stock, no par value: 50,000,000 shares authorized; issued and outstanding: 22,775,173 at December 31, 2015 22,714,964 at December 31, 2014 | $ 247,587 | $ 244,318 |
Retained earnings | 206,307 | 176,057 |
Accumulated other comprehensive income, net of tax | (1,778) | (2,203) |
Total shareholders' equity | 452,116 | 418,172 |
Total liabilities and shareholders' equity | $ 4,220,722 | $ 3,916,458 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 21, 2007 |
Statement of Financial Position [Abstract] | |||
Common stock, no par value | |||
Common stock, shares authorized | 50,000,000 | 50,000,000 | |
Common stock, shares issued | 22,775,173 | 22,714,964 | |
Common stock, shares outstanding | 22,775,173 | 22,714,964 | 15,814,662 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and dividend income: | |||
Loans, including fees | $ 131,836 | $ 103,887 | $ 97,548 |
Debt securities: | |||
Taxable | 25,303 | 14,753 | 6,349 |
Tax exempt | 1,509 | 505 | 583 |
Dividends | 2,118 | 837 | 387 |
Interest bearing cash at Federal Reserve and other banks | 648 | 1,133 | 1,693 |
Total interest and dividend income | 161,414 | 121,115 | 106,560 |
Interest expense: | |||
Deposits | 3,434 | 3,274 | 3,445 |
Other borrowings | 4 | 4 | 4 |
Junior subordinated debt | 1,978 | 1,403 | 1,247 |
Total interest expense | 5,416 | 4,681 | 4,696 |
Net interest income | 155,998 | 116,434 | 101,864 |
Benefit from reversal of previously provided loan losses | (2,210) | (4,045) | (715) |
Net interest income after provision for loan losses | 158,208 | 120,479 | 102,579 |
Noninterest income: | |||
Service charges and fees | 31,821 | 24,236 | 25,257 |
Gain on sale of loans | 3,064 | 2,032 | 5,602 |
Commissions on sale of non-deposit investment products | 3,349 | 2,995 | 2,983 |
Increase in cash value of life insurance | 2,786 | 1,953 | 1,727 |
Other | 4,327 | 3,300 | 1,260 |
Total noninterest income | 45,347 | 34,516 | 36,829 |
Noninterest expense: | |||
Salaries and related benefits | 71,405 | 57,544 | 51,936 |
Other | 59,436 | 52,835 | 41,668 |
Total noninterest expense | 130,841 | 110,379 | 93,604 |
Income before income taxes | 72,714 | 44,616 | 45,804 |
Provision for income taxes | 28,896 | 18,508 | 18,405 |
Net income | $ 43,818 | $ 26,108 | $ 27,399 |
Earnings per share: | |||
Basic | $ 1.93 | $ 1.47 | $ 1.71 |
Diluted | $ 1.91 | $ 1.46 | $ 1.69 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 11,422 | $ 12,694 | $ 11,366 | $ 8,336 | $ 5,650 | $ 8,234 | $ 4,859 | $ 7,365 | $ 43,818 | $ 26,108 | $ 27,399 |
Other comprehensive (loss) income, net of tax: | |||||||||||
Unrealized holding losses on securities arising during the period | (1,098) | (94) | (2,452) | ||||||||
Change in minimum pension liability | 1,246 | (4,114) | 1,750 | ||||||||
Change in joint beneficiary agreement liability | 277 | 148 | 400 | ||||||||
Other comprehensive (loss) income | 425 | (4,060) | (302) | ||||||||
Comprehensive income | $ 44,243 | $ 22,048 | $ 27,097 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning balance at Dec. 31, 2012 | $ 229,359 | $ 85,561 | $ 141,639 | $ 2,159 |
Beginning balance, shares at Dec. 31, 2012 | 16,000,838 | |||
Net income | 27,399 | 27,399 | ||
Other comprehensive income (loss) | (302) | (302) | ||
Stock option vesting | 1,151 | $ 1,151 | ||
Stock options forfeited | (22) | (22) | ||
Stock options exercised | 3,240 | $ 3,240 | ||
Stock options exercised, shares | 248,765 | |||
Tax benefit of stock options exercised | 356 | $ 356 | ||
Repurchase of common stock | (3,490) | $ (930) | (2,560) | |
Repurchase of common stock, shares | (172,941) | |||
Dividends paid | (6,745) | (6,745) | ||
Ending balance at Dec. 31, 2013 | 250,946 | $ 89,356 | 159,733 | 1,857 |
Ending balance, shares at Dec. 31, 2013 | 16,076,662 | |||
Net income | 26,108 | 26,108 | ||
Other comprehensive income (loss) | (4,060) | (4,060) | ||
PSU vesting | 42 | $ 42 | ||
RSU vesting | 126 | 126 | ||
Stock option vesting | 965 | 965 | ||
Stock options exercised | 2,875 | $ 2,875 | ||
Stock options exercised, shares | 166,020 | |||
Tax benefit of stock options exercised | 225 | $ 225 | ||
Issuance of common stock, value | 151,303 | $ 151,303 | ||
Issuance of common stock, shares | 6,575,550 | |||
Repurchase of common stock | (2,551) | $ (574) | (1,977) | |
Repurchase of common stock, shares | (103,268) | |||
Dividends paid | (7,807) | (7,807) | ||
Ending balance at Dec. 31, 2014 | $ 418,172 | $ 244,318 | 176,057 | (2,203) |
Ending balance, shares at Dec. 31, 2014 | 22,714,964 | 22,714,964 | ||
Net income | $ 43,818 | 43,818 | ||
Other comprehensive income (loss) | 425 | 425 | ||
PSU vesting | 179 | $ 179 | ||
RSU vesting | 457 | $ 457 | ||
RSUs released | 12,064,000 | |||
Tax benefit from release of RSUs | 15 | $ 15 | ||
Stock option vesting | 734 | 734 | ||
Stock options exercised | $ 3,116 | $ 3,116 | ||
Stock options exercised, shares | 154,000 | 154,500 | ||
Tax benefit of stock options exercised | $ 13 | $ 13 | ||
Reversal of tax benefit from exercise of stock options | (96) | (96) | ||
Repurchase of common stock | (2,868) | $ (1,149) | (1,719) | |
Repurchase of common stock, shares | (106,355) | |||
Dividends paid | (11,849) | (11,849) | ||
Ending balance at Dec. 31, 2015 | $ 452,116 | $ 247,587 | $ 206,307 | $ (1,778) |
Ending balance, shares at Dec. 31, 2015 | 22,775,173 | 22,775,173 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends paid, per share | $ 0.52 | $ 0.44 | $ 0.42 |
Retained Earnings [Member] | |||
Dividends paid, per share | $ 0.52 | $ 0.44 | $ 0.42 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income | $ 43,818 | $ 26,108 | $ 27,399 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of premises and equipment, and amortization | 5,906 | 5,735 | 4,623 |
Amortization of intangible assets | 1,157 | 446 | 209 |
(Benefit from) provision for loan losses | (2,210) | (4,045) | (715) |
Amortization of investment securities premium, net | 3,458 | 970 | 752 |
Originations of loans for resale | (111,640) | (49,241) | (123,834) |
Proceeds from sale of loans originated for resale | 115,469 | 49,394 | 137,859 |
Gain on sale of loans | (3,064) | (2,032) | (5,602) |
Change in market value of mortgage servicing rights | 701 | 1,301 | (253) |
Provision for losses on foreclosed assets | 502 | 208 | 682 |
Gain on sale of foreclosed assets | (991) | (2,153) | (1,640) |
Loss (gain) on disposal of fixed assets | 129 | (49) | 39 |
Increase in cash value of life insurance | (2,786) | (1,953) | (1,727) |
Gain on life insurance death benefit | (155) | ||
Equity compensation vesting expense | 1,370 | 1,133 | 1,151 |
Equity compensation tax effect | 68 | (225) | (356) |
Deferred income tax expense (benefit) | 681 | (993) | 2,526 |
Change in: | |||
Reserve for unfunded commitments | 330 | (395) | (1,200) |
Interest receivable | (1,511) | (619) | 120 |
Interest payable | (204) | (67) | (98) |
Other assets and liabilities, net | 3,789 | 3,894 | 1,151 |
Net cash from operating activities | 54,817 | 27,417 | 41,086 |
Investing activities: | |||
Proceeds from maturities of securities available for sale | 33,552 | 24,016 | 53,468 |
Proceeds from sale of securities available for sale | 2 | 14,130 | |
Purchases of securities available for sale | (341,303) | ||
Proceeds from maturities of securities held to maturity | 93,784 | 34,172 | 4,391 |
Purchases of securities held to maturity | (146,100) | (280,692) | (244,967) |
(Purchase) redemption of restricted equity securities, net | (2,415) | 484 | |
Loan origination and principal collections, net | (244,018) | (82,079) | (59,411) |
Loans purchased | (32,017) | (62,698) | |
Proceeds from sale of premises and equipment | 8 | 121 | 12 |
Improvement of foreclosed assets | (195) | (462) | (479) |
Proceeds from sale of other real estate owned | 5,449 | 9,762 | 13,910 |
Purchases of premises and equipment | (5,489) | (4,665) | (8,313) |
Life insurance proceeds | 706 | ||
Cash received from acquisition, net | 141,405 | ||
Net cash (used) provided by investing activities | (604,310) | (178,724) | (302,897) |
Financing activities: | |||
Net increase in deposits | 250,843 | 167,984 | 120,781 |
Net change in other borrowings | 3,052 | 2,941 | (2,862) |
Equity compensation tax effect | (68) | 225 | 356 |
Repurchase of common stock | (412) | (292) | (501) |
Dividends paid | (11,849) | (7,807) | (6,745) |
Exercise of stock options | 660 | 616 | 251 |
Net cash from financing activities | 242,226 | 163,667 | 111,280 |
Net change in cash and cash equivalents | (307,267) | 12,360 | (150,531) |
Cash and cash equivalents and beginning of year | 610,728 | 598,368 | 748,899 |
Cash and cash equivalents at end of year | 303,461 | 610,728 | 598,368 |
Supplemental disclosure of noncash activities: | |||
Unrealized loss on securities available for sale | (1,895) | (162) | (4,232) |
Loans transferred to foreclosed assets | 5,240 | 5,291 | 11,717 |
Due to broker | 17,072 | ||
Market value of shares tendered in-lieu of cash to pay for exercise of options and/or related taxes | 2,868 | 2,551 | 3,490 |
Supplemental disclosure of cash flow activity: | |||
Cash paid for interest expense | 5,620 | 4,641 | 4,794 |
Cash paid for income taxes | $ 24,315 | 22,685 | $ 17,395 |
Assets acquired in acquisition | 978,682 | ||
Liabilities assumed in acquisition | $ 827,372 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 –Summary of Significant Accounting Policies Description of Business and Basis of Presentation TriCo Bancshares (the “Company”) is a California corporation organized to act as a bank holding company for Tri Counties Bank (the “Bank”). The Company and the Bank are headquartered in Chico, California. The Bank is a California-chartered bank that is engaged in the general commercial banking business in 26 California counties. Tri Counties Bank currently operates from 55 traditional branches and 12 in-store branches. The Company has five capital subsidiary business trusts (collectively, the “Capital Trusts”) that issued trust preferred securities, including two organized by TriCo and three acquired with the acquisition of North Valley Bancorp. See Note 17 – Junior Subordinated Debt. The consolidated financial statements are prepared in accordance with accounting policies generally accepted in the United States of America and general practices in the banking industry. The financial statements include the accounts of the Company. All inter-company accounts and transactions have been eliminated in consolidation. For financial reporting purposes, the Company’s investments in the Capital Trusts of $1,696,000 are accounted for under the equity method and, accordingly, are not consolidated and are included in other assets on the consolidated balance sheet. The subordinated debentures issued and guaranteed by the Company and held by the Capital Trusts are reflected as debt on the Company’s consolidated balance sheet. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates, including those related to the adequacy of the allowance for loan losses, investments, intangible assets, income taxes and contingencies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. As described in Note 2, the Company acquired North Valley Bancorp on October 3, 2014. The acquired assets and assumed liabilities were measured at estimated fair value values under the acquisition method of accounting. The Company made significant estimates and exercised significant judgment in accounting for the acquisition. The Company determined loan fair values based on loan file reviews, loan risk ratings, appraised collateral values, expected cash flows and historical loss factors. Foreclosed assets were primarily valued based on appraised values of the repossessed loan collateral. Land and building were valued based on appraised values. An identifiable intangible was also recorded representing the fair value of the core deposit customer base based on an evaluation of the cost of such deposits relative to alternative funding sources. The fair value of time deposits and borrowings were determined based on the present value of estimated future cash flows using current rates as of the acquisition date. Significant Group Concentration of Credit Risk The Company grants agribusiness, commercial, consumer, and residential loans to customers located throughout the northern San Joaquin Valley, the Sacramento Valley and northern mountain regions of California. The Company has a diversified loan portfolio within the business segments located in this geographical area. The Company currently classifies all its operation into one business segment that it denotes as community banking. Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash on hand, amounts due from banks, and federal funds sold. Net cash flows are reported for loan and deposit transactions and other borrowings. Investment Securities The Company classifies its debt and marketable equity securities into one of three categories: trading, available for sale or held to maturity. Trading securities are bought and held principally for the purpose of selling in the near term. Held to maturity securities are those securities which the Company has the ability and intent to hold until maturity. These securities are carried at cost adjusted for amortization of premium and accretion of discount, computed by the effective interest method over their contractual lives. All other securities not included in trading or held to maturity are classified as available for sale. Available for sale securities are recorded at fair value. Unrealized gains and losses, net of the related tax effect, on available for sale securities are reported as a separate component of other accumulated comprehensive income in shareholders’ equity until realized. Premiums and discounts are amortized or accreted over the life of the related investment security as an adjustment to yield using the effective interest method. Dividend and interest income are recognized when earned. Realized gains and losses are derived from the amortized cost of the security sold. During 2015 and 2014, the Company did not have any securities classified as trading. The Company assesses other-than-temporary impairment (“OTTI”) based on whether it intends to sell a security or if it is likely that the Company would be required to sell the security before recovery of the amortized cost basis of the investment, which may be maturity. For debt securities, if we intend to sell the security or it is more likely than not that we will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized in earnings as an OTTI. If we do not intend to sell the security and it is not likely that we will be required to sell the security but we do not expect to recover the entire amortized cost basis of the security, only the portion of the impairment loss representing credit losses would be recognized in earnings. The credit loss on a security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the security being measured for potential OTTI. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to other comprehensive income (“OCI”). Impairment losses related to all other factors are presented as separate categories within OCI. The accretion of the amount recorded in OCI increases the carrying value of the investment and does not affect earnings. If there is an indication of additional credit losses the security is re-evaluated according to the procedures described above. No OTTI losses were recognized during 2015 and 2014. Restricted Equity Securities Restricted equity securities represent the Company’s investment in the stock of the Federal Home Loan Bank of San Francisco (“FHLB”) and are carried at par value, which reasonably approximates its fair value. While technically these are considered equity securities, there is no market for the FHLB stock. Therefore, the shares are considered as restricted investment securities. Management periodically evaluates FHLB stock for other-than-temporary impairment. Management’s determination of whether these investments are impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB, and (4) the liquidity position of the FHLB. As a member of the FHLB system, the Bank is required to maintain a minimum level of investment in FHLB stock based on specific percentages of its outstanding mortgages, total assets, or FHLB advances. The Bank may request redemption at par value of any stock in excess of the minimum required investment. Stock redemptions are at the discretion of the FHLB. Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by aggregate outstanding commitments from investors of current investor yield requirements. Net unrealized losses are recognized through a valuation allowance by charges to noninterest income. Mortgage loans held for sale are generally sold with the mortgage servicing rights retained by the Company. Gains or losses on the sale of loans that are held for sale are recognized at the time of the sale and determined by the difference between net sale proceeds and the net book value of the loans less the estimated fair value of any retained mortgage servicing rights. Loans and Allowance for Loan Losses Loans originated by the Company, i.e., not purchased or acquired in a business combination, are referred to as originated loans. Originated loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal amount outstanding, net of deferred loan fees and costs. Loan origination and commitment fees and certain direct loan origination costs are deferred, and the net amount is amortized as an adjustment of the related loan’s yield over the actual life of the loan. Originated loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. Originated loans are placed in nonaccrual status when reasonable doubt exists as to the full, timely collection of interest or principal, or a loan becomes contractually past due by 90 days or more with respect to interest or principal and is not well secured and in the process of collection. When an originated loan is placed on nonaccrual status, all interest previously accrued but not collected is reversed. Income on such loans is then recognized only to the extent that cash is received and where the future collection of principal is probable. Interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of Management, the loan is estimated to be fully collectible as to both principal and interest. An allowance for loan losses for originated loans is established through a provision for loan losses charged to expense. The allowance is maintained at a level which, in Management’s judgment, is adequate to absorb probable incurred credit losses inherent in the loan portfolio as of the balance sheet date. Originated loans and deposit related overdrafts are charged against the allowance for loan losses when Management believes that the collectability of the principal is unlikely or, with respect to consumer installment loans, according to an established delinquency schedule. The allowance is an amount that Management believes will be adequate to absorb probable incurred losses inherent in existing loans, based on evaluations of the collectability, impairment and prior loss experience of loans. The evaluations take into consideration such factors as changes in the nature and size of the portfolio, overall portfolio quality, loan concentrations, specific problem loans, and current economic conditions that may affect the borrower’s ability to pay. The Company defines an originated loan as impaired when it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired originated loans are measured based on the present value of expected future cash flows discounted at the loan’s original effective interest rate. As a practical expedient, impairment may be measured based on the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. When the measure of the impaired loan is less than the recorded investment in the loan, the impairment is recorded through a valuation allowance. In situations related to originated loans where, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession for other than an insignificant period of time to the borrower that the Company would not otherwise consider, the related loan is classified as a troubled debt restructuring (TDR). The Company strives to identify borrowers in financial difficulty early and work with them to modify to more affordable terms before their loan reaches nonaccrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. In cases where the Company grants the borrower new terms that result in the loan being classified as a TDR, the Company measures any impairment on the restructuring as noted above for impaired loans. TDR loans are classified as impaired until they are fully paid off or charged off. Loans that are in nonaccrual status at the time they become TDR loans, remain in nonaccrual status until the borrower demonstrates a sustained period of performance which the Company generally believes to be six consecutive months of payments, or equivalent. Otherwise, TDR loans are subject to the same nonaccrual and charge-off policies as noted above with respect to their restructured principal balance. Credit risk is inherent in the business of lending. As a result, the Company maintains an allowance for loan losses to absorb probable incurred losses inherent in the Company’s originated loan portfolio. This is maintained through periodic charges to earnings. These charges are included in the Consolidated Statements of Income as provision for loan losses. All specifically identifiable and quantifiable losses are immediately charged off against the allowance. However, for a variety of reasons, not all losses are immediately known to the Company and, of those that are known, the full extent of the loss may not be quantifiable at that point in time. The balance of the Company’s allowance for originated loan losses is meant to be an estimate of these probable incurred losses inherent in the portfolio. The Company formally assesses the adequacy of the allowance for originated loan losses on a quarterly basis. Determination of the adequacy is based on ongoing assessments of the probable risk in the outstanding originated loan portfolio, and to a lesser extent the Company’s originated loan commitments. These assessments include the periodic re-grading of credits based on changes in their individual credit characteristics including delinquency, seasoning, recent financial performance of the borrower, economic factors, changes in the interest rate environment, growth of the portfolio as a whole or by segment, and other factors as warranted. Loans are initially graded when originated. They are re-graded as they are renewed, when there is a new loan to the same borrower, when identified facts demonstrate heightened risk of nonpayment, or if they become delinquent. Re-grading of larger problem loans occurs at least quarterly. Confirmation of the quality of the grading process is obtained by independent credit reviews conducted by consultants specifically hired for this purpose and by various bank regulatory agencies. The Company’s method for assessing the appropriateness of the allowance for originated loan losses includes specific allowances for impaired originated loans, formula allowance factors for pools of credits, and allowances for changing environmental factors (e.g., interest rates, growth, economic conditions, etc.). Allowance factors for loan pools were based on historical loss experience by product type and prior risk rating. During the three months ended March 31, 2014, the Company modified its methodology used to determine the allowance for changing environmental factors by adding a new environmental factor based on the California Home Affordability Index (“CHAI”). The CHAI measures the percentage of households in California that can afford to purchase the median priced home in California based on current home prices and mortgage interest rates. The use of the CHAI environmental factor consists of comparing the current CHAI to its historical baseline, and allows management to consider the adverse impact that a lower than historical CHAI may have on general economic activity and the performance of our borrowers. Based on an analysis of historical data, management believes this environmental factor gives a better estimate of current economic activity compared to other environmental factors that may lag current economic activity to some extent. This change in methodology resulted in no change to the allowance for loan losses as of March 31, 2014 compared to what it would have been without this change in methodology. During the three months ended June 30, 2014, the Company refined the method it uses to evaluate historical losses for the purpose of estimating the pool allowance for unimpaired loans. In the third quarter of 2010, the Company moved from a six point grading system (Grades A-F) to a nine point risk rating system (Risk Ratings 1-9), primarily to allow for more distinction within the “Pass” risk rating. Initially, there was not sufficient loss experience within the nine point scale to complete a migration analysis for all nine risk ratings, all loans risk rated Pass or 2-5 were grouped together, a loss rate was calculated for that group, and that loss rate was established as the loss rate for risk rating 4. The reserve ratios for risk ratings 2, 3 and 5 were then interpolated from that figure. As of June 30, 2014, the Company was able to compile twelve quarters of historical loss information for all risk ratings and use that information to calculate the loss rates for each of the nine risk ratings without interpolation. This refinement led to an increase of $1,438,000 in the reserve requirement for unimpaired loans, driven primarily by home equity lines of credit with a risk rating of 5 or “Pass-Watch.” During the three months ended September 30, 2015, the Company modified its methodology used to determine the allowance for home equity lines of credit that are about to exit their revolving period, or have recently entered into their amortization period and are now classified as home equity loans. This change in methodology increased the required allowance for such lines and loans by $859,000, and $459,000, respectively, and represents the increase in estimated incurred losses in these lines and loans as of September 30, 2015 due to higher required contractual principal and interest payments of such lines and loans. Loans purchased or acquired in a business combination are referred to as acquired loans. Acquired loans are valued as of the acquisition date in accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 805, Business Combinations Loans and Debt Securities Acquired with Deteriorated Credit Quality Acquired loans that are not PCI loans are referred to as purchased not credit impaired (PNCI) loans. PNCI loans are accounted for under FASB ASC Topic 310-20, Receivables – Nonrefundable Fees and Other Costs, Throughout these financial statements, and in particular in Note 4 and Note 5, when we refer to “Loans” or “Allowance for loan losses” we mean all categories of loans, including Originated, PNCI, PCI – cash basis, and PCI - other. When we are not referring to all categories of loans, we will indicate which we are referring to – Originated, PNCI, PCI – cash basis, or PCI - other. When referring to PNCI and PCI loans we use the terms “nonaccretable difference”, “accretable yield”, or “purchase discount”. Nonaccretable difference is the difference between undiscounted contractual cash flows due and undiscounted cash flows we expect to collect, or put another way, it is the undiscounted contractual cash flows we do not expect to collect. Accretable yield is the difference between undiscounted cash flows we expect to collect and the value at which we have recorded the loan on our financial statements. On the date of acquisition, all purchased loans are recorded on our consolidated financial statements at estimated fair value. Purchase discount is the difference between the estimated fair value of loans on the date of acquisition and the principal amount owed by the borrower, net of charge offs, on the date of acquisition. We may also refer to “discounts to principal balance of loans owed, net of charge-offs”. Discounts to principal balance of loans owed, net of charge-offs is the difference between principal balance of loans owed, net of charge-offs, and loans as recorded on our financial statements. Discounts to principal balance of loans owed, net of charge-offs arise from purchase discounts, and equal the purchase discount on the acquisition date. Loans are also categorized as “covered” or “noncovered”. Covered loans refer to loans covered by a Federal Deposit Insurance Corporation (“FDIC”) loss sharing agreement. Noncovered loans refer to loans not covered by a FDIC loss sharing agreement. Foreclosed Assets Foreclosed assets include assets acquired through, or in lieu of, loan foreclosure. Foreclosed assets are held for sale and are initially recorded at fair value less estimated costs to sell at the date of foreclosure, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Any write-downs based on the asset’s fair value less costs to sell at the date of acquisition are charged to the allowance for loan and lease losses. Any recoveries based on the asset’s fair value less estimated costs to sell in excess of the recorded value of the loan at the date of acquisition are recorded to the allowance for loan and lease losses. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. Revenue and expenses from operations and changes in the valuation allowance are included in other noninterest expense. Gain or loss on sale of foreclosed assets is included in noninterest income. Foreclosed assets that are not subject to a FDIC loss-share agreement are referred to as noncovered foreclosed assets. Foreclosed assets acquired through FDIC-assisted acquisitions that are subject to a FDIC loss-share agreement, and all assets acquired via foreclosure of covered loans are referred to as covered foreclosed assets. Covered foreclosed assets are reported exclusive of expected reimbursement cash flows from the FDIC. Foreclosed covered loan collateral is transferred into covered foreclosed assets at the loan’s carrying value, inclusive of the acquisition date fair value discount. Covered foreclosed assets are initially recorded at estimated fair value less estimated costs to sell on the acquisition date based on similar market comparable valuations less estimated selling costs. Any subsequent valuation adjustments due to declines in fair value will be charged to noninterest expense, and will be mostly offset by noninterest income representing the corresponding increase to the FDIC indemnification asset for the offsetting loss reimbursement amount. Any recoveries of previous valuation adjustments will be credited to noninterest expense with a corresponding charge to noninterest income for the portion of the recovery that is due to the FDIC. Premises and Equipment Land is carried at cost. Land improvements, buildings and equipment, including those acquired under capital lease, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expenses are computed using the straight-line method over the estimated useful lives of the related assets or lease terms. Asset lives range from 3-10 years for furniture and equipment and 15-40 years for land improvements and buildings. Goodwill and Other Intangible Assets Goodwill represents the excess of costs over fair value of net assets of businesses acquired. Goodwill and other intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but instead tested for impairment at least annually. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. The Company has an identifiable intangible asset consisting of core deposit intangibles (CDI). CDI are amortized over their respective estimated useful lives, and reviewed for impairment. Impairment of Long-Lived Assets and Goodwill Long-lived assets, such as premises and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheet. As of December 31 of each year, goodwill is tested for impairment, and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. This determination is made at the reporting unit level. The Company may choose to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then goodwill is deemed not to be impaired. However, if the Company concludes otherwise, or if the Company elected not to first assess qualitative factors, then the Company performs the first step of a two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. Second, if the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Currently, and historically, the Company is comprised of only one reporting unit that operates within the business segment it has identified as “community banking”. Goodwill was not impaired as of December 31, 2015 because the fair value of the reporting unit exceeded its carrying value. Mortgage Servicing Rights Mortgage servicing rights (MSR) represent the Company’s right to a future stream of cash flows based upon the contractual servicing fee associated with servicing mortgage loans. Our MSR arise from residential and commercial mortgage loans that we originate and sell, but retain the right to service the loans. The net gain from the retention of the servicing right is included in gain on sale of loans in noninterest income when the loan is sold. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Servicing fees are recorded in noninterest income when earned. The Company accounts for MSR at fair value. The determination of fair value of our MSR requires management judgment because they are not actively traded. The determination of fair value for MSR requires valuation processes which combine the use of discounted cash flow models and extensive analysis of current market data to arrive at an estimate of fair value. The cash flow and prepayment assumptions used in our discounted cash flow model are based on empirical data drawn from the historical performance of our MSR, which we believe are consistent with assumptions used by market participants valuing similar MSR, and from data obtained on the performance of similar MSR. The key assumptions used in the valuation of MSR include mortgage prepayment speeds and the discount rate. These variables can, and generally will, change from quarter to quarter as market conditions and projected interest rates change. The key risks inherent with MSR are prepayment speed and changes in interest rates. The Company uses an independent third party to determine fair value of MSR. Indemnification Asset/Liability The Company accounts for amounts receivable or payable under its loss-share agreements entered into with the FDIC in connection with its purchase and assumption of certain assets and liabilities of Granite as indemnification assets in accordance with FASB ASC Topic 805, Business Combinations Reserve for Unfunded Commitments The reserve for unfunded commitments is established through a provision for losses – unfunded commitments charged to noninterest expense. The reserve for unfunded commitments is an amount that Management believes will be adequate to absorb probable losses inherent in existing commitments, including unused portions of revolving lines of credits and other loans, standby letters of credits, and unused deposit account overdraft privilege. The reserve for unfunded commitments is based on evaluations of the collectability, and prior loss experience of unfunded commitments. The evaluations take into consideration such factors as changes in the nature and size of the loan portfolio, overall loan portfolio quality, loan concentrations, specific problem loans and related unfunded commitments, and current economic conditions that may affect the borrower’s or depositor’s ability to pay. Income Taxes The Company’s accounting for income taxes is based on an asset and liability approach. The Company recognizes the amount of taxes payable or refundable for the current year, and deferred tax assets and liabilities for the future tax consequences that have been recognized in its financial statements or tax returns. The measurement of tax assets and liabilities is based on |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | Note 2 - Business Combinations On October 28, 2015, TriCo announced that its subsidiary, Tri Counties Bank, has entered into an agreement to purchase three branches on the North Coast of California from Bank of America, N.A. The branches are located in the cities of Arcata, Eureka, and Fortuna in Humboldt County. TriCo anticipates assuming approximately $235 million in deposits and purchasing approximately $400 thousand in loans and will pay a premium of 1.91% on the deposits assumed. This transaction is expected to occur in March 2016. TriCo completed its acquisition of North Valley Bancorp on October 3, 2014. Based on a fixed exchange ratio of 0.9433 shares of TriCo common stock for each share of North Valley Bancorp common stock, North Valley Bancorp shareholders received an aggregate of 6,575,550 shares of TriCo common stock and $6,823 of cash in-lieu of fractional shares. The 6,575,550 shares of TriCo common stock issued to North Valley Bancorp shareholders represented, on a pro forma basis, approximately 28.9% of the 22,714,964 shares of the combined company outstanding on October 3, 2014. Based on TriCo’s closing stock price of $23.01 on October 3, 2014, North Valley Bancorp shareholders received consideration valued at $151,310,000 or approximately $21.71 per share of North Valley common stock outstanding. The acquisition of North Valley Bancorp expanded the Company’s market presence in Northern California. The customer base and locations of North Valley Bancorp’s branches had significant overlap with the Company’s then existing Northern California customer base and branch locations creating potential cost savings and future growth potential. With the levels of excess capital at the time, the acquisitions fit well into the Company’s growth strategy. North Valley Bancorp was headquartered in Redding California, and was the parent of North Valley Bank, which had approximately $935 million in assets and 22 commercial banking offices in Shasta, Humboldt, Del Norte, Mendocino, Yolo, Sonoma, Placer and Trinity Counties in Northern California at June 30, 2014. In connection with the acquisition, North Valley Bank was merged into Tri Counties Bank on October 3, 2014. On October 25, 2014, North Valley Bank’s electronic customer service and other data processing systems were converted into Tri Counties Bank’s systems. Between January 7, 2015 and January 21, 2015, four Tri Counties Bank branches and four former North Valley Bank branches were consolidated into other Tri Counties Bank or other former North Valley Bank branches. Beginning on October 4, 2014, the effect of revenue and expenses from the operations of North Valley Bancorp, and the issuance of TriCo common shares as consideration in the merger are included in the results of the Company. The assets acquired and liabilities assumed from North Valley Bancorp were accounted for in accordance with ASC 805 “Business Combinations,” using the acquisition method of accounting and were recorded at their estimated fair values on the October 3, 2014 acquisition date, and its results of operations are included in the Company’s consolidated statements of income since that date. The excess of the fair value of consideration transferred over total identifiable net assets was recorded as goodwill. The goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and North Valley Bancorp. None of the goodwill is deductible for income tax purposes as the acquisition was accounted for as a tax-free exchange. The following table discloses the calculation of the fair value of consideration transferred, the total identifiable net assets acquired and the resulting goodwill relating to the North Valley Bancorp acquisition: (in thousands) North Valley Bancorp Fair value of consideration transferred: Fair value of shares issued $ 151,303 Cash consideration 7 Total fair value of consideration transferred 151,310 Asset acquired: Cash and cash equivalents 141,412 Securities available for sale 17,288 Securities held to maturity 189,950 Restricted equity securities 5,378 Loans 499,327 Foreclosed assets 695 Premises and equipment 11,936 Cash value of life insurance 38,075 Core deposit intangible 6,614 Other assets 20,064 Total assets acquired 930,739 Liabilities assumed: Deposits 801,956 Other liabilities 10,429 Junior subordinated debt 14,987 Total liabilities assumed 827,372 Total net assets acquired 103,367 Goodwill recognized $ 47,943 A summary of the estimated fair value adjustments resulting in the goodwill recorded in the North Valley Bancorp acquisition are presented below: (in thousands) North Valley Bancorp Value of stock consideration paid to North Valley Bancorp Shareholders $ 151,303 Cash payments to North Valley Bancorp Shareholders 7 Cost basis net assets acquired (98,040 ) Fair value adjustments: Loans 5,832 Premises and Equipment (4,785 ) Core deposit intangible (6,283 ) Deferred income taxes 6,293 Junior subordinated debt (6,664 ) Other 280 Goodwill $ 47,943 The Company recorded the loan portfolio of North Valley Bancorp at fair value at the date of acquisition. A valuation of North Valley Bancorp’s loan portfolio was performed as of the acquisition date to assess the fair value of the loan portfolio. The North Valley Bancorp loan portfolio was segmented into two groups; loans with credit deterioration (PCI loans) and loans without credit deterioration (PNCI). For North Valley Bancorp PNCI loans, the present value of estimated future cash flows, based primarily on contractual cash flows, was used to determine fair value. For North Valley Bancorp PCI loans, the present value of estimated future cash flows, based primarily on liquidation value of collateral, was used to determine fair value. The Company grouped the North Valley Bancorp PNCI loans into pools based on similar loan characteristics such as loan type, payment amortization method, and fixed or variable interest rates. A discounted cash flow schedule was prepared for each pool in which the present value of all estimated future cash flows was calculated using a specifically calculated discount rate for each pool. The discount rate used to estimate the fair value of each loan pool was composed of the sum of: an estimated cost of funds rate, an estimated capital charge reflecting the market participant required return on capital, estimated loan servicing costs, and a liquidity premium. All PNCI loan pools included some estimate regarding prepayment rates, and estimated principal default and loss rates, based primarily on North Valley Bancorp’s historical loss experience. The difference between the sum of recorded balances of the North Valley Bancorp PNCI loans in each pool and the present value of each pool represented the total discount (if the recorded value exceeded the present value) or premium (if the present value exceeded the recorded value) for each pool. The total discount, or premium, for each pool was then allocated to the individual loans within each pool based on outstanding loan balance, individual loan risk rating as compared to the weighted average risk rating of the pool, and the contractual payments remaining for the individual loan as compared to the pool. The Company valued the North Valley Bancorp PCI loans at fair value on an individual basis. A discounted cash flow schedule was prepared for each loan in which the present value of all future estimated cash flows was calculated using a specifically calculated discount rate, estimated liquidation value and estimated liquidation timing for each loan. The discount rate used in the calculation of the present value of North Valley Bancorp PCI loans was composed of the sum of: an estimated cost of funds rate, an estimated capital charge reflecting the market participant required return on capital, estimated loan servicing costs, and a liquidity premium. The difference between the recorded balance and the present value of each North Valley Bancorp PCI loan represented the discount for each PCI loan. All North Valley Bancorp PCI loans had recorded values in excess of their present value of estimated future cash flows. The Company identified the North Valley Bancorp PCI loans as having cash flows that were not reasonably estimable and placed these loans in nonaccrual status under ASC 310-30 and included them in the category of loans the Company refers to as “PCI – other” loans. The following table presents the cost basis, fair value discount, and fair value of loans acquired from North Valley Bancorp on October 3, 2014: North Valley Bancorp Acquired Loans (in thousands) Cost Basis Discount Fair Value PNCI $ 502,637 $ (12,721 ) $ 489,916 PCI – other 11,488 (2,077 ) 9,411 Total $ 514,125 $ (14,798 ) $ 499,327 Although the discount on PNCI loans is completely accretable to interest income over the remaining life of such loans, the discount on PCI – other loans from the North Valley Bancorp acquisition are not accretable into interest income until the loan principal balance has been reduced to the loan’s fair value recorded at acquisition. This method of accounting for the PCI – other loans from the North Valley Bancorp acquisition is often referred to as the “cost recovery” method of income recognition. The following table presents a reconciliation of the undiscounted contractual cash flows, nonaccretable difference, accretable yield, fair value, purchase discount, and principal balance of loans for the PNCI and PCI - other categories of North Valley Bancorp loans as of the acquisition date. For North Valley Bancorp PCI – other loans, the purchase discount does not necessarily represent cash flows to be collected: North Valley Bancorp Loans – October 3, 2014 (in thousands) PNCI PCI - other Total Undiscounted contractual cash flows $ 718,731 $ 15,706 $ 734,437 Undiscounted cash flows not expected to be collected (nonaccretable difference) — (6,295 ) (6,295 ) Undiscounted cash flows expected to be collected 718,731 9,411 728,142 Accretable yield at acquisition (228,815 ) — (228,815 ) Estimated fair value of loans acquired at acquisition 489,916 9,411 499,327 Purchase discount 12,721 2,077 14,798 Principal balance loans acquired $ 502,637 $ 11,488 $ 514,125 As part of the acquisition of North Valley Bancorp, the Company performed a valuation of premises and equipment acquired. This valuation resulted in a $4,785,000 increase in the net book value of land and buildings acquired, and was based on current appraisals of such land and buildings. The Company recognized a core deposit intangible of $6,614,000 related to the acquisition of North Valley Bancorp’s core deposits. The recorded core deposit intangibles represented approximately 0.97% of core deposits for North Valley Bancorp and will be amortized over their useful lives of 7 years. A valuation of time deposits for North Valley Bancorp was also performed as of the acquisition date. Time deposits were split into similar pools based on size, type of time deposits, and maturity. A discounted cash flow analysis was performed on the pools based on current market rates currently paid on similar time deposits. The valuation resulted in no material fair value discount or premium, and none was recorded. The fair value of junior subordinated debentures assumed from North Valley Bancorp was estimated using a discounted cash flow method based on the current market rates for similar liabilities. As a result a discount of $6,664,000 was recorded on the junior subordinated debentures acquired from North Valley Bancorp. The discount on the subordinated debentures will be amortized using the effective yield method the remaining life to maturity of the debentures at acquisition which range from 18 years to 21 years. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3 - Investment Securities The amortized cost and estimated fair values of investments in debt and equity securities are summarized in the following tables: December 31, 2015 Amortized Gross Gross Estimated (in thousands) Securities Available for Sale Obligations of U.S. government corporations and agencies $ 312,917 2,761 (1,996 ) $ 313,682 Obligations of states and political subdivisions 86,823 1,428 (33 ) 88,218 Corporate debt securities — — — — Marketable equity securities 3,000 — (15 ) 2,985 Total securities available for sale $ 402,740 $ 4,189 $ (2,044 ) $ 404,885 Securities Held to Maturity Obligations of U.S. government corporations and agencies $ 711,994 8,394 (2,882 ) $ 717,506 Obligations of states and political subdivisions 14,536 277 (110 ) 14,703 Total securities held to maturity $ 726,530 $ 8,671 $ (2,992 ) $ 732,209 December 31, 2014 Amortized Gross Gross Estimated (in thousands) Securities Available for Sale Obligations of U.S. government corporations and agencies $ 71,144 4,001 (25 ) $ 75,120 Obligations of states and political subdivisions 3,130 45 — 3,175 Corporate debt securities 1,891 17 — 1,908 Marketable equity securities 3,000 2 — 3,002 Total securities available for sale $ 79,165 $ 4,065 $ (25 ) $ 83,205 Securities Held to Maturity Obligations of U.S. government corporations and agencies $ 660,836 13,055 (677 ) $ 673,214 Obligations of states and political subdivisions 15,590 130 (155 ) 15,565 Total securities held to maturity $ 676,426 $ 13,185 $ (832 ) $ 688,779 Investment securities totaling $2,000 were sold in 2015 resulting in no gain or loss on sale. Investment securities sold during 2014 totaled $14,130,000 and no investment securities were sold in 2013. Investment securities with an aggregate carrying value of $297,547,000 and $143,992,000 at December 31, 2015 and 2014, respectively, were pledged as collateral for specific borrowings, lines of credit and local agency deposits. The amortized cost and estimated fair value of debt securities at December 31, 2015 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2015, obligations of U.S. government corporations and agencies with a cost basis totaling $1,024,911,000 consist almost entirely of mortgage-backed securities whose contractual maturity, or principal repayment, will follow the repayment of the underlying mortgages. For purposes of the following table, the entire outstanding balance of these mortgage-backed securities issued by U.S. government corporations and agencies is categorized based on final maturity date. At December 31, 2015, the Company estimates the average remaining life of these mortgage-backed securities issued by U.S. government corporations and agencies to be approximately 5.9 years. Average remaining life is defined as the time span after which the principal balance has been reduced by half. Investment Securities Available for Sale Held to Maturity (In thousands) Amortized Estimated Amortized Estimated Due in one year — — — — Due after one year through five years $ 8,870 $ 9,112 $ 1,147 $ 1,158 Due after five years through ten years 24,150 25,204 830 870 Due after ten years 369,720 370,569 724,553 730,181 Totals $ 402,740 $ 404,885 $ 726,530 $ 732,209 Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) December 31, 2015 Securities Available for Sale: Obligations of U.S. government corporations and agencies $ 193,306 $ (1,996 ) — — $ 193,306 $ (1,996 ) Obligations of states and political subdivisions 6,469 (33 ) — — 6,469 (33 ) Marketable equity securities 2,985 (15 ) — — 2,985 (15 ) Total securities available-for-sale $ 202,760 $ (2,044 ) — — $ 202,760 $ (2,044 ) Securities Held to Maturity: Obligations of U.S. government corporations and agencies $ 198,481 $ (2,882 ) — — $ 198,481 $ (2,882 ) Obligations of states and political subdivisions 497 (11 ) $ 1,121 $ (99 ) 1,618 (110 ) Total securities held-to-maturity $ 198,978 $ (2,893 ) $ 1,121 $ (99 ) $ 200,099 $ (2,992 ) Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) December 31, 2014 Securities Available for Sale: Obligations of U.S. government corporations and agencies $ 6,774 $ (25 ) — — $ 6,774 $ (25 ) Obligations of states and political subdivisions — — — — — — Marketable equity securities — — — — — — Total securities available-for-sale $ 6,774 $ (25 ) — — $ 6,774 $ (25 ) Securities Held to Maturity: Obligations of U.S. government corporations and agencies $ 335 $ (1 ) $ 56,288 $ (676 ) $ 56,623 $ (677 ) Obligations of states and political subdivisions 1,600 (26 ) 1,858 (129 ) 3,458 (155 ) Total securities held-to-maturity $ 1,935 $ (27 ) $ 58,146 $ (805 ) $ 60,081 $ (832 ) Obligations of U.S. government corporations and agencies: Unrealized losses on investments in obligations of U.S. government corporations and agencies are caused by interest rate increases. The contractual cash flows of these securities are guaranteed by U.S. Government Sponsored Entities (principally Fannie Mae and Freddie Mac). It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, these investments are not considered other-than-temporarily impaired. At December 31, 2015, 29 debt securities representing obligations of U.S. government corporations and agencies had unrealized losses with aggregate depreciation of 1.23% from the Company’s amortized cost basis. Obligations of states and political subdivisions: The unrealized losses on investments in obligations of states and political subdivisions were caused by increases in required yields by investors in these types of securities. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, these investments are not considered other-than-temporarily impaired. At December 31, 2015, 10 debt securities representing obligations of states and political subdivisions had unrealized losses with aggregate depreciation of 1.73% from the Company’s amortized cost basis. Marketable equity securities: At December 31, 2015, marketable equity securities had unrealized losses representing aggregate depreciation of 0.05% from the Company’s amortized cost basis. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans | Note 4 – Loans A summary of loan balances follows (in thousands): December 31, 2015 Originated PNCI PCI - PCI - Total Mortgage loans on real estate: Residential 1-4 family $ 207,585 $ 104,535 — $ 2,145 $ 314,265 Commercial 1,163,643 310,864 — 23,060 1,497,567 Total mortgage loan on real estate 1,371,228 415,399 — 25,205 1,811,832 Consumer: Home equity lines of credit 285,419 29,335 4,954 2,784 322,492 Home equity loans 34,717 4,018 124 1,503 40,362 Other 28,998 3,367 — 64 32,429 Total consumer loans 349,134 36,720 5,078 4,351 395,283 Commercial 170,320 19,744 1 4,848 194,913 Construction: Residential 31,778 13,636 — 721 46,135 Commercial 66,285 8,489 — — 74,774 Total construction 98,063 22,125 — 721 120,909 Total loans, net of deferred loan fees and discounts $ 1,988,745 $ 493,988 $ 5,079 $ 35,125 $ 2,522,937 Total principal balance of loans owed, net of charge-offs $ 1,995,296 $ 507,935 $ 12,686 $ 39,693 $ 2,555,610 Unamortized net deferred loan fees (6,551 ) — — — (6,551 ) Discounts to principal balance of loans owed, net of charge-offs — (13,947 ) (7,607 ) (4,568 ) (26,122 ) Total loans, net of unamortized deferred loan fees and discounts $ 1,988,745 $ 493,988 $ 5,079 $ 35,125 $ 2,522,937 Noncovered loans $ 1,988,745 $ 493,988 $ 5,079 $ 29,890 $ 2,517,702 Covered loans — — — 5,235 5,235 Total loans, net of unamortized deferred loan fees and discounts $ 1,988,745 $ 493,988 $ 5,079 $ 35,125 $ 2,522,937 Allowance for loan losses $ (31,271 ) $ (1,848 ) $ (121 ) $ (2,771 ) $ (36,011 ) A summary of loan balances follows (in thousands): December 31, 2014 Originated PNCI PCI - PCI - Total Mortgage loans on real estate: Residential 1-4 family $ 154,594 $ 120,821 — $ 4,005 $ 279,420 Commercial 928,797 376,225 — 30,917 1,335,939 Total mortgage loan on real estate 1,083,391 497,046 — 34,922 1,615,359 Consumer: Home equity lines of credit 305,166 38,397 $ 5,478 3,543 352,584 Home equity loans 23,559 6,985 125 645 31,314 Auto Indirect 112 — — — 112 Other 28,230 4,770 — 74 33,074 Total consumer loans 357,067 50,152 5,603 4,262 417,084 Commercial 126,611 40,899 8 7,427 174,945 Construction: Residential 21,135 16,808 — 675 38,618 Commercial 24,545 11,973 — — 36,518 Total construction 45,680 28,781 — 675 75,136 Total loans, net of deferred loan fees and discounts $ 1,612,749 $ 616,878 $ 5,611 $ 47,286 $ 2,282,524 Total principal balance of loans owed, net of charge-offs $ 1,617,542 $ 634,490 $ 14,805 $ 56,016 $ 2,322,853 Unamortized net deferred loan fees (4,793 ) — — — (4,793 ) Discounts to principal balance of loans owed, net of charge-offs — (17,612 ) (9,194 ) (8,730 ) (35,536 ) Total loans, net of unamortized deferred loan fees and discounts $ 1,612,749 $ 616,878 $ 5,611 $ 47,286 $ 2,282,524 Noncovered loans $ 1,612,749 $ 616,878 $ 5,611 $ 25,018 $ 2,260,256 Covered loans — — — 22,268 22,268 Total loans, net of unamortized deferred loan fees and discounts $ 1,612,749 $ 616,878 $ 5,611 $ 47,286 $ 2,282,524 Allowance for loan losses $ (29,860 ) $ (3,296 ) $ (348 ) $ (3,081 ) $ (36,585 ) The following is a summary of the change in accretable yield for PCI – other loans during the periods indicated (in thousands): Year ended December 31, 2015 2014 Change in accretable yield: Balance at beginning of period $ 14,159 $ 18,233 Accretion to interest income (6,323 ) (5,854 ) Reclassification (to) from nonaccretable difference 5,419 1,780 Balance at end of period $ 13,255 $ 14,159 |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Note 5 – Allowance for Loan Losses The following tables summarize the activity in the allowance for loan losses, and ending balance of loans, net of unearned fees for the periods indicated. Allowance for Loan Losses - Year Ended December 31, 2015 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Beginning balance $ 3,086 $ 9,227 $ 15,676 $ 1,797 $ 9 $ 719 $ 4,226 $ 1,434 $ 411 $ 36,585 Charge-offs (224 ) — (694 ) (242 ) (4 ) (972 ) (680 ) — — (2,816 ) Recoveries 204 243 666 252 42 500 677 1,728 140 4,452 (Benefit) provision (559 ) 1,973 (4,395 ) 1,331 (47 ) 441 1,048 (2,263 ) 261 (2,210 ) Ending balance $ 2,507 $ 11,443 $ 11,253 $ 3,138 — $ 688 $ 5,271 $ 899 $ 812 $ 36,011 Ending balance: Individ. evaluated for impairment $ 335 $ 395 $ 605 $ 294 — $ 74 $ 1,187 — — $ 2,890 Loans pooled for evaluation $ 2,112 $ 9,596 $ 10,423 $ 2,844 — $ 614 $ 2,983 $ 844 $ 812 $ 30,228 Loans acquired with deteriorated credit quality $ 60 $ 1,452 $ 225 — — — $ 1,101 $ 55 — $ 2,893 Loans, net of unearned fees – As of December 31, 2015 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Ending balance: Total loans $ 314,265 $ 1,497,567 $ 322,492 $ 40,362 — $ 32,429 $ 194,913 $ 46,135 $ 74,774 $ 2,522,937 Individ. evaluated for impairment $ 6,767 $ 32,407 $ 5,747 $ 1,731 — $ 288 $ 2,671 $ 4 $ 490 $ 50,105 Loans pooled for evaluation $ 305,353 $ 1,442,100 $ 309,007 $ 37,004 — $ 32,077 $ 187,393 $ 45,410 $ 74,284 $ 2,432,628 Loans acquired with deteriorated credit quality $ 2,145 $ 23,060 $ 7,738 $ 1,627 — $ 64 $ 4,849 $ 721 — $ 40,204 Allowance for Loan Losses - Year Ended December 31, 2014 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Beginning balance $ 3,154 $ 9,700 $ 16,375 $ 1,208 $ 66 $ 589 $ 4,331 $ 1,559 $ 1,263 $ 38,245 Charge-offs (171 ) (110 ) (1,094 ) (29 ) (3 ) (599 ) (479 ) (4 ) (69 ) (2,558 ) Recoveries 2 540 960 34 86 495 1,268 1,377 181 4,943 (Benefit) provision 101 (903 ) (565 ) 584 (140 ) 234 (894 ) (1,498 ) (964 ) (4,045 ) Ending balance $ 3,086 $ 9,227 $ 15,676 $ 1,797 $ 9 $ 719 $ 4,226 $ 1,434 $ 411 $ 36,585 Ending balance: Individ. evaluated for impairment $ 974 $ 410 $ 1,974 $ 284 — $ 142 $ 423 $ 60 — $ 4,267 Loans pooled for evaluation $ 1,915 $ 8,408 $ 13,251 $ 1,513 $ 9 $ 572 $ 2,569 $ 332 $ 322 $ 28,891 Loans acquired with deteriorated credit quality $ 197 $ 409 $ 451 — — $ 5 $ 1,234 $ 1,042 $ 89 $ 3,427 Loans, net of unearned fees – As of December 31, 2014 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Ending balance: Total loans $ 279,420 $ 1,335,939 $ 352,584 $ 31,314 $ 112 $ 33,074 $ 174,945 $ 38,618 $ 36,518 $ 2,282,524 Individ. evaluated for impairment $ 7,188 $ 41,932 $ 6,968 $ 1,279 $ 18 $ 323 $ 1,757 $ 2,683 $ 99 $ 62,247 Loans pooled for evaluation $ 268,227 $ 1,263,090 $ 336,595 $ 29,266 $ 94 $ 32,677 $ 165,753 $ 35,260 $ 36,419 $ 2,167,381 Loans acquired with deteriorated credit quality $ 4,005 $ 30,917 $ 9,021 $ 770 — $ 74 $ 7,435 $ 675 — $ 52,897 Allowance for Loan Losses - Year Ended December 31, 2013 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Beginning balance $ 3,523 $ 8,782 $ 21,367 $ 1,155 $ 243 $ 696 $ 4,703 $ 1,400 $ 779 $ 42,648 Charge-offs (46 ) (2,038 ) (2,651 ) (94 ) (68 ) (887 ) (1,599 ) (20 ) (140 ) (7,543 ) Recoveries 345 994 1,053 41 195 759 340 63 65 3,855 (Benefit) provision (668 ) 1,962 (3,394 ) 106 (304 ) 21 887 116 559 (715 ) Ending balance $ 3,154 $ 9,700 $ 16,375 $ 1,208 $ 66 $ 589 $ 4,331 $ 1,559 $ 1,263 $ 38,245 Ending balance: Individ. evaluated for impairment $ 775 $ 1,198 $ 1,140 $ 169 $ 1 $ 8 $ 585 $ 91 $ 8 $ 3,975 Loans pooled for evaluation $ 2,039 $ 7,815 $ 14,749 $ 1,039 $ 65 $ 581 $ 2,402 $ 751 $ 789 $ 30,230 Loans acquired with deteriorated credit quality $ 340 $ 687 $ 486 — — — $ 1,344 $ 717 $ 466 $ 4,040 Loans, net of unearned fees – As of December 31, 2013 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Ending balance: Total loans $ 195,013 $ 912,850 $ 339,866 $ 14,588 $ 946 $ 27,763 $ 131,878 $ 31,933 $ 17,170 $ 1,672,007 Individ. evaluated for impairment $ 7,342 $ 59,936 $ 6,918 $ 778 $ 60 $ 90 $ 3,177 $ 2,756 $ 178 $ 81,235 Loans pooled for evaluation $ 183,015 $ 822,654 $ 322,865 $ 13,324 $ 886 $ 27,592 $ 122,166 $ 27,611 $ 16,947 $ 1,537,060 Loans acquired with deteriorated credit quality $ 4,656 $ 30,260 $ 10,083 $ 486 — $ 81 $ 6,535 $ 1,566 $ 45 $ 53,712 As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including, but not limited to, trends relating to (i) the level of criticized and classified loans, (ii) net charge-offs, (iii) non-performing loans, and (iv) delinquency within the portfolio. The Company utilizes a risk grading system to assign a risk grade to each of its loans. Loans are graded on a scale ranging from Pass to Loss. A description of the general characteristics of the risk grades is as follows: • Pass • Special Mention • Substandard • Doubtful • Loss The following tables present ending loan balances by loan category and risk grade for the periods indicated: Credit Quality Indicators – As of December 31, 2015 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Originated loans: Pass $ 199,837 $ 1,118,868 $ 275,251 $ 31,427 — $ 28,339 $ 166,559 $ 31,440 $ 66,285 $ 1,918,006 Special mention 2,018 10,321 2,494 1,027 — 415 1,037 334 — 17,646 Substandard 5,730 34,454 7,674 2,263 — 244 2,724 4 — 53,093 Loss — — — — — — — — — — Total originated $ 207,585 $ 1,163,643 $ 285,419 $ 34,717 — $ 28,998 $ 170,320 $ 31,778 $ 66,285 $ 1,988,745 PNCI loans: Pass $ 102,895 $ 293,935 $ 27,378 $ 3,789 — $ 3,164 $ 19,666 $ 13,636 $ 8,489 $ 472,952 Special mention 600 10,795 445 80 — 74 — — — 11,994 Substandard 1,040 6,134 1,512 149 — 129 78 — — 9,042 Loss — — — — — — — — — — Total PNCI $ 104,535 $ 310,864 $ 29,335 $ 4,018 — $ 3,367 $ 19,744 $ 13,636 $ 8,489 $ 493,988 PCI loans $ 2,145 $ 23,060 $ 7,738 $ 1,627 — $ 64 $ 4,849 $ 721 — $ 40,204 Total loans $ 314,265 $ 1,497,567 $ 322,492 $ 40,362 — $ 32,429 $ 194,913 $ 46,135 $ 74,774 $ 2,522,937 Credit Quality Indicators – As of December 31, 2014 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Originated loans: Pass $ 146,949 $ 883,102 $ 292,244 $ 20,976 $ 66 $ 27,396 $ 124,707 $ 18,112 $ 24,436 $ 1,537,988 Special mention 1,122 11,521 3,590 743 11 591 636 622 — 18,836 Substandard 6,523 34,174 9,332 1,840 35 243 1,268 2,401 109 55,925 Loss — — — — — — — — — — Total originated $ 154,594 $ 928,797 $ 305,166 $ 23,559 $ 112 $ 28,230 $ 126,611 $ 21,135 $ 24,545 $ 1,612,749 PNCI loans: Pass $ 119,643 $ 359,537 $ 36,531 $ 6,813 — $ 4,399 $ 40,628 $ 16,808 $ 11,973 $ 596,332 Special mention 547 12,979 936 147 — 230 268 — — 15,107 Substandard 631 3,709 930 25 — 141 3 — — 5,439 Loss — — — — — — — — — — Total PNCI $ 120,821 $ 376,225 $ 38,397 $ 6,985 — $ 4,770 $ 40,899 $ 16,808 $ 11,973 $ 616,878 PCI loans $ 4,005 $ 30,917 $ 9,021 $ 770 — $ 74 $ 7,435 $ 675 — $ 52,897 Total loans $ 279,420 $ 1,335,939 $ 352,584 $ 31,314 $ 112 $ 33,074 $ 174,945 $ 38,618 $ 36,518 $ 2,282,524 Consumer loans, whether unsecured or secured by real estate, automobiles, or other personal property, are susceptible to three primary risks; non-payment due to income loss, over-extension of credit and, when the borrower is unable to pay, shortfall in collateral value. Typically non-payment is due to loss of job and will follow general economic trends in the marketplace driven primarily by rises in the unemployment rate. Loss of collateral value can be due to market demand shifts, damage to collateral itself or a combination of the two. Problem consumer loans are generally identified by payment history of the borrower (delinquency). The Bank manages its consumer loan portfolios by monitoring delinquency and contacting borrowers to encourage repayment, suggest modifications if appropriate, and, when continued scheduled payments become unrealistic, initiate repossession or foreclosure through appropriate channels. Collateral values may be determined by appraisals obtained through Bank approved, licensed appraisers, qualified independent third parties, public value information (blue book values for autos), sales invoices, or other appropriate means. Appropriate valuations are obtained at initiation of the credit and periodically (every 3-12 months depending on collateral type) once repayment is questionable and the loan has been classified. Commercial real estate loans generally fall into two categories, owner-occupied and non-owner occupied. Loans secured by owner occupied real estate are primarily susceptible to changes in the business conditions of the related business. This may be driven by, among other things, industry changes, geographic business changes, changes in the individual fortunes of the business owner, and general economic conditions and changes in business cycles. These same risks apply to commercial loans whether secured by equipment or other personal property or unsecured. Losses on loans secured by owner occupied real estate, equipment, or other personal property generally are dictated by the value of underlying collateral at the time of default and liquidation of the collateral. When default is driven by issues related specifically to the business owner, collateral values tend to provide better repayment support and may result in little or no loss. Alternatively, when default is driven by more general economic conditions, underlying collateral generally has devalued more and results in larger losses due to default. Loans secured by non-owner occupied real estate are primarily susceptible to risks associated with swings in occupancy or vacancy and related shifts in lease rates, rental rates or room rates. Most often these shifts are a result of changes in general economic or market conditions or overbuilding and resultant over-supply. Losses are dependent on value of underlying collateral at the time of default. Values are generally driven by these same factors and influenced by interest rates and required rates of return as well as changes in occupancy costs. Construction loans, whether owner occupied or non-owner occupied commercial real estate loans or residential development loans, are not only susceptible to the related risks described above but the added risks of construction itself including cost over-runs, mismanagement of the project, or lack of demand or market changes experienced at time of completion. Again, losses are primarily related to underlying collateral value and changes therein as described above. Problem C&I loans are generally identified by periodic review of financial information which may include financial statements, tax returns, rent rolls and payment history of the borrower (delinquency). Based on this information the Bank may decide to take any of several courses of action including demand for repayment, additional collateral or guarantors, and, when repayment becomes unlikely through borrower’s income and cash flow, repossession or foreclosure of the underlying collateral. Collateral values may be determined by appraisals obtained through Bank approved, licensed appraisers, qualified independent third parties, public value information (blue book values for autos), sales invoices, or other appropriate means. Appropriate valuations are obtained at initiation of the credit and periodically (every 3-12 months depending on collateral type) once repayment is questionable and the loan has been classified. Once a loan becomes delinquent and repayment becomes questionable, a Bank collection officer will address collateral shortfalls with the borrower and attempt to obtain additional collateral. If this is not forthcoming and payment in full is unlikely, the Bank will estimate its probable loss, using a recent valuation as appropriate to the underlying collateral less estimated costs of sale, and charge the loan down to the estimated net realizable amount. Depending on the length of time until ultimate collection, the Bank may revalue the underlying collateral and take additional charge-offs as warranted. Revaluations may occur as often as every 3-12 months depending on the underlying collateral and volatility of values. Final charge-offs or recoveries are taken when collateral is liquidated and actual loss is known. Unpaid balances on loans after or during collection and liquidation may also be pursued through lawsuit and attachment of wages or judgment liens on borrower’s other assets. The following table shows the ending balance of current, past due, and nonaccrual originated loans by loan category as of the date indicated: Analysis of Past Due and Nonaccrual Originated Loans – As of December 31, 2015 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total Originated loan balance: Past due: 30-59 Days $ 791 $ 200 $ 1,033 $ 402 — $ 12 $ 2,197 — — $ 4,635 60-89 Days — 491 324 341 — 40 — — — 1,196 > 90 Days 271 3,425 520 82 — 19 24 — — 4,341 Total past due $ 1,062 $ 4,116 $ 1,877 $ 825 — $ 71 $ 2,221 — — $ 10,172 Current 206,523 1,159,527 283,542 33,892 — 28,927 168,099 — — 1,978,573 Total orig. loans $ 207,585 $ 1,163,643 $ 285,419 $ 34,717 — $ 28,998 $ 170,320 $ 31,778 $ 66,285 $ 1,988,745 > 90 Days and still accruing — — — — — — — — — — Nonaccrual loans $ 3,045 $ 14,196 $ 3,379 $ 1,195 — $ 21 $ 976 $ 12 — $ 22,824 The following table shows the ending balance of current, past due, and nonaccrual PNCI loans by loan category as of the date indicated: Analysis of Past Due and Nonaccrual PNCI Loans – As of December 31, 2015 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total PNCI loan balance: Past due: 30-59 Days $ 3,106 $ 4,037 $ 92 $ 23 — — $ 1 — — $ 7,259 60-89 Days — — — — — $ 13 — — — 13 > 90 Days 58 748 275 71 — 10 — — $ 490 1,652 Total past due $ 3,164 $ 4,785 $ 367 $ 94 — $ 23 $ 1 — $ 490 $ 8,924 Current 101,371 306,079 28,968 3,924 — 3,344 19,743 $ 13,636 7,999 485,064 Total PNCI loans $ 104,535 $ 310,864 $ 29,335 $ 4,018 — $ 3,367 $ 19,744 $ 13,636 $ 8,489 $ 493,988 > 90 Days and still accruing — — — — — — — — — — Nonaccrual loans $ 348 $ 3,742 $ 676 $ 109 — $ 33 — — $ 490 $ 5,398 The following table shows the ending balance of current, past due, and nonaccrual originated loans by loan category as of the date indicated: Analysis of Past Due and Nonaccrual Originated Loans – As of December 31, 2014 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total Originated loan balance: Past due: 30-59 Days $ 1,296 $ 735 $ 2,066 $ 615 $ 4 $ 64 $ 739 — — $ 5,519 60-89 Days 919 — 296 192 — 24 99 — — 1,530 > 90 Days 100 900 754 202 17 46 61 — — 2,080 Total past due $ 2,315 $ 1,635 $ 3,116 $ 1,009 $ 21 $ 134 $ 899 — — $ 9,129 Current 152,279 927,162 302,050 22,550 91 28,096 125,712 21,135 24,545 1,603,620 Total orig. loans $ 154,594 $ 928,797 $ 305,166 $ 23,559 $ 112 $ 28,230 $ 126,611 $ 21,135 $ 24,545 $ 1,612,749 > 90 Days and still accruing — — — — — — — — — — Nonaccrual loans $ 3,430 $ 20,736 $ 4,336 $ 1,197 $ 18 $ 66 $ 246 $ 2,401 $ 99 $ 32,529 The following table shows the ending balance of current, past due, and nonaccrual PNCI loans by loan category as of the date indicated: Analysis of Past Due and Nonaccrual PNCI Loans – As of December 31, 2014 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total PNCI loan balance: Past due: 30-59 Days $ 2,041 $ 260 $ 275 — — $ 25 $ 67 — — $ 2,668 60-89 Days 24 — 118 — — 3 — — — 145 > 90 Days 239 — 73 25 — 76 — — — 413 Total past due $ 2,304 $ 260 $ 466 $ 25 — $ 104 $ 67 — — $ 3,226 Current 118,517 375,965 37,931 6,960 — 4,666 40,832 16,808 11,973 $ 613,652 Total PNCI loans $ 120,821 $ 376,225 $ 38,397 $ 6,985 — $ 4,770 $ 40,899 $ 16,808 $ 11,973 $ 616,878 > 90 Days and still accruing — — — — — — — — — — Nonaccrual loans $ 799 $ 366 $ 346 $ 25 — $ 110 — — — $ 1,646 Impaired originated loans are those where management has concluded that it is probable that the borrower will be unable to pay all amounts due under the contractual terms. The following tables show the recorded investment (financial statement balance), unpaid principal balance, average recorded investment, and interest income recognized for impaired Originated and PNCI loans, segregated by those with no related allowance recorded and those with an allowance recorded for the periods indicated. Impaired Originated Loans – As of December 31, 2015 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total With no related allowance recorded: Recorded investment $ 3,886 $ 27,109 $ 2,963 $ 947 — $ 20 $ 576 $ 4 — $ 35,505 Unpaid principal $ 5,998 $ 29,678 $ 6,079 $ 1,349 — $ 35 $ 688 $ 65 — $ 43,892 Average recorded Investment $ 3,586 $ 32,793 $ 2,982 $ 848 — $ 29 $ 494 $ 1,202 $ 50 $ 41,984 Interest income Recognized $ 81 $ 893 $ 23 $ 5 — — $ 29 — — $ 1,031 With an allowance recorded: Recorded investment $ 2,006 $ 1,418 $ 1,724 $ 674 — $ 1 $ 2,094 — — $ 7,917 Unpaid principal $ 2,073 $ 1,453 $ 1,904 $ 701 — $ 1 $ 2,117 — — $ 8,249 Related allowance $ 335 $ 146 $ 525 $ 256 — $ 1 $ 1,187 — — $ 2,450 Average recorded Investment $ 2,365 $ 2,180 $ 2,455 $ 589 — $ 23 $ 1,716 $ 141 — $ 9,469 Interest income Recognized $ 49 $ 74 $ 31 $ 26 — — $ 122 — — $ 302 Impaired PNCI Loans – As of December 31, 2015 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total With no related allowance recorded: Recorded investment $ 875 $ 1,132 $ 454 $ 71 — $ 33 $ 1 — $ 490 $ 3,056 Unpaid principal $ 908 $ 1,248 $ 505 $ 73 — $ 52 $ 1 — $ 490 $ 3,277 Average recorded Investment $ 609 $ 749 $ 400 $ 48 — $ 35 $ 4 — $ 245 $ 2,090 Interest income Recognized $ 31 $ 32 $ 3 $ 2 — $ 1 — — $ 18 $ 87 With an allowance recorded: Recorded investment — $ 2,748 $ 606 $ 39 — $ 234 — — — $ 3,627 Unpaid principal — $ 2,858 $ 612 $ 40 — $ 234 — — — $ 3,744 Related allowance — $ 248 $ 80 $ 39 — $ 73 — — — $ 440 Average recorded Investment $ 417 $ 1,447 $ 521 $ 19 — $ 227 — — — $ 2,631 Interest income Recognized — $ 149 $ 14 — — $ 11 — — — $ 174 Impaired Originated Loans – As of December 31, 2014 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total With no related allowance recorded: Recorded investment $ 3,287 $ 38,477 $ 3,001 $ 750 $ 14 $ 25 $ 412 $ 2,401 $ 99 $ 48,466 Unpaid principal $ 5,138 $ 41,949 $ 6,094 $ 1,187 $ 49 $ 32 $ 433 $ 6,588 $ 190 $ 61,660 Average recorded Investment $ 3,826 $ 45,915 $ 3,355 $ 651 $ 35 $ 21 $ 1,030 $ 2,437 $ 84 $ 57,354 Interest income Recognized $ 38 $ 995 $ 26 $ 6 — $ 1 $ 26 — $ 3 $ 1,095 With an allowance recorded: Recorded investment $ 2,724 $ 2,943 $ 3,185 $ 504 $ 4 $ 41 $ 1,338 $ 282 — $ 11,021 Unpaid principal $ 2,865 $ 3,101 $ 3,533 $ 597 $ 6 $ 41 $ 1,438 $ 282 — $ 11,863 Related allowance $ 797 $ 302 $ 1,769 $ 284 — $ 11 $ 423 $ 60 — $ 3,646 Average recorded Investment $ 2,677 $ 4,119 $ 2,982 $ 365 $ 4 $ 25 $ 1,428 $ 283 $ 55 $ 11,938 Interest income Recognized $ 91 $ 144 $ 71 $ 13 — — $ 71 $ 19 — $ 409 Impaired PNCI Loans – As of December 31, 2014 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total With no related allowance recorded: Recorded investment $ 343 $ 366 $ 346 $ 25 — $ 37 $ 7 — — $ 1,124 Unpaid principal $ 353 $ 2,620 $ 374 $ 25 — $ 54 $ 7 — — $ 3,433 Average recorded Investment $ 246 $ 753 $ 287 $ 12 — $ 36 $ 10 — — $ 1,344 Interest income Recognized $ 14 — $ (1 ) — — — $ 1 — — $ 14 With an allowance recorded: Recorded investment $ 834 $ 146 $ 436 — — $ 220 — — — $ 1,636 Unpaid principal $ 852 $ 146 $ 436 — — $ 220 — — — $ 1,654 Related allowance $ 177 $ 108 $ 205 — — $ 131 — — — $ 621 Average recorded Investment $ 516 $ 148 $ 319 — — $ 124 — — — $ 1,107 Interest income Recognized $ 8 $ 8 $ 20 — — $ 12 — — — $ 48 At December 31, 2015, $29,269,000 of Originated loans were TDRs and classified as impaired. The Company had obligations to lend $35,000 of additional funds on these TDRs as of December 31, 2015. At December 31, 2015, $1,396,000 of PNCI loans were TDRs and classified as impaired. The Company had no obligations to lend additional funds on these TDRs as of December 31, 2015. At December 31, 2014, $45,676,000 of Originated loans were TDRs and classified as impaired. The Company had obligations to lend $54,000 of additional funds on these TDRs as of December 31, 2014. At December 31, 2014, $1,307,000 of PNCI loans were TDRs and classified as impaired. The Company had no obligations to lend additional funds on these TDRs as of December 31, 2014. At December 31, 2013, $56,739,000 of Originated loans were TDRs and classified as impaired. The Company had obligations to lend $25,000 of additional funds on these TDRs as of December 31, 2013. At December 31, 2013, $901,000 of PNCI loans were TDRs and classified as impaired. The Company had no obligations to lend additional funds on these TDRs as of December 31, 2013. The following tables show certain information regarding Troubled Debt Restructurings (TDRs) that occurred during the periods indicated: TDR Information for the Year Ended December 31, 2015 RE Mortgage Home Equity Auto Other Construction (dollars in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total Number 4 5 2 2 — 2 8 — — 23 Pre-mod outstanding principal balance $ 800 $ 1,518 $ 301 $ 315 — $ 89 $ 956 — — $ 3,979 Post-mod outstanding principal balance $ 801 $ 1,517 $ 301 $ 321 — $ 89 $ 944 — — $ 3,973 Financial impact due to TDR taken as additional provision $ 8 $ (5 ) — $ 38 — $ 5 $ 405 — — $ 451 Number that defaulted during the period 4 2 3 1 — — — — — 10 Recorded investment of TDRs that defaulted during the period $ 221 $ 280 $ 182 $ 53 — — — — — $ 736 Financial impact due to the default of previous TDR taken as charge-offs or additional provisions — — — $ (9 ) — — — — — $ (9 ) TDR Information for the Year Ended December 31, 2014 RE Mortgage Home Equity Auto Indirect Other Consum. C&I Construction Total (dollars in thousands) Resid. Comm. Lines Loans Resid. Comm. Number 5 7 6 2 — 1 7 1 2 31 Pre-mod outstanding principal balance $ 1,048 $ 1,980 $ 940 $ 100 — $ 147 $ 218 $ 102 $ 219 $ 4,754 Post-mod outstanding principal balance $ 1,050 $ 1,890 $ 967 $ 102 — $ 147 $ 219 $ 85 $ 196 $ 4,656 Financial impact due to TDR taken as additional provision $ 91 $ 22 — $ (1 ) — $ 66 $ 101 — — $ 279 Number that defaulted during the period 2 2 1 — — — 1 — — 6 Recorded investment of TDRs that defaulted during the period $ 344 $ 423 $ 20 — — — $ 116 — — $ 903 Financial impact due to the default of previous TDR taken as charge-offs or additional provisions — — — — — — $ (8 ) — — $ (8 ) Modifications classified as Troubled Debt Restructurings can include one or a combination of the following: rate modifications, term extensions, interest only modifications, either temporary or long-term, payment modifications, and collateral substitutions/additions. For all new Troubled Debt Restructurings, an impairment analysis is conducted. If the loan is determined to be collateral dependent, any additional amount of impairment will be calculated based on the difference between estimated collectible value and the current carrying balance of the loan. This difference could result in an increased provision and is typically charged off. If the asset is determined not to be collateral dependent, the impairment is measured on the net present value difference between the expected cash flows of the restructured loan and the cash flows which would have been received under the original terms. The effect of this could result in a requirement for additional provision to the reserve. The effect of these required provisions for the period are indicated above. Typically if a TDR defaults during the period, the loan is then considered collateral dependent and, if it was not already considered collateral dependent, an appropriate provision will be reserved or charge will be taken. The additional provisions required resulting from default of previously modified TDR’s are noted above. |
Foreclosed Assets
Foreclosed Assets | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Foreclosed Assets | Note 6 – Foreclosed Assets A summary of the activity in the balance of foreclosed assets follows (dollars in thousands): Year ended December 31, 2015 Year ended December 31, 2014 Noncovered Covered Total Noncovered Covered Total Beginning balance, net $ 4,449 $ 445 $ 4,894 $ 5,588 $ 674 $ 6,262 Acquisitions — — — 695 — 695 Additions/transfers from loans 5,880 (445 ) 5,435 5,753 — 5,753 Dispositions/sales (4,458 ) — (4,458 ) (7,391 ) (217 ) (7,608 ) Valuation adjustments (502 ) — (502 ) (196 ) (12 ) (208 ) Ending balance, net $ 5,369 — $ 5,369 $ 4,449 $ 445 $ 4,894 Ending valuation allowance $ (572 ) — $ (572 ) $ (208 ) — $ (208 ) Ending number of foreclosed assets 26 — 26 28 1 29 Proceeds from sale of foreclosed assets $ 5,449 — $ 5,449 $ 9,517 $ 245 $ 9,762 Gain on sale of foreclosed assets $ 991 — $ 991 $ 2,125 $ 28 $ 2,153 At December 31, 2015, the balance of real estate owned includes $1,787,000 of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At December 31, 2015, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are underway is $658,000. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 7 – Premises and Equipment Premises and equipment were comprised of: December 31, December 31, (In thousands) Land & land improvements $ 8,909 $ 8,933 Buildings 38,643 39,638 Furniture and equipment 31,081 28,446 78,633 77,017 Less: Accumulated depreciation (35,518 ) (33,570 ) 43,115 43,447 Construction in progress 696 46 Total premises and equipment $ 43,811 $ 43,493 Depreciation expense for premises and equipment amounted to $5,043,000, $4,648,000, and $3,635,000 in 2015, 2014, and 2013, respectively. |
Cash Value of Life Insurance
Cash Value of Life Insurance | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Cash Value of Life Insurance | Note 8 – Cash Value of Life Insurance A summary of the activity in the balance of cash value of life insurance follows (dollars in thousands): Year ended December 31, 2015 2014 Beginning balance $ 92,337 $ 52,309 Acquisitions — 38,075 Increase in cash value of life insurance 2,786 1,953 Death benefit receivable in excess of cash value 155 — Death benefit receivable (718 ) — Ending balance $ 94,560 $ 92,337 End of period death benefit $ 166,299 $ 165,966 Number of policies owned 187 189 Insurance companies used 14 14 Current and former employees and directors covered 59 60 As of December 31, 2015, the Bank was the owner and beneficiary of 187 life insurance policies, issued by 14 life insurance companies, covering 59 current and former employees and directors. These life insurance policies are recorded on the Company’s financial statements at their reported cash (surrender) values. As a result of current tax law and the nature of these policies, the Bank records any increase in cash value of these policies as nontaxable noninterest income. If the Bank decided to surrender any of the policies prior to the death of the insured, such surrender may result in a tax expense related to the life-to-date cumulative increase in cash value of the policy. If the Bank retains such policies until the death of the insured, the Bank would receive nontaxable proceeds from the insurance company equal to the death benefit of the policies. The Bank has entered into Joint Beneficiary Agreements (JBAs) with certain of the insured that for certain of the policies provide some level of sharing of the death benefit, less the cash surrender value, among the Bank and the beneficiaries of the insured upon the receipt of death benefits. See Note 15 of these consolidated financial statements for additional information on JBAs. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 9 – Goodwill and Other Intangible Assets The following table summarizes the Company’s goodwill intangible as of the dates indicated: December 31, December 31, (Dollar in Thousands) 2015 Additions Reductions 2014 Goodwill $ 63,462 — — $ 63,462 The following table summarizes the Company’s core deposit intangibles as of the dates indicated: (Dollar in Thousands) December 31, Additions Reductions/ Fully December 31, Core deposit intangibles $ 8,074 — — — $ 8,074 Accumulated amortization (2,180 ) $ (1,157 ) — — (1,023 ) Core deposit intangibles, net $ 5,894 $ (1,157 ) — — $ 7,051 The Company recorded additions to CDI of $6,614,000 in conjunction with the North Valley Bancorp acquisition on October 3, 2014, $898,000 in conjunction with the Citizens acquisition on September 23, 2011, and $562,000 in conjunction with the Granite acquisition on May 28, 2010. The following table summarizes the Company’s estimated core deposit intangible amortization (dollars in thousands): Years Ended Estimated Core Deposit 2016 $ 1,157 2017 1,109 2018 1,044 2019 948 2020 948 Thereafter $ 688 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Mortgage Servicing Rights | Note 10 – Mortgage Servicing Rights The following tables summarize the activity in, and the main assumptions we used to determine the fair value of mortgage servicing rights for the periods indicated (dollars in thousands): Years ended December 31, 2015 2014 2013 Balance at beginning of period $ 7,378 $ 6,165 $ 4,552 Acquisition — 1,944 — Originations 941 570 1,360 Change in fair value (701 ) (1,301 ) 253 Balance at end of period $ 7,618 $ 7,378 $ 6,165 Contractually specified servicing fees, late fees and ancillary fees earned $ 2,164 $ 1,869 $ 1,774 Balance of loans serviced at: Beginning of period $ 840,288 $ 680,197 $ 666,512 End of period $ 817,917 $ 840,288 $ 680,197 Weighted-average prepayment speed (CPR) 9.8 % 12.0 % 10.3 % Weighted-average discount rate 10.0 % 10.0 % 10.0 % The changes in fair value of MSRs that occurred during 2015 and 2014 were mainly due to changes in principal balances and changes in estimate life of the MSRs. |
Indemnification Asset
Indemnification Asset | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Indemnification Asset | Note 11 – Indemnification Asset A summary of the activity in the balance of indemnification asset (liability) included in other assets is follows (in thousands): Year ended December 31, 2015 2014 2013 Beginning balance $ (349 ) $ 206 $ 1,997 Effect of actual covered losses (recoveries) and increase (decrease) in estimated future covered losses (93 ) (853 ) (1,419 ) Change in estimated “true up” liability (71 ) (100 ) — Reimbursable (revenue) expenses, net 4 85 (159 ) Payments made (received) (12 ) 313 (213 ) Ending balance $ (521 ) $ (349 ) $ 206 Amount of indemnification asset (liability) recorded in other assets $ 77 $ (349 ) $ 206 Amount of indemnification liability recorded in other liabilities (598 ) — — Ending balance $ (521 ) $ (349 ) $ 206 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 12 – Other Assets Other assets were comprised of (in thousands): As of December 31, 2015 2014 Deferred tax asset, net (Note 22) $ 36,440 $ 37,706 Prepaid expense 3,062 3,378 Software 1,290 1,327 Advanced compensation 673 908 Capital Trusts 1,696 1,690 Investment in Low Housing Tax Credit Funds 4,223 — Prepaid Taxes — 5,599 Miscellaneous other assets 1,207 1,127 Total other assets $ 48,591 $ 51,735 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | Note 13 – Deposits A summary of the balances of deposits follows (in thousands): December 31, 2015 2014 Noninterest-bearing demand $ 1,155,695 $ 1,083,900 Interest-bearing demand 853,961 782,385 Savings 1,281,540 1,156,126 Time certificates, $250,000 and over 75,897 38,217 Other time certificates 264,173 319,795 Total deposits $ 3,631,266 $ 3,380,423 Certificate of deposit balances of $50,000,000 and $5,000,000 from the State of California were included in time certificates, $250,000 and over, at December 31, 2015 and 2014, respectively. The Bank participates in a deposit program offered by the State of California whereby the State may make deposits at the Bank’s request subject to collateral and credit worthiness constraints. The negotiated rates on these State deposits are generally more favorable than other wholesale funding sources available to the Bank. Overdrawn deposit balances of $796,000 and $1,216,000 were classified as consumer loans at December 31, 2015 and 2014, respectively. At December 31, 2015, the scheduled maturities of time deposits were as follows (in thousands): Scheduled Maturities 2016 $ 285,400 2017 27,754 2018 10,331 2019 5,805 2020 10,777 Thereafter 3 Total $ 340,070 |
Reserve for Unfunded Commitment
Reserve for Unfunded Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Reserve for Unfunded Commitments | Note 14 – Reserve for Unfunded Commitments The following tables summarize the activity in reserve for unfunded commitments for the periods indicated (dollars in thousands): Years ended December 31, 2015 2014 2013 Balance at beginning of period $ 2,145 $ 2,415 $ 3,615 Acquisitions — 125 — Provision for losses – Unfunded commitments 330 (395 ) (1,200 ) Balance at end of period $ 2,475 $ 2,145 $ 2,415 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Note 15 – Other Liabilities Other liabilities were comprised of (in thousands): December 31, 2015 2014 Deferred compensation $ 6,725 $ 7,408 Pension liability 26,182 26,798 Joint beneficiary agreements 2,529 2,728 Low income housing tax credit fund commitments 3,330 — Accrued salaries and benefits expense 3,851 5,407 Loan escrow and servicing payable 2,037 1,938 Deferred revenue 1,082 1,091 Unsettled investment security purchases 17,072 — Miscellaneous other liabilities 2,485 3,822 Total other liabilities $ 65,293 $ 49,192 |
Other Borrowings
Other Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Other Borrowings | Note 16 – Other Borrowings A summary of the balances of other borrowings follows: December 31, 2015 2014 (in thousands) Other collateralized borrowings, fixed rate, as of December 31, 2015 of 0.05%, payable on January 4, 2016 $ 12,328 $ 9,276 Total other borrowings $ 12,328 $ 9,276 The Company did not enter into any other borrowings or repurchase agreements during 2015 or 2014. The Company had $12,328,000 and $9,276,000 of other collateralized borrowings at December 31, 2015 and 2014, respectively. Other collateralized borrowings are generally overnight maturity borrowings from non-financial institutions that are collateralized by securities owned by the Company. As of December 31, 2015, the Company has pledged as collateral and sold under agreements to repurchase investment securities with fair value of $12,328,000 under these other collateralized borrowings. The Company maintains a collateralized line of credit with the Federal Home Loan Bank of San Francisco. Based on the FHLB stock requirements at December 31, 2015, this line provided for maximum borrowings of $1,143,065,000 of which none was outstanding, leaving $1,143,065,000 available. As of December 31, 2015, the Company had designated investment securities with a fair value of $94,351,000 and loans totaling $1,673,789,000 as potential collateral under this collateralized line of credit with the FHLB. The Company maintains a collateralized line of credit with the Federal Reserve Bank of San Francisco. As of December 31, 2015, this line provided for maximum borrowings of $135,684,000 of which none was outstanding, leaving $135,684,000 available. As of December 31, 2015, the Company has designated investment securities with fair value of $218,000 and loans totaling $186,187,000 as potential collateral under this collateralized line of credit with the FRB. The Company has available unused correspondent banking lines of credit from commercial banks totaling $15,000,000 for federal funds transactions at December 31, 2015. |
Junior Subordinated Debt
Junior Subordinated Debt | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Junior Subordinated Debt | Note 17 – Junior Subordinated Debt On July 31, 2003, the Company formed a subsidiary business trust, TriCo Capital Trust I, to issue trust preferred securities. Concurrently with the issuance of the trust preferred securities, the trust issued 619 shares of common stock to the Company for $1,000 per share or an aggregate of $619,000. In addition, the Company issued a junior subordinated debenture to the trust in the amount of $20,619,000. The terms of the junior subordinated debenture are materially consistent with the terms of the trust preferred securities issued by TriCo Capital Trust I. Also on July 31, 2003, TriCo Capital Trust I completed an offering of 20,000 shares of cumulative trust preferred securities for cash in an aggregate amount of $20,000,000. The trust preferred securities are mandatorily redeemable upon maturity on October 7, 2033 with an interest rate that resets quarterly at three-month LIBOR plus 3.05%. TriCo Capital Trust I has the right to redeem the trust preferred securities on or after October 7, 2008. The trust preferred securities were issued through an underwriting syndicate to which the Company paid underwriting fees of $7.50 per trust preferred security or an aggregate of $150,000. The net proceeds of $19,850,000 were used to finance the opening of new branches, improve bank services and technology, repurchase shares of the Company’s common stock under its repurchase plan and increase the Company’s capital. On June 22, 2004, the Company formed a second subsidiary business trust, TriCo Capital Trust II, to issue trust preferred securities. Concurrently with the issuance of the trust preferred securities, the trust issued 619 shares of common stock to the Company for $1,000 per share or an aggregate of $619,000. In addition, the Company issued a junior subordinated debenture to the trust in the amount of $20,619,000. The terms of the junior subordinated debenture are materially consistent with the terms of the trust preferred securities issued by TriCo Capital Trust II. Also on June 22, 2004, TriCo Capital Trust II completed an offering of 20,000 shares of cumulative trust preferred securities for cash in an aggregate amount of $20,000,000. The trust preferred securities are mandatorily redeemable upon maturity on July 23, 2034 with an interest rate that resets quarterly at three-month LIBOR plus 2.55%. TriCo Capital Trust II has the right to redeem the trust preferred securities on or after July 23, 2009. The trust preferred securities were issued through an underwriting syndicate to which the Company paid underwriting fees of $2.50 per trust preferred security or an aggregate of $50,000. The net proceeds of $19,950,000 were used to finance the opening of new branches, improve bank services and technology, repurchase shares of the Company’s common stock under its repurchase plan and increase the Company’s capital. As a result of the Company’s acquisition of North Valley Bancorp on October 3, 2014, the Company assumed the junior subordinated debentures issued by North Valley Bancorp to North Valley Capital Trusts II, III & IV with face amounts of $6,186,000, $5,155,000 and $10,310,000, respectively. Also, as a result of the North Valley Bancorp acquisition, the Company acquired common stock interests in North Valley Capital Trusts II, III and IV with face valley of $186,000, $155,000, and $310,000, respectively. At the acquisition date of October 3, 2014, the junior subordinated debentures associated with North Valley Capital Trust II, III and IV were recorded on the Company’s books at their fair values of $5,006,000, $3,918,000, and $6,063,000, respectively. The related fair value discounts to face value of these debentures will be amortized over the remaining time to maturity for each of these debentures using the effective interest method. Similar, and proportional, discounts were applied to the acquired common stock interest in North Valley Capital Trusts II, III and IV, and these discounts will be proportionally amortized over the remaining time to maturity for each related debenture. TriCo Capital Trusts I and II, and North Valley Capital Trusts II, III and IV are collectively referred to as the Capital Trusts. The recorded book values of the junior subordinated debentures issued by the Capital Trusts are reflected as junior subordinated debt in the Company’s consolidated balance sheets. The common stock issued by the Capital Trusts and owned by the Company is recorded in other assets in the Company’s consolidated balance sheets. The recorded book value of the debentures issued by the Capital Trusts, less the recorded book value of the common stock of the Capital Trusts owned by the Company, continues to qualify as Tier 1 or Tier 2 capital under interim guidance issued by the Board of Governors of the Federal Reserve System. The following table summarizes the terms and recorded balance of each subordinated debenture as of the date indicated (dollars in thousands): Subordinated Debt Series Maturity Face Coupon As of December 31, Current Recorded TriCo Cap Trust I 10/7/2033 $ 20,619 3.05 % 3.37 % $ 20,619 TriCo Cap Trust II 7/23/2034 20,619 2.55 % 2.87 % 20,619 North Valley Trust II 4/24/2033 6,186 3.25 % 3.58 % 5,055 North Valley Trust III 4/24/2034 5,155 2.80 % 3.12 % 3,966 North Valley Trust IV 3/15/2036 10,310 1.33 % 1.84 % 6,211 $ 62,889 $ 56,470 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 18 - Commitments and Contingencies Restricted Cash Balances Lease Commitments Operating Leases (in thousands) 2016 $ 3,067 2017 2,400 2018 1,755 2019 1,211 2020 2,382 Thereafter 659 Future minimum lease payments $ 11,474 Rent expense under operating leases was $6,241,000 in 2015, $4,786,000 in 2014, and $4,300,000 in 2013. Rent expense was offset by rent income of $217,000 in 2015, $225,000 in 2014, and $216,000 in 2013. Financial Instruments with Off-Balance-Sheet Risk The Company’s exposure to loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit written is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The Company’s exposure to loss in the event of nonperformance by the other party to the financial instrument for deposit account overdraft privilege is represented by the overdraft privilege amount disclosed to the deposit account holder. The following table presents a summary of the Bank’s commitments and contingent liabilities: (in thousands) December 31, December 31, Financial instruments whose amounts represent risk: Commitments to extend credit: Commercial loans $ 196,399 $ 177,557 Consumer loans 394,278 392,705 Real estate mortgage loans 42,793 36,139 Real estate construction loans 71,846 49,774 Standby letters of credit 8,330 17,531 Deposit account overdraft privilege 94,473 101,060 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates of one year or less or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on Management’s credit evaluation of the customer. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, residential properties, and income-producing commercial properties. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support private borrowing arrangements. Most standby letters of credit are issued for one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral requirements vary, but in general follow the requirements for other loan facilities. Deposit account overdraft privilege amount represents the unused overdraft privilege balance available to the Company’s deposit account holders who have deposit accounts covered by an overdraft privilege. The Company has established an overdraft privilege for certain of its deposit account products whereby all holders of such accounts who bring their accounts to a positive balance at least once every thirty days receive the overdraft privilege. The overdraft privilege allows depositors to overdraft their deposit account up to a predetermined level. The predetermined overdraft limit is set by the Company based on account type. Legal Proceedings On January 24, 2014, a putative shareholder class action lawsuit was filed against TriCo, North Valley Bancorp and certain other defendants in connection with TriCo entering into the merger agreement with North Valley Bancorp. The lawsuit, which was filed in the Shasta County, California Superior Court, alleges that the members of the North Valley Bancorp board of directors breached their fiduciary duties to North Valley Bancorp shareholders by approving the proposed merger for inadequate consideration; approving the transaction in order receive benefits not equally shared by other North Valley Bancorp shareholders; entering into the merger agreement containing preclusive deal protection devices; and failing to take steps to maximize the value to be paid to the North Valley Bancorp shareholders. The lawsuit alleges claims against TriCo for aiding and abetting these alleged breaches of fiduciary duties. The plaintiff seeks, among other things, declaratory and injunctive relief concerning the alleged breaches of fiduciary duties injunctive relief prohibiting consummation of the merger, rescission, attorneys’ of the merger agreement, fees and costs, and other and further relief. On July 31, 2014 the defendants entered into a memorandum of understanding with the plaintiffs regarding the settlement of this lawsuit. In connection with the settlement contemplated by the memorandum of understanding and in consideration for the full settlement and release of all claims, TriCo and North Valley Bancorp agreed to make certain additional disclosures related to the proposed merger, which are contained in a Current Report on Form 8-K filed by each of the companies. The memorandum of understanding contemplated that the parties would negotiate in good faith and use their reasonable best efforts to enter into a stipulation of settlement. The parties entered into a stipulation of settlement dated May 18, 2015 that was subject to customary conditions, including final court approval following notice to North Valley Bancorp’s shareholders. The parties amended the stipulation on October 19, 2015. Following a hearing in Shasta County Superior Court on October 26, 2015, the Court approved and entered a final Stipulated Judgement concluding the case and dismissing all the named individual director defendants. The Court awarded the plaintiff $250,000 in fees. A liability related to this potential settlement was established by North Valley Bancorp prior to its acquisition by TriCo on October 3, 2015, and that liability was recorded by TriCo as part of its purchase accounting of North Valley Bancorp on October 3, 2015. On September 15, 2014, a former Personal Banker at one of the Bank’s in-store branches filed a Class Action Complaint against the Bank in Butte County Superior Court, alleging causes of action related to the observance of meal and rest periods and seeking to represent a class of current and former hourly-paid or non-exempt personal bankers, or employees with the same or similar job duties, employed by Defendants within the State of California during the preceding four years. On or about June 25, 2015, Plaintiff filed an Amended Complaint expanding the class definition to all current and formerly hourly-paid or non-exempt branch employees employed by Defendant’s within the State of California at any time during the period from September 15, 2010 to final judgment. The Bank has responded to the First Amended Complaint, denying the charges, and the parties have engaged in written discovery. The parties are in the process of scheduling the matter for mediation in the June – July, 2016 time period. On January 20, 2015, a current Personal Banker at one of the Bank’s in-store branches filed a First Amended Complaint against Tri Counties Bank and TriCo Bancshares, dba Tri Counties Bank, in Sacramento County Superior Court, alleging causes of action related to wage statement violations. Plaintiff seeks to represent a class of current and former exempt and non-exempt employees who worked for the Bank during the time period beginning October 18, 2013 through the date of the filing of this action. The Company and the Bank have responded to the First Amended Complaint, deny the charges, and has engaged in written discovery with Plaintiff. The parties intend to mediate this matter in a joint mediation with the above matter this summer. Neither the Company nor its subsidiaries, are party to any other material pending legal proceeding, nor is their property the subject of any material pending legal proceeding, except routine legal proceedings arising in the ordinary course of their business. None of these proceedings is expected to have a material adverse impact upon the Company’s business, consolidated financial position or results of operations. Other Commitments and Contingencies Mortgage loans sold to investors may be sold with servicing rights retained, with only the standard legal representations and warranties regarding recourse to the Bank. Management believes that any liabilities that may result from such recourse provisions are not significant. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | Note 19 – Shareholders’ Equity Dividends Paid The Bank paid to the Company cash dividends in the aggregate amounts of $13,304,000, $8,270,000, and $8,175,000 in 2015, 2014, and 2013, respectively. The Bank is regulated by the Federal Deposit Insurance Corporation (FDIC) and the State of California Department of Business Oversight. Absent approval from the Commissioner of Department of Business Oversight, California banking laws generally limit the Bank’s ability to pay dividends to the lesser of (1) retained earnings or (2) net income for the last three fiscal years, less cash distributions paid during such period. Under this law, at December 31, 2015, the Bank may pay dividends of $73,297,000. Shareholders’ Rights Plan On June 25, 2001, the Company announced that its Board of Directors adopted and entered into a Shareholder Rights Agreement designed to protect and maximize shareholder value and to assist the Board of Directors in ensuring fair and equitable benefit to all shareholders in the event of a hostile bid to acquire the Company. The Company adopted the Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general terms, the Rights Plan would have imposed a significant penalty upon any person or group that acquired 15% or more of the Company’s outstanding common stock without approval of the Company’s Board of Directors. On June 4, 2014, the Company entered into an amendment to its Rights Agreement terminating the Rights Agreement as of that date. At the time of the termination, all Rights distributed to holders of the Company’s common stock pursuant to the Rights Agreement expired. Stock Repurchase Plan On August 21, 2007, the Board of Directors adopted a plan to repurchase, as conditions warrant, up to 500,000 shares of the Company’s common stock on the open market. The timing of purchases and the exact number of shares to be purchased will depend on market conditions. The 500,000 shares authorized for repurchase under this stock repurchase plan represented approximately 3.2% of the Company’s 15,814,662 outstanding common shares as of August 21, 2007. This stock repurchase plan has no expiration date. As of December 31, 2015, the Company had repurchased 166,600 shares under this plan. Stock Repurchased Under Equity Compensation Plans During the years ended December 31, 2015, 2014, and 2013, employees tendered 106,355, 103,268, and 172,941, respectively, of the Company’s common stock with market value of $2,868,000, $2,551,000, and $3,490,000, respectively, in lieu of cash to exercise options to purchase shares of the Company’s stock and to pay income taxes related to such exercises as permitted by the Company’s shareholder-approved equity compensation plans. The tendered shares were retired. The market value of tendered shares is the last market trade price at closing on the day an option is exercised. Stock repurchased under equity incentive plans are not counted in the total of stock repurchased under the stock repurchase plan announced August 21, 2007. |
Stock Options and Other Equity-
Stock Options and Other Equity-Based Incentive Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options and Other Equity-Based Incentive Instruments | Note 20 - Stock Options and Other Equity-Based Incentive Instruments In March 2009, the Company’s Board of Directors adopted the TriCo Bancshares 2009 Equity Incentive Plan (2009 Plan) covering officers, employees, directors of, and consultants to, the Company. The 2009 Plan was approved by the Company’s shareholders in May 2009. The 2009 Plan allows for the granting of the following types of “stock awards” (Awards): incentive stock options, nonstatutory stock options, performance awards, restricted stock, restricted stock unit (RSU) awards and stock appreciation rights. RSUs that vest based solely on the grantee remaining in the service of the Company for a certain amount of time, are referred to as “service condition vesting RSUs”. RSUs that vest based on the grantee remaining in the service of the Company for a certain amount of time and a market condition such as the total return of the Company’s common stock versus the total return of an index of bank stocks, are referred to as “market plus service condition vesting RSUs”. In May 2013, the Company’s shareholders approved an amendment to the 2009 Plan increasing the maximum aggregate number of shares of TriCo’s common stock which may be issued pursuant to or subject to Awards from 650,000 to 1,650,000. The number of shares available for issuance under the 2009 Plan is reduced by: (i) one share for each share of common stock issued pursuant to a stock option or a Stock Appreciation Right and (ii) two shares for each share of common stock issued pursuant to a Performance Award, a Restricted Stock Award or a Restricted Stock Unit Award. When Awards made under the 2009 Plan expire or are forfeited or cancelled, the underlying shares will become available for future Awards under the 2009 Plan. To the extent that a share of common stock pursuant to an Award that counted as two shares against the number of shares again becomes available for issuance under the 2009 Plan, the number of shares of common stock available for issuance under the 2009 Plan shall increase by two shares. Shares awarded and delivered under the 2009 Plan may be authorized but unissued, or reacquired shares. As of December 31, 2015, 670,000 options for the purchase of common shares, and 78,383 restricted stock units were outstanding, and 734,107 shares remain available for issuance, under the 2009 Plan. In May 2001, the Company adopted the TriCo Bancshares 2001 Stock Option Plan (2001 Plan) covering officers, employees, directors of, and consultants to, the Company. Under the 2001 Plan, the option exercise price cannot be less than the fair market value of the Common Stock at the date of grant except in the case of substitute options. Options for the 2001 Plan expire on the tenth anniversary of the grant date. Vesting schedules under the 2001 Plan are determined individually for each grant. As of December 31, 2015, 278,350 options for the purchase of common shares were outstanding under the 2001 Plan. As of May 2009, as a result of the shareholder approval of the 2009 Plan, no new options may be granted under the 2001 Plan. Stock option activity is summarized in the following table for the dates indicated: Number of Shares Option Price per Share Weighted Outstanding at December 31, 2014 1,102,850 $12.63 to $25.91 $ 18.25 Options granted — — to — — Options exercised (154,000 ) $15.34 to $22.54 $ 20.17 Options forfeited — — to — — Outstanding at December 31, 2015 948,350 $12.63 to $25.91 $ 17.94 The following table shows the number, weighted-average exercise price, intrinsic value, and weighted average remaining contractual life of options exercisable, options not yet exercisable and total options outstanding as of December 31, 2015: Currently Currently Not Total Exercisable Exercisable Outstanding Number of options 710,650 237,700 948,350 Weighted average exercise price $ 18.10 $ 17.48 $ 17.94 Intrinsic value (in thousands) 6,641 2,369 9,010 Weighted average remaining contractual term (yrs.) 4.1 6.6 4.8 The 237,700 options that are currently not exercisable as of December 31, 2015 are expected to vest, on a weighted-average basis, over the next 1.6 years, and the Company is expected to recognize $1,066,000 of pre-tax compensation costs related to these options as they vest. The Company did not modify any option grants during 2015 or 2014. The following table shows the total intrinsic value of options exercised, the total fair value of options vested, total compensation costs for options recognized in income, and total tax benefit recognized in income related to compensation costs for options during the periods indicated: Years Ended December 31, 2015 2014 2013 Intrinsic value of options exercised $ 969,000 $ 1,209,000 $ 1,777,000 Fair value of options that vested $ 734,000 $ 965,000 $ 1,150,000 Total compensation costs for options recognized in income $ 734,000 $ 965,000 $ 1,150,000 Total tax benefit recognized in income related to compensation costs for options $ 380,000 $ 378,000 $ 484,000 Weighted average fair value of grants (per option) n/a $ 8.17 $ 8.91 The fair value of the Company’s stock option grants is estimated on the measurement date, which, for the Company, is the date of grant. The fair value of stock options is estimated using the Black-Scholes option-pricing model. The Company estimated expected market price volatility and expected term of the options based on historical data and other factors. The weighted-average assumptions used to determine the fair value of options granted are detailed in the table below: Year Ended December 31, 2015 2014 2013 Assumptions used to value option grants: Average expected terms (years) n/a 6.3 7.0 Volatility n/a 42.1 % 56.2 % Annual rate of dividends n/a 1.90 % 1.87 % Discount rate n/a 1.69 % 1.26 % Restricted stock unit (RSU) activity is summarized in the following table for the dates indicated: Service Condition Vesting RSUs Market Plus Service Condition Vesting RSUs Number Weighted Number of RSUs Weighted Average Fair Value on Date of Grant Outstanding at December 31, 2014 30,920 15,366 RSUs granted 30,348 $ 23.45 18,348 $ 21.01 RSUs added through dividend credits 962 — RSUs released (12,064 ) — RSUs forfeited/expired (3,880 ) (1,617 ) Outstanding at December 31, 2015 46,286 32,097 The 46,286 of service condition vesting RSUs outstanding as of December 31, 2015 include a feature whereby each RSU outstanding is credited with a dividend amount equal to any common stock cash dividend declared and paid, and the credited amount is divided by the closing price of the Company’s stock on the dividend payable date to arrive at an additional amount of RSUs outstanding under the original grant. The 46,286 of service condition vesting RSUs that are currently outstanding as of December 31, 2015 are expected to vest, and be released, on a weighted-average basis, over the next 1.5 years. The Company is expected to recognize $730,000 of pre-tax compensation costs related to these service condition vesting RSUs between December 31, 2015 and their vesting dates. During the 2015, the Company did not modify any service condition vesting RSUs. During the three months ended December 31, 2014, the Company modified 13,749 service condition vesting RSUs that were granted on August 11, 2014 such that their vesting schedule was changed from 100% vesting on August 11, 2018 to 25% vesting on each of August 11, 2015, 2016, 2017 and 2018. The 32,097 of market plus service condition vesting RSUs outstanding as of December 31, 2015 are expected to vest, and be released, on a weighted-average basis, over the next 2.0 years. The Company is expected to recognize $452,000 of pre-tax compensation costs related to these RSUs between December 31, 2015 and their vesting dates. As of December 31, 2015, the number of market plus service condition vesting RSUs outstanding that will actually vest, and be released, may be reduced to zero or increased to 48,146 depending on the total return of the Company’s common stock versus the total return of an index of bank stocks from the grant date to the vesting date. The Company did not modify any market plus service condition vesting RSUs during 2015 or 2014. The following table shows the compensation costs for RSUs recognized in income for the periods indicated: Year Ended December 31, 2015 2014 2013 Total compensation costs for RSUs recognized in income: Service condition vesting RSUs $ 458,000 $ 126,000 — Market plus service condition vesting RSUs $ 179,000 $ 42,000 — |
Noninterest Income and Expense
Noninterest Income and Expense | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Noninterest Income and Expense | Note 21 - Noninterest Income and Expense The components of other noninterest income were as follows (in thousands): Years Ended December 31, 2015 2014 2013 Service charges on deposit accounts $ 14,276 $ 11,811 $ 12,716 ATM and interchange fees 13,105 9,651 8,370 Other service fees 2,977 2,206 2,144 Mortgage banking service fees 2,164 1,869 1,774 Change in value of mortgage servicing rights (701 ) (1,301 ) 253 Total service charges and fees 31,821 24,236 25,257 Gain on sale of loans 3,064 2,032 5,602 Commissions on sale of non-deposit investment products 3,349 2,995 2,983 Increase in cash value of life insurance 2,786 1,953 1,727 Change in indemnification asset (207 ) (856 ) (1,649 ) Gain on sale of foreclosed assets 991 2,153 1,640 Sale of customer checks 492 450 377 Lease brokerage income 712 504 337 Gain (loss) on disposal of fixed assets (129 ) 49 (39 ) Gain on life insurance death benefit 155 — — Other 2,313 1,000 594 Total other noninterest income 13,526 10,280 11,572 Total noninterest income $ 45,347 $ 34,516 $ 36,829 Mortgage loan servicing fees, net of change in fair value of mortgage loan servicing rights, totaling $1,463,000, $568,000, and $2,027,000, were recorded in service charges and fees noninterest income for the years ended December 31, 2015, 2014, and 2013, respectively. The components of noninterest expense were as follows (in thousands): Years Ended December 31, 2015 2014 2013 Base salaries, net of deferred loan origination costs $ 46,822 $ 39,342 $ 34,404 Incentive compensation 6,964 5,068 4,694 Benefits and other compensation costs 17,619 13,134 12,838 Total salaries and benefits expense 71,405 57,544 51,936 Occupancy 10,126 8,203 7,405 Equipment 5,997 4,514 4,162 Data processing and software 7,670 6,512 4,844 Assessments 2,572 2,107 2,248 ATM network charges 3,371 2,996 2,480 Advertising 3,992 2,413 1,981 Professional fees 4,545 3,888 2,707 Telecommunications 3,007 2,870 2,449 Postage 1,296 949 786 Courier service 1,154 1,055 988 Foreclosed assets expense 490 528 514 Intangible amortization 1,157 446 209 Operational losses 737 764 618 Provision for foreclosed asset losses 502 208 682 Change in reserve for unfunded commitments 330 (395 ) (1,200 ) Legal settlement — — 339 Merger expense 586 4,858 312 Other 11,904 10,919 10,144 Total other noninterest expense 59,436 52,835 41,668 Total noninterest expense $ 130,841 $ 110,379 $ 93,604 Merger expense: Incentive compensation — $ 1,174 — Benefits and other compensation costs — 94 — Data processing and software $ 108 475 — Professional fees 120 2,390 $ 312 Other 358 725 — Total merger expense $ 586 $ 4,858 $ 312 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 22 - Income Taxes The components of consolidated income tax expense are as follows: 2015 2014 2013 (in thousands) Current tax expense Federal $ 21,076 $ 14,485 $ 11,618 State 7,139 5,016 4,261 28,215 19,501 15,879 Deferred tax expense (benefit) Federal 408 (794 ) 1,976 State 273 (199 ) 550 681 (993 ) 2,526 Total tax expense $ 28,896 $ 18,508 $ 18,405 A deferred tax asset or liability is recognized for the tax consequences of temporary differences in the recognition of revenue and expense for financial and tax reporting purposes. The net change during the year in the deferred tax asset or liability results in a deferred tax expense or benefit. Taxes recorded directly to shareholders’ equity are not included in the preceding table. These taxes (benefits) relating to changes in unfunded status of the supplemental retirement plans amounting to $904,000 in 2015, $(2,984,000) in 2014, and $1,269,000 in 2013, taxes (benefits) related to unrealized gains and losses on available-for-sale investment securities amounting to $(797,000) in 2015, $(68,000) in 2014, and $(1,780,000) in 2013, taxes (benefits) related to employee stock options of $479,000 in 2105, $97,000 in 2014, and $138,000 in 2013, were recorded directly to shareholders’ equity. The Company recognized $354,000 of tax credits and other tax benefits relating to our investments in Qualified Affordable Housing Projects for the year ended December 31, 2015. The amortization expense related to our investment in Qualified Affordable Housing Projects for the year ended December 31, 2015 was $277,000. Prior to 2015, the Company had no investments in Qualified Affordable Housing Projects. The carrying value of Low Income Housing Tax Credit Funds as of December 31, 2015 was $4,223,000. As of December 31, 2015, the Company has committed to make additional capital contributions to the Low Income Housing Tax Credit Funds in the amount of $3,330,000, and these contributions are expected to be made over the next several years. The temporary differences, tax effected, which give rise to the Company’s net deferred tax asset recorded in other assets are as follows as of December 31 for the years indicated: 2015 2014 (in thousands) Deferred tax assets: Allowance for losses and reserve for unfunded commitments $ 16,182 $ 16,284 Deferred compensation 2,827 3,115 Accrued pension liability 8,597 7,925 Accrued bonus 1,326 1,149 Other accrued expenses 143 124 Unfunded status of the supplemental retirement plans 2,411 3,315 State taxes 2,297 1,713 Share based compensation 2,701 2,534 Nonaccrual interest 1,979 2,714 OREO write downs 241 198 Acquisition cost basis 5,118 6,017 Tax credits 491 490 Net operating loss carryforwards 5,252 7,128 Other 889 625 Total deferred tax assets 50,454 53,331 Deferred tax liabilities: Securities income (1,362 ) (1,362 ) Unrealized gain on securities (902 ) (1,699 ) Depreciation (2,654 ) (3,072 ) Merger related fixed asset valuations (54 ) (54 ) Securities accretion (485 ) (287 ) Mortgage servicing rights valuation (3,118 ) (2,977 ) Indemnification asset 219 147 Core deposit intangible (2,331 ) (2,802 ) Junior subordinated debt (2,699 ) (2,782 ) Prepaid expenses and other (628 ) (737 ) Total deferred tax liability (14,014 ) (15,625 ) Net deferred tax asset $ 36,440 $ 37,706 As part of the merger with North Valley in 2014, TriCo acquired federal and state net operating loss carryforwards, capital loss carryforwards, and tax credit carryforwards. These tax attribute carryforwards will be subject to provisions of the tax law that limit the use of such losses and credits generated by a company prior to the date certain ownership changes occur. The amount of the Company’s net operating loss carryforwards that would be subject to these limitations as of December 31, 2015 were $9.2 million and $30.7 million for federal and California, respectively. The amount of the Company’s capital loss carryforwards that would be subject to these limitations as of December 31, 2015 were $78,000 and $356,000 for federal and California, respectively. The amount of the Company’s tax credits that would be subject to these limitations as of December 31, 2015 are $69,000 and $2.7 million for federal and California, respectively. Due to the limitation, a significant portion of the state tax credits will expire regardless of whether the Company generates future taxable income. As such, the Company has recorded the future benefit of these tax credits on the books at the value which is more likely than not to be realized. These tax loss and tax credit carryforwards expire at various dates beginning in 2018. The Company believes that a valuation allowance is not needed to reduce the deferred tax assets as it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets, including the tax attribute carryforwards acquired as part of the North Valley merger. As part of the North Valley merger, TriCo inherited an unrecognized tax benefit for tax positions claimed on prior year tax returns filed by North Valley. The Company had an unrecognized tax benefit of $182,000 as of December 31, 2015, the recognition of which would reduce the Company’s tax expense by $116,000. Management does not expect the unrecognized tax benefit will materially change in the next 12 months. A summary of changes in the Company’s unrecognized tax benefit (including interest and penalties) in 2015 is as follows: (in thousands) UTB Interest/Penalties Total As of December 31, 2014 227 18 245 Lapse of the applicable statute of limitations (59 ) (4 ) (63 ) As of December 31, 2015 168 14 182 During the year ended December 31, 2015 and December 31, 2014, the Company recognized no interest and penalties related to taxes. The Company files income tax returns in the U.S. federal jurisdiction, and California. With few exceptions, the Company is no longer subject to U.S. federal and state/local income tax examinations by tax authorities for years before 2012 and 2011, respectively. The provisions for income taxes applicable to income before taxes for the years ended December 31, 2015, 2014 and 2013 differ from amounts computed by applying the statutory Federal income tax rates to income before taxes. The effective tax rate and the statutory federal income tax rate are reconciled as follows: Years Ended December 31, 2015 2014 2013 Federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 6.6 7.0 6.8 Tax-exempt interest on municipal obligations (0.7 ) (0.4 ) (0.4 ) Tax-exempt life insurance related income (1.3 ) (1.5 ) (1.3 ) Non-deductible joint beneficiary agreement expense 0.1 0.2 0.2 Non-deductible merger expense — 1.0 — Other — 0.2 (0.1 ) Effective Tax Rate 39.7 % 41.5 % 40.2 % |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 23 – Earnings per Share Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate solely from outstanding stock options, and are determined using the treasury stock method. Earnings per share have been computed based on the following: Years ended December 31, 2015 2014 2013 Net income (in thousands) $ 43,818 $ 26,108 $ 27,399 (number of shares in thousands) Average number of common shares outstanding 22,750 17,716 16,045 Effect of dilutive stock options 248 207 152 Average number of common shares outstanding used to calculate diluted earnings per share 22,998 17,923 16,197 Based on an average of quarterly computations, there were 20,625, 95,600, and 407,985 options and restricted stock units excluded from the computation of annual diluted earnings per share for the years ended December 31, 2015, 2014 and 2013, respectively, because the effect of these options and restricted stock units were antidilutive. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Comprehensive Income | Note 24 – Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of other comprehensive income and related tax effects are as follows: Years Ended December 31, 2015 2014 2013 (in thousands) Unrealized holding losses on available for sale securities before reclassifications $ (1,895 ) $ (162 ) $ (4,232 ) Amounts reclassified out of accumulated other comprehensive income — — — Unrealized holding losses on available for sale securities after reclassifications (1,895 ) (162 ) (4,232 ) Tax effect 797 68 1,780 Unrealized holding losses on available for sale securities, net of tax (1,098 ) (94 ) (2,452 ) Change in unfunded status of the supplemental retirement plans before reclassifications 1,384 (7,253 ) 2,575 Amounts reclassified out of accumulated other comprehensive income: Amortization of prior service cost (57 ) 138 153 Amortization of actuarial losses 823 17 291 Total amounts reclassified out of accumulated other comprehensive income 766 155 444 Change in unfunded status of the supplemental retirement plans after reclassifications 2,150 (7,098 ) 3,019 Tax effect (904 ) 2,984 (1,269 ) Change in unfunded status of the supplemental retirement plans, net of tax 1,246 (4,114 ) 1,750 Change in joint beneficiary agreement liability before reclassifications 277 148 400 Amounts reclassified out of accumulated other comprehensive income — — — Change in joint beneficiary agreement liability after reclassifications 277 148 400 Tax effect — — — Change in joint beneficiary agreement liability, net of tax 277 148 400 Total other comprehensive income (loss) $ 425 $ (4,060 ) $ (302 ) The components of accumulated other comprehensive income, included in shareholders’ equity, are as follows: December 31, 2015 2014 (in thousands) Net unrealized gains on available for sale securities $ 2,145 $ 4,040 Tax effect (902 ) (1,699 ) Unrealized holding gains on available for sale securities, net of tax 1,243 2,341 Unfunded status of the supplemental retirement plans (5,735 ) (7,885 ) Tax effect 2,411 3,315 Unfunded status of the supplemental retirement plans, net of tax (3,324 ) (4,570 ) Joint beneficiary agreement liability 303 26 Tax effect — — Joint beneficiary agreement liability, net of tax 303 26 Accumulated other comprehensive loss $ (1,778 ) $ (2,203 ) |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Note 25 - Retirement Plans 401(k) Plan The Company sponsors a 401(k) Plan whereby substantially all employees age 21 and over with 90 days of service may participate. Participants may contribute a portion of their compensation subject to certain limits based on federal tax laws. Prior to July 1, 2015, the Company did not contribute to the 401(k) Plan. Effective July 1, 2015, the Company initiated a discretionary matching contribution equal to 50% of participant’s elective deferrals each quarter, up to 4% of eligible compensation. The Company recorded $300,000, $0, and $0 of salaries & benefits expense attributable to the 401(k) Plan matching contribution during the years 2015, 2014, and 2013, respectively. During 2015, 2014, and 2013 the Company did not contribute to the 401(k) Plan. Employee Stock Ownership Plan Substantially all employees with at least one year of service are covered by a discretionary employee stock ownership plan (ESOP). Contributions are made to the plan at the discretion of the Board of Directors. Contributions to the plan totaling $2,651,000, $1,294,000, and $1,648,000 were made during 2015, 2014, and 2013, respectively. Expenses related to the Company’s ESOP, are included in benefits and other compensation costs under salaries and benefits expense, and were $2,282,000, $1,467,000, and $1,648,000 during 2015, 2014, and 2013, respectively. Company shares owned by the ESOP are paid dividends and included in the calculation of earnings per share exactly as other common shares outstanding. Deferred Compensation Plans The Company has deferred compensation plans for certain directors and key executives, which allow certain directors and key executives designated by the Board of Directors of the Company to defer a portion of their compensation. The Company has purchased insurance on the lives of the participants and intends to hold these policies until death as a cost recovery of the Company’s deferred compensation obligations of $6,725,000 and $7,408,000 at December 31, 2015 and 2014, respectively. Earnings credits on deferred balances totaling $538,000 in 2015, $551,000 in 2014, and $568,000 in 2013, respectively, are included in noninterest expense. Supplemental Retirement Plans The Company has supplemental retirement plans for certain directors and key executives. These plans are non-qualified defined benefit plans and are unsecured and unfunded. The Company has purchased insurance on the lives of the participants and intends to hold these policies until death as a cost recovery of the Company’s retirement obligations. The cash values of the insurance policies purchased to fund the deferred compensation obligations and the supplemental retirement obligations were $94,560,000 and $92,337,000 at December 31, 2015 and 2014, respectively. The Company recorded in other liabilities the unfunded status of the supplemental retirement plans of $5,735,000 and $7,885,000 related to the supplemental retirement plans as of December 31, 2015 and 2014, respectively. These amounts represent the amount by which the projected benefit obligations for these retirement plans exceeded the fair value of plan assets plus amounts previously accrued related to the plans. The projected benefit obligation is recorded in other liabilities. At December 31, 2015 and 2014, the unfunded status of the supplemental retirement plans of $5,735,000 and $7,885,000 were offset by a reduction of shareholders’ equity accumulated other comprehensive loss of $3,324,000 and $4,570,000, respectively, representing the after-tax impact of the unfunded status of the supplemental retirement plans, and the related deferred tax asset of $2,411,000 and $3,315,000, respectively. Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the combined net period benefit cost of the Company’s defined benefit pension plans are presented in the following table. The Company expects to recognize approximately $549,000 of the net actuarial loss reported in the following table as of December 31, 2015 as a component of net periodic benefit cost during 2016. December 31, (in thousands) 2015 2014 Transition obligation $ 7 $ 9 Prior service cost (115 ) (173 ) Net actuarial loss 5,843 8,049 Amount included in accumulated other comprehensive loss 5,735 7,885 Deferred tax benefit (2,411 ) (3,315 ) Amount included in accumulated other comprehensive loss, net of tax $ 3,324 $ 4,570 Information pertaining to the activity in the supplemental retirement plans, using a measurement date of December 31, is as follows: December 31, 2015 2014 (in thousands) Change in benefit obligation: Benefit obligation at beginning of year $ (26,798 ) $ (14,634 ) Acquisition — (4,150 ) Service cost (1,023 ) (652 ) Interest cost (957 ) (739 ) Actuarial (loss)/gain 1,382 (7,254 ) Benefits paid 1,212 631 Benefit obligation at end of year $ (26,184 ) $ (26,798 ) Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Fair value of plan assets at end of year $ — $ — Funded status $ (26,184 ) $ (26,798 ) Unrecognized net obligation existing at January 1, 1986 7 9 Unrecognized net actuarial loss 5,843 8,049 Unrecognized prior service cost (115 ) (173 ) Accumulated other comprehensive income (5,735 ) (7,885 ) Accrued benefit cost $ (26,184 ) $ (26,798 ) Accumulated benefit obligation $ (24,469 ) $ (24,739 ) The following table sets forth the net periodic benefit cost recognized for the supplemental retirement plans: Years Ended December 31, 2015 2014 2013 (in thousands) Net pension cost included the following components: Service cost-benefits earned during the period $ 1,023 $ 652 $ 743 Interest cost on projected benefit obligation 957 739 643 Amortization of net obligation at transition 2 2 2 Amortization of prior service cost (57 ) 138 153 Recognized net actuarial loss 823 16 291 Net periodic pension cost $ 2,748 $ 1,547 $ 1,832 The following table sets forth assumptions used in accounting for the plans: Years Ended December 31, 2015 2014 2013 Discount rate used to calculate benefit obligation 4.00 % 3.65 % 4.85 % Discount rate used to calculate net periodic pension cost 4.00 % 3.65 % 4.85 % Average annual increase in executive compensation 2.50 % 2.50 % 2.50 % Average annual increase in director compensation 2.50 % 2.50 % 2.50 % The following table sets forth the expected benefit payments to participants and estimated contributions to be made by the Company under the supplemental retirement plans for the years indicated: Years Ended Expected Benefit Estimated (in thousands) 2016 $ 1,104 $ 1,104 2017 983 983 2018 974 974 2019 845 845 2020 731 731 2021-2025 $ 3,490 $ 3,490 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 26 - Related Party Transactions Certain directors, officers, and companies with which they are associated were customers of, and had banking transactions with, the Company or the Bank in the ordinary course of business. The following table summarizes the activity in these loans for the periods indicated (in thousands): Balance December 31, 2013 $ 2,636 Advances/new loans 2,106 Removed/payments (1,610 ) Balance December 31, 2014 3,132 Advances/new loans 3,098 Removed/payments (2,029 ) Balance December 31, 2015 $ 4,201 Director Chrysler is a principal owner and CEO of Modern Building Inc. Modern Building Inc. provided construction services to the Company related to new and existing Bank facilities for aggregate payments of $1,030,000, $1,181,000, and $4,261,000, during 2015, 2014 and 2013, respectively. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 27 - Fair Value Measurement The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, income approach, and/or the cost approach. Inputs to valuation techniques include the assumptions that market participants would use in pricing an 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. Securities available-for-sale and mortgage servicing rights are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or impairment write-downs of individual assets. The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observable nature of the assumptions used to determine fair value. These levels are: Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 - Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Securities available for sale Loans held for sale Impaired originated and PNCI loans Foreclosed assets Mortgage servicing rights The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands): Total Level 1 Level 2 Level 3 Fair value at December 31, 2015 Securities available-for-sale: Obligations of U.S. government corporations and agencies $ 313,682 — $ 313,682 — Obligations of states and political subdivisions 88,218 — 88,218 — Corporate debt securities — — — — Marketable equity securities 2,985 $ 2,985 — — Mortgage servicing rights 7,618 — — $ 7,618 Total assets measured at fair value $ 412,503 $ 2,985 $ 401,900 $ 7,618 Total Level 1 Level 2 Level 3 Fair value at December 31, 2014 Securities available-for-sale: Obligations of U.S. government corporations and agencies $ 75,120 — $ 75,120 — Obligations of states and political subdivisions 3,175 — 3,175 — Corporate debt securities 1,908 — 1,908 — Marketable equity securities 3,002 $ 3,002 — — Mortgage servicing rights 7,378 — — $ 7,378 Total assets measured at fair value $ 90,583 $ 3,002 $ 80,203 $ 7,378 Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally corresponds with the Company’s quarterly valuation process. There were no transfers between any levels during 2015 or 2014. The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the years ended December 31, 2015 and 2014. Had there been any transfer into or out of Level 3 during 2015 or 2014, the amount included in the “Transfers into (out of) Level 3” column would represent the beginning balance of an item in the period (interim quarter) during which it was transferred (in thousands): Ending Transfers Change Issuances Beginning Year ended December 31, 2015: Mortgage servicing rights $ 7,618 — $ (701 ) $ 941 $ 7,378 2014: Mortgage servicing rights $ 7,378 $ 1,944 $ (1,301 ) $ 570 $ 6,165 The Company’s method for determining the fair value of mortgage servicing rights is described in Note 1. The key unobservable inputs used in determining the fair value of mortgage servicing rights are mortgage prepayment speeds and the discount rate used to discount cash projected cash flows. Generally, any significant increases in the mortgage prepayment speed and discount rate utilized in the fair value measurement of the mortgage servicing rights will result in a negative fair value adjustments (and decrease in the fair value measurement). Conversely, a decrease in the mortgage prepayment speed and discount rate will result in a positive fair value adjustment (and increase in the fair value measurement). Note 10 contains additional information regarding mortgage servicing rights. The following table presents quantitative information about recurring Level 3 fair value measurements at December 31, 2015: Fair Value Valuation Technique Unobservable Inputs Range, Weighted Average Mortgage Servicing Rights $ 7,618 Discounted cash flow Constant prepayment rate Discount rate 6.3%-20.5%, 9.8% 10.0%-12.0%, 10.0% The tables below present the recorded amount of assets and liabilities measured at fair value on a nonrecurring basis, as of the dates indicated, that had a write-down or an additional allowance provided during the periods indicated (in thousands): Total Level 1 Level 2 Level 3 Total Gains Year ended December 31, 2015 Fair value: Impaired Originated & PNCI loans $ 4,649 — — $ 4,649 $ (663 ) Foreclosed assets 1,839 1,839 (418 ) Total assets measured at fair value $ 6,488 — — $ 6,488 $ (1,081 ) Total Level 1 Level 2 Level 3 Total Gains (Losses) Year ended December 31, 2014 Fair value: Impaired Originated & PNCI loans $ 2,480 — — $ 2,480 $ (636 ) Foreclosed assets 2,611 — — 2,611 $ (137 ) Total assets measured at fair value $ 5,091 — — $ 5,091 $ (773 ) The impaired Originated and PNCI loan amount above represents impaired, collateral dependent loans that have been adjusted to fair value. When we identify a collateral dependent loan as impaired, we measure the impairment using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the allowance for loan and lease losses. The loss represents charge-offs or impairments on collateral dependent loans for fair value adjustments based on the fair value of collateral. The carrying value of loans fully charged-off is zero. The foreclosed assets amount above represents impaired real estate that has been adjusted to fair value. Foreclosed assets represent real estate which the Bank has taken control of in partial or full satisfaction of loans. At the time of foreclosure, other real estate owned is recorded at the lower of the carrying amount of the loan or fair value less costs to sell, which becomes the property’s new basis. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan and lease losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Fair value adjustments on other real estate owned are recognized within net loss on real estate owned. The loss represents impairments on non-covered other real estate owned for fair value adjustments based on the fair value of the real estate. The Company’s property appraisals are primarily based on the sales comparison approach and income approach methodologies, which consider recent sales of comparable properties, including their income generating characteristics, and then make adjustments to reflect the general assumptions that a market participant would make when analyzing the property for purchase. These adjustments may increase or decrease an appraised value and can vary significantly depending on the location, physical characteristics and income producing potential of each property. Additionally, the quality and volume of market information available at the time of the appraisal can vary from period to period and cause significant changes to the nature and magnitude of comparable sale adjustments. Given these variations, comparable sale adjustments are generally not a reliable indicator for how fair value will increase or decrease from period to period. Under certain circumstances, management discounts are applied based on specific characteristics of an individual property. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2015: Fair Value Valuation Technique Unobservable Inputs Range, Impaired Originated & PNCI loans $ 4,649 Sales comparison approach Income approach Adjustment for differences between comparable sales Capitalization rate (5.0)%-(5.0)%, (5.0)% Foreclosed assets (Land & construction) $ 201 Sales comparison approach Adjustment for differences between comparable sales (5.0)%-(7.0)%, (5.59)% Foreclosed assets (residential (Residential real estate) $ 814 Sales comparison approach Adjustment for differences between comparable sales (5.0)%-(8.0)%, (6.04)% Foreclosed assets (Commercial real estate) $ 824 Sales comparison approach Adjustment for differences between comparable sales (7.0)%-(9.0)%, (7.50)% In addition to the methods and assumptions used to estimate the fair value of each class of financial instrument noted above, the following methods and assumptions were used to estimate the fair value of other classes of financial instruments for which it is practical to estimate the fair value. Short-term Instruments Securities held to maturity Restricted Equity Securities Originated and PNCI loans PCI Loans FDIC Indemnification Asset - Deposit Liabilities Other Borrowings Junior Subordinated Debentures Commitments to Extend Credit and Standby Letters of Credit Fair values for financial instruments are management’s estimates of the values at which the instruments could be exchanged in a transaction between willing parties. These estimates are subjective and may vary significantly from amounts that would be realized in actual transactions. In addition, other significant assets are not considered financial assets including, any mortgage banking operations, deferred tax assets, and premises and equipment. Further, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on the fair value estimates and have not been considered in any of these estimates. The estimated fair values of financial instruments that are reported at amortized cost in the Corporation’s consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows (in thousands): December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair Financial assets: Level 1 inputs: Cash and due from banks $ 94,305 $ 94,305 $ 93,150 $ 93,150 Cash at Federal Reserve and other banks 209,156 209,156 517,578 517,578 Level 2 inputs: Securities held to maturity 726,530 732,208 676,426 688,779 Restricted equity securities 16,596 N/A 16,956 N/A Loans held for sale 1,873 1,873 3,579 3,579 Level 3 inputs: Loans, net 2,486,926 2,555,297 2,282,524 2,379,155 Financial liabilities: Level 2 inputs: Deposits 3,631,266 3,630,129 3,380,423 3,380,486 Other borrowings 12,328 12,328 9,276 9,276 Level 3 inputs: Junior subordinated debt $ 56,470 $ 44,527 $ 56,272 $ 45,053 Contract Fair Contract Fair Off-balance sheet: Level 3 inputs: Commitments $ 705,316 $ 7,053 $ 656,175 $ 6,562 Standby letters of credit $ 8,330 $ 83 $ 17,531 $ 175 Overdraft privilege commitments $ 94,473 $ 945 $ 101,060 $ 1,011 |
TriCo Bancshares Condensed Fina
TriCo Bancshares Condensed Financial Statements (Parent Only) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
TriCo Bancshares Condensed Financial Statements (Parent Only) | Note 28 - TriCo Bancshares Condensed Financial Statements (Parent Only) Condensed Balance Sheets December 31, 2015 2014 (in thousands) Assets Cash and Cash equivalents $ 2,565 $ 2,229 Investment in Tri Counties Bank 504,655 470,797 Other assets 1,714 1,902 Total assets $ 508,934 $ 474,928 Liabilities and shareholders’ equity Other liabilities $ 348 $ 484 Junior subordinated debt 56,470 56,272 Total liabilities 56,818 56,756 Shareholders’ equity: Common stock, no par value: authorized 50,000,000 shares; issued and outstanding 22,775,173 and 22,714,964 shares, respectively 247,587 244,318 Retained earnings 206,307 176,057 Accumulated other comprehensive loss, net (1,778 ) (2,203 ) Total shareholders’ equity 452,116 418,172 Total liabilities and shareholders’ equity $ 508,934 $ 474,928 Condensed Statements of Income Years ended December 31, 2015 2014 2013 (in thousands) Interest expense $ (1,977 ) $ (1,403 ) $ (1,247 ) Administration expense (814 ) (2,720 ) (862 ) Loss before equity in net income of Tri Counties Bank (2,791 ) (4,123 ) (2,109 ) Equity in net income of Tri Counties Bank: Distributed 13,304 8,270 8,175 Undistributed 32,131 20,720 20,446 Income tax benefit 1,174 1,241 887 Net income $ 43,818 $ 26,108 $ 27,399 Condensed Statements of Comprehensive Income Years ended December 31, 2015 2014 2013 (in thousands) Net income $ 43,818 $ 26,108 $ 27,399 Other comprehensive (loss) income, net of tax: Unrealized holding (losses) gains on securities arising during the period (1,098 ) (94 ) (2,452 ) Change in minimum pension liability 1,246 (4,114 ) 1,750 Change in joint beneficiary agreement liability 277 148 400 Other comprehensive (loss) income 425 (4,060 ) (302 ) Net income $ 44,243 $ 22,048 $ 27,097 Condensed Statements of Cash Flows Years ended December 31, 2015 2014 2013 (in thousands) Operating activities: Net income $ 43,818 $ 26,108 $ 27,399 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed equity in earnings of Tri Counties Bank (32,131 ) (20,720 ) (20,446 ) Equity compensation vesting expense 1,370 1,133 1,151 Equity compensation tax effect 68 (225 ) (356 ) Net change in other assets and liabilities (1,120 ) 671 (1,100 ) Net cash provided by operating activities 12,005 6,967 6,648 Investing activities: None Financing activities: Issuance of common stock through option exercise 660 616 251 Equity compensation tax effect (68 ) 225 356 Repurchase of common stock (412 ) (292 ) (501 ) Cash dividends paid — common (11,849 ) (7,807 ) (6,745 ) Net cash used for financing activities (11,669 ) (7,258 ) (6,639 ) (decrease) increase in cash and cash equivalents 336 (291 ) 9 Cash and cash equivalents at beginning of year 2,229 2,520 2,511 Cash and cash equivalents at end of year $ 2,565 $ 2,229 $ 2,520 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Note 29 - Regulatory Matters The Company is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total, Tier 1, and common equity Tier 1capital to risk-weighted assets, and of Tier 1 capital to average assets. Management believes, as of December 31, 2015, that the Company meets all capital adequacy requirements to which it is subject. The following table presents actual and required capital ratios as of December 31, 2015 for the Company and the Bank under Basel III Capital Rules. The minimum capital amounts presented include the minimum required capital levels as of December 31, 2015 based on the phased-in provisions of the Basel III Capital Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules have been fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Actual Minimum Capital Minimum Capital Required to be Amount Ratio Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2015: Total Capital (to Risk Weighted Assets): Consolidated $ 474,436 15.09 % $ 251,555 8.00 % $ 330,165 10.50 % N/A N/A Tri Counties Bank $ 473,327 15.06 % $ 251,418 8.00 % $ 329,985 10.50 % $ 314,272 10.00 % Tier 1 Capital (to Risk Weighted Assets): Consolidated $ 435,950 13.86 % $ 188,666 6.00 % $ 267,277 8.50 % N/A N/A Tri Counties Bank $ 434,841 13.84 % $ 188,563 6.00 % $ 267,131 8.50 % $ 251,418 8.00 % Common equity Tier 1 Capital (to Risk Weighted Assets): Consolidated $ 385,747 12.27 % $ 141,499 4.50 % $ 220,110 7.00 % N/A N/A Tri Counties Bank $ 434,841 13.84 % $ 141,422 4.50 % $ 219,990 7.00 % $ 204,277 6.50 % Tier 1 Capital (to Average Assets): Consolidated $ 435,950 10.79 % $ 161,562 4.00 % $ 161,562 4.00 % N/A N/A Tri Counties Bank $ 434,841 10.76 % $ 161,601 4.00 % $ 161,601 4.00 % $ 202,002 5.00 % The following table presents actual and required capital ratios as of December 31, 2104 for the Company and the Bank under the regulatory capital rules then in effect. Actual Minimum Minimum Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2014: Total Capital (to Risk Weighted Assets): Consolidated $ 436,955 15.63 % $ 223,603 8.0 % N/A N/A Tri Counties Bank $ 433,286 15.51 % $ 223,449 8.0 % $ 279,311 10.0 % Tier 1 Capital (to Risk Weighted Assets): Consolidated $ 401,971 14.38 % $ 111,801 4.0 % N/A N/A Tri Counties Bank $ 398,325 14.26 % $ 111,724 4.0 % $ 167,587 6.0 % Tier 1 Capital (to Average Assets): Consolidated $ 401,971 10.80 % $ 148,819 4.0 % N/A N/A Tri Counties Bank $ 398,325 10.71 % $ 148,734 4.0 % $ 185,918 5.0 % As of December 31, 2015, capital levels at the Company and the Bank exceed all capital adequacy requirements under the Basel III Capital Rules on a fully phased-in basis. Based on the ratios presented above, capital levels as December 31, 2015 at the Company and the Bank exceed the minimum levels necessary to be considered “well capitalized”. |
Summary of Quarterly Results of
Summary of Quarterly Results of Operations (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations (unaudited) | Note 30 - Summary of Quarterly Results of Operations (unaudited) The following table sets forth the results of operations for the four quarters of 2015 and 2014, and is unaudited; however, in the opinion of Management, it reflects all adjustments (which include only normal recurring adjustments) necessary to present fairly the summarized results for such periods. 2015 Quarters Ended December 31, September 30, June 30, March 31, (dollars in thousands, except per share data) Interest and dividend income: Loans: Discount accretion PCI – cash basis $ 302 $ 445 $ 404 $ 172 Discount accretion PCI – other 1,392 1,090 907 1,274 Discount accretion PNCI 573 1,590 822 1,348 All other loan interest income 32,571 30,689 29,886 28,371 Total loan interest income 34,838 33,814 32,019 31,165 Debt securities, dividends and interest bearing cash at banks (not FTE) 7,652 7,518 7,848 6,560 Total interest income 42,490 41,332 39,867 37,725 Interest expense 1,349 1,339 1,346 1,382 Net interest income 41,141 39,993 38,521 36,343 (Benefit from) provision for loan losses (908 ) (866 ) (633 ) 197 Net interest income after provision for loan losses 42,049 40,859 39,154 36,146 Noninterest income 11,445 11,642 12,080 10,180 Noninterest expense 34,684 31,439 32,436 32,282 Income before income taxes 18,810 21,062 18,798 14,044 Income tax expense 7,388 8,368 7,432 5,708 Net income $ 11,422 $ 12,694 $ 11,366 $ 8,336 Per common share: Net income (diluted) $ 0.50 $ 0.55 $ 0.49 $ 0.36 Dividends $ 0.15 $ 0.13 $ 0.13 $ 0.11 2014 Quarters Ended December 31, September 30, June 30, March 31, (dollars in thousands, except per share data) Interest and dividend income: Loans: Discount accretion PCI – cash basis $ 107 $ 290 $ 69 $ 203 Discount accretion PCI – other 919 822 811 984 Discount accretion PNCI 796 402 624 379 All other loan interest income 28,914 23,466 22,929 22,172 Total loan interest income 30,736 24,980 24,433 23,738 Debt securities, dividends and interest bearing cash at banks (not FTE) 5,671 4,151 3,985 3,421 Total interest income 36,407 29,131 28,418 27,159 Interest expense 1,437 1,082 1,075 1,087 Net interest income 34,970 28,049 27,343 26,072 (Benefit from) provision for loan losses (1,421 ) (2,977 ) 1,708 (1,355 ) Net interest income after provision for loan losses 36,391 31,026 25,635 27,427 Noninterest income 9,755 8,589 7,877 8,295 Noninterest expense 36,566 25,380 25,116 23,317 Income before income taxes 9,580 14,235 8,396 12,405 Income tax expense 3,930 6,001 3,537 5,040 Net income $ 5,650 $ 8,234 $ 4,859 $ 7,365 Per common share: Net income (diluted) $ 0.25 $ 0.50 $ 0.30 $ 0.45 Dividends $ 0.11 $ 0.11 $ 0.11 $ 0.11 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation TriCo Bancshares (the “Company”) is a California corporation organized to act as a bank holding company for Tri Counties Bank (the “Bank”). The Company and the Bank are headquartered in Chico, California. The Bank is a California-chartered bank that is engaged in the general commercial banking business in 26 California counties. Tri Counties Bank currently operates from 55 traditional branches and 12 in-store branches. The Company has five capital subsidiary business trusts (collectively, the “Capital Trusts”) that issued trust preferred securities, including two organized by TriCo and three acquired with the acquisition of North Valley Bancorp. See Note 17 – Junior Subordinated Debt. The consolidated financial statements are prepared in accordance with accounting policies generally accepted in the United States of America and general practices in the banking industry. The financial statements include the accounts of the Company. All inter-company |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates, including those related to the adequacy of the allowance for loan losses, investments, intangible assets, income taxes and contingencies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. As described in Note 2, the Company acquired North Valley Bancorp on October 3, 2014. The acquired assets and assumed liabilities were measured at estimated fair value values under the acquisition method of accounting. The Company made significant estimates and exercised significant judgment in accounting for the acquisition. The Company determined loan fair values based on loan file reviews, loan risk ratings, appraised collateral values, expected cash flows and historical loss factors. Foreclosed assets were primarily valued based on appraised values of the repossessed loan collateral. Land and building were valued based on appraised values. An identifiable intangible was also recorded representing the fair value of the core deposit customer base based on an evaluation of the cost of such deposits relative to alternative funding sources. The fair value of time deposits and borrowings were determined based on the present value of estimated future cash flows using current rates as of the acquisition date. |
Significant Group Concentration of Credit Risk | Significant Group Concentration of Credit Risk The Company grants agribusiness, commercial, consumer, and residential loans to customers located throughout the northern San Joaquin Valley, the Sacramento Valley and northern mountain regions of California. The Company has a diversified loan portfolio within the business segments located in this geographical area. The Company currently classifies all its operation into one business segment that it denotes as community banking. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash on hand, amounts due from banks, and federal funds sold. Net cash flows are reported for loan and deposit transactions and other borrowings. |
Investment Securities | Investment Securities The Company classifies its debt and marketable equity securities into one of three categories: trading, available for sale or held to maturity. Trading securities are bought and held principally for the purpose of selling in the near term. Held to maturity securities are those securities which the Company has the ability and intent to hold until maturity. These securities are carried at cost adjusted for amortization of premium and accretion of discount, computed by the effective interest method over their contractual lives. All other securities not included in trading or held to maturity are classified as available for sale. Available for sale securities are recorded at fair value. Unrealized gains and losses, net of the related tax effect, on available for sale securities are reported as a separate component of other accumulated comprehensive income in shareholders’ equity until realized. Premiums and discounts are amortized or accreted over the life of the related investment security as an adjustment to yield using the effective interest method. Dividend and interest income are recognized when earned. Realized gains and losses are derived from the amortized cost of the security sold. During 2015 and 2014, the Company did not have any securities classified as trading. The Company assesses other-than-temporary impairment (“OTTI”) based on whether it intends to sell a security or if it is likely that the Company would be required to sell the security before recovery of the amortized cost basis of the investment, which may be maturity. For debt securities, if we intend to sell the security or it is more likely than not that we will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized in earnings as an OTTI. If we do not intend to sell the security and it is not likely that we will be required to sell the security but we do not expect to recover the entire amortized cost basis of the security, only the portion of the impairment loss representing credit losses would be recognized in earnings. The credit loss on a security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the security being measured for potential OTTI. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to other comprehensive income (“OCI”). Impairment losses related to all other factors are presented as separate categories within OCI. The accretion of the amount recorded in OCI increases the carrying value of the investment and does not affect earnings. If there is an indication of additional credit losses the security is re-evaluated according to the procedures described above. No OTTI losses were recognized during 2015 and 2014. |
Restricted Equity Securities | Restricted Equity Securities Restricted equity securities represent the Company’s investment in the stock of the Federal Home Loan Bank of San Francisco (“FHLB”) and are carried at par value, which reasonably approximates its fair value. While technically these are considered equity securities, there is no market for the FHLB stock. Therefore, the shares are considered as restricted investment securities. Management periodically evaluates FHLB stock for other-than-temporary impairment. Management’s determination of whether these investments are impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB, and (4) the liquidity position of the FHLB. As a member of the FHLB system, the Bank is required to maintain a minimum level of investment in FHLB stock based on specific percentages of its outstanding mortgages, total assets, or FHLB advances. The Bank may request redemption at par value of any stock in excess of the minimum required investment. Stock redemptions are at the discretion of the FHLB. |
Loans Held for Sale | Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by aggregate outstanding commitments from investors of current investor yield requirements. Net unrealized losses are recognized through a valuation allowance by charges to noninterest income. Mortgage loans held for sale are generally sold with the mortgage servicing rights retained by the Company. Gains or losses on the sale of loans that are held for sale are recognized at the time of the sale and determined by the difference between net sale proceeds and the net book value of the loans less the estimated fair value of any retained mortgage servicing rights. |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses Loans originated by the Company, i.e., not purchased or acquired in a business combination, are referred to as originated loans. Originated loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal amount outstanding, net of deferred loan fees and costs. Loan origination and commitment fees and certain direct loan origination costs are deferred, and the net amount is amortized as an adjustment of the related loan’s yield over the actual life of the loan. Originated loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. Originated loans are placed in nonaccrual status when reasonable doubt exists as to the full, timely collection of interest or principal, or a loan becomes contractually past due by 90 days or more with respect to interest or principal and is not well secured and in the process of collection. When an originated loan is placed on nonaccrual status, all interest previously accrued but not collected is reversed. Income on such loans is then recognized only to the extent that cash is received and where the future collection of principal is probable. Interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of Management, the loan is estimated to be fully collectible as to both principal and interest. An allowance for loan losses for originated loans is established through a provision for loan losses charged to expense. The allowance is maintained at a level which, in Management’s judgment, is adequate to absorb probable incurred credit losses inherent in the loan portfolio as of the balance sheet date. Originated loans and deposit related overdrafts are charged against the allowance for loan losses when Management believes that the collectability of the principal is unlikely or, with respect to consumer installment loans, according to an established delinquency schedule. The allowance is an amount that Management believes will be adequate to absorb probable incurred losses inherent in existing loans, based on evaluations of the collectability, impairment and prior loss experience of loans. The evaluations take into consideration such factors as changes in the nature and size of the portfolio, overall portfolio quality, loan concentrations, specific problem loans, and current economic conditions that may affect the borrower’s ability to pay. The Company defines an originated loan as impaired when it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired originated loans are measured based on the present value of expected future cash flows discounted at the loan’s original effective interest rate. As a practical expedient, impairment may be measured based on the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. When the measure of the impaired loan is less than the recorded investment in the loan, the impairment is recorded through a valuation allowance. In situations related to originated loans where, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession for other than an insignificant period of time to the borrower that the Company would not otherwise consider, the related loan is classified as a troubled debt restructuring (TDR). The Company strives to identify borrowers in financial difficulty early and work with them to modify to more affordable terms before their loan reaches nonaccrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. In cases where the Company grants the borrower new terms that result in the loan being classified as a TDR, the Company measures any impairment on the restructuring as noted above for impaired loans. TDR loans are classified as impaired until they are fully paid off or charged off. Loans that are in nonaccrual status at the time they become TDR loans, remain in nonaccrual status until the borrower demonstrates a sustained period of performance which the Company generally believes to be six consecutive months of payments, or equivalent. Otherwise, TDR loans are subject to the same nonaccrual and charge-off policies as noted above with respect to their restructured principal balance. Credit risk is inherent in the business of lending. As a result, the Company maintains an allowance for loan losses to absorb probable incurred losses inherent in the Company’s originated loan portfolio. This is maintained through periodic charges to earnings. These charges are included in the Consolidated Statements of Income as provision for loan losses. All specifically identifiable and quantifiable losses are immediately charged off against the allowance. However, for a variety of reasons, not all losses are immediately known to the Company and, of those that are known, the full extent of the loss may not be quantifiable at that point in time. The balance of the Company’s allowance for originated loan losses is meant to be an estimate of these probable incurred losses inherent in the portfolio. The Company formally assesses the adequacy of the allowance for originated loan losses on a quarterly basis. Determination of the adequacy is based on ongoing assessments of the probable risk in the outstanding originated loan portfolio, and to a lesser extent the Company’s originated loan commitments. These assessments include the periodic re-grading of credits based on changes in their individual credit characteristics including delinquency, seasoning, recent financial performance of the borrower, economic factors, changes in the interest rate environment, growth of the portfolio as a whole or by segment, and other factors as warranted. Loans are initially graded when originated. They are re-graded as they are renewed, when there is a new loan to the same borrower, when identified facts demonstrate heightened risk of nonpayment, or if they become delinquent. Re-grading of larger problem loans occurs at least quarterly. Confirmation of the quality of the grading process is obtained by independent credit reviews conducted by consultants specifically hired for this purpose and by various bank regulatory agencies. The Company’s method for assessing the appropriateness of the allowance for originated loan losses includes specific allowances for impaired originated loans, formula allowance factors for pools of credits, and allowances for changing environmental factors (e.g., interest rates, growth, economic conditions, etc.). Allowance factors for loan pools were based on historical loss experience by product type and prior risk rating. During the three months ended March 31, 2014, the Company modified its methodology used to determine the allowance for changing environmental factors by adding a new environmental factor based on the California Home Affordability Index (“CHAI”). The CHAI measures the percentage of households in California that can afford to purchase the median priced home in California based on current home prices and mortgage interest rates. The use of the CHAI environmental factor consists of comparing the current CHAI to its historical baseline, and allows management to consider the adverse impact that a lower than historical CHAI may have on general economic activity and the performance of our borrowers. Based on an analysis of historical data, management believes this environmental factor gives a better estimate of current economic activity compared to other environmental factors that may lag current economic activity to some extent. This change in methodology resulted in no change to the allowance for loan losses as of March 31, 2014 compared to what it would have been without this change in methodology. During the three months ended June 30, 2014, the Company refined the method it uses to evaluate historical losses for the purpose of estimating the pool allowance for unimpaired loans. In the third quarter of 2010, the Company moved from a six point grading system (Grades A-F) to a nine point risk rating system (Risk Ratings 1-9), primarily to allow for more distinction within the “Pass” risk rating. Initially, there was not sufficient loss experience within the nine point scale to complete a migration analysis for all nine risk ratings, all loans risk rated Pass or 2-5 were grouped together, a loss rate was calculated for that group, and that loss rate was established as the loss rate for risk rating 4. The reserve ratios for risk ratings 2, 3 and 5 were then interpolated from that figure. As of June 30, 2014, the Company was able to compile twelve quarters of historical loss information for all risk ratings and use that information to calculate the loss rates for each of the nine risk ratings without interpolation. This refinement led to an increase of $1,438,000 in the reserve requirement for unimpaired loans, driven primarily by home equity lines of credit with a risk rating of 5 or “Pass-Watch.” During the three months ended September 30, 2015, the Company modified its methodology used to determine the allowance for home equity lines of credit that are about to exit their revolving period, or have recently entered into their amortization period and are now classified as home equity loans. This change in methodology increased the required allowance for such lines and loans by $859,000, and $459,000, respectively, and represents the increase in estimated incurred losses in these lines and loans as of September 30, 2015 due to higher required contractual principal and interest payments of such lines and loans. Loans purchased or acquired in a business combination are referred to as acquired loans. Acquired loans are valued as of the acquisition date in accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 805, Business Combinations Loans and Debt Securities Acquired with Deteriorated Credit Quality Acquired loans that are not PCI loans are referred to as purchased not credit impaired (PNCI) loans. PNCI loans are accounted for under FASB ASC Topic 310-20, Receivables – Nonrefundable Fees and Other Costs, Throughout these financial statements, and in particular in Note 4 and Note 5, when we refer to “Loans” or “Allowance for loan losses” we mean all categories of loans, including Originated, PNCI, PCI – cash basis, and PCI - other. When we are not referring to all categories of loans, we will indicate which we are referring to – Originated, PNCI, PCI – cash basis, or PCI - other. When referring to PNCI and PCI loans we use the terms “nonaccretable difference”, “accretable yield”, or “purchase discount”. Nonaccretable difference is the difference between undiscounted contractual cash flows due and undiscounted cash flows we expect to collect, or put another way, it is the undiscounted contractual cash flows we do not expect to collect. Accretable yield is the difference between undiscounted cash flows we expect to collect and the value at which we have recorded the loan on our financial statements. On the date of acquisition, all purchased loans are recorded on our consolidated financial statements at estimated fair value. Purchase discount is the difference between the estimated fair value of loans on the date of acquisition and the principal amount owed by the borrower, net of charge offs, on the date of acquisition. We may also refer to “discounts to principal balance of loans owed, net of charge-offs”. Discounts to principal balance of loans owed, net of charge-offs is the difference between principal balance of loans owed, net of charge-offs, and loans as recorded on our financial statements. Discounts to principal balance of loans owed, net of charge-offs arise from purchase discounts, and equal the purchase discount on the acquisition date. Loans are also categorized as “covered” or “noncovered”. Covered loans refer to loans covered by a Federal Deposit Insurance Corporation (“FDIC”) loss sharing agreement. Noncovered loans refer to loans not covered by a FDIC loss sharing agreement. |
Foreclosed Assets | Foreclosed Assets Foreclosed assets include assets acquired through, or in lieu of, loan foreclosure. Foreclosed assets are held for sale and are initially recorded at fair value less estimated costs to sell at the date of foreclosure, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Any write-downs based on the asset’s fair value less costs to sell at the date of acquisition are charged to the allowance for loan and lease losses. Any recoveries based on the asset’s fair value less estimated costs to sell in excess of the recorded value of the loan at the date of acquisition are recorded to the allowance for loan and lease losses. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. Revenue and expenses from operations and changes in the valuation allowance are included in other noninterest expense. Gain or loss on sale of foreclosed assets is included in noninterest income. Foreclosed assets that are not subject to a FDIC loss-share agreement are referred to as noncovered foreclosed assets. Foreclosed assets acquired through FDIC-assisted acquisitions that are subject to a FDIC loss-share agreement, and all assets acquired via foreclosure of covered loans are referred to as covered foreclosed assets. Covered foreclosed assets are reported exclusive of expected reimbursement cash flows from the FDIC. Foreclosed covered loan collateral is transferred into covered foreclosed assets at the loan’s carrying value, inclusive of the acquisition date fair value discount. Covered foreclosed assets are initially recorded at estimated fair value less estimated costs to sell on the acquisition date based on similar market comparable valuations less estimated selling costs. Any subsequent valuation adjustments due to declines in fair value will be charged to noninterest expense, and will be mostly offset by noninterest income representing the corresponding increase to the FDIC indemnification asset for the offsetting loss reimbursement amount. Any recoveries of previous valuation adjustments will be credited to noninterest expense with a corresponding charge to noninterest income for the portion of the recovery that is due to the FDIC. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Land improvements, buildings and equipment, including those acquired under capital lease, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expenses are computed using the straight-line method over the estimated useful lives of the related assets or lease terms. Asset lives range from 3-10 years for furniture and equipment and 15-40 years for land improvements and buildings. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of costs over fair value of net assets of businesses acquired. Goodwill and other intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but instead tested for impairment at least annually. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. The Company has an identifiable intangible asset consisting of core deposit intangibles (CDI). CDI are amortized over their respective estimated useful lives, and reviewed for impairment. |
Impairment of Long-Lived Assets and Goodwill | Impairment of Long-Lived Assets and Goodwill Long-lived assets, such as premises and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheet. As of December 31 of each year, goodwill is tested for impairment, and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. This determination is made at the reporting unit level. The Company may choose to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then goodwill is deemed not to be impaired. However, if the Company concludes otherwise, or if the Company elected not to first assess qualitative factors, then the Company performs the first step of a two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. Second, if the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Currently, and historically, the Company is comprised of only one reporting unit that operates within the business segment it has identified as “community banking”. Goodwill was not impaired as of December 31, 2015 because the fair value of the reporting unit exceeded its carrying value. |
Mortgage Servicing Rights | Mortgage Servicing Rights Mortgage servicing rights (MSR) represent the Company’s right to a future stream of cash flows based upon the contractual servicing fee associated with servicing mortgage loans. Our MSR arise from residential and commercial mortgage loans that we originate and sell, but retain the right to service the loans. The net gain from the retention of the servicing right is included in gain on sale of loans in noninterest income when the loan is sold. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Servicing fees are recorded in noninterest income when earned. The Company accounts for MSR at fair value. The determination of fair value of our MSR requires management judgment because they are not actively traded. The determination of fair value for MSR requires valuation processes which combine the use of discounted cash flow models and extensive analysis of current market data to arrive at an estimate of fair value. The cash flow and prepayment assumptions used in our discounted cash flow model are based on empirical data drawn from the historical performance of our MSR, which we believe are consistent with assumptions used by market participants valuing similar MSR, and from data obtained on the performance of similar MSR. The key assumptions used in the valuation of MSR include mortgage prepayment speeds and the discount rate. These variables can, and generally will, change from quarter to quarter as market conditions and projected interest rates change. The key risks inherent with MSR are prepayment speed and changes in interest rates. The Company uses an independent third party to determine fair value of MSR. |
Indemnification Asset/Liability | Indemnification Asset/Liability The Company accounts for amounts receivable or payable under its loss-share agreements entered into with the FDIC in connection with its purchase and assumption of certain assets and liabilities of Granite as indemnification assets in accordance with FASB ASC Topic 805, Business Combinations |
Reserve for Unfunded Commitments | Reserve for Unfunded Commitments The reserve for unfunded commitments is established through a provision for losses – unfunded commitments charged to noninterest expense. The reserve for unfunded commitments is an amount that Management believes will be adequate to absorb probable losses inherent in existing commitments, including unused portions of revolving lines of credits and other loans, standby letters of credits, and unused deposit account overdraft privilege. The reserve for unfunded commitments is based on evaluations of the collectability, and prior loss experience of unfunded commitments. The evaluations take into consideration such factors as changes in the nature and size of the loan portfolio, overall loan portfolio quality, loan concentrations, specific problem loans and related unfunded commitments, and current economic conditions that may affect the borrower’s or depositor’s ability to pay. |
Income Taxes | Income Taxes The Company’s accounting for income taxes is based on an asset and liability approach. The Company recognizes the amount of taxes payable or refundable for the current year, and deferred tax assets and liabilities for the future tax consequences that have been recognized in its financial statements or tax returns. The measurement of tax assets and liabilities is based on the provisions of enacted tax laws. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized. Interest and/or penalties related to income taxes are reported as a component of noninterest income. |
Off-Balance Sheet Credit Related Financial Instruments | Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under credit card arrangements, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded when they are funded. |
Geographical Descriptions | Geographical Descriptions For the purpose of describing the geographical location of the Company’s loans, the Company has defined northern California as that area of California north of, and including, Stockton; central California as that area of the state south of Stockton, to and including, Bakersfield; and southern California as that area of the state south of Bakersfield. |
Reclassifications | Reclassifications Certain amounts reported in previous consolidated financial statements have been reclassified to conform to the presentation in this report. These reclassifications did not affect previously reported net income or total shareholders’ equity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements FASB issued ASU No. 2014-01, Investments—Equity Method and Joint Ventures Accounting for Investments in Qualified Affordable Housing Projects FASB issued ASU No. 2014-04, Receivables (Topic 310): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2015-14, Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period. FASB issued ASU No. 2014-14, Receivables—Troubled Debt Restructurings by Creditors (Topic 310): Classification of Certain Government Mortgage Loans upon Foreclosure. FASB issued ASU No. 2016-1 , Financial Instruments—Overall (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities. FASB issued ASU No. 2016-2 , Leases (Topic 842). |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Principal Balance Loans Acquired | The following table presents a reconciliation of the undiscounted contractual cash flows, nonaccretable difference, accretable yield, fair value, purchase discount, and principal balance of loans for the PNCI and PCI - other categories of North Valley Bancorp loans as of the acquisition date. For North Valley Bancorp PCI – other loans, the purchase discount does not necessarily represent cash flows to be collected: North Valley Bancorp Loans – October 3, 2014 (in thousands) PNCI PCI - other Total Undiscounted contractual cash flows $ 718,731 $ 15,706 $ 734,437 Undiscounted cash flows not expected to be collected (nonaccretable difference) — (6,295 ) (6,295 ) Undiscounted cash flows expected to be collected 718,731 9,411 728,142 Accretable yield at acquisition (228,815 ) — (228,815 ) Estimated fair value of loans acquired at acquisition 489,916 9,411 499,327 Purchase discount 12,721 2,077 14,798 Principal balance loans acquired $ 502,637 $ 11,488 $ 514,125 |
North Valley Bancorp [Member] | |
Schedule of Fair Value of Consideration Transferred, Identifiable Net Assets Acquired and Resulting Goodwill | The following table discloses the calculation of the fair value of consideration transferred, the total identifiable net assets acquired and the resulting goodwill relating to the North Valley Bancorp acquisition: (in thousands) North Valley Bancorp Fair value of consideration transferred: Fair value of shares issued $ 151,303 Cash consideration 7 Total fair value of consideration transferred 151,310 Asset acquired: Cash and cash equivalents 141,412 Securities available for sale 17,288 Securities held to maturity 189,950 Restricted equity securities 5,378 Loans 499,327 Foreclosed assets 695 Premises and equipment 11,936 Cash value of life insurance 38,075 Core deposit intangible 6,614 Other assets 20,064 Total assets acquired 930,739 Liabilities assumed: Deposits 801,956 Other liabilities 10,429 Junior subordinated debt 14,987 Total liabilities assumed 827,372 Total net assets acquired 103,367 Goodwill recognized $ 47,943 |
Summary of Estimated Fair Value Adjustments Resulting In Goodwill | A summary of the estimated fair value adjustments resulting in the goodwill recorded in the North Valley Bancorp acquisition are presented below: (in thousands) North Valley Bancorp Value of stock consideration paid to North Valley Bancorp Shareholders $ 151,303 Cash payments to North Valley Bancorp Shareholders 7 Cost basis net assets acquired (98,040 ) Fair value adjustments: Loans 5,832 Premises and Equipment (4,785 ) Core deposit intangible (6,283 ) Deferred income taxes 6,293 Junior subordinated debt (6,664 ) Other 280 Goodwill $ 47,943 |
Schedule of Cost Basis, Fair Value Discount and Loan Acquired | The following table presents the cost basis, fair value discount, and fair value of loans acquired from North Valley Bancorp on October 3, 2014: North Valley Bancorp Acquired Loans (in thousands) Cost Basis Discount Fair Value PNCI $ 502,637 $ (12,721 ) $ 489,916 PCI – other 11,488 (2,077 ) 9,411 Total $ 514,125 $ (14,798 ) $ 499,327 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Values of Investments in Debt and Equity Securities | The amortized cost and estimated fair values of investments in debt and equity securities are summarized in the following tables: December 31, 2015 Amortized Gross Gross Estimated (in thousands) Securities Available for Sale Obligations of U.S. government corporations and agencies $ 312,917 2,761 (1,996 ) $ 313,682 Obligations of states and political subdivisions 86,823 1,428 (33 ) 88,218 Corporate debt securities — — — — Marketable equity securities 3,000 — (15 ) 2,985 Total securities available for sale $ 402,740 $ 4,189 $ (2,044 ) $ 404,885 Securities Held to Maturity Obligations of U.S. government corporations and agencies $ 711,994 8,394 (2,882 ) $ 717,506 Obligations of states and political subdivisions 14,536 277 (110 ) 14,703 Total securities held to maturity $ 726,530 $ 8,671 $ (2,992 ) $ 732,209 December 31, 2014 Amortized Gross Gross Estimated (in thousands) Securities Available for Sale Obligations of U.S. government corporations and agencies $ 71,144 4,001 (25 ) $ 75,120 Obligations of states and political subdivisions 3,130 45 — 3,175 Corporate debt securities 1,891 17 — 1,908 Marketable equity securities 3,000 2 — 3,002 Total securities available for sale $ 79,165 $ 4,065 $ (25 ) $ 83,205 Securities Held to Maturity Obligations of U.S. government corporations and agencies $ 660,836 13,055 (677 ) $ 673,214 Obligations of states and political subdivisions 15,590 130 (155 ) 15,565 Total securities held to maturity $ 676,426 $ 13,185 $ (832 ) $ 688,779 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | For purposes of the following table, the entire outstanding balance of these mortgage-backed securities issued by U.S. government corporations and agencies is categorized based on final maturity date. Investment Securities Available for Sale Held to Maturity (In thousands) Amortized Estimated Amortized Estimated Due in one year — — — — Due after one year through five years $ 8,870 $ 9,112 $ 1,147 $ 1,158 Due after five years through ten years 24,150 25,204 830 870 Due after ten years 369,720 370,569 724,553 730,181 Totals $ 402,740 $ 404,885 $ 726,530 $ 732,209 |
Gross Unrealized Losses on Investment | Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) December 31, 2015 Securities Available for Sale: Obligations of U.S. government corporations and agencies $ 193,306 $ (1,996 ) — — $ 193,306 $ (1,996 ) Obligations of states and political subdivisions 6,469 (33 ) — — 6,469 (33 ) Marketable equity securities 2,985 (15 ) — — 2,985 (15 ) Total securities available-for-sale $ 202,760 $ (2,044 ) — — $ 202,760 $ (2,044 ) Securities Held to Maturity: Obligations of U.S. government corporations and agencies $ 198,481 $ (2,882 ) — — $ 198,481 $ (2,882 ) Obligations of states and political subdivisions 497 (11 ) $ 1,121 $ (99 ) 1,618 (110 ) Total securities held-to-maturity $ 198,978 $ (2,893 ) $ 1,121 $ (99 ) $ 200,099 $ (2,992 ) Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) December 31, 2014 Securities Available for Sale: Obligations of U.S. government corporations and agencies $ 6,774 $ (25 ) — — $ 6,774 $ (25 ) Obligations of states and political subdivisions — — — — — — Marketable equity securities — — — — — — Total securities available-for-sale $ 6,774 $ (25 ) — — $ 6,774 $ (25 ) Securities Held to Maturity: Obligations of U.S. government corporations and agencies $ 335 $ (1 ) $ 56,288 $ (676 ) $ 56,623 $ (677 ) Obligations of states and political subdivisions 1,600 (26 ) 1,858 (129 ) 3,458 (155 ) Total securities held-to-maturity $ 1,935 $ (27 ) $ 58,146 $ (805 ) $ 60,081 $ (832 ) |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Summary of Loan Balances | A summary of loan balances follows (in thousands): December 31, 2015 Originated PNCI PCI - PCI - Total Mortgage loans on real estate: Residential 1-4 family $ 207,585 $ 104,535 — $ 2,145 $ 314,265 Commercial 1,163,643 310,864 — 23,060 1,497,567 Total mortgage loan on real estate 1,371,228 415,399 — 25,205 1,811,832 Consumer: Home equity lines of credit 285,419 29,335 4,954 2,784 322,492 Home equity loans 34,717 4,018 124 1,503 40,362 Other 28,998 3,367 — 64 32,429 Total consumer loans 349,134 36,720 5,078 4,351 395,283 Commercial 170,320 19,744 1 4,848 194,913 Construction: Residential 31,778 13,636 — 721 46,135 Commercial 66,285 8,489 — — 74,774 Total construction 98,063 22,125 — 721 120,909 Total loans, net of deferred loan fees and discounts $ 1,988,745 $ 493,988 $ 5,079 $ 35,125 $ 2,522,937 Total principal balance of loans owed, net of charge-offs $ 1,995,296 $ 507,935 $ 12,686 $ 39,693 $ 2,555,610 Unamortized net deferred loan fees (6,551 ) — — — (6,551 ) Discounts to principal balance of loans owed, net of charge-offs — (13,947 ) (7,607 ) (4,568 ) (26,122 ) Total loans, net of unamortized deferred loan fees and discounts $ 1,988,745 $ 493,988 $ 5,079 $ 35,125 $ 2,522,937 Noncovered loans $ 1,988,745 $ 493,988 $ 5,079 $ 29,890 $ 2,517,702 Covered loans — — — 5,235 5,235 Total loans, net of unamortized deferred loan fees and discounts $ 1,988,745 $ 493,988 $ 5,079 $ 35,125 $ 2,522,937 Allowance for loan losses $ (31,271 ) $ (1,848 ) $ (121 ) $ (2,771 ) $ (36,011 ) A summary of loan balances follows (in thousands): December 31, 2014 Originated PNCI PCI - PCI - Total Mortgage loans on real estate: Residential 1-4 family $ 154,594 $ 120,821 — $ 4,005 $ 279,420 Commercial 928,797 376,225 — 30,917 1,335,939 Total mortgage loan on real estate 1,083,391 497,046 — 34,922 1,615,359 Consumer: Home equity lines of credit 305,166 38,397 $ 5,478 3,543 352,584 Home equity loans 23,559 6,985 125 645 31,314 Auto Indirect 112 — — — 112 Other 28,230 4,770 — 74 33,074 Total consumer loans 357,067 50,152 5,603 4,262 417,084 Commercial 126,611 40,899 8 7,427 174,945 Construction: Residential 21,135 16,808 — 675 38,618 Commercial 24,545 11,973 — — 36,518 Total construction 45,680 28,781 — 675 75,136 Total loans, net of deferred loan fees and discounts $ 1,612,749 $ 616,878 $ 5,611 $ 47,286 $ 2,282,524 Total principal balance of loans owed, net of charge-offs $ 1,617,542 $ 634,490 $ 14,805 $ 56,016 $ 2,322,853 Unamortized net deferred loan fees (4,793 ) — — — (4,793 ) Discounts to principal balance of loans owed, net of charge-offs — (17,612 ) (9,194 ) (8,730 ) (35,536 ) Total loans, net of unamortized deferred loan fees and discounts $ 1,612,749 $ 616,878 $ 5,611 $ 47,286 $ 2,282,524 Noncovered loans $ 1,612,749 $ 616,878 $ 5,611 $ 25,018 $ 2,260,256 Covered loans — — — 22,268 22,268 Total loans, net of unamortized deferred loan fees and discounts $ 1,612,749 $ 616,878 $ 5,611 $ 47,286 $ 2,282,524 Allowance for loan losses $ (29,860 ) $ (3,296 ) $ (348 ) $ (3,081 ) $ (36,585 ) |
Change in Accretable Yield for PCI | The following is a summary of the change in accretable yield for PCI – other loans during the periods indicated (in thousands): Year ended December 31, 2015 2014 Change in accretable yield: Balance at beginning of period $ 14,159 $ 18,233 Accretion to interest income (6,323 ) (5,854 ) Reclassification (to) from nonaccretable difference 5,419 1,780 Balance at end of period $ 13,255 $ 14,159 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Summary of Activity in Allowance for Loan Losses, and Ending Balance of Loans, Net of Unearned Fees for Periods Indicated | The following tables summarize the activity in the allowance for loan losses, and ending balance of loans, net of unearned fees for the periods indicated. Allowance for Loan Losses - Year Ended December 31, 2015 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Beginning balance $ 3,086 $ 9,227 $ 15,676 $ 1,797 $ 9 $ 719 $ 4,226 $ 1,434 $ 411 $ 36,585 Charge-offs (224 ) — (694 ) (242 ) (4 ) (972 ) (680 ) — — (2,816 ) Recoveries 204 243 666 252 42 500 677 1,728 140 4,452 (Benefit) provision (559 ) 1,973 (4,395 ) 1,331 (47 ) 441 1,048 (2,263 ) 261 (2,210 ) Ending balance $ 2,507 $ 11,443 $ 11,253 $ 3,138 — $ 688 $ 5,271 $ 899 $ 812 $ 36,011 Ending balance: Individ. evaluated for impairment $ 335 $ 395 $ 605 $ 294 — $ 74 $ 1,187 — — $ 2,890 Loans pooled for evaluation $ 2,112 $ 9,596 $ 10,423 $ 2,844 — $ 614 $ 2,983 $ 844 $ 812 $ 30,228 Loans acquired with deteriorated credit quality $ 60 $ 1,452 $ 225 — — — $ 1,101 $ 55 — $ 2,893 Loans, net of unearned fees – As of December 31, 2015 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Ending balance: Total loans $ 314,265 $ 1,497,567 $ 322,492 $ 40,362 — $ 32,429 $ 194,913 $ 46,135 $ 74,774 $ 2,522,937 Individ. evaluated for impairment $ 6,767 $ 32,407 $ 5,747 $ 1,731 — $ 288 $ 2,671 $ 4 $ 490 $ 50,105 Loans pooled for evaluation $ 305,353 $ 1,442,100 $ 309,007 $ 37,004 — $ 32,077 $ 187,393 $ 45,410 $ 74,284 $ 2,432,628 Loans acquired with deteriorated credit quality $ 2,145 $ 23,060 $ 7,738 $ 1,627 — $ 64 $ 4,849 $ 721 — $ 40,204 Allowance for Loan Losses - Year Ended December 31, 2014 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Beginning balance $ 3,154 $ 9,700 $ 16,375 $ 1,208 $ 66 $ 589 $ 4,331 $ 1,559 $ 1,263 $ 38,245 Charge-offs (171 ) (110 ) (1,094 ) (29 ) (3 ) (599 ) (479 ) (4 ) (69 ) (2,558 ) Recoveries 2 540 960 34 86 495 1,268 1,377 181 4,943 (Benefit) provision 101 (903 ) (565 ) 584 (140 ) 234 (894 ) (1,498 ) (964 ) (4,045 ) Ending balance $ 3,086 $ 9,227 $ 15,676 $ 1,797 $ 9 $ 719 $ 4,226 $ 1,434 $ 411 $ 36,585 Ending balance: Individ. evaluated for impairment $ 974 $ 410 $ 1,974 $ 284 — $ 142 $ 423 $ 60 — $ 4,267 Loans pooled for evaluation $ 1,915 $ 8,408 $ 13,251 $ 1,513 $ 9 $ 572 $ 2,569 $ 332 $ 322 $ 28,891 Loans acquired with deteriorated credit quality $ 197 $ 409 $ 451 — — $ 5 $ 1,234 $ 1,042 $ 89 $ 3,427 Loans, net of unearned fees – As of December 31, 2014 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Ending balance: Total loans $ 279,420 $ 1,335,939 $ 352,584 $ 31,314 $ 112 $ 33,074 $ 174,945 $ 38,618 $ 36,518 $ 2,282,524 Individ. evaluated for impairment $ 7,188 $ 41,932 $ 6,968 $ 1,279 $ 18 $ 323 $ 1,757 $ 2,683 $ 99 $ 62,247 Loans pooled for evaluation $ 268,227 $ 1,263,090 $ 336,595 $ 29,266 $ 94 $ 32,677 $ 165,753 $ 35,260 $ 36,419 $ 2,167,381 Loans acquired with deteriorated credit quality $ 4,005 $ 30,917 $ 9,021 $ 770 — $ 74 $ 7,435 $ 675 — $ 52,897 Allowance for Loan Losses - Year Ended December 31, 2013 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Beginning balance $ 3,523 $ 8,782 $ 21,367 $ 1,155 $ 243 $ 696 $ 4,703 $ 1,400 $ 779 $ 42,648 Charge-offs (46 ) (2,038 ) (2,651 ) (94 ) (68 ) (887 ) (1,599 ) (20 ) (140 ) (7,543 ) Recoveries 345 994 1,053 41 195 759 340 63 65 3,855 (Benefit) provision (668 ) 1,962 (3,394 ) 106 (304 ) 21 887 116 559 (715 ) Ending balance $ 3,154 $ 9,700 $ 16,375 $ 1,208 $ 66 $ 589 $ 4,331 $ 1,559 $ 1,263 $ 38,245 Ending balance: Individ. evaluated for impairment $ 775 $ 1,198 $ 1,140 $ 169 $ 1 $ 8 $ 585 $ 91 $ 8 $ 3,975 Loans pooled for evaluation $ 2,039 $ 7,815 $ 14,749 $ 1,039 $ 65 $ 581 $ 2,402 $ 751 $ 789 $ 30,230 Loans acquired with deteriorated credit quality $ 340 $ 687 $ 486 — — — $ 1,344 $ 717 $ 466 $ 4,040 Loans, net of unearned fees – As of December 31, 2013 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Ending balance: Total loans $ 195,013 $ 912,850 $ 339,866 $ 14,588 $ 946 $ 27,763 $ 131,878 $ 31,933 $ 17,170 $ 1,672,007 Individ. evaluated for impairment $ 7,342 $ 59,936 $ 6,918 $ 778 $ 60 $ 90 $ 3,177 $ 2,756 $ 178 $ 81,235 Loans pooled for evaluation $ 183,015 $ 822,654 $ 322,865 $ 13,324 $ 886 $ 27,592 $ 122,166 $ 27,611 $ 16,947 $ 1,537,060 Loans acquired with deteriorated credit quality $ 4,656 $ 30,260 $ 10,083 $ 486 — $ 81 $ 6,535 $ 1,566 $ 45 $ 53,712 |
Presentation of Credit Quality Indicators | The following tables present ending loan balances by loan category and risk grade for the periods indicated: Credit Quality Indicators – As of December 31, 2015 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Originated loans: Pass $ 199,837 $ 1,118,868 $ 275,251 $ 31,427 — $ 28,339 $ 166,559 $ 31,440 $ 66,285 $ 1,918,006 Special mention 2,018 10,321 2,494 1,027 — 415 1,037 334 — 17,646 Substandard 5,730 34,454 7,674 2,263 — 244 2,724 4 — 53,093 Loss — — — — — — — — — — Total originated $ 207,585 $ 1,163,643 $ 285,419 $ 34,717 — $ 28,998 $ 170,320 $ 31,778 $ 66,285 $ 1,988,745 PNCI loans: Pass $ 102,895 $ 293,935 $ 27,378 $ 3,789 — $ 3,164 $ 19,666 $ 13,636 $ 8,489 $ 472,952 Special mention 600 10,795 445 80 — 74 — — — 11,994 Substandard 1,040 6,134 1,512 149 — 129 78 — — 9,042 Loss — — — — — — — — — — Total PNCI $ 104,535 $ 310,864 $ 29,335 $ 4,018 — $ 3,367 $ 19,744 $ 13,636 $ 8,489 $ 493,988 PCI loans $ 2,145 $ 23,060 $ 7,738 $ 1,627 — $ 64 $ 4,849 $ 721 — $ 40,204 Total loans $ 314,265 $ 1,497,567 $ 322,492 $ 40,362 — $ 32,429 $ 194,913 $ 46,135 $ 74,774 $ 2,522,937 Credit Quality Indicators – As of December 31, 2014 RE Mortgage Home Equity Auto Other C&I Construction Total (in thousands) Resid. Comm. Lines Loans Resid. Comm. Originated loans: Pass $ 146,949 $ 883,102 $ 292,244 $ 20,976 $ 66 $ 27,396 $ 124,707 $ 18,112 $ 24,436 $ 1,537,988 Special mention 1,122 11,521 3,590 743 11 591 636 622 — 18,836 Substandard 6,523 34,174 9,332 1,840 35 243 1,268 2,401 109 55,925 Loss — — — — — — — — — — Total originated $ 154,594 $ 928,797 $ 305,166 $ 23,559 $ 112 $ 28,230 $ 126,611 $ 21,135 $ 24,545 $ 1,612,749 PNCI loans: Pass $ 119,643 $ 359,537 $ 36,531 $ 6,813 — $ 4,399 $ 40,628 $ 16,808 $ 11,973 $ 596,332 Special mention 547 12,979 936 147 — 230 268 — — 15,107 Substandard 631 3,709 930 25 — 141 3 — — 5,439 Loss — — — — — — — — — — Total PNCI $ 120,821 $ 376,225 $ 38,397 $ 6,985 — $ 4,770 $ 40,899 $ 16,808 $ 11,973 $ 616,878 PCI loans $ 4,005 $ 30,917 $ 9,021 $ 770 — $ 74 $ 7,435 $ 675 — $ 52,897 Total loans $ 279,420 $ 1,335,939 $ 352,584 $ 31,314 $ 112 $ 33,074 $ 174,945 $ 38,618 $ 36,518 $ 2,282,524 |
Analysis of Past Due and Nonaccrual Loans | The following table shows the ending balance of current, past due, and nonaccrual originated loans by loan category as of the date indicated: Analysis of Past Due and Nonaccrual Originated Loans – As of December 31, 2015 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total Originated loan balance: Past due: 30-59 Days $ 791 $ 200 $ 1,033 $ 402 — $ 12 $ 2,197 — — $ 4,635 60-89 Days — 491 324 341 — 40 — — — 1,196 > 90 Days 271 3,425 520 82 — 19 24 — — 4,341 Total past due $ 1,062 $ 4,116 $ 1,877 $ 825 — $ 71 $ 2,221 — — $ 10,172 Current 206,523 1,159,527 283,542 33,892 — 28,927 168,099 — — 1,978,573 Total orig. loans $ 207,585 $ 1,163,643 $ 285,419 $ 34,717 — $ 28,998 $ 170,320 $ 31,778 $ 66,285 $ 1,988,745 > 90 Days and still accruing — — — — — — — — — — Nonaccrual loans $ 3,045 $ 14,196 $ 3,379 $ 1,195 — $ 21 $ 976 $ 12 — $ 22,824 The following table shows the ending balance of current, past due, and nonaccrual PNCI loans by loan category as of the date indicated: Analysis of Past Due and Nonaccrual PNCI Loans – As of December 31, 2015 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total PNCI loan balance: Past due: 30-59 Days $ 3,106 $ 4,037 $ 92 $ 23 — — $ 1 — — $ 7,259 60-89 Days — — — — — $ 13 — — — 13 > 90 Days 58 748 275 71 — 10 — — $ 490 1,652 Total past due $ 3,164 $ 4,785 $ 367 $ 94 — $ 23 $ 1 — $ 490 $ 8,924 Current 101,371 306,079 28,968 3,924 — 3,344 19,743 $ 13,636 7,999 485,064 Total PNCI loans $ 104,535 $ 310,864 $ 29,335 $ 4,018 — $ 3,367 $ 19,744 $ 13,636 $ 8,489 $ 493,988 > 90 Days and still accruing — — — — — — — — — — Nonaccrual loans $ 348 $ 3,742 $ 676 $ 109 — $ 33 — — $ 490 $ 5,398 The following table shows the ending balance of current, past due, and nonaccrual originated loans by loan category as of the date indicated: Analysis of Past Due and Nonaccrual Originated Loans – As of December 31, 2014 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total Originated loan balance: Past due: 30-59 Days $ 1,296 $ 735 $ 2,066 $ 615 $ 4 $ 64 $ 739 — — $ 5,519 60-89 Days 919 — 296 192 — 24 99 — — 1,530 > 90 Days 100 900 754 202 17 46 61 — — 2,080 Total past due $ 2,315 $ 1,635 $ 3,116 $ 1,009 $ 21 $ 134 $ 899 — — $ 9,129 Current 152,279 927,162 302,050 22,550 91 28,096 125,712 21,135 24,545 1,603,620 Total orig. loans $ 154,594 $ 928,797 $ 305,166 $ 23,559 $ 112 $ 28,230 $ 126,611 $ 21,135 $ 24,545 $ 1,612,749 > 90 Days and still accruing — — — — — — — — — — Nonaccrual loans $ 3,430 $ 20,736 $ 4,336 $ 1,197 $ 18 $ 66 $ 246 $ 2,401 $ 99 $ 32,529 The following table shows the ending balance of current, past due, and nonaccrual PNCI loans by loan category as of the date indicated: Analysis of Past Due and Nonaccrual PNCI Loans – As of December 31, 2014 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total PNCI loan balance: Past due: 30-59 Days $ 2,041 $ 260 $ 275 — — $ 25 $ 67 — — $ 2,668 60-89 Days 24 — 118 — — 3 — — — 145 > 90 Days 239 — 73 25 — 76 — — — 413 Total past due $ 2,304 $ 260 $ 466 $ 25 — $ 104 $ 67 — — $ 3,226 Current 118,517 375,965 37,931 6,960 — 4,666 40,832 16,808 11,973 $ 613,652 Total PNCI loans $ 120,821 $ 376,225 $ 38,397 $ 6,985 — $ 4,770 $ 40,899 $ 16,808 $ 11,973 $ 616,878 > 90 Days and still accruing — — — — — — — — — — Nonaccrual loans $ 799 $ 366 $ 346 $ 25 — $ 110 — — — $ 1,646 |
Impaired Loans | Impaired originated loans are those where management has concluded that it is probable that the borrower will be unable to pay all amounts due under the contractual terms. The following tables show the recorded investment (financial statement balance), unpaid principal balance, average recorded investment, and interest income recognized for impaired Originated and PNCI loans, segregated by those with no related allowance recorded and those with an allowance recorded for the periods indicated. Impaired Originated Loans – As of December 31, 2015 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total With no related allowance recorded: Recorded investment $ 3,886 $ 27,109 $ 2,963 $ 947 — $ 20 $ 576 $ 4 — $ 35,505 Unpaid principal $ 5,998 $ 29,678 $ 6,079 $ 1,349 — $ 35 $ 688 $ 65 — $ 43,892 Average recorded Investment $ 3,586 $ 32,793 $ 2,982 $ 848 — $ 29 $ 494 $ 1,202 $ 50 $ 41,984 Interest income Recognized $ 81 $ 893 $ 23 $ 5 — — $ 29 — — $ 1,031 With an allowance recorded: Recorded investment $ 2,006 $ 1,418 $ 1,724 $ 674 — $ 1 $ 2,094 — — $ 7,917 Unpaid principal $ 2,073 $ 1,453 $ 1,904 $ 701 — $ 1 $ 2,117 — — $ 8,249 Related allowance $ 335 $ 146 $ 525 $ 256 — $ 1 $ 1,187 — — $ 2,450 Average recorded Investment $ 2,365 $ 2,180 $ 2,455 $ 589 — $ 23 $ 1,716 $ 141 — $ 9,469 Interest income Recognized $ 49 $ 74 $ 31 $ 26 — — $ 122 — — $ 302 Impaired PNCI Loans – As of December 31, 2015 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total With no related allowance recorded: Recorded investment $ 875 $ 1,132 $ 454 $ 71 — $ 33 $ 1 — $ 490 $ 3,056 Unpaid principal $ 908 $ 1,248 $ 505 $ 73 — $ 52 $ 1 — $ 490 $ 3,277 Average recorded Investment $ 609 $ 749 $ 400 $ 48 — $ 35 $ 4 — $ 245 $ 2,090 Interest income Recognized $ 31 $ 32 $ 3 $ 2 — $ 1 — — $ 18 $ 87 With an allowance recorded: Recorded investment — $ 2,748 $ 606 $ 39 — $ 234 — — — $ 3,627 Unpaid principal — $ 2,858 $ 612 $ 40 — $ 234 — — — $ 3,744 Related allowance — $ 248 $ 80 $ 39 — $ 73 — — — $ 440 Average recorded Investment $ 417 $ 1,447 $ 521 $ 19 — $ 227 — — — $ 2,631 Interest income Recognized — $ 149 $ 14 — — $ 11 — — — $ 174 Impaired Originated Loans – As of December 31, 2014 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total With no related allowance recorded: Recorded investment $ 3,287 $ 38,477 $ 3,001 $ 750 $ 14 $ 25 $ 412 $ 2,401 $ 99 $ 48,466 Unpaid principal $ 5,138 $ 41,949 $ 6,094 $ 1,187 $ 49 $ 32 $ 433 $ 6,588 $ 190 $ 61,660 Average recorded Investment $ 3,826 $ 45,915 $ 3,355 $ 651 $ 35 $ 21 $ 1,030 $ 2,437 $ 84 $ 57,354 Interest income Recognized $ 38 $ 995 $ 26 $ 6 — $ 1 $ 26 — $ 3 $ 1,095 With an allowance recorded: Recorded investment $ 2,724 $ 2,943 $ 3,185 $ 504 $ 4 $ 41 $ 1,338 $ 282 — $ 11,021 Unpaid principal $ 2,865 $ 3,101 $ 3,533 $ 597 $ 6 $ 41 $ 1,438 $ 282 — $ 11,863 Related allowance $ 797 $ 302 $ 1,769 $ 284 — $ 11 $ 423 $ 60 — $ 3,646 Average recorded Investment $ 2,677 $ 4,119 $ 2,982 $ 365 $ 4 $ 25 $ 1,428 $ 283 $ 55 $ 11,938 Interest income Recognized $ 91 $ 144 $ 71 $ 13 — — $ 71 $ 19 — $ 409 Impaired PNCI Loans – As of December 31, 2014 RE Mortgage Home Equity Auto Other Construction (in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total With no related allowance recorded: Recorded investment $ 343 $ 366 $ 346 $ 25 — $ 37 $ 7 — — $ 1,124 Unpaid principal $ 353 $ 2,620 $ 374 $ 25 — $ 54 $ 7 — — $ 3,433 Average recorded Investment $ 246 $ 753 $ 287 $ 12 — $ 36 $ 10 — — $ 1,344 Interest income Recognized $ 14 — $ (1 ) — — — $ 1 — — $ 14 With an allowance recorded: Recorded investment $ 834 $ 146 $ 436 — — $ 220 — — — $ 1,636 Unpaid principal $ 852 $ 146 $ 436 — — $ 220 — — — $ 1,654 Related allowance $ 177 $ 108 $ 205 — — $ 131 — — — $ 621 Average recorded Investment $ 516 $ 148 $ 319 — — $ 124 — — — $ 1,107 Interest income Recognized $ 8 $ 8 $ 20 — — $ 12 — — — $ 48 |
Troubled Debt Restructurings | The following tables show certain information regarding Troubled Debt Restructurings (TDRs) that occurred during the periods indicated: TDR Information for the Year Ended December 31, 2015 RE Mortgage Home Equity Auto Other Construction (dollars in thousands) Resid. Comm. Lines Loans Indirect Consum. C&I Resid. Comm. Total Number 4 5 2 2 — 2 8 — — 23 Pre-mod outstanding principal balance $ 800 $ 1,518 $ 301 $ 315 — $ 89 $ 956 — — $ 3,979 Post-mod outstanding principal balance $ 801 $ 1,517 $ 301 $ 321 — $ 89 $ 944 — — $ 3,973 Financial impact due to TDR taken as additional provision $ 8 $ (5 ) — $ 38 — $ 5 $ 405 — — $ 451 Number that defaulted during the period 4 2 3 1 — — — — — 10 Recorded investment of TDRs that defaulted during the period $ 221 $ 280 $ 182 $ 53 — — — — — $ 736 Financial impact due to the default of previous TDR taken as charge-offs or additional provisions — — — $ (9 ) — — — — — $ (9 ) TDR Information for the Year Ended December 31, 2014 RE Mortgage Home Equity Auto Indirect Other Consum. C&I Construction Total (dollars in thousands) Resid. Comm. Lines Loans Resid. Comm. Number 5 7 6 2 — 1 7 1 2 31 Pre-mod outstanding principal balance $ 1,048 $ 1,980 $ 940 $ 100 — $ 147 $ 218 $ 102 $ 219 $ 4,754 Post-mod outstanding principal balance $ 1,050 $ 1,890 $ 967 $ 102 — $ 147 $ 219 $ 85 $ 196 $ 4,656 Financial impact due to TDR taken as additional provision $ 91 $ 22 — $ (1 ) — $ 66 $ 101 — — $ 279 Number that defaulted during the period 2 2 1 — — — 1 — — 6 Recorded investment of TDRs that defaulted during the period $ 344 $ 423 $ 20 — — — $ 116 — — $ 903 Financial impact due to the default of previous TDR taken as charge-offs or additional provisions — — — — — — $ (8 ) — — $ (8 ) |
Foreclosed Assets (Tables)
Foreclosed Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Activity in Balance of Foreclosed Assets | A summary of the activity in the balance of foreclosed assets follows (dollars in thousands): Year ended December 31, 2015 Year ended December 31, 2014 Noncovered Covered Total Noncovered Covered Total Beginning balance, net $ 4,449 $ 445 $ 4,894 $ 5,588 $ 674 $ 6,262 Acquisitions — — — 695 — 695 Additions/transfers from loans 5,880 (445 ) 5,435 5,753 — 5,753 Dispositions/sales (4,458 ) — (4,458 ) (7,391 ) (217 ) (7,608 ) Valuation adjustments (502 ) — (502 ) (196 ) (12 ) (208 ) Ending balance, net $ 5,369 — $ 5,369 $ 4,449 $ 445 $ 4,894 Ending valuation allowance $ (572 ) — $ (572 ) $ (208 ) — $ (208 ) Ending number of foreclosed assets 26 — 26 28 1 29 Proceeds from sale of foreclosed assets $ 5,449 — $ 5,449 $ 9,517 $ 245 $ 9,762 Gain on sale of foreclosed assets $ 991 — $ 991 $ 2,125 $ 28 $ 2,153 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | Premises and equipment were comprised of: December 31, December 31, (In thousands) Land & land improvements $ 8,909 $ 8,933 Buildings 38,643 39,638 Furniture and equipment 31,081 28,446 78,633 77,017 Less: Accumulated depreciation (35,518 ) (33,570 ) 43,115 43,447 Construction in progress 696 46 Total premises and equipment $ 43,811 $ 43,493 |
Cash Value of Life Insurance (T
Cash Value of Life Insurance (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Summary of Activity in Balance of Cash Value of Life Insurance | A summary of the activity in the balance of cash value of life insurance follows (dollars in thousands): Year ended December 31, 2015 2014 Beginning balance $ 92,337 $ 52,309 Acquisitions — 38,075 Increase in cash value of life insurance 2,786 1,953 Death benefit receivable in excess of cash value 155 — Death benefit receivable (718 ) — Ending balance $ 94,560 $ 92,337 End of period death benefit $ 166,299 $ 165,966 Number of policies owned 187 189 Insurance companies used 14 14 Current and former employees and directors covered 59 60 |
Goodwill and Other Intangible47
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill Intangible | The following table summarizes the Company’s goodwill intangible as of the dates indicated: December 31, December 31, (Dollar in Thousands) 2015 Additions Reductions 2014 Goodwill $ 63,462 — — $ 63,462 |
Summary of Core Deposit Intangibles | The following table summarizes the Company’s core deposit intangibles as of the dates indicated: (Dollar in Thousands) December 31, Additions Reductions/ Fully December 31, Core deposit intangibles $ 8,074 — — — $ 8,074 Accumulated amortization (2,180 ) $ (1,157 ) — — (1,023 ) Core deposit intangibles, net $ 5,894 $ (1,157 ) — — $ 7,051 |
Estimated Core Deposit Intangible Amortization | The following table summarizes the Company’s estimated core deposit intangible amortization (dollars in thousands): Years Ended Estimated Core Deposit 2016 $ 1,157 2017 1,109 2018 1,044 2019 948 2020 948 Thereafter $ 688 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Fair Value of Mortgage Servicing Rights | The following tables summarize the activity in, and the main assumptions we used to determine the fair value of mortgage servicing rights for the periods indicated (dollars in thousands): Years ended December 31, 2015 2014 2013 Balance at beginning of period $ 7,378 $ 6,165 $ 4,552 Acquisition — 1,944 — Originations 941 570 1,360 Change in fair value (701 ) (1,301 ) 253 Balance at end of period $ 7,618 $ 7,378 $ 6,165 Contractually specified servicing fees, late fees and ancillary fees earned $ 2,164 $ 1,869 $ 1,774 Balance of loans serviced at: Beginning of period $ 840,288 $ 680,197 $ 666,512 End of period $ 817,917 $ 840,288 $ 680,197 Weighted-average prepayment speed (CPR) 9.8 % 12.0 % 10.3 % Weighted-average discount rate 10.0 % 10.0 % 10.0 % |
Indemnification Asset (Tables)
Indemnification Asset (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Activity in Balance of Indemnification Asset (Liability) | A summary of the activity in the balance of indemnification asset (liability) included in other assets is follows (in thousands): Year ended December 31, 2015 2014 2013 Beginning balance $ (349 ) $ 206 $ 1,997 Effect of actual covered losses (recoveries) and increase (decrease) in estimated future covered losses (93 ) (853 ) (1,419 ) Change in estimated “true up” liability (71 ) (100 ) — Reimbursable (revenue) expenses, net 4 85 (159 ) Payments made (received) (12 ) 313 (213 ) Ending balance $ (521 ) $ (349 ) $ 206 Amount of indemnification asset (liability) recorded in other assets $ 77 $ (349 ) $ 206 Amount of indemnification liability recorded in other liabilities (598 ) — — Ending balance $ (521 ) $ (349 ) $ 206 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Assets | Other assets were comprised of (in thousands): As of December 31, 2015 2014 Deferred tax asset, net (Note 22) $ 36,440 $ 37,706 Prepaid expense 3,062 3,378 Software 1,290 1,327 Advanced compensation 673 908 Capital Trusts 1,696 1,690 Investment in Low Housing Tax Credit Funds 4,223 — Prepaid Taxes — 5,599 Miscellaneous other assets 1,207 1,127 Total other assets $ 48,591 $ 51,735 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Summary of Balances of Deposits | A summary of the balances of deposits follows (in thousands): December 31, 2015 2014 Noninterest-bearing demand $ 1,155,695 $ 1,083,900 Interest-bearing demand 853,961 782,385 Savings 1,281,540 1,156,126 Time certificates, $250,000 and over 75,897 38,217 Other time certificates 264,173 319,795 Total deposits $ 3,631,266 $ 3,380,423 |
Schedule of Maturities of Time Deposits | At December 31, 2015, the scheduled maturities of time deposits were as follows (in thousands): Scheduled Maturities 2016 $ 285,400 2017 27,754 2018 10,331 2019 5,805 2020 10,777 Thereafter 3 Total $ 340,070 |
Reserve for Unfunded Commitme52
Reserve for Unfunded Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Activity in Reserve for Unfunded Commitments | The following tables summarize the activity in reserve for unfunded commitments for the periods indicated (dollars in thousands): Years ended December 31, 2015 2014 2013 Balance at beginning of period $ 2,145 $ 2,415 $ 3,615 Acquisitions — 125 — Provision for losses – Unfunded commitments 330 (395 ) (1,200 ) Balance at end of period $ 2,475 $ 2,145 $ 2,415 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Components of Other Liabilities | Other liabilities were comprised of (in thousands): December 31, 2015 2014 Deferred compensation $ 6,725 $ 7,408 Pension liability 26,182 26,798 Joint beneficiary agreements 2,529 2,728 Low income housing tax credit fund commitments 3,330 — Accrued salaries and benefits expense 3,851 5,407 Loan escrow and servicing payable 2,037 1,938 Deferred revenue 1,082 1,091 Unsettled investment security purchases 17,072 — Miscellaneous other liabilities 2,485 3,822 Total other liabilities $ 65,293 $ 49,192 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Balances of Other Borrowings | A summary of the balances of other borrowings follows: December 31, 2015 2014 (in thousands) Other collateralized borrowings, fixed rate, as of December 31, 2015 of 0.05%, payable on January 4, 2016 $ 12,328 $ 9,276 Total other borrowings $ 12,328 $ 9,276 |
Junior Subordinated Debt (Table
Junior Subordinated Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Terms and Recorded Balance of Subordinated Debenture | The following table summarizes the terms and recorded balance of each subordinated debenture as of the date indicated (dollars in thousands): Subordinated Debt Series Maturity Face Coupon As of December 31, Current Recorded TriCo Cap Trust I 10/7/2033 $ 20,619 3.05 % 3.37 % $ 20,619 TriCo Cap Trust II 7/23/2034 20,619 2.55 % 2.87 % 20,619 North Valley Trust II 4/24/2033 6,186 3.25 % 3.58 % 5,055 North Valley Trust III 4/24/2034 5,155 2.80 % 3.12 % 3,966 North Valley Trust IV 3/15/2036 10,310 1.33 % 1.84 % 6,211 $ 62,889 $ 56,470 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Commitments under Non-Cancelable Operating Leases with Initial or Remaining Terms of One Year or More | At December 31, 2015, future minimum commitments under non-cancelable operating leases with initial or remaining terms of one year or more are as follows: Operating Leases (in thousands) 2016 $ 3,067 2017 2,400 2018 1,755 2019 1,211 2020 2,382 Thereafter 659 Future minimum lease payments $ 11,474 |
Summary of Bank's Commitments and Contingent Liabilities | The following table presents a summary of the Bank’s commitments and contingent liabilities: (in thousands) December 31, December 31, Financial instruments whose amounts represent risk: Commitments to extend credit: Commercial loans $ 196,399 $ 177,557 Consumer loans 394,278 392,705 Real estate mortgage loans 42,793 36,139 Real estate construction loans 71,846 49,774 Standby letters of credit 8,330 17,531 Deposit account overdraft privilege 94,473 101,060 |
Stock Options and Other Equit57
Stock Options and Other Equity-Based Incentive Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Activity | Stock option activity is summarized in the following table for the dates indicated: Number of Shares Option Price per Share Weighted Outstanding at December 31, 2014 1,102,850 $12.63 to $25.91 $ 18.25 Options granted — — to — — Options exercised (154,000 ) $15.34 to $22.54 $ 20.17 Options forfeited — — to — — Outstanding at December 31, 2015 948,350 $12.63 to $25.91 $ 17.94 |
Summary of Options Outstanding | The following table shows the number, weighted-average exercise price, intrinsic value, and weighted average remaining contractual life of options exercisable, options not yet exercisable and total options outstanding as of December 31, 2015: Currently Currently Not Total Exercisable Exercisable Outstanding Number of options 710,650 237,700 948,350 Weighted average exercise price $ 18.10 $ 17.48 $ 17.94 Intrinsic value (in thousands) 6,641 2,369 9,010 Weighted average remaining contractual term (yrs.) 4.1 6.6 4.8 |
Information about Options | The following table shows the total intrinsic value of options exercised, the total fair value of options vested, total compensation costs for options recognized in income, and total tax benefit recognized in income related to compensation costs for options during the periods indicated: Years Ended December 31, 2015 2014 2013 Intrinsic value of options exercised $ 969,000 $ 1,209,000 $ 1,777,000 Fair value of options that vested $ 734,000 $ 965,000 $ 1,150,000 Total compensation costs for options recognized in income $ 734,000 $ 965,000 $ 1,150,000 Total tax benefit recognized in income related to compensation costs for options $ 380,000 $ 378,000 $ 484,000 Weighted average fair value of grants (per option) n/a $ 8.17 $ 8.91 |
Weighted-Average Assumptions Used to Determine Fair Value of Options Granted | The weighted-average assumptions used to determine the fair value of options granted are detailed in the table below: Year Ended December 31, 2015 2014 2013 Assumptions used to value option grants: Average expected terms (years) n/a 6.3 7.0 Volatility n/a 42.1 % 56.2 % Annual rate of dividends n/a 1.90 % 1.87 % Discount rate n/a 1.69 % 1.26 % |
Restricted Stock Unit (RSU) Activity | Restricted stock unit (RSU) activity is summarized in the following table for the dates indicated: Service Condition Vesting RSUs Market Plus Service Condition Vesting RSUs Number Weighted Number of RSUs Weighted Average Fair Value on Date of Grant Outstanding at December 31, 2014 30,920 15,366 RSUs granted 30,348 $ 23.45 18,348 $ 21.01 RSUs added through dividend credits 962 — RSUs released (12,064 ) — RSUs forfeited/expired (3,880 ) (1,617 ) Outstanding at December 31, 2015 46,286 32,097 |
Summary of Compensation Costs for RSUs | The following table shows the compensation costs for RSUs recognized in income for the periods indicated: Year Ended December 31, 2015 2014 2013 Total compensation costs for RSUs recognized in income: Service condition vesting RSUs $ 458,000 $ 126,000 — Market plus service condition vesting RSUs $ 179,000 $ 42,000 — |
Noninterest Income and Expense
Noninterest Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Components of Other Noninterest Income | The components of other noninterest income were as follows (in thousands): Years Ended December 31, 2015 2014 2013 Service charges on deposit accounts $ 14,276 $ 11,811 $ 12,716 ATM and interchange fees 13,105 9,651 8,370 Other service fees 2,977 2,206 2,144 Mortgage banking service fees 2,164 1,869 1,774 Change in value of mortgage servicing rights (701 ) (1,301 ) 253 Total service charges and fees 31,821 24,236 25,257 Gain on sale of loans 3,064 2,032 5,602 Commissions on sale of non-deposit investment products 3,349 2,995 2,983 Increase in cash value of life insurance 2,786 1,953 1,727 Change in indemnification asset (207 ) (856 ) (1,649 ) Gain on sale of foreclosed assets 991 2,153 1,640 Sale of customer checks 492 450 377 Lease brokerage income 712 504 337 Gain (loss) on disposal of fixed assets (129 ) 49 (39 ) Gain on life insurance death benefit 155 — — Other 2,313 1,000 594 Total other noninterest income 13,526 10,280 11,572 Total noninterest income $ 45,347 $ 34,516 $ 36,829 |
Components of Noninterest Expense | The components of noninterest expense were as follows (in thousands): Years Ended December 31, 2015 2014 2013 Base salaries, net of deferred loan origination costs $ 46,822 $ 39,342 $ 34,404 Incentive compensation 6,964 5,068 4,694 Benefits and other compensation costs 17,619 13,134 12,838 Total salaries and benefits expense 71,405 57,544 51,936 Occupancy 10,126 8,203 7,405 Equipment 5,997 4,514 4,162 Data processing and software 7,670 6,512 4,844 Assessments 2,572 2,107 2,248 ATM network charges 3,371 2,996 2,480 Advertising 3,992 2,413 1,981 Professional fees 4,545 3,888 2,707 Telecommunications 3,007 2,870 2,449 Postage 1,296 949 786 Courier service 1,154 1,055 988 Foreclosed assets expense 490 528 514 Intangible amortization 1,157 446 209 Operational losses 737 764 618 Provision for foreclosed asset losses 502 208 682 Change in reserve for unfunded commitments 330 (395 ) (1,200 ) Legal settlement — — 339 Merger expense 586 4,858 312 Other 11,904 10,919 10,144 Total other noninterest expense 59,436 52,835 41,668 Total noninterest expense $ 130,841 $ 110,379 $ 93,604 Merger expense: Incentive compensation — $ 1,174 — Benefits and other compensation costs — 94 — Data processing and software $ 108 475 — Professional fees 120 2,390 $ 312 Other 358 725 — Total merger expense $ 586 $ 4,858 $ 312 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Consolidated Income Tax Expense | The components of consolidated income tax expense are as follows: 2015 2014 2013 (in thousands) Current tax expense Federal $ 21,076 $ 14,485 $ 11,618 State 7,139 5,016 4,261 28,215 19,501 15,879 Deferred tax expense (benefit) Federal 408 (794 ) 1,976 State 273 (199 ) 550 681 (993 ) 2,526 Total tax expense $ 28,896 $ 18,508 $ 18,405 |
Company's Net Deferred Tax Asset Recorded in Other Assets | The temporary differences, tax effected, which give rise to the Company’s net deferred tax asset recorded in other assets are as follows as of December 31 for the years indicated: 2015 2014 (in thousands) Deferred tax assets: Allowance for losses and reserve for unfunded commitments $ 16,182 $ 16,284 Deferred compensation 2,827 3,115 Accrued pension liability 8,597 7,925 Accrued bonus 1,326 1,149 Other accrued expenses 143 124 Unfunded status of the supplemental retirement plans 2,411 3,315 State taxes 2,297 1,713 Share based compensation 2,701 2,534 Nonaccrual interest 1,979 2,714 OREO write downs 241 198 Acquisition cost basis 5,118 6,017 Tax credits 491 490 Net operating loss carryforwards 5,252 7,128 Other 889 625 Total deferred tax assets 50,454 53,331 Deferred tax liabilities: Securities income (1,362 ) (1,362 ) Unrealized gain on securities (902 ) (1,699 ) Depreciation (2,654 ) (3,072 ) Merger related fixed asset valuations (54 ) (54 ) Securities accretion (485 ) (287 ) Mortgage servicing rights valuation (3,118 ) (2,977 ) Indemnification asset 219 147 Core deposit intangible (2,331 ) (2,802 ) Junior subordinated debt (2,699 ) (2,782 ) Prepaid expenses and other (628 ) (737 ) Total deferred tax liability (14,014 ) (15,625 ) Net deferred tax asset $ 36,440 $ 37,706 |
Summary of Changes in Unrecognized Tax Benefit (Including Interest and Penalties) | A summary of changes in the Company’s unrecognized tax benefit (including interest and penalties) in 2015 is as follows: (in thousands) UTB Interest/Penalties Total As of December 31, 2014 227 18 245 Lapse of the applicable statute of limitations (59 ) (4 ) (63 ) As of December 31, 2015 168 14 182 |
Reconciliation of Effective Tax Rate and Statutory Federal Income Tax Rate | The effective tax rate and the statutory federal income tax rate are reconciled as follows: Years Ended December 31, 2015 2014 2013 Federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 6.6 7.0 6.8 Tax-exempt interest on municipal obligations (0.7 ) (0.4 ) (0.4 ) Tax-exempt life insurance related income (1.3 ) (1.5 ) (1.3 ) Non-deductible joint beneficiary agreement expense 0.1 0.2 0.2 Non-deductible merger expense — 1.0 — Other — 0.2 (0.1 ) Effective Tax Rate 39.7 % 41.5 % 40.2 % |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Share | Earnings per share have been computed based on the following: Years ended December 31, 2015 2014 2013 Net income (in thousands) $ 43,818 $ 26,108 $ 27,399 (number of shares in thousands) Average number of common shares outstanding 22,750 17,716 16,045 Effect of dilutive stock options 248 207 152 Average number of common shares outstanding used to calculate diluted earnings per share 22,998 17,923 16,197 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Components of Other Comprehensive Income and Related Tax Effects | The components of other comprehensive income and related tax effects are as follows: Years Ended December 31, 2015 2014 2013 (in thousands) Unrealized holding losses on available for sale securities before reclassifications $ (1,895 ) $ (162 ) $ (4,232 ) Amounts reclassified out of accumulated other comprehensive income — — — Unrealized holding losses on available for sale securities after reclassifications (1,895 ) (162 ) (4,232 ) Tax effect 797 68 1,780 Unrealized holding losses on available for sale securities, net of tax (1,098 ) (94 ) (2,452 ) Change in unfunded status of the supplemental retirement plans before reclassifications 1,384 (7,253 ) 2,575 Amounts reclassified out of accumulated other comprehensive income: Amortization of prior service cost (57 ) 138 153 Amortization of actuarial losses 823 17 291 Total amounts reclassified out of accumulated other comprehensive income 766 155 444 Change in unfunded status of the supplemental retirement plans after reclassifications 2,150 (7,098 ) 3,019 Tax effect (904 ) 2,984 (1,269 ) Change in unfunded status of the supplemental retirement plans, net of tax 1,246 (4,114 ) 1,750 Change in joint beneficiary agreement liability before reclassifications 277 148 400 Amounts reclassified out of accumulated other comprehensive income — — — Change in joint beneficiary agreement liability after reclassifications 277 148 400 Tax effect — — — Change in joint beneficiary agreement liability, net of tax 277 148 400 Total other comprehensive income (loss) $ 425 $ (4,060 ) $ (302 ) |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income, included in shareholders’ equity, are as follows: December 31, 2015 2014 (in thousands) Net unrealized gains on available for sale securities $ 2,145 $ 4,040 Tax effect (902 ) (1,699 ) Unrealized holding gains on available for sale securities, net of tax 1,243 2,341 Unfunded status of the supplemental retirement plans (5,735 ) (7,885 ) Tax effect 2,411 3,315 Unfunded status of the supplemental retirement plans, net of tax (3,324 ) (4,570 ) Joint beneficiary agreement liability 303 26 Tax effect — — Joint beneficiary agreement liability, net of tax 303 26 Accumulated other comprehensive loss $ (1,778 ) $ (2,203 ) |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Pension Plans | Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the combined net period benefit cost of the Company’s defined benefit pension plans are presented in the following table. The Company expects to recognize approximately $549,000 of the net actuarial loss reported in the following table as of December 31, 2015 as a component of net periodic benefit cost during 2016. December 31, (in thousands) 2015 2014 Transition obligation $ 7 $ 9 Prior service cost (115 ) (173 ) Net actuarial loss 5,843 8,049 Amount included in accumulated other comprehensive loss 5,735 7,885 Deferred tax benefit (2,411 ) (3,315 ) Amount included in accumulated other comprehensive loss, net of tax $ 3,324 $ 4,570 |
Information Pertaining to Activity in Supplemental Retirement Plans | Information pertaining to the activity in the supplemental retirement plans, using a measurement date of December 31, is as follows: December 31, 2015 2014 (in thousands) Change in benefit obligation: Benefit obligation at beginning of year $ (26,798 ) $ (14,634 ) Acquisition — (4,150 ) Service cost (1,023 ) (652 ) Interest cost (957 ) (739 ) Actuarial (loss)/gain 1,382 (7,254 ) Benefits paid 1,212 631 Benefit obligation at end of year $ (26,184 ) $ (26,798 ) Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Fair value of plan assets at end of year $ — $ — Funded status $ (26,184 ) $ (26,798 ) Unrecognized net obligation existing at January 1, 1986 7 9 Unrecognized net actuarial loss 5,843 8,049 Unrecognized prior service cost (115 ) (173 ) Accumulated other comprehensive income (5,735 ) (7,885 ) Accrued benefit cost $ (26,184 ) $ (26,798 ) Accumulated benefit obligation $ (24,469 ) $ (24,739 ) |
Net Periodic Benefit Cost Recognized for Supplemental Retirement Plans | The following table sets forth the net periodic benefit cost recognized for the supplemental retirement plans: Years Ended December 31, 2015 2014 2013 (in thousands) Net pension cost included the following components: Service cost-benefits earned during the period $ 1,023 $ 652 $ 743 Interest cost on projected benefit obligation 957 739 643 Amortization of net obligation at transition 2 2 2 Amortization of prior service cost (57 ) 138 153 Recognized net actuarial loss 823 16 291 Net periodic pension cost $ 2,748 $ 1,547 $ 1,832 |
Assumptions Used in Accounting for Plans | The following table sets forth assumptions used in accounting for the plans: Years Ended December 31, 2015 2014 2013 Discount rate used to calculate benefit obligation 4.00 % 3.65 % 4.85 % Discount rate used to calculate net periodic pension cost 4.00 % 3.65 % 4.85 % Average annual increase in executive compensation 2.50 % 2.50 % 2.50 % Average annual increase in director compensation 2.50 % 2.50 % 2.50 % |
Expected Benefit Payments to Participants and Estimated Contributions to be Made by Company | The following table sets forth the expected benefit payments to participants and estimated contributions to be made by the Company under the supplemental retirement plans for the years indicated: Years Ended Expected Benefit Estimated (in thousands) 2016 $ 1,104 $ 1,104 2017 983 983 2018 974 974 2019 845 845 2020 731 731 2021-2025 $ 3,490 $ 3,490 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Summary of Activity in Lending Transactions | The following table summarizes the activity in these loans for the periods indicated (in thousands): Balance December 31, 2013 $ 2,636 Advances/new loans 2,106 Removed/payments (1,610 ) Balance December 31, 2014 3,132 Advances/new loans 3,098 Removed/payments (2,029 ) Balance December 31, 2015 $ 4,201 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands): Total Level 1 Level 2 Level 3 Fair value at December 31, 2015 Securities available-for-sale: Obligations of U.S. government corporations and agencies $ 313,682 — $ 313,682 — Obligations of states and political subdivisions 88,218 — 88,218 — Corporate debt securities — — — — Marketable equity securities 2,985 $ 2,985 — — Mortgage servicing rights 7,618 — — $ 7,618 Total assets measured at fair value $ 412,503 $ 2,985 $ 401,900 $ 7,618 Total Level 1 Level 2 Level 3 Fair value at December 31, 2014 Securities available-for-sale: Obligations of U.S. government corporations and agencies $ 75,120 — $ 75,120 — Obligations of states and political subdivisions 3,175 — 3,175 — Corporate debt securities 1,908 — 1,908 — Marketable equity securities 3,002 $ 3,002 — — Mortgage servicing rights 7,378 — — $ 7,378 Total assets measured at fair value $ 90,583 $ 3,002 $ 80,203 $ 7,378 |
Reconciliation of Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) on Recurring Basis | The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the years ended December 31, 2015 and 2014. Had there been any transfer into or out of Level 3 during 2015 or 2014, the amount included in the “Transfers into (out of) Level 3” column would represent the beginning balance of an item in the period (interim quarter) during which it was transferred (in thousands): Ending Transfers Change Issuances Beginning Year ended December 31, 2015: Mortgage servicing rights $ 7,618 — $ (701 ) $ 941 $ 7,378 2014: Mortgage servicing rights $ 7,378 $ 1,944 $ (1,301 ) $ 570 $ 6,165 |
Quantitative Information about Recurring Level 3 Fair Value Measurements | The following table presents quantitative information about recurring Level 3 fair value measurements at December 31, 2015: Fair Value Valuation Technique Unobservable Inputs Range, Weighted Average Mortgage Servicing Rights $ 7,618 Discounted cash flow Constant prepayment rate Discount rate 6.3%-20.5%, 9.8% 10.0%-12.0%, 10.0% |
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | The tables below present the recorded amount of assets and liabilities measured at fair value on a nonrecurring basis, as of the dates indicated, that had a write-down or an additional allowance provided during the periods indicated (in thousands): Total Level 1 Level 2 Level 3 Total Gains Year ended December 31, 2015 Fair value: Impaired Originated & PNCI loans $ 4,649 — — $ 4,649 $ (663 ) Foreclosed assets 1,839 1,839 (418 ) Total assets measured at fair value $ 6,488 — — $ 6,488 $ (1,081 ) Total Level 1 Level 2 Level 3 Total Gains (Losses) Year ended December 31, 2014 Fair value: Impaired Originated & PNCI loans $ 2,480 — — $ 2,480 $ (636 ) Foreclosed assets 2,611 — — 2,611 $ (137 ) Total assets measured at fair value $ 5,091 — — $ 5,091 $ (773 ) |
Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Nonrecurring Basis | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2015: Fair Value Valuation Technique Unobservable Inputs Range, Impaired Originated & PNCI loans $ 4,649 Sales comparison approach Income approach Adjustment for differences between comparable sales Capitalization rate (5.0)%-(5.0)%, (5.0)% Foreclosed assets (Land & construction) $ 201 Sales comparison approach Adjustment for differences between comparable sales (5.0)%-(7.0)%, (5.59)% Foreclosed assets (residential (Residential real estate) $ 814 Sales comparison approach Adjustment for differences between comparable sales (5.0)%-(8.0)%, (6.04)% Foreclosed assets (Commercial real estate) $ 824 Sales comparison approach Adjustment for differences between comparable sales (7.0)%-(9.0)%, (7.50)% |
Estimated Fair Values of Financial Instruments that are Reported at Amortized Cost in Consolidated Balance Sheets | The estimated fair values of financial instruments that are reported at amortized cost in the Corporation’s consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows (in thousands): December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair Financial assets: Level 1 inputs: Cash and due from banks $ 94,305 $ 94,305 $ 93,150 $ 93,150 Cash at Federal Reserve and other banks 209,156 209,156 517,578 517,578 Level 2 inputs: Securities held to maturity 726,530 732,208 676,426 688,779 Restricted equity securities 16,596 N/A 16,956 N/A Loans held for sale 1,873 1,873 3,579 3,579 Level 3 inputs: Loans, net 2,486,926 2,555,297 2,282,524 2,379,155 Financial liabilities: Level 2 inputs: Deposits 3,631,266 3,630,129 3,380,423 3,380,486 Other borrowings 12,328 12,328 9,276 9,276 Level 3 inputs: Junior subordinated debt $ 56,470 $ 44,527 $ 56,272 $ 45,053 Contract Fair Contract Fair Off-balance sheet: Level 3 inputs: Commitments $ 705,316 $ 7,053 $ 656,175 $ 6,562 Standby letters of credit $ 8,330 $ 83 $ 17,531 $ 175 Overdraft privilege commitments $ 94,473 $ 945 $ 101,060 $ 1,011 |
TriCo Bancshares Condensed Fi65
TriCo Bancshares Condensed Financial Statements (Parent Only) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31, 2015 2014 (in thousands) Assets Cash and Cash equivalents $ 2,565 $ 2,229 Investment in Tri Counties Bank 504,655 470,797 Other assets 1,714 1,902 Total assets $ 508,934 $ 474,928 Liabilities and shareholders’ equity Other liabilities $ 348 $ 484 Junior subordinated debt 56,470 56,272 Total liabilities 56,818 56,756 Shareholders’ equity: Common stock, no par value: authorized 50,000,000 shares; issued and outstanding 22,775,173 and 22,714,964 shares, respectively 247,587 244,318 Retained earnings 206,307 176,057 Accumulated other comprehensive loss, net (1,778 ) (2,203 ) Total shareholders’ equity 452,116 418,172 Total liabilities and shareholders’ equity $ 508,934 $ 474,928 |
Condensed Statements of Income | Condensed Statements of Income Years ended December 31, 2015 2014 2013 (in thousands) Interest expense $ (1,977 ) $ (1,403 ) $ (1,247 ) Administration expense (814 ) (2,720 ) (862 ) Loss before equity in net income of Tri Counties Bank (2,791 ) (4,123 ) (2,109 ) Equity in net income of Tri Counties Bank: Distributed 13,304 8,270 8,175 Undistributed 32,131 20,720 20,446 Income tax benefit 1,174 1,241 887 Net income $ 43,818 $ 26,108 $ 27,399 |
Condensed Statements of Comprehensive Income | Condensed Statements of Comprehensive Income Years ended December 31, 2015 2014 2013 (in thousands) Net income $ 43,818 $ 26,108 $ 27,399 Other comprehensive (loss) income, net of tax: Unrealized holding (losses) gains on securities arising during the period (1,098 ) (94 ) (2,452 ) Change in minimum pension liability 1,246 (4,114 ) 1,750 Change in joint beneficiary agreement liability 277 148 400 Other comprehensive (loss) income 425 (4,060 ) (302 ) Net income $ 44,243 $ 22,048 $ 27,097 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years ended December 31, 2015 2014 2013 (in thousands) Operating activities: Net income $ 43,818 $ 26,108 $ 27,399 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed equity in earnings of Tri Counties Bank (32,131 ) (20,720 ) (20,446 ) Equity compensation vesting expense 1,370 1,133 1,151 Equity compensation tax effect 68 (225 ) (356 ) Net change in other assets and liabilities (1,120 ) 671 (1,100 ) Net cash provided by operating activities 12,005 6,967 6,648 Investing activities: None Financing activities: Issuance of common stock through option exercise 660 616 251 Equity compensation tax effect (68 ) 225 356 Repurchase of common stock (412 ) (292 ) (501 ) Cash dividends paid — common (11,849 ) (7,807 ) (6,745 ) Net cash used for financing activities (11,669 ) (7,258 ) (6,639 ) (decrease) increase in cash and cash equivalents 336 (291 ) 9 Cash and cash equivalents at beginning of year 2,229 2,520 2,511 Cash and cash equivalents at end of year $ 2,565 $ 2,229 $ 2,520 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Actual and Required Capital Ratios of Bank | The following table presents actual and required capital ratios as of December 31, 2015 for the Company and the Bank under Basel III Capital Rules. The minimum capital amounts presented include the minimum required capital levels as of December 31, 2015 based on the phased-in provisions of the Basel III Capital Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules have been fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Actual Minimum Capital Minimum Capital Required to be Amount Ratio Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2015: Total Capital (to Risk Weighted Assets): Consolidated $ 474,436 15.09 % $ 251,555 8.00 % $ 330,165 10.50 % N/A N/A Tri Counties Bank $ 473,327 15.06 % $ 251,418 8.00 % $ 329,985 10.50 % $ 314,272 10.00 % Tier 1 Capital (to Risk Weighted Assets): Consolidated $ 435,950 13.86 % $ 188,666 6.00 % $ 267,277 8.50 % N/A N/A Tri Counties Bank $ 434,841 13.84 % $ 188,563 6.00 % $ 267,131 8.50 % $ 251,418 8.00 % Common equity Tier 1 Capital (to Risk Weighted Assets): Consolidated $ 385,747 12.27 % $ 141,499 4.50 % $ 220,110 7.00 % N/A N/A Tri Counties Bank $ 434,841 13.84 % $ 141,422 4.50 % $ 219,990 7.00 % $ 204,277 6.50 % Tier 1 Capital (to Average Assets): Consolidated $ 435,950 10.79 % $ 161,562 4.00 % $ 161,562 4.00 % N/A N/A Tri Counties Bank $ 434,841 10.76 % $ 161,601 4.00 % $ 161,601 4.00 % $ 202,002 5.00 % The following table presents actual and required capital ratios as of December 31, 2104 for the Company and the Bank under the regulatory capital rules then in effect. Actual Minimum Minimum Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2014: Total Capital (to Risk Weighted Assets): Consolidated $ 436,955 15.63 % $ 223,603 8.0 % N/A N/A Tri Counties Bank $ 433,286 15.51 % $ 223,449 8.0 % $ 279,311 10.0 % Tier 1 Capital (to Risk Weighted Assets): Consolidated $ 401,971 14.38 % $ 111,801 4.0 % N/A N/A Tri Counties Bank $ 398,325 14.26 % $ 111,724 4.0 % $ 167,587 6.0 % Tier 1 Capital (to Average Assets): Consolidated $ 401,971 10.80 % $ 148,819 4.0 % N/A N/A Tri Counties Bank $ 398,325 10.71 % $ 148,734 4.0 % $ 185,918 5.0 % |
Summary of Quarterly Results 67
Summary of Quarterly Results of Operations (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Results of Operations | The following table sets forth the results of operations for the four quarters of 2015 and 2014, and is unaudited; however, in the opinion of Management, it reflects all adjustments (which include only normal recurring adjustments) necessary to present fairly the summarized results for such periods. 2015 Quarters Ended December 31, September 30, June 30, March 31, (dollars in thousands, except per share data) Interest and dividend income: Loans: Discount accretion PCI – cash basis $ 302 $ 445 $ 404 $ 172 Discount accretion PCI – other 1,392 1,090 907 1,274 Discount accretion PNCI 573 1,590 822 1,348 All other loan interest income 32,571 30,689 29,886 28,371 Total loan interest income 34,838 33,814 32,019 31,165 Debt securities, dividends and interest bearing cash at banks (not FTE) 7,652 7,518 7,848 6,560 Total interest income 42,490 41,332 39,867 37,725 Interest expense 1,349 1,339 1,346 1,382 Net interest income 41,141 39,993 38,521 36,343 (Benefit from) provision for loan losses (908 ) (866 ) (633 ) 197 Net interest income after provision for loan losses 42,049 40,859 39,154 36,146 Noninterest income 11,445 11,642 12,080 10,180 Noninterest expense 34,684 31,439 32,436 32,282 Income before income taxes 18,810 21,062 18,798 14,044 Income tax expense 7,388 8,368 7,432 5,708 Net income $ 11,422 $ 12,694 $ 11,366 $ 8,336 Per common share: Net income (diluted) $ 0.50 $ 0.55 $ 0.49 $ 0.36 Dividends $ 0.15 $ 0.13 $ 0.13 $ 0.11 2014 Quarters Ended December 31, September 30, June 30, March 31, (dollars in thousands, except per share data) Interest and dividend income: Loans: Discount accretion PCI – cash basis $ 107 $ 290 $ 69 $ 203 Discount accretion PCI – other 919 822 811 984 Discount accretion PNCI 796 402 624 379 All other loan interest income 28,914 23,466 22,929 22,172 Total loan interest income 30,736 24,980 24,433 23,738 Debt securities, dividends and interest bearing cash at banks (not FTE) 5,671 4,151 3,985 3,421 Total interest income 36,407 29,131 28,418 27,159 Interest expense 1,437 1,082 1,075 1,087 Net interest income 34,970 28,049 27,343 26,072 (Benefit from) provision for loan losses (1,421 ) (2,977 ) 1,708 (1,355 ) Net interest income after provision for loan losses 36,391 31,026 25,635 27,427 Noninterest income 9,755 8,589 7,877 8,295 Noninterest expense 36,566 25,380 25,116 23,317 Income before income taxes 9,580 14,235 8,396 12,405 Income tax expense 3,930 6,001 3,537 5,040 Net income $ 5,650 $ 8,234 $ 4,859 $ 7,365 Per common share: Net income (diluted) $ 0.25 $ 0.50 $ 0.30 $ 0.45 Dividends $ 0.11 $ 0.11 $ 0.11 $ 0.11 |
Summary of Significant Accoun68
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)BranchesSegmentTrustLocationBusiness | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | |
Significant Of Accounting Policies [Line Items] | ||||
Number of subsidiary business trusts | Trust | 5 | |||
Company's investments in the trusts | $ 1,696,000 | |||
Number of business segment | Segment | 1 | |||
Trading securities | $ 0 | $ 0 | ||
Recognized OTTI losses | $ 0 | $ 0 | ||
Loans contractual past due | 90 days | |||
TDR loans payment period in nonaccrual status | 6 months | |||
Reserve for unimpaired loans | $ 1,438,000 | |||
Tri Counties Bank [Member] | ||||
Significant Of Accounting Policies [Line Items] | ||||
Number of locations acquired | Location | 3 | |||
Number of traditional operating branches | Branches | 55 | |||
Number of in-store operating branches | Branches | 12 | |||
California [Member] | ||||
Significant Of Accounting Policies [Line Items] | ||||
Number of counties | Business | 26 | |||
Home Equity Lines of Credit [Member] | ||||
Significant Of Accounting Policies [Line Items] | ||||
Increase in allowance for loan losses due to change in methodology | $ 859,000 | |||
Home Equity Loans [Member] | ||||
Significant Of Accounting Policies [Line Items] | ||||
Increase in allowance for loan losses due to change in methodology | $ 459,000 | |||
Furniture and equipment [Member] | Minimum [Member] | ||||
Significant Of Accounting Policies [Line Items] | ||||
Estimated useful lives of the related assets or lease terms | 3 years | |||
Furniture and equipment [Member] | Maximum [Member] | ||||
Significant Of Accounting Policies [Line Items] | ||||
Estimated useful lives of the related assets or lease terms | 10 years | |||
Land improvements and buildings [Member] | Minimum [Member] | ||||
Significant Of Accounting Policies [Line Items] | ||||
Estimated useful lives of the related assets or lease terms | 15 years | |||
Land improvements and buildings [Member] | Maximum [Member] | ||||
Significant Of Accounting Policies [Line Items] | ||||
Estimated useful lives of the related assets or lease terms | 40 years |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Oct. 28, 2015USD ($)Branches | Oct. 03, 2014USD ($)$ / sharesshares | Jun. 30, 2014USD ($)Bank | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Aug. 21, 2007shares |
Business Acquisition [Line Items] | ||||||
Business acquisition, common stock issued to acquiree's shareholders | shares | 6,575,550 | |||||
Fixed share exchange ratio | 0.9433 | |||||
Aggregate ownership percentage | 28.90% | |||||
Cash in-lieu of fractional shares | $ 6,823 | |||||
Business combination share outstanding | shares | 22,775,173 | 22,714,964 | 15,814,662 | |||
Assets | $ 4,220,722,000 | $ 3,916,458,000 | ||||
Bank Of America [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches | Branches | 3 | |||||
Loans | $ 400,000 | |||||
Deposits | $ 235,000,000 | |||||
Percentage of premium on deposits | 1.91% | |||||
North Valley Bancorp [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Loans | 499,327,000 | |||||
Deposits | $ 801,956,000 | |||||
Acquisition, completion date | Oct. 3, 2014 | |||||
Closing stock price | $ / shares | $ 23.01 | |||||
Consideration paid per share | $ / shares | $ 21.71 | |||||
Cash in-lieu of fractional shares | $ 7,000 | |||||
Business combination share outstanding | shares | 22,714,964 | |||||
Business combination consideration value | $ 151,310,000 | |||||
Number of commercial banks | Bank | 22 | |||||
Assets | $ 935,000,000 | |||||
Increase in net book value of land and buildings acquired | 4,785,000 | |||||
Recognized intangible related to acquisition | 6,614,000 | |||||
North Valley Bancorp [Member] | Junior subordinated debt [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Discount on debt instrument | $ 6,664,000 | |||||
North Valley Bancorp [Member] | Minimum [Member] | Junior subordinated debt [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Amortization period of debt discount | 18 years | |||||
North Valley Bancorp [Member] | Maximum [Member] | Junior subordinated debt [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Amortization period of debt discount | 21 years | |||||
North Valley Bancorp [Member] | Core deposit intangibles [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Recognized intangible related to acquisition | $ 6,614,000 | |||||
Percentage of acquired intangibles | 0.97% | |||||
Finite lived intangible asset useful life | 7 years |
Business Combinations - Schedul
Business Combinations - Schedule of Fair Value of Consideration Transferred, Identifiable Net Assets Acquired and Resulting Goodwill (Detail) - USD ($) | Oct. 03, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair value of consideration transferred: | |||
Cash consideration | $ 6,823 | ||
Liabilities assumed: | |||
Goodwill recognized | $ 63,462,000 | $ 63,462,000 | |
North Valley Bancorp [Member] | |||
Fair value of consideration transferred: | |||
Fair value of shares issued | 151,303,000 | ||
Cash consideration | 7,000 | ||
Total fair value of consideration transferred | 151,310,000 | ||
Asset acquired: | |||
Cash and cash equivalents | 141,412,000 | ||
Securities available for sale | 17,288,000 | ||
Securities held to maturity | 189,950,000 | ||
Restricted equity securities | 5,378,000 | ||
Loans | 499,327,000 | ||
Foreclosed assets | 695,000 | ||
Premises and equipment | 11,936,000 | ||
Cash value of life insurance | 38,075,000 | ||
Core deposit intangible | 6,614,000 | ||
Other assets | 20,064,000 | ||
Total assets acquired | 930,739,000 | ||
Liabilities assumed: | |||
Deposits | 801,956,000 | ||
Other liabilities | 10,429,000 | ||
Junior subordinated debt | 14,987,000 | ||
Total liabilities assumed | 827,372,000 | ||
Total net assets acquired | 103,367,000 | ||
Goodwill recognized | $ 47,943,000 |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Value Adjustments Resulting In Goodwill (Detail) - USD ($) | Oct. 03, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Cash payments to North Valley Bancorp Shareholders | $ 6,823 | ||
Goodwill | $ 63,462,000 | $ 63,462,000 | |
North Valley Bancorp [Member] | |||
Business Acquisition [Line Items] | |||
Value of stock consideration paid to North Valley Bancorp Shareholders | 151,303,000 | ||
Cash payments to North Valley Bancorp Shareholders | 7,000 | ||
Cost basis net assets acquired | (98,040,000) | ||
Other | 280,000 | ||
Goodwill | 47,943,000 | ||
North Valley Bancorp [Member] | Deferred income taxes [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value Adjustments | 6,293,000 | ||
North Valley Bancorp [Member] | Loans [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value Adjustments | 5,832,000 | ||
North Valley Bancorp [Member] | Premises and equipment [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value Adjustments | (4,785,000) | ||
North Valley Bancorp [Member] | Core deposit intangibles [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value Adjustments | (6,283,000) | ||
North Valley Bancorp [Member] | Junior subordinated debt [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value Adjustments | $ (6,664,000) |
Business Combinations - Sched72
Business Combinations - Schedule of Cost Basis, Fair Value Discount and Loan Acquired (Detail) - North Valley Bancorp [Member] $ in Thousands | Oct. 03, 2014USD ($) |
Business Acquisition [Line Items] | |
Cost Basis | $ 514,125 |
Discount | (14,798) |
Fair Value | 499,327 |
PNCI [Member] | |
Business Acquisition [Line Items] | |
Cost Basis | 502,637 |
Discount | (12,721) |
Fair Value | 489,916 |
PCI - Other [Member] | |
Business Acquisition [Line Items] | |
Cost Basis | 11,488 |
Discount | (2,077) |
Fair Value | $ 9,411 |
Business Combinations - Summa73
Business Combinations - Summary of Principal Balance Loans Acquired (Detail) - North Valley Bancorp [Member] $ in Thousands | Oct. 03, 2014USD ($) |
Business Acquisition [Line Items] | |
Undiscounted contractual cash flows | $ 734,437 |
Undiscounted cash flows not expected to be collected (nonaccretable difference) | (6,295) |
Undiscounted cash flows expected to be collected | 728,142 |
Accretable yield at acquisition | (228,815) |
Estimated fair value of loans acquired at acquisition | 499,327 |
Purchase discount | 14,798 |
Cost Basis | 514,125 |
PNCI [Member] | |
Business Acquisition [Line Items] | |
Undiscounted contractual cash flows | 718,731 |
Undiscounted cash flows expected to be collected | 718,731 |
Accretable yield at acquisition | (228,815) |
Estimated fair value of loans acquired at acquisition | 489,916 |
Purchase discount | 12,721 |
Cost Basis | 502,637 |
PCI - Other [Member] | |
Business Acquisition [Line Items] | |
Undiscounted contractual cash flows | 15,706 |
Undiscounted cash flows not expected to be collected (nonaccretable difference) | (6,295) |
Undiscounted cash flows expected to be collected | 9,411 |
Estimated fair value of loans acquired at acquisition | 9,411 |
Purchase discount | 2,077 |
Cost Basis | $ 11,488 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Values of Investments in Debt and Equity Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 402,740 | $ 79,165 |
Gross Unrealized Gains | 4,189 | 4,065 |
Gross Unrealized Losses | (2,044) | (25) |
Estimated Fair Value | 404,885 | 83,205 |
Amortized Cost, Held to Maturity | 726,530 | 676,426 |
Gross Unrealized Gains, Held to Maturity | 8,671 | 13,185 |
Gross Unrealized Losses, Held to Maturity | (2,992) | (832) |
Estimated Fair Value, Held to Maturity | 732,209 | 688,779 |
Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 312,917 | 71,144 |
Gross Unrealized Gains | 2,761 | 4,001 |
Gross Unrealized Losses | (1,996) | (25) |
Estimated Fair Value | 313,682 | 75,120 |
Amortized Cost, Held to Maturity | 711,994 | 660,836 |
Gross Unrealized Gains, Held to Maturity | 8,394 | 13,055 |
Gross Unrealized Losses, Held to Maturity | (2,882) | (677) |
Estimated Fair Value, Held to Maturity | 717,506 | 673,214 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 86,823 | 3,130 |
Gross Unrealized Gains | 1,428 | 45 |
Gross Unrealized Losses | (33) | |
Estimated Fair Value | 88,218 | 3,175 |
Amortized Cost, Held to Maturity | 14,536 | 15,590 |
Gross Unrealized Gains, Held to Maturity | 277 | 130 |
Gross Unrealized Losses, Held to Maturity | (110) | (155) |
Estimated Fair Value, Held to Maturity | 14,703 | 15,565 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,891 | |
Gross Unrealized Gains | 17 | |
Estimated Fair Value | 1,908 | |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,000 | 3,000 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (15) | |
Estimated Fair Value | $ 2,985 | $ 3,002 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Investmentsecurities | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Investment Securities [Line Items] | |||
Investment securities sold | $ 2,000 | $ 14,130,000 | $ 0 |
Gain or loss on sale of investment securities | 0 | ||
Investment securities carrying value | 297,547,000 | $ 143,992,000 | |
Mortgage-backed securities | $ 1,024,911,000 | ||
Life of mortgage-backed securities | 5 years 10 months 24 days | ||
Obligations of U.S. Government Corporations and Agencies [Member] | |||
Investment Securities [Line Items] | |||
Debt securities | Investmentsecurities | 29 | ||
Percentage of aggregate depreciation in unrealized losses | 1.23% | ||
Obligations of States and Political Subdivisions [Member] | |||
Investment Securities [Line Items] | |||
Debt securities | Investmentsecurities | 10 | ||
Percentage of aggregate depreciation in unrealized losses | 1.73% | ||
Marketable Equity Securities [Member] | |||
Investment Securities [Line Items] | |||
Percentage of aggregate depreciation in unrealized losses | 0.05% |
Investment Securities - Amort76
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year, Amortized Cost | $ 0 | |
Due after one year through five years, Amortized Cost | 8,870 | |
Due after five years through ten years, Amortized Cost | 24,150 | |
Due after ten years, Amortized Cost | 369,720 | |
Totals, Amortized Cost | 402,740 | |
Due in one year, Estimated Fair Value | 0 | |
Due after one year through five years, Estimated Fair Value | 9,112 | |
Due after five years through ten years, Estimated Fair Value | 25,204 | |
Due after ten years, Estimated Fair Value | 370,569 | |
Totals, Estimated Fair Value | 404,885 | |
Due in one year, Amortized Cost, Held to Maturity | 0 | |
Due after one year through five years, Amortized Cost, Held to Maturity | 1,147 | |
Due after five years through ten years, Amortized Cost, Held to Maturity | 830 | |
Due after ten years, Amortized Cost, Held to Maturity | 724,553 | |
Totals, Amortized Cost, Held to Maturity | 726,530 | $ 676,426 |
Due in one year, Estimated Fair Value, Held to Maturity | 0 | |
Due after one year through five years, Estimated Fair Value, Held to Maturity | 1,158 | |
Due after five years through ten years, Estimated Fair Value, Held to Maturity | 870 | |
Due after ten years, Estimated Fair Value, Held to Maturity | 730,181 | |
Estimated Fair Value, Held to Maturity | $ 732,209 | $ 688,779 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses on Investment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 202,760 | $ 6,774 |
Less than 12 months, Unrealized Loss | (2,044) | (25) |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Loss | 0 | 0 |
Total Fair Value | 202,760 | 6,774 |
Total Unrealized Loss | (2,044) | (25) |
Less than 12 months, Fair Value, held to maturity | 198,978 | 1,935 |
Less than 12 months, Unrealized Loss, held to maturity | (2,893) | (27) |
12 months or more, Fair Value, held to maturity | 1,121 | 58,146 |
12 months or more, Unrealized Loss, held to maturity | (99) | (805) |
Total Fair Value, held to maturity | 200,099 | 60,081 |
Total Unrealized Loss, held to maturity | (2,992) | (832) |
Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 193,306 | 6,774 |
Less than 12 months, Unrealized Loss | (1,996) | (25) |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Loss | 0 | 0 |
Total Fair Value | 193,306 | 6,774 |
Total Unrealized Loss | (1,996) | (25) |
Less than 12 months, Fair Value, held to maturity | 198,481 | 335 |
Less than 12 months, Unrealized Loss, held to maturity | (2,882) | (1) |
12 months or more, Fair Value, held to maturity | 56,288 | |
12 months or more, Unrealized Loss, held to maturity | (676) | |
Total Fair Value, held to maturity | 198,481 | 56,623 |
Total Unrealized Loss, held to maturity | (2,882) | (677) |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 6,469 | |
Less than 12 months, Unrealized Loss | (33) | |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Loss | 0 | 0 |
Total Fair Value | 6,469 | |
Total Unrealized Loss | (33) | |
Less than 12 months, Fair Value, held to maturity | 497 | 1,600 |
Less than 12 months, Unrealized Loss, held to maturity | (11) | (26) |
12 months or more, Fair Value, held to maturity | 1,121 | 1,858 |
12 months or more, Unrealized Loss, held to maturity | (99) | (129) |
Total Fair Value, held to maturity | 1,618 | 3,458 |
Total Unrealized Loss, held to maturity | (110) | (155) |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 2,985 | |
Less than 12 months, Unrealized Loss | (15) | |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Loss | 0 | $ 0 |
Total Fair Value | 2,985 | |
Total Unrealized Loss | $ (15) |
Loans - Summary of Loan Balance
Loans - Summary of Loan Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage loans on real estate: | ||||
Total mortgage loan on real estate | $ 1,811,832 | $ 1,615,359 | ||
Consumer: | ||||
Total consumer loans | 395,283 | 417,084 | ||
Commercial | 194,913 | 174,945 | ||
Construction: | ||||
Total construction | 120,909 | 75,136 | ||
Total loans, net of deferred loan fees and discounts | 2,522,937 | 2,282,524 | $ 1,672,007 | |
Total principal balance of loans owed, net of charge-offs | 2,555,610 | 2,322,853 | ||
Unamortized net deferred loan fees | (6,551) | (4,793) | ||
Discounts to principal balance of loans owed, net of charge-offs | (26,122) | (35,536) | ||
Total loans, net of unamortized deferred loan fees and discounts | 2,522,937 | 2,282,524 | 1,672,007 | |
Noncovered loans | 2,517,702 | 2,260,256 | ||
Covered loans | 5,235 | 22,268 | ||
Total loans, net of unamortized deferred loan fees and discounts | 2,522,937 | 2,282,524 | 1,672,007 | |
Allowance for loan losses | 36,011 | 36,585 | 38,245 | $ 42,648 |
Residential 1-4 family [Member] | ||||
Mortgage loans on real estate: | ||||
Total mortgage loan on real estate | 314,265 | 279,420 | ||
Home Equity Loans [Member] | ||||
Consumer: | ||||
Total consumer loans | 40,362 | 31,314 | ||
Construction: | ||||
Total loans, net of deferred loan fees and discounts | 40,362 | 31,314 | 14,588 | |
Total loans, net of unamortized deferred loan fees and discounts | 40,362 | 31,314 | 14,588 | |
Total loans, net of unamortized deferred loan fees and discounts | 40,362 | 31,314 | 14,588 | |
Allowance for loan losses | 3,138 | 1,797 | 1,208 | 1,155 |
Auto Indirect [Member] | ||||
Consumer: | ||||
Total consumer loans | 112 | |||
Construction: | ||||
Total loans, net of deferred loan fees and discounts | 112 | 946 | ||
Total loans, net of unamortized deferred loan fees and discounts | 112 | 946 | ||
Total loans, net of unamortized deferred loan fees and discounts | 112 | 946 | ||
Allowance for loan losses | 9 | 66 | 243 | |
Other [Member] | ||||
Consumer: | ||||
Total consumer loans | 32,429 | 33,074 | ||
Commercial [Member] | ||||
Mortgage loans on real estate: | ||||
Total mortgage loan on real estate | 1,497,567 | 1,335,939 | ||
Construction: | ||||
Total construction | 74,774 | 36,518 | ||
Home Equity Lines of Credit [Member] | ||||
Consumer: | ||||
Total consumer loans | 322,492 | 352,584 | ||
Construction: | ||||
Total loans, net of deferred loan fees and discounts | 322,492 | 352,584 | 339,866 | |
Total loans, net of unamortized deferred loan fees and discounts | 322,492 | 352,584 | 339,866 | |
Total loans, net of unamortized deferred loan fees and discounts | 322,492 | 352,584 | 339,866 | |
Allowance for loan losses | 11,253 | 15,676 | $ 16,375 | $ 21,367 |
Residential [Member] | ||||
Construction: | ||||
Total construction | 46,135 | 38,618 | ||
Originated [Member] | ||||
Mortgage loans on real estate: | ||||
Total mortgage loan on real estate | 1,371,228 | 1,083,391 | ||
Consumer: | ||||
Total consumer loans | 349,134 | 357,067 | ||
Commercial | 170,320 | 126,611 | ||
Construction: | ||||
Total construction | 98,063 | 45,680 | ||
Total loans, net of deferred loan fees and discounts | 1,988,745 | 1,612,749 | ||
Total principal balance of loans owed, net of charge-offs | 1,995,296 | 1,617,542 | ||
Unamortized net deferred loan fees | (6,551) | (4,793) | ||
Total loans, net of unamortized deferred loan fees and discounts | 1,988,745 | 1,612,749 | ||
Noncovered loans | 1,988,745 | 1,612,749 | ||
Total loans, net of unamortized deferred loan fees and discounts | 1,988,745 | 1,612,749 | ||
Allowance for loan losses | 31,271 | 29,860 | ||
Originated [Member] | Residential 1-4 family [Member] | ||||
Mortgage loans on real estate: | ||||
Total mortgage loan on real estate | 207,585 | 154,594 | ||
Originated [Member] | Home Equity Loans [Member] | ||||
Consumer: | ||||
Total consumer loans | 34,717 | 23,559 | ||
Originated [Member] | Auto Indirect [Member] | ||||
Consumer: | ||||
Total consumer loans | 112 | |||
Originated [Member] | Other [Member] | ||||
Consumer: | ||||
Total consumer loans | 28,998 | 28,230 | ||
Originated [Member] | Commercial [Member] | ||||
Mortgage loans on real estate: | ||||
Total mortgage loan on real estate | 1,163,643 | 928,797 | ||
Construction: | ||||
Total construction | 66,285 | 24,545 | ||
Originated [Member] | Home Equity Lines of Credit [Member] | ||||
Consumer: | ||||
Total consumer loans | 285,419 | 305,166 | ||
Originated [Member] | Residential [Member] | ||||
Construction: | ||||
Total construction | 31,778 | 21,135 | ||
PNCI [Member] | ||||
Mortgage loans on real estate: | ||||
Total mortgage loan on real estate | 415,399 | 497,046 | ||
Consumer: | ||||
Total consumer loans | 36,720 | 50,152 | ||
Commercial | 19,744 | 40,899 | ||
Construction: | ||||
Total construction | 22,125 | 28,781 | ||
Total loans, net of deferred loan fees and discounts | 493,988 | 616,878 | ||
Total principal balance of loans owed, net of charge-offs | 507,935 | 634,490 | ||
Discounts to principal balance of loans owed, net of charge-offs | (13,947) | (17,612) | ||
Total loans, net of unamortized deferred loan fees and discounts | 493,988 | 616,878 | ||
Noncovered loans | 493,988 | 616,878 | ||
Total loans, net of unamortized deferred loan fees and discounts | 493,988 | 616,878 | ||
Allowance for loan losses | 1,848 | 3,296 | ||
PNCI [Member] | Residential 1-4 family [Member] | ||||
Mortgage loans on real estate: | ||||
Total mortgage loan on real estate | 104,535 | 120,821 | ||
PNCI [Member] | Home Equity Loans [Member] | ||||
Consumer: | ||||
Total consumer loans | 4,018 | 6,985 | ||
PNCI [Member] | Other [Member] | ||||
Consumer: | ||||
Total consumer loans | 3,367 | 4,770 | ||
PNCI [Member] | Commercial [Member] | ||||
Mortgage loans on real estate: | ||||
Total mortgage loan on real estate | 310,864 | 376,225 | ||
Construction: | ||||
Total construction | 8,489 | 11,973 | ||
PNCI [Member] | Home Equity Lines of Credit [Member] | ||||
Consumer: | ||||
Total consumer loans | 29,335 | 38,397 | ||
PNCI [Member] | Residential [Member] | ||||
Construction: | ||||
Total construction | 13,636 | 16,808 | ||
PCI - Cash basis [Member] | ||||
Consumer: | ||||
Total consumer loans | 5,078 | 5,603 | ||
Commercial | 1 | 8 | ||
Construction: | ||||
Total loans, net of deferred loan fees and discounts | 5,079 | 5,611 | ||
Total principal balance of loans owed, net of charge-offs | 12,686 | 14,805 | ||
Discounts to principal balance of loans owed, net of charge-offs | (7,607) | (9,194) | ||
Total loans, net of unamortized deferred loan fees and discounts | 5,079 | 5,611 | ||
Noncovered loans | 5,079 | 5,611 | ||
Total loans, net of unamortized deferred loan fees and discounts | 5,079 | 5,611 | ||
Allowance for loan losses | 121 | 348 | ||
PCI - Cash basis [Member] | Home Equity Loans [Member] | ||||
Consumer: | ||||
Total consumer loans | 124 | 125 | ||
PCI - Cash basis [Member] | Home Equity Lines of Credit [Member] | ||||
Consumer: | ||||
Total consumer loans | 4,954 | 5,478 | ||
PCI - Other [Member] | ||||
Mortgage loans on real estate: | ||||
Total mortgage loan on real estate | 25,205 | 34,922 | ||
Consumer: | ||||
Total consumer loans | 4,351 | 4,262 | ||
Commercial | 4,848 | 7,427 | ||
Construction: | ||||
Total construction | 721 | 675 | ||
Total loans, net of deferred loan fees and discounts | 35,125 | 47,286 | ||
Total principal balance of loans owed, net of charge-offs | 39,693 | 56,016 | ||
Discounts to principal balance of loans owed, net of charge-offs | (4,568) | (8,730) | ||
Total loans, net of unamortized deferred loan fees and discounts | 35,125 | 47,286 | ||
Noncovered loans | 29,890 | 25,018 | ||
Covered loans | 5,235 | 22,268 | ||
Total loans, net of unamortized deferred loan fees and discounts | 35,125 | 47,286 | ||
Allowance for loan losses | 2,771 | 3,081 | ||
PCI - Other [Member] | Residential 1-4 family [Member] | ||||
Mortgage loans on real estate: | ||||
Total mortgage loan on real estate | 2,145 | 4,005 | ||
PCI - Other [Member] | Home Equity Loans [Member] | ||||
Consumer: | ||||
Total consumer loans | 1,503 | 645 | ||
PCI - Other [Member] | Other [Member] | ||||
Consumer: | ||||
Total consumer loans | 64 | 74 | ||
PCI - Other [Member] | Commercial [Member] | ||||
Mortgage loans on real estate: | ||||
Total mortgage loan on real estate | 23,060 | 30,917 | ||
PCI - Other [Member] | Home Equity Lines of Credit [Member] | ||||
Consumer: | ||||
Total consumer loans | 2,784 | 3,543 | ||
PCI - Other [Member] | Residential [Member] | ||||
Construction: | ||||
Total construction | $ 721 | $ 675 |
Loans - Change in Accretable Yi
Loans - Change in Accretable Yield for PCI (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in accretable yield: | ||
Balance at beginning of period | $ 14,159 | $ 18,233 |
Accretion to interest income | (6,323) | (5,854) |
Reclassification (to) from nonaccretable difference | 5,419 | 1,780 |
Balance at end of period | $ 13,255 | $ 14,159 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Activity in Allowance for Loan Losses, and Ending Balance of Loans, Net of Unearned Fees for Periods Indicated (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 2,522,937 | $ 2,282,524 | $ 1,672,007 |
Individ. evaluated for impairment | 50,105 | 62,247 | 81,235 |
Loans pooled for evaluation | 2,432,628 | 2,167,381 | 1,537,060 |
Loans acquired with deteriorated credit quality | 40,204 | 52,897 | 53,712 |
Beginning balance | 36,585 | 38,245 | 42,648 |
Charge-offs | (2,816) | (2,558) | (7,543) |
Recoveries | 4,452 | 4,943 | 3,855 |
(Benefit) provision | (2,210) | (4,045) | (715) |
Ending balance | 36,011 | 36,585 | 38,245 |
Ending balance: | |||
Individ. evaluated for impairment | 2,890 | 4,267 | 3,975 |
Loans pooled for evaluation | 30,228 | 28,891 | 30,230 |
Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 322,492 | 352,584 | 339,866 |
Individ. evaluated for impairment | 5,747 | 6,968 | 6,918 |
Loans pooled for evaluation | 309,007 | 336,595 | 322,865 |
Loans acquired with deteriorated credit quality | 7,738 | 9,021 | 10,083 |
Beginning balance | 15,676 | 16,375 | 21,367 |
Charge-offs | (694) | (1,094) | (2,651) |
Recoveries | 666 | 960 | 1,053 |
(Benefit) provision | (4,395) | (565) | (3,394) |
Ending balance | 11,253 | 15,676 | 16,375 |
Ending balance: | |||
Individ. evaluated for impairment | 605 | 1,974 | 1,140 |
Loans pooled for evaluation | 10,423 | 13,251 | 14,749 |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 32,429 | 33,074 | 27,763 |
Individ. evaluated for impairment | 288 | 323 | 90 |
Loans pooled for evaluation | 32,077 | 32,677 | 27,592 |
Loans acquired with deteriorated credit quality | 64 | 74 | 81 |
Beginning balance | 719 | 589 | 696 |
Charge-offs | (972) | (599) | (887) |
Recoveries | 500 | 495 | 759 |
(Benefit) provision | 441 | 234 | 21 |
Ending balance | 688 | 719 | 589 |
Ending balance: | |||
Individ. evaluated for impairment | 74 | 142 | 8 |
Loans pooled for evaluation | 614 | 572 | 581 |
Construction [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 46,135 | 38,618 | 31,933 |
Individ. evaluated for impairment | 4 | 2,683 | 2,756 |
Loans pooled for evaluation | 45,410 | 35,260 | 27,611 |
Loans acquired with deteriorated credit quality | 721 | 675 | 1,566 |
Beginning balance | 1,434 | 1,559 | 1,400 |
Charge-offs | (4) | (20) | |
Recoveries | 1,728 | 1,377 | 63 |
(Benefit) provision | (2,263) | (1,498) | 116 |
Ending balance | 899 | 1,434 | 1,559 |
Ending balance: | |||
Individ. evaluated for impairment | 60 | 91 | |
Loans pooled for evaluation | 844 | 332 | 751 |
Construction [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 74,774 | 36,518 | 17,170 |
Individ. evaluated for impairment | 490 | 99 | 178 |
Loans pooled for evaluation | 74,284 | 36,419 | 16,947 |
Loans acquired with deteriorated credit quality | 45 | ||
Beginning balance | 411 | 1,263 | 779 |
Charge-offs | (69) | (140) | |
Recoveries | 140 | 181 | 65 |
(Benefit) provision | 261 | (964) | 559 |
Ending balance | 812 | 411 | 1,263 |
Ending balance: | |||
Individ. evaluated for impairment | 8 | ||
Loans pooled for evaluation | 812 | 322 | 789 |
C&I [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 194,913 | 174,945 | 131,878 |
Individ. evaluated for impairment | 2,671 | 1,757 | 3,177 |
Loans pooled for evaluation | 187,393 | 165,753 | 122,166 |
Loans acquired with deteriorated credit quality | 4,849 | 7,435 | 6,535 |
Beginning balance | 4,226 | 4,331 | 4,703 |
Charge-offs | (680) | (479) | (1,599) |
Recoveries | 677 | 1,268 | 340 |
(Benefit) provision | 1,048 | (894) | 887 |
Ending balance | 5,271 | 4,226 | 4,331 |
Ending balance: | |||
Individ. evaluated for impairment | 1,187 | 423 | 585 |
Loans pooled for evaluation | 2,983 | 2,569 | 2,402 |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 40,362 | 31,314 | 14,588 |
Individ. evaluated for impairment | 1,731 | 1,279 | 778 |
Loans pooled for evaluation | 37,004 | 29,266 | 13,324 |
Loans acquired with deteriorated credit quality | 1,627 | 770 | 486 |
Beginning balance | 1,797 | 1,208 | 1,155 |
Charge-offs | (242) | (29) | (94) |
Recoveries | 252 | 34 | 41 |
(Benefit) provision | 1,331 | 584 | 106 |
Ending balance | 3,138 | 1,797 | 1,208 |
Ending balance: | |||
Individ. evaluated for impairment | 294 | 284 | 169 |
Loans pooled for evaluation | 2,844 | 1,513 | 1,039 |
Auto Indirect [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 112 | 946 | |
Individ. evaluated for impairment | 18 | 60 | |
Loans pooled for evaluation | 94 | 886 | |
Beginning balance | 9 | 66 | 243 |
Charge-offs | (4) | (3) | (68) |
Recoveries | 42 | 86 | 195 |
(Benefit) provision | (47) | (140) | (304) |
Ending balance | 9 | 66 | |
Ending balance: | |||
Individ. evaluated for impairment | 1 | ||
Loans pooled for evaluation | 9 | 65 | |
RE Mortgage [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 314,265 | 279,420 | 195,013 |
Individ. evaluated for impairment | 6,767 | 7,188 | 7,342 |
Loans pooled for evaluation | 305,353 | 268,227 | 183,015 |
Loans acquired with deteriorated credit quality | 2,145 | 4,005 | 4,656 |
Beginning balance | 3,086 | 3,154 | 3,523 |
Charge-offs | (224) | (171) | (46) |
Recoveries | 204 | 2 | 345 |
(Benefit) provision | (559) | 101 | (668) |
Ending balance | 2,507 | 3,086 | 3,154 |
Ending balance: | |||
Individ. evaluated for impairment | 335 | 974 | 775 |
Loans pooled for evaluation | 2,112 | 1,915 | 2,039 |
RE Mortgage [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,497,567 | 1,335,939 | 912,850 |
Individ. evaluated for impairment | 32,407 | 41,932 | 59,936 |
Loans pooled for evaluation | 1,442,100 | 1,263,090 | 822,654 |
Loans acquired with deteriorated credit quality | 23,060 | 30,917 | 30,260 |
Beginning balance | 9,227 | 9,700 | 8,782 |
Charge-offs | (110) | (2,038) | |
Recoveries | 243 | 540 | 994 |
(Benefit) provision | 1,973 | (903) | 1,962 |
Ending balance | 11,443 | 9,227 | 9,700 |
Ending balance: | |||
Individ. evaluated for impairment | 395 | 410 | 1,198 |
Loans pooled for evaluation | 9,596 | 8,408 | 7,815 |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 2,893 | 3,427 | 4,040 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Home Equity Lines of Credit [Member] | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 225 | 451 | 486 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Other Consumer [Member] | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 5 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Construction [Member] | Residential [Member] | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 55 | 1,042 | 717 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Construction [Member] | Commercial [Member] | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 89 | 466 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | C&I [Member] | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 1,101 | 1,234 | 1,344 |
Receivables Acquired with Deteriorated Credit Quality [Member] | RE Mortgage [Member] | Residential [Member] | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 60 | 197 | 340 |
Receivables Acquired with Deteriorated Credit Quality [Member] | RE Mortgage [Member] | Commercial [Member] | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | $ 1,452 | $ 409 | $ 687 |
Allowance for Loan Losses - Pre
Allowance for Loan Losses - Presentation of Credit Quality Indicators (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 2,522,937 | $ 2,282,524 | $ 1,672,007 |
Residential [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 46,135 | 38,618 | 31,933 |
Commercial [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 74,774 | 36,518 | 17,170 |
Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 322,492 | 352,584 | 339,866 |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 32,429 | 33,074 | 27,763 |
Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,988,745 | 1,612,749 | |
Originated Loans [Member] | Residential [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 31,778 | 21,135 | |
Originated Loans [Member] | Commercial [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 66,285 | 24,545 | |
Originated Loans [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 285,419 | 305,166 | |
Originated Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 28,998 | 28,230 | |
PNCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 493,988 | 616,878 | |
PNCI Loans [Member] | Residential [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 13,636 | 16,808 | |
PNCI Loans [Member] | Commercial [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 8,489 | 11,973 | |
PNCI Loans [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 29,335 | 38,397 | |
PNCI Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,367 | 4,770 | |
PCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 40,204 | 52,897 | |
PCI Loans [Member] | Residential [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 721 | 675 | |
PCI Loans [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 7,738 | 9,021 | |
PCI Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 64 | 74 | |
C&I [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 194,913 | 174,945 | 131,878 |
C&I [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 170,320 | 126,611 | |
C&I [Member] | PNCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 19,744 | 40,899 | |
C&I [Member] | PCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 4,849 | 7,435 | |
Pass [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,918,006 | 1,537,988 | |
Pass [Member] | Originated Loans [Member] | Residential [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 31,440 | 18,112 | |
Pass [Member] | Originated Loans [Member] | Commercial [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 66,285 | 24,436 | |
Pass [Member] | Originated Loans [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 275,251 | 292,244 | |
Pass [Member] | Originated Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 28,339 | 27,396 | |
Pass [Member] | PNCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 472,952 | 596,332 | |
Pass [Member] | PNCI Loans [Member] | Residential [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 13,636 | 16,808 | |
Pass [Member] | PNCI Loans [Member] | Commercial [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 8,489 | 11,973 | |
Pass [Member] | PNCI Loans [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 27,378 | 36,531 | |
Pass [Member] | PNCI Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,164 | 4,399 | |
Pass [Member] | C&I [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 166,559 | 124,707 | |
Pass [Member] | C&I [Member] | PNCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 19,666 | 40,628 | |
Special Mention [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 17,646 | 18,836 | |
Special Mention [Member] | Originated Loans [Member] | Residential [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 334 | 622 | |
Special Mention [Member] | Originated Loans [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,494 | 3,590 | |
Special Mention [Member] | Originated Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 415 | 591 | |
Special Mention [Member] | PNCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 11,994 | 15,107 | |
Special Mention [Member] | PNCI Loans [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 445 | 936 | |
Special Mention [Member] | PNCI Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 74 | 230 | |
Special Mention [Member] | C&I [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,037 | 636 | |
Special Mention [Member] | C&I [Member] | PNCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 268 | ||
Substandard [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 53,093 | 55,925 | |
Substandard [Member] | Originated Loans [Member] | Residential [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 4 | 2,401 | |
Substandard [Member] | Originated Loans [Member] | Commercial [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 109 | ||
Substandard [Member] | Originated Loans [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 7,674 | 9,332 | |
Substandard [Member] | Originated Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 244 | 243 | |
Substandard [Member] | PNCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 9,042 | 5,439 | |
Substandard [Member] | PNCI Loans [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,512 | 930 | |
Substandard [Member] | PNCI Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 129 | 141 | |
Substandard [Member] | C&I [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,724 | 1,268 | |
Substandard [Member] | C&I [Member] | PNCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 78 | 3 | |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 40,362 | 31,314 | 14,588 |
Home Equity Loans [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 34,717 | 23,559 | |
Home Equity Loans [Member] | PNCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 4,018 | 6,985 | |
Home Equity Loans [Member] | PCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,627 | 770 | |
Home Equity Loans [Member] | Pass [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 31,427 | 20,976 | |
Home Equity Loans [Member] | Pass [Member] | PNCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,789 | 6,813 | |
Home Equity Loans [Member] | Special Mention [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,027 | 743 | |
Home Equity Loans [Member] | Special Mention [Member] | PNCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 80 | 147 | |
Home Equity Loans [Member] | Substandard [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,263 | 1,840 | |
Home Equity Loans [Member] | Substandard [Member] | PNCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 149 | 25 | |
Auto Indirect [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 112 | 946 | |
Auto Indirect [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 112 | ||
Auto Indirect [Member] | Pass [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 66 | ||
Auto Indirect [Member] | Special Mention [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 11 | ||
Auto Indirect [Member] | Substandard [Member] | Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 35 | ||
RE Mortgage [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 314,265 | 279,420 | 195,013 |
RE Mortgage [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,497,567 | 1,335,939 | $ 912,850 |
RE Mortgage [Member] | Originated Loans [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 207,585 | 154,594 | |
RE Mortgage [Member] | Originated Loans [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,163,643 | 928,797 | |
RE Mortgage [Member] | PNCI Loans [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 104,535 | 120,821 | |
RE Mortgage [Member] | PNCI Loans [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 310,864 | 376,225 | |
RE Mortgage [Member] | PCI Loans [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,145 | 4,005 | |
RE Mortgage [Member] | PCI Loans [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 23,060 | 30,917 | |
RE Mortgage [Member] | Pass [Member] | Originated Loans [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 199,837 | 146,949 | |
RE Mortgage [Member] | Pass [Member] | Originated Loans [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,118,868 | 883,102 | |
RE Mortgage [Member] | Pass [Member] | PNCI Loans [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 102,895 | 119,643 | |
RE Mortgage [Member] | Pass [Member] | PNCI Loans [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 293,935 | 359,537 | |
RE Mortgage [Member] | Special Mention [Member] | Originated Loans [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,018 | 1,122 | |
RE Mortgage [Member] | Special Mention [Member] | Originated Loans [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 10,321 | 11,521 | |
RE Mortgage [Member] | Special Mention [Member] | PNCI Loans [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 600 | 547 | |
RE Mortgage [Member] | Special Mention [Member] | PNCI Loans [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 10,795 | 12,979 | |
RE Mortgage [Member] | Substandard [Member] | Originated Loans [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 5,730 | 6,523 | |
RE Mortgage [Member] | Substandard [Member] | Originated Loans [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 34,454 | 34,174 | |
RE Mortgage [Member] | Substandard [Member] | PNCI Loans [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,040 | 631 | |
RE Mortgage [Member] | Substandard [Member] | PNCI Loans [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 6,134 | $ 3,709 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Category | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of categories occupied under commercial real estate loans | Category | 2 | ||
Originated Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Impaired TDRs Loans | $ 29,269,000 | $ 45,676,000 | $ 56,739,000 |
Additional funds in TDRs | 35,000 | 54,000 | 25,000 |
PNCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Impaired TDRs Loans | 1,396,000 | 1,307,000 | 901,000 |
Obligations to lend additional funds on TDRs | $ 0 | $ 0 | $ 0 |
Minimum [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Period of collateral payment of loan | 3 months | ||
Maximum [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Period of collateral payment of loan | 12 months |
Allowance for Loan Losses - Ana
Allowance for Loan Losses - Analysis of Past Due and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 10,172 | $ 9,129 |
Current | 1,978,573 | 1,603,620 |
Total orig. loans | 1,988,745 | 1,612,749 |
> 90 Days and still accruing | 0 | 0 |
Nonaccrual loans | 22,824 | 32,529 |
PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 8,924 | 3,226 |
Current | 485,064 | 613,652 |
Total orig. loans | 493,988 | 616,878 |
> 90 Days and still accruing | 0 | 0 |
Nonaccrual loans | 5,398 | 1,646 |
Home Equity Lines of Credit [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,877 | |
Current | 283,542 | |
Total orig. loans | 285,419 | |
> 90 Days and still accruing | 0 | |
Nonaccrual loans | 3,379 | |
Home Equity Lines of Credit [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 367 | |
Current | 28,968 | |
Total orig. loans | 29,335 | |
> 90 Days and still accruing | 0 | |
Nonaccrual loans | 676 | |
Other Consumer [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 71 | |
Current | 28,927 | |
Total orig. loans | 28,998 | |
> 90 Days and still accruing | 0 | |
Nonaccrual loans | 21 | |
Other Consumer [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 23 | |
Current | 3,344 | |
Total orig. loans | 3,367 | |
> 90 Days and still accruing | 0 | |
Nonaccrual loans | 33 | |
C&I [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,221 | 899 |
Current | 168,099 | 125,712 |
Total orig. loans | 170,320 | 126,611 |
> 90 Days and still accruing | 0 | 0 |
Nonaccrual loans | 976 | 246 |
C&I [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1 | 67 |
Current | 19,743 | 40,832 |
Total orig. loans | 19,744 | 40,899 |
> 90 Days and still accruing | 0 | 0 |
30-59 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 4,635 | 5,519 |
30-59 Days [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 7,259 | 2,668 |
30-59 Days [Member] | Home Equity Lines of Credit [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,033 | |
30-59 Days [Member] | Home Equity Lines of Credit [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 92 | |
30-59 Days [Member] | Other Consumer [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 12 | |
30-59 Days [Member] | C&I [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,197 | 739 |
30-59 Days [Member] | C&I [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1 | 67 |
60-89 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,196 | 1,530 |
60-89 Days [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 13 | 145 |
60-89 Days [Member] | Home Equity Lines of Credit [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 324 | |
60-89 Days [Member] | Other Consumer [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 40 | |
60-89 Days [Member] | Other Consumer [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 13 | |
60-89 Days [Member] | C&I [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 99 | |
> 90 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 4,341 | 2,080 |
> 90 Days [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,652 | 413 |
> 90 Days [Member] | Home Equity Lines of Credit [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 520 | |
> 90 Days [Member] | Home Equity Lines of Credit [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 275 | |
> 90 Days [Member] | Other Consumer [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 19 | |
> 90 Days [Member] | Other Consumer [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 10 | |
> 90 Days [Member] | C&I [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 24 | 61 |
Home Equity Loans [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 825 | 1,009 |
Current | 33,892 | 22,550 |
Total orig. loans | 34,717 | 23,559 |
> 90 Days and still accruing | 0 | 0 |
Nonaccrual loans | 1,195 | 1,197 |
Home Equity Loans [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 94 | 25 |
Current | 3,924 | 6,960 |
Total orig. loans | 4,018 | 6,985 |
> 90 Days and still accruing | 0 | 0 |
Nonaccrual loans | 109 | 25 |
Home Equity Loans [Member] | 30-59 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 402 | 615 |
Home Equity Loans [Member] | 30-59 Days [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 23 | |
Home Equity Loans [Member] | 60-89 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 341 | 192 |
Home Equity Loans [Member] | > 90 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 82 | 202 |
Home Equity Loans [Member] | > 90 Days [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 71 | 25 |
Auto Indirect [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 21 | |
Current | 91 | |
Total orig. loans | 112 | |
> 90 Days and still accruing | 0 | 0 |
Nonaccrual loans | 18 | |
Auto Indirect [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
> 90 Days and still accruing | 0 | 0 |
Auto Indirect [Member] | 30-59 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 4 | |
Auto Indirect [Member] | > 90 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 17 | |
Construction [Member] | Residential [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 21,135 | |
Total orig. loans | 31,778 | 21,135 |
> 90 Days and still accruing | 0 | 0 |
Nonaccrual loans | 12 | 2,401 |
Construction [Member] | Residential [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 13,636 | 16,808 |
Total orig. loans | 13,636 | 16,808 |
> 90 Days and still accruing | 0 | 0 |
Construction [Member] | Commercial [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 24,545 | |
Total orig. loans | 66,285 | 24,545 |
> 90 Days and still accruing | 0 | 0 |
Nonaccrual loans | 99 | |
Construction [Member] | Commercial [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 490 | |
Current | 7,999 | 11,973 |
Total orig. loans | 8,489 | 11,973 |
> 90 Days and still accruing | 0 | 0 |
Nonaccrual loans | 490 | |
Construction [Member] | > 90 Days [Member] | Commercial [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 490 | |
RE Mortgage [Member] | Residential [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,062 | 2,315 |
Current | 206,523 | 152,279 |
Total orig. loans | 207,585 | 154,594 |
> 90 Days and still accruing | 0 | 0 |
Nonaccrual loans | 3,045 | 3,430 |
RE Mortgage [Member] | Residential [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3,164 | 2,304 |
Current | 101,371 | 118,517 |
Total orig. loans | 104,535 | 120,821 |
> 90 Days and still accruing | 0 | 0 |
Nonaccrual loans | 348 | 799 |
RE Mortgage [Member] | Commercial [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 4,116 | 1,635 |
Current | 1,159,527 | 927,162 |
Total orig. loans | 1,163,643 | 928,797 |
> 90 Days and still accruing | 0 | 0 |
Nonaccrual loans | 14,196 | 20,736 |
RE Mortgage [Member] | Commercial [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 4,785 | 260 |
Current | 306,079 | 375,965 |
Total orig. loans | 310,864 | 376,225 |
> 90 Days and still accruing | 0 | 0 |
Nonaccrual loans | 3,742 | 366 |
RE Mortgage [Member] | 30-59 Days [Member] | Residential [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 791 | 1,296 |
RE Mortgage [Member] | 30-59 Days [Member] | Residential [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3,106 | 2,041 |
RE Mortgage [Member] | 30-59 Days [Member] | Commercial [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 200 | 735 |
RE Mortgage [Member] | 30-59 Days [Member] | Commercial [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 4,037 | 260 |
RE Mortgage [Member] | 60-89 Days [Member] | Residential [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 919 | |
RE Mortgage [Member] | 60-89 Days [Member] | Residential [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 24 | |
RE Mortgage [Member] | 60-89 Days [Member] | Commercial [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 491 | |
RE Mortgage [Member] | > 90 Days [Member] | Residential [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 271 | 100 |
RE Mortgage [Member] | > 90 Days [Member] | Residential [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 58 | 239 |
RE Mortgage [Member] | > 90 Days [Member] | Commercial [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3,425 | 900 |
RE Mortgage [Member] | > 90 Days [Member] | Commercial [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 748 | |
Home Equity Lines of Credit [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3,116 | |
Current | 302,050 | |
Total orig. loans | 305,166 | |
> 90 Days and still accruing | 0 | |
Nonaccrual loans | 4,336 | |
Home Equity Lines of Credit [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 466 | |
Current | 37,931 | |
Total orig. loans | 38,397 | |
> 90 Days and still accruing | 0 | |
Nonaccrual loans | 346 | |
Home Equity Lines of Credit [Member] | 30-59 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,066 | |
Home Equity Lines of Credit [Member] | 30-59 Days [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 275 | |
Home Equity Lines of Credit [Member] | 60-89 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 296 | |
Home Equity Lines of Credit [Member] | 60-89 Days [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 118 | |
Home Equity Lines of Credit [Member] | > 90 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 754 | |
Home Equity Lines of Credit [Member] | > 90 Days [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 73 | |
Other Consumer [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 134 | |
Current | 28,096 | |
Total orig. loans | 28,230 | |
> 90 Days and still accruing | 0 | |
Nonaccrual loans | 66 | |
Other Consumer [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 104 | |
Current | 4,666 | |
Total orig. loans | 4,770 | |
> 90 Days and still accruing | 0 | |
Nonaccrual loans | 110 | |
Other Consumer [Member] | 30-59 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 64 | |
Other Consumer [Member] | 30-59 Days [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 25 | |
Other Consumer [Member] | 60-89 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 24 | |
Other Consumer [Member] | 60-89 Days [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3 | |
Other Consumer [Member] | > 90 Days [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 46 | |
Other Consumer [Member] | > 90 Days [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 76 |
Allowance for Loan Losses - Imp
Allowance for Loan Losses - Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | $ 3,056 | $ 1,124 |
Unpaid principal, With no related allowance recorded | 3,277 | 3,433 |
Average recorded Investment, With no related allowance recorded | 2,090 | 1,344 |
Interest income Recognized, With no related allowance recorded | 87 | 14 |
Recorded investment, With an allowance recorded | 3,627 | 1,636 |
Unpaid principal, With an allowance recorded | 3,744 | 1,654 |
Related allowance, With an allowance recorded | 440 | 621 |
Average recorded Investment, With an allowance recorded | 2,631 | 1,107 |
Interest income Recognized, With an allowance recorded | 174 | 48 |
Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 35,505 | 48,466 |
Unpaid principal, With no related allowance recorded | 43,892 | 61,660 |
Average recorded Investment, With no related allowance recorded | 41,984 | 57,354 |
Interest income Recognized, With no related allowance recorded | 1,031 | 1,095 |
Recorded investment, With an allowance recorded | 7,917 | 11,021 |
Unpaid principal, With an allowance recorded | 8,249 | 11,863 |
Related allowance, With an allowance recorded | 2,450 | 3,646 |
Average recorded Investment, With an allowance recorded | 9,469 | 11,938 |
Interest income Recognized, With an allowance recorded | 302 | 409 |
C&I [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 1 | 7 |
Unpaid principal, With no related allowance recorded | 1 | 7 |
Average recorded Investment, With no related allowance recorded | 4 | 10 |
Interest income Recognized, With no related allowance recorded | 1 | |
C&I [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 576 | 412 |
Unpaid principal, With no related allowance recorded | 688 | 433 |
Average recorded Investment, With no related allowance recorded | 494 | 1,030 |
Interest income Recognized, With no related allowance recorded | 29 | 26 |
Recorded investment, With an allowance recorded | 2,094 | 1,338 |
Unpaid principal, With an allowance recorded | 2,117 | 1,438 |
Related allowance, With an allowance recorded | 1,187 | 423 |
Average recorded Investment, With an allowance recorded | 1,716 | 1,428 |
Interest income Recognized, With an allowance recorded | 122 | 71 |
Home Equity Loans [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 71 | 25 |
Unpaid principal, With no related allowance recorded | 73 | 25 |
Average recorded Investment, With no related allowance recorded | 48 | 12 |
Interest income Recognized, With no related allowance recorded | 2 | |
Recorded investment, With an allowance recorded | 39 | |
Unpaid principal, With an allowance recorded | 40 | |
Related allowance, With an allowance recorded | 39 | |
Average recorded Investment, With an allowance recorded | 19 | |
Home Equity Loans [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 947 | 750 |
Unpaid principal, With no related allowance recorded | 1,349 | 1,187 |
Average recorded Investment, With no related allowance recorded | 848 | 651 |
Interest income Recognized, With no related allowance recorded | 5 | 6 |
Recorded investment, With an allowance recorded | 674 | 504 |
Unpaid principal, With an allowance recorded | 701 | 597 |
Related allowance, With an allowance recorded | 256 | 284 |
Average recorded Investment, With an allowance recorded | 589 | 365 |
Interest income Recognized, With an allowance recorded | 26 | 13 |
Auto Indirect [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 14 | |
Unpaid principal, With no related allowance recorded | 49 | |
Average recorded Investment, With no related allowance recorded | 35 | |
Recorded investment, With an allowance recorded | 4 | |
Unpaid principal, With an allowance recorded | 6 | |
Average recorded Investment, With an allowance recorded | 4 | |
Construction [Member] | Residential [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 4 | 2,401 |
Unpaid principal, With no related allowance recorded | 65 | 6,588 |
Average recorded Investment, With no related allowance recorded | 1,202 | 2,437 |
Recorded investment, With an allowance recorded | 282 | |
Unpaid principal, With an allowance recorded | 282 | |
Related allowance, With an allowance recorded | 60 | |
Average recorded Investment, With an allowance recorded | 141 | 283 |
Interest income Recognized, With an allowance recorded | 19 | |
Construction [Member] | Commercial [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 490 | |
Unpaid principal, With no related allowance recorded | 490 | |
Average recorded Investment, With no related allowance recorded | 245 | |
Interest income Recognized, With no related allowance recorded | 18 | |
Construction [Member] | Commercial [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 99 | |
Unpaid principal, With no related allowance recorded | 190 | |
Average recorded Investment, With no related allowance recorded | 50 | 84 |
Interest income Recognized, With no related allowance recorded | 3 | |
Average recorded Investment, With an allowance recorded | 55 | |
RE Mortgage [Member] | Residential [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 875 | 343 |
Unpaid principal, With no related allowance recorded | 908 | 353 |
Average recorded Investment, With no related allowance recorded | 609 | 246 |
Interest income Recognized, With no related allowance recorded | 31 | 14 |
Recorded investment, With an allowance recorded | 834 | |
Unpaid principal, With an allowance recorded | 852 | |
Related allowance, With an allowance recorded | 177 | |
Average recorded Investment, With an allowance recorded | 417 | 516 |
Interest income Recognized, With an allowance recorded | 8 | |
RE Mortgage [Member] | Residential [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 3,886 | 3,287 |
Unpaid principal, With no related allowance recorded | 5,998 | 5,138 |
Average recorded Investment, With no related allowance recorded | 3,586 | 3,826 |
Interest income Recognized, With no related allowance recorded | 81 | 38 |
Recorded investment, With an allowance recorded | 2,006 | 2,724 |
Unpaid principal, With an allowance recorded | 2,073 | 2,865 |
Related allowance, With an allowance recorded | 335 | 797 |
Average recorded Investment, With an allowance recorded | 2,365 | 2,677 |
Interest income Recognized, With an allowance recorded | 49 | 91 |
RE Mortgage [Member] | Commercial [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 1,132 | 366 |
Unpaid principal, With no related allowance recorded | 1,248 | 2,620 |
Average recorded Investment, With no related allowance recorded | 749 | 753 |
Interest income Recognized, With no related allowance recorded | 32 | |
Recorded investment, With an allowance recorded | 2,748 | 146 |
Unpaid principal, With an allowance recorded | 2,858 | 146 |
Related allowance, With an allowance recorded | 248 | 108 |
Average recorded Investment, With an allowance recorded | 1,447 | 148 |
Interest income Recognized, With an allowance recorded | 149 | 8 |
RE Mortgage [Member] | Commercial [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 27,109 | 38,477 |
Unpaid principal, With no related allowance recorded | 29,678 | 41,949 |
Average recorded Investment, With no related allowance recorded | 32,793 | 45,915 |
Interest income Recognized, With no related allowance recorded | 893 | 995 |
Recorded investment, With an allowance recorded | 1,418 | 2,943 |
Unpaid principal, With an allowance recorded | 1,453 | 3,101 |
Related allowance, With an allowance recorded | 146 | 302 |
Average recorded Investment, With an allowance recorded | 2,180 | 4,119 |
Interest income Recognized, With an allowance recorded | 74 | 144 |
Home Equity Lines of Credit [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 454 | 346 |
Unpaid principal, With no related allowance recorded | 505 | 374 |
Average recorded Investment, With no related allowance recorded | 400 | 287 |
Interest income Recognized, With no related allowance recorded | 3 | (1) |
Recorded investment, With an allowance recorded | 606 | 436 |
Unpaid principal, With an allowance recorded | 612 | 436 |
Related allowance, With an allowance recorded | 80 | 205 |
Average recorded Investment, With an allowance recorded | 521 | 319 |
Interest income Recognized, With an allowance recorded | 14 | 20 |
Home Equity Lines of Credit [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 2,963 | 3,001 |
Unpaid principal, With no related allowance recorded | 6,079 | 6,094 |
Average recorded Investment, With no related allowance recorded | 2,982 | 3,355 |
Interest income Recognized, With no related allowance recorded | 23 | 26 |
Recorded investment, With an allowance recorded | 1,724 | 3,185 |
Unpaid principal, With an allowance recorded | 1,904 | 3,533 |
Related allowance, With an allowance recorded | 525 | 1,769 |
Average recorded Investment, With an allowance recorded | 2,455 | 2,982 |
Interest income Recognized, With an allowance recorded | 31 | 71 |
Other Consumer [Member] | PNCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 33 | 37 |
Unpaid principal, With no related allowance recorded | 52 | 54 |
Average recorded Investment, With no related allowance recorded | 35 | 36 |
Interest income Recognized, With no related allowance recorded | 1 | |
Recorded investment, With an allowance recorded | 234 | 220 |
Unpaid principal, With an allowance recorded | 234 | 220 |
Related allowance, With an allowance recorded | 73 | 131 |
Average recorded Investment, With an allowance recorded | 227 | 124 |
Interest income Recognized, With an allowance recorded | 11 | 12 |
Other Consumer [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, With no related allowance recorded | 20 | 25 |
Unpaid principal, With no related allowance recorded | 35 | 32 |
Average recorded Investment, With no related allowance recorded | 29 | 21 |
Interest income Recognized, With no related allowance recorded | 1 | |
Recorded investment, With an allowance recorded | 1 | 41 |
Unpaid principal, With an allowance recorded | 1 | 41 |
Related allowance, With an allowance recorded | 1 | 11 |
Average recorded Investment, With an allowance recorded | $ 23 | $ 25 |
Allowance for Loan Losses - Tro
Allowance for Loan Losses - Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)SecurityLoan | Dec. 31, 2014USD ($)SecurityLoan | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number | SecurityLoan | 23 | 31 |
Pre-mod outstanding principal balance | $ 3,979 | $ 4,754 |
Post-mod outstanding principal balance | 3,973 | 4,656 |
Financial impact due to TDR taken as additional provision | $ 451 | $ 279 |
Number that defaulted during the period | SecurityLoan | 10 | 6 |
Recorded investment of TDRs that defaulted during the period | $ 736 | $ 903 |
Financial impact due to the default of previous TDR taken as charge-offs or additional provisions | $ (9) | $ (8) |
Home Equity Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number | SecurityLoan | 2 | 6 |
Pre-mod outstanding principal balance | $ 301 | $ 940 |
Post-mod outstanding principal balance | $ 301 | $ 967 |
Number that defaulted during the period | SecurityLoan | 3 | 1 |
Recorded investment of TDRs that defaulted during the period | $ 182 | $ 20 |
C&I [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number | SecurityLoan | 8 | 7 |
Pre-mod outstanding principal balance | $ 956 | $ 218 |
Post-mod outstanding principal balance | 944 | 219 |
Financial impact due to TDR taken as additional provision | $ 405 | $ 101 |
Number that defaulted during the period | SecurityLoan | 1 | |
Recorded investment of TDRs that defaulted during the period | $ 116 | |
Financial impact due to the default of previous TDR taken as charge-offs or additional provisions | $ (8) | |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number | SecurityLoan | 2 | 2 |
Pre-mod outstanding principal balance | $ 315 | $ 100 |
Post-mod outstanding principal balance | 321 | 102 |
Financial impact due to TDR taken as additional provision | $ 38 | $ (1) |
Number that defaulted during the period | SecurityLoan | 1 | |
Recorded investment of TDRs that defaulted during the period | $ 53 | |
Financial impact due to the default of previous TDR taken as charge-offs or additional provisions | $ (9) | |
Construction [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number | SecurityLoan | 1 | |
Pre-mod outstanding principal balance | $ 102 | |
Post-mod outstanding principal balance | $ 85 | |
Construction [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number | SecurityLoan | 2 | |
Pre-mod outstanding principal balance | $ 219 | |
Post-mod outstanding principal balance | $ 196 | |
RE Mortgage [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number | SecurityLoan | 4 | 5 |
Pre-mod outstanding principal balance | $ 800 | $ 1,048 |
Post-mod outstanding principal balance | 801 | 1,050 |
Financial impact due to TDR taken as additional provision | $ 8 | $ 91 |
Number that defaulted during the period | SecurityLoan | 4 | 2 |
Recorded investment of TDRs that defaulted during the period | $ 221 | $ 344 |
RE Mortgage [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number | SecurityLoan | 5 | 7 |
Pre-mod outstanding principal balance | $ 1,518 | $ 1,980 |
Post-mod outstanding principal balance | 1,517 | 1,890 |
Financial impact due to TDR taken as additional provision | $ (5) | $ 22 |
Number that defaulted during the period | SecurityLoan | 2 | 2 |
Recorded investment of TDRs that defaulted during the period | $ 280 | $ 423 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number | SecurityLoan | 2 | 1 |
Pre-mod outstanding principal balance | $ 89 | $ 147 |
Post-mod outstanding principal balance | 89 | 147 |
Financial impact due to TDR taken as additional provision | $ 5 | $ 66 |
Foreclosed Assets - Summary of
Foreclosed Assets - Summary of Activity in Balance of Foreclosed Assets (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Assets | Dec. 31, 2014USD ($)Assets | Dec. 31, 2013USD ($) | |
Schedule Of Foreclosed Assets Activity [Line Items] | |||
Beginning balance, net | $ 4,894 | $ 6,262 | |
Acquisitions | 695 | ||
Additions/transfers from loans | 5,435 | 5,753 | |
Dispositions/sales | (4,458) | (7,608) | |
Valuation adjustments | (502) | (208) | |
Ending balance, net | 5,369 | 4,894 | $ 6,262 |
Ending valuation allowance | $ (572) | $ (208) | |
Ending number of foreclosed assets | Assets | 26 | 29 | |
Proceeds from sale of foreclosed assets | $ 5,449 | $ 9,762 | |
Gain on sale of foreclosed assets | 991 | 2,153 | 1,640 |
Noncovered [Member] | |||
Schedule Of Foreclosed Assets Activity [Line Items] | |||
Beginning balance, net | 4,449 | 5,588 | |
Acquisitions | 695 | ||
Additions/transfers from loans | 5,880 | 5,753 | |
Dispositions/sales | (4,458) | (7,391) | |
Valuation adjustments | (502) | (196) | |
Ending balance, net | 5,369 | 4,449 | 5,588 |
Ending valuation allowance | $ (572) | $ (208) | |
Ending number of foreclosed assets | Assets | 26 | 28 | |
Proceeds from sale of foreclosed assets | $ 5,449 | $ 9,517 | |
Gain on sale of foreclosed assets | 991 | 2,125 | |
Covered [Member] | |||
Schedule Of Foreclosed Assets Activity [Line Items] | |||
Beginning balance, net | 445 | 674 | |
Additions/transfers from loans | $ (445) | ||
Dispositions/sales | (217) | ||
Valuation adjustments | (12) | ||
Ending balance, net | $ 445 | $ 674 | |
Ending number of foreclosed assets | Assets | 1 | ||
Proceeds from sale of foreclosed assets | $ 245 | ||
Gain on sale of foreclosed assets | $ 28 |
Foreclosed Assets - Additional
Foreclosed Assets - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule Of Foreclosed Assets Activity [Line Items] | |||
Foreclosed assets | $ 5,369,000 | $ 4,894,000 | $ 6,262,000 |
Residential Real Estate [Member] | |||
Schedule Of Foreclosed Assets Activity [Line Items] | |||
Foreclosed assets | 1,787,000 | ||
Formal foreclosure proceedings | $ 658,000 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Land & land improvements | $ 8,909 | $ 8,933 |
Buildings | 38,643 | 39,638 |
Furniture and equipment | 31,081 | 28,446 |
Premises and equipment, gross | 78,633 | 77,017 |
Less: Accumulated depreciation | (35,518) | (33,570) |
Premises and equipment less depreciation, gross | 43,115 | 43,447 |
Construction in progress | 696 | 46 |
Total premises and equipment | $ 43,811 | $ 43,493 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense for premises and equipment | $ 5,043,000 | $ 4,648,000 | $ 3,635,000 |
Cash Value of Life Insurance -
Cash Value of Life Insurance - Summary of Activity in Balance of Cash Value of Life Insurance (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)PoliciesEmployeesCompany | Dec. 31, 2014USD ($)PoliciesEmployeesCompany | Dec. 31, 2013USD ($) | |
Increase (Decrease) in Insurance Liabilities [Abstract] | |||
Beginning balance | $ 92,337 | $ 52,309 | |
Acquisitions | 38,075 | ||
Increase in cash value of life insurance | 2,786 | 1,953 | $ 1,727 |
Death benefit receivable in excess of cash value | 155 | ||
Death benefit receivable | (718) | ||
Ending balance | 94,560 | 92,337 | $ 52,309 |
End of period death benefit | $ 166,299 | $ 165,966 | |
Number of policies owned | Policies | 187 | 189 | |
Insurance companies used | Company | 14 | 14 | |
Current and former employees and directors covered | Employees | 59 | 60 |
Cash Value of Life Insurance 91
Cash Value of Life Insurance - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015PoliciesCompany | Dec. 31, 2014Company | |
Insurance [Abstract] | ||
Number of life insurance policies owned by the Company | 187 | |
Insurance companies used | Company | 14 | 14 |
Policies covering current and former employees and directors | 59 |
Goodwill and Other Intangible92
Goodwill and Other Intangible Assets - Summary of Goodwill Intangible (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Ending Balance | $ 63,462 |
Goodwill, Additions | 0 |
Goodwill, Reductions | 0 |
Goodwill, Beginning Balance | $ 63,462 |
Goodwill and Other Intangible93
Goodwill and Other Intangible Assets - Summary of Core Deposit Intangibles (Detail) - Core deposit intangibles [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Core deposit intangibles, Beginning balance | $ 8,074 |
Core deposit intangibles, Reductions/Amortization | 0 |
Core deposit intangibles, Additions | 0 |
Core deposit intangibles, Ending balance | 8,074 |
Accumulated amortization, Beginning balance | (1,023) |
Accumulated amortization, Reductions/Amortization | 0 |
Accumulated amortization, Additions | (1,157) |
Accumulated amortization, Ending balance | (2,180) |
Core deposit intangibles, net, Beginning balance | 7,051 |
Core deposit intangibles, net, Reductions/Amortization | 0 |
Core deposit intangibles, net, Additions | (1,157) |
Core deposit intangibles, net, Ending balance | $ 5,894 |
Goodwill and Other Intangible94
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | Oct. 03, 2014 | Sep. 23, 2011 | May. 28, 2010 |
North Valley Bancorp [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Additions to core deposit intangibles | $ 6,614,000 | ||
Citizens [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Additions to core deposit intangibles | $ 898,000 | ||
Granite [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Additions to core deposit intangibles | $ 562,000 |
Goodwill and Other Intangible95
Goodwill and Other Intangible Assets - Estimated Core Deposit Intangible Amortization (Detail) - Core deposit intangibles [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | $ 1,157 |
2,017 | 1,109 |
2,018 | 1,044 |
2,019 | 948 |
2,020 | 948 |
Thereafter | $ 688 |
Mortgage Servicing Rights - Fai
Mortgage Servicing Rights - Fair Value of Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Servicing Assets at Fair Value [Line Items] | |||
Contractually specified servicing fees, late fees and ancillary fees earned | $ 2,164 | $ 1,869 | $ 1,774 |
Weighted-average prepayment speed (CPR) | 9.80% | 12.00% | 10.30% |
Weighted-average discount rate | 10.00% | 10.00% | 10.00% |
Mortgage Servicing Rights [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Balance at beginning of period | $ 7,378 | $ 6,165 | $ 4,552 |
Acquisition | 1,944 | ||
Originations | 941 | 570 | 1,360 |
Change in fair value | (701) | (1,301) | 253 |
Balance at end of period | 7,618 | 7,378 | 6,165 |
Loans [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Balance at beginning of period | 840,288 | 680,197 | 666,512 |
Balance at end of period | $ 817,917 | $ 840,288 | $ 680,197 |
Indemnification Asset_Liability
Indemnification Asset/Liability - Summary of Activity in Balance of Indemnification Asset (Liability) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
FDIC Indemnification Asset [Roll Forward] | |||
Beginning balance | $ (349) | $ 206 | $ 1,997 |
Effect of actual covered losses (recoveries) and increase (decrease) in estimated future covered losses | (93) | (853) | (1,419) |
Change in estimated "true up" liability | (71) | (100) | |
Reimbursable (revenue) expenses, net | 4 | 85 | (159) |
Payments made (received) | (12) | 313 | (213) |
Ending balance | (521) | (349) | 206 |
Amount of indemnification asset (liability) recorded in other assets | 77 | (349) | 206 |
Amount of indemnification liability recorded in other liabilities | (598) | ||
Ending balance | $ (349) | $ 206 | $ 1,997 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred tax asset, net | $ 36,440 | $ 37,706 |
Prepaid expense | 3,062 | 3,378 |
Software | 1,290 | 1,327 |
Advanced compensation | 673 | 908 |
Capital Trusts | 1,696 | 1,690 |
Investment in Low Housing Tax Credit Funds | 4,223 | |
Prepaid Taxes | 5,599 | |
Miscellaneous other assets | 1,207 | 1,127 |
Total other assets | $ 48,591 | $ 51,735 |
Deposits - Summary of Balances
Deposits - Summary of Balances of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Noninterest-bearing demand | $ 1,155,695 | $ 1,083,900 |
Interest-bearing demand | 853,961 | 782,385 |
Savings | 1,281,540 | 1,156,126 |
Time certificates, $250,000 and over | 75,897 | 38,217 |
Other time certificates | 264,173 | 319,795 |
Total deposits | $ 3,631,266 | $ 3,380,423 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Deposits [Line Items] | ||
Overdrawn deposit balances classified as consumer loans | $ 796,000 | $ 1,216,000 |
California [Member] | ||
Schedule Of Deposits [Line Items] | ||
Certificate of deposits, included in time certificates $250,000 and over | $ 50,000,000 | $ 5,000,000 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Time Deposits (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Summary of maturities of time deposits [Abstract] | |
2,016 | $ 285,400 |
2,017 | 27,754 |
2,018 | 10,331 |
2,019 | 5,805 |
2,020 | 10,777 |
Thereafter | 3 |
Total | $ 340,070 |
Reserve for Unfunded Commitm102
Reserve for Unfunded Commitments - Summary of Activity in Reserve for Unfunded Commitments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Balance at beginning of period | $ 2,145 | $ 2,415 | $ 3,615 |
Acquisitions | 125 | ||
Provision for losses - Unfunded commitments | 330 | (395) | (1,200) |
Balance at end of period | $ 2,475 | $ 2,145 | $ 2,415 |
Other Liabilities - Components
Other Liabilities - Components of Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Deferred compensation | $ 6,725 | $ 7,408 |
Pension liability | 26,182 | 26,798 |
Joint beneficiary agreements | 2,529 | 2,728 |
Low income housing tax credit fund commitments | 3,330 | |
Accrued salaries and benefits expense | 3,851 | 5,407 |
Loan escrow and servicing payable | 2,037 | 1,938 |
Deferred revenue | 1,082 | 1,091 |
Unsettled investment security purchases | 17,072 | |
Miscellaneous other liabilities | 2,485 | 3,822 |
Total other liabilities | $ 65,293 | $ 49,192 |
Other Borrowings - Summary of B
Other Borrowings - Summary of Balances of Other Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total other borrowings | $ 12,328 | $ 9,276 |
0.05% Fixed Rate Collateralized Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Other collateralized borrowings, fixed rate, as of December 31, 2015 of 0.05%, payable on January 4, 2016 | $ 12,328 | $ 9,276 |
Other Borrowings - Summary o105
Other Borrowings - Summary of Balances of Other Borrowings (Parenthetical) (Detail) - 0.05% Fixed Rate Collateralized Borrowings [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instrument [Line Items] | |
Other collateralized borrowings, fixed rate | 0.05% |
Other collateralized borrowings, maturity date | Jan. 4, 2016 |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Security repurchase agreement | $ 0 | $ 0 |
Other collateralized borrowings | 12,328,000 | $ 9,276,000 |
Repurchase investment securities sold and pledged as collateral under securities repurchase agreement | 12,328,000 | |
FHLB collateral line of credit, maximum borrowings capacity | 1,143,065,000 | |
FHLB collateral line of credit, outstanding balance | 0 | |
FHLB collateral line of credit, remaining borrowing capacity | 1,143,065,000 | |
Loans designated as potential collateral under collateralized line of credit with FHLB | 94,351,000 | |
Investment securities designated as potential collateral under collateral line of credit | 1,673,789,000 | |
Collateralized line of credit with San Francisco Federal Reserve Bank, maximum borrowings capacity | 135,684,000 | |
Collateralized line of credit with San Francisco Federal Reserve Bank, outstanding balance | 0 | |
Collateralized line of credit with San Francisco Federal Reserve Bank, remaining borrowing capacity | 135,684,000 | |
Investment securities designated as potential collateral under collateral line of credit with San Francisco Federal Reserve Bank | 218,000 | |
Loans designated as potential collateral under collateral line of credit with San Francisco Federal Reserve Bank | 186,187,000 | |
Unused correspondent banking lines of credit from commercial banks for federal funds | $ 15,000,000 |
Junior Subordinated Debt - Addi
Junior Subordinated Debt - Additional Information (Detail) - USD ($) | Oct. 03, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 22, 2004 | Jul. 31, 2003 |
Class of Stock [Line Items] | |||||
Common stock shares issued | 22,775,173 | 22,714,964 | |||
Subordinated debenture, Face Value | $ 62,889,000 | ||||
Subordinated debenture, recorded fair value | $ 56,470,000 | $ 56,272,000 | |||
North Valley Bancorp [Member] | |||||
Class of Stock [Line Items] | |||||
Acquisition, completion date | Oct. 3, 2014 | ||||
TriCo Capital Trust I [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock shares issued | 619 | ||||
Common stock par value | $ 1,000 | ||||
Issuance of common stock, aggregate value | $ 619,000 | ||||
Issued Junior Subordinated Debenture to the trust | $ 20,619,000 | ||||
Offering of cumulative trust preferred securities | 20,000 | ||||
Cumulative trust preferred securities for cash in an aggregate amount | $ 20,000,000 | ||||
Redeem the trust preferred securities | Oct. 7, 2033 | ||||
LIBOR Rate, Description | Three-month LIBOR plus 3.05% | ||||
Preferred securities redeemable interest rate | 3.05% | ||||
Company paid underwriting fees, per trust preferred security | $ 7.50 | ||||
Company paid underwriting fees aggregate | $ 150,000 | ||||
Net proceeds were used to finance the opening of new branches, services and technology | 19,850,000 | ||||
Subordinated debenture, Face Value | 20,619,000 | ||||
Subordinated debenture, recorded fair value | $ 20,619,000 | ||||
TriCo Capital Trust II [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock shares issued | 619 | ||||
Common stock par value | $ 1,000 | ||||
Issuance of common stock, aggregate value | $ 619,000 | ||||
Issued Junior Subordinated Debenture to the trust | $ 20,619,000 | ||||
Offering of cumulative trust preferred securities | 20,000 | ||||
Cumulative trust preferred securities for cash in an aggregate amount | $ 20,000,000 | ||||
Redeem the trust preferred securities | Jul. 23, 2034 | ||||
LIBOR Rate, Description | Three-month LIBOR plus 2.55% | ||||
Preferred securities redeemable interest rate | 2.55% | ||||
Company paid underwriting fees, per trust preferred security | $ 2.50 | ||||
Company paid underwriting fees aggregate | $ 50,000 | ||||
Net proceeds were used to finance the opening of new branches, services and technology | 19,950,000 | ||||
Subordinated debenture, Face Value | 20,619,000 | ||||
Subordinated debenture, recorded fair value | 20,619,000 | ||||
North Valley Trust II [Member] | |||||
Class of Stock [Line Items] | |||||
Subordinated debenture, Face Value | $ 6,186,000 | 6,186,000 | |||
Acquisition of common stock interests | 186,000 | ||||
Subordinated debenture, recorded fair value | 5,006,000 | 5,055,000 | |||
North Valley Trust III [Member] | |||||
Class of Stock [Line Items] | |||||
Subordinated debenture, Face Value | 5,155,000 | 5,155,000 | |||
Acquisition of common stock interests | 155,000 | ||||
Subordinated debenture, recorded fair value | 3,918,000 | 3,966,000 | |||
North Valley Trust IV [Member] | |||||
Class of Stock [Line Items] | |||||
Subordinated debenture, Face Value | 10,310,000 | 10,310,000 | |||
Acquisition of common stock interests | 310,000 | ||||
Subordinated debenture, recorded fair value | $ 6,063,000 | $ 6,211,000 |
Junior Subordinated Debt - Summ
Junior Subordinated Debt - Summary of Terms and Recorded Balance of Subordinated Debenture (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Oct. 03, 2014 | |
Subordinated Borrowing [Line Items] | |||
Subordinated debenture, Face Value | $ 62,889,000 | ||
Subordinated debenture, Recorded Book Value | $ 56,470,000 | $ 56,272,000 | |
TriCo Capital Trust I [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated debenture, Maturity Date | Oct. 7, 2033 | ||
Subordinated debenture, Face Value | $ 20,619,000 | ||
Subordinated debenture, Coupon Rate | 3.05% | ||
Subordinated debenture, Current Coupon Rate | 3.37% | ||
Subordinated debenture, Recorded Book Value | $ 20,619,000 | ||
TriCo Capital Trust II [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated debenture, Maturity Date | Jul. 23, 2034 | ||
Subordinated debenture, Face Value | $ 20,619,000 | ||
Subordinated debenture, Coupon Rate | 2.55% | ||
Subordinated debenture, Current Coupon Rate | 2.87% | ||
Subordinated debenture, Recorded Book Value | $ 20,619,000 | ||
North Valley Trust II [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated debenture, Maturity Date | Apr. 24, 2033 | ||
Subordinated debenture, Face Value | $ 6,186,000 | $ 6,186,000 | |
Subordinated debenture, Current Coupon Rate | 3.58% | ||
Subordinated debenture, Recorded Book Value | $ 5,055,000 | 5,006,000 | |
North Valley Trust III [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated debenture, Maturity Date | Apr. 24, 2034 | ||
Subordinated debenture, Face Value | $ 5,155,000 | 5,155,000 | |
Subordinated debenture, Current Coupon Rate | 3.12% | ||
Subordinated debenture, Recorded Book Value | $ 3,966,000 | 3,918,000 | |
North Valley Trust IV [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated debenture, Maturity Date | Mar. 15, 2036 | ||
Subordinated debenture, Face Value | $ 10,310,000 | 10,310,000 | |
Subordinated debenture, Current Coupon Rate | 1.84% | ||
Subordinated debenture, Recorded Book Value | $ 6,211,000 | $ 6,063,000 | |
LIBOR PLUS [Member] | TriCo Capital Trust I [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated debenture, Coupon Rate | 3.05% | ||
LIBOR PLUS [Member] | TriCo Capital Trust II [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated debenture, Coupon Rate | 2.55% | ||
LIBOR PLUS [Member] | North Valley Trust II [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated debenture, Coupon Rate | 3.25% | ||
LIBOR PLUS [Member] | North Valley Trust III [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated debenture, Coupon Rate | 2.80% | ||
LIBOR PLUS [Member] | North Valley Trust IV [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated debenture, Coupon Rate | 1.33% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Oct. 26, 2015USD ($) | Dec. 31, 2015USD ($)site$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Aug. 21, 2007shares |
Conversion of Stock [Line Items] | |||||
Reserves to satisfy Federal regulatory requirements | $ 70,660,000 | $ 57,616,000 | |||
Number of sites leased under non-cancelable operating leases | site | 41 | ||||
Rent expense under operating leases | $ 6,241,000 | 4,786,000 | $ 4,300,000 | ||
Rent expense offset by rent income | $ 217,000 | $ 225,000 | $ 216,000 | ||
Commitment expiration date | One year or less or other termination clauses and may require payment of a fee. | ||||
Letters of credit, issue period | One year or less | ||||
Overdraft privilege receivable criteria | All holders of such accounts who bring their accounts to a positive balance at least once every thirty days receive the overdraft privilege. | ||||
Class B common stock of Visa Inc. | shares | 22,775,173 | 22,714,964 | 15,814,662 | ||
Conversion ratio | 1.648265 | ||||
Damages awarded value | $ 250,000 | ||||
Common Class B [Member] | |||||
Conversion of Stock [Line Items] | |||||
Class B common stock of Visa Inc. | shares | 13,396 | ||||
Common Class A [Member] | |||||
Conversion of Stock [Line Items] | |||||
The value of the Class A shares | $ / shares | $ 77.55 | ||||
Value of unredeemed Class A equivalent shares | $ 1,712,000 |
Commitments and Contingencie110
Commitments and Contingencies - Future Minimum Commitments under Non-Cancelable Operating Leases with Initial or Remaining Terms of One Year or More (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 3,067 |
2,017 | 2,400 |
2,018 | 1,755 |
2,019 | 1,211 |
2,020 | 2,382 |
Thereafter | 659 |
Future minimum lease payments | $ 11,474 |
Commitments and Contingencie111
Commitments and Contingencies - Summary of Bank's Commitments and Contingent Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | ||
Construction [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | $ 71,846 | $ 49,774 |
RE Mortgage [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | 42,793 | 36,139 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | 8,330 | 17,531 |
Commercial [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | 196,399 | 177,557 |
Other Consumer [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | 394,278 | 392,705 |
Deposit Account Overdraft Privilege [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | $ 94,473 | $ 101,060 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 21, 2007 | |
Class of Stock [Line Items] | |||||
Shareholder Rights Plan | Jun. 25, 2001 | ||||
Percentage of restriction on acquiring outstanding common stock by person or group | 15.00% | ||||
Repurchase of common stock | 500,000 | ||||
Stock repurchase plan percentage of common stock | 3.20% | ||||
Common stock, shares outstanding | 22,775,173 | 22,714,964 | 15,814,662 | ||
Repurchased shares outstanding | 166,600 | ||||
Market value of common stock | $ 2,868,000 | $ 2,551,000 | $ 3,490,000 | ||
Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Dividend payable by bank | $ 73,297,000 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, shares outstanding | 22,775,173 | 22,714,964 | 16,076,662 | 16,000,838 | |
Company's common stock in lieu of cash to exercise options to purchase shares | 106,355 | 103,268 | 172,941 | ||
Market value of common stock | $ 2,868,000 | $ 2,551,000 | $ 3,490,000 | ||
Tri Counties Bank [Member] | |||||
Class of Stock [Line Items] | |||||
Cash dividends received | $ 13,304,000 | $ 8,270,000 | $ 8,175,000 | ||
Mellon Investor Services LLC [Member] | Amendment [Member] | |||||
Class of Stock [Line Items] | |||||
Amendment date of Right Plan | Jun. 4, 2014 |
Stock Options and Other Equi113
Stock Options and Other Equity-Based Incentive Instruments - Additional Information (Detail) - USD ($) | Aug. 11, 2018 | Aug. 11, 2017 | Aug. 11, 2016 | Aug. 11, 2015 | Dec. 31, 2014 | Dec. 31, 2015 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Outstanding options under the plan | 1,102,850 | 948,350 | ||||
Options currently not exercisable yet expected to vest | 237,700 | |||||
Weighted-average remaining contractual term | 1 year 7 months 6 days | |||||
Pre-tax compensation costs expected to recognize | $ 1,066,000 | |||||
Restricted Stock Units (RSUs) [Member] | Service Condition Vesting RSUs [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Number of units outstanding expected to vest | 30,920 | 46,286 | ||||
Weighted-average remaining contractual term | 1 year 6 months | |||||
Pre-tax compensation costs | $ 730,000 | |||||
Number of units granted | 13,749 | 30,348 | ||||
RSUs vesting grant date | Aug. 11, 2014 | |||||
Percentage of vesting schedule | 25.00% | |||||
Number of units released | 12,064 | |||||
Restricted Stock Units (RSUs) [Member] | Service Condition Vesting RSUs [Member] | Forecast [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Percentage of vesting schedule | 25.00% | 25.00% | 25.00% | |||
Restricted Stock Units (RSUs) [Member] | Market Plus Service Condition Vesting RSUs [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Number of units outstanding expected to vest | 15,366 | 32,097 | ||||
Weighted-average remaining contractual term | 2 years | |||||
Pre-tax compensation costs | $ 452,000 | |||||
Number of units granted | 18,348 | |||||
Minimum [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Maximum aggregate number of shares of TriCo's common stock issued | 650,000 | |||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | Market Plus Service Condition Vesting RSUs [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Number of units released | 0 | |||||
Maximum [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Maximum aggregate number of shares of TriCo's common stock issued | 1,650,000 | |||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Market Plus Service Condition Vesting RSUs [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Number of units released | 48,146 | |||||
2009 Plan [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Number of shares to be reduced pursuant to stock option for computation of available number of shares for issuance | 1 | |||||
Number of shares to be reduced pursuant to restricted stock award for computation of available number of shares for issuance | 2 | |||||
Outstanding options under the plan | 670,000 | |||||
Options available for grant under the plan | 734,107 | |||||
2009 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Number of units outstanding expected to vest | 78,383 | |||||
2001 Plan [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Outstanding options under the plan | 278,350 | |||||
Options available for grant under the plan | 0 | |||||
Share based compensation grant expiry period | 10 years |
Stock Options and Other Equi114
Stock Options and Other Equity-Based Incentive Instruments - Stock Option Activity (Detail) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding, Number of Shares, beginning balance | shares | 1,102,850 |
Options granted, Number of Shares | shares | 0 |
Options exercised, Number of Shares | shares | (154,000) |
Options forfeited, Number of Shares | shares | 0 |
Options outstanding, Number of Shares, ending balance | shares | 948,350 |
Options outstanding, Weighted Average Exercise Price, beginning balance | $ 18.25 |
Options granted, Weighted Average Exercise Price | 0 |
Options exercised, Weighted Average Exercise Price | 20.17 |
Options forfeited, Weighted Average Exercise Price | 0 |
Options outstanding, Weighted Average Exercise Price, ending balance | 17.94 |
Minimum [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding, Option Price per Share, beginning balance | 12.63 |
Options granted, Option Price per Share | 0 |
Options exercised, Option Price per Share | 15.34 |
Options forfeited, Option Price per Share | 0 |
Options outstanding, Option Price per Share, ending balance | 12.63 |
Maximum [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding, Option Price per Share, beginning balance | 25.91 |
Options granted, Option Price per Share | 0 |
Options exercised, Option Price per Share | 22.54 |
Options forfeited, Option Price per Share | 0 |
Options outstanding, Option Price per Share, ending balance | $ 25.91 |
Stock Options and Other Equi115
Stock Options and Other Equity-Based Incentive Instruments - Summary of Options Outstanding (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options | shares | 948,350 |
Weighted average exercise price | $ / shares | $ 17.94 |
Intrinsic value (in thousands) | $ | $ 9,010 |
Weighted average remaining contractual term (yrs.) | 4 years 9 months 18 days |
Currently Exercisable [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options | shares | 710,650 |
Weighted average exercise price | $ / shares | $ 18.10 |
Intrinsic value (in thousands) | $ | $ 6,641 |
Weighted average remaining contractual term (yrs.) | 4 years 1 month 6 days |
Currently Not Exercisable [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options | shares | 237,700 |
Weighted average exercise price | $ / shares | $ 17.48 |
Intrinsic value (in thousands) | $ | $ 2,369 |
Weighted average remaining contractual term (yrs.) | 6 years 7 months 6 days |
Stock Options and Other Equi116
Stock Options and Other Equity-Based Incentive Instruments - Information about Options (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Information about Options | |||
Intrinsic value of options exercised | $ 969,000 | $ 1,209,000 | $ 1,777,000 |
Fair value of options that vested | 734,000 | 965,000 | 1,150,000 |
Total compensation costs for options recognized in income | 734,000 | 965,000 | 1,150,000 |
Total tax benefit recognized in income related to compensation costs for options | $ 380,000 | $ 378,000 | $ 484,000 |
Weighted average fair value of grants (per option) | $ 8.17 | $ 8.91 |
Stock Options and Other Equi117
Stock Options and Other Equity-Based Incentive Instruments - Weighted-Average Assumptions Used to Determine Fair Value of Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assumptions used to value option grants: | |||
Average expected terms (years) | 0 years | 6 years 3 months 18 days | 7 years |
Volatility | 42.10% | 56.20% | |
Annual rate of dividends | 1.90% | 1.87% | |
Discount rate | 1.69% | 1.26% |
Stock Options and Other Equi118
Stock Options and Other Equity-Based Incentive Instruments - Restricted Stock Unit (RSU) Activity (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Market Plus Service Condition Vesting RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs outstanding, Number of RSUs, beginning balance | 15,366 | |
RSUs granted, Number of RSUs | 18,348 | |
RSUs forfeited/expired, Number of RSUs | (1,617) | |
RSUs outstanding, Number of RSUs, ending balance | 15,366 | 32,097 |
RSUs granted, Weighted Average Fair Value on Date of Grant | $ 21.01 | |
Service Condition Vesting RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs outstanding, Number of RSUs, beginning balance | 30,920 | |
RSUs granted, Number of RSUs | 13,749 | 30,348 |
RSUs added through dividend credits, Number of RSUs | 962 | |
RSUs released, Number of RSUs | (12,064) | |
RSUs forfeited/expired, Number of RSUs | (3,880) | |
RSUs outstanding, Number of RSUs, ending balance | 30,920 | 46,286 |
RSUs granted, Weighted Average Fair Value on Date of Grant | $ 23.45 |
Stock Options and Other Equi119
Stock Options and Other Equity-Based Incentive Instruments - Summary of Compensation Costs for RSUs (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Service Condition Vesting RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total compensation costs for RSUs recognized in income | $ 458,000 | $ 126,000 |
Market Plus Service Condition Vesting RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total compensation costs for RSUs recognized in income | $ 179,000 | $ 42,000 |
Noninterest Income and Expen120
Noninterest Income and Expense - Components of Other Noninterest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||||||||||
Service charges on deposit accounts | $ 14,276 | $ 11,811 | $ 12,716 | ||||||||
ATM and interchange fees | 13,105 | 9,651 | 8,370 | ||||||||
Other service fees | 2,977 | 2,206 | 2,144 | ||||||||
Mortgage banking service fees | 2,164 | 1,869 | 1,774 | ||||||||
Change in value of mortgage servicing rights | (701) | (1,301) | 253 | ||||||||
Total service charges and fees | 31,821 | 24,236 | 25,257 | ||||||||
Gain on sale of loans | 3,064 | 2,032 | 5,602 | ||||||||
Commissions on sale of non-deposit investment products | 3,349 | 2,995 | 2,983 | ||||||||
Increase in cash value of life insurance | 2,786 | 1,953 | 1,727 | ||||||||
Change in indemnification asset | (207) | (856) | (1,649) | ||||||||
Gain on sale of foreclosed assets | 991 | 2,153 | 1,640 | ||||||||
Sale of customer checks | 492 | 450 | 377 | ||||||||
Lease brokerage income | 712 | 504 | 337 | ||||||||
Gain (loss) on disposal of fixed assets | (129) | 49 | (39) | ||||||||
Gain on life insurance death benefit | 155 | ||||||||||
Other | 2,313 | 1,000 | 594 | ||||||||
Total other noninterest income | 13,526 | 10,280 | 11,572 | ||||||||
Total noninterest income | $ 11,445 | $ 11,642 | $ 12,080 | $ 10,180 | $ 9,755 | $ 8,589 | $ 7,877 | $ 8,295 | $ 45,347 | $ 34,516 | $ 36,829 |
Noninterest Income and Expen121
Noninterest Income and Expense - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Mortgage loan servicing fees, net of change in fair value of mortgage loan servicing rights | $ 1,463,000 | $ 568,000 | $ 2,027,000 |
Noninterest Income and Expen122
Noninterest Income and Expense - Components of Noninterest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Other Noninterest Income And Expense [Line Items] | |||||||||||
Base salaries, net of deferred loan origination costs | $ 46,822 | $ 39,342 | $ 34,404 | ||||||||
Incentive compensation | 6,964 | 5,068 | 4,694 | ||||||||
Benefits and other compensation costs | 17,619 | 13,134 | 12,838 | ||||||||
Total salaries and benefits expense | 71,405 | 57,544 | 51,936 | ||||||||
Occupancy | 10,126 | 8,203 | 7,405 | ||||||||
Equipment | 5,997 | 4,514 | 4,162 | ||||||||
Data processing and software | 7,670 | 6,512 | 4,844 | ||||||||
Assessments | 2,572 | 2,107 | 2,248 | ||||||||
ATM network charges | 3,371 | 2,996 | 2,480 | ||||||||
Advertising | 3,992 | 2,413 | 1,981 | ||||||||
Professional fees | 4,545 | 3,888 | 2,707 | ||||||||
Telecommunications | 3,007 | 2,870 | 2,449 | ||||||||
Postage | 1,296 | 949 | 786 | ||||||||
Courier service | 1,154 | 1,055 | 988 | ||||||||
Foreclosed assets expense | 490 | 528 | 514 | ||||||||
Intangible amortization | 1,157 | 446 | 209 | ||||||||
Operational losses | 737 | 764 | 618 | ||||||||
Provision for foreclosed asset losses | 502 | 208 | 682 | ||||||||
Reserve for unfunded commitments | 330 | (395) | (1,200) | ||||||||
Legal settlement | 339 | ||||||||||
Merger expense | 586 | 4,858 | 312 | ||||||||
Other | 11,904 | 10,919 | 10,144 | ||||||||
Total other noninterest expense | 59,436 | 52,835 | 41,668 | ||||||||
Total noninterest expense | $ 34,684 | $ 31,439 | $ 32,436 | $ 32,282 | $ 36,566 | $ 25,380 | $ 25,116 | $ 23,317 | 130,841 | 110,379 | 93,604 |
North Valley Bancorp [Member] | |||||||||||
Schedule Of Other Noninterest Income And Expense [Line Items] | |||||||||||
Data processing and software | 108 | 475 | |||||||||
Professional fees | 120 | 2,390 | 312 | ||||||||
Merger expense | 586 | 4,858 | $ 312 | ||||||||
Other | $ 358 | 725 | |||||||||
North Valley Bancorp [Member] | Incentive Compensation [Member] | |||||||||||
Schedule Of Other Noninterest Income And Expense [Line Items] | |||||||||||
Merger expense | 1,174 | ||||||||||
North Valley Bancorp [Member] | Benefits and Other Compensation Costs [Member] | |||||||||||
Schedule Of Other Noninterest Income And Expense [Line Items] | |||||||||||
Merger expense | $ 94 |
Income Taxes - Components of Co
Income Taxes - Components of Consolidated Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current tax expense | |||||||||||
Federal | $ 21,076 | $ 14,485 | $ 11,618 | ||||||||
State | 7,139 | 5,016 | 4,261 | ||||||||
Current tax expense, Total | 28,215 | 19,501 | 15,879 | ||||||||
Deferred tax expense (benefit) | |||||||||||
Federal | 408 | (794) | 1,976 | ||||||||
State | 273 | (199) | 550 | ||||||||
Deferred tax benefit, Total | 681 | (993) | 2,526 | ||||||||
Total tax expense | $ 7,388 | $ 8,368 | $ 7,432 | $ 5,708 | $ 3,930 | $ 6,001 | $ 3,537 | $ 5,040 | $ 28,896 | $ 18,508 | $ 18,405 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes (Textual) [Abstract] | |||
Unfunded status of the supplemental retirement plans, net of tax | $ (3,324,000) | $ (4,570,000) | $ (1,269,000) |
Unrealized gains and losses on available-for-sale investment securities | (797,000) | (68,000) | (1,780,000) |
Taxes (benefits) related to employee stock options | 479,000 | 97,000 | $ 138,000 |
Tax credits and other tax benefits relating to investments | 354,000 | ||
Amortization expense | 277,000 | 0 | |
Carrying value of low income housing tax credit funds | 4,223,000 | ||
Low income housing tax credit fund commitments | 3,330,000 | ||
Unrecognized tax benefit | 168,000 | 227,000 | |
Interest | 0 | 0 | |
Penalties | 0 | $ 0 | |
North Valley Bancorp [Member] | |||
Income Taxes (Textual) [Abstract] | |||
Unrecognized tax benefits, if recognized | 182,000 | ||
Unrecognized tax benefit | 116,000 | ||
Federal [Member] | |||
Income Taxes (Textual) [Abstract] | |||
Net operating loss carryforwards | 9,200,000 | ||
Capital loss carryforwards | 78,000 | ||
Tax credit carryforwards | 69,000 | ||
California [Member] | |||
Income Taxes (Textual) [Abstract] | |||
Net operating loss carryforwards | 30,700,000 | ||
Capital loss carryforwards | 356,000 | ||
Tax credit carryforwards | $ 2,700,000 |
Income Taxes - Company's Net De
Income Taxes - Company's Net Deferred Tax Asset Recorded in Other Assets (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for losses and reserve for unfunded commitments | $ 16,182,000 | $ 16,284,000 |
Deferred compensation | 2,827,000 | 3,115,000 |
Accrued pension liability | 8,597,000 | 7,925,000 |
Accrued bonus | 1,326,000 | 1,149,000 |
Other accrued expenses | 143,000 | 124,000 |
Unfunded status of the supplemental retirement plans | 2,411,000 | 3,315,000 |
State taxes | 2,297,000 | 1,713,000 |
Share based compensation | 2,701,000 | 2,534,000 |
Nonaccrual interest | 1,979,000 | 2,714,000 |
OREO write downs | 241,000 | 198,000 |
Acquisition cost basis | 5,118,000 | 6,017,000 |
Tax credits | 491,000 | 490,000 |
Net operating loss carryforwards | 5,252,000 | 7,128,000 |
Other | 889,000 | 625,000 |
Total deferred tax assets | 50,454,000 | 53,331,000 |
Deferred tax liabilities: | ||
Securities income | (1,362,000) | (1,362,000) |
Unrealized gain on securities | (902,000) | (1,699,000) |
Depreciation | (2,654,000) | (3,072,000) |
Merger related fixed asset valuations | (54,000) | (54,000) |
Securities accretion | (485,000) | (287,000) |
Mortgage servicing rights valuation | (3,118,000) | (2,977,000) |
Indemnification asset | 219,000 | 147,000 |
Core deposit intangible | (2,331,000) | (2,802,000) |
Junior subordinated debt | (2,699,000) | (2,782,000) |
Prepaid expenses and other | (628,000) | (737,000) |
Total deferred tax liability | (14,014,000) | (15,625,000) |
Net deferred tax asset | $ 36,440,000 | $ 37,706,000 |
Income Taxes - Summary of Chang
Income Taxes - Summary of Changes in Unrecognized Tax Benefit (Including Interest and Penalties) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Tax Disclosure [Abstract] | |
UTB, Beginning Balance | $ 227 |
UTB, Lapse of the applicable statute of limitations | (59) |
UTB, Ending Balance | 168 |
Interest/Penalties, Beginning Balance | 18 |
Interest/Penalties, Lapse of the applicable statute of limitations | (4) |
Interest/Penalties, Ending Balance | 14 |
Total, Beginning Balance | 245 |
Total, Lapse of the applicable statute of limitations | (63) |
Total, Ending Balance | $ 182 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Tax Rate and Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 6.60% | 7.00% | 6.80% |
Tax-exempt interest on municipal obligations | (0.70%) | (0.40%) | (0.40%) |
Tax-exempt life insurance related income | (1.30%) | (1.50%) | (1.30%) |
Non-deductible joint beneficiary agreement expense | 0.10% | 0.20% | 0.20% |
Non-deductible merger expense | 1.00% | ||
Other | 0.20% | (0.10%) | |
Effective Tax Rate | 39.70% | 41.50% | 40.20% |
Earnings per Share - Computatio
Earnings per Share - Computation of Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 11,422 | $ 12,694 | $ 11,366 | $ 8,336 | $ 5,650 | $ 8,234 | $ 4,859 | $ 7,365 | $ 43,818 | $ 26,108 | $ 27,399 |
Average number of common shares outstanding | 22,750 | 17,716 | 16,045 | ||||||||
Effect of dilutive stock options | 248 | 207 | 152 | ||||||||
Average number of common shares outstanding used to calculate diluted earnings per share | 22,998 | 17,923 | 16,197 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Options and restricted stock units excluded from diluted earnings per share because the effect of these options and restricted stock units was antidilutive | 20,625 | 95,600 | 407,985 |
Comprehensive Income - Componen
Comprehensive Income - Components of Other Comprehensive Income and Related Tax Effects (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Unrealized holding losses on available for sale securities before reclassifications | $ (1,895) | $ (162) | $ (4,232) |
Amounts reclassified out of accumulated other comprehensive income | 0 | 0 | 0 |
Unrealized holding losses on available for sale securities after reclassifications | (1,895) | (162) | (4,232) |
Tax effect | 797 | 68 | 1,780 |
Unrealized holding losses on available for sale securities, net of tax | (1,098) | (94) | (2,452) |
Change in unfunded status of the supplemental retirement plans before reclassifications | 1,384 | (7,253) | 2,575 |
Amounts reclassified out of accumulated other comprehensive income: | |||
Amortization of prior service cost | (57) | 138 | 153 |
Amortization of actuarial losses | 823 | 17 | 291 |
Total amounts reclassified out of accumulated other comprehensive income | 766 | 155 | 444 |
Change in unfunded status of the supplemental retirement plans after reclassifications | 2,150 | (7,098) | 3,019 |
Tax effect | (904) | 2,984 | (1,269) |
Change in unfunded status of the supplemental retirement plans, net of tax | 1,246 | (4,114) | 1,750 |
Change in joint beneficiary agreement liability before reclassifications | 277 | 148 | 400 |
Amounts reclassified out of accumulated other comprehensive income | 0 | 0 | 0 |
Change in joint beneficiary agreement liability after reclassifications | 277 | 148 | 400 |
Tax effect | 0 | 0 | 0 |
Change in joint beneficiary agreement liability, net of tax | 277 | 148 | 400 |
Total other comprehensive income (loss) | $ 425 | $ (4,060) | $ (302) |
Comprehensive Income - Compo131
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Net unrealized gains on available for sale securities | $ 2,145 | $ 4,040 | |
Tax effect | (902) | (1,699) | |
Unrealized holding gains on available for sale securities, net of tax | 1,243 | 2,341 | |
Unfunded status of the supplemental retirement plans | (5,735) | (7,885) | |
Tax effect | 2,411 | 3,315 | |
Unfunded status of the supplemental retirement plans, net of tax | (3,324) | (4,570) | $ (1,269) |
Joint beneficiary agreement liability | 303 | 26 | |
Tax effect | 0 | 0 | |
Joint beneficiary agreement liability, net of tax | 303 | 26 | |
Accumulated other comprehensive loss | $ (1,778) | $ (2,203) |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) | Jul. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Salaries & benefits expense | $ 71,405,000 | $ 57,544,000 | $ 51,936,000 | |
Contribution and paid out as benefits under ESOP | $ 2,651,000 | 1,294,000 | 1,648,000 | |
Employee service period under ESOP | 1 year | |||
Deferred compensation obligations | $ 6,725,000 | 7,408,000 | ||
Earnings credits on deferred balances included in noninterest expense | 538,000 | 551,000 | 568,000 | |
Cash values of the insurance policies purchased to fund deferred compensation obligations | 94,560,000 | 92,337,000 | 52,309,000 | |
Unfunded status of the supplemental retirement plans | (5,735,000) | (7,885,000) | ||
Accumulated other comprehensive loss | 3,324,000 | 4,570,000 | ||
Deferred tax asset | 2,411,000 | 3,315,000 | ||
Net actuarial loss | 549,000 | |||
Salaries and Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expenses related to ESOP | $ 2,282,000 | 1,467,000 | 1,648,000 | |
401(k) Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Minimum age for employees | 21 years | |||
Minimum period for employees to participate | 90 days | |||
Discretionary matching contribution equal to percentage of participant's contribution | 50.00% | |||
Discretionary matching contribution maximum percentage of eligible compensation | 4.00% | |||
Salaries & benefits expense | $ 300,000 | 0 | $ 0 | |
Supplemental Retirement Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Cash values of the insurance policies purchased to fund deferred compensation obligations | 94,560,000 | 92,337,000 | ||
Unfunded status of the supplemental retirement plans | 5,735,000 | 7,885,000 | ||
Accumulated other comprehensive loss | 3,324,000 | 4,570,000 | ||
Deferred tax asset | $ 2,411,000 | $ 3,315,000 |
Retirement Plans - Defined Bene
Retirement Plans - Defined Benefit Pension Plans (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Transition obligation | $ 7,000 | $ 9,000 |
Prior service cost | (115,000) | (173,000) |
Net actuarial loss | 5,843,000 | 8,049,000 |
Amount included in accumulated other comprehensive loss | 5,735,000 | 7,885,000 |
Deferred tax benefit | (2,411,000) | (3,315,000) |
Amount included in accumulated other comprehensive loss, net of tax | $ 3,324,000 | $ 4,570,000 |
Retirement Plans - Information
Retirement Plans - Information Pertaining to Activity in Supplemental Retirement Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ (26,798) | $ (14,634) | |
Acquisition | (4,150) | ||
Service cost | (1,023) | (652) | $ (743) |
Interest cost | (957) | (739) | (643) |
Actuarial (loss)/gain | 1,382 | (7,254) | |
Benefits paid | 1,212 | 631 | |
Benefit obligation at end of year | (26,184) | (26,798) | (14,634) |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status | (26,184) | (26,798) | |
Unrecognized net obligation existing at January 1, 1986 | 7 | 9 | |
Unrecognized net actuarial loss | 5,843 | 8,049 | |
Unrecognized prior service cost | (115) | (173) | |
Accumulated other comprehensive income | (5,735) | (7,885) | |
Accrued benefit cost | (26,184) | (26,798) | |
Accumulated benefit obligation | $ (24,469) | $ (24,739) |
Retirement Plans - Net Periodic
Retirement Plans - Net Periodic Benefit Cost Recognized for Supplemental Retirement Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net pension cost included the following components: | |||
Service cost-benefits earned during the period | $ 1,023 | $ 652 | $ 743 |
Interest cost on projected benefit obligation | 957 | 739 | 643 |
Amortization of net obligation at transition | 2 | 2 | 2 |
Amortization of prior service cost | (57) | 138 | 153 |
Recognized net actuarial loss | 823 | 16 | 291 |
Net periodic pension cost | $ 2,748 | $ 1,547 | $ 1,832 |
Retirement Plans - Assumptions
Retirement Plans - Assumptions Used in Accounting for Plans (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used to calculate benefit obligation | 4.00% | 3.65% | 4.85% |
Discount rate used to calculate net periodic pension cost | 4.00% | 3.65% | 4.85% |
Executive Compensation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Average annual increase in compensation | 2.50% | 2.50% | 2.50% |
Director Compensation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Average annual increase in compensation | 2.50% | 2.50% | 2.50% |
Retirement Plans - Expected Ben
Retirement Plans - Expected Benefit Payments to Participants and Estimated Contributions to be Made by Company (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Expected Benefit Payments to Participants, 2016 | $ 1,104 |
Expected Benefit Payments to Participants, 2017 | 983 |
Expected Benefit Payments to Participants, 2018 | 974 |
Expected Benefit Payments to Participants, 2019 | 845 |
Expected Benefit Payments to Participants, 2020 | 731 |
Expected Benefit Payments to Participants, 2021-2025 | 3,490 |
Estimated Company Contributions, 2016 | 1,104 |
Estimated Company Contributions, 2017 | 983 |
Estimated Company Contributions, 2018 | 974 |
Estimated Company Contributions, 2019 | 845 |
Estimated Company Contributions, 2020 | 731 |
Estimated Company Contributions, 2021-2025 | $ 3,490 |
Related Party Transactions - Su
Related Party Transactions - Summary of Activity in Lending Transactions (Detail) - Directors and Officers [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Beginning balance | $ 3,132 | $ 2,636 |
Advances/new loans | 3,098 | 2,106 |
Removed/payments | (2,029) | (1,610) |
Ending balance | $ 4,201 | $ 3,132 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Modern Building Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Aggregate payments for construction services | $ 1,030,000 | $ 1,181,000 | $ 4,261,000 |
Fair Value Measurement - Record
Fair Value Measurement - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 6,488 | $ 5,091 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 6,488 | 5,091 |
Fair Value Measurements on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 412,503 | 90,583 |
Fair Value Measurements on Recurring Basis [Member] | Obligations of U.S. Government Corporations and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 313,682 | 75,120 |
Fair Value Measurements on Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 88,218 | 3,175 |
Fair Value Measurements on Recurring Basis [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 1,908 | |
Fair Value Measurements on Recurring Basis [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 2,985 | 3,002 |
Fair Value Measurements on Recurring Basis [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 7,618 | 7,378 |
Fair Value Measurements on Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 2,985 | 3,002 |
Fair Value Measurements on Recurring Basis [Member] | Level 1 [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 2,985 | 3,002 |
Fair Value Measurements on Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 401,900 | 80,203 |
Fair Value Measurements on Recurring Basis [Member] | Level 2 [Member] | Obligations of U.S. Government Corporations and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 313,682 | 75,120 |
Fair Value Measurements on Recurring Basis [Member] | Level 2 [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 88,218 | 3,175 |
Fair Value Measurements on Recurring Basis [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 1,908 | |
Fair Value Measurements on Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 7,618 | 7,378 |
Fair Value Measurements on Recurring Basis [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 7,618 | $ 7,378 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfers between any levels | $ 0 | $ 0 |
Carrying value of loans fully charged-off | 0 | |
Securities held to maturity | 726,530,000 | 676,426,000 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held to maturity | $ 0 | $ 0 |
Fair Value Measurement - Reconc
Fair Value Measurement - Reconciliation of Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) on Recurring Basis (Detail) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Ending Balance | $ 7,618 | $ 7,378 |
Transfers into (out of) Level 3 | 1,944 | |
Change Included in Earnings | (701) | (1,301) |
Issuances | 941 | 570 |
Beginning Balance | $ 7,378 | $ 6,165 |
Fair Value Measurement - Quanti
Fair Value Measurement - Quantitative Information about Recurring Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Constant prepayment rate | 9.80% | 12.00% | 10.30% | |
Discount rate | 10.00% | 10.00% | 10.00% | |
Mortgage Servicing Rights [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Mortgages Servicing Rights, Fair Value | $ 7,618 | $ 7,378 | $ 6,165 | $ 4,552 |
Minimum [Member] | Mortgage Servicing Rights [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | 10.00% | |||
Minimum [Member] | Mortgage Servicing Rights [Member] | Discounted Cash Flow [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Constant prepayment rate | 6.30% | |||
Maximum [Member] | Mortgage Servicing Rights [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | 12.00% | |||
Maximum [Member] | Mortgage Servicing Rights [Member] | Discounted Cash Flow [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Constant prepayment rate | 20.50% | |||
Weighted Average [Member] | Mortgage Servicing Rights [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | 10.00% | |||
Weighted Average [Member] | Mortgage Servicing Rights [Member] | Discounted Cash Flow [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Constant prepayment rate | 9.80% |
Fair Value Measurement - Assets
Fair Value Measurement - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 6,488 | $ 5,091 |
Total Gains/(Losses) | (1,081) | (773) |
Impaired Originated & PNCI Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 4,649 | 2,480 |
Total Gains/(Losses) | (663) | (636) |
Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 1,839 | 2,611 |
Total Gains/(Losses) | (418) | (137) |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 6,488 | 5,091 |
Level 3 [Member] | Impaired Originated & PNCI Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 4,649 | 2,480 |
Level 3 [Member] | Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 1,839 | $ 2,611 |
Fair Value Measurement - Qua145
Fair Value Measurement - Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 6,488 | $ 5,091 |
Impaired Originated & PNCI Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 4,649 | 2,480 |
Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,839 | 2,611 |
Foreclosed Assets [Member] | Land & Construction [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 201 | |
Foreclosed Assets [Member] | Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 814 | |
Foreclosed Assets [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 824 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 6,488 | 5,091 |
Level 3 [Member] | Impaired Originated & PNCI Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 4,649 | 2,480 |
Level 3 [Member] | Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 1,839 | $ 2,611 |
Level 3 [Member] | Sales Comparison Approach [Member] | Minimum [Member] | Impaired Originated & PNCI Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustment for differences between comparable sales | (5.00%) | |
Level 3 [Member] | Sales Comparison Approach [Member] | Minimum [Member] | Foreclosed Assets [Member] | Land & Construction [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustment for differences between comparable sales | (5.00%) | |
Level 3 [Member] | Sales Comparison Approach [Member] | Minimum [Member] | Foreclosed Assets [Member] | Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustment for differences between comparable sales | (5.00%) | |
Level 3 [Member] | Sales Comparison Approach [Member] | Minimum [Member] | Foreclosed Assets [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustment for differences between comparable sales | (7.00%) | |
Level 3 [Member] | Sales Comparison Approach [Member] | Maximum [Member] | Impaired Originated & PNCI Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustment for differences between comparable sales | (5.00%) | |
Level 3 [Member] | Sales Comparison Approach [Member] | Maximum [Member] | Foreclosed Assets [Member] | Land & Construction [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustment for differences between comparable sales | (7.00%) | |
Level 3 [Member] | Sales Comparison Approach [Member] | Maximum [Member] | Foreclosed Assets [Member] | Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustment for differences between comparable sales | (8.00%) | |
Level 3 [Member] | Sales Comparison Approach [Member] | Maximum [Member] | Foreclosed Assets [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustment for differences between comparable sales | (9.00%) | |
Level 3 [Member] | Sales Comparison Approach [Member] | Weighted Average [Member] | Impaired Originated & PNCI Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustment for differences between comparable sales | (5.00%) | |
Level 3 [Member] | Sales Comparison Approach [Member] | Weighted Average [Member] | Foreclosed Assets [Member] | Land & Construction [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustment for differences between comparable sales | (5.59%) | |
Level 3 [Member] | Sales Comparison Approach [Member] | Weighted Average [Member] | Foreclosed Assets [Member] | Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustment for differences between comparable sales | (6.04%) | |
Level 3 [Member] | Sales Comparison Approach [Member] | Weighted Average [Member] | Foreclosed Assets [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustment for differences between comparable sales | (7.50%) | |
Level 3 [Member] | Income Approach [Member] | Minimum [Member] | Impaired Originated & PNCI Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Capitalization rate | 7.00% | |
Level 3 [Member] | Income Approach [Member] | Maximum [Member] | Impaired Originated & PNCI Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Capitalization rate | 8.00% | |
Level 3 [Member] | Income Approach [Member] | Weighted Average [Member] | Impaired Originated & PNCI Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Capitalization rate | 7.25% |
Fair Value Measurement - Estima
Fair Value Measurement - Estimated Fair Values of Financial Instruments that are Reported at Amortized Cost in Consolidated Balance Sheets (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets: | ||
Cash and due from banks | $ 94,305,000 | $ 93,150,000 |
Cash at Federal Reserve and other banks | 209,156,000 | 517,578,000 |
Securities held to maturity | 726,530,000 | 676,426,000 |
Financial liabilities: | ||
Other borrowings | 12,328,000 | 9,276,000 |
Junior subordinated debt | 56,470,000 | 56,272,000 |
Level 3 [Member] | ||
Financial assets: | ||
Securities held to maturity | 0 | 0 |
Contract Amount [Member] | Level 3 [Member] | ||
Off-balance sheet: | ||
Commitments | 705,316,000 | 656,175,000 |
Standby letters of credit | 8,330,000 | 17,531,000 |
Overdraft privilege commitments | 94,473,000 | 101,060,000 |
Fair Value [Member] | Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 2,555,297,000 | 2,379,155,000 |
Off-balance sheet: | ||
Commitments | 7,053,000 | 6,562,000 |
Standby letters of credit | 83,000 | 175,000 |
Overdraft privilege commitments | 945,000 | 1,011,000 |
Fair Value [Member] | Level 1 [Member] | ||
Financial assets: | ||
Cash and due from banks | 94,305,000 | 93,150,000 |
Cash at Federal Reserve and other banks | 209,156,000 | 517,578,000 |
Fair Value [Member] | Level 2 [Member] | ||
Financial assets: | ||
Securities held to maturity | 732,208,000 | 688,779,000 |
Loans held for sale | 1,873,000 | 3,579,000 |
Financial liabilities: | ||
Deposits | 3,630,129,000 | 3,380,486,000 |
Other borrowings | 12,328,000 | 9,276,000 |
Junior subordinated debt | 44,527,000 | 45,053,000 |
Carrying Amount [Member] | Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 2,486,926,000 | 2,282,524,000 |
Carrying Amount [Member] | Level 1 [Member] | ||
Financial assets: | ||
Cash and due from banks | 94,305,000 | 93,150,000 |
Cash at Federal Reserve and other banks | 209,156,000 | 517,578,000 |
Carrying Amount [Member] | Level 2 [Member] | ||
Financial assets: | ||
Securities held to maturity | 726,530,000 | 676,426,000 |
Restricted equity securities | 16,596,000 | 16,956,000 |
Loans held for sale | 1,873,000 | 3,579,000 |
Financial liabilities: | ||
Deposits | 3,631,266,000 | 3,380,423,000 |
Other borrowings | 12,328,000 | 9,276,000 |
Junior subordinated debt | $ 56,470,000 | $ 56,272,000 |
TriCo Bancshares Condensed F147
TriCo Bancshares Condensed Financial Statements (Parent Only) - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash and Cash equivalents | $ 303,461 | $ 610,728 | $ 598,368 | $ 748,899 |
Other assets | 48,591 | 51,735 | ||
Total assets | 4,220,722 | 3,916,458 | ||
Liabilities and shareholders' equity Other liabilities | 65,293 | 49,192 | ||
Junior subordinated debt | 56,470 | 56,272 | ||
Total liabilities | 3,768,606 | 3,498,286 | ||
Shareholders' equity: | ||||
Common stock, no par value: authorized 50,000,000 shares; issued and outstanding 22,775,173 and 22,714,964 shares, respectively | 247,587 | 244,318 | ||
Retained earnings | 206,307 | 176,057 | ||
Accumulated other comprehensive loss, net | (1,778) | (2,203) | ||
Total shareholders' equity | 452,116 | 418,172 | 250,946 | 229,359 |
Total liabilities and shareholders' equity | 4,220,722 | 3,916,458 | ||
Parent [Member] | ||||
Assets | ||||
Cash and Cash equivalents | 2,565 | 2,229 | $ 2,520 | $ 2,511 |
Investment in Tri Counties Bank | 504,655 | 470,797 | ||
Other assets | 1,714 | 1,902 | ||
Total assets | 508,934 | 474,928 | ||
Liabilities and shareholders' equity Other liabilities | 348 | 484 | ||
Junior subordinated debt | 56,470 | 56,272 | ||
Total liabilities | 56,818 | 56,756 | ||
Shareholders' equity: | ||||
Common stock, no par value: authorized 50,000,000 shares; issued and outstanding 22,775,173 and 22,714,964 shares, respectively | 247,587 | 244,318 | ||
Retained earnings | 206,307 | 176,057 | ||
Accumulated other comprehensive loss, net | (1,778) | (2,203) | ||
Total shareholders' equity | 452,116 | 418,172 | ||
Total liabilities and shareholders' equity | $ 508,934 | $ 474,928 |
TriCo Bancshares Condensed F148
TriCo Bancshares Condensed Financial Statements (Parent Only) - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 21, 2007 |
Condensed Financial Statements, Captions [Line Items] | |||
Common stock, par value | |||
Common stock, shares authorized | 50,000,000 | 50,000,000 | |
Common stock, shares issued | 22,775,173 | 22,714,964 | |
Common stock, shares outstanding | 22,775,173 | 22,714,964 | 15,814,662 |
Parent [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Common stock, par value | |||
Common stock, shares authorized | 50,000,000 | 50,000,000 | |
Common stock, shares issued | 22,775,173 | 22,714,964 | |
Common stock, shares outstanding | 22,775,173 | 22,714,964 |
TriCo Bancshare Condensed Finan
TriCo Bancshare Condensed Financial Statements (Parent Only) - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest expense | $ 1,349 | $ 1,339 | $ 1,346 | $ 1,382 | $ 1,437 | $ 1,082 | $ 1,075 | $ 1,087 | $ 5,416 | $ 4,681 | $ 4,696 |
Income before income taxes | 18,810 | 21,062 | 18,798 | 14,044 | 9,580 | 14,235 | 8,396 | 12,405 | 72,714 | 44,616 | 45,804 |
Equity in net income of Tri Counties Bank: | |||||||||||
Income tax benefit | (7,388) | (8,368) | (7,432) | (5,708) | (3,930) | (6,001) | (3,537) | (5,040) | (28,896) | (18,508) | (18,405) |
Net income | $ 11,422 | $ 12,694 | $ 11,366 | $ 8,336 | $ 5,650 | $ 8,234 | $ 4,859 | $ 7,365 | 43,818 | 26,108 | 27,399 |
Parent [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest expense | (1,977) | (1,403) | (1,247) | ||||||||
Administration expense | (814) | (2,720) | (862) | ||||||||
Income before income taxes | (2,791) | (4,123) | (2,109) | ||||||||
Equity in net income of Tri Counties Bank: | |||||||||||
Distributed | 13,304 | 8,270 | 8,175 | ||||||||
Undistributed | 32,131 | 20,720 | 20,446 | ||||||||
Income tax benefit | 1,174 | 1,241 | 887 | ||||||||
Net income | $ 43,818 | $ 26,108 | $ 27,399 |
TriCo Bancshare Condensed Fi150
TriCo Bancshare Condensed Financial Statements (Parent Only) - Condensed Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | $ 11,422 | $ 12,694 | $ 11,366 | $ 8,336 | $ 5,650 | $ 8,234 | $ 4,859 | $ 7,365 | $ 43,818 | $ 26,108 | $ 27,399 |
Other comprehensive (loss) income, net of tax: | |||||||||||
Unrealized holding (losses) gains on securities arising during the period | (1,098) | (94) | (2,452) | ||||||||
Change in minimum pension liability | 1,246 | (4,114) | 1,750 | ||||||||
Change in joint beneficiary agreement liability | 277 | 148 | 400 | ||||||||
Other comprehensive (loss) income | 425 | (4,060) | (302) | ||||||||
Net income | 44,243 | 22,048 | 27,097 | ||||||||
Parent [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 43,818 | 26,108 | 27,399 | ||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Unrealized holding (losses) gains on securities arising during the period | (1,098) | (94) | (2,452) | ||||||||
Change in minimum pension liability | 1,246 | (4,114) | 1,750 | ||||||||
Change in joint beneficiary agreement liability | 277 | 148 | 400 | ||||||||
Other comprehensive (loss) income | 425 | (4,060) | (302) | ||||||||
Net income | $ 44,243 | $ 22,048 | $ 27,097 |
TriCo Bancshare Condensed Fi151
TriCo Bancshare Condensed Financial Statements (Parent Only) - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||||||||||
Net income | $ 11,422 | $ 12,694 | $ 11,366 | $ 8,336 | $ 5,650 | $ 8,234 | $ 4,859 | $ 7,365 | $ 43,818 | $ 26,108 | $ 27,399 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity compensation vesting expense | 1,370 | 1,133 | 1,151 | ||||||||
Net cash from operating activities | 54,817 | 27,417 | 41,086 | ||||||||
Financing activities: | |||||||||||
Repurchase of common stock | (412) | (292) | (501) | ||||||||
Cash dividends paid - common | (11,849) | (7,807) | (6,745) | ||||||||
Net cash from financing activities | 242,226 | 163,667 | 111,280 | ||||||||
Net change in cash and cash equivalents | (307,267) | 12,360 | (150,531) | ||||||||
Cash and cash equivalents and beginning of year | 610,728 | 598,368 | 610,728 | 598,368 | 748,899 | ||||||
Cash and cash equivalents at end of year | 303,461 | 610,728 | 303,461 | 610,728 | 598,368 | ||||||
Parent [Member] | |||||||||||
Operating activities: | |||||||||||
Net income | 43,818 | 26,108 | 27,399 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Undistributed equity in earnings of Tri Counties Bank | (32,131) | (20,720) | (20,446) | ||||||||
Equity compensation vesting expense | 1,370 | 1,133 | 1,151 | ||||||||
Equity compensation tax effect | 68 | (225) | (356) | ||||||||
Net change in other assets and liabilities | (1,120) | 671 | (1,100) | ||||||||
Net cash from operating activities | 12,005 | 6,967 | 6,648 | ||||||||
Financing activities: | |||||||||||
Issuance of common stock through option exercise | 660 | 616 | 251 | ||||||||
Equity compensation tax effect | (68) | 225 | 356 | ||||||||
Repurchase of common stock | (412) | (292) | (501) | ||||||||
Cash dividends paid - common | (11,849) | (7,807) | (6,745) | ||||||||
Net cash from financing activities | (11,669) | (7,258) | (6,639) | ||||||||
Net change in cash and cash equivalents | 336 | (291) | 9 | ||||||||
Cash and cash equivalents and beginning of year | $ 2,229 | $ 2,520 | 2,229 | 2,520 | 2,511 | ||||||
Cash and cash equivalents at end of year | $ 2,565 | $ 2,229 | $ 2,565 | $ 2,229 | $ 2,520 |
Regulatory Matters - Actual and
Regulatory Matters - Actual and Required Capital Ratios of Bank (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Capitalization [Line Items] | ||
Total Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 279,311 | |
Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 167,587 | |
Tier 1 Capital (to Average Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 185,918 | |
Total Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | |
Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.00% | |
Tier 1 Capital (to Average Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | |
Parent [Member] | ||
Schedule of Capitalization [Line Items] | ||
Total Capital (to Risk Weighted Assets), Actual, Amount | $ 474,436 | $ 436,955 |
Tier 1 Capital (to Risk Weighted Assets), Actual, Amount | 435,950 | 401,971 |
Tier 1 Capital (to Average Assets), Actual, Amount | $ 435,950 | $ 401,971 |
Total Capital (to Risk Weighted Assets), Actual, Ratio | 15.09% | 15.63% |
Tier 1 Capital (to Risk Weighted Assets), Actual, Ratio | 13.86% | 14.38% |
Tier 1 Capital (to Average Assets), Actual, Ratio | 10.79% | 10.80% |
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | $ 223,603 | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | 111,801 | |
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Amount | $ 148,819 | |
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 8.00% | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 4.00% | |
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Ratio | 4.00% | |
Parent [Member] | Basel III Phase-in Schedule [Member] | ||
Schedule of Capitalization [Line Items] | ||
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | $ 251,555 | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | 188,666 | |
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Amount | $ 161,562 | |
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 8.00% | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 6.00% | |
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Ratio | 4.00% | |
Parent [Member] | Basel III Fully Phased In [Member] | ||
Schedule of Capitalization [Line Items] | ||
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | $ 330,165 | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | 267,277 | |
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Amount | $ 161,562 | |
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 10.50% | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 8.50% | |
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Ratio | 4.00% | |
Parent [Member] | Common Stock [Member] | ||
Schedule of Capitalization [Line Items] | ||
Tier 1 Capital (to Risk Weighted Assets), Actual, Amount | $ 385,747 | |
Tier 1 Capital (to Risk Weighted Assets), Actual, Ratio | 12.27% | |
Parent [Member] | Common Stock [Member] | Basel III Phase-in Schedule [Member] | ||
Schedule of Capitalization [Line Items] | ||
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | $ 141,499 | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 4.50% | |
Parent [Member] | Common Stock [Member] | Basel III Fully Phased In [Member] | ||
Schedule of Capitalization [Line Items] | ||
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | $ 220,110 | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 7.00% | |
Tri Countries Bank [Member] | ||
Schedule of Capitalization [Line Items] | ||
Total Capital (to Risk Weighted Assets), Actual, Amount | $ 473,327 | $ 433,286 |
Tier 1 Capital (to Risk Weighted Assets), Actual, Amount | 434,841 | 398,325 |
Tier 1 Capital (to Average Assets), Actual, Amount | $ 434,841 | $ 398,325 |
Total Capital (to Risk Weighted Assets), Actual, Ratio | 15.06% | 15.51% |
Tier 1 Capital (to Risk Weighted Assets), Actual, Ratio | 13.84% | 14.26% |
Tier 1 Capital (to Average Assets), Actual, Ratio | 10.76% | 10.71% |
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | $ 223,449 | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | 111,724 | |
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Amount | $ 148,734 | |
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 8.00% | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 4.00% | |
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Ratio | 4.00% | |
Total Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 314,272 | |
Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 251,418 | |
Tier 1 Capital (to Average Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 202,002 | |
Total Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | |
Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | |
Tier 1 Capital (to Average Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | |
Tri Countries Bank [Member] | Basel III Phase-in Schedule [Member] | ||
Schedule of Capitalization [Line Items] | ||
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | $ 251,418 | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | 188,563 | |
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Amount | $ 161,601 | |
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 8.00% | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 6.00% | |
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Ratio | 4.00% | |
Tri Countries Bank [Member] | Basel III Fully Phased In [Member] | ||
Schedule of Capitalization [Line Items] | ||
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | $ 329,985 | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | 267,131 | |
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Amount | $ 161,601 | |
Total Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 10.50% | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 8.50% | |
Tier 1 Capital (to Average Assets), Minimum Capital Requirement, Ratio | 4.00% | |
Tri Countries Bank [Member] | Common Stock [Member] | ||
Schedule of Capitalization [Line Items] | ||
Tier 1 Capital (to Risk Weighted Assets), Actual, Amount | $ 434,841 | |
Tier 1 Capital (to Risk Weighted Assets), Actual, Ratio | 13.84% | |
Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 204,277 | |
Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | |
Tri Countries Bank [Member] | Common Stock [Member] | Basel III Phase-in Schedule [Member] | ||
Schedule of Capitalization [Line Items] | ||
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | $ 141,422 | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 4.50% | |
Tri Countries Bank [Member] | Common Stock [Member] | Basel III Fully Phased In [Member] | ||
Schedule of Capitalization [Line Items] | ||
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Amount | $ 219,990 | |
Tier 1 Capital (to Risk Weighted Assets), Minimum Capital Requirement, Ratio | 7.00% |
Summary of Quarterly Results153
Summary of Quarterly Results of Operations (Unaudited) - Result of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans: | |||||||||||
Discount accretion PCI - cash basis | $ 302 | $ 445 | $ 404 | $ 172 | $ 107 | $ 290 | $ 69 | $ 203 | |||
Discount accretion PCI - other | 1,392 | 1,090 | 907 | 1,274 | 919 | 822 | 811 | 984 | |||
Discount accretion PNCI | 573 | 1,590 | 822 | 1,348 | 796 | 402 | 624 | 379 | |||
All other loan interest income | 32,571 | 30,689 | 29,886 | 28,371 | 28,914 | 23,466 | 22,929 | 22,172 | |||
Total loan interest income | 34,838 | 33,814 | 32,019 | 31,165 | 30,736 | 24,980 | 24,433 | 23,738 | |||
Debt securities, dividends and interest bearing cash at banks (not FTE) | 7,652 | 7,518 | 7,848 | 6,560 | 5,671 | 4,151 | 3,985 | 3,421 | |||
Total interest and dividend income | 42,490 | 41,332 | 39,867 | 37,725 | 36,407 | 29,131 | 28,418 | 27,159 | $ 161,414 | $ 121,115 | $ 106,560 |
Interest expense | 1,349 | 1,339 | 1,346 | 1,382 | 1,437 | 1,082 | 1,075 | 1,087 | 5,416 | 4,681 | 4,696 |
Net interest income | 41,141 | 39,993 | 38,521 | 36,343 | 34,970 | 28,049 | 27,343 | 26,072 | 155,998 | 116,434 | 101,864 |
(Benefit from) provision for loan losses | (908) | (866) | (633) | 197 | (1,421) | (2,977) | 1,708 | (1,355) | (2,210) | (4,045) | (715) |
Net interest income after provision for loan losses | 42,049 | 40,859 | 39,154 | 36,146 | 36,391 | 31,026 | 25,635 | 27,427 | 158,208 | 120,479 | 102,579 |
Noninterest income | 11,445 | 11,642 | 12,080 | 10,180 | 9,755 | 8,589 | 7,877 | 8,295 | 45,347 | 34,516 | 36,829 |
Noninterest expense | 34,684 | 31,439 | 32,436 | 32,282 | 36,566 | 25,380 | 25,116 | 23,317 | 130,841 | 110,379 | 93,604 |
Income before income taxes | 18,810 | 21,062 | 18,798 | 14,044 | 9,580 | 14,235 | 8,396 | 12,405 | 72,714 | 44,616 | 45,804 |
Income tax expense | 7,388 | 8,368 | 7,432 | 5,708 | 3,930 | 6,001 | 3,537 | 5,040 | 28,896 | 18,508 | 18,405 |
Net income | $ 11,422 | $ 12,694 | $ 11,366 | $ 8,336 | $ 5,650 | $ 8,234 | $ 4,859 | $ 7,365 | $ 43,818 | $ 26,108 | $ 27,399 |
Per common share: | |||||||||||
Net income (diluted) | $ 0.50 | $ 0.55 | $ 0.49 | $ 0.36 | $ 0.25 | $ 0.50 | $ 0.30 | $ 0.45 | $ 1.91 | $ 1.46 | $ 1.69 |
Dividends | $ 0.15 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 |