Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'INDEPENDENT BANK CORP /MI/ | ' |
Entity Central Index Key | '0000039311 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 22,813,593 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Financial Condition (unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and due from banks | $56,179 | $55,487 | ||
Interest bearing deposits | 74,766 | 124,295 | ||
Cash and Cash Equivalents | 130,945 | 179,782 | ||
Interest bearing deposits - time | 16,946 | 0 | ||
Trading securities | 308 | 110 | ||
Securities available for sale | 415,885 | 208,413 | ||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 21,496 | 20,838 | ||
Loans held for sale, carried at fair value | 27,622 | 47,487 | ||
Loans held for sale, carried at lower of cost or fair value | 0 | 3,292 | ||
Loans | ' | ' | ||
Commercial | 625,422 | 617,258 | ||
Mortgage | 491,525 | 527,340 | ||
Installment | 194,542 | 189,849 | ||
Payment plan receivables | 68,494 | 84,692 | ||
Total Loans | 1,379,983 | 1,419,139 | ||
Allowance for loan losses | -34,437 | -44,275 | ||
Net Loans | 1,345,546 | 1,374,864 | ||
Other real estate and repossessed assets | 16,637 | 26,133 | ||
Property and equipment, net | 47,884 | 47,016 | ||
Bank-owned life insurance | 51,916 | 50,890 | ||
Deferred tax assets, net | 58,807 | 0 | ||
Capitalized mortgage loan servicing rights | 13,051 | 11,013 | ||
Vehicle service contract counterparty receivables, net | 9,753 | 18,449 | ||
Other intangibles | 3,366 | 3,975 | ||
Prepaid FDIC deposit insurance assessment | 0 | 9,448 | ||
Accrued income and other assets | 23,342 | 22,157 | ||
Total Assets | 2,183,504 | 2,023,867 | ||
Deposits | ' | ' | ||
Non-interest bearing | 508,983 | 488,126 | ||
Savings and interest-bearing checking | 908,599 | 871,238 | ||
Reciprocal | 55,924 | 33,242 | ||
Retail time | 362,585 | 372,340 | ||
Brokered time | 13,227 | 14,591 | ||
Total Deposits | 1,849,318 | 1,779,537 | ||
Other borrowings | 17,282 | 17,625 | ||
Subordinated debentures | 50,175 | 50,175 | ||
Vehicle service contract counterparty payables | 5,499 | 7,725 | ||
Accrued expenses and other liabilities | 34,629 | 33,830 | ||
Total Liabilities | 1,956,903 | 1,888,892 | ||
Shareholders' Equity | ' | ' | ||
Convertible preferred stock, no par value, 200,000 shares authorized; None issued and outstanding at September 30, 2013 and 74,426 shares issued and outstanding at December 31, 2012; liquidation preference:$85,150 at December 31, 2012 | 0 | 84,204 | ||
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 22,808,839 shares at September 30, 2013and 9,093,732 shares at December 31, 2012 | 350,926 | 251,237 | ||
Accumulated deficit | -115,155 | -192,408 | ||
Accumulated other comprehensive loss | -9,170 | [1] | -8,058 | [1] |
Total Shareholders' Equity | 226,601 | 134,975 | ||
Total Liabilities and Shareholders' Equity | $2,183,504 | $2,023,867 | ||
[1] | 2013 amounts are presented net of tax as we removed substantially all of the valuation allowance on our deferred tax assets during the second quarter of 2013 (see Note #10). |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Financial Condition (unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Shareholders' Equity | ' | ' |
Convertible preferred stock, par value (in dollars per share) | $0 | $0 |
Convertible preferred stock, shares authorized (in shares) | 200,000 | 200,000 |
Convertible preferred stock, shares issued (in shares) | 0 | 74,426 |
Convertible preferred stock, shares outstanding (in shares) | 0 | 74,426 |
Convertible preferred stock, liquidation preference | ' | $85,150 |
Common stock, par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 22,808,839 | 9,093,732 |
Common stock, shares outstanding (in shares) | 22,808,839 | 9,093,732 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Operations (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Interest Income | ' | ' | ' | ' | ||||
Interest and fees on loans | $20,083 | $23,385 | $61,096 | $71,427 | ||||
Interest on securities | ' | ' | ' | ' | ||||
Taxable | 1,109 | 655 | 2,772 | 2,246 | ||||
Tax-exempt | 282 | 261 | 762 | 801 | ||||
Other investments | 310 | 432 | 966 | 1,210 | ||||
Total Interest Income | 21,784 | 24,733 | 65,596 | 75,684 | ||||
Interest Expense | ' | ' | ' | ' | ||||
Deposits | 1,371 | 2,223 | 4,363 | 6,952 | ||||
Other borrowings | 884 | 1,059 | 2,625 | 3,351 | ||||
Total Interest Expense | 2,255 | 3,282 | 6,988 | 10,303 | ||||
Net Interest Income | 19,529 | 21,451 | 58,608 | 65,381 | ||||
Provision for loan losses | -355 | 251 | -3,153 | 6,438 | ||||
Net Interest Income After Provision for Loan Losses | 19,884 | 21,200 | 61,761 | 58,943 | ||||
Non-interest Income | ' | ' | ' | ' | ||||
Service charges on deposit accounts | 3,614 | 4,739 | 10,603 | 13,492 | ||||
Interchange income | 1,852 | 2,324 | 5,542 | 7,053 | ||||
Net gains (losses) on assets | ' | ' | ' | ' | ||||
Mortgage loans | 1,570 | 4,602 | 8,415 | 12,041 | ||||
Securities | 14 | 301 | 205 | 1,154 | ||||
Other than temporary impairment loss on securities | ' | ' | ' | ' | ||||
Total impairment loss | 0 | -70 | -26 | -332 | ||||
Loss recognized in other comprehensive loss | 0 | 0 | 0 | 0 | ||||
Net impairment loss recognized in earnings | 0 | -70 | -26 | -332 | ||||
Mortgage loan servicing | 338 | -364 | 2,614 | -716 | ||||
Title insurance fees | 409 | 482 | 1,261 | 1,479 | ||||
(Increase) decrease in fair value of U.S. Treasury warrant | 0 | -32 | -1,025 | -211 | ||||
Other | 2,040 | 2,560 | 6,327 | 8,208 | ||||
Total Non-interest Income | 9,837 | 14,542 | 33,916 | 42,168 | ||||
Non-interest Expense | ' | ' | ' | ' | ||||
Compensation and employee benefits | 12,591 | 13,610 | 35,613 | 39,598 | ||||
Occupancy, net | 2,017 | 2,482 | 6,588 | 7,688 | ||||
Data processing | 2,090 | 2,024 | 6,048 | 5,960 | ||||
Loan and collection | 1,584 | 2,832 | 5,512 | 8,129 | ||||
Vehicle service contract counterparty contingencies | 149 | 281 | 3,403 | 1,078 | ||||
Furniture, fixtures and equipment | 1,051 | 1,083 | 3,171 | 3,490 | ||||
Provision for loss reimbursement on sold loans | 1,417 | 193 | 2,436 | 751 | ||||
Communications | 695 | 896 | 2,205 | 2,791 | ||||
FDIC deposit insurance | 685 | 816 | 2,026 | 2,489 | ||||
Advertising | 652 | 647 | 1,881 | 1,842 | ||||
Legal and professional | 487 | 952 | 1,843 | 3,117 | ||||
Interchange expense | 410 | 468 | 1,238 | 1,321 | ||||
Net losses on other real estate and repossessed assets | 119 | 291 | 1,091 | 1,911 | ||||
Credit card and bank service fees | 310 | 433 | 975 | 1,708 | ||||
Write-down of property and equipment held for sale | 0 | 860 | 0 | 860 | ||||
Cost (recoveries) related to unfunded lending commitments | -86 | -538 | -57 | -597 | ||||
Other | 1,763 | 1,966 | 5,176 | 4,692 | ||||
Total Non-interest Expense | 25,934 | 29,296 | 79,149 | 86,828 | ||||
Income Before Income Tax | 3,787 | 6,446 | 16,528 | 14,283 | ||||
Income tax expense (benefit) | 282 | 0 | -56,172 | 0 | ||||
Net Income | 3,505 | 6,446 | 72,700 | 14,283 | ||||
Preferred stock dividends and discount accretion | -749 | -1,093 | -3,001 | -3,241 | ||||
Preferred stock discount | 7,554 | 0 | 7,554 | 0 | ||||
Net Income Applicable to Common Stock | $10,310 | $5,353 | $77,253 | $11,042 | ||||
Net Income Per Common Share | ' | ' | ' | ' | ||||
Basic (in dollars per share) | $0.73 | [1] | $0.61 | [1] | $7.03 | [1] | $1.28 | [1] |
Diluted (in dollars per share) | $0.17 | $0.16 | $3.40 | $0.36 | ||||
Dividends Per Common Share | ' | ' | ' | ' | ||||
Declared (in dollars per share) | $0 | $0 | $0 | $0 | ||||
Paid (in dollars per share) | $0 | $0 | $0 | $0 | ||||
[1] | Basic net income per common share includes weighted average common shares outstanding during the period and participating share awards. |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Comprehensive Income (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Condensed Consolidated Statements of Comprehensive Income (unaudited) [Abstract] | ' | ' | ' | ' | ||||
Net income | $3,505 | $6,446 | $72,700 | $14,283 | ||||
Available for sale securities | ' | ' | ' | ' | ||||
Unrealized gain (loss) arising during period | -2,910 | 909 | -4,399 | 2,543 | ||||
Change in unrealized losses for which a portion of other than temporary impairment has been recognized in earnings | -108 | 770 | 183 | 1,103 | ||||
Reclassification adjustment for other than temporary impairment included in earnings | 0 | 70 | 26 | 332 | ||||
Reclassification adjustments for (gains) losses included in earnings | 0 | -350 | -8 | -1,193 | ||||
Unrealized gains (losses) recognized in other comprehensive income on available for sale securities | -3,018 | 1,399 | -4,198 | 2,785 | ||||
Income tax benefit | -1,056 | 0 | -1,469 | 0 | ||||
Unrealized gains (losses) recognized in other comprehensive income on available for sale securities, net of tax | -1,962 | 1,399 | -2,729 | 2,785 | ||||
Derivative instruments | ' | ' | ' | ' | ||||
Unrealized loss arising during period | 0 | -54 | -38 | -129 | ||||
Reclassification adjustment for expense recognized in earnings | 0 | 92 | 208 | 397 | ||||
Reclassification adjustment for accretion on settled derivatives | 95 | 145 | 95 | 436 | ||||
Unrealized gains recognized in other comprehensive income on derivative instruments | 95 | 183 | 265 | 704 | ||||
Income tax expense (benefit) | 33 | 0 | -1,352 | 0 | ||||
Unrealized gains recognized in other comprehensive income on derivative instruments, net of tax | 62 | 183 | 1,617 | 704 | ||||
Other comprehensive income (loss) | -1,900 | [1] | 1,582 | [1] | -1,112 | [1] | 3,489 | [1] |
Comprehensive income | $1,605 | $8,028 | $71,588 | $17,772 | ||||
[1] | 2013 amounts are presented net of tax as we removed substantially all of the valuation allowance on our deferred tax assets during the second quarter of 2013 (see Note #10). |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Consolidated Statements of Cash Flows (unaudited) [Abstract] | ' | ' |
Net Income | $72,700 | $14,283 |
Adjustments to Reconcile Net Income to Net Cash from Operating Activities | ' | ' |
Proceeds from sales of loans held for sale | 346,206 | 378,804 |
Disbursements for loans held for sale | -317,926 | -363,931 |
Net decrease in loans held for sale relating to branch sale | 0 | 900 |
Net decrease in deposits held for sale relating to branch sale | ' | -11,671 |
Provision for loan losses | -3,153 | 6,438 |
Deferred federal income tax benefit | -58,807 | 0 |
Deferred loan fees | -28 | -501 |
Depreciation, amortization of intangible assets and premiums and accretion of discounts on securities and loans | -2,168 | -3,532 |
Write-down of property and equipment held for sale | 0 | 860 |
Net gains on mortgage loans | -8,415 | -12,041 |
Net gains on securities | -205 | -1,154 |
Securities impairment recognized in earnings | 26 | 332 |
Net losses on other real estate and repossessed assets | 1,091 | 1,911 |
Vehicle service contract counterparty contingencies | 3,403 | 1,078 |
Share based compensation | 1,002 | 572 |
(Increase) decrease in accrued income and other assets | 8,572 | -5,439 |
Increase (decrease) in accrued expenses and other liabilities | -947 | 3,957 |
Total Adjustments | -31,349 | -3,417 |
Net Cash from Operating Activities | 41,351 | 10,866 |
Cash Flow used in Investing Activities | ' | ' |
Proceeds from the sale of securities available for sale | 2,940 | 37,176 |
Proceeds from the maturity of securities available for sale | 25,975 | 66,868 |
Principal payments received on securities available for sale | 28,766 | 18,214 |
Purchases of securities available for sale | -266,974 | -192,382 |
Purchases of interest bearing deposits | -16,419 | 0 |
Purchase of Federal Reserve Bank stock | -658 | 0 |
Redemption of Federal Reserve Bank stock | 0 | 334 |
Net cash from branch sale | 3,292 | 0 |
Net decrease in portfolio loans (loans originated, net of principal payments) | 30,255 | 75,148 |
Net proceeds from the sale of watch, substandard and non-performing loans | 6,721 | 0 |
Proceeds from the collection of vehicle service contract counterparty receivables | 6,351 | 7,413 |
Proceeds from the sale of other real estate and repossessed assets | 11,659 | 14,062 |
Proceeds from the sale of property and equipment, net | 52 | 415 |
Capital expenditures | -5,992 | -4,185 |
Net Cash from (used in) Investing Activities | -174,032 | 23,063 |
Cash Flow from Financing Activities | ' | ' |
Net increase in total deposits | 69,781 | 98,836 |
Net increase (decrease) in other borrowings | -2 | 3 |
Proceeds from Federal Home Loan Bank advances | 100 | 12,000 |
Payments of Federal Home Loan Bank advances | -441 | -27,670 |
Redemption of convertible preferred stock and common stock warrant | -81,000 | 0 |
Share based compensation withholding obligations | -513 | 0 |
Net increase (decrease) in vehicle service contract counterparty payables | -2,226 | 1,781 |
Proceeds from issuance of common stock | 98,145 | 557 |
Net Cash from Financing Activities | 83,844 | 85,507 |
Net Increase (Decrease) in Cash and Cash Equivalents | -48,837 | 119,436 |
Cash and Cash Equivalents at Beginning of Period | 179,782 | 341,108 |
Cash and Cash Equivalents at End of Period | 130,945 | 460,544 |
Cash paid during the period for | ' | ' |
Interest | 13,853 | 8,647 |
Income taxes | 42 | 198 |
Transfers to other real estate and repossessed assets | 3,254 | 9,110 |
Transfer of payment plan receivables to vehicle service contract counterparty receivables | 995 | 1,225 |
Purchase of securities available for sale and interest bearing deposits - time not yet settled | 3,816 | 0 |
Transfers to loans held for sale | 0 | 54,127 |
Transfers to fixed assets held for sale | 0 | 10,884 |
Transfers to deposits held for sale | $0 | $420,261 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Shareholders' Equity (unaudited) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ||
Balances at beginning of period | $134,975 | $102,627 | ||
Net Income | 72,700 | 14,283 | ||
Issuance of common stock | 99,065 | 557 | ||
Redemption of convertible preferred stock and common stock warrant | -81,000 | 0 | ||
Common stock warrant | 1,484 | 0 | ||
Share based compensation | 1,002 | 572 | ||
Share based compensation withholding obligation | -513 | 0 | ||
Net change in accumulated other comprehensive loss, net of related tax effect | -1,112 | [1] | 3,489 | [1] |
Balances at end of period | $226,601 | $121,528 | ||
[1] | 2013 amounts are presented net of tax as we removed substantially all of the valuation allowance on our deferred tax assets during the second quarter of 2013 (see Note #10). |
Preparation_of_Financial_Stand
Preparation of Financial Standards | 9 Months Ended | |
Sep. 30, 2013 | ||
Preparation of Financial Statements [Abstract] | ' | |
Preparation of Financial Statements | ' | |
1 | Preparation of Financial Statements | |
The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2012 included in our Annual Report on Form 10-K. | ||
In our opinion, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary to present fairly our consolidated financial condition as of September 30, 2013 and December 31, 2012, and the results of operations for the three and nine-month periods ended September 30, 2013 and 2012. The results of operations for the three and nine-month periods ended September 30, 2013, are not necessarily indicative of the results to be expected for the full year. Certain reclassifications have been made in the prior period financial statements to conform to the current period presentation. Our critical accounting policies include the assessment for other than temporary impairment (“OTTI”) on investment securities, the determination of the allowance for loan losses, the determination of vehicle service contract counterparty contingencies, the valuation of originated mortgage loan servicing rights and the valuation of deferred tax assets. Refer to our 2012 Annual Report on Form 10-K for a disclosure of our accounting policies. |
New_Accounting_Standards
New Accounting Standards | 9 Months Ended | |
Sep. 30, 2013 | ||
New Accounting Standards [Abstract] | ' | |
New Accounting Standards | ' | |
2 | New Accounting Standards | |
In February, 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. This ASU amended guidance on the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this guidance require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. This amended guidance became effective for us at January 1, 2013 and was applied prospectively. The effect of adopting this standard did not have a material impact on our consolidated operating results or financial condition, but the additional disclosures are included in note #16. |
Securities
Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
3 | Securities | ||||||||||||||||||||||||
Securities available for sale consist of the following: | |||||||||||||||||||||||||
Amortized | Unrealized | ||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
U.S. agency | $ | 23,794 | $ | 3 | $ | 405 | $ | 23,392 | |||||||||||||||||
U.S. agency residential mortgage-backed | 198,424 | 1,062 | 1,147 | 198,339 | |||||||||||||||||||||
Private label residential mortgage-backed | 7,615 | 57 | 779 | 6,893 | |||||||||||||||||||||
Other asset backed | 26,877 | 8 | 55 | 26,830 | |||||||||||||||||||||
Obligations of states and political subdivisions | 143,957 | 422 | 3,440 | 140,939 | |||||||||||||||||||||
Corporate | 17,031 | 22 | 37 | 17,016 | |||||||||||||||||||||
Trust preferred | 2,901 | - | 425 | 2,476 | |||||||||||||||||||||
Total | $ | 420,599 | $ | 1,574 | $ | 6,288 | $ | 415,885 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
U.S. agency | $ | 30,620 | $ | 70 | $ | 23 | $ | 30,667 | |||||||||||||||||
U.S. agency residential mortgage-backed | 126,151 | 1,264 | 3 | 127,412 | |||||||||||||||||||||
Private label residential mortgage-backed | 9,070 | - | 876 | 8,194 | |||||||||||||||||||||
Obligations of states and political subdivisions | 38,384 | 736 | 69 | 39,051 | |||||||||||||||||||||
Trust preferred | 4,704 | - | 1,615 | 3,089 | |||||||||||||||||||||
Total | $ | 208,929 | $ | 2,070 | $ | 2,586 | $ | 208,413 | |||||||||||||||||
Our investments’ gross unrealized losses and fair values aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows: | |||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
U.S. agency | $ | 18,090 | $ | 405 | $ | - | $ | - | $ | 18,090 | $ | 405 | |||||||||||||
U.S. agency residential mortgage-backed | 84,132 | 1,147 | - | - | 84,132 | 1,147 | |||||||||||||||||||
Private label residential mortgage-backed | 2,150 | 14 | 4,684 | 765 | 6,834 | 779 | |||||||||||||||||||
Other asset backed | 17,364 | 55 | - | - | 17,364 | 55 | |||||||||||||||||||
Obligations of states and political subdivisions | 100,584 | 3,210 | 4,940 | 230 | 105,524 | 3,440 | |||||||||||||||||||
Corporate | 10,980 | 37 | - | - | 10,980 | 37 | |||||||||||||||||||
Trust preferred | - | - | 2,476 | 425 | 2,476 | 425 | |||||||||||||||||||
Total | $ | 233,300 | $ | 4,868 | $ | 12,100 | $ | 1,420 | $ | 245,400 | $ | 6,288 | |||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
U.S. agency | $ | 8,097 | $ | 23 | $ | - | $ | - | $ | 8,097 | $ | 23 | |||||||||||||
U.S. agency residential mortgage-backed | - | - | 457 | 3 | 457 | 3 | |||||||||||||||||||
Private label residential mortgage-backed | - | - | 8,192 | 876 | 8,192 | 876 | |||||||||||||||||||
Obligations of states and political subdivisions | 7,384 | 69 | - | - | 7,384 | 69 | |||||||||||||||||||
Trust preferred | - | - | 3,089 | 1,615 | 3,089 | 1,615 | |||||||||||||||||||
Total | $ | 15,481 | $ | 92 | $ | 11,738 | $ | 2,494 | $ | 27,219 | $ | 2,586 | |||||||||||||
Our portfolio of available-for-sale securities is reviewed quarterly for impairment in value. In performing this review management considers (1) the length of time and extent that fair value has been less than cost, (2) the financial condition and near term prospects of the issuer, (3) the impact of changes in market interest rates on the market value of the security and (4) an assessment of whether we intend to sell, or it is more likely than not that we will be required to sell a security in an unrealized loss position before recovery of its amortized cost basis. For securities that do not meet the aforementioned recovery criteria, the amount of impairment recognized in earnings is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income or loss. | |||||||||||||||||||||||||
U.S. agency and U.S. agency residential mortgage-backed securities — at September 30, 2013 we had six U.S. Agency and 13 U.S. Agency residential mortgage-backed securities whose fair market value is less than amortized cost. The unrealized losses are largely attributed to rises in term interest rates and widening spreads to Treasury bonds. As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. | |||||||||||||||||||||||||
Private label residential mortgage backed securities — at September 30, 2013 we had seven of this type of securities whose fair value is less than amortized cost. Two of the issues are rated by a major rating agency as investment grade while three are below investment grade and two are split rated. Three of these bonds have impairment in excess of 10% and four of these holdings have been impaired for more than 12 months. | |||||||||||||||||||||||||
The unrealized losses are largely attributable to credit spread widening on these securities since their acquisition. The underlying loans within these securities include Jumbo (70%) and Alt A (30%) at September 30, 2013. | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||
Value | Gain (Loss) | Value | Gain (Loss) | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Private label residential mortgage-backed | |||||||||||||||||||||||||
Jumbo | $ | 4,820 | $ | (566 | ) | $ | 6,041 | $ | (594 | ) | |||||||||||||||
Alt-A | 2,073 | (156 | ) | 2,153 | (282 | ) | |||||||||||||||||||
All of these securities are receiving some principal and interest payments. Most of these transactions are passthrough structures, receiving pro rata principal and interest payments from a dedicated collateral pool for loans that are performing. The nonreceipt of interest cash flows is not expected and thus not presently considered in our discounted cash flow methodology discussed below. | |||||||||||||||||||||||||
All private label residential mortgage-backed securities are reviewed for OTTI utilizing a cash flow projection. The cash flow analysis forecasts cash flow from the underlying loans in each transaction and then applies these cash flows to the bonds in the securitization. The cash flows from the underlying loans consider contractual payment terms (scheduled amortization), prepayments, defaults and severity of loss given default. The analysis uses dynamic assumptions for prepayments, defaults and loss severity. Near term prepayment assumptions are based on recently observed prepayment rates. More weight is given to longer term historic performance (12 months). In some cases, recently observed prepayment rates are lower than historic norms due to a minimal amount of new jumbo loan issuances. This loan market is heavily dependent upon securitization for funding, and new securitization transactions have been minimal. Our model projections anticipate that prepayment rates gradually revert to historical levels. For seasoned ARM transactions, normalized prepayment rates range from 12% to 16% CPR. For fixed rate collateral (one transaction), the prepayment speeds are projected to remain stable. | |||||||||||||||||||||||||
Default assumptions are largely based on the volume of existing real estate owned, pending foreclosures and severe delinquencies. Other considerations include the quality of loan underwriting, recent default experience, realized loss performance and the volume of less severe delinquencies. Default levels generally are projected to remain elevated or increase for a period of time sufficient to address the level of distressed loans in the transaction. Our projections expect defaults to then decline, generally beginning in year three. Current loss severity assumptions are based on recent observations when meaningful data is available. Loss severity is expected to remain elevated for the next 18 months. Severity is expected to decline after this period due to improving overall economic conditions, improving real estate prices and a reduced inventory of foreclosed properties on the market. Except for three securities discussed in further detail below (all three are currently below investment grade), our cash flow analysis forecasts complete recovery of our cost basis for each reviewed security. | |||||||||||||||||||||||||
At September 30, 2013 three below investment grade private label residential mortgage-backed securities had credit related OTTI and are summarized as follows: | |||||||||||||||||||||||||
Super | Senior | ||||||||||||||||||||||||
Senior | Senior | Support | |||||||||||||||||||||||
Security | Security | Security | Total | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Fair value | $ | 2,584 | $ | 1,717 | $ | 57 | $ | 4,358 | |||||||||||||||||
Amortized cost | 2,978 | 1,722 | - | 4,700 | |||||||||||||||||||||
Non-credit unrealized loss | 394 | 5 | - | 399 | |||||||||||||||||||||
Unrealized gain | - | - | 57 | 57 | |||||||||||||||||||||
Cumulative credit related OTTI | 748 | 457 | 380 | 1,585 | |||||||||||||||||||||
Credit related OTTI recognized in our Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||
For the three months ended September 30, | |||||||||||||||||||||||||
2013 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
2012 | 70 | - | - | 70 | |||||||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||||||||
2013 | 26 | - | - | 26 | |||||||||||||||||||||
2012 | 240 | 32 | 60 | 332 | |||||||||||||||||||||
Each of these securities is receiving principal and interest payments similar to principal reductions in the underlying collateral. One of these securities has an unrealized gain and two have unrealized losses at September 30, 2013. Prior to the second quarter of 2013 all three of these securities had an unrealized loss. The original amortized cost for each of these securities has been permanently adjusted downward for previously recorded credit related OTTI. The unrealized loss (based on original amortized cost) for one of these securities is now less than previously recorded credit related OTTI amounts. The remaining non-credit related unrealized loss in the senior and super senior securities is attributed to other factors and is reflected in other comprehensive income during those same periods. | |||||||||||||||||||||||||
As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no other declines discussed above are deemed to be other than temporary. | |||||||||||||||||||||||||
Other asset backed — at September 30, 2013 we had five other asset backed securities whose fair value is less than amortized cost. The unrealized losses are primarily due to increases in interest rates. As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. | |||||||||||||||||||||||||
Obligations of states and political subdivisions — at September 30, 2013 we had 137 municipal securities whose fair value is less than amortized cost. The increase in unrealized losses during 2013 is primarily due to increases in interest rates. As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. | |||||||||||||||||||||||||
Corporate — at September 30, 2013 we had nine corporate securities whose fair value is less than amortized cost. The unrealized losses are primarily due to credit spread widening. As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. | |||||||||||||||||||||||||
Trust preferred securities — at September 30, 2013 we had three trust preferred securities whose fair value is less than amortized cost. All of our trust preferred securities are single issue securities issued by a trust subsidiary of a bank holding company. The pricing of trust preferred securities over the past several years has suffered from credit spread widening fueled by uncertainty regarding potential losses of financial companies and repricing of risk related to these hybrid capital securities. | |||||||||||||||||||||||||
One of the three securities is rated by two major rating agencies as investment grade, while one (a Bank of America issuance) is rated below investment grade by two major rating agencies and the other one is non-rated. The non-rated issue is a relatively small bank and was never rated. The issuer of this non-rated trust preferred security, which had a total amortized cost of $1.0 million and total fair value of $0.9 million as of September 30, 2013, continues to have satisfactory credit metrics and make interest payments. | |||||||||||||||||||||||||
The following table breaks out our trust preferred securities in further detail as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||
Value | Loss | Value | Loss | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trust preferred securities | |||||||||||||||||||||||||
Rated issues | $ | 1,620 | $ | (281 | ) | $ | 1,581 | $ | (316 | ) | |||||||||||||||
Unrated issues | 856 | (144 | ) | 1,508 | (1,299 | ) | |||||||||||||||||||
As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. | |||||||||||||||||||||||||
We recorded credit related OTTI charges in earnings on securities available for sale of zero and $0.070 million during the three month periods ended September 30, 2013 and 2012, respectively and $0.026 million and $0.332 million during the nine month periods ended September 30, 2013 and 2012, respectively (see discussion above). | |||||||||||||||||||||||||
A roll forward of credit losses recognized in earnings on securities available for sale for the three and nine month periods ending September 30, follows: | |||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of period | $ | 1,835 | $ | 1,732 | $ | 1,809 | $ | 1,470 | |||||||||||||||||
Additions to credit losses on securities for which no previous OTTI was recognized | - | - | - | - | |||||||||||||||||||||
Increases to credit losses on securities for which OTTI was previously recognized | - | 70 | 26 | 332 | |||||||||||||||||||||
Balance at end of period | $ | 1,835 | $ | 1,802 | $ | 1,835 | $ | 1,802 | |||||||||||||||||
The amortized cost and fair value of securities available for sale at September 30, 2013, by contractual maturity, follow. The actual maturity may differ from the contractual maturity because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Maturing within one year | $ | 12,322 | $ | 12,325 | |||||||||||||||||||||
Maturing after one year but within five years | 70,216 | 70,165 | |||||||||||||||||||||||
Maturing after five years but within ten years | 29,982 | 29,545 | |||||||||||||||||||||||
Maturing after ten years | 75,163 | 71,788 | |||||||||||||||||||||||
187,683 | 183,823 | ||||||||||||||||||||||||
U.S. agency residential mortgage-backed | 198,424 | 198,339 | |||||||||||||||||||||||
Private label residential mortgage-backed | 7,615 | 6,893 | |||||||||||||||||||||||
Other asset backed | 26,877 | 26,830 | |||||||||||||||||||||||
Total | $ | 420,599 | $ | 415,885 | |||||||||||||||||||||
Gains and losses realized on the sale of securities available for sale are determined using the specific identification method and are recognized on a trade-date basis. A summary of proceeds from the sale of securities available for sale and gains and losses for the nine month periods ending September 30, follows: | |||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||
Proceeds | Gains | Losses(1) | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2013 | $ | 2,940 | $ | 15 | $ | 7 | |||||||||||||||||||
2012 | 37,176 | 1,193 | - | ||||||||||||||||||||||
-1 | Losses in 2013 and 2012 exclude $0.026 million and $0.332 million, respectively of credit related OTTI recognized in earnings. | ||||||||||||||||||||||||
During 2013 and 2012 our trading securities consisted of various preferred stocks. During the first nine months of 2013 and 2012 we recognized gains (losses) on trading securities of $0.20 million and ($0.04) million, respectively, that are included in net gains (losses) on securities in the Condensed Consolidated Statements of Operations. Both of these amounts, relate to gains (losses) recognized on trading securities still held at each respective period end. |
Loans
Loans | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Loans [Abstract] | ' | ||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||
4 | Loans | ||||||||||||||||||||||||
Our assessment of the allowance for loan losses is based on an evaluation of the loan portfolio, recent loss experience, current economic conditions and other pertinent factors. | |||||||||||||||||||||||||
An analysis of the allowance for loan losses by portfolio segment for the three months ended September 30, follows: | |||||||||||||||||||||||||
Payment | |||||||||||||||||||||||||
Plan | |||||||||||||||||||||||||
Commercial | Mortgage | Installment | Receivables | Unallocated | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 8,236 | $ | 18,659 | $ | 2,996 | $ | 125 | $ | 6,770 | $ | 36,786 | |||||||||||||
Additions (deductions) | |||||||||||||||||||||||||
Provision for loan losses | (709 | ) | 712 | 105 | (37 | ) | (426 | ) | (355 | ) | |||||||||||||||
Recoveries credited to allowance | 878 | 343 | 244 | 19 | - | 1,484 | |||||||||||||||||||
Loans charged against the allowance | (1,450 | ) | (1,497 | ) | (534 | ) | 3 | - | (3,478 | ) | |||||||||||||||
Balance at end of period | $ | 6,955 | $ | 18,217 | $ | 2,811 | $ | 110 | $ | 6,344 | $ | 34,437 | |||||||||||||
2012 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 15,476 | $ | 21,271 | $ | 4,981 | $ | 195 | $ | 9,423 | $ | 51,346 | |||||||||||||
Additions (deductions) | |||||||||||||||||||||||||
Provision for loan losses | 18 | 1,839 | (849 | ) | (17 | ) | (740 | ) | 251 | ||||||||||||||||
Recoveries credited to allowance | 782 | 303 | 287 | - | - | 1,372 | |||||||||||||||||||
Loans charged against the allowance | (2,619 | ) | (1,720 | ) | (793 | ) | 13 | - | (5,119 | ) | |||||||||||||||
Reclassification to loans held for sale | 16 | 136 | 133 | - | (114 | ) | 171 | ||||||||||||||||||
Balance at end of period | $ | 13,673 | $ | 21,829 | $ | 3,759 | $ | 191 | $ | 8,569 | $ | 48,021 | |||||||||||||
An analysis of the allowance for loan losses by portfolio segment for the nine months ended September 30, follows: | |||||||||||||||||||||||||
Payment | |||||||||||||||||||||||||
Plan | |||||||||||||||||||||||||
Commercial | Mortgage | Installment | Receivables | Unallocated | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 11,402 | $ | 21,447 | $ | 3,378 | $ | 144 | $ | 7,904 | $ | 44,275 | |||||||||||||
Additions (deductions) | |||||||||||||||||||||||||
Provision for loan losses | (2,385 | ) | 224 | 621 | (53 | ) | (1,560 | ) | (3,153 | ) | |||||||||||||||
Recoveries credited to allowance | 4,595 | 1,415 | 836 | 47 | - | 6,893 | |||||||||||||||||||
Loans charged against the allowance | (6,657 | ) | (4,869 | ) | (2,024 | ) | (28 | ) | - | (13,578 | ) | ||||||||||||||
Balance at end of period | $ | 6,955 | $ | 18,217 | $ | 2,811 | $ | 110 | $ | 6,344 | $ | 34,437 | |||||||||||||
2012 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 18,183 | $ | 22,885 | $ | 6,146 | $ | 197 | $ | 11,473 | $ | 58,884 | |||||||||||||
Additions (deductions) | |||||||||||||||||||||||||
Provision for loan losses | 2,708 | 6,644 | (331 | ) | 6 | (2,589 | ) | 6,438 | |||||||||||||||||
Recoveries credited to allowance | 2,178 | 1,423 | 1,002 | - | - | 4,603 | |||||||||||||||||||
Loans charged against the allowance | (9,242 | ) | (9,067 | ) | (2,973 | ) | (12 | ) | - | (21,294 | ) | ||||||||||||||
Reclassification to loans held for sale | (154 | ) | (56 | ) | (85 | ) | - | (315 | ) | (610 | ) | ||||||||||||||
Balance at end of period | $ | 13,673 | $ | 21,829 | $ | 3,759 | $ | 191 | $ | 8,569 | $ | 48,021 | |||||||||||||
Allowance for loan losses and recorded investment in loans by portfolio segment follows: | |||||||||||||||||||||||||
Payment | |||||||||||||||||||||||||
Plan | |||||||||||||||||||||||||
Commercial | Mortgage | Installment | Receivables | Unallocated | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,500 | $ | 11,318 | $ | 1,365 | $ | - | $ | - | $ | 16,183 | |||||||||||||
Collectively evaluated for impairment | 3,455 | 6,899 | 1,446 | 110 | 6,344 | 18,254 | |||||||||||||||||||
Total ending allowance balance | $ | 6,955 | $ | 18,217 | $ | 2,811 | $ | 110 | $ | 6,344 | $ | 34,437 | |||||||||||||
Loans | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 44,789 | $ | 79,511 | $ | 7,097 | $ | - | $ | 131,397 | |||||||||||||||
Collectively evaluated for impairment | 582,213 | 414,311 | 188,104 | 68,494 | 1,253,122 | ||||||||||||||||||||
Total loans recorded investment | 627,002 | 493,822 | 195,201 | 68,494 | 1,384,519 | ||||||||||||||||||||
Accrued interest included in recorded investment | 1,580 | 2,297 | 659 | - | 4,536 | ||||||||||||||||||||
Total loans | $ | 625,422 | $ | 491,525 | $ | 194,542 | $ | 68,494 | $ | 1,379,983 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 6,558 | $ | 12,869 | $ | 1,582 | $ | - | $ | - | $ | 21,009 | |||||||||||||
Collectively evaluated for impairment | 4,844 | 8,578 | 1,796 | 144 | 7,904 | 23,266 | |||||||||||||||||||
Total ending allowance balance | $ | 11,402 | $ | 21,447 | $ | 3,378 | $ | 144 | $ | 7,904 | $ | 44,275 | |||||||||||||
Loans | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 55,634 | $ | 88,028 | $ | 7,505 | $ | - | $ | 151,167 | |||||||||||||||
Collectively evaluated for impairment | 563,316 | 441,703 | 183,090 | 84,692 | 1,272,801 | ||||||||||||||||||||
Total loans recorded investment | 618,950 | 529,731 | 190,595 | 84,692 | 1,423,968 | ||||||||||||||||||||
Accrued interest included in recorded investment | 1,692 | 2,391 | 746 | - | 4,829 | ||||||||||||||||||||
Total loans | $ | 617,258 | $ | 527,340 | $ | 189,849 | $ | 84,692 | $ | 1,419,139 | |||||||||||||||
Loans on non-accrual status and past due more than 90 days (“Non-performing Loans”) follow: | |||||||||||||||||||||||||
90+ and | Total Non- | ||||||||||||||||||||||||
Still | Non- | Performing | |||||||||||||||||||||||
Accruing | Accrual | Loans | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 153 | $ | 4,666 | $ | 4,819 | |||||||||||||||||||
Land, land development and construction - real estate | - | 1,291 | 1,291 | ||||||||||||||||||||||
Commercial and industrial | 212 | 372 | 584 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | 7,520 | 7,520 | ||||||||||||||||||||||
Resort lending | - | 3,039 | 3,039 | ||||||||||||||||||||||
Home equity line of credit - 1st lien | - | 378 | 378 | ||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | 609 | 609 | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | - | 1,181 | 1,181 | ||||||||||||||||||||||
Home equity installment - 2nd lien | - | 479 | 479 | ||||||||||||||||||||||
Loans not secured by real estate | - | 448 | 448 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | - | 25 | 25 | ||||||||||||||||||||||
Partial refund | - | 6 | 6 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total recorded investment | $ | 365 | $ | 20,014 | $ | 20,379 | |||||||||||||||||||
Accrued interest included in recorded investment | $ | 9 | $ | - | $ | 9 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | - | $ | 5,611 | $ | 5,611 | |||||||||||||||||||
Land, land development and construction - real estate | - | 4,062 | 4,062 | ||||||||||||||||||||||
Commercial and industrial | - | 5,080 | 5,080 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 7 | 9,654 | 9,661 | ||||||||||||||||||||||
Resort lending | - | 4,861 | 4,861 | ||||||||||||||||||||||
Home equity line of credit - 1st lien | - | 529 | 529 | ||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | 685 | 685 | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | - | 1,278 | 1,278 | ||||||||||||||||||||||
Home equity installment - 2nd lien | - | 675 | 675 | ||||||||||||||||||||||
Loans not secured by real estate | - | 390 | 390 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | - | 57 | 57 | ||||||||||||||||||||||
Partial refund | - | 38 | 38 | ||||||||||||||||||||||
Other | - | 9 | 9 | ||||||||||||||||||||||
Total recorded investment | $ | 7 | $ | 32,929 | $ | 32,936 | |||||||||||||||||||
Accrued interest included in recorded investment | $ | - | $ | - | $ | - | |||||||||||||||||||
An aging analysis of loans by class follows: | |||||||||||||||||||||||||
Loans Past Due | Loans not | Total | |||||||||||||||||||||||
30-59 days | 60-89 days | 90+ days | Total | Past Due | Loans | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 136 | $ | 297 | $ | 4,495 | $ | 4,928 | $ | 235,617 | $ | 240,545 | |||||||||||||
Land, land development and construction - real estate | 44 | - | 296 | 340 | 45,597 | 45,937 | |||||||||||||||||||
Commercial and industrial | 1,700 | 369 | 261 | 2,330 | 338,190 | 340,520 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 2,519 | 910 | 7,520 | 10,949 | 268,098 | 279,047 | |||||||||||||||||||
Resort lending | 646 | - | 3,039 | 3,685 | 148,609 | 152,294 | |||||||||||||||||||
Home equity line of credit - 1st lien | 50 | 28 | 378 | 456 | 18,440 | 18,896 | |||||||||||||||||||
Home equity line of credit - 2nd lien | 253 | 257 | 609 | 1,119 | 42,466 | 43,585 | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 625 | 417 | 1,181 | 2,223 | 26,341 | 28,564 | |||||||||||||||||||
Home equity installment - 2nd lien | 393 | 180 | 479 | 1,052 | 37,188 | 38,240 | |||||||||||||||||||
Loans not secured by real estate | 919 | 188 | 448 | 1,555 | 124,225 | 125,780 | |||||||||||||||||||
Other | 18 | 4 | - | 22 | 2,595 | 2,617 | |||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | 1,511 | 361 | 25 | 1,897 | 61,832 | 63,729 | |||||||||||||||||||
Partial refund | 182 | 57 | 6 | 245 | 4,498 | 4,743 | |||||||||||||||||||
Other | 4 | - | - | 4 | 18 | 22 | |||||||||||||||||||
Total recorded investment | $ | 9,000 | $ | 3,068 | $ | 18,737 | $ | 30,805 | $ | 1,353,714 | $ | 1,384,519 | |||||||||||||
Accrued interest included in recorded investment | $ | 80 | $ | 42 | $ | 9 | $ | 131 | $ | 4,405 | $ | 4,536 | |||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 3,734 | $ | 609 | $ | 2,826 | $ | 7,169 | $ | 215,623 | $ | 222,792 | |||||||||||||
Land, land development and construction - real estate | 336 | - | 1,176 | 1,512 | 41,750 | 43,262 | |||||||||||||||||||
Commercial and industrial | 2,522 | 654 | 1,913 | 5,089 | 347,807 | 352,896 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 4,429 | 1,115 | 9,661 | 15,205 | 279,132 | 294,337 | |||||||||||||||||||
Resort lending | 748 | 370 | 4,861 | 5,979 | 164,414 | 170,393 | |||||||||||||||||||
Home equity line of credit - 1st lien | 453 | 51 | 529 | 1,033 | 18,003 | 19,036 | |||||||||||||||||||
Home equity line of credit - 2nd lien | 442 | 32 | 685 | 1,159 | 44,806 | 45,965 | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 599 | 140 | 1,278 | 2,017 | 30,368 | 32,385 | |||||||||||||||||||
Home equity installment - 2nd lien | 430 | 125 | 675 | 1,230 | 38,956 | 40,186 | |||||||||||||||||||
Loans not secured by real estate | 899 | 259 | 390 | 1,548 | 113,751 | 115,299 | |||||||||||||||||||
Other | 24 | 12 | - | 36 | 2,689 | 2,725 | |||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | 2,249 | 552 | 57 | 2,858 | 77,335 | 80,193 | |||||||||||||||||||
Partial refund | 112 | 46 | 38 | 196 | 4,119 | 4,315 | |||||||||||||||||||
Other | 3 | 6 | 9 | 18 | 166 | 184 | |||||||||||||||||||
Total recorded investment | $ | 16,980 | $ | 3,971 | $ | 24,098 | $ | 45,049 | $ | 1,378,919 | $ | 1,423,968 | |||||||||||||
Accrued interest included in recorded investment | $ | 146 | $ | 43 | $ | - | $ | 189 | $ | 4,640 | $ | 4,829 | |||||||||||||
During the second quarter of 2013 we sold certain commercial watch, substandard and non-performing loans as follows: | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Income producing - real estate | $ | 4,570 | |||||||||||||||||||||||
Land, land development and construction - real estate | 401 | ||||||||||||||||||||||||
Commercial and industrial | 3,630 | ||||||||||||||||||||||||
Total | $ | 8,601 | |||||||||||||||||||||||
Impaired loans are as follows : | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Impaired loans with no allocated allowance | (In thousands) | ||||||||||||||||||||||||
TDR | $ | 20,753 | $ | 14,435 | |||||||||||||||||||||
Non - TDR | - | 418 | |||||||||||||||||||||||
Impaired loans with an allocated allowance | |||||||||||||||||||||||||
TDR - allowance based on collateral | 8,069 | 16,231 | |||||||||||||||||||||||
TDR - allowance based on present value cash flow | 101,075 | 112,997 | |||||||||||||||||||||||
Non - TDR - allowance based on collateral | 1,029 | 6,580 | |||||||||||||||||||||||
Non - TDR - allowance based on present value cash flow | - | - | |||||||||||||||||||||||
Total impaired loans | $ | 130,926 | $ | 150,661 | |||||||||||||||||||||
Amount of allowance for loan losses allocated | |||||||||||||||||||||||||
TDR - allowance based on collateral | $ | 2,812 | $ | 5,060 | |||||||||||||||||||||
TDR - allowance based on present value cash flow | 13,104 | 14,462 | |||||||||||||||||||||||
Non - TDR - allowance based on collateral | 267 | 1,487 | |||||||||||||||||||||||
Non - TDR - allowance based on present value cash flow | - | - | |||||||||||||||||||||||
Total amount of allowance for loan losses allocated | $ | 16,183 | $ | 21,009 | |||||||||||||||||||||
Impaired loans by class are as follows (1): | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||||||
Investment | Balance | Allowance | Investment | Balance | Allowance | ||||||||||||||||||||
With no related allowance recorded: | (In thousands) | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 8,020 | $ | 9,433 | $ | - | $ | 4,050 | $ | 4,672 | $ | - | |||||||||||||
Land, land development & construction-real estate | 3,549 | 4,554 | - | 3,304 | 3,294 | - | |||||||||||||||||||
Commercial and industrial | 4,380 | 4,361 | - | 2,611 | 2,592 | - | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 8 | 8 | - | - | - | - | |||||||||||||||||||
Resort lending | 35 | 163 | - | - | - | - | |||||||||||||||||||
Home equity line of credit - 1st lien | - | 4 | - | - | - | - | |||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | - | - | - | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 1,952 | 2,077 | - | 2,027 | 2,219 | - | |||||||||||||||||||
Home equity installment - 2nd lien | 2,299 | 2,292 | - | 2,278 | 2,278 | - | |||||||||||||||||||
Loans not secured by real estate | 544 | 668 | - | 610 | 681 | - | |||||||||||||||||||
Other | 17 | 17 | - | 20 | 20 | - | |||||||||||||||||||
20,804 | 23,577 | - | 14,900 | 15,756 | - | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 14,166 | 16,356 | 1,068 | 20,628 | 24,250 | 1,822 | |||||||||||||||||||
Land, land development & construction-real estate | 5,085 | 5,833 | 792 | 8,808 | 11,971 | 1,986 | |||||||||||||||||||
Commercial and industrial | 9,589 | 9,723 | 1,640 | 16,233 | 18,564 | 2,750 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 58,497 | 61,557 | 7,881 | 64,160 | 68,418 | 8,518 | |||||||||||||||||||
Resort lending | 20,776 | 21,383 | 3,352 | 23,763 | 24,160 | 4,321 | |||||||||||||||||||
Home equity line of credit - 1st lien | 153 | 165 | 81 | 62 | 77 | 30 | |||||||||||||||||||
Home equity line of credit - 2nd lien | 42 | 118 | 4 | 43 | 118 | - | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 1,023 | 1,068 | 494 | 1,215 | 1,240 | 610 | |||||||||||||||||||
Home equity installment - 2nd lien | 1,067 | 1,078 | 818 | 1,161 | 1,174 | 930 | |||||||||||||||||||
Loans not secured by real estate | 195 | 194 | 53 | 194 | 194 | 42 | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
110,593 | 117,475 | 16,183 | 136,267 | 150,166 | 21,009 | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 22,186 | 25,789 | 1,068 | 24,678 | 28,922 | 1,822 | |||||||||||||||||||
Land, land development & construction-real estate | 8,634 | 10,387 | 792 | 12,112 | 15,265 | 1,986 | |||||||||||||||||||
Commercial and industrial | 13,969 | 14,084 | 1,640 | 18,844 | 21,156 | 2,750 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 58,505 | 61,565 | 7,881 | 64,160 | 68,418 | 8,518 | |||||||||||||||||||
Resort lending | 20,811 | 21,546 | 3,352 | 23,763 | 24,160 | 4,321 | |||||||||||||||||||
Home equity line of credit - 1st lien | 153 | 169 | 81 | 62 | 77 | 30 | |||||||||||||||||||
Home equity line of credit - 2nd lien | 42 | 118 | 4 | 43 | 118 | - | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 2,975 | 3,145 | 494 | 3,242 | 3,459 | 610 | |||||||||||||||||||
Home equity installment - 2nd lien | 3,366 | 3,370 | 818 | 3,439 | 3,452 | 930 | |||||||||||||||||||
Loans not secured by real estate | 739 | 862 | 53 | 804 | 875 | 42 | |||||||||||||||||||
Other | 17 | 17 | - | 20 | 20 | - | |||||||||||||||||||
Total | $ | 131,397 | $ | 141,052 | $ | 16,183 | $ | 151,167 | $ | 165,922 | $ | 21,009 | |||||||||||||
Accrued interest included in recorded investment | $ | 471 | $ | 506 | |||||||||||||||||||||
-1 | There were no impaired payment plan receivables at September 30, 2013 or December 31, 2012. | ||||||||||||||||||||||||
Average recorded investment in and interest income earned on impaired loans by class for the three month periods ending September 30, follows (1): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | (In thousands) | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 6,417 | $ | 202 | $ | 1,827 | $ | 15 | |||||||||||||||||
Land, land development & construction-real estate | 3,512 | 58 | 3,131 | 61 | |||||||||||||||||||||
Commercial and industrial | 4,255 | 85 | 3,483 | 58 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 8 | 13 | - | - | |||||||||||||||||||||
Resort lending | 35 | - | 704 | - | |||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | - | - | |||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | - | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 1,951 | 31 | 2,063 | 20 | |||||||||||||||||||||
Home equity installment - 2nd lien | 2,305 | 34 | 2,233 | 29 | |||||||||||||||||||||
Loans not secured by real estate | 568 | 8 | 540 | 8 | |||||||||||||||||||||
Other | 18 | - | 22 | 1 | |||||||||||||||||||||
19,069 | 431 | 14,003 | 192 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 16,788 | 100 | 26,233 | 207 | |||||||||||||||||||||
Land, land development & construction-real estate | 5,443 | 40 | 9,785 | 31 | |||||||||||||||||||||
Commercial and industrial | 9,761 | 102 | 20,749 | 136 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 59,723 | 593 | 66,593 | 706 | |||||||||||||||||||||
Resort lending | 21,213 | 212 | 23,630 | 264 | |||||||||||||||||||||
Home equity line of credit - 1st lien | 154 | 1 | 66 | 1 | |||||||||||||||||||||
Home equity line of credit - 2nd lien | 42 | - | 45 | - | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 1,050 | 15 | 1,348 | 11 | |||||||||||||||||||||
Home equity installment - 2nd lien | 1,039 | 15 | 1,130 | 13 | |||||||||||||||||||||
Loans not secured by real estate | 212 | 2 | 277 | 2 | |||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||
115,425 | 1,080 | 149,856 | 1,371 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 23,205 | 302 | 28,060 | 222 | |||||||||||||||||||||
Land, land development & construction-real estate | 8,955 | 98 | 12,916 | 92 | |||||||||||||||||||||
Commercial and industrial | 14,016 | 187 | 24,232 | 194 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 59,731 | 606 | 66,593 | 706 | |||||||||||||||||||||
Resort lending | 21,248 | 212 | 24,334 | 264 | |||||||||||||||||||||
Home equity line of credit - 1st lien | 154 | 1 | 66 | 1 | |||||||||||||||||||||
Home equity line of credit - 2nd lien | 42 | - | 45 | - | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 3,001 | 46 | 3,411 | 31 | |||||||||||||||||||||
Home equity installment - 2nd lien | 3,344 | 49 | 3,363 | 42 | |||||||||||||||||||||
Loans not secured by real estate | 780 | 10 | 817 | 10 | |||||||||||||||||||||
Other | 18 | - | 22 | 1 | |||||||||||||||||||||
Total | $ | 134,494 | $ | 1,511 | $ | 163,859 | $ | 1,563 | |||||||||||||||||
-1 | There were no impaired payment plan receivables during the three month periods ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Average recorded investment in and interest income earned on impaired loans by class for the nine month periods ending September 30, follows (1): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | (In thousands) | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 5,446 | $ | 307 | $ | 2,713 | $ | 45 | |||||||||||||||||
Land, land development & construction-real estate | 3,319 | 142 | 2,360 | 97 | |||||||||||||||||||||
Commercial and industrial | 3,948 | 199 | 3,755 | 104 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 4 | 13 | - | - | |||||||||||||||||||||
Resort lending | 26 | - | 641 | - | |||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | - | - | |||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | - | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 2,005 | 83 | 1,945 | 72 | |||||||||||||||||||||
Home equity installment - 2nd lien | 2,301 | 96 | 2,047 | 80 | |||||||||||||||||||||
Loans not secured by real estate | 588 | 23 | 533 | 21 | |||||||||||||||||||||
Other | 19 | 1 | 23 | 2 | |||||||||||||||||||||
17,656 | 864 | 14,017 | 421 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 19,071 | 413 | 24,228 | 474 | |||||||||||||||||||||
Land, land development & construction-real estate | 6,892 | 151 | 10,680 | 136 | |||||||||||||||||||||
Commercial and industrial | 12,398 | 330 | 18,227 | 406 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 61,670 | 1,981 | 67,067 | 2,155 | |||||||||||||||||||||
Resort lending | 22,093 | 653 | 24,053 | 760 | |||||||||||||||||||||
Home equity line of credit - 1st lien | 132 | 2 | 66 | 2 | |||||||||||||||||||||
Home equity line of credit - 2nd lien | 42 | 1 | 91 | 2 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 1,071 | 35 | 1,487 | 41 | |||||||||||||||||||||
Home equity installment - 2nd lien | 1,094 | 40 | 1,367 | 38 | |||||||||||||||||||||
Loans not secured by real estate | 208 | 8 | 227 | 7 | |||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||
124,671 | 3,614 | 147,493 | 4,021 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 24,517 | 720 | 26,941 | 519 | |||||||||||||||||||||
Land, land development & construction-real estate | 10,211 | 293 | 13,040 | 233 | |||||||||||||||||||||
Commercial and industrial | 16,346 | 529 | 21,982 | 510 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 61,674 | 1,994 | 67,067 | 2,155 | |||||||||||||||||||||
Resort lending | 22,119 | 653 | 24,694 | 760 | |||||||||||||||||||||
Home equity line of credit - 1st lien | 132 | 2 | 66 | 2 | |||||||||||||||||||||
Home equity line of credit - 2nd lien | 42 | 1 | 91 | 2 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 3,076 | 118 | 3,432 | 113 | |||||||||||||||||||||
Home equity installment - 2nd lien | 3,395 | 136 | 3,414 | 118 | |||||||||||||||||||||
Loans not secured by real estate | 796 | 31 | 760 | 28 | |||||||||||||||||||||
Other | 19 | 1 | 23 | 2 | |||||||||||||||||||||
Total | $ | 142,327 | $ | 4,478 | $ | 161,510 | $ | 4,442 | |||||||||||||||||
-1 | There were no impaired payment plan receivables during the nine month periods ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Our average investment in impaired loans was approximately $134.5 million and $163.9 million for the three-month periods ended September 30, 2013 and 2012, respectively and $142.3 million and $161.5 million for the nine-month periods ended September 30, 2013 and 2012, respectively. Cash receipts on impaired loans on non-accrual status are generally applied to the principal balance. Interest income recognized on impaired loans during the three months ending September 30, 2013 and 2012 was approximately $1.5 million and $1.6 million, respectively and was approximately $4.5 million and $4.4 million during the nine months ending September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Troubled debt restructurings follow: | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Commercial | Retail | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Performing TDR's | $ | 38,299 | $ | 80,630 | $ | 118,929 | |||||||||||||||||||
Non-performing TDR's(1) | 5,338 | 5,630 | (2) | 10,968 | |||||||||||||||||||||
Total | $ | 43,637 | $ | 86,260 | $ | 129,897 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Commercial | Retail | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Performing TDR's | $ | 40,753 | $ | 85,977 | $ | 126,730 | |||||||||||||||||||
Non-performing TDR's(1) | 7,756 | 9,177 | (2) | 16,933 | |||||||||||||||||||||
Total | $ | 48,509 | $ | 95,154 | $ | 143,663 | |||||||||||||||||||
-1 | Included in non-performing loans table above. | ||||||||||||||||||||||||
-2 | Also includes loans on non-accrual at the time of modification until six payments are received on a timely basis. | ||||||||||||||||||||||||
We allocated $15.9 million and $19.5 million of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
During the three and nine months ended September 30, 2013 and 2012, the terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans generally included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. | |||||||||||||||||||||||||
Modifications involving a reduction of the stated interest rate of the loan have generally been for periods ranging from 9 months to 60 months but have extended to as much as 480 months in certain circumstances. Modifications involving an extension of the maturity date have generally been for periods ranging from 1 month to 60 months but have extended to as much as 193 months in certain circumstances. | |||||||||||||||||||||||||
Loans that have been classified as troubled debt restructurings during the three-month periods ended September 30 follow: | |||||||||||||||||||||||||
Pre-modification | Post-modification | ||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||
Contracts | Balance | Balance | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | - | $ | - | $ | - | ||||||||||||||||||||
Land, land development & construction-real estate | - | - | - | ||||||||||||||||||||||
Commercial and industrial | 4 | 1,141 | 1,113 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | - | - | ||||||||||||||||||||||
Resort lending | 1 | 207 | 206 | ||||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | - | ||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 4 | 177 | 178 | ||||||||||||||||||||||
Home equity installment - 2nd lien | 4 | 220 | 218 | ||||||||||||||||||||||
Loans not secured by real estate | - | - | - | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total | 13 | $ | 1,745 | $ | 1,715 | ||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 4 | $ | 626 | $ | 545 | ||||||||||||||||||||
Land, land development & construction-real estate | 2 | 460 | 523 | ||||||||||||||||||||||
Commercial and industrial | 10 | 631 | 558 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 10 | 1,870 | 1,656 | ||||||||||||||||||||||
Resort lending | 7 | 1,575 | 1,562 | ||||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | - | ||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 4 | 137 | 98 | ||||||||||||||||||||||
Home equity installment - 2nd lien | 2 | 59 | 56 | ||||||||||||||||||||||
Loans not secured by real estate | 2 | 22 | 21 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total | 41 | $ | 5,380 | $ | 5,019 | ||||||||||||||||||||
Loans that have been classified as troubled debt restructurings during the nine-month periods ended September 30 follow: | |||||||||||||||||||||||||
Pre-modification | Post-modification | ||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||
Contracts | Balance | Balance | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 5 | $ | 4,478 | $ | 3,869 | ||||||||||||||||||||
Land, land development & construction-real estate | 1 | 16 | - | ||||||||||||||||||||||
Commercial and industrial | 19 | 2,053 | 1,901 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 13 | 1,273 | 1,237 | ||||||||||||||||||||||
Resort lending | 5 | 1,240 | 1,231 | ||||||||||||||||||||||
Home equity line of credit - 1st lien | 1 | 95 | 97 | ||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 17 | 503 | 498 | ||||||||||||||||||||||
Home equity installment - 2nd lien | 14 | 432 | 432 | ||||||||||||||||||||||
Loans not secured by real estate | 3 | 84 | 55 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total | 78 | $ | 10,174 | $ | 9,320 | ||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 18 | $ | 8,894 | $ | 8,736 | ||||||||||||||||||||
Land, land development & construction-real estate | 5 | 3,347 | 3,436 | ||||||||||||||||||||||
Commercial and industrial | 43 | 8,827 | 8,453 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 58 | 7,738 | 7,330 | ||||||||||||||||||||||
Resort lending | 29 | 7,529 | 7,356 | ||||||||||||||||||||||
Home equity line of credit - 1st lien | 1 | 15 | - | ||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 14 | 561 | 521 | ||||||||||||||||||||||
Home equity installment - 2nd lien | 16 | 604 | 590 | ||||||||||||||||||||||
Loans not secured by real estate | 12 | 299 | 278 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total | 196 | $ | 37,814 | $ | 36,700 | ||||||||||||||||||||
The troubled debt restructurings described above for 2013 increased the allowance for loan losses by $0.03 million and resulted in zero charge offs during the three months ended September 30, 2013 and decreased the allowance by $0.2 million and resulted in $0.5 million of charge offs during the nine months ended September 30, 2013. | |||||||||||||||||||||||||
The troubled debt restructurings described above for 2012 increased the allowance for loan losses by $0.4 million and resulted in zero charge offs during the three months ending September 30, 2012 and increased the allowance by $1.5 million and resulted in $0.4 million of charge offs during the nine months ending September 30, 2012. | |||||||||||||||||||||||||
Loans that have been classified as troubled debt restructurings during the past twelve months and that have subsequently defaulted during the three-month periods ended September 30 follow: | |||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||
Contracts | Balance | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | - | $ | - | ||||||||||||||||||||||
Land, land development & construction-real estate | - | - | |||||||||||||||||||||||
Commercial and industrial | - | - | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | - | |||||||||||||||||||||||
Resort lending | - | - | |||||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | |||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | |||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 2 | 32 | |||||||||||||||||||||||
Home equity installment - 2nd lien | - | - | |||||||||||||||||||||||
Loans not secured by real estate | - | - | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
2 | $ | 32 | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 2 | $ | 827 | ||||||||||||||||||||||
Land, land development & construction-real estate | - | - | |||||||||||||||||||||||
Commercial and industrial | - | - | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | - | |||||||||||||||||||||||
Resort lending | 2 | 468 | |||||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | |||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | |||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | - | - | |||||||||||||||||||||||
Home equity installment - 2nd lien | - | - | |||||||||||||||||||||||
Loans not secured by real estate | - | - | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
4 | $ | 1,295 | |||||||||||||||||||||||
Loans that have been classified as troubled debt restructurings during the past twelve months and that have subsequently defaulted during the nine-month periods ended September 30 follow: | |||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||
Contracts | Balance | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | - | $ | - | ||||||||||||||||||||||
Land, land development & construction-real estate | - | - | |||||||||||||||||||||||
Commercial and industrial | - | - | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 1 | 106 | |||||||||||||||||||||||
Resort lending | 1 | 156 | |||||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | |||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | |||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 2 | 32 | |||||||||||||||||||||||
Home equity installment - 2nd lien | 1 | 22 | |||||||||||||||||||||||
Loans not secured by real estate | - | - | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
5 | $ | 316 | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 2 | $ | 827 | ||||||||||||||||||||||
Land, land development & construction-real estate | 1 | 136 | |||||||||||||||||||||||
Commercial and industrial | 7 | 520 | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 2 | 148 | |||||||||||||||||||||||
Resort lending | 3 | 584 | |||||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | |||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | |||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 1 | 26 | |||||||||||||||||||||||
Home equity installment - 2nd lien | 1 | 20 | |||||||||||||||||||||||
Loans not secured by real estate | - | - | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
17 | $ | 2,261 | |||||||||||||||||||||||
A loan is considered to be in payment default generally once it is 90 days contractually past due under the modified terms. | |||||||||||||||||||||||||
The troubled debt restructurings that subsequently defaulted described above for 2013 had no impact on the allowance for loan losses and resulted in no charge offs during the three months ended September 30, 2013 and decreased the allowance for loan losses by $0.1 million and resulted in charge offs of $0.2 million during the nine months ended September 30, 2013. | |||||||||||||||||||||||||
The troubled debt restructurings that subsequently defaulted described above for 2012 increased the allowance for loan losses by $0.7 million and resulted in zero charge offs during the three months ending September 30, 2012 and increased the allowance for loan losses by $0.7 million and resulted in charge offs of $0.4 million during the nine months ending September 30, 2012. | |||||||||||||||||||||||||
The terms of certain other loans were modified during the three and nine months ended September 30, 2013 and 2012 that did not meet the definition of a troubled debt restructuring. The modification of these loans could have included modification of the terms of a loan to borrowers who were not experiencing financial difficulties or a delay in a payment that was considered to be insignificant. | |||||||||||||||||||||||||
In order to determine whether a borrower is experiencing financial difficulty, we perform an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under our internal underwriting policy. | |||||||||||||||||||||||||
Credit Quality Indicators – As part of our on on-going monitoring of the credit quality of our loan portfolios, we track certain credit quality indicators including (a) weighted-average risk grade of commercial loans, (b) the level of classified commercial loans (c) credit scores of mortgage and installment loan borrowers (d) investment grade of certain counterparties for payment plan receivables and (e) delinquency history and non-performing loans. | |||||||||||||||||||||||||
For commercial loans we use a loan rating system that is similar to those employed by state and federal banking regulators. Loans are graded on a scale of 1 to 12. A description of the general characteristics of the ratings follows: | |||||||||||||||||||||||||
Rating 1 through 6: These loans are generally referred to as our “non-watch” commercial credits that include very high or exceptional credit fundamentals through acceptable credit fundamentals. | |||||||||||||||||||||||||
Rating 7 and 8: These loans are generally referred to as our “watch” commercial credits. This rating includes loans to borrowers that exhibit potential credit weakness or downward trends. If not checked or cured these trends could weaken our asset or credit position. While potentially weak, no loss of principal or interest is envisioned with these ratings. | |||||||||||||||||||||||||
Rating 9: These loans are generally referred to as our “substandard accruing” commercial credits. This rating includes loans to borrowers that exhibit a well-defined weakness where payment default is probable and loss is possible if deficiencies are not corrected. Generally, loans with this rating are considered collectible as to both principal and interest primarily due to collateral coverage. | |||||||||||||||||||||||||
Rating 10 and 11: These loans are generally referred to as our “substandard - non-accrual” and “doubtful” commercial credits. This rating includes loans to borrowers with weaknesses that make collection of debt in full, on the basis of current facts, conditions and values at best questionable and at worst improbable. All of these loans are placed in non-accrual. | |||||||||||||||||||||||||
Rating 12: These loans are generally referred to as our “loss” commercial credits. This rating includes loans to borrowers that are deemed incapable of repayment and are charged-off. | |||||||||||||||||||||||||
The following table summarizes loan ratings by loan class for our commercial loan segment: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Substandard | Non- | ||||||||||||||||||||||||
Non-watch | Watch | Accrual | Accrual | ||||||||||||||||||||||
6-Jan | 8-Jul | 9 | 11-Oct | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Income producing - real estate | $ | 208,317 | $ | 22,984 | $ | 4,578 | $ | 4,666 | $ | 240,545 | |||||||||||||||
Land, land development and construction - real estate | 39,129 | 4,868 | 649 | 1,291 | 45,937 | ||||||||||||||||||||
Commercial and industrial | 302,210 | 29,230 | 8,708 | 372 | 340,520 | ||||||||||||||||||||
Total | $ | 549,656 | $ | 57,082 | $ | 13,935 | $ | 6,329 | $ | 627,002 | |||||||||||||||
Accrued interest included in total | $ | 1,359 | $ | 162 | $ | 59 | $ | - | $ | 1,580 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Income producing - real estate | $ | 183,530 | $ | 27,096 | $ | 6,555 | $ | 5,611 | $ | 222,792 | |||||||||||||||
Land, land development and construction - real estate | 32,784 | 3,457 | 2,959 | 4,062 | 43,262 | ||||||||||||||||||||
Commercial and industrial | 307,566 | 26,954 | 13,296 | 5,080 | 352,896 | ||||||||||||||||||||
Total | $ | 523,880 | $ | 57,507 | $ | 22,810 | $ | 14,753 | $ | 618,950 | |||||||||||||||
Accrued interest included in total | $ | 1,417 | $ | 163 | $ | 112 | $ | - | $ | 1,692 | |||||||||||||||
For each of our mortgage and installment segment classes we generally monitor credit quality based on the credit scores of the borrowers. These credit scores are generally updated at least annually. | |||||||||||||||||||||||||
The following table summarizes credit scores by loan class for our mortgage and installment loan segments: | |||||||||||||||||||||||||
Mortgage (1) | |||||||||||||||||||||||||
Home | Home | ||||||||||||||||||||||||
Resort | Equity | Equity | |||||||||||||||||||||||
1-4 Family | Lending | 1st Lien | 2nd Lien | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
800 and above | $ | 21,129 | $ | 14,301 | $ | 3,517 | $ | 5,990 | $ | 44,937 | |||||||||||||||
750-799 | 59,317 | 56,533 | 5,117 | 11,570 | 132,537 | ||||||||||||||||||||
700-749 | 58,316 | 40,155 | 3,024 | 8,695 | 110,190 | ||||||||||||||||||||
650-699 | 50,911 | 19,944 | 2,973 | 7,417 | 81,245 | ||||||||||||||||||||
600-649 | 32,340 | 9,136 | 2,246 | 4,680 | 48,402 | ||||||||||||||||||||
550-599 | 24,646 | 4,352 | 965 | 2,773 | 32,736 | ||||||||||||||||||||
500-549 | 16,998 | 1,944 | 409 | 1,724 | 21,075 | ||||||||||||||||||||
Under 500 | 8,060 | 1,178 | 413 | 574 | 10,225 | ||||||||||||||||||||
Unknown | 7,330 | 4,751 | 232 | 162 | 12,475 | ||||||||||||||||||||
Total | $ | 279,047 | $ | 152,294 | $ | 18,896 | $ | 43,585 | $ | 493,822 | |||||||||||||||
Accrued interest included in total | $ | 1,309 | $ | 673 | $ | 93 | $ | 222 | $ | 2,297 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
800 and above | $ | 19,638 | $ | 15,430 | $ | 3,031 | $ | 5,515 | $ | 43,614 | |||||||||||||||
750-799 | 62,419 | 67,094 | 4,758 | 12,783 | 147,054 | ||||||||||||||||||||
700-749 | 59,594 | 41,860 | 3,293 | 9,177 | 113,924 | ||||||||||||||||||||
650-699 | 57,584 | 17,685 | 2,309 | 7,987 | 85,565 | ||||||||||||||||||||
600-649 | 31,465 | 12,317 | 3,311 | 4,775 | 51,868 | ||||||||||||||||||||
550-599 | 27,739 | 7,887 | 964 | 2,754 | 39,344 | ||||||||||||||||||||
500-549 | 20,243 | 1,212 | 656 | 1,997 | 24,108 | ||||||||||||||||||||
Under 500 | 9,470 | 1,637 | 456 | 789 | 12,352 | ||||||||||||||||||||
Unknown | 6,185 | 5,271 | 258 | 188 | 11,902 | ||||||||||||||||||||
Total | $ | 294,337 | $ | 170,393 | $ | 19,036 | $ | 45,965 | $ | 529,731 | |||||||||||||||
Accrued interest included in total | $ | 1,319 | $ | 750 | $ | 91 | $ | 231 | $ | 2,391 | |||||||||||||||
-1 | Credit scores have been updated within the last twelve months. | ||||||||||||||||||||||||
Installment(1) | |||||||||||||||||||||||||
Home | Home | Loans not | |||||||||||||||||||||||
Equity | Equity | Secured by | |||||||||||||||||||||||
1st Lien | 2nd Lien | Real Estate | Other | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
800 and above | $ | 2,861 | $ | 3,260 | $ | 21,650 | $ | 69 | $ | 27,840 | |||||||||||||||
750-799 | 7,279 | 11,296 | 50,021 | 515 | 69,111 | ||||||||||||||||||||
700-749 | 5,012 | 8,901 | 26,490 | 754 | 41,157 | ||||||||||||||||||||
650-699 | 4,729 | 7,366 | 15,363 | 622 | 28,080 | ||||||||||||||||||||
600-649 | 3,606 | 3,183 | 5,522 | 259 | 12,570 | ||||||||||||||||||||
550-599 | 2,234 | 1,808 | 2,386 | 228 | 6,656 | ||||||||||||||||||||
500-549 | 2,201 | 1,597 | 1,762 | 121 | 5,681 | ||||||||||||||||||||
Under 500 | 483 | 740 | 608 | 31 | 1,862 | ||||||||||||||||||||
Unknown | 159 | 89 | 1,978 | 18 | 2,244 | ||||||||||||||||||||
Total | $ | 28,564 | $ | 38,240 | $ | 125,780 | $ | 2,617 | $ | 195,201 | |||||||||||||||
Accrued interest included in total | $ | 114 | $ | 138 | $ | 385 | $ | 22 | $ | 659 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
800 and above | $ | 3,909 | $ | 3,265 | $ | 19,293 | $ | 38 | $ | 26,505 | |||||||||||||||
750-799 | 7,394 | 11,300 | 43,740 | 462 | 62,896 | ||||||||||||||||||||
700-749 | 4,884 | 8,826 | 24,267 | 786 | 38,763 | ||||||||||||||||||||
650-699 | 5,925 | 7,164 | 13,758 | 710 | 27,557 | ||||||||||||||||||||
600-649 | 4,360 | 4,214 | 6,442 | 367 | 15,383 | ||||||||||||||||||||
550-599 | 3,226 | 2,716 | 3,428 | 188 | 9,558 | ||||||||||||||||||||
500-549 | 1,722 | 1,403 | 2,154 | 114 | 5,393 | ||||||||||||||||||||
Under 500 | 760 | 1,195 | 895 | 42 | 2,892 | ||||||||||||||||||||
Unknown | 205 | 103 | 1,322 | 18 | 1,648 | ||||||||||||||||||||
Total | $ | 32,385 | $ | 40,186 | $ | 115,299 | $ | 2,725 | $ | 190,595 | |||||||||||||||
Accrued interest included in total | $ | 137 | $ | 157 | $ | 429 | $ | 23 | $ | 746 | |||||||||||||||
-1 | Credit scores have been updated within the last twelve months. | ||||||||||||||||||||||||
Mepco Finance Corporation (“Mepco”) is a wholly-owned subsidiary of our Bank that operates a vehicle service contract payment plan business throughout the United States. See Note #14 for more information about Mepco’s business. As of September 30, 2013, approximately 93.0% of Mepco’s outstanding payment plan receivables relate to programs in which a third party insurer or risk retention group is obligated to pay Mepco the full refund owing upon cancellation of the related service contract (including with respect to both the portion funded to the service contract seller and the portion funded to the administrator). These receivables are shown as “Full Refund” in the table below. Another approximately 6.9% of Mepco’s outstanding payment plan receivables as of September 30, 2013, relate to programs in which a third party insurer or risk retention group is obligated to pay Mepco the refund owing upon cancellation only with respect to the unearned portion previously funded by Mepco to the administrator (but not to the service contract seller). These receivables are shown as “Partial Refund” in the table below. The balance of Mepco’s outstanding payment plan receivables relate to programs in which there is no insurer or risk retention group that has any contractual liability to Mepco for any portion of the refund amount. These receivables are shown as “Other” in the table below. For each class of our payment plan receivables we monitor credit ratings of the counterparties as we evaluate the credit quality of this portfolio. | |||||||||||||||||||||||||
The following table summarizes credit ratings of insurer or risk retention group counterparties by class of payment plan receivable: | |||||||||||||||||||||||||
Payment Plan Receivables | |||||||||||||||||||||||||
Full | Partial | ||||||||||||||||||||||||
Refund | Refund | Other | Total | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
AM Best rating | |||||||||||||||||||||||||
A+ | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
A | 23,303 | 3,969 | - | 27,272 | |||||||||||||||||||||
A- | 11,626 | 774 | - | 12,400 | |||||||||||||||||||||
B+ | 2 | - | - | 2 | |||||||||||||||||||||
B | - | - | - | - | |||||||||||||||||||||
Not rated | 28,798 | - | 22 | 28,820 | |||||||||||||||||||||
Total | $ | 63,729 | $ | 4,743 | $ | 22 | $ | 68,494 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
AM Best rating | |||||||||||||||||||||||||
A+ | $ | - | $ | - | $ | 110 | $ | 110 | |||||||||||||||||
A | 24,825 | 3,916 | - | 28,741 | |||||||||||||||||||||
A- | 19,310 | 399 | - | 19,709 | |||||||||||||||||||||
B+ | 56 | - | - | 56 | |||||||||||||||||||||
B | - | - | - | - | |||||||||||||||||||||
Not rated | 36,002 | - | 74 | 36,076 | |||||||||||||||||||||
Total | $ | 80,193 | $ | 4,315 | $ | 184 | $ | 84,692 | |||||||||||||||||
Although Mepco has contractual recourse against various counterparties for refunds owing upon cancellation of vehicle service contracts, see Note #14 below regarding certain risks and difficulties associated with collecting these refunds. |
Segments
Segments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segments [Abstract] | ' | ||||||||||||||||||||
Segments | ' | ||||||||||||||||||||
5 | Segments | ||||||||||||||||||||
Our reportable segments are based upon legal entities. We currently have two reportable segments: Independent Bank (“IB” or “Bank”) and Mepco. These business segments are also differentiated based on the products and services provided. We evaluate performance based principally on net income (loss) of the respective reportable segments. | |||||||||||||||||||||
In the normal course of business, our IB segment provides funding to our Mepco segment through an intercompany line of credit priced at the prime rate of interest as published in the Wall Street Journal. Our IB segment also provides certain administrative services to our Mepco segment which are reimbursed at an agreed upon rate. These intercompany transactions are eliminated upon consolidation. The only other material intersegment balances and transactions are investments in subsidiaries at the parent entities and cash balances on deposit at our IB segment. | |||||||||||||||||||||
A summary of selected financial information for our reportable segments follows: | |||||||||||||||||||||
IB(1) | Mepco | Other(1)(2) | Elimination(3) | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Total assets | |||||||||||||||||||||
30-Sep-13 | $ | 2,067,493 | $ | 104,945 | $ | 276,574 | $ | (265,508 | ) | $ | 2,183,504 | ||||||||||
31-Dec-12 | 1,885,807 | 135,447 | 192,343 | (189,730 | ) | 2,023,867 | |||||||||||||||
For the three months ended September 30, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Interest income | $ | 19,114 | $ | 2,670 | $ | - | $ | - | $ | 21,784 | |||||||||||
Net interest income | 18,033 | 2,094 | (598 | ) | - | 19,529 | |||||||||||||||
Provision for loan losses | (317 | ) | (38 | ) | - | - | (355 | ) | |||||||||||||
Income (loss) before income tax | 4,278 | 261 | (728 | ) | (24 | ) | 3,787 | ||||||||||||||
Net income (loss) | 3,831 | 172 | (474 | ) | (24 | ) | 3,505 | ||||||||||||||
2012 | |||||||||||||||||||||
Interest income | $ | 21,057 | $ | 3,676 | $ | - | $ | - | $ | 24,733 | |||||||||||
Net interest income | 19,380 | 2,806 | (735 | ) | - | 21,451 | |||||||||||||||
Provision for loan losses | 270 | (19 | ) | - | - | 251 | |||||||||||||||
Income (loss) before income tax | 6,988 | 405 | (923 | ) | (24 | ) | 6,446 | ||||||||||||||
Net income (loss) | 7,125 | 268 | (923 | ) | (24 | ) | 6,446 | ||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Interest income | $ | 56,829 | $ | 8,767 | $ | - | $ | - | $ | 65,596 | |||||||||||
Net interest income | 53,456 | 6,921 | (1,769 | ) | - | 58,608 | |||||||||||||||
Provision for loan losses | (3,097 | ) | (56 | ) | - | - | (3,153 | ) | |||||||||||||
Income (loss) before income tax | 21,734 | (1,889 | ) | (3,246 | ) | (71 | ) | 16,528 | |||||||||||||
Net income (loss) | 68,337 | (1,124 | ) | 5,558 | (71 | ) | 72,700 | ||||||||||||||
2012 | |||||||||||||||||||||
Interest income | $ | 64,452 | $ | 11,232 | $ | - | $ | - | $ | 75,684 | |||||||||||
Net interest income | 59,085 | 8,487 | (2,191 | ) | - | 65,381 | |||||||||||||||
Provision for loan losses | 6,436 | 2 | - | - | 6,438 | ||||||||||||||||
Income (loss) before income tax | 14,945 | 2,298 | (2,889 | ) | (71 | ) | 14,283 | ||||||||||||||
Net income (loss) | 15,726 | 1,517 | (2,889 | ) | (71 | ) | 14,283 | ||||||||||||||
(1) During the the three month period ending September 30, 2013 IB includes $0.6 million income tax expense and Other (parent company) includes $0.3 million income tax benefit related to the reversal of the valuation allowance on our net deferred tax assets. During the nine month periods ending September 30, 2013 IB and Other (parent company) include $48.6 million and $8.7 million, respectively of income tax benefit related to the reversal of the valuation allowance on our net deferred tax assets (see note #10). | |||||||||||||||||||||
(2) Includes amounts relating to our parent company and certain insignificant operations. | |||||||||||||||||||||
(3) Includes parent company's investment in subsidiaries and cash balances maintained at subsidiary. | |||||||||||||||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Common Share [Abstract] | ' | ||||||||||||||||
Earnings Per Common Share | ' | ||||||||||||||||
6 | Earnings Per Common Share | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Net income applicable to common stock | $ | 10,310 | $ | 5,353 | $ | 77,253 | $ | 11,042 | |||||||||
Convertible preferred stock dividends | 749 | 1,093 | 3,001 | 3,241 | |||||||||||||
Preferred stock discount | (7,554 | ) | - | (7,554 | ) | - | |||||||||||
Net income applicable to common stock for calculation of diluted earnings per share | $ | 3,505 | $ | 6,446 | $ | 72,700 | $ | 14,283 | |||||||||
Weighted average shares outstanding (1) | 14,167 | 8,779 | 10,989 | 8,637 | |||||||||||||
Effect of convertible preferred stock | 6,380 | 30,523 | 9,779 | 30,523 | |||||||||||||
Restricted stock units | 398 | 221 | 383 | 167 | |||||||||||||
Stock units for deferred compensation plan for non-employee directors | 128 | 81 | 122 | 54 | |||||||||||||
Effect of stock options | 97 | 9 | 84 | - | |||||||||||||
Weighted average shares outstanding for calculation of diluted earnings per share | 21,170 | 39,613 | 21,357 | 39,381 | |||||||||||||
Net income per common share | |||||||||||||||||
Basic (1) | $ | 0.73 | $ | 0.61 | $ | 7.03 | $ | 1.28 | |||||||||
Diluted | $ | 0.17 | $ | 0.16 | $ | 3.4 | $ | 0.36 | |||||||||
(1)Basic net income per common share includes weighted average common shares outstanding during the period and participating share awards. | |||||||||||||||||
Weighted average stock options outstanding that were not considered in computing diluted net income per share because they were anti-dilutive totaled 0.1 million and 0.1 million for the three-month periods ended September 30, 2013 and 2012, respectively and totaled 0.1 million and 0.2 million for the nine-month periods ended September 30, 2013 and 2012, respectively. The warrant to purchase 346,154 shares of our common stock (see note #15) was not considered in computing diluted net income per share in all periods in 2013 and 2012 as it was anti-dilutive. | |||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||
7 | Derivative Financial Instruments | ||||||||||||||||||||||||||
We are required to record derivatives on our Condensed Consolidated Statements of Financial Condition as assets and liabilities measured at their fair value. The accounting for increases and decreases in the value of derivatives depends upon the use of derivatives and whether the derivatives qualify for hedge accounting. | |||||||||||||||||||||||||||
Our derivative financial instruments according to the type of hedge in which they are designated follows: | |||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||
Notional | Maturity | Fair | |||||||||||||||||||||||||
Amount | (years) | Value | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
No hedge designation | |||||||||||||||||||||||||||
Mandatory commitments to sell mortgage loans | $ | 47,947 | 0.1 | $ | (658 | ) | |||||||||||||||||||||
Rate-lock mortgage loan commitments | 19,255 | 0.1 | 692 | ||||||||||||||||||||||||
Total | $ | 67,202 | 0.1 | $ | 34 | ||||||||||||||||||||||
We have established management objectives and strategies that include interest-rate risk parameters for maximum fluctuations in net interest income and market value of portfolio equity. We monitor our interest rate risk position via simulation modeling reports. The goal of our asset/liability management efforts is to maintain profitable financial leverage within established risk parameters. | |||||||||||||||||||||||||||
We use variable-rate and short-term fixed-rate (less than 12 months) debt obligations to fund a portion of our balance sheet, which exposes us to variability in interest rates. To meet our objectives, we may periodically enter into derivative financial instruments to mitigate exposure to fluctuations in cash flows resulting from changes in interest rates (“Cash Flow Hedges”). Cash Flow Hedges during 2013 and 2012 included certain pay-fixed interest-rate swaps which converted the variable-rate cash flows on debt obligations to fixed-rates. During the second quarter of 2013 we terminated our last pay-fixed interest rate swap and paid a termination fee of $0.6 million. | |||||||||||||||||||||||||||
We recorded the fair value of Cash Flow Hedges in accrued income and other assets and accrued expenses and other liabilities. The related gains or losses were reported in other comprehensive income or loss and were subsequently reclassified into earnings as a yield adjustment in the same period in which the related interest on the hedged items (primarily variable-rate debt obligations) affected earnings. To the extent that the Cash Flow Hedges were not effective, the ineffective portion of the Cash Flow Hedges were immediately recognized as interest expense. The remaining unrealized loss on the terminated pay-fixed interest-rate swap which was equal to the termination fee discussed above is included in accumulated other comprehensive income and is being amortized into earnings over the remaining original life of the pay-fixed interest-rate swap. | |||||||||||||||||||||||||||
Certain financial derivative instruments have not been designated as hedges. The fair value of these derivative financial instruments has been recorded on our Condensed Consolidated Statements of Financial Condition and is adjusted on an ongoing basis to reflect their then current fair value. The changes in fair value of derivative financial instruments not designated as hedges are recognized in earnings. | |||||||||||||||||||||||||||
In the ordinary course of business, we enter into rate-lock mortgage loan commitments with customers (“Rate Lock Commitments”). These commitments expose us to interest rate risk. We also enter into mandatory commitments to sell mortgage loans (“Mandatory Commitments”) to reduce the impact of price fluctuations of mortgage loans held for sale and Rate Lock Commitments. Mandatory Commitments help protect our loan sale profit margin from fluctuations in interest rates. The changes in the fair value of Rate Lock Commitments and Mandatory Commitments are recognized currently as part of net gains on mortgage loans. We obtain market prices on Mandatory Commitments and Rate Lock Commitments. Net gains on mortgage loans, as well as net income may be more volatile as a result of these derivative instruments, which are not designated as hedges. | |||||||||||||||||||||||||||
During 2010, we entered into an amended and restated warrant with the U.S. Department of the Treasury (“UST”) that would allow them to purchase our common stock at a fixed price (see Note #15). Because of certain anti-dilution features included in the Amended Warrant (as defined in Note #15), it was not considered to have been indexed to our common stock and was therefore accounted for as a derivative instrument and recorded as a liability. Any change in value of the Amended Warrant while it was accounted for as a derivative was recorded in other income in our Condensed Consolidated Statements of Operations. However, the anti-dilution features in the Amended Warrant which caused it to be accounted for as a derivative and included in accrued expenses and other liabilities expired on April 16, 2013. As a result, the Amended Warrant was reclassified into shareholders’ equity on that date at its then fair value which totaled $1.5 million. During the third quarter of 2013 we repurchased the Amended Warrant from the UST (see Note #15). | |||||||||||||||||||||||||||
The following tables illustrate the impact that the derivative financial instruments discussed above have on individual line items in the Condensed Consolidated Statements of Financial Condition for the periods presented: | |||||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | ||||||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | ||||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||
Pay-fixed interest rate swap agreements | Other liabilities | $ | - | Other liabilities | $ | 739 | |||||||||||||||||||||
Total | - | 739 | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||
Rate-lock mortgage loan commitments | Other assets | $ | 692 | Other assets | 1,368 | ||||||||||||||||||||||
Mandatory commitments to sell mortgage loans | Other assets | - | Other assets | - | Other liabilities | 658 | Other liabilities | 122 | |||||||||||||||||||
Amended Warrant | Other assets | - | Other assets | - | Other liabilities | - | Other liabilities | 459 | |||||||||||||||||||
Total | 692 | 1,368 | 658 | 581 | |||||||||||||||||||||||
Total derivatives | $ | 692 | $ | 1,368 | $ | 658 | $ | 1,320 | |||||||||||||||||||
The effect of derivative financial instruments on the Condensed Consolidated Statements of Operations follows: | |||||||||||||||||||||||||||
Three Month Periods Ended September 30, | |||||||||||||||||||||||||||
Location of | |||||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||||
Reclassified | |||||||||||||||||||||||||||
from | |||||||||||||||||||||||||||
Gain (Loss) | Accumulated | Gain (Loss) | |||||||||||||||||||||||||
Recognized in | Other | Reclassified from | |||||||||||||||||||||||||
Other | Comprehensive | Accumulated Other | |||||||||||||||||||||||||
Comprehensive | Loss into | Comprehensive | Location of | Gain (Loss) | |||||||||||||||||||||||
Income (Loss) | Income | Loss into Income | Gain (Loss) | Recognized | |||||||||||||||||||||||
(Effective Portion) | (Effective | (Effective Portion) | Recognized | in Income (1) | |||||||||||||||||||||||
2013 | 2012 | Portion) | 2013 | 2012 | in Income (1) | 2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||
Pay-fixed interest rate swap agreements | $ | - | $ | (54 | ) | Interest expense | $ | (95 | ) | $ | (237 | ) | $ | - | $ | - | |||||||||||
Total | $ | - | $ | (54 | ) | $ | (95 | ) | $ | (237 | ) | $ | - | $ | - | ||||||||||||
No hedge designation Rate-lock mortgage loan commitments | Net mortgage loan gains | $ | 316 | $ | 804 | ||||||||||||||||||||||
Mandatory commitments to sell mortgage loans | Net mortgage loan gains | (2,657 | ) | (779 | ) | ||||||||||||||||||||||
Amended warrant | Increase in fair value of U.S. Treasury warrant | - | (32 | ) | |||||||||||||||||||||||
Total | $ | (2,341 | ) | $ | (7 | ) | |||||||||||||||||||||
-1 | For cash flow hedges, this location and amount refers to the ineffective portion. | ||||||||||||||||||||||||||
Nine Month Periods Ended September 30, | |||||||||||||||||||||||||||
Location of | |||||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||||
Reclassified | |||||||||||||||||||||||||||
from | |||||||||||||||||||||||||||
Gain (Loss) | Accumulated | Gain (Loss) | |||||||||||||||||||||||||
Recognized in | Other | Reclassified from | |||||||||||||||||||||||||
Other | Comprehensive | Accumulated Other | |||||||||||||||||||||||||
Comprehensive | Loss into | Comprehensive | Location of | Gain (Loss) | |||||||||||||||||||||||
Income (Loss) | Income | Loss into Income | Gain (Loss) | Recognized | |||||||||||||||||||||||
(Effective Portion) | (Effective | (Effective Portion) | Recognized | in Income (1) | |||||||||||||||||||||||
2013 | 2012 | Portion) | 2013 | 2012 | in Income (1) | 2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||
Pay-fixed interest rate swap agreements | $ | (38 | ) | $ | (129 | ) | Interest expense | $ | (303 | ) | $ | (833 | ) | $ | - | $ | - | ||||||||||
Total | $ | (38 | ) | $ | (129 | ) | $ | (303 | ) | $ | (833 | ) | $ | - | $ | - | |||||||||||
No hedge designation | |||||||||||||||||||||||||||
Rate-lock mortgage loan commitments | Net mortgage loan gains | $ | (676 | ) | $ | 1,930 | |||||||||||||||||||||
Mandatorycommitments to sell mortgage loans | Net mortgage loan gains | (536 | ) | (869 | ) | ||||||||||||||||||||||
Amended warrant | Increase in fair value of U.S. Treasury warrant | (1,025 | ) | (211 | ) | ||||||||||||||||||||||
Total | $ | (2,237 | ) | $ | 850 | ||||||||||||||||||||||
-1 | For cash flow hedges, this location and amount refers to the ineffective portion. |
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||||
Intangible Assets | ' | ||||||||||||||||
8 | Intangible Assets | ||||||||||||||||
The following table summarizes intangible assets, net of amortization: | |||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Amortized intangible assets - core deposits | $ | 23,703 | $ | 20,337 | $ | 23,703 | $ | 19,728 | |||||||||
Amortization of other intangibles has been estimated through 2018 and thereafter in the following table. | |||||||||||||||||
(In thousands) | |||||||||||||||||
Three months ending December 31, 2013 | $ | 204 | |||||||||||||||
2014 | 536 | ||||||||||||||||
2015 | 347 | ||||||||||||||||
2016 | 347 | ||||||||||||||||
2017 | 346 | ||||||||||||||||
2018 and thereafter | 1,586 | ||||||||||||||||
Total | $ | 3,366 |
Share_Based_Compensation
Share Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Share Based Compensation [Abstract] | ' | ||||||||||||||||
Share Based Compensation | ' | ||||||||||||||||
9 | Share Based Compensation | ||||||||||||||||
We maintain share based payment plans that include a non-employee director stock purchase plan and a long-term incentive plan that permits the issuance of share based compensation, including stock options and non-vested share awards. The long-term incentive plan, which is shareholder approved, permits the grant of additional share based awards for up to 0.5 million shares of common stock as of September 30, 2013. The non-employee director stock purchase plan permits the issuance of additional share based payments for up to 0.3 million shares of common stock as of September 30, 2013. Share based awards and payments are measured at fair value at the date of grant and are expensed over the requisite service period. Common shares issued upon exercise of stock options come from currently authorized but unissued shares. | |||||||||||||||||
A portion of our president’s annual salary is paid in the form of common stock. The annual amounts paid in common stock (also referred to as “salary stock”) are $0.020 million and $0.015 million for 2013 and 2012, respectively. During the first quarter of 2011, pursuant to a management transition plan, our former chief executive officer’s annual salary was increased by $0.2 million effective January 1, 2011 through December 31, 2012. This increase was paid entirely in the form of salary stock. These shares were issued each pay period and vested immediately. | |||||||||||||||||
During the second quarter of 2013 and third quarter of 2012, we issued 0.1 million and 0.2 million, respectively, of restricted stock units to six of our executive officers. These restricted stock units do not vest for a minimum of three years and until we repay in full our obligations related to the Troubled Asset Relief Program (“TARP”). Since we repaid in full our obligations related to TARP (see note #15) the only vesting provision remaining on these restricted stock units is the three year vesting period from the date of grant. Also, during the second quarter of 2013 and third quarter of 2012, pursuant to our performance-based compensation plans we granted 0.1 million stock options in each period to certain officers, none of whom is a named executive officer. The stock options have an exercise price equal to the market value on the date of grant, vest ratably over a three year period and expire 10 years from date of grant. We use the Black Scholes option pricing model to measure compensation cost for stock options. We also estimate expected forfeitures over the vesting period. | |||||||||||||||||
Our directors have elected to receive at least a portion of their quarterly cash retainer fees in the form of common stock (either on a current basis or on a deferred basis pursuant to the non-employee director stock purchase plan referenced above). Shares equal in value to that portion of each director’s quarterly cash retainer are issued each quarter and vest immediately. We issued 0.05 million shares and 0.17 million shares to directors during the first nine months of 2013 and 2012, respectively and expensed their value during those same periods. | |||||||||||||||||
Total compensation expense recognized for stock option grants, restricted stock grants, restricted stock unit grants and salary stock was $0.5 million and $0.7 million during the three and nine month periods ended September 30, 2013, respectively, and was $0.2 million and $0.3 million during the same periods in 2012, respectively. The corresponding tax benefit relating to this expense was zero for both the three and nine month periods ended September 30, 2013 and 2012, respectively. Total expense recognized for non-employee director share based payments was $0.1 million in both three month periods ended September 30, 2013 and 2012 and $0.3 million in both nine month periods ended September 30, 2013 and 2012. | |||||||||||||||||
At September 30, 2013, the total expected compensation cost related to non-vested stock options, restricted stock and restricted stock unit awards not yet recognized was $1.3 million. The weighted-average period over which this amount will be recognized is 2.3 years. | |||||||||||||||||
A summary of outstanding stock option grants and related transactions follows: | |||||||||||||||||
Weighted- | |||||||||||||||||
Average | |||||||||||||||||
Average | Remaining | Aggregated | |||||||||||||||
Number of | Exercise | Contractual | Intrinsic | ||||||||||||||
Shares | Price | Term (Years) | Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Outstanding at January 1, 2013 | 275,933 | $ | 4.46 | ||||||||||||||
Granted | 77,500 | 6.42 | |||||||||||||||
Exercised | (14,006 | ) | 2 | ||||||||||||||
Forfeited | (8,198 | ) | 2.64 | ||||||||||||||
Expired | (4,652 | ) | 46.46 | ||||||||||||||
Outstanding at September 30, 2013 | 326,577 | $ | 4.48 | 8.31 | $ | 1,960 | |||||||||||
Vested and expected to vest at September 30, 2013 | 308,793 | $ | 4.49 | 8.26 | $ | 1,861 | |||||||||||
Exercisable at September 30, 2013 | 137,660 | $ | 5.03 | 7.36 | $ | 842 | |||||||||||
A summary of outstanding non-vested restricted stock and stock units and transactions follows: | |||||||||||||||||
Weighted- | |||||||||||||||||
Average | |||||||||||||||||
Number | Grant Date | ||||||||||||||||
of Shares | Fair Value | ||||||||||||||||
Outstanding at January 1, 2013 | 375,416 | $ | 6.21 | ||||||||||||||
Granted | 82,833 | 6.42 | |||||||||||||||
Vested | (154,261 | ) | 11.12 | ||||||||||||||
Forfeited | - | ||||||||||||||||
Outstanding at September 30, 2013 | 303,988 | $ | 3.77 | ||||||||||||||
During the third quarter of 2013, as a result of the repayment in full of our obligations related to TARP (see note #15) 0.14 million restricted stock units originally granted during 2011 vested. In addition, as permitted by our long-term incentive plan, 0.05 million shares were withheld from the shares that would otherwise have been issued to executive officers for these vesting restricted stock units in order to satisfy tax withholding obligations. | |||||||||||||||||
A summary of the weighted-average assumptions used in the Black-Scholes option pricing model for grants of stock options during 2013 follows: | |||||||||||||||||
Expected dividend yield | 0.31 | % | |||||||||||||||
Risk-free interest rate | 1.12 | ||||||||||||||||
Expected life (in years) | 6 | ||||||||||||||||
Expected volatility | 101.3 | % | |||||||||||||||
Per share weighted-average fair value | $ | 4.98 | |||||||||||||||
Certain information regarding options exercised during the periods follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Intrinsic value | $ | 46 | $ | 1 | $ | 67 | $ | 1 | |||||||||
Cash proceeds received | $ | 15 | $ | 3 | $ | 28 | $ | 3 | |||||||||
Tax benefit realized | $ | - | $ | - | $ | - | $ | - |
Income_Tax
Income Tax | 9 Months Ended | ||
Sep. 30, 2013 | |||
Income Tax [Abstract] | ' | ||
Income Tax | ' | ||
10 | Income Tax | ||
We assess whether a valuation allowance on our deferred tax assets is necessary each quarter. Reversing or reducing the valuation allowance requires us to conclude that the realization of the deferred tax assets is “more likely than not.” The ultimate realization of this asset is primarily based on generating future income. As of June 30, 2013, we concluded that the realization of substantially all of our deferred tax assets was now more likely than not. This conclusion was primarily based upon the following factors: | |||
· | Achieving a sixth consecutive quarter of profitability; | ||
· | A forecast of future profitability that supports that the realization of the deferred tax assets is more likely than not; and | ||
· | A forecast that future asset quality continues to be stable to improving and that other factors do not exist that could cause a significant adverse impact on future profitability. | ||
We also concluded at September 30, 2013 that the realization of substantially all of our deferred tax assets continued to be more likely than not for substantially the same reasons as enumerated above for June 30, 2013. | |||
We recorded $0.3 million of income tax expense in the third quarter of 2013, which represents an adjustment of the valuation allowance reversal on our deferred tax assets that we initially recorded in June 2013. At June 30, 2013, we did not reverse that portion of the valuation allowance we estimated would be absorbed by the tax impact of the income expected to be earned between July 1 and December 31, 2013. To the extent our current forecast of income for the year differs from our projections at June 30, 2013, the tax impact is recorded as income tax expense (or a benefit) which resulted in this adjustment in the third quarter of 2013. | |||
Prior to the second quarter of 2013, we had established a deferred tax asset valuation allowance against all of our net deferred tax assets. Accordingly, in these prior periods, the income tax expense related to any income before income tax was largely being offset by changes in the deferred tax valuation allowance. | |||
Income tax expense (benefit) was $0.3 million and $(56.2) million in the three and nine month periods ending September 30, 2013, respectively and zero during the same periods in the prior year. The reversal of substantially all of the valuation allowance on our deferred tax assets resulted in our recording an income tax benefit of $57.3 million ($57.6 million in the second quarter of 2013 less the above described $0.3 million adjustment in the third quarter of 2013). In addition, during the second quarter of 2013, we recorded $1.4 million of income tax expense to clear from accumulated other comprehensive loss (“AOCL”) the disproportionate tax effects from cash flow hedges. These disproportionate tax effects had been charged to other comprehensive income and credited to income tax expense due to our valuation allowance on deferred tax assets (see Note #16). Because we terminated our last remaining cash flow hedge in the second quarter of 2013, it was appropriate to clear these disproportionate tax effects from AOCL. | |||
We did not at June 30, 2013 and still have not reversed approximately $1.0 million of valuation allowance on our deferred tax assets that primarily relates to state income taxes from our Mepco segment. In this instance, we determined that the future realization of these particular deferred tax assets was not more likely than not. This conclusion was primarily based on the uncertainty of Mepco’s future earnings attributable to particular states (given the various apportionment criteria) and the significant reduction in the size of Mepco’s business over the past three years. | |||
At September 30, 2013 and December 31, 2012, we had approximately $1.7 million and $1.9 million, respectively of gross unrecognized tax benefits. We do not expect the total amount of unrecognized tax benefits to significantly increase or decrease during the balance of 2013. |
Regulatory_Matters
Regulatory Matters | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Regulatory Matters [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
11 | Regulatory Matters | ||||||||||||||||||||||||
Capital guidelines adopted by Federal and State regulatory agencies and restrictions imposed by law limit the amount of cash dividends our Bank can pay to us. Under these guidelines, the amount of dividends that may be paid in any calendar year is limited to the Bank’s current year’s net profits, combined with the retained net profits of the preceding two years. Further, the Bank cannot pay a dividend at any time that it has negative undivided profits. As of September 30, 2013 the Bank had negative undivided profits of $55.3 million. It is not our intent to have dividends paid in amounts which would reduce the capital of our Bank to levels below those which we consider prudent and in accordance with guidelines of regulatory authorities. | |||||||||||||||||||||||||
On October 25, 2011, the respective Boards of Directors of the Company and the Bank entered into a Memorandum of Understanding (“MOU”) with the Federal Reserve Bank (“FRB”) and the Michigan Department of Insurance and Financial Services (“DIFS”). The MOU largely duplicated certain provisions of board resolutions that were already in place, but also had the following specific requirements: | |||||||||||||||||||||||||
· | Submission of a joint revised capital plan by November 30, 2011 to maintain sufficient capital at the Company on a consolidated basis and at the Bank on a stand-alone basis; | ||||||||||||||||||||||||
· | Submission of quarterly progress reports regarding disposition plans for any assets in excess of $1.0 million that are in ORE, are 90 days or more past due, are on our “watch list,” or were adversely classified in our most recent examination; | ||||||||||||||||||||||||
· | Enhanced reporting and monitoring at Mepco regarding risk management and the internal classification of assets; and | ||||||||||||||||||||||||
· | Enhanced interest rate risk modeling practices. | ||||||||||||||||||||||||
Effective March 26, 2013, the FRB and DIFS terminated the MOU. Also on that date, the respective Boards of Directors of the Company and the Bank passed resolutions that required the following: | |||||||||||||||||||||||||
· | Submission of quarterly progress reports to the FRB and DIFS regarding disposition plans for any assets in excess of $1.0 million that are in ORE, are 90 days or more past due, are on our “watch list,” or are adversely classified; | ||||||||||||||||||||||||
· | Prior approval of the FRB and DIFS for the Bank to pay any dividend to the Company; and | ||||||||||||||||||||||||
· | Prior approval of the FRB and DIFS for the Company to pay any dividend to its shareholders, to make any distributions of interest, principal or other sums on subordinated debentures or trust preferred securities, to increase borrowings or guarantee any debt, and/or to purchase or redeem any of its stock. | ||||||||||||||||||||||||
During the third quarter of 2013 the FRB and DIFS informed us that the Board resolutions no longer needed to be in place. Accordingly, on October 22, 2013, the above described resolutions were rescinded by the Board of Directors of the Company and the Bank. | |||||||||||||||||||||||||
Also during the third quarter of 2013 we received regulatory approval for each of the following initiatives: | |||||||||||||||||||||||||
· | A transfer of capital from our Bank to the parent company of $7.5 million to permit the payment of all deferred and unpaid interest on our trust preferred securities. | ||||||||||||||||||||||||
· | The resumption of interest payments on our trust preferred securities. | ||||||||||||||||||||||||
· | The purchase of our Series B Fixed Rate Cumulative Mandatorily Convertible Preferred Stock, with an original liquidation preference of $1,000 per share (“Series B Preferred Stock”), including any and all accrued and unpaid dividends, and the purchase of the Amended and Restated Warrant to purchase 346,154 shares of our common stock at an exercise price of $7.234 per share and expiring on December 12, 2018 (the “Amended Warrant”) for total cash consideration of $81.0 million, all as provided for in a securities purchase agreement (see Note #15). | ||||||||||||||||||||||||
· | Redemption of the trust preferred securities issued by IBC Capital Finance II. On October 11, 2013 we redeemed all ($9.2 million) of the outstanding trust preferred securities issued by IBC Capital Finance II and liquidated this entity shortly thereafter. | ||||||||||||||||||||||||
We are also subject to various regulatory capital requirements. The prompt corrective action regulations establish quantitative measures to ensure capital adequacy and require minimum amounts and ratios of total and Tier 1 capital to risk-weighted assets and Tier 1 capital to average assets. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly discretionary, actions by regulators that could have a material effect on our consolidated financial statements. Under capital adequacy guidelines, we must meet specific capital requirements that involve quantitative measures as well as qualitative judgments by the regulators. The most recent regulatory filings as of September 30, 2013 and December 31, 2012 categorized our Bank as well capitalized. Management is not aware of any conditions or events that would have changed the most recent Federal Deposit Insurance Corporation (“FDIC”) categorization. | |||||||||||||||||||||||||
Our actual capital amounts and ratios follow: | |||||||||||||||||||||||||
Minimum for | Minimum for | ||||||||||||||||||||||||
Adequately Capitalized | Well-Capitalized | ||||||||||||||||||||||||
Actual | Institutions | Institutions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 245,754 | 17.49 | % | $ | 112,424 | 8 | % | NA | NA | |||||||||||||||
Independent Bank | 224,855 | 16.01 | 112,326 | 8 | $ | 140,408 | 10 | % | |||||||||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 227,876 | 16.22 | % | $ | 56,212 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 206,999 | 14.74 | 56,163 | 4 | $ | 84,245 | 6 | % | |||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||
Consolidated | $ | 227,876 | 10.87 | % | $ | 83,849 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 206,999 | 9.88 | 83,775 | 4 | $ | 104,719 | 5 | % | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 204,663 | 14.71 | % | $ | 111,268 | 8 | % | NA | NA | |||||||||||||||
Independent Bank | 207,553 | 14.95 | 111,063 | 8 | $ | 138,829 | 10 | % | |||||||||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 185,948 | 13.37 | % | $ | 55,634 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 189,777 | 13.67 | 55,531 | 4 | $ | 83,297 | 6 | % | |||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||
Consolidated | $ | 185,948 | 8.08 | % | $ | 92,026 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 189,777 | 8.26 | 91,919 | 4 | $ | 114,899 | 5 | % | |||||||||||||||||
NA - Not applicable | |||||||||||||||||||||||||
The components of our regulatory capital are as follows: | |||||||||||||||||||||||||
Consolidated | Independent Bank | ||||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Total shareholders' equity | $ | 226,601 | $ | 134,975 | $ | 245,083 | $ | 186,384 | |||||||||||||||||
Add (deduct) | |||||||||||||||||||||||||
Qualifying trust preferred securities | 48,668 | 47,678 | - | - | |||||||||||||||||||||
Accumulated other comprehensive loss | 9,170 | 8,058 | 9,170 | 8,156 | |||||||||||||||||||||
Intangible assets | (3,366 | ) | (3,975 | ) | (3,366 | ) | (3,975 | ) | |||||||||||||||||
Disallowed deferred tax assets | (52,769 | ) | - | (43,460 | ) | - | |||||||||||||||||||
Disallowed capitalized mortgage loan servicing rights | (428 | ) | (788 | ) | (428 | ) | (788 | ) | |||||||||||||||||
Tier 1 capital | 227,876 | 185,948 | 206,999 | 189,777 | |||||||||||||||||||||
Qualifying trust preferred securities | - | 990 | - | - | |||||||||||||||||||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 17,878 | 17,725 | 17,856 | 17,776 | |||||||||||||||||||||
Total risk-based capital | $ | 245,754 | $ | 204,663 | $ | 224,855 | $ | 207,553 | |||||||||||||||||
On July 2, 2013, the Federal Reserve Board approved a final rule that establishes an integrated regulatory capital framework (the “New Capital Rules”). The rule will implement in the United States the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Act. | |||||||||||||||||||||||||
In general, under the New Capital Rules, minimum requirements will increase for both the quantity and quality of capital held by banking organizations. Consistent with the international Basel framework, the New Capital Rules include a new minimum ratio of common equity tier 1 capital to risk-weighted assets of 4.5% and a common equity tier 1 capital conservation buffer of 2.5% of risk-weighted assets that will apply to all supervised financial institutions. The rule also raises the minimum ratio of tier 1 capital to risk-weighted assets from 4% to 6% and includes a minimum leverage ratio of 4% for all banking organizations. As to the quality of capital, the New Capital Rules emphasize common equity tier 1 capital, the most loss-absorbing form of capital, and implements strict eligibility criteria for regulatory capital instruments. The New Capital Rules also change the methodology for calculating risk-weighted assets to enhance risk sensitivity. | |||||||||||||||||||||||||
We are subject to the New Capital Rules beginning on January 1, 2015. The 2.5% capital conservation buffer is being phased in over a four-year period beginning in 2016. Also, under the New Capital Rules our existing trust preferred securities are grandfathered as qualifying regulatory capital. We believe that we currently exceed all of the capital ratio requirements of the New Capital Rules. |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||||||||||
12 | Fair Value Disclosures | ||||||||||||||||||||||||
FASB ASC topic 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||||||||||||||||
The standard describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||||||||||
Level 1: Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 instruments include securities traded on active exchange markets, such as the New York Stock Exchange, as well as U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter 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 2 instruments include securities traded in less active dealer or broker markets. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
We used the following methods and significant assumptions to estimate fair value: | |||||||||||||||||||||||||
Securities: Where quoted market prices are available in an active market, securities (trading or available for sale) are classified as Level 1 of the valuation hierarchy. Level 1 securities include certain preferred stocks included in our trading portfolio for which there are quoted prices in active markets. If quoted market prices are not available for the specific security, then fair values are estimated by (1) using quoted market prices of securities with similar characteristics, (2) matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices, or (3) a discounted cash flow analysis whose significant fair value inputs can generally be verified and do not typically involve judgment by management. These securities are classified as Level 2 of the valuation hierarchy and include agency and private label residential mortgage-backed securities, municipal securities, trust preferred securities and corporate securities. | |||||||||||||||||||||||||
Loans held for sale: The fair value of mortgage loans held for sale is based on mortgage backed security pricing for comparable assets (recurring Level 2). The fair value of loans held for sale relating to branch sale was based on a discount provided for in the branch sale agreement (non-recurring Level 2). | |||||||||||||||||||||||||
Impaired loans with specific loss allocations based on collateral value: From time to time, certain loans are considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. We measure our investment in an impaired loan based on one of three methods: the loan’s observable market price, the fair value of the collateral or the present value of expected future cash flows discounted at the loan’s effective interest rate. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At September 30, 2013 and December 31, 2012, all of our total impaired loans were evaluated based on either the fair value of the collateral or the present value of expected future cash flows discounted at the loan’s effective interest rate. When the fair value of the collateral is based on an appraised value or when an appraised value is not available we record the impaired loan as nonrecurring Level 3. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments can be significant and thus will typically result in a Level 3 classification of the inputs for determining fair value. | |||||||||||||||||||||||||
Other real estate: At the time of acquisition, other real estate is recorded at fair value, less estimated costs to sell, which becomes the property’s new basis. Subsequent write-downs to reflect declines in value since the time of acquisition may occur from time to time and are recorded in loss on other real estate and repossessed assets in the Condensed Consolidated Statements of Operations. The fair value of the property used at and subsequent to the time of acquisition is typically determined by a third party appraisal of the property. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments can be significant and typically result in a Level 3 classification of the inputs for determining fair value. | |||||||||||||||||||||||||
Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by us. Once received, an independent third party (for commercial properties over $0.25 million) or a member of our special assets group (for commercial properties under $0.25 million and retail properties) reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. On an annual basis, we compare the actual selling price of collateral that has been sold to the most recent appraised value to determine what additional adjustment, if any, should be made to the appraisal value to arrive at fair value. For commercial properties we typically do not discount an appraisal while for retail properties we generally discount the value by 5%. In addition, we will adjust the appraised values for expected liquidation costs including sales commissions and transfer taxes. | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights: The fair value of capitalized mortgage loan servicing rights is based on a valuation model used by an independent third party that calculates the present value of estimated net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income. Since the secondary servicing market has not been active since the later part of 2009, model assumptions are generally unobservable and are based upon the best information available including data relating to our own servicing portfolio, reviews of mortgage servicing assumption and valuation surveys and input from various mortgage servicers and, therefore, are recorded as nonrecurring Level 3. Management evaluates the third party valuation for reasonableness each quarter as part of our financial reporting control processes. | |||||||||||||||||||||||||
Derivatives: The fair value of rate-lock mortgage loan commitments and mandatory commitments to sell mortgage loans is based on mortgage backed security pricing for comparable assets (recurring Level 2). The fair value of interest rate swap agreements, in general, was determined using a discounted cash flow model whose significant fair value inputs could generally be verified and did not typically involve judgment by management (recurring Level 2). The fair value of the Amended Warrant was determined using a simulation analysis which considers potential outcomes for a large number of independent scenarios regarding the future prices of our common stock and uses several unobservable variables (recurring Level 3). | |||||||||||||||||||||||||
Assets and liabilities measured at fair value, including financial assets for which we have elected the fair value option, were as follows: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted | |||||||||||||||||||||||||
Prices | |||||||||||||||||||||||||
in Active | |||||||||||||||||||||||||
Markets | Significant | Significant | |||||||||||||||||||||||
for | Other | Un- | |||||||||||||||||||||||
Fair Value | Identical | Observable | observable | ||||||||||||||||||||||
Measure- | Assets | Inputs | Inputs | ||||||||||||||||||||||
ments | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Trading securities | $ | 308 | $ | 308 | $ | - | $ | - | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||
U.S. agency | 23,392 | - | 23,392 | - | |||||||||||||||||||||
U.S. agency residential mortgage-backed | 198,339 | - | 198,339 | - | |||||||||||||||||||||
Private label residential mortgage-backed | 6,893 | - | 6,893 | - | |||||||||||||||||||||
Other asset backed | 26,830 | 26,830 | |||||||||||||||||||||||
Obligations of states and political subdivisions | 140,939 | - | 140,939 | - | |||||||||||||||||||||
Corporate | 17,016 | - | 17,016 | - | |||||||||||||||||||||
Trust preferred | 2,476 | - | 2,476 | - | |||||||||||||||||||||
Loans held for sale | 27,622 | - | 27,622 | - | |||||||||||||||||||||
Derivatives (1) | 692 | - | 692 | - | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivatives (2) | 658 | - | 658 | - | |||||||||||||||||||||
Measured at Fair Value on a Non-recurring basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights (3) | 7,146 | - | - | 7,146 | |||||||||||||||||||||
Impaired loans (4) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 1,652 | - | - | 1,652 | |||||||||||||||||||||
Land, land development &construction-real estate | 679 | - | - | 679 | |||||||||||||||||||||
Commercial and industrial | 1,850 | - | - | 1,850 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 1,491 | - | - | 1,491 | |||||||||||||||||||||
Resort Lending | 347 | - | - | 347 | |||||||||||||||||||||
Other real estate (5) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 560 | - | - | 560 | |||||||||||||||||||||
Land, land development & construction-real estate | 1,507 | - | - | 1,507 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 402 | - | - | 402 | |||||||||||||||||||||
Resort Lending | 1,531 | - | - | 1,531 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 82 | - | - | 82 | |||||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund/partial refund | 2,668 | - | - | 2,668 | |||||||||||||||||||||
-1 | Included in accrued income and other assets | ||||||||||||||||||||||||
-2 | Included in accrued expenses and other liabilities | ||||||||||||||||||||||||
-3 | Only includes servicing rights that are carried at fair value due to recognition of a valuation allowance. | ||||||||||||||||||||||||
-4 | Only includes impaired loans with specific loss allocations based on collateral value. | ||||||||||||||||||||||||
-5 | Only includes other real estate with subsequent write downs to fair value. | ||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted | |||||||||||||||||||||||||
Prices | |||||||||||||||||||||||||
in Active | |||||||||||||||||||||||||
Markets | Significant | Significant | |||||||||||||||||||||||
for | Other | Un- | |||||||||||||||||||||||
Fair Value | Identical | Observable | observable | ||||||||||||||||||||||
Measure- | Assets | Inputs | Inputs | ||||||||||||||||||||||
ments | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Trading securities | $ | 110 | $ | 110 | $ | - | $ | - | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||
U.S. agency | 30,667 | - | 30,667 | - | |||||||||||||||||||||
U.S. agency residential mortgage-backed | 127,412 | - | 127,412 | - | |||||||||||||||||||||
Private label residential mortgage-backed | 8,194 | - | 8,194 | - | |||||||||||||||||||||
Obligations of states and political subdivisions | 39,051 | - | 39,051 | - | |||||||||||||||||||||
Trust preferred | 3,089 | - | 3,089 | - | |||||||||||||||||||||
Loans held for sale | 47,487 | - | 47,487 | - | |||||||||||||||||||||
Derivatives (1) | 1,368 | - | 1,368 | - | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivatives (2) | 1,320 | - | 861 | 459 | |||||||||||||||||||||
Measured at Fair Value on a Non-recurring basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights (3) | 8,814 | - | - | 8,814 | |||||||||||||||||||||
Impaired loans (4) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 3,727 | - | - | 3,727 | |||||||||||||||||||||
Land, land development &construction-real estate | 2,882 | - | - | 2,882 | |||||||||||||||||||||
Commercial and industrial | 6,581 | - | - | 6,581 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 2,694 | - | - | 2,694 | |||||||||||||||||||||
Resort Lending | 380 | - | - | 380 | |||||||||||||||||||||
Other real estate (5) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 86 | - | - | 86 | |||||||||||||||||||||
Land, land development &construction-real estate | 3,190 | - | - | 3,190 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 405 | - | - | 405 | |||||||||||||||||||||
Resort Lending | 3,535 | - | - | 3,535 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 59 | - | - | 59 | |||||||||||||||||||||
Loans held for sale relating to branch sale | 3,292 | - | 3,292 | - | |||||||||||||||||||||
-1 | Included in accrued income and other assets | ||||||||||||||||||||||||
-2 | Included in accrued expenses and other liabilities | ||||||||||||||||||||||||
-3 | Only includes servicing rights that are carried at fair value due to recognition of a valuation allowance. | ||||||||||||||||||||||||
-4 | Only includes impaired loans with specific loss allocations based on collateral value. | ||||||||||||||||||||||||
-5 | Only includes other real estate with subsequent write downs to fair value. | ||||||||||||||||||||||||
There were no transfers between Level 1 and Level 2 during the nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||
Changes in fair values for financial assets which we have elected the fair value option for the periods presented were as follows: | |||||||||||||||||||||||||
Changes in Fair Values for the Nine-Month | |||||||||||||||||||||||||
Periods Ended September 30 for Items Measured at | |||||||||||||||||||||||||
Fair Value Pursuant to Election of the Fair Value Option | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net Gains (Losses) | Total | Net Gains (Losses) | Total | ||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||
in Fair | in Fair | ||||||||||||||||||||||||
Values | Values | ||||||||||||||||||||||||
Included | Included | ||||||||||||||||||||||||
in Current | in Current | ||||||||||||||||||||||||
on Assets | Period | on Assets | Period | ||||||||||||||||||||||
Securities | Loans | Earnings | Securities | Loans | Earnings | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trading securities | $ | 197 | $ | - | $ | 197 | $ | (39 | ) | $ | - | $ | (39 | ) | |||||||||||
Loans held for sale | - | (765 | ) | (765 | ) | - | 587 | 587 | |||||||||||||||||
For those items measured at fair value pursuant to our election of the fair value option, interest income is recorded within the Condensed Consolidated Statements of Operations based on the contractual amount of interest income earned on these financial assets and dividend income is recorded based on cash dividends. | |||||||||||||||||||||||||
The following represent impairment charges recognized during the three and nine month periods ended September 30, 2013 and 2012 relating to assets measured at fair value on a non-recurring basis: | |||||||||||||||||||||||||
· | Capitalized mortgage loan servicing rights, whose individual strata are measured at fair value, had a carrying amount of $7.1 million which is net of a valuation allowance of $3.6 million at September 30, 2013 and had a carrying amount of $8.8 million which is net of a valuation allowance of $6.1 million at December 31, 2012. A recovery (charge) of $0.04 million and $2.5 million was included in our results of operations for the three and nine month periods ending September 30, 2013, respectively and $(0.4) million and $(0.6) million during the same periods in 2012. | ||||||||||||||||||||||||
· | Loans which are measured for impairment using the fair value of collateral for collateral dependent loans, had a carrying amount of $9.1 million, with a valuation allowance of $3.1 million at September 30, 2013 and had a carrying amount of $22.8 million, with a valuation allowance of $6.5 million at December 31, 2012. The provision for loan losses included in our results of operations relating to impaired loans was an expense of $0.5 million and $0.3 million for the three month periods ending September 30, 2013 and 2012, respectively and a credit of $0.1 million and an expense of $1.9 million for the nine month periods ending September 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||
· | Other real estate, which is measured using the fair value of the property, had a carrying amount of $6.8 million which is net of a valuation allowance of $4.6 million at September 30, 2013 and a carrying amount of $7.3 million which is net of a valuation allowance of $6.0 million at December 31, 2012. An additional charge relating to ORE measured at fair value of $0.3 million and $1.8 million was included in our results of operations during the three and nine month periods ended September 30, 2013, respectively and $1.1 million and $1.5 million during the same periods in 2012. | ||||||||||||||||||||||||
A reconciliation for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30 follows: | |||||||||||||||||||||||||
(Liability) | |||||||||||||||||||||||||
Amended Warrant | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Beginning balance | $ | - | $ | (353 | ) | $ | (459 | ) | $ | (174 | ) | ||||||||||||||
Total gains (losses) realized and unrealized: | |||||||||||||||||||||||||
Included in results of operations | - | (32 | ) | (1,025 | ) | (211 | ) | ||||||||||||||||||
Included in other comprehensive income | - | - | - | - | |||||||||||||||||||||
Purchases, issuances, settlements, maturities and calls | - | - | - | - | |||||||||||||||||||||
Reclassification to shareholders' equity | - | - | 1,484 | - | |||||||||||||||||||||
Transfers in and/or out of Level 3 | - | - | - | - | |||||||||||||||||||||
Ending balance | $ | - | $ | (385 | ) | $ | - | $ | (385 | ) | |||||||||||||||
Amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at September 30 | $ | - | $ | (32 | ) | $ | (1,025 | ) | $ | (211 | ) | ||||||||||||||
Because of certain anti-dilution features included in the Amended Warrant, it was not considered to be indexed to our common stock and was therefore accounted for as a derivative instrument (see Note #7). Any change in value of this warrant was recorded in other income in our Condensed Consolidated Statements of Operations. However, the anti-dilution features in the Amended Warrant which caused it to be accounted for as a derivative and included in accrued expenses and other liabilities expired on April 16, 2013. As a result, the Amended Warrant was reclassified into shareholders’ equity on that date at its then fair value which totaled $1.5 million. During the third quarter of 2013 we repurchased the Amended Warrant from the UST (see Note #15). | |||||||||||||||||||||||||
The fair value of the Amended Warrant was determined using a simulation analysis which considered potential outcomes for a large number of independent scenarios regarding the future prices of our common stock. The simulation analysis relied on a binomial lattice model, a standard technique usually applied to the valuation of stock options. The binomial lattice maps out possible price paths of our common stock, the underlying asset of the Amended Warrant. The simulation was based on a 500-step lattice covering the term of the Amended Warrant. The binomial lattice required specification of 14 variables, of which several were unobservable in the market. | |||||||||||||||||||||||||
Quantitative information about the Amended Warrant at December 31, 2012 follows: | |||||||||||||||||||||||||
(Liability) | |||||||||||||||||||||||||
Fair | Valuation | Unobservable | Unobservable | ||||||||||||||||||||||
Value | Technique | Inputs | Input Values | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
$ | (459 | ) | Binomial Lattice Model | Probability of non-permitted equity raise | 0.5 | % | |||||||||||||||||||
Expected discount to stock price in anequity raise | 10 | % | |||||||||||||||||||||||
Dollar amount of expected capital raise | $100 Million | ||||||||||||||||||||||||
Expected time of non-permitted equity raise | April, 2013 | ||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of Amended Warrant were probability of a non-permitted capital raise, expected discount to stock price in an equity raise, dollar amount of expected capital raise and expected time of equity raise. Significant increases/(decreases) in any of those inputs in isolation would have resulted in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of a non-permitted capital raise and dollar amount of equity raise would have been accompanied by a directionally consistent change in fair value and a directionally opposite change in the assumption used for expected discount to stock price in an equity raise and expected time of equity raise. | |||||||||||||||||||||||||
Quantitative information about Level 3 fair value measurements measured on a non-recurring basis follows: | |||||||||||||||||||||||||
Asset | |||||||||||||||||||||||||
(Liability) | |||||||||||||||||||||||||
Fair | Valuation | Unobservable | Weighted | ||||||||||||||||||||||
Value | Technique | Inputs | Average | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights | $ | 7,146 | Present value of net servicing revenue | Discount rate | 10.12 | % | |||||||||||||||||||
Cost to service | $ | 81 | |||||||||||||||||||||||
Ancillary income | 29 | ||||||||||||||||||||||||
Float rate | 1.54 | % | |||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||
Commercial | 4,181 | Sales comparison approach | Adjustment for differences between comparable sales | (1.2 | )% | ||||||||||||||||||||
Income approach | Capitalization rate | 9.3 | |||||||||||||||||||||||
Mortgage | 1,838 | Sales comparison approach | Adjustment for differences between comparable sales | 3.4 | |||||||||||||||||||||
Other real estate | |||||||||||||||||||||||||
Commercial | 2,067 | Sales comparison approach | Adjustment for differences between comparable sales | (5.7 | ) | ||||||||||||||||||||
Income approach | Capitalization rate | 11 | |||||||||||||||||||||||
Mortgage and installment | 2,015 | Sales comparison approach | Adjustment for differences between comparable sales | 36.5 | |||||||||||||||||||||
Payment plan receivables | 2,668 | Sales comparison approach | Adjustment for differences between comparable sales | 7.5 | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights | $ | 8,814 | Present value of net servicing revenue | Discount rate | 11 | % | |||||||||||||||||||
Cost to service | $ | 83 | |||||||||||||||||||||||
Ancillary income | 43 | ||||||||||||||||||||||||
Float rate | 0.84 | % | |||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||
Commercial | 13,190 | Sales comparison approach | Adjustment for differences between comparable sales | 16.7 | % | ||||||||||||||||||||
Income approach | Capitalization rate | 10.8 | |||||||||||||||||||||||
Mortgage | 3,074 | Sales comparison approach | Adjustment for differences between comparable sales | 9.5 | |||||||||||||||||||||
Other real estate | |||||||||||||||||||||||||
Commercial | 3,276 | Sales comparison approach | Adjustment for differences between comparable sales | (12.4 | ) | ||||||||||||||||||||
Income approach | Capitalization rate | 12.3 | |||||||||||||||||||||||
Mortgage and installment | 3,999 | Sales comparison approach | Adjustment for differences between comparable sales | (6.3 | ) | ||||||||||||||||||||
The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding for loans held for sale for which the fair value option has been elected for the periods presented. | |||||||||||||||||||||||||
Aggregate | Difference | Contractual Principal | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||
30-Sep-13 | $ | 27,622 | $ | 1,078 | $ | 26,544 | |||||||||||||||||||
31-Dec-12 | 47,487 | 1,843 | 45,644 |
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Values of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Fair Values of Financial Instruments | ' | ||||||||||||||||||||
13 | Fair Values of Financial Instruments | ||||||||||||||||||||
Most of our assets and liabilities are considered financial instruments. Many of these financial instruments lack an available trading market and it is our general practice and intent to hold the majority of our financial instruments to maturity. Significant estimates and assumptions were used to determine the fair value of financial instruments. These estimates are subjective in nature, involving uncertainties and matters of judgment, and therefore, fair values cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | |||||||||||||||||||||
Estimated fair values have been determined using available data and methodologies that are considered suitable for each category of financial instrument. For instruments with adjustable-interest rates which reprice frequently and without significant credit risk, it is presumed that estimated fair values approximate the recorded book balances. | |||||||||||||||||||||
Cash and due from banks and interest bearing deposits: The recorded book balance of cash and due from banks and interest bearing deposits approximate fair value and are classified as Level 1. | |||||||||||||||||||||
Interest bearing deposits - time: Interest bearing deposits - time have been valued based on a model using a benchmark yield curve plus a base spread and are classified as Level 2. | |||||||||||||||||||||
Securities: Financial instrument assets actively traded in a secondary market have been valued using quoted market prices. Trading securities are classified as Level 1 while securities available for sale are classified as Level 2 as described in Note #12. | |||||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock: It is not practicable to determine the fair value of FHLB and FRB Stock due to restrictions placed on transferability. | |||||||||||||||||||||
Net loans and loans held for sale: The fair value of loans is calculated by discounting estimated future cash flows using estimated market discount rates that reflect credit and interest-rate risk inherent in the loans resulting in a Level 3 classification. Impaired loans are valued at the lower of cost or fair value as described in Note #12. Loans held for sale are classified as Level 2 as described in Note #12. | |||||||||||||||||||||
Accrued interest receivable and payable: The recorded book balance of accrued interest receivable and payable approximate fair value and are classified at the same Level as the asset and liability they are associated with. | |||||||||||||||||||||
Derivative financial instruments: Rate-lock mortgage loan commitments and mandatory commitments to sell mortgage loans have been valued based on mortgage backed security pricing for comparable assets. Interest rate swaps (at December 31, 2012) were valued based on the discounted value of contractual cash flows using a discount rate approximating current market rates. Each of these instruments has been classified as Level 2 as described in Note #12. The Amended Warrant (at December 31, 2012) was valued based on a simulation analysis which considers potential outcomes for a large number of independent scenarios and is classified as Level 3 as described in Note #12. | |||||||||||||||||||||
Deposits: Deposits without a stated maturity, including demand deposits, savings, NOW and money market accounts, have a fair value equal to the amount payable on demand. Each of these instruments is classified as Level 1. Deposits with a stated maturity, such as certificates of deposit have generally been valued based on the discounted value of contractual cash flows using a discount rate approximating current market rates for liabilities with a similar maturity resulting in a Level 2 classification. | |||||||||||||||||||||
Other borrowings: Other borrowings have been valued based on the discounted value of contractual cash flows using a discount rate approximating current market rates for liabilities with a similar maturity resulting in a Level 2 classification. | |||||||||||||||||||||
Subordinated debentures: Subordinated debentures have generally been valued based on a quoted market price of the specific or similar instruments resulting in a Level 1 or Level 2 classification. | |||||||||||||||||||||
The estimated recorded book balances and fair values follow: | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Quoted | |||||||||||||||||||||
Prices | |||||||||||||||||||||
in Active | |||||||||||||||||||||
Markets | Significant | Significant | |||||||||||||||||||
for | Other | Un- | |||||||||||||||||||
Recorded | Fair Value | Identical | Observable | observable | |||||||||||||||||
Book | Measure- | Assets | Inputs | Inputs | |||||||||||||||||
Balance | ments | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 56,179 | $ | 56,179 | $ | 56,179 | $ | - | $ | - | |||||||||||
Interest bearing deposits | 74,766 | 74,766 | 74,766 | - | - | ||||||||||||||||
Interest bearing deposits - time | 16,946 | 16,940 | - | 16,940 | - | ||||||||||||||||
Trading securities | 308 | 308 | 308 | - | - | ||||||||||||||||
Securities available for sale | 415,885 | 415,885 | - | 415,885 | - | ||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock | 21,496 | NA | NA | NA | NA | ||||||||||||||||
Net loans and loans held for sale | 1,373,168 | 1,355,728 | - | 27,622 | 1,328,106 | ||||||||||||||||
Accrued interest receivable | 6,064 | 6,064 | 9 | 1,492 | 4,563 | ||||||||||||||||
Derivative financial instruments | 692 | 692 | - | 692 | - | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with no stated maturity (1) | $ | 1,429,569 | $ | 1,429,569 | $ | 1,429,569 | $ | - | $ | - | |||||||||||
Deposits with stated maturity (1) | 419,749 | 419,617 | - | 419,617 | - | ||||||||||||||||
Other borrowings | 17,282 | 20,049 | - | 20,049 | - | ||||||||||||||||
Subordinated debentures | 50,175 | 37,165 | 9,452 | 27,713 | - | ||||||||||||||||
Accrued interest payable | 332 | 332 | 57 | 275 | - | ||||||||||||||||
Derivative financial instruments | 658 | 658 | - | 658 | - | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 55,487 | $ | 55,487 | $ | 55,487 | $ | - | $ | - | |||||||||||
Interest bearing deposits | 124,295 | 124,295 | 124,295 | - | - | ||||||||||||||||
Trading securities | 110 | 110 | 110 | - | - | ||||||||||||||||
Securities available for sale | 208,413 | 208,413 | - | 208,413 | - | ||||||||||||||||
Federal Home Loan Bank and Federal | |||||||||||||||||||||
Reserve Bank Stock | 20,838 | NA | NA | NA | NA | ||||||||||||||||
Net loans and loans held for sale | 1,425,643 | 1,400,385 | - | 50,779 | 1,349,606 | ||||||||||||||||
Accrued interest receivable | 5,814 | 5,814 | 102 | 934 | 4,778 | ||||||||||||||||
Derivative financial instruments | 1,368 | 1,368 | - | 1,368 | - | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with no stated maturity (1) | $ | 1,360,609 | $ | 1,360,609 | $ | 1,360,609 | $ | - | $ | - | |||||||||||
Deposits with stated maturity (1) | 418,928 | 420,374 | - | 420,374 | - | ||||||||||||||||
Other borrowings | 17,625 | 21,463 | - | 21,463 | - | ||||||||||||||||
Subordinated debentures | 50,175 | 42,235 | 7,956 | 34,279 | - | ||||||||||||||||
Accrued interest payable | 7,197 | 7,197 | 2,942 | 4,255 | - | ||||||||||||||||
Derivative financial instruments | 1,320 | 1,320 | - | 861 | 459 | ||||||||||||||||
-1 | Deposits with no stated maturity include reciprocal deposits with a recorded book balance of $12.0 million and $1.2 million at September 30, 2013 and December 31, 2012, respectively. Deposits with a stated maturity include reciprocal deposits with a recorded book balance of $43.9 million and $32.0 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
The fair values for commitments to extend credit and standby letters of credit are estimated to approximate their aggregate book balance, which is nominal and therefore are not disclosed. | |||||||||||||||||||||
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale the entire holdings of a particular financial instrument. | |||||||||||||||||||||
Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business, the value of future earnings attributable to off-balance sheet activities and the value of assets and liabilities that are not considered financial instruments. | |||||||||||||||||||||
Fair value estimates for deposit accounts do not include the value of the core deposit intangible asset resulting from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market. |
Contingent_Liabilities
Contingent Liabilities | 9 Months Ended | |
Sep. 30, 2013 | ||
Contingent Liabilities [Abstract] | ' | |
Contingent Liabilities | ' | |
14 | Contingent Liabilities | |
We are involved in various litigation matters in the ordinary course of business. At the present time, we do not believe any of these matters will have a significant impact on our Condensed Consolidated Financial Statements. The aggregate amount we have accrued for losses we consider probable as a result of these litigation matters is immaterial. However, because of the inherent uncertainty of outcomes from any litigation matter, we believe it is reasonably possible we may incur losses in addition to the amounts we have accrued. At this time, we estimate the maximum amount of additional losses that are reasonably possible is approximately $0.5 million. However, because of a number of factors, including the fact that certain of these litigation matters are still in their early stages, this maximum amount may change in the future. | ||
The litigation matters described in the preceding paragraph primarily include claims that have been brought against us for damages, but do not include litigation matters where we seek to collect amounts owed to us by third parties (such as litigation initiated to collect delinquent loans or vehicle service contract counterparty receivables). These excluded, collection-related matters may involve claims or counterclaims by the opposing party or parties, but we have excluded such matters from the disclosure contained in the preceding paragraph in all cases where we believe the possibility of us paying damages to any opposing party is remote. Risks associated with the likelihood that we will not collect the full amount owed to us, net of reserves, are disclosed elsewhere in this report. | ||
Our Mepco segment conducts its payment plan business activities across the United States. Mepco acquires the payment plans from companies (which we refer to as Mepco’s “counterparties”) at a discount from the face amount of the payment plan. Each payment plan (which are classified as payment plan receivables in our Condensed Consolidated Statements of Financial Condition) permits a consumer to purchase a vehicle service contract by making installment payments, generally for a term of 12 to 24 months, to the sellers of those contracts (one of the “counterparties”). Mepco thereafter collects the payments from consumers. In acquiring the payment plan, Mepco generally funds a portion of the cost to the seller of the service contract and a portion of the cost to the administrator of the service contract. The administrator, in turn, pays the necessary contractual liability insurance policy (“CLIP”) premium to the insurer or risk retention group. | ||
Consumers are allowed to voluntarily cancel the service contract at any time and are generally entitled to receive a refund from the administrator of the unearned portion of the service contract at the time of cancellation. As a result, while Mepco does not owe any refund to the consumer, it also does not have any recourse against the consumer for nonpayment of a payment plan and therefore does not evaluate the creditworthiness of the individual consumer. If a consumer stops making payments on a payment plan or exercises the right to voluntarily cancel the service contract, the service contract seller and administrator are each obligated to refund to Mepco the amount necessary to make Mepco whole as a result of its funding of the service contract. In addition, the insurer or risk retention group that issued the CLIP for the service contract often guarantees all or a portion of the refund to Mepco. See Note #4 above for a breakdown of Mepco’s payment plan receivables by the level of recourse Mepco has against various counterparties. | ||
Upon the cancellation of a service contract and the completion of the billing process to the counterparties for amounts due to Mepco, there is a decrease in the amount of “payment plan receivables” and an increase in the amount of “vehicle service contract counterparty receivables” until such time as the amount due from the counterparty is collected. These amounts represent funds actually due to Mepco from its counterparties for cancelled service contracts. At September 30, 2013, the aggregate amount of such obligations owing to Mepco by counterparties, net of write-downs and reserves made through the recognition of vehicle service contract counterparty contingencies expense, totaled $9.8 million. This compares to a balance of $18.4 million at December 31, 2012. Mepco is currently in the process of working to recover these receivables, including through liquidation of collateral and litigation against counterparties. | ||
In some cases, Mepco requires collateral or guaranties by the principals of the counterparties to secure these refund obligations; however, this is generally only the case when no rated insurance company is involved to guarantee the repayment obligation of the seller and administrator counterparties. In most cases, there is no collateral to secure the counterparties’ refund obligations to Mepco, but Mepco has the contractual right to offset unpaid refund obligations against amounts Mepco would otherwise be obligated to fund to the counterparties. In addition, even when collateral is involved, the refund obligations of these counterparties are not fully secured. Mepco incurs losses when it is unable to fully recover funds owing to it by counterparties upon cancellation of the underlying service contracts. The sudden failure of one of Mepco’s major counterparties (an insurance company, administrator, or seller/dealer) could expose us to significant losses. | ||
When counterparties do not honor their contractual obligations to Mepco to repay advanced funds, we recognize estimated losses. Mepco pursues collection (including commencing legal action if necessary) of funds due to it under its various contracts with counterparties. Mepco has had to initiate litigation against certain counterparties, including one of the third party insurers, to collect amounts owed to Mepco as a result of those parties' dispute of their contractual obligations to Mepco. Charges related to estimated losses for vehicle service contract counterparty contingencies included in non-interest expenses were $0.1 million and $0.3 million for the three months ended September 30, 2013 and 2012, respectively and $3.4 million and $1.1 million for the nine months ended September 30, 2013 and 2012, respectively. The significant increase in this expense in 2013 is due to write-downs of vehicle service contract counterparty receivables in the second quarter of 2013. We reached tentative settlements in certain litigation to collect these receivables. Given the costs and uncertainty of continued litigation, we determined it was in our best interest to resolve these matters. These charges are being classified in non-interest expense because they are associated with a default or potential default of a contractual obligation under our counterparty contracts as opposed to loss on the administration of the payment plan itself. | ||
Our estimate of probable incurred losses from vehicle service contract counterparty contingencies requires a significant amount of judgment because a number of factors can influence the amount of loss that we may ultimately incur. These factors include our estimate of future cancellations of vehicle service contracts, our evaluation of collateral that may be available to recover funds due from our counterparties, and our assessment of the amount that may ultimately be collected from counterparties in connection with their contractual obligations. We apply a rigorous process, based upon historical payment plan activity and past experience, to estimate probable incurred losses and quantify the necessary reserves for our vehicle service contract counterparty contingencies, but there can be no assurance that our modeling process will successfully identify all such losses. | ||
We believe our assumptions regarding the collection of vehicle service contract counterparty receivables are reasonable, and we based them on our good faith judgments using data currently available. We also believe the current amount of reserves we have established and the vehicle service contract counterparty contingencies expense that we have recorded are appropriate given our estimate of probable incurred losses at the applicable Condensed Consolidated Statement of Financial Condition date. However, because of the uncertainty surrounding the numerous and complex assumptions made, actual losses could exceed the charges we have taken to date. | ||
We have established a reserve (which totaled $3.5 million and $1.4 million at September 30, 2013 and December 31, 2012, respectively) for loss reimbursements on sold mortgage loans. This reserve is included in accrued expenses and other liabilities in our Condensed Consolidated Statements of Financial Condition. This reserve is based on an analysis of mortgage loans that we have sold which are further categorized by delinquency status, loan to value, and year of origination. The calculation includes factors such as probability of default, probability of loss reimbursement (breach of representation or warranty) and estimated loss severity. While we believe that the amounts we have accrued for incurred losses on sold loans are appropriate given these analyses, future losses could exceed our current estimate. | ||
The provision for loss reimbursement on sold loans represents our estimate of incurred losses related to mortgage loans that we have sold to investors (primarily Fannie Mae and Freddie Mac). Since we sell mortgage loans without recourse, loss reimbursements only occur in those instances where we have breached a representation or warranty or other contractual requirement related to the loan sale. Historically, loss reimbursements on mortgage loans sold without recourse were very rare. In 2009, we had only one actual loss reimbursement (for $0.06 million). Prior to 2009, we had years in which we incurred no such loss reimbursements. However, our loss reimbursements increased to $0.2 million in 2010 and to $0.5 million and $1.2 million in 2011 and 2012, respectively, as over the past two years Fannie Mae and Freddie Mac, in particular, have been doing more reviews of mortgage loans where they have incurred or expect to incur a loss and have been more aggressive in pursuing loss reimbursements from the sellers of such mortgage loans. Actual loss reimbursements in the third quarter and first nine months of 2013 totaled $0.1 million and $0.4 million, respectively. Although we are successful in the vast majority of cases where file reviews are conducted on mortgage loans that we have sold to investors and actual loss reimbursements have remained relatively modest, the levels of such file reviews and loss reimbursement requests have increased. Further, in October 2013 we reached an agreement in principle (the “Resolution Agreement”) to resolve our existing and future repurchase and make whole obligations (collectively “Repurchase Obligations”) related to mortgage loans originated between January 1, 2000 and December 31, 2008 and delivered to Fannie Mae by January 31, 2009. The terms of the Resolution Agreement are subject to final approval by Fannie Mae. Under the proposed terms of the Resolution Agreement, we will pay Fannie Mae approximately $1.6 million with respect to the Repurchase Obligations, subject to reconciliation and adjustment. This amount is included in our total reserve at September 30, 2013. We believe that it is in our best interest to execute the Resolution Agreement in order to bring finality to the loss reimbursement exposure with Fannie Mae for these years and reduce the resources spent on individual file reviews and defending loss reimbursement requests. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | |
Sep. 30, 2013 | ||
Shareholders' Equity [Abstract] | ' | |
Shareholders' Equity | ' | |
15 | Shareholders’ Equity | |
On April 2, 2010, we entered into an Exchange Agreement with the UST pursuant to which the UST agreed to exchange all 72,000 shares of our Series A Fixed Rate Cumulative Perpetual Preferred Stock, with an original liquidation preference of $1,000 per share (“Series A Preferred Stock”), beneficially owned and held by the UST, plus accrued and unpaid dividends on such Series A Preferred Stock, for shares of our Series B Preferred Stock. As part of the terms of the Exchange Agreement, we also agreed to amend and restate the terms of the warrant, dated December 12, 2008, issued to the UST to purchase 346,154 shares of our common stock. | ||
On April 16, 2010, we closed the transactions described in the Exchange Agreement and we issued to the UST: (1) 74,426 shares of our Series B Preferred Stock and (2) the Amended Warrant. These securities were issued in exchange for all of the 72,000 shares of Series A Preferred Stock and the original warrant that had been issued to the UST in December 2008 pursuant to the TARP Capital Purchase Program, plus approximately $2.4 million in accrued dividends on such Series A Preferred Stock. | ||
With the exception of being convertible into shares of our common stock, the terms of the Series B Preferred Stock were substantially similar to the terms of the Series A Preferred Stock that was exchanged. The Series B Preferred Stock qualified as Tier 1 regulatory capital and paid cumulative dividends quarterly at a rate of 5% per annum. | ||
On July 26, 2013 we executed a Securities Purchase Agreement (“SPA”) with the UST. Under the terms of the SPA, we agreed to purchase from the UST for $81.0 million in cash consideration: (i) 74,426 shares of our Series B Preferred Stock, including any and all accrued and unpaid dividends; and (ii) the Amended Warrant. On August 30, 2013 we closed the SPA transaction with the UST and we exited TARP. On that date the Series B Preferred Stock and Amended Warrant had book balances of $87.2 million (including accrued dividends) and $1.5 million, respectively. This transaction resulted in a discount of $7.7 million of which $7.6 million was allocated to the Series B Preferred Stock and included in net income applicable to common stock and $0.1 million was allocated to the Amended Warrant and recorded to common stock. | ||
On August 28, 2013 we sold 11.5 million shares of our common stock for gross proceeds of $89.1 million in a public offering and on September 10, 2013 we sold an additional 1.725 million shares of our common stock for gross proceeds of $13.4 million pursuant to the underwriters’ overallotment option (collectively, the “Common Stock Offering”). The net proceeds from the Common Stock Offering were approximately $97.1 million. | ||
On July 7, 2010 we executed an Investment Agreement and Registration Rights Agreement with Dutchess Opportunity Fund, II, LP (“Dutchess”) for the sale of shares of our common stock. These agreements served to establish an equity line facility as a contingent source of liquidity at the parent company level. Pursuant to the Investment Agreement, Dutchess committed to purchase up to $15.0 million of our common stock over a 36-month period ending November 1, 2013. We had the right, but no obligation, to draw on this equity line facility from time to time during such 36-month period by selling shares of our common stock to Dutchess. The sales price was at a 5% discount to the market price of our common stock at the time of the draw (as such market price was determined pursuant to the terms of the Investment Agreement). Through September 30, 2013, we had sold a total of 1.40 million shares (zero shares during the second and third quarters of 2013, 0.17 million shares during the first quarter of 2013, 0.45 million shares during 2012, 0.43 million shares during 2011 and 0.35 million shares during 2010) of our common stock to Dutchess under this equity line for total net proceeds of approximately $4.2 million ($0.9 million and $0.6 million of these total net proceeds were received during the nine months ending September 30, 2013 and 2012, respectively). Given the existing cash levels and our forecasted future cash needs at the parent company along with our expectation that the Bank will be able to transfer funds to the parent company at a future date, we determined to not renew this equity line facility on November 1, 2013. | ||
On November 15, 2011, we entered into a Tax Benefits Preservation Plan (the "Preservation Plan") with our stock transfer agent, American Stock Transfer & Trust Company. Our Board of Directors adopted the Preservation Plan in an effort to protect the value to our shareholders of our ability to use deferred tax assets such as net operating loss carry forwards to reduce potential future federal income tax obligations. Under federal tax rules, this value could be lost in the event we experienced an "ownership change," as defined in Section 382 of the federal Internal Revenue Code. The Preservation Plan attempts to protect this value by reducing the likelihood that we will experience such an ownership change by discouraging any person who is not already a 5% shareholder from becoming a 5% shareholder (with certain limited exceptions). | ||
On November 15, 2011, our Board of Directors declared a dividend of one preferred share purchase right (a "Right") for each outstanding share of our common stock under the terms of the Preservation Plan. The dividend is payable to the holders of common stock outstanding as of the close of business on November 15, 2011 or outstanding at any time thereafter but before the earlier of a "Distribution Date" and the date the Preservation Plan terminates. Each Right entitles the registered holder to purchase from us 1/1000 of a share of our Series C Junior Participating Preferred Stock, no par value per share ("Series C Preferred Stock"). Each 1/1000 of a share of Series C Preferred Stock has economic and voting terms similar to those of one whole share of common stock. The Rights are not exercisable and generally do not become exercisable until a person or group has acquired, subject to certain exceptions and conditions, beneficial ownership of 4.99% or more of the outstanding shares of common stock. At that time, each Right will generally entitle its holder to purchase securities of the Company at a discount of 50% to the current market price of the common stock. However, the Rights owned by the person acquiring beneficial ownership of 4.99% or more of the outstanding shares of common stock would automatically be void. The significant dilution that would result is expected to deter any person from acquiring beneficial ownership of 4.99% or more and thereby triggering the Rights. | ||
To date, none of the Rights have been exercised or have become exercisable because no unpermitted 4.99% or more change in the beneficial ownership of the outstanding common stock has occurred. The Rights will generally expire on the earlier to occur of the close of business on November 15, 2016 and certain other events described in the Preservation Plan, including such date as our Board of Directors determines that the Preservation Plan is no longer necessary for its intended purposes. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||
16 | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
A summary of changes in AOCL follows (1): | |||||||||||||||||||||||||
Dispropor- | |||||||||||||||||||||||||
tionate | Dispropor- | ||||||||||||||||||||||||
Unrealized | Tax Effects | tionate | |||||||||||||||||||||||
Losses on | from | Unrealized | Unrealized | Tax Effects | |||||||||||||||||||||
Available | Securities | Losses on | Losses on | from Cash | |||||||||||||||||||||
for Sale | Available | Cash Flow | Settled | Flow | |||||||||||||||||||||
Securities | for Sale | Hedges | Derivatives | Hedges | Total | ||||||||||||||||||||
For the three months ended September 30, | (In thousands) | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Balances at beginning of period | $ | (1,102 | ) | $ | (5,798 | ) | $ | - | $ | (370 | ) | $ | - | $ | (7,270 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (1,962 | ) | - | - | - | - | (1,962 | ) | |||||||||||||||||
Amounts reclassified from AOCL | - | - | - | 62 | - | 62 | |||||||||||||||||||
Net current period other comprehensive income (loss) | (1,962 | ) | - | - | 62 | - | (1,900 | ) | |||||||||||||||||
Balances at end of period | $ | (3,064 | ) | $ | (5,798 | ) | $ | - | $ | (308 | ) | $ | - | $ | (9,170 | ) | |||||||||
2012 | |||||||||||||||||||||||||
Balances at beginning of period | $ | (2,193 | ) | $ | (5,617 | ) | $ | (873 | ) | $ | (145 | ) | $ | (1,186 | ) | $ | (10,014 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 1,679 | - | (54 | ) | - | - | 1,625 | ||||||||||||||||||
Amounts reclassified from AOCL | (280 | ) | - | 92 | 145 | - | (43 | ) | |||||||||||||||||
Net current period other comprehensive income (loss) | 1,399 | - | 38 | 145 | - | 1,582 | |||||||||||||||||||
Balances at end of period | $ | (794 | ) | $ | (5,617 | ) | $ | (835 | ) | $ | - | $ | (1,186 | ) | $ | (8,432 | ) | ||||||||
For the nine months ended September 30, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Balances at beginning of period | $ | (516 | ) | $ | (5,617 | ) | $ | (739 | ) | $ | - | $ | (1,186 | ) | $ | (8,058 | ) | ||||||||
Income tax | 181 | (181 | ) | 258 | - | (258 | ) | - | |||||||||||||||||
Balances at beginning of period, net of tax | (335 | ) | (5,798 | ) | (481 | ) | - | (1,444 | ) | (8,058 | ) | ||||||||||||||
Terminated cash flow hedge | - | - | 370 | (370 | ) | - | - | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (2,741 | ) | - | (24 | ) | - | - | (2,765 | ) | ||||||||||||||||
Amounts reclassified from AOCL | 12 | - | 135 | 62 | 1,444 | 1,653 | |||||||||||||||||||
Net current period other comprehensive income (loss) | (2,729 | ) | - | 111 | 62 | 1,444 | (1,112 | ) | |||||||||||||||||
Balances at end of period | $ | (3,064 | ) | $ | (5,798 | ) | $ | - | $ | (308 | ) | $ | - | $ | (9,170 | ) | |||||||||
2012 | |||||||||||||||||||||||||
Balances at beginning of period | $ | (3,579 | ) | $ | (5,617 | ) | $ | (1,103 | ) | $ | (436 | ) | $ | (1,186 | ) | $ | (11,921 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 3,646 | - | (129 | ) | - | - | 3,517 | ||||||||||||||||||
Amounts reclassified from AOCL | (861 | ) | - | 397 | 436 | - | (28 | ) | |||||||||||||||||
Net current period other comprehensive income (loss) | 2,785 | - | 268 | 436 | - | 3,489 | |||||||||||||||||||
Balances at end of period | $ | (794 | ) | $ | (5,617 | ) | $ | (835 | ) | $ | - | $ | (1,186 | ) | $ | (8,432 | ) | ||||||||
-1 | 2013 amounts are presented net of tax as we removed substantially all of the valuation allowance on our deferred tax assets during the second quarter of 2013 (see Note #10). | ||||||||||||||||||||||||
The disproportionate tax effects from securities available for sale and cash flow hedges arose due to tax effects of other comprehensive income (“OCI”) in the presence of a valuation allowance against our deferred tax assets and a pretax loss from operations. Generally, the amount of income tax expense or benefit allocated to operations is determined without regard to the tax effects of other categories of income or loss, such as OCI. However, an exception to the general rule is provided when, in the presence of a valuation allowance against deferred tax assets, there is a pretax loss from operations and pretax income from other categories in the current period. In such instances, income from other categories must offset the current loss from operations, the tax benefit of such offset being reflected in operations. During the second quarter of 2013, we terminated our last remaining cash flow hedge and cleared the disproportionate tax effects relating to cash flow hedges from accumulated other comprehensive income (see Note #10). | |||||||||||||||||||||||||
A summary of reclassifications out of each component of AOCL for the three months ended September 30 follows: | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
Reclassified | |||||||||||||||||||||||||
From | Affected Line Item in Condensed | ||||||||||||||||||||||||
AOCL Component | AOCL | Consolidated Statements of Operations | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Unrealized losses on available for sale securities | $ | - | Net gains on securities | ||||||||||||||||||||||
- | Net impairment loss recognized in earnings | ||||||||||||||||||||||||
- | Total reclassifications before tax | ||||||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
$ | - | Reclassifications, net of tax | |||||||||||||||||||||||
Unrealized losses on cash flow hedges | $ | - | Interest expense | ||||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
$ | - | Reclassification, net of tax | |||||||||||||||||||||||
Unrealized losses on settled derivatives | $ | (95 | ) | Interest expense | |||||||||||||||||||||
(33 | ) | Tax expense (benefit) | |||||||||||||||||||||||
(62 | ) | Reclassification, net of tax | |||||||||||||||||||||||
Disproportionate tax effects from cash flow hedges | $ | - | Tax expense (benefit) | ||||||||||||||||||||||
$ | (62 | ) | Total reclassifications for the period, net of tax | ||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Unrealized losses on available for sale securities | $ | 350 | Net gains on securities | ||||||||||||||||||||||
(70 | ) | Net impairment loss recognized in earnings | |||||||||||||||||||||||
280 | Total reclassifications before tax | ||||||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
$ | 280 | Reclassifications, net of tax | |||||||||||||||||||||||
Unrealized losses on cash flow hedges | $ | (92 | ) | Interest expense | |||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
(92 | ) | Reclassification, net of tax | |||||||||||||||||||||||
Unrealized losses on settled derivatives | $ | (145 | ) | Interest expense | |||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
(145 | ) | Reclassification, net of tax | |||||||||||||||||||||||
$ | 43 | Total reclassifications for the period, net of tax | |||||||||||||||||||||||
A summary of reclassifications out of each component of AOCL for the nine months ended September 30 follows: | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
Reclassified | |||||||||||||||||||||||||
From | Affected Line Item in Condensed | ||||||||||||||||||||||||
AOCL Component | AOCL | Consolidated Statements of Operations | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Unrealized losses on available for sale securities | $ | 8 | Net gains on securities | ||||||||||||||||||||||
(26 | ) | Net impairment loss recognized in earnings | |||||||||||||||||||||||
(18 | ) | Total reclassifications before tax | |||||||||||||||||||||||
(6 | ) | Tax expense (benefit) | |||||||||||||||||||||||
$ | (12 | ) | Reclassifications, net of tax | ||||||||||||||||||||||
Unrealized losses on cash flow hedges | $ | (208 | ) | Interest expense | |||||||||||||||||||||
(73 | ) | Tax expense (benefit) | |||||||||||||||||||||||
$ | (135 | ) | Reclassification, net of tax | ||||||||||||||||||||||
Unrealized losses on settled derivatives | $ | (95 | ) | Interest expense | |||||||||||||||||||||
(33 | ) | Tax expense (benefit) | |||||||||||||||||||||||
(62 | ) | Reclassification, net of tax | |||||||||||||||||||||||
Disproportionate tax effects from cash flow hedges | $ | 1,444 | Tax expense (benefit) | ||||||||||||||||||||||
$ | (1,653 | ) | Total reclassifications for the period, net of tax | ||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Unrealized losses on available for sale securities | $ | 1,193 | Net gains on securities | ||||||||||||||||||||||
(332 | ) | Net impairment loss recognized in earnings | |||||||||||||||||||||||
861 | Total reclassifications before tax | ||||||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
$ | 861 | Reclassifications, net of tax | |||||||||||||||||||||||
Unrealized losses on cash flow hedges | $ | (397 | ) | Interest expense | |||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
(397 | ) | Reclassification, net of tax | |||||||||||||||||||||||
Unrealized losses on settled derivatives | $ | (436 | ) | Interest expense | |||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
(436 | ) | Reclassification, net of tax | |||||||||||||||||||||||
$ | 28 | Total reclassifications for the period, net of tax | |||||||||||||||||||||||
New_Accounting_Standards_Polic
New Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Standards [Abstract] | ' |
New Accounting Standards | ' |
New Accounting Standards | |
In February, 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. This ASU amended guidance on the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this guidance require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. This amended guidance became effective for us at January 1, 2013 and was applied prospectively. The effect of adopting this standard did not have a material impact on our consolidated operating results or financial condition, but the additional disclosures are included in note #16. |
Securities_Tables
Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities available for sale | ' | ||||||||||||||||||||||||
Securities available for sale consist of the following: | |||||||||||||||||||||||||
Amortized | Unrealized | ||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
U.S. agency | $ | 23,794 | $ | 3 | $ | 405 | $ | 23,392 | |||||||||||||||||
U.S. agency residential mortgage-backed | 198,424 | 1,062 | 1,147 | 198,339 | |||||||||||||||||||||
Private label residential mortgage-backed | 7,615 | 57 | 779 | 6,893 | |||||||||||||||||||||
Other asset backed | 26,877 | 8 | 55 | 26,830 | |||||||||||||||||||||
Obligations of states and political subdivisions | 143,957 | 422 | 3,440 | 140,939 | |||||||||||||||||||||
Corporate | 17,031 | 22 | 37 | 17,016 | |||||||||||||||||||||
Trust preferred | 2,901 | - | 425 | 2,476 | |||||||||||||||||||||
Total | $ | 420,599 | $ | 1,574 | $ | 6,288 | $ | 415,885 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
U.S. agency | $ | 30,620 | $ | 70 | $ | 23 | $ | 30,667 | |||||||||||||||||
U.S. agency residential mortgage-backed | 126,151 | 1,264 | 3 | 127,412 | |||||||||||||||||||||
Private label residential mortgage-backed | 9,070 | - | 876 | 8,194 | |||||||||||||||||||||
Obligations of states and political subdivisions | 38,384 | 736 | 69 | 39,051 | |||||||||||||||||||||
Trust preferred | 4,704 | - | 1,615 | 3,089 | |||||||||||||||||||||
Total | $ | 208,929 | $ | 2,070 | $ | 2,586 | $ | 208,413 | |||||||||||||||||
Investments in a continuous unrealized loss position | ' | ||||||||||||||||||||||||
Our investments’ gross unrealized losses and fair values aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows: | |||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
U.S. agency | $ | 18,090 | $ | 405 | $ | - | $ | - | $ | 18,090 | $ | 405 | |||||||||||||
U.S. agency residential mortgage-backed | 84,132 | 1,147 | - | - | 84,132 | 1,147 | |||||||||||||||||||
Private label residential mortgage-backed | 2,150 | 14 | 4,684 | 765 | 6,834 | 779 | |||||||||||||||||||
Other asset backed | 17,364 | 55 | - | - | 17,364 | 55 | |||||||||||||||||||
Obligations of states and political subdivisions | 100,584 | 3,210 | 4,940 | 230 | 105,524 | 3,440 | |||||||||||||||||||
Corporate | 10,980 | 37 | - | - | 10,980 | 37 | |||||||||||||||||||
Trust preferred | - | - | 2,476 | 425 | 2,476 | 425 | |||||||||||||||||||
Total | $ | 233,300 | $ | 4,868 | $ | 12,100 | $ | 1,420 | $ | 245,400 | $ | 6,288 | |||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
U.S. agency | $ | 8,097 | $ | 23 | $ | - | $ | - | $ | 8,097 | $ | 23 | |||||||||||||
U.S. agency residential mortgage-backed | - | - | 457 | 3 | 457 | 3 | |||||||||||||||||||
Private label residential mortgage-backed | - | - | 8,192 | 876 | 8,192 | 876 | |||||||||||||||||||
Obligations of states and political subdivisions | 7,384 | 69 | - | - | 7,384 | 69 | |||||||||||||||||||
Trust preferred | - | - | 3,089 | 1,615 | 3,089 | 1,615 | |||||||||||||||||||
Total | $ | 15,481 | $ | 92 | $ | 11,738 | $ | 2,494 | $ | 27,219 | $ | 2,586 | |||||||||||||
Unrealized losses largely attributable to credit spread | ' | ||||||||||||||||||||||||
The unrealized losses are largely attributable to credit spread widening on these securities since their acquisition. The underlying loans within these securities include Jumbo (70%) and Alt A (30%) at September 30, 2013. | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||
Value | Gain (Loss) | Value | Gain (Loss) | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Private label residential mortgage-backed | |||||||||||||||||||||||||
Jumbo | $ | 4,820 | $ | (566 | ) | $ | 6,041 | $ | (594 | ) | |||||||||||||||
Alt-A | 2,073 | (156 | ) | 2,153 | (282 | ) | |||||||||||||||||||
Private label residential mortgage backed securities below investment grade | ' | ||||||||||||||||||||||||
At September 30, 2013 three below investment grade private label residential mortgage-backed securities had credit related OTTI and are summarized as follows: | |||||||||||||||||||||||||
Super | Senior | ||||||||||||||||||||||||
Senior | Senior | Support | |||||||||||||||||||||||
Security | Security | Security | Total | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Fair value | $ | 2,584 | $ | 1,717 | $ | 57 | $ | 4,358 | |||||||||||||||||
Amortized cost | 2,978 | 1,722 | - | 4,700 | |||||||||||||||||||||
Non-credit unrealized loss | 394 | 5 | - | 399 | |||||||||||||||||||||
Unrealized gain | - | - | 57 | 57 | |||||||||||||||||||||
Cumulative credit related OTTI | 748 | 457 | 380 | 1,585 | |||||||||||||||||||||
Credit related OTTI recognized in our Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||
For the three months ended September 30, | |||||||||||||||||||||||||
2013 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
2012 | 70 | - | - | 70 | |||||||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||||||||
2013 | 26 | - | - | 26 | |||||||||||||||||||||
2012 | 240 | 32 | 60 | 332 | |||||||||||||||||||||
Trust preferred securities | ' | ||||||||||||||||||||||||
The following table breaks out our trust preferred securities in further detail as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||
Value | Loss | Value | Loss | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trust preferred securities | |||||||||||||||||||||||||
Rated issues | $ | 1,620 | $ | (281 | ) | $ | 1,581 | $ | (316 | ) | |||||||||||||||
Unrated issues | 856 | (144 | ) | 1,508 | (1,299 | ) | |||||||||||||||||||
Credit losses recognized in earnings on securities available for sale | ' | ||||||||||||||||||||||||
A roll forward of credit losses recognized in earnings on securities available for sale for the three and nine month periods ending September 30, follows: | |||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of period | $ | 1,835 | $ | 1,732 | $ | 1,809 | $ | 1,470 | |||||||||||||||||
Additions to credit losses on securities for which no previous OTTI was recognized | - | - | - | - | |||||||||||||||||||||
Increases to credit losses on securities for which OTTI was previously recognized | - | 70 | 26 | 332 | |||||||||||||||||||||
Balance at end of period | $ | 1,835 | $ | 1,802 | $ | 1,835 | $ | 1,802 | |||||||||||||||||
Amortized cost and fair value of securities available for sale by contractual maturity | ' | ||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale at September 30, 2013, by contractual maturity, follow. The actual maturity may differ from the contractual maturity because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Maturing within one year | $ | 12,322 | $ | 12,325 | |||||||||||||||||||||
Maturing after one year but within five years | 70,216 | 70,165 | |||||||||||||||||||||||
Maturing after five years but within ten years | 29,982 | 29,545 | |||||||||||||||||||||||
Maturing after ten years | 75,163 | 71,788 | |||||||||||||||||||||||
187,683 | 183,823 | ||||||||||||||||||||||||
U.S. agency residential mortgage-backed | 198,424 | 198,339 | |||||||||||||||||||||||
Private label residential mortgage-backed | 7,615 | 6,893 | |||||||||||||||||||||||
Other asset backed | 26,877 | 26,830 | |||||||||||||||||||||||
Total | $ | 420,599 | $ | 415,885 | |||||||||||||||||||||
Gains and losses realized on sale of securities available for sale | ' | ||||||||||||||||||||||||
Gains and losses realized on the sale of securities available for sale are determined using the specific identification method and are recognized on a trade-date basis. A summary of proceeds from the sale of securities available for sale and gains and losses for the nine month periods ending September 30, follows: | |||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||
Proceeds | Gains | Losses(1) | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2013 | $ | 2,940 | $ | 15 | $ | 7 | |||||||||||||||||||
2012 | 37,176 | 1,193 | - | ||||||||||||||||||||||
-1 | Losses in 2013 and 2012 exclude $0.026 million and $0.332 million, respectively of credit related OTTI recognized in earnings. |
Loans_Tables
Loans (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Loans [Abstract] | ' | ||||||||||||||||||||||||
Analysis of allowance for loan losses by portfolio segment | ' | ||||||||||||||||||||||||
An analysis of the allowance for loan losses by portfolio segment for the three months ended September 30, follows: | |||||||||||||||||||||||||
Payment | |||||||||||||||||||||||||
Plan | |||||||||||||||||||||||||
Commercial | Mortgage | Installment | Receivables | Unallocated | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 8,236 | $ | 18,659 | $ | 2,996 | $ | 125 | $ | 6,770 | $ | 36,786 | |||||||||||||
Additions (deductions) | |||||||||||||||||||||||||
Provision for loan losses | (709 | ) | 712 | 105 | (37 | ) | (426 | ) | (355 | ) | |||||||||||||||
Recoveries credited to allowance | 878 | 343 | 244 | 19 | - | 1,484 | |||||||||||||||||||
Loans charged against the allowance | (1,450 | ) | (1,497 | ) | (534 | ) | 3 | - | (3,478 | ) | |||||||||||||||
Balance at end of period | $ | 6,955 | $ | 18,217 | $ | 2,811 | $ | 110 | $ | 6,344 | $ | 34,437 | |||||||||||||
2012 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 15,476 | $ | 21,271 | $ | 4,981 | $ | 195 | $ | 9,423 | $ | 51,346 | |||||||||||||
Additions (deductions) | |||||||||||||||||||||||||
Provision for loan losses | 18 | 1,839 | (849 | ) | (17 | ) | (740 | ) | 251 | ||||||||||||||||
Recoveries credited to allowance | 782 | 303 | 287 | - | - | 1,372 | |||||||||||||||||||
Loans charged against the allowance | (2,619 | ) | (1,720 | ) | (793 | ) | 13 | - | (5,119 | ) | |||||||||||||||
Reclassification to loans held for sale | 16 | 136 | 133 | - | (114 | ) | 171 | ||||||||||||||||||
Balance at end of period | $ | 13,673 | $ | 21,829 | $ | 3,759 | $ | 191 | $ | 8,569 | $ | 48,021 | |||||||||||||
An analysis of the allowance for loan losses by portfolio segment for the nine months ended September 30, follows: | |||||||||||||||||||||||||
Payment | |||||||||||||||||||||||||
Plan | |||||||||||||||||||||||||
Commercial | Mortgage | Installment | Receivables | Unallocated | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 11,402 | $ | 21,447 | $ | 3,378 | $ | 144 | $ | 7,904 | $ | 44,275 | |||||||||||||
Additions (deductions) | |||||||||||||||||||||||||
Provision for loan losses | (2,385 | ) | 224 | 621 | (53 | ) | (1,560 | ) | (3,153 | ) | |||||||||||||||
Recoveries credited to allowance | 4,595 | 1,415 | 836 | 47 | - | 6,893 | |||||||||||||||||||
Loans charged against the allowance | (6,657 | ) | (4,869 | ) | (2,024 | ) | (28 | ) | - | (13,578 | ) | ||||||||||||||
Balance at end of period | $ | 6,955 | $ | 18,217 | $ | 2,811 | $ | 110 | $ | 6,344 | $ | 34,437 | |||||||||||||
2012 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 18,183 | $ | 22,885 | $ | 6,146 | $ | 197 | $ | 11,473 | $ | 58,884 | |||||||||||||
Additions (deductions) | |||||||||||||||||||||||||
Provision for loan losses | 2,708 | 6,644 | (331 | ) | 6 | (2,589 | ) | 6,438 | |||||||||||||||||
Recoveries credited to allowance | 2,178 | 1,423 | 1,002 | - | - | 4,603 | |||||||||||||||||||
Loans charged against the allowance | (9,242 | ) | (9,067 | ) | (2,973 | ) | (12 | ) | - | (21,294 | ) | ||||||||||||||
Reclassification to loans held for sale | (154 | ) | (56 | ) | (85 | ) | - | (315 | ) | (610 | ) | ||||||||||||||
Balance at end of period | $ | 13,673 | $ | 21,829 | $ | 3,759 | $ | 191 | $ | 8,569 | $ | 48,021 | |||||||||||||
Allowance for loan losses and recorded investment in loans by portfolio segment | ' | ||||||||||||||||||||||||
Allowance for loan losses and recorded investment in loans by portfolio segment follows: | |||||||||||||||||||||||||
Payment | |||||||||||||||||||||||||
Plan | |||||||||||||||||||||||||
Commercial | Mortgage | Installment | Receivables | Unallocated | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,500 | $ | 11,318 | $ | 1,365 | $ | - | $ | - | $ | 16,183 | |||||||||||||
Collectively evaluated for impairment | 3,455 | 6,899 | 1,446 | 110 | 6,344 | 18,254 | |||||||||||||||||||
Total ending allowance balance | $ | 6,955 | $ | 18,217 | $ | 2,811 | $ | 110 | $ | 6,344 | $ | 34,437 | |||||||||||||
Loans | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 44,789 | $ | 79,511 | $ | 7,097 | $ | - | $ | 131,397 | |||||||||||||||
Collectively evaluated for impairment | 582,213 | 414,311 | 188,104 | 68,494 | 1,253,122 | ||||||||||||||||||||
Total loans recorded investment | 627,002 | 493,822 | 195,201 | 68,494 | 1,384,519 | ||||||||||||||||||||
Accrued interest included in recorded investment | 1,580 | 2,297 | 659 | - | 4,536 | ||||||||||||||||||||
Total loans | $ | 625,422 | $ | 491,525 | $ | 194,542 | $ | 68,494 | $ | 1,379,983 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 6,558 | $ | 12,869 | $ | 1,582 | $ | - | $ | - | $ | 21,009 | |||||||||||||
Collectively evaluated for impairment | 4,844 | 8,578 | 1,796 | 144 | 7,904 | 23,266 | |||||||||||||||||||
Total ending allowance balance | $ | 11,402 | $ | 21,447 | $ | 3,378 | $ | 144 | $ | 7,904 | $ | 44,275 | |||||||||||||
Loans | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 55,634 | $ | 88,028 | $ | 7,505 | $ | - | $ | 151,167 | |||||||||||||||
Collectively evaluated for impairment | 563,316 | 441,703 | 183,090 | 84,692 | 1,272,801 | ||||||||||||||||||||
Total loans recorded investment | 618,950 | 529,731 | 190,595 | 84,692 | 1,423,968 | ||||||||||||||||||||
Accrued interest included in recorded investment | 1,692 | 2,391 | 746 | - | 4,829 | ||||||||||||||||||||
Total loans | $ | 617,258 | $ | 527,340 | $ | 189,849 | $ | 84,692 | $ | 1,419,139 | |||||||||||||||
Loans on non-accrual status and past due more than 90 days | ' | ||||||||||||||||||||||||
Loans on non-accrual status and past due more than 90 days (“Non-performing Loans”) follow: | |||||||||||||||||||||||||
90+ and | Total Non- | ||||||||||||||||||||||||
Still | Non- | Performing | |||||||||||||||||||||||
Accruing | Accrual | Loans | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 153 | $ | 4,666 | $ | 4,819 | |||||||||||||||||||
Land, land development and construction - real estate | - | 1,291 | 1,291 | ||||||||||||||||||||||
Commercial and industrial | 212 | 372 | 584 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | 7,520 | 7,520 | ||||||||||||||||||||||
Resort lending | - | 3,039 | 3,039 | ||||||||||||||||||||||
Home equity line of credit - 1st lien | - | 378 | 378 | ||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | 609 | 609 | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | - | 1,181 | 1,181 | ||||||||||||||||||||||
Home equity installment - 2nd lien | - | 479 | 479 | ||||||||||||||||||||||
Loans not secured by real estate | - | 448 | 448 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | - | 25 | 25 | ||||||||||||||||||||||
Partial refund | - | 6 | 6 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total recorded investment | $ | 365 | $ | 20,014 | $ | 20,379 | |||||||||||||||||||
Accrued interest included in recorded investment | $ | 9 | $ | - | $ | 9 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | - | $ | 5,611 | $ | 5,611 | |||||||||||||||||||
Land, land development and construction - real estate | - | 4,062 | 4,062 | ||||||||||||||||||||||
Commercial and industrial | - | 5,080 | 5,080 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 7 | 9,654 | 9,661 | ||||||||||||||||||||||
Resort lending | - | 4,861 | 4,861 | ||||||||||||||||||||||
Home equity line of credit - 1st lien | - | 529 | 529 | ||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | 685 | 685 | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | - | 1,278 | 1,278 | ||||||||||||||||||||||
Home equity installment - 2nd lien | - | 675 | 675 | ||||||||||||||||||||||
Loans not secured by real estate | - | 390 | 390 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | - | 57 | 57 | ||||||||||||||||||||||
Partial refund | - | 38 | 38 | ||||||||||||||||||||||
Other | - | 9 | 9 | ||||||||||||||||||||||
Total recorded investment | $ | 7 | $ | 32,929 | $ | 32,936 | |||||||||||||||||||
Accrued interest included in recorded investment | $ | - | $ | - | $ | - | |||||||||||||||||||
Aging analysis of loans by class | ' | ||||||||||||||||||||||||
An aging analysis of loans by class follows: | |||||||||||||||||||||||||
Loans Past Due | Loans not | Total | |||||||||||||||||||||||
30-59 days | 60-89 days | 90+ days | Total | Past Due | Loans | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 136 | $ | 297 | $ | 4,495 | $ | 4,928 | $ | 235,617 | $ | 240,545 | |||||||||||||
Land, land development and construction - real estate | 44 | - | 296 | 340 | 45,597 | 45,937 | |||||||||||||||||||
Commercial and industrial | 1,700 | 369 | 261 | 2,330 | 338,190 | 340,520 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 2,519 | 910 | 7,520 | 10,949 | 268,098 | 279,047 | |||||||||||||||||||
Resort lending | 646 | - | 3,039 | 3,685 | 148,609 | 152,294 | |||||||||||||||||||
Home equity line of credit - 1st lien | 50 | 28 | 378 | 456 | 18,440 | 18,896 | |||||||||||||||||||
Home equity line of credit - 2nd lien | 253 | 257 | 609 | 1,119 | 42,466 | 43,585 | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 625 | 417 | 1,181 | 2,223 | 26,341 | 28,564 | |||||||||||||||||||
Home equity installment - 2nd lien | 393 | 180 | 479 | 1,052 | 37,188 | 38,240 | |||||||||||||||||||
Loans not secured by real estate | 919 | 188 | 448 | 1,555 | 124,225 | 125,780 | |||||||||||||||||||
Other | 18 | 4 | - | 22 | 2,595 | 2,617 | |||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | 1,511 | 361 | 25 | 1,897 | 61,832 | 63,729 | |||||||||||||||||||
Partial refund | 182 | 57 | 6 | 245 | 4,498 | 4,743 | |||||||||||||||||||
Other | 4 | - | - | 4 | 18 | 22 | |||||||||||||||||||
Total recorded investment | $ | 9,000 | $ | 3,068 | $ | 18,737 | $ | 30,805 | $ | 1,353,714 | $ | 1,384,519 | |||||||||||||
Accrued interest included in recorded investment | $ | 80 | $ | 42 | $ | 9 | $ | 131 | $ | 4,405 | $ | 4,536 | |||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 3,734 | $ | 609 | $ | 2,826 | $ | 7,169 | $ | 215,623 | $ | 222,792 | |||||||||||||
Land, land development and construction - real estate | 336 | - | 1,176 | 1,512 | 41,750 | 43,262 | |||||||||||||||||||
Commercial and industrial | 2,522 | 654 | 1,913 | 5,089 | 347,807 | 352,896 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 4,429 | 1,115 | 9,661 | 15,205 | 279,132 | 294,337 | |||||||||||||||||||
Resort lending | 748 | 370 | 4,861 | 5,979 | 164,414 | 170,393 | |||||||||||||||||||
Home equity line of credit - 1st lien | 453 | 51 | 529 | 1,033 | 18,003 | 19,036 | |||||||||||||||||||
Home equity line of credit - 2nd lien | 442 | 32 | 685 | 1,159 | 44,806 | 45,965 | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 599 | 140 | 1,278 | 2,017 | 30,368 | 32,385 | |||||||||||||||||||
Home equity installment - 2nd lien | 430 | 125 | 675 | 1,230 | 38,956 | 40,186 | |||||||||||||||||||
Loans not secured by real estate | 899 | 259 | 390 | 1,548 | 113,751 | 115,299 | |||||||||||||||||||
Other | 24 | 12 | - | 36 | 2,689 | 2,725 | |||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | 2,249 | 552 | 57 | 2,858 | 77,335 | 80,193 | |||||||||||||||||||
Partial refund | 112 | 46 | 38 | 196 | 4,119 | 4,315 | |||||||||||||||||||
Other | 3 | 6 | 9 | 18 | 166 | 184 | |||||||||||||||||||
Total recorded investment | $ | 16,980 | $ | 3,971 | $ | 24,098 | $ | 45,049 | $ | 1,378,919 | $ | 1,423,968 | |||||||||||||
Accrued interest included in recorded investment | $ | 146 | $ | 43 | $ | - | $ | 189 | $ | 4,640 | $ | 4,829 | |||||||||||||
Sales of certain commercial watch, substandard and non-performing loans | ' | ||||||||||||||||||||||||
During the second quarter of 2013 we sold certain commercial watch, substandard and non-performing loans as follows: | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Income producing - real estate | $ | 4,570 | |||||||||||||||||||||||
Land, land development and construction - real estate | 401 | ||||||||||||||||||||||||
Commercial and industrial | 3,630 | ||||||||||||||||||||||||
Total | $ | 8,601 | |||||||||||||||||||||||
Impaired loans | ' | ||||||||||||||||||||||||
Impaired loans are as follows : | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Impaired loans with no allocated allowance | (In thousands) | ||||||||||||||||||||||||
TDR | $ | 20,753 | $ | 14,435 | |||||||||||||||||||||
Non - TDR | - | 418 | |||||||||||||||||||||||
Impaired loans with an allocated allowance | |||||||||||||||||||||||||
TDR - allowance based on collateral | 8,069 | 16,231 | |||||||||||||||||||||||
TDR - allowance based on present value cash flow | 101,075 | 112,997 | |||||||||||||||||||||||
Non - TDR - allowance based on collateral | 1,029 | 6,580 | |||||||||||||||||||||||
Non - TDR - allowance based on present value cash flow | - | - | |||||||||||||||||||||||
Total impaired loans | $ | 130,926 | $ | 150,661 | |||||||||||||||||||||
Amount of allowance for loan losses allocated | |||||||||||||||||||||||||
TDR - allowance based on collateral | $ | 2,812 | $ | 5,060 | |||||||||||||||||||||
TDR - allowance based on present value cash flow | 13,104 | 14,462 | |||||||||||||||||||||||
Non - TDR - allowance based on collateral | 267 | 1,487 | |||||||||||||||||||||||
Non - TDR - allowance based on present value cash flow | - | - | |||||||||||||||||||||||
Total amount of allowance for loan losses allocated | $ | 16,183 | $ | 21,009 | |||||||||||||||||||||
Impaired loans by class are as follows (1): | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||||||
Investment | Balance | Allowance | Investment | Balance | Allowance | ||||||||||||||||||||
With no related allowance recorded: | (In thousands) | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 8,020 | $ | 9,433 | $ | - | $ | 4,050 | $ | 4,672 | $ | - | |||||||||||||
Land, land development & construction-real estate | 3,549 | 4,554 | - | 3,304 | 3,294 | - | |||||||||||||||||||
Commercial and industrial | 4,380 | 4,361 | - | 2,611 | 2,592 | - | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 8 | 8 | - | - | - | - | |||||||||||||||||||
Resort lending | 35 | 163 | - | - | - | - | |||||||||||||||||||
Home equity line of credit - 1st lien | - | 4 | - | - | - | - | |||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | - | - | - | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 1,952 | 2,077 | - | 2,027 | 2,219 | - | |||||||||||||||||||
Home equity installment - 2nd lien | 2,299 | 2,292 | - | 2,278 | 2,278 | - | |||||||||||||||||||
Loans not secured by real estate | 544 | 668 | - | 610 | 681 | - | |||||||||||||||||||
Other | 17 | 17 | - | 20 | 20 | - | |||||||||||||||||||
20,804 | 23,577 | - | 14,900 | 15,756 | - | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 14,166 | 16,356 | 1,068 | 20,628 | 24,250 | 1,822 | |||||||||||||||||||
Land, land development & construction-real estate | 5,085 | 5,833 | 792 | 8,808 | 11,971 | 1,986 | |||||||||||||||||||
Commercial and industrial | 9,589 | 9,723 | 1,640 | 16,233 | 18,564 | 2,750 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 58,497 | 61,557 | 7,881 | 64,160 | 68,418 | 8,518 | |||||||||||||||||||
Resort lending | 20,776 | 21,383 | 3,352 | 23,763 | 24,160 | 4,321 | |||||||||||||||||||
Home equity line of credit - 1st lien | 153 | 165 | 81 | 62 | 77 | 30 | |||||||||||||||||||
Home equity line of credit - 2nd lien | 42 | 118 | 4 | 43 | 118 | - | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 1,023 | 1,068 | 494 | 1,215 | 1,240 | 610 | |||||||||||||||||||
Home equity installment - 2nd lien | 1,067 | 1,078 | 818 | 1,161 | 1,174 | 930 | |||||||||||||||||||
Loans not secured by real estate | 195 | 194 | 53 | 194 | 194 | 42 | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
110,593 | 117,475 | 16,183 | 136,267 | 150,166 | 21,009 | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 22,186 | 25,789 | 1,068 | 24,678 | 28,922 | 1,822 | |||||||||||||||||||
Land, land development & construction-real estate | 8,634 | 10,387 | 792 | 12,112 | 15,265 | 1,986 | |||||||||||||||||||
Commercial and industrial | 13,969 | 14,084 | 1,640 | 18,844 | 21,156 | 2,750 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 58,505 | 61,565 | 7,881 | 64,160 | 68,418 | 8,518 | |||||||||||||||||||
Resort lending | 20,811 | 21,546 | 3,352 | 23,763 | 24,160 | 4,321 | |||||||||||||||||||
Home equity line of credit - 1st lien | 153 | 169 | 81 | 62 | 77 | 30 | |||||||||||||||||||
Home equity line of credit - 2nd lien | 42 | 118 | 4 | 43 | 118 | - | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 2,975 | 3,145 | 494 | 3,242 | 3,459 | 610 | |||||||||||||||||||
Home equity installment - 2nd lien | 3,366 | 3,370 | 818 | 3,439 | 3,452 | 930 | |||||||||||||||||||
Loans not secured by real estate | 739 | 862 | 53 | 804 | 875 | 42 | |||||||||||||||||||
Other | 17 | 17 | - | 20 | 20 | - | |||||||||||||||||||
Total | $ | 131,397 | $ | 141,052 | $ | 16,183 | $ | 151,167 | $ | 165,922 | $ | 21,009 | |||||||||||||
Accrued interest included in recorded investment | $ | 471 | $ | 506 | |||||||||||||||||||||
-1 | There were no impaired payment plan receivables at September 30, 2013 or December 31, 2012. | ||||||||||||||||||||||||
Average recorded investment in and interest income earned on impaired loans by class | ' | ||||||||||||||||||||||||
Average recorded investment in and interest income earned on impaired loans by class for the three month periods ending September 30, follows (1): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | (In thousands) | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 6,417 | $ | 202 | $ | 1,827 | $ | 15 | |||||||||||||||||
Land, land development & construction-real estate | 3,512 | 58 | 3,131 | 61 | |||||||||||||||||||||
Commercial and industrial | 4,255 | 85 | 3,483 | 58 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 8 | 13 | - | - | |||||||||||||||||||||
Resort lending | 35 | - | 704 | - | |||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | - | - | |||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | - | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 1,951 | 31 | 2,063 | 20 | |||||||||||||||||||||
Home equity installment - 2nd lien | 2,305 | 34 | 2,233 | 29 | |||||||||||||||||||||
Loans not secured by real estate | 568 | 8 | 540 | 8 | |||||||||||||||||||||
Other | 18 | - | 22 | 1 | |||||||||||||||||||||
19,069 | 431 | 14,003 | 192 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 16,788 | 100 | 26,233 | 207 | |||||||||||||||||||||
Land, land development & construction-real estate | 5,443 | 40 | 9,785 | 31 | |||||||||||||||||||||
Commercial and industrial | 9,761 | 102 | 20,749 | 136 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 59,723 | 593 | 66,593 | 706 | |||||||||||||||||||||
Resort lending | 21,213 | 212 | 23,630 | 264 | |||||||||||||||||||||
Home equity line of credit - 1st lien | 154 | 1 | 66 | 1 | |||||||||||||||||||||
Home equity line of credit - 2nd lien | 42 | - | 45 | - | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 1,050 | 15 | 1,348 | 11 | |||||||||||||||||||||
Home equity installment - 2nd lien | 1,039 | 15 | 1,130 | 13 | |||||||||||||||||||||
Loans not secured by real estate | 212 | 2 | 277 | 2 | |||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||
115,425 | 1,080 | 149,856 | 1,371 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 23,205 | 302 | 28,060 | 222 | |||||||||||||||||||||
Land, land development & construction-real estate | 8,955 | 98 | 12,916 | 92 | |||||||||||||||||||||
Commercial and industrial | 14,016 | 187 | 24,232 | 194 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 59,731 | 606 | 66,593 | 706 | |||||||||||||||||||||
Resort lending | 21,248 | 212 | 24,334 | 264 | |||||||||||||||||||||
Home equity line of credit - 1st lien | 154 | 1 | 66 | 1 | |||||||||||||||||||||
Home equity line of credit - 2nd lien | 42 | - | 45 | - | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 3,001 | 46 | 3,411 | 31 | |||||||||||||||||||||
Home equity installment - 2nd lien | 3,344 | 49 | 3,363 | 42 | |||||||||||||||||||||
Loans not secured by real estate | 780 | 10 | 817 | 10 | |||||||||||||||||||||
Other | 18 | - | 22 | 1 | |||||||||||||||||||||
Total | $ | 134,494 | $ | 1,511 | $ | 163,859 | $ | 1,563 | |||||||||||||||||
-1 | There were no impaired payment plan receivables during the three month periods ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Average recorded investment in and interest income earned on impaired loans by class for the nine month periods ending September 30, follows (1): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | (In thousands) | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 5,446 | $ | 307 | $ | 2,713 | $ | 45 | |||||||||||||||||
Land, land development & construction-real estate | 3,319 | 142 | 2,360 | 97 | |||||||||||||||||||||
Commercial and industrial | 3,948 | 199 | 3,755 | 104 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 4 | 13 | - | - | |||||||||||||||||||||
Resort lending | 26 | - | 641 | - | |||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | - | - | |||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | - | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 2,005 | 83 | 1,945 | 72 | |||||||||||||||||||||
Home equity installment - 2nd lien | 2,301 | 96 | 2,047 | 80 | |||||||||||||||||||||
Loans not secured by real estate | 588 | 23 | 533 | 21 | |||||||||||||||||||||
Other | 19 | 1 | 23 | 2 | |||||||||||||||||||||
17,656 | 864 | 14,017 | 421 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 19,071 | 413 | 24,228 | 474 | |||||||||||||||||||||
Land, land development & construction-real estate | 6,892 | 151 | 10,680 | 136 | |||||||||||||||||||||
Commercial and industrial | 12,398 | 330 | 18,227 | 406 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 61,670 | 1,981 | 67,067 | 2,155 | |||||||||||||||||||||
Resort lending | 22,093 | 653 | 24,053 | 760 | |||||||||||||||||||||
Home equity line of credit - 1st lien | 132 | 2 | 66 | 2 | |||||||||||||||||||||
Home equity line of credit - 2nd lien | 42 | 1 | 91 | 2 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 1,071 | 35 | 1,487 | 41 | |||||||||||||||||||||
Home equity installment - 2nd lien | 1,094 | 40 | 1,367 | 38 | |||||||||||||||||||||
Loans not secured by real estate | 208 | 8 | 227 | 7 | |||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||
124,671 | 3,614 | 147,493 | 4,021 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 24,517 | 720 | 26,941 | 519 | |||||||||||||||||||||
Land, land development & construction-real estate | 10,211 | 293 | 13,040 | 233 | |||||||||||||||||||||
Commercial and industrial | 16,346 | 529 | 21,982 | 510 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 61,674 | 1,994 | 67,067 | 2,155 | |||||||||||||||||||||
Resort lending | 22,119 | 653 | 24,694 | 760 | |||||||||||||||||||||
Home equity line of credit - 1st lien | 132 | 2 | 66 | 2 | |||||||||||||||||||||
Home equity line of credit - 2nd lien | 42 | 1 | 91 | 2 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 3,076 | 118 | 3,432 | 113 | |||||||||||||||||||||
Home equity installment - 2nd lien | 3,395 | 136 | 3,414 | 118 | |||||||||||||||||||||
Loans not secured by real estate | 796 | 31 | 760 | 28 | |||||||||||||||||||||
Other | 19 | 1 | 23 | 2 | |||||||||||||||||||||
Total | $ | 142,327 | $ | 4,478 | $ | 161,510 | $ | 4,442 | |||||||||||||||||
-1 | There were no impaired payment plan receivables during the nine month periods ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Troubled debt restructurings | ' | ||||||||||||||||||||||||
Troubled debt restructurings follow: | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Commercial | Retail | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Performing TDR's | $ | 38,299 | $ | 80,630 | $ | 118,929 | |||||||||||||||||||
Non-performing TDR's(1) | 5,338 | 5,630 | (2) | 10,968 | |||||||||||||||||||||
Total | $ | 43,637 | $ | 86,260 | $ | 129,897 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Commercial | Retail | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Performing TDR's | $ | 40,753 | $ | 85,977 | $ | 126,730 | |||||||||||||||||||
Non-performing TDR's(1) | 7,756 | 9,177 | (2) | 16,933 | |||||||||||||||||||||
Total | $ | 48,509 | $ | 95,154 | $ | 143,663 | |||||||||||||||||||
-1 | Included in non-performing loans table above. | ||||||||||||||||||||||||
-2 | Also includes loans on non-accrual at the time of modification until six payments are received on a timely basis. | ||||||||||||||||||||||||
Troubled debt restructuring during the period | ' | ||||||||||||||||||||||||
Loans that have been classified as troubled debt restructurings during the three-month periods ended September 30 follow: | |||||||||||||||||||||||||
Pre-modification | Post-modification | ||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||
Contracts | Balance | Balance | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | - | $ | - | $ | - | ||||||||||||||||||||
Land, land development & construction-real estate | - | - | - | ||||||||||||||||||||||
Commercial and industrial | 4 | 1,141 | 1,113 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | - | - | ||||||||||||||||||||||
Resort lending | 1 | 207 | 206 | ||||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | - | ||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 4 | 177 | 178 | ||||||||||||||||||||||
Home equity installment - 2nd lien | 4 | 220 | 218 | ||||||||||||||||||||||
Loans not secured by real estate | - | - | - | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total | 13 | $ | 1,745 | $ | 1,715 | ||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 4 | $ | 626 | $ | 545 | ||||||||||||||||||||
Land, land development & construction-real estate | 2 | 460 | 523 | ||||||||||||||||||||||
Commercial and industrial | 10 | 631 | 558 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 10 | 1,870 | 1,656 | ||||||||||||||||||||||
Resort lending | 7 | 1,575 | 1,562 | ||||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | - | ||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 4 | 137 | 98 | ||||||||||||||||||||||
Home equity installment - 2nd lien | 2 | 59 | 56 | ||||||||||||||||||||||
Loans not secured by real estate | 2 | 22 | 21 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total | 41 | $ | 5,380 | $ | 5,019 | ||||||||||||||||||||
Loans that have been classified as troubled debt restructurings during the nine-month periods ended September 30 follow: | |||||||||||||||||||||||||
Pre-modification | Post-modification | ||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||
Contracts | Balance | Balance | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 5 | $ | 4,478 | $ | 3,869 | ||||||||||||||||||||
Land, land development & construction-real estate | 1 | 16 | - | ||||||||||||||||||||||
Commercial and industrial | 19 | 2,053 | 1,901 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 13 | 1,273 | 1,237 | ||||||||||||||||||||||
Resort lending | 5 | 1,240 | 1,231 | ||||||||||||||||||||||
Home equity line of credit - 1st lien | 1 | 95 | 97 | ||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 17 | 503 | 498 | ||||||||||||||||||||||
Home equity installment - 2nd lien | 14 | 432 | 432 | ||||||||||||||||||||||
Loans not secured by real estate | 3 | 84 | 55 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total | 78 | $ | 10,174 | $ | 9,320 | ||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 18 | $ | 8,894 | $ | 8,736 | ||||||||||||||||||||
Land, land development & construction-real estate | 5 | 3,347 | 3,436 | ||||||||||||||||||||||
Commercial and industrial | 43 | 8,827 | 8,453 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 58 | 7,738 | 7,330 | ||||||||||||||||||||||
Resort lending | 29 | 7,529 | 7,356 | ||||||||||||||||||||||
Home equity line of credit - 1st lien | 1 | 15 | - | ||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | - | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 14 | 561 | 521 | ||||||||||||||||||||||
Home equity installment - 2nd lien | 16 | 604 | 590 | ||||||||||||||||||||||
Loans not secured by real estate | 12 | 299 | 278 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total | 196 | $ | 37,814 | $ | 36,700 | ||||||||||||||||||||
Troubled debt restructuring during the past twelve months that subsequently defaulted | ' | ||||||||||||||||||||||||
Loans that have been classified as troubled debt restructurings during the past twelve months and that have subsequently defaulted during the three-month periods ended September 30 follow: | |||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||
Contracts | Balance | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | - | $ | - | ||||||||||||||||||||||
Land, land development & construction-real estate | - | - | |||||||||||||||||||||||
Commercial and industrial | - | - | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | - | |||||||||||||||||||||||
Resort lending | - | - | |||||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | |||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | |||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 2 | 32 | |||||||||||||||||||||||
Home equity installment - 2nd lien | - | - | |||||||||||||||||||||||
Loans not secured by real estate | - | - | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
2 | $ | 32 | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 2 | $ | 827 | ||||||||||||||||||||||
Land, land development & construction-real estate | - | - | |||||||||||||||||||||||
Commercial and industrial | - | - | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | - | |||||||||||||||||||||||
Resort lending | 2 | 468 | |||||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | |||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | |||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | - | - | |||||||||||||||||||||||
Home equity installment - 2nd lien | - | - | |||||||||||||||||||||||
Loans not secured by real estate | - | - | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
4 | $ | 1,295 | |||||||||||||||||||||||
Loans that have been classified as troubled debt restructurings during the past twelve months and that have subsequently defaulted during the nine-month periods ended September 30 follow: | |||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||
Contracts | Balance | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | - | $ | - | ||||||||||||||||||||||
Land, land development & construction-real estate | - | - | |||||||||||||||||||||||
Commercial and industrial | - | - | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 1 | 106 | |||||||||||||||||||||||
Resort lending | 1 | 156 | |||||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | |||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | |||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 2 | 32 | |||||||||||||||||||||||
Home equity installment - 2nd lien | 1 | 22 | |||||||||||||||||||||||
Loans not secured by real estate | - | - | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
5 | $ | 316 | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 2 | $ | 827 | ||||||||||||||||||||||
Land, land development & construction-real estate | 1 | 136 | |||||||||||||||||||||||
Commercial and industrial | 7 | 520 | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 2 | 148 | |||||||||||||||||||||||
Resort lending | 3 | 584 | |||||||||||||||||||||||
Home equity line of credit - 1st lien | - | - | |||||||||||||||||||||||
Home equity line of credit - 2nd lien | - | - | |||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 1 | 26 | |||||||||||||||||||||||
Home equity installment - 2nd lien | 1 | 20 | |||||||||||||||||||||||
Loans not secured by real estate | - | - | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
17 | $ | 2,261 | |||||||||||||||||||||||
Summary of loan ratings by loan class | ' | ||||||||||||||||||||||||
The following table summarizes loan ratings by loan class for our commercial loan segment: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Substandard | Non- | ||||||||||||||||||||||||
Non-watch | Watch | Accrual | Accrual | ||||||||||||||||||||||
6-Jan | 8-Jul | 9 | 11-Oct | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Income producing - real estate | $ | 208,317 | $ | 22,984 | $ | 4,578 | $ | 4,666 | $ | 240,545 | |||||||||||||||
Land, land development and construction - real estate | 39,129 | 4,868 | 649 | 1,291 | 45,937 | ||||||||||||||||||||
Commercial and industrial | 302,210 | 29,230 | 8,708 | 372 | 340,520 | ||||||||||||||||||||
Total | $ | 549,656 | $ | 57,082 | $ | 13,935 | $ | 6,329 | $ | 627,002 | |||||||||||||||
Accrued interest included in total | $ | 1,359 | $ | 162 | $ | 59 | $ | - | $ | 1,580 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Income producing - real estate | $ | 183,530 | $ | 27,096 | $ | 6,555 | $ | 5,611 | $ | 222,792 | |||||||||||||||
Land, land development and construction - real estate | 32,784 | 3,457 | 2,959 | 4,062 | 43,262 | ||||||||||||||||||||
Commercial and industrial | 307,566 | 26,954 | 13,296 | 5,080 | 352,896 | ||||||||||||||||||||
Total | $ | 523,880 | $ | 57,507 | $ | 22,810 | $ | 14,753 | $ | 618,950 | |||||||||||||||
Accrued interest included in total | $ | 1,417 | $ | 163 | $ | 112 | $ | - | $ | 1,692 | |||||||||||||||
For each of our mortgage and installment segment classes we generally monitor credit quality based on the credit scores of the borrowers. These credit scores are generally updated at least annually. | |||||||||||||||||||||||||
The following table summarizes credit scores by loan class for our mortgage and installment loan segments: | |||||||||||||||||||||||||
Mortgage (1) | |||||||||||||||||||||||||
Home | Home | ||||||||||||||||||||||||
Resort | Equity | Equity | |||||||||||||||||||||||
1-4 Family | Lending | 1st Lien | 2nd Lien | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
800 and above | $ | 21,129 | $ | 14,301 | $ | 3,517 | $ | 5,990 | $ | 44,937 | |||||||||||||||
750-799 | 59,317 | 56,533 | 5,117 | 11,570 | 132,537 | ||||||||||||||||||||
700-749 | 58,316 | 40,155 | 3,024 | 8,695 | 110,190 | ||||||||||||||||||||
650-699 | 50,911 | 19,944 | 2,973 | 7,417 | 81,245 | ||||||||||||||||||||
600-649 | 32,340 | 9,136 | 2,246 | 4,680 | 48,402 | ||||||||||||||||||||
550-599 | 24,646 | 4,352 | 965 | 2,773 | 32,736 | ||||||||||||||||||||
500-549 | 16,998 | 1,944 | 409 | 1,724 | 21,075 | ||||||||||||||||||||
Under 500 | 8,060 | 1,178 | 413 | 574 | 10,225 | ||||||||||||||||||||
Unknown | 7,330 | 4,751 | 232 | 162 | 12,475 | ||||||||||||||||||||
Total | $ | 279,047 | $ | 152,294 | $ | 18,896 | $ | 43,585 | $ | 493,822 | |||||||||||||||
Accrued interest included in total | $ | 1,309 | $ | 673 | $ | 93 | $ | 222 | $ | 2,297 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
800 and above | $ | 19,638 | $ | 15,430 | $ | 3,031 | $ | 5,515 | $ | 43,614 | |||||||||||||||
750-799 | 62,419 | 67,094 | 4,758 | 12,783 | 147,054 | ||||||||||||||||||||
700-749 | 59,594 | 41,860 | 3,293 | 9,177 | 113,924 | ||||||||||||||||||||
650-699 | 57,584 | 17,685 | 2,309 | 7,987 | 85,565 | ||||||||||||||||||||
600-649 | 31,465 | 12,317 | 3,311 | 4,775 | 51,868 | ||||||||||||||||||||
550-599 | 27,739 | 7,887 | 964 | 2,754 | 39,344 | ||||||||||||||||||||
500-549 | 20,243 | 1,212 | 656 | 1,997 | 24,108 | ||||||||||||||||||||
Under 500 | 9,470 | 1,637 | 456 | 789 | 12,352 | ||||||||||||||||||||
Unknown | 6,185 | 5,271 | 258 | 188 | 11,902 | ||||||||||||||||||||
Total | $ | 294,337 | $ | 170,393 | $ | 19,036 | $ | 45,965 | $ | 529,731 | |||||||||||||||
Accrued interest included in total | $ | 1,319 | $ | 750 | $ | 91 | $ | 231 | $ | 2,391 | |||||||||||||||
-1 | Credit scores have been updated within the last twelve months. | ||||||||||||||||||||||||
Installment(1) | |||||||||||||||||||||||||
Home | Home | Loans not | |||||||||||||||||||||||
Equity | Equity | Secured by | |||||||||||||||||||||||
1st Lien | 2nd Lien | Real Estate | Other | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
800 and above | $ | 2,861 | $ | 3,260 | $ | 21,650 | $ | 69 | $ | 27,840 | |||||||||||||||
750-799 | 7,279 | 11,296 | 50,021 | 515 | 69,111 | ||||||||||||||||||||
700-749 | 5,012 | 8,901 | 26,490 | 754 | 41,157 | ||||||||||||||||||||
650-699 | 4,729 | 7,366 | 15,363 | 622 | 28,080 | ||||||||||||||||||||
600-649 | 3,606 | 3,183 | 5,522 | 259 | 12,570 | ||||||||||||||||||||
550-599 | 2,234 | 1,808 | 2,386 | 228 | 6,656 | ||||||||||||||||||||
500-549 | 2,201 | 1,597 | 1,762 | 121 | 5,681 | ||||||||||||||||||||
Under 500 | 483 | 740 | 608 | 31 | 1,862 | ||||||||||||||||||||
Unknown | 159 | 89 | 1,978 | 18 | 2,244 | ||||||||||||||||||||
Total | $ | 28,564 | $ | 38,240 | $ | 125,780 | $ | 2,617 | $ | 195,201 | |||||||||||||||
Accrued interest included in total | $ | 114 | $ | 138 | $ | 385 | $ | 22 | $ | 659 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
800 and above | $ | 3,909 | $ | 3,265 | $ | 19,293 | $ | 38 | $ | 26,505 | |||||||||||||||
750-799 | 7,394 | 11,300 | 43,740 | 462 | 62,896 | ||||||||||||||||||||
700-749 | 4,884 | 8,826 | 24,267 | 786 | 38,763 | ||||||||||||||||||||
650-699 | 5,925 | 7,164 | 13,758 | 710 | 27,557 | ||||||||||||||||||||
600-649 | 4,360 | 4,214 | 6,442 | 367 | 15,383 | ||||||||||||||||||||
550-599 | 3,226 | 2,716 | 3,428 | 188 | 9,558 | ||||||||||||||||||||
500-549 | 1,722 | 1,403 | 2,154 | 114 | 5,393 | ||||||||||||||||||||
Under 500 | 760 | 1,195 | 895 | 42 | 2,892 | ||||||||||||||||||||
Unknown | 205 | 103 | 1,322 | 18 | 1,648 | ||||||||||||||||||||
Total | $ | 32,385 | $ | 40,186 | $ | 115,299 | $ | 2,725 | $ | 190,595 | |||||||||||||||
Accrued interest included in total | $ | 137 | $ | 157 | $ | 429 | $ | 23 | $ | 746 | |||||||||||||||
-1 | Credit scores have been updated within the last twelve months. | ||||||||||||||||||||||||
Mepco Finance Corporation (“Mepco”) is a wholly-owned subsidiary of our Bank that operates a vehicle service contract payment plan business throughout the United States. See Note #14 for more information about Mepco’s business. As of September 30, 2013, approximately 93.0% of Mepco’s outstanding payment plan receivables relate to programs in which a third party insurer or risk retention group is obligated to pay Mepco the full refund owing upon cancellation of the related service contract (including with respect to both the portion funded to the service contract seller and the portion funded to the administrator). These receivables are shown as “Full Refund” in the table below. Another approximately 6.9% of Mepco’s outstanding payment plan receivables as of September 30, 2013, relate to programs in which a third party insurer or risk retention group is obligated to pay Mepco the refund owing upon cancellation only with respect to the unearned portion previously funded by Mepco to the administrator (but not to the service contract seller). These receivables are shown as “Partial Refund” in the table below. The balance of Mepco’s outstanding payment plan receivables relate to programs in which there is no insurer or risk retention group that has any contractual liability to Mepco for any portion of the refund amount. These receivables are shown as “Other” in the table below. For each class of our payment plan receivables we monitor credit ratings of the counterparties as we evaluate the credit quality of this portfolio. | |||||||||||||||||||||||||
The following table summarizes credit ratings of insurer or risk retention group counterparties by class of payment plan receivable: | |||||||||||||||||||||||||
Payment Plan Receivables | |||||||||||||||||||||||||
Full | Partial | ||||||||||||||||||||||||
Refund | Refund | Other | Total | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
AM Best rating | |||||||||||||||||||||||||
A+ | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
A | 23,303 | 3,969 | - | 27,272 | |||||||||||||||||||||
A- | 11,626 | 774 | - | 12,400 | |||||||||||||||||||||
B+ | 2 | - | - | 2 | |||||||||||||||||||||
B | - | - | - | - | |||||||||||||||||||||
Not rated | 28,798 | - | 22 | 28,820 | |||||||||||||||||||||
Total | $ | 63,729 | $ | 4,743 | $ | 22 | $ | 68,494 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
AM Best rating | |||||||||||||||||||||||||
A+ | $ | - | $ | - | $ | 110 | $ | 110 | |||||||||||||||||
A | 24,825 | 3,916 | - | 28,741 | |||||||||||||||||||||
A- | 19,310 | 399 | - | 19,709 | |||||||||||||||||||||
B+ | 56 | - | - | 56 | |||||||||||||||||||||
B | - | - | - | - | |||||||||||||||||||||
Not rated | 36,002 | - | 74 | 36,076 | |||||||||||||||||||||
Total | $ | 80,193 | $ | 4,315 | $ | 184 | $ | 84,692 |
Segments_Tables
Segments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segments [Abstract] | ' | ||||||||||||||||||||
Selected financial information for reportable segments | ' | ||||||||||||||||||||
A summary of selected financial information for our reportable segments follows: | |||||||||||||||||||||
IB(1) | Mepco | Other(1)(2) | Elimination(3) | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Total assets | |||||||||||||||||||||
30-Sep-13 | $ | 2,067,493 | $ | 104,945 | $ | 276,574 | $ | (265,508 | ) | $ | 2,183,504 | ||||||||||
31-Dec-12 | 1,885,807 | 135,447 | 192,343 | (189,730 | ) | 2,023,867 | |||||||||||||||
For the three months ended September 30, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Interest income | $ | 19,114 | $ | 2,670 | $ | - | $ | - | $ | 21,784 | |||||||||||
Net interest income | 18,033 | 2,094 | (598 | ) | - | 19,529 | |||||||||||||||
Provision for loan losses | (317 | ) | (38 | ) | - | - | (355 | ) | |||||||||||||
Income (loss) before income tax | 4,278 | 261 | (728 | ) | (24 | ) | 3,787 | ||||||||||||||
Net income (loss) | 3,831 | 172 | (474 | ) | (24 | ) | 3,505 | ||||||||||||||
2012 | |||||||||||||||||||||
Interest income | $ | 21,057 | $ | 3,676 | $ | - | $ | - | $ | 24,733 | |||||||||||
Net interest income | 19,380 | 2,806 | (735 | ) | - | 21,451 | |||||||||||||||
Provision for loan losses | 270 | (19 | ) | - | - | 251 | |||||||||||||||
Income (loss) before income tax | 6,988 | 405 | (923 | ) | (24 | ) | 6,446 | ||||||||||||||
Net income (loss) | 7,125 | 268 | (923 | ) | (24 | ) | 6,446 | ||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Interest income | $ | 56,829 | $ | 8,767 | $ | - | $ | - | $ | 65,596 | |||||||||||
Net interest income | 53,456 | 6,921 | (1,769 | ) | - | 58,608 | |||||||||||||||
Provision for loan losses | (3,097 | ) | (56 | ) | - | - | (3,153 | ) | |||||||||||||
Income (loss) before income tax | 21,734 | (1,889 | ) | (3,246 | ) | (71 | ) | 16,528 | |||||||||||||
Net income (loss) | 68,337 | (1,124 | ) | 5,558 | (71 | ) | 72,700 | ||||||||||||||
2012 | |||||||||||||||||||||
Interest income | $ | 64,452 | $ | 11,232 | $ | - | $ | - | $ | 75,684 | |||||||||||
Net interest income | 59,085 | 8,487 | (2,191 | ) | - | 65,381 | |||||||||||||||
Provision for loan losses | 6,436 | 2 | - | - | 6,438 | ||||||||||||||||
Income (loss) before income tax | 14,945 | 2,298 | (2,889 | ) | (71 | ) | 14,283 | ||||||||||||||
Net income (loss) | 15,726 | 1,517 | (2,889 | ) | (71 | ) | 14,283 | ||||||||||||||
(1) During the the three month period ending September 30, 2013 IB includes $0.6 million income tax expense and Other (parent company) includes $0.3 million income tax benefit related to the reversal of the valuation allowance on our net deferred tax assets. During the nine month periods ending September 30, 2013 IB and Other (parent company) include $48.6 million and $8.7 million, respectively of income tax benefit related to the reversal of the valuation allowance on our net deferred tax assets (see note #10). | |||||||||||||||||||||
(2) Includes amounts relating to our parent company and certain insignificant operations. | |||||||||||||||||||||
(3) Includes parent company's investment in subsidiaries and cash balances maintained at subsidiary. | |||||||||||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Common Share [Abstract] | ' | ||||||||||||||||
Reconciliation of basic and diluted loss per share | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Net income applicable to common stock | $ | 10,310 | $ | 5,353 | $ | 77,253 | $ | 11,042 | |||||||||
Convertible preferred stock dividends | 749 | 1,093 | 3,001 | 3,241 | |||||||||||||
Preferred stock discount | (7,554 | ) | - | (7,554 | ) | - | |||||||||||
Net income applicable to common stock for calculation of diluted earnings per share | $ | 3,505 | $ | 6,446 | $ | 72,700 | $ | 14,283 | |||||||||
Weighted average shares outstanding (1) | 14,167 | 8,779 | 10,989 | 8,637 | |||||||||||||
Effect of convertible preferred stock | 6,380 | 30,523 | 9,779 | 30,523 | |||||||||||||
Restricted stock units | 398 | 221 | 383 | 167 | |||||||||||||
Stock units for deferred compensation plan for non-employee directors | 128 | 81 | 122 | 54 | |||||||||||||
Effect of stock options | 97 | 9 | 84 | - | |||||||||||||
Weighted average shares outstanding for calculation of diluted earnings per share | 21,170 | 39,613 | 21,357 | 39,381 | |||||||||||||
Net income per common share | |||||||||||||||||
Basic (1) | $ | 0.73 | $ | 0.61 | $ | 7.03 | $ | 1.28 | |||||||||
Diluted | $ | 0.17 | $ | 0.16 | $ | 3.4 | $ | 0.36 | |||||||||
(1)Basic net income per common share includes weighted average common shares outstanding during the period and participating share awards. | |||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||||
Derivative financial instruments according to type of hedge designation | ' | ||||||||||||||||||||||||||
Our derivative financial instruments according to the type of hedge in which they are designated follows: | |||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||
Notional | Maturity | Fair | |||||||||||||||||||||||||
Amount | (years) | Value | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
No hedge designation | |||||||||||||||||||||||||||
Mandatory commitments to sell mortgage loans | $ | 47,947 | 0.1 | $ | (658 | ) | |||||||||||||||||||||
Rate-lock mortgage loan commitments | 19,255 | 0.1 | 692 | ||||||||||||||||||||||||
Total | $ | 67,202 | 0.1 | $ | 34 | ||||||||||||||||||||||
Fair value of derivative instruments | ' | ||||||||||||||||||||||||||
The following tables illustrate the impact that the derivative financial instruments discussed above have on individual line items in the Condensed Consolidated Statements of Financial Condition for the periods presented: | |||||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | ||||||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | ||||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||
Pay-fixed interest rate swap agreements | Other liabilities | $ | - | Other liabilities | $ | 739 | |||||||||||||||||||||
Total | - | 739 | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||
Rate-lock mortgage loan commitments | Other assets | $ | 692 | Other assets | 1,368 | ||||||||||||||||||||||
Mandatory commitments to sell mortgage loans | Other assets | - | Other assets | - | Other liabilities | 658 | Other liabilities | 122 | |||||||||||||||||||
Amended Warrant | Other assets | - | Other assets | - | Other liabilities | - | Other liabilities | 459 | |||||||||||||||||||
Total | 692 | 1,368 | 658 | 581 | |||||||||||||||||||||||
Total derivatives | $ | 692 | $ | 1,368 | $ | 658 | $ | 1,320 | |||||||||||||||||||
Effect of derivative financial instruments on condensed consolidated statement of operation | ' | ||||||||||||||||||||||||||
The effect of derivative financial instruments on the Condensed Consolidated Statements of Operations follows: | |||||||||||||||||||||||||||
Three Month Periods Ended September 30, | |||||||||||||||||||||||||||
Location of | |||||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||||
Reclassified | |||||||||||||||||||||||||||
from | |||||||||||||||||||||||||||
Gain (Loss) | Accumulated | Gain (Loss) | |||||||||||||||||||||||||
Recognized in | Other | Reclassified from | |||||||||||||||||||||||||
Other | Comprehensive | Accumulated Other | |||||||||||||||||||||||||
Comprehensive | Loss into | Comprehensive | Location of | Gain (Loss) | |||||||||||||||||||||||
Income (Loss) | Income | Loss into Income | Gain (Loss) | Recognized | |||||||||||||||||||||||
(Effective Portion) | (Effective | (Effective Portion) | Recognized | in Income (1) | |||||||||||||||||||||||
2013 | 2012 | Portion) | 2013 | 2012 | in Income (1) | 2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||
Pay-fixed interest rate swap agreements | $ | - | $ | (54 | ) | Interest expense | $ | (95 | ) | $ | (237 | ) | $ | - | $ | - | |||||||||||
Total | $ | - | $ | (54 | ) | $ | (95 | ) | $ | (237 | ) | $ | - | $ | - | ||||||||||||
No hedge designation Rate-lock mortgage loan commitments | Net mortgage loan gains | $ | 316 | $ | 804 | ||||||||||||||||||||||
Mandatory commitments to sell mortgage loans | Net mortgage loan gains | (2,657 | ) | (779 | ) | ||||||||||||||||||||||
Amended warrant | Increase in fair value of U.S. Treasury warrant | - | (32 | ) | |||||||||||||||||||||||
Total | $ | (2,341 | ) | $ | (7 | ) | |||||||||||||||||||||
-1 | For cash flow hedges, this location and amount refers to the ineffective portion. | ||||||||||||||||||||||||||
Nine Month Periods Ended September 30, | |||||||||||||||||||||||||||
Location of | |||||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||||
Reclassified | |||||||||||||||||||||||||||
from | |||||||||||||||||||||||||||
Gain (Loss) | Accumulated | Gain (Loss) | |||||||||||||||||||||||||
Recognized in | Other | Reclassified from | |||||||||||||||||||||||||
Other | Comprehensive | Accumulated Other | |||||||||||||||||||||||||
Comprehensive | Loss into | Comprehensive | Location of | Gain (Loss) | |||||||||||||||||||||||
Income (Loss) | Income | Loss into Income | Gain (Loss) | Recognized | |||||||||||||||||||||||
(Effective Portion) | (Effective | (Effective Portion) | Recognized | in Income (1) | |||||||||||||||||||||||
2013 | 2012 | Portion) | 2013 | 2012 | in Income (1) | 2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||
Pay-fixed interest rate swap agreements | $ | (38 | ) | $ | (129 | ) | Interest expense | $ | (303 | ) | $ | (833 | ) | $ | - | $ | - | ||||||||||
Total | $ | (38 | ) | $ | (129 | ) | $ | (303 | ) | $ | (833 | ) | $ | - | $ | - | |||||||||||
No hedge designation | |||||||||||||||||||||||||||
Rate-lock mortgage loan commitments | Net mortgage loan gains | $ | (676 | ) | $ | 1,930 | |||||||||||||||||||||
Mandatorycommitments to sell mortgage loans | Net mortgage loan gains | (536 | ) | (869 | ) | ||||||||||||||||||||||
Amended warrant | Increase in fair value of U.S. Treasury warrant | (1,025 | ) | (211 | ) | ||||||||||||||||||||||
Total | $ | (2,237 | ) | $ | 850 | ||||||||||||||||||||||
-1 | For cash flow hedges, this location and amount refers to the ineffective portion. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||||
Other intangible assets, net of amortization | ' | ||||||||||||||||
The following table summarizes intangible assets, net of amortization: | |||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Amortized intangible assets - core deposits | $ | 23,703 | $ | 20,337 | $ | 23,703 | $ | 19,728 | |||||||||
Estimated amortization of other intangible assets | ' | ||||||||||||||||
Amortization of other intangibles has been estimated through 2018 and thereafter in the following table. | |||||||||||||||||
(In thousands) | |||||||||||||||||
Three months ending December 31, 2013 | $ | 204 | |||||||||||||||
2014 | 536 | ||||||||||||||||
2015 | 347 | ||||||||||||||||
2016 | 347 | ||||||||||||||||
2017 | 346 | ||||||||||||||||
2018 and thereafter | 1,586 | ||||||||||||||||
Total | $ | 3,366 |
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Share Based Compensation [Abstract] | ' | ||||||||||||||||
Summary of outstanding stock option grants and transactions | ' | ||||||||||||||||
A summary of outstanding stock option grants and related transactions follows: | |||||||||||||||||
Weighted- | |||||||||||||||||
Average | |||||||||||||||||
Average | Remaining | Aggregated | |||||||||||||||
Number of | Exercise | Contractual | Intrinsic | ||||||||||||||
Shares | Price | Term (Years) | Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Outstanding at January 1, 2013 | 275,933 | $ | 4.46 | ||||||||||||||
Granted | 77,500 | 6.42 | |||||||||||||||
Exercised | (14,006 | ) | 2 | ||||||||||||||
Forfeited | (8,198 | ) | 2.64 | ||||||||||||||
Expired | (4,652 | ) | 46.46 | ||||||||||||||
Outstanding at September 30, 2013 | 326,577 | $ | 4.48 | 8.31 | $ | 1,960 | |||||||||||
Vested and expected to vest at September 30, 2013 | 308,793 | $ | 4.49 | 8.26 | $ | 1,861 | |||||||||||
Exercisable at September 30, 2013 | 137,660 | $ | 5.03 | 7.36 | $ | 842 | |||||||||||
Summary of non-vested restricted stock and stock units and transactions | ' | ||||||||||||||||
A summary of outstanding non-vested restricted stock and stock units and transactions follows: | |||||||||||||||||
Weighted- | |||||||||||||||||
Average | |||||||||||||||||
Number | Grant Date | ||||||||||||||||
of Shares | Fair Value | ||||||||||||||||
Outstanding at January 1, 2013 | 375,416 | $ | 6.21 | ||||||||||||||
Granted | 82,833 | 6.42 | |||||||||||||||
Vested | (154,261 | ) | 11.12 | ||||||||||||||
Forfeited | - | ||||||||||||||||
Outstanding at September 30, 2013 | 303,988 | $ | 3.77 | ||||||||||||||
Summary of weighted-average assumptions used in Black-Scholes option pricing model for grants of stock options | ' | ||||||||||||||||
A summary of the weighted-average assumptions used in the Black-Scholes option pricing model for grants of stock options during 2013 follows: | |||||||||||||||||
Expected dividend yield | 0.31 | % | |||||||||||||||
Risk-free interest rate | 1.12 | ||||||||||||||||
Expected life (in years) | 6 | ||||||||||||||||
Expected volatility | 101.3 | % | |||||||||||||||
Per share weighted-average fair value | $ | 4.98 | |||||||||||||||
Information regarding options exercised | ' | ||||||||||||||||
Certain information regarding options exercised during the periods follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Intrinsic value | $ | 46 | $ | 1 | $ | 67 | $ | 1 | |||||||||
Cash proceeds received | $ | 15 | $ | 3 | $ | 28 | $ | 3 | |||||||||
Tax benefit realized | $ | - | $ | - | $ | - | $ | - |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Regulatory Matters [Abstract] | ' | ||||||||||||||||||||||||
Actual capital amounts and ratios | ' | ||||||||||||||||||||||||
Our actual capital amounts and ratios follow: | |||||||||||||||||||||||||
Minimum for | Minimum for | ||||||||||||||||||||||||
Adequately Capitalized | Well-Capitalized | ||||||||||||||||||||||||
Actual | Institutions | Institutions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 245,754 | 17.49 | % | $ | 112,424 | 8 | % | NA | NA | |||||||||||||||
Independent Bank | 224,855 | 16.01 | 112,326 | 8 | $ | 140,408 | 10 | % | |||||||||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 227,876 | 16.22 | % | $ | 56,212 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 206,999 | 14.74 | 56,163 | 4 | $ | 84,245 | 6 | % | |||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||
Consolidated | $ | 227,876 | 10.87 | % | $ | 83,849 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 206,999 | 9.88 | 83,775 | 4 | $ | 104,719 | 5 | % | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 204,663 | 14.71 | % | $ | 111,268 | 8 | % | NA | NA | |||||||||||||||
Independent Bank | 207,553 | 14.95 | 111,063 | 8 | $ | 138,829 | 10 | % | |||||||||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 185,948 | 13.37 | % | $ | 55,634 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 189,777 | 13.67 | 55,531 | 4 | $ | 83,297 | 6 | % | |||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||
Consolidated | $ | 185,948 | 8.08 | % | $ | 92,026 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 189,777 | 8.26 | 91,919 | 4 | $ | 114,899 | 5 | % | |||||||||||||||||
NA - Not applicable | |||||||||||||||||||||||||
Components of regulatory capital | ' | ||||||||||||||||||||||||
The components of our regulatory capital are as follows: | |||||||||||||||||||||||||
Consolidated | Independent Bank | ||||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Total shareholders' equity | $ | 226,601 | $ | 134,975 | $ | 245,083 | $ | 186,384 | |||||||||||||||||
Add (deduct) | |||||||||||||||||||||||||
Qualifying trust preferred securities | 48,668 | 47,678 | - | - | |||||||||||||||||||||
Accumulated other comprehensive loss | 9,170 | 8,058 | 9,170 | 8,156 | |||||||||||||||||||||
Intangible assets | (3,366 | ) | (3,975 | ) | (3,366 | ) | (3,975 | ) | |||||||||||||||||
Disallowed deferred tax assets | (52,769 | ) | - | (43,460 | ) | - | |||||||||||||||||||
Disallowed capitalized mortgage loan servicing rights | (428 | ) | (788 | ) | (428 | ) | (788 | ) | |||||||||||||||||
Tier 1 capital | 227,876 | 185,948 | 206,999 | 189,777 | |||||||||||||||||||||
Qualifying trust preferred securities | - | 990 | - | - | |||||||||||||||||||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 17,878 | 17,725 | 17,856 | 17,776 | |||||||||||||||||||||
Total risk-based capital | $ | 245,754 | $ | 204,663 | $ | 224,855 | $ | 207,553 |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Assets and liabilities measured at fair value | ' | ||||||||||||||||||||||||
Assets and liabilities measured at fair value, including financial assets for which we have elected the fair value option, were as follows: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted | |||||||||||||||||||||||||
Prices | |||||||||||||||||||||||||
in Active | |||||||||||||||||||||||||
Markets | Significant | Significant | |||||||||||||||||||||||
for | Other | Un- | |||||||||||||||||||||||
Fair Value | Identical | Observable | observable | ||||||||||||||||||||||
Measure- | Assets | Inputs | Inputs | ||||||||||||||||||||||
ments | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Trading securities | $ | 308 | $ | 308 | $ | - | $ | - | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||
U.S. agency | 23,392 | - | 23,392 | - | |||||||||||||||||||||
U.S. agency residential mortgage-backed | 198,339 | - | 198,339 | - | |||||||||||||||||||||
Private label residential mortgage-backed | 6,893 | - | 6,893 | - | |||||||||||||||||||||
Other asset backed | 26,830 | 26,830 | |||||||||||||||||||||||
Obligations of states and political subdivisions | 140,939 | - | 140,939 | - | |||||||||||||||||||||
Corporate | 17,016 | - | 17,016 | - | |||||||||||||||||||||
Trust preferred | 2,476 | - | 2,476 | - | |||||||||||||||||||||
Loans held for sale | 27,622 | - | 27,622 | - | |||||||||||||||||||||
Derivatives (1) | 692 | - | 692 | - | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivatives (2) | 658 | - | 658 | - | |||||||||||||||||||||
Measured at Fair Value on a Non-recurring basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights (3) | 7,146 | - | - | 7,146 | |||||||||||||||||||||
Impaired loans (4) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 1,652 | - | - | 1,652 | |||||||||||||||||||||
Land, land development &construction-real estate | 679 | - | - | 679 | |||||||||||||||||||||
Commercial and industrial | 1,850 | - | - | 1,850 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 1,491 | - | - | 1,491 | |||||||||||||||||||||
Resort Lending | 347 | - | - | 347 | |||||||||||||||||||||
Other real estate (5) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 560 | - | - | 560 | |||||||||||||||||||||
Land, land development & construction-real estate | 1,507 | - | - | 1,507 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 402 | - | - | 402 | |||||||||||||||||||||
Resort Lending | 1,531 | - | - | 1,531 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 82 | - | - | 82 | |||||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund/partial refund | 2,668 | - | - | 2,668 | |||||||||||||||||||||
-1 | Included in accrued income and other assets | ||||||||||||||||||||||||
-2 | Included in accrued expenses and other liabilities | ||||||||||||||||||||||||
-3 | Only includes servicing rights that are carried at fair value due to recognition of a valuation allowance. | ||||||||||||||||||||||||
-4 | Only includes impaired loans with specific loss allocations based on collateral value. | ||||||||||||||||||||||||
-5 | Only includes other real estate with subsequent write downs to fair value. | ||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted | |||||||||||||||||||||||||
Prices | |||||||||||||||||||||||||
in Active | |||||||||||||||||||||||||
Markets | Significant | Significant | |||||||||||||||||||||||
for | Other | Un- | |||||||||||||||||||||||
Fair Value | Identical | Observable | observable | ||||||||||||||||||||||
Measure- | Assets | Inputs | Inputs | ||||||||||||||||||||||
ments | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Trading securities | $ | 110 | $ | 110 | $ | - | $ | - | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||
U.S. agency | 30,667 | - | 30,667 | - | |||||||||||||||||||||
U.S. agency residential mortgage-backed | 127,412 | - | 127,412 | - | |||||||||||||||||||||
Private label residential mortgage-backed | 8,194 | - | 8,194 | - | |||||||||||||||||||||
Obligations of states and political subdivisions | 39,051 | - | 39,051 | - | |||||||||||||||||||||
Trust preferred | 3,089 | - | 3,089 | - | |||||||||||||||||||||
Loans held for sale | 47,487 | - | 47,487 | - | |||||||||||||||||||||
Derivatives (1) | 1,368 | - | 1,368 | - | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivatives (2) | 1,320 | - | 861 | 459 | |||||||||||||||||||||
Measured at Fair Value on a Non-recurring basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights (3) | 8,814 | - | - | 8,814 | |||||||||||||||||||||
Impaired loans (4) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 3,727 | - | - | 3,727 | |||||||||||||||||||||
Land, land development &construction-real estate | 2,882 | - | - | 2,882 | |||||||||||||||||||||
Commercial and industrial | 6,581 | - | - | 6,581 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 2,694 | - | - | 2,694 | |||||||||||||||||||||
Resort Lending | 380 | - | - | 380 | |||||||||||||||||||||
Other real estate (5) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 86 | - | - | 86 | |||||||||||||||||||||
Land, land development &construction-real estate | 3,190 | - | - | 3,190 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 405 | - | - | 405 | |||||||||||||||||||||
Resort Lending | 3,535 | - | - | 3,535 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity installment - 1st lien | 59 | - | - | 59 | |||||||||||||||||||||
Loans held for sale relating to branch sale | 3,292 | - | 3,292 | - | |||||||||||||||||||||
-1 | Included in accrued income and other assets | ||||||||||||||||||||||||
-2 | Included in accrued expenses and other liabilities | ||||||||||||||||||||||||
-3 | Only includes servicing rights that are carried at fair value due to recognition of a valuation allowance. | ||||||||||||||||||||||||
-4 | Only includes impaired loans with specific loss allocations based on collateral value. | ||||||||||||||||||||||||
-5 | Only includes other real estate with subsequent write downs to fair value. | ||||||||||||||||||||||||
Changes in fair value for financial assets | ' | ||||||||||||||||||||||||
Changes in fair values for financial assets which we have elected the fair value option for the periods presented were as follows: | |||||||||||||||||||||||||
Changes in Fair Values for the Nine-Month | |||||||||||||||||||||||||
Periods Ended September 30 for Items Measured at | |||||||||||||||||||||||||
Fair Value Pursuant to Election of the Fair Value Option | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net Gains (Losses) | Total | Net Gains (Losses) | Total | ||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||
in Fair | in Fair | ||||||||||||||||||||||||
Values | Values | ||||||||||||||||||||||||
Included | Included | ||||||||||||||||||||||||
in Current | in Current | ||||||||||||||||||||||||
on Assets | Period | on Assets | Period | ||||||||||||||||||||||
Securities | Loans | Earnings | Securities | Loans | Earnings | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trading securities | $ | 197 | $ | - | $ | 197 | $ | (39 | ) | $ | - | $ | (39 | ) | |||||||||||
Loans held for sale | - | (765 | ) | (765 | ) | - | 587 | 587 | |||||||||||||||||
Reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ' | ||||||||||||||||||||||||
A reconciliation for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30 follows: | |||||||||||||||||||||||||
(Liability) | |||||||||||||||||||||||||
Amended Warrant | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Beginning balance | $ | - | $ | (353 | ) | $ | (459 | ) | $ | (174 | ) | ||||||||||||||
Total gains (losses) realized and unrealized: | |||||||||||||||||||||||||
Included in results of operations | - | (32 | ) | (1,025 | ) | (211 | ) | ||||||||||||||||||
Included in other comprehensive income | - | - | - | - | |||||||||||||||||||||
Purchases, issuances, settlements, maturities and calls | - | - | - | - | |||||||||||||||||||||
Reclassification to shareholders' equity | - | - | 1,484 | - | |||||||||||||||||||||
Transfers in and/or out of Level 3 | - | - | - | - | |||||||||||||||||||||
Ending balance | $ | - | $ | (385 | ) | $ | - | $ | (385 | ) | |||||||||||||||
Amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at September 30 | $ | - | $ | (32 | ) | $ | (1,025 | ) | $ | (211 | ) | ||||||||||||||
Quantitative information about the Amended Warrant | ' | ||||||||||||||||||||||||
Quantitative information about the Amended Warrant at December 31, 2012 follows: | |||||||||||||||||||||||||
(Liability) | |||||||||||||||||||||||||
Fair | Valuation | Unobservable | Unobservable | ||||||||||||||||||||||
Value | Technique | Inputs | Input Values | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
$ | (459 | ) | Binomial Lattice Model | Probability of non-permitted equity raise | 0.5 | % | |||||||||||||||||||
Expected discount to stock price in anequity raise | 10 | % | |||||||||||||||||||||||
Dollar amount of expected capital raise | $100 Million | ||||||||||||||||||||||||
Expected time of non-permitted equity raise | April, 2013 | ||||||||||||||||||||||||
Quantitative information about Level 3 fair value measurements measured on a non-recurring basis | ' | ||||||||||||||||||||||||
Quantitative information about Level 3 fair value measurements measured on a non-recurring basis follows: | |||||||||||||||||||||||||
Asset | |||||||||||||||||||||||||
(Liability) | |||||||||||||||||||||||||
Fair | Valuation | Unobservable | Weighted | ||||||||||||||||||||||
Value | Technique | Inputs | Average | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights | $ | 7,146 | Present value of net servicing revenue | Discount rate | 10.12 | % | |||||||||||||||||||
Cost to service | $ | 81 | |||||||||||||||||||||||
Ancillary income | 29 | ||||||||||||||||||||||||
Float rate | 1.54 | % | |||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||
Commercial | 4,181 | Sales comparison approach | Adjustment for differences between comparable sales | (1.2 | )% | ||||||||||||||||||||
Income approach | Capitalization rate | 9.3 | |||||||||||||||||||||||
Mortgage | 1,838 | Sales comparison approach | Adjustment for differences between comparable sales | 3.4 | |||||||||||||||||||||
Other real estate | |||||||||||||||||||||||||
Commercial | 2,067 | Sales comparison approach | Adjustment for differences between comparable sales | (5.7 | ) | ||||||||||||||||||||
Income approach | Capitalization rate | 11 | |||||||||||||||||||||||
Mortgage and installment | 2,015 | Sales comparison approach | Adjustment for differences between comparable sales | 36.5 | |||||||||||||||||||||
Payment plan receivables | 2,668 | Sales comparison approach | Adjustment for differences between comparable sales | 7.5 | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights | $ | 8,814 | Present value of net servicing revenue | Discount rate | 11 | % | |||||||||||||||||||
Cost to service | $ | 83 | |||||||||||||||||||||||
Ancillary income | 43 | ||||||||||||||||||||||||
Float rate | 0.84 | % | |||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||
Commercial | 13,190 | Sales comparison approach | Adjustment for differences between comparable sales | 16.7 | % | ||||||||||||||||||||
Income approach | Capitalization rate | 10.8 | |||||||||||||||||||||||
Mortgage | 3,074 | Sales comparison approach | Adjustment for differences between comparable sales | 9.5 | |||||||||||||||||||||
Other real estate | |||||||||||||||||||||||||
Commercial | 3,276 | Sales comparison approach | Adjustment for differences between comparable sales | (12.4 | ) | ||||||||||||||||||||
Income approach | Capitalization rate | 12.3 | |||||||||||||||||||||||
Mortgage and installment | 3,999 | Sales comparison approach | Adjustment for differences between comparable sales | (6.3 | ) | ||||||||||||||||||||
Aggregate fair value and aggregate remaining contractual principal balance for loans held for sale | ' | ||||||||||||||||||||||||
The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding for loans held for sale for which the fair value option has been elected for the periods presented. | |||||||||||||||||||||||||
Aggregate | Difference | Contractual Principal | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||
30-Sep-13 | $ | 27,622 | $ | 1,078 | $ | 26,544 | |||||||||||||||||||
31-Dec-12 | 47,487 | 1,843 | 45,644 |
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Values of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Estimated recorded book balances and fair values | ' | ||||||||||||||||||||
The estimated recorded book balances and fair values follow: | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Quoted | |||||||||||||||||||||
Prices | |||||||||||||||||||||
in Active | |||||||||||||||||||||
Markets | Significant | Significant | |||||||||||||||||||
for | Other | Un- | |||||||||||||||||||
Recorded | Fair Value | Identical | Observable | observable | |||||||||||||||||
Book | Measure- | Assets | Inputs | Inputs | |||||||||||||||||
Balance | ments | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 56,179 | $ | 56,179 | $ | 56,179 | $ | - | $ | - | |||||||||||
Interest bearing deposits | 74,766 | 74,766 | 74,766 | - | - | ||||||||||||||||
Interest bearing deposits - time | 16,946 | 16,940 | - | 16,940 | - | ||||||||||||||||
Trading securities | 308 | 308 | 308 | - | - | ||||||||||||||||
Securities available for sale | 415,885 | 415,885 | - | 415,885 | - | ||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock | 21,496 | NA | NA | NA | NA | ||||||||||||||||
Net loans and loans held for sale | 1,373,168 | 1,355,728 | - | 27,622 | 1,328,106 | ||||||||||||||||
Accrued interest receivable | 6,064 | 6,064 | 9 | 1,492 | 4,563 | ||||||||||||||||
Derivative financial instruments | 692 | 692 | - | 692 | - | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with no stated maturity (1) | $ | 1,429,569 | $ | 1,429,569 | $ | 1,429,569 | $ | - | $ | - | |||||||||||
Deposits with stated maturity (1) | 419,749 | 419,617 | - | 419,617 | - | ||||||||||||||||
Other borrowings | 17,282 | 20,049 | - | 20,049 | - | ||||||||||||||||
Subordinated debentures | 50,175 | 37,165 | 9,452 | 27,713 | - | ||||||||||||||||
Accrued interest payable | 332 | 332 | 57 | 275 | - | ||||||||||||||||
Derivative financial instruments | 658 | 658 | - | 658 | - | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 55,487 | $ | 55,487 | $ | 55,487 | $ | - | $ | - | |||||||||||
Interest bearing deposits | 124,295 | 124,295 | 124,295 | - | - | ||||||||||||||||
Trading securities | 110 | 110 | 110 | - | - | ||||||||||||||||
Securities available for sale | 208,413 | 208,413 | - | 208,413 | - | ||||||||||||||||
Federal Home Loan Bank and Federal | |||||||||||||||||||||
Reserve Bank Stock | 20,838 | NA | NA | NA | NA | ||||||||||||||||
Net loans and loans held for sale | 1,425,643 | 1,400,385 | - | 50,779 | 1,349,606 | ||||||||||||||||
Accrued interest receivable | 5,814 | 5,814 | 102 | 934 | 4,778 | ||||||||||||||||
Derivative financial instruments | 1,368 | 1,368 | - | 1,368 | - | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with no stated maturity (1) | $ | 1,360,609 | $ | 1,360,609 | $ | 1,360,609 | $ | - | $ | - | |||||||||||
Deposits with stated maturity (1) | 418,928 | 420,374 | - | 420,374 | - | ||||||||||||||||
Other borrowings | 17,625 | 21,463 | - | 21,463 | - | ||||||||||||||||
Subordinated debentures | 50,175 | 42,235 | 7,956 | 34,279 | - | ||||||||||||||||
Accrued interest payable | 7,197 | 7,197 | 2,942 | 4,255 | - | ||||||||||||||||
Derivative financial instruments | 1,320 | 1,320 | - | 861 | 459 | ||||||||||||||||
-1 | Deposits with no stated maturity include reciprocal deposits with a recorded book balance of $12.0 million and $1.2 million at September 30, 2013 and December 31, 2012, respectively. Deposits with a stated maturity include reciprocal deposits with a recorded book balance of $43.9 million and $32.0 million at September 30, 2013 and December 31, 2012, respectively. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||||||||||||||||||
Schedule of accumulated other comprehensive income (loss) | ' | ||||||||||||||||||||||||
A summary of changes in AOCL follows (1): | |||||||||||||||||||||||||
Dispropor- | |||||||||||||||||||||||||
tionate | Dispropor- | ||||||||||||||||||||||||
Unrealized | Tax Effects | tionate | |||||||||||||||||||||||
Losses on | from | Unrealized | Unrealized | Tax Effects | |||||||||||||||||||||
Available | Securities | Losses on | Losses on | from Cash | |||||||||||||||||||||
for Sale | Available | Cash Flow | Settled | Flow | |||||||||||||||||||||
Securities | for Sale | Hedges | Derivatives | Hedges | Total | ||||||||||||||||||||
For the three months ended September 30, | (In thousands) | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Balances at beginning of period | $ | (1,102 | ) | $ | (5,798 | ) | $ | - | $ | (370 | ) | $ | - | $ | (7,270 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (1,962 | ) | - | - | - | - | (1,962 | ) | |||||||||||||||||
Amounts reclassified from AOCL | - | - | - | 62 | - | 62 | |||||||||||||||||||
Net current period other comprehensive income (loss) | (1,962 | ) | - | - | 62 | - | (1,900 | ) | |||||||||||||||||
Balances at end of period | $ | (3,064 | ) | $ | (5,798 | ) | $ | - | $ | (308 | ) | $ | - | $ | (9,170 | ) | |||||||||
2012 | |||||||||||||||||||||||||
Balances at beginning of period | $ | (2,193 | ) | $ | (5,617 | ) | $ | (873 | ) | $ | (145 | ) | $ | (1,186 | ) | $ | (10,014 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 1,679 | - | (54 | ) | - | - | 1,625 | ||||||||||||||||||
Amounts reclassified from AOCL | (280 | ) | - | 92 | 145 | - | (43 | ) | |||||||||||||||||
Net current period other comprehensive income (loss) | 1,399 | - | 38 | 145 | - | 1,582 | |||||||||||||||||||
Balances at end of period | $ | (794 | ) | $ | (5,617 | ) | $ | (835 | ) | $ | - | $ | (1,186 | ) | $ | (8,432 | ) | ||||||||
For the nine months ended September 30, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Balances at beginning of period | $ | (516 | ) | $ | (5,617 | ) | $ | (739 | ) | $ | - | $ | (1,186 | ) | $ | (8,058 | ) | ||||||||
Income tax | 181 | (181 | ) | 258 | - | (258 | ) | - | |||||||||||||||||
Balances at beginning of period, net of tax | (335 | ) | (5,798 | ) | (481 | ) | - | (1,444 | ) | (8,058 | ) | ||||||||||||||
Terminated cash flow hedge | - | - | 370 | (370 | ) | - | - | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (2,741 | ) | - | (24 | ) | - | - | (2,765 | ) | ||||||||||||||||
Amounts reclassified from AOCL | 12 | - | 135 | 62 | 1,444 | 1,653 | |||||||||||||||||||
Net current period other comprehensive income (loss) | (2,729 | ) | - | 111 | 62 | 1,444 | (1,112 | ) | |||||||||||||||||
Balances at end of period | $ | (3,064 | ) | $ | (5,798 | ) | $ | - | $ | (308 | ) | $ | - | $ | (9,170 | ) | |||||||||
2012 | |||||||||||||||||||||||||
Balances at beginning of period | $ | (3,579 | ) | $ | (5,617 | ) | $ | (1,103 | ) | $ | (436 | ) | $ | (1,186 | ) | $ | (11,921 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 3,646 | - | (129 | ) | - | - | 3,517 | ||||||||||||||||||
Amounts reclassified from AOCL | (861 | ) | - | 397 | 436 | - | (28 | ) | |||||||||||||||||
Net current period other comprehensive income (loss) | 2,785 | - | 268 | 436 | - | 3,489 | |||||||||||||||||||
Balances at end of period | $ | (794 | ) | $ | (5,617 | ) | $ | (835 | ) | $ | - | $ | (1,186 | ) | $ | (8,432 | ) | ||||||||
-1 | 2013 amounts are presented net of tax as we removed substantially all of the valuation allowance on our deferred tax assets during the second quarter of 2013 (see Note #10). | ||||||||||||||||||||||||
Summary of reclassifications out of each component of AOCL | ' | ||||||||||||||||||||||||
A summary of reclassifications out of each component of AOCL for the three months ended September 30 follows: | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
Reclassified | |||||||||||||||||||||||||
From | Affected Line Item in Condensed | ||||||||||||||||||||||||
AOCL Component | AOCL | Consolidated Statements of Operations | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Unrealized losses on available for sale securities | $ | - | Net gains on securities | ||||||||||||||||||||||
- | Net impairment loss recognized in earnings | ||||||||||||||||||||||||
- | Total reclassifications before tax | ||||||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
$ | - | Reclassifications, net of tax | |||||||||||||||||||||||
Unrealized losses on cash flow hedges | $ | - | Interest expense | ||||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
$ | - | Reclassification, net of tax | |||||||||||||||||||||||
Unrealized losses on settled derivatives | $ | (95 | ) | Interest expense | |||||||||||||||||||||
(33 | ) | Tax expense (benefit) | |||||||||||||||||||||||
(62 | ) | Reclassification, net of tax | |||||||||||||||||||||||
Disproportionate tax effects from cash flow hedges | $ | - | Tax expense (benefit) | ||||||||||||||||||||||
$ | (62 | ) | Total reclassifications for the period, net of tax | ||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Unrealized losses on available for sale securities | $ | 350 | Net gains on securities | ||||||||||||||||||||||
(70 | ) | Net impairment loss recognized in earnings | |||||||||||||||||||||||
280 | Total reclassifications before tax | ||||||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
$ | 280 | Reclassifications, net of tax | |||||||||||||||||||||||
Unrealized losses on cash flow hedges | $ | (92 | ) | Interest expense | |||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
(92 | ) | Reclassification, net of tax | |||||||||||||||||||||||
Unrealized losses on settled derivatives | $ | (145 | ) | Interest expense | |||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
(145 | ) | Reclassification, net of tax | |||||||||||||||||||||||
$ | 43 | Total reclassifications for the period, net of tax | |||||||||||||||||||||||
A summary of reclassifications out of each component of AOCL for the nine months ended September 30 follows: | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
Reclassified | |||||||||||||||||||||||||
From | Affected Line Item in Condensed | ||||||||||||||||||||||||
AOCL Component | AOCL | Consolidated Statements of Operations | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Unrealized losses on available for sale securities | $ | 8 | Net gains on securities | ||||||||||||||||||||||
(26 | ) | Net impairment loss recognized in earnings | |||||||||||||||||||||||
(18 | ) | Total reclassifications before tax | |||||||||||||||||||||||
(6 | ) | Tax expense (benefit) | |||||||||||||||||||||||
$ | (12 | ) | Reclassifications, net of tax | ||||||||||||||||||||||
Unrealized losses on cash flow hedges | $ | (208 | ) | Interest expense | |||||||||||||||||||||
(73 | ) | Tax expense (benefit) | |||||||||||||||||||||||
$ | (135 | ) | Reclassification, net of tax | ||||||||||||||||||||||
Unrealized losses on settled derivatives | $ | (95 | ) | Interest expense | |||||||||||||||||||||
(33 | ) | Tax expense (benefit) | |||||||||||||||||||||||
(62 | ) | Reclassification, net of tax | |||||||||||||||||||||||
Disproportionate tax effects from cash flow hedges | $ | 1,444 | Tax expense (benefit) | ||||||||||||||||||||||
$ | (1,653 | ) | Total reclassifications for the period, net of tax | ||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Unrealized losses on available for sale securities | $ | 1,193 | Net gains on securities | ||||||||||||||||||||||
(332 | ) | Net impairment loss recognized in earnings | |||||||||||||||||||||||
861 | Total reclassifications before tax | ||||||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
$ | 861 | Reclassifications, net of tax | |||||||||||||||||||||||
Unrealized losses on cash flow hedges | $ | (397 | ) | Interest expense | |||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
(397 | ) | Reclassification, net of tax | |||||||||||||||||||||||
Unrealized losses on settled derivatives | $ | (436 | ) | Interest expense | |||||||||||||||||||||
- | Tax expense (benefit) | ||||||||||||||||||||||||
(436 | ) | Reclassification, net of tax | |||||||||||||||||||||||
$ | 28 | Total reclassifications for the period, net of tax | |||||||||||||||||||||||
Securities_Details
Securities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |||
Security | Security | U.S. Agency [Member] | U.S. Agency [Member] | U.S. Agency Residential Mortgage-Backed [Member] | U.S. Agency Residential Mortgage-Backed [Member] | Private Label Residential Mortgage-Backed [Member] | Private Label Residential Mortgage-Backed [Member] | Jumbo [Member] | Jumbo [Member] | Alt - A [Member] | Alt - A [Member] | Seasoned ARM Transactions [Member] | Senior Security [Member] | Senior Security [Member] | Senior Security [Member] | Senior Security [Member] | Super Senior Security [Member] | Super Senior Security [Member] | Super Senior Security [Member] | Super Senior Security [Member] | Senior Support Security [Member] | Senior Support Security [Member] | Senior Support Security [Member] | Senior Support Security [Member] | Other Asset-backed [Member] | Obligations of States and Political Subdivisions [Member] | Obligations of States and Political Subdivisions [Member] | Trust Preferred [Member] | Trust Preferred [Member] | Rated Issues [Member] | Rated Issues [Member] | Unrated Issues - No OTTI [Member] | Unrated Issues - No OTTI [Member] | Corporate [Member] | ||||||
Security | Security | Transaction | Security | Security | ||||||||||||||||||||||||||||||||||||
Security | ||||||||||||||||||||||||||||||||||||||||
Bond | ||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amortized cost | $420,599,000 | ' | $420,599,000 | ' | $208,929,000 | $23,794,000 | $30,620,000 | $198,424,000 | $126,151,000 | $7,615,000 | $9,070,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,877,000 | $143,957,000 | $38,384,000 | $2,901,000 | $4,704,000 | ' | ' | ' | ' | $17,031,000 | ||
Unrealized gains | 1,574,000 | ' | 1,574,000 | ' | 2,070,000 | 3,000 | 70,000 | 1,062,000 | 1,264,000 | 57,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | 422,000 | 736,000 | 0 | 0 | ' | ' | ' | ' | 22,000 | ||
Unrealized losses | 6,288,000 | ' | 6,288,000 | ' | 2,586,000 | 405,000 | 23,000 | 1,147,000 | 3,000 | 779,000 | 876,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000 | 3,440,000 | 69,000 | 425,000 | 1,615,000 | ' | ' | ' | ' | 37,000 | ||
Fair Value | 415,885,000 | ' | 415,885,000 | ' | 208,413,000 | 23,392,000 | 30,667,000 | 198,339,000 | 127,412,000 | 6,893,000 | 8,194,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,830,000 | 140,939,000 | 39,051,000 | 2,476,000 | 3,089,000 | ' | ' | ' | ' | 17,016,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Less Than Twelve Months, Fair Value | 233,300,000 | ' | 233,300,000 | ' | 15,481,000 | 18,090,000 | 8,097,000 | 84,132,000 | 0 | 2,150,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,364,000 | 100,584,000 | 7,384,000 | 0 | 0 | ' | ' | ' | ' | 10,980,000 | ||
Less Than Twelve Months, Unrealized Losses | 4,868,000 | ' | 4,868,000 | ' | 92,000 | 405,000 | 23,000 | 1,147,000 | 0 | 14,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000 | 3,210,000 | 69,000 | 0 | 0 | ' | ' | ' | ' | 37,000 | ||
Twelve Months or More, Fair Value | 12,100,000 | ' | 12,100,000 | ' | 11,738,000 | 0 | 0 | 0 | 457,000 | 4,684,000 | 8,192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,940,000 | 0 | 2,476,000 | 3,089,000 | ' | ' | ' | ' | 0 | ||
Twelve Months or More, Unrealized Losses | 1,420,000 | ' | 1,420,000 | ' | 2,494,000 | 0 | 0 | 0 | 3,000 | 765,000 | 876,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 230,000 | 0 | 425,000 | 1,615,000 | ' | ' | ' | ' | 0 | ||
Total, Fair value | 245,400,000 | ' | 245,400,000 | ' | 27,219,000 | 18,090,000 | 8,097,000 | 84,132,000 | 457,000 | 6,834,000 | 8,192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,364,000 | 105,524,000 | 7,384,000 | 2,476,000 | 3,089,000 | ' | ' | ' | ' | 10,980,000 | ||
Total, Unrealized Losses | 6,288,000 | ' | 6,288,000 | ' | 2,586,000 | 405,000 | 23,000 | 1,147,000 | 3,000 | 779,000 | 876,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000 | 3,440,000 | 69,000 | 425,000 | 1,615,000 | ' | ' | ' | ' | 37,000 | ||
Private Label Residential Mortgage Backed Securities Below Investment Grade [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair value | 4,358,000 | ' | 4,358,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,584,000 | ' | 2,584,000 | ' | 1,717,000 | ' | 1,717,000 | ' | 57,000 | ' | 57,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amortized cost | 4,700,000 | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,978,000 | ' | 2,978,000 | ' | 1,722,000 | ' | 1,722,000 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non-credit unrealized loss | 399,000 | ' | 399,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 394,000 | ' | 394,000 | ' | 5,000 | ' | 5,000 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Unrealized gain | 57,000 | ' | 57,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 57,000 | ' | 57,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cumulative credit related OTTI | 1,585,000 | ' | 1,585,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 748,000 | ' | 748,000 | ' | 457,000 | ' | 457,000 | ' | 380,000 | ' | 380,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
OTTI changes recorded in earnings | 0 | 70,000 | 26,000 | 332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 70,000 | 26,000 | 240,000 | 0 | 0 | 0 | 32,000 | 0 | 0 | 0 | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of securities with market fair value less than amortized cost | ' | ' | ' | ' | ' | 6 | ' | 13 | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of issues rated as investment grade | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of securities rated below investment grade | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of securities that are split rated | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of bonds with impairment in excess of ten percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of excess impairment on bonds (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of bonds with impairment for more than 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage Backed Securities Issued By Private Enterprises [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,820,000 | 6,041,000 | 2,073,000 | 2,153,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net Unrealized Gain Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -566,000 | -594,000 | -156,000 | -282,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of credit spread widening (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Normalized prepayment rate, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Normalized prepayment rate, maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of transactions with fixed rate collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Projected period of decline in loan defaults | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Expected loss severity period | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
The number of private label mortgage backed securities currently below investment grade with OTTI | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of municipal securities with fair value less than amortized cost | 137 | ' | 137 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of corporate securities with fair value less than amortized cost | 9 | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of impaired municipal securities rated by major agency | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ||
Non-rated securities, amortized cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ||
Fair value of non-rated trust preferred securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ||
Trust preferred securities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of securities with fair values less than amortized cost | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,620,000 | 1,581,000 | 856,000 | 1,508,000 | ' | ||
Net Unrealized Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -281,000 | -316,000 | -144,000 | -1,299,000 | ' | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maturing within one year | 12,322,000 | ' | 12,322,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maturing after one year but within five years | 70,216,000 | ' | 70,216,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maturing after five years but within ten years | 29,982,000 | ' | 29,982,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maturing after ten years | 75,163,000 | ' | 75,163,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 187,683,000 | ' | 187,683,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
U.S. agency residential mortgage-backed | 198,424,000 | ' | 198,424,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Private label residential mortgage-backed | 7,615,000 | ' | 7,615,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other asset backed | 26,877,000 | ' | 26,877,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total | 420,599,000 | ' | 420,599,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maturing within one year | 12,325,000 | ' | 12,325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maturing after one year but within five years | 70,165,000 | ' | 70,165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maturing after five years but within ten years | 29,545,000 | ' | 29,545,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maturing after ten years | 71,788,000 | ' | 71,788,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Available-for-sale Securities fair value total | 183,823,000 | ' | 183,823,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
U.S. agency residential mortgage backed | 198,339,000 | ' | 198,339,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Private label residential mortgage-backed | 6,893,000 | ' | 6,893,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other asset backed | 26,830,000 | ' | 26,830,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total | 415,885,000 | ' | 415,885,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance at beginning of year | 1,835,000 | 1,732,000 | 1,809,000 | 1,470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Additions to credit losses on securities for which no previous OTTI was recognized | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Increases to credit losses on securities for which OTTI was previously recognized | 0 | 70,000 | 26,000 | 332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance at beginning of year | 1,835,000 | 1,802,000 | 1,835,000 | 1,802,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gain and losses realized on sale of securities available for sale [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds | ' | ' | 2,940,000 | 37,176,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Realized Gains | ' | ' | 15,000 | 1,193,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Losses | ' | ' | 7,000 | [1] | 0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading Securities, Realized Gain (Loss) | ' | ' | $200,000 | $40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Losses in 2013 and 2012 exclude $0.026 million and $0.332 million, respectively of credit related OTTI recognized in earnings. |
Loans_Details
Loans (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 |
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | $44,275 | $58,884 | $36,786 | ' | $51,346 |
Additions (deductions) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Provision for loan losses | -355 | 251 | -3,153 | 6,438 | ' | ' | ' |
Recoveries credited to allowance | 1,484 | 1,372 | 6,893 | 4,603 | ' | ' | ' |
Loans charged against the allowance | -3,478 | -5,119 | -13,578 | -21,294 | ' | ' | ' |
Reclassification to loans held for sale | ' | 171 | ' | -610 | ' | ' | ' |
Balance at end of period | 34,437 | 48,021 | 34,437 | 48,021 | 36,786 | ' | 51,346 |
Allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 16,183 | ' | 16,183 | ' | ' | 21,009 | ' |
Collectively evaluated for impairment | 18,254 | ' | 18,254 | ' | ' | 23,266 | ' |
Total ending allowance balance | 34,437 | ' | 34,437 | ' | ' | 44,275 | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 131,397 | ' | 131,397 | ' | ' | 151,167 | ' |
Collectively evaluated for impairment | 1,253,122 | ' | 1,253,122 | ' | ' | 1,272,801 | ' |
Total loans recorded investment | 1,384,519 | ' | 1,384,519 | ' | ' | 1,423,968 | ' |
Accrued interest included in recorded investment | 4,536 | ' | 4,536 | ' | ' | 4,829 | ' |
Total Loans | 1,379,983 | ' | 1,379,983 | ' | ' | 1,419,139 | ' |
Commercial [Member] | ' | ' | ' | ' | ' | ' | ' |
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 11,402 | 18,183 | 8,236 | ' | 15,476 |
Additions (deductions) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Provision for loan losses | -709 | 18 | -2,385 | 2,708 | ' | ' | ' |
Recoveries credited to allowance | 878 | 782 | 4,595 | 2,178 | ' | ' | ' |
Loans charged against the allowance | -1,450 | -2,619 | -6,657 | -9,242 | ' | ' | ' |
Reclassification to loans held for sale | ' | 16 | ' | -154 | ' | ' | ' |
Balance at end of period | 6,955 | 13,673 | 6,955 | 13,673 | 8,236 | ' | 15,476 |
Allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 3,500 | ' | 3,500 | ' | ' | 6,558 | ' |
Collectively evaluated for impairment | 3,455 | ' | 3,455 | ' | ' | 4,844 | ' |
Total ending allowance balance | 6,955 | ' | 6,955 | ' | ' | 11,402 | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 44,789 | ' | 44,789 | ' | ' | 55,634 | ' |
Collectively evaluated for impairment | 582,213 | ' | 582,213 | ' | ' | 563,316 | ' |
Total loans recorded investment | 627,002 | ' | 627,002 | ' | ' | 618,950 | ' |
Accrued interest included in recorded investment | 1,580 | ' | 1,580 | ' | ' | 1,692 | ' |
Total Loans | 625,422 | ' | 625,422 | ' | ' | 617,258 | ' |
Mortgage [Member] | ' | ' | ' | ' | ' | ' | ' |
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 21,447 | 22,885 | 18,659 | ' | 21,271 |
Additions (deductions) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Provision for loan losses | 712 | 1,839 | 224 | 6,644 | ' | ' | ' |
Recoveries credited to allowance | 343 | 303 | 1,415 | 1,423 | ' | ' | ' |
Loans charged against the allowance | -1,497 | -1,720 | -4,869 | -9,067 | ' | ' | ' |
Reclassification to loans held for sale | ' | 136 | ' | -56 | ' | ' | ' |
Balance at end of period | 18,217 | 21,829 | 18,217 | 21,829 | 18,659 | ' | 21,271 |
Allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 11,318 | ' | 11,318 | ' | ' | 12,869 | ' |
Collectively evaluated for impairment | 6,899 | ' | 6,899 | ' | ' | 8,578 | ' |
Total ending allowance balance | 18,217 | ' | 18,217 | ' | ' | 21,447 | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 79,511 | ' | 79,511 | ' | ' | 88,028 | ' |
Collectively evaluated for impairment | 414,311 | ' | 414,311 | ' | ' | 441,703 | ' |
Total loans recorded investment | 493,822 | ' | 493,822 | ' | ' | 529,731 | ' |
Accrued interest included in recorded investment | 2,297 | ' | 2,297 | ' | ' | 2,391 | ' |
Total Loans | 491,525 | ' | 491,525 | ' | ' | 527,340 | ' |
Installment [Member] | ' | ' | ' | ' | ' | ' | ' |
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 3,378 | 6,146 | 2,996 | ' | 4,981 |
Additions (deductions) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Provision for loan losses | 105 | -849 | 621 | -331 | ' | ' | ' |
Recoveries credited to allowance | 244 | 287 | 836 | 1,002 | ' | ' | ' |
Loans charged against the allowance | -534 | -793 | -2,024 | -2,973 | ' | ' | ' |
Reclassification to loans held for sale | ' | 133 | ' | -85 | ' | ' | ' |
Balance at end of period | 2,811 | 3,759 | 2,811 | 3,759 | 2,996 | ' | 4,981 |
Allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 1,365 | ' | 1,365 | ' | ' | 1,582 | ' |
Collectively evaluated for impairment | 1,446 | ' | 1,446 | ' | ' | 1,796 | ' |
Total ending allowance balance | 2,811 | ' | 2,811 | ' | ' | 3,378 | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 7,097 | ' | 7,097 | ' | ' | 7,505 | ' |
Collectively evaluated for impairment | 188,104 | ' | 188,104 | ' | ' | 183,090 | ' |
Total loans recorded investment | 195,201 | ' | 195,201 | ' | ' | 190,595 | ' |
Accrued interest included in recorded investment | 659 | ' | 659 | ' | ' | 746 | ' |
Total Loans | 194,542 | ' | 194,542 | ' | ' | 189,849 | ' |
Payment Plan Receivable [Member] | ' | ' | ' | ' | ' | ' | ' |
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 144 | 197 | 125 | ' | 195 |
Additions (deductions) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Provision for loan losses | -37 | -17 | -53 | 6 | ' | ' | ' |
Recoveries credited to allowance | 19 | 0 | 47 | 0 | ' | ' | ' |
Loans charged against the allowance | 3 | 13 | -28 | -12 | ' | ' | ' |
Reclassification to loans held for sale | ' | 0 | ' | 0 | ' | ' | ' |
Balance at end of period | 110 | 191 | 110 | 191 | 125 | ' | 195 |
Allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | 0 | ' |
Collectively evaluated for impairment | 110 | ' | 110 | ' | ' | 144 | ' |
Total ending allowance balance | 110 | ' | 110 | ' | ' | 144 | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | 0 | ' |
Collectively evaluated for impairment | 68,494 | ' | 68,494 | ' | ' | 84,692 | ' |
Total loans recorded investment | 68,494 | ' | 68,494 | ' | ' | 84,692 | ' |
Accrued interest included in recorded investment | 0 | ' | 0 | ' | ' | 0 | ' |
Total Loans | 68,494 | ' | 68,494 | ' | ' | 84,692 | ' |
Unallocated [Member] | ' | ' | ' | ' | ' | ' | ' |
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 7,904 | 11,473 | 6,770 | ' | 9,423 |
Additions (deductions) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Provision for loan losses | -426 | -740 | -1,560 | -2,589 | ' | ' | ' |
Recoveries credited to allowance | 0 | 0 | 0 | 0 | ' | ' | ' |
Loans charged against the allowance | 0 | 0 | 0 | 0 | ' | ' | ' |
Reclassification to loans held for sale | ' | -114 | ' | -315 | ' | ' | ' |
Balance at end of period | 6,344 | 8,569 | 6,344 | 8,569 | 6,770 | ' | 9,423 |
Allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | 0 | ' |
Collectively evaluated for impairment | 6,344 | ' | 6,344 | ' | ' | 7,904 | ' |
Total ending allowance balance | $6,344 | ' | $6,344 | ' | ' | $7,904 | ' |
Loans_Receivables_Past_Due_Det
Loans, Receivables Past Due (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | $365 | $7 |
Non-Accrual | ' | 20,014 | 32,929 |
Total Non-performing Loans | ' | 20,379 | 32,936 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 9,000 | 16,980 |
Loans Past Due 60 to 89 days | ' | 3,068 | 3,971 |
Loans Past Due 90+ days | ' | 18,737 | 24,098 |
Total | ' | 30,805 | 45,049 |
Loans not Past Due | ' | 1,353,714 | 1,378,919 |
Total Loans | ' | 1,384,519 | 1,423,968 |
Accrued Interest Included in Recorded Investment [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 9 | 0 |
Non-Accrual | ' | 0 | 0 |
Total Non-performing Loans | ' | 9 | 0 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 80 | 146 |
Loans Past Due 60 to 89 days | ' | 42 | 43 |
Loans Past Due 90+ days | ' | 9 | 0 |
Total | ' | 131 | 189 |
Loans not Past Due | ' | 4,405 | 4,640 |
Total Loans | ' | 4,536 | 4,829 |
Commercial [Member] | ' | ' | ' |
Sale of certain commercial watch, substandard and Non-performing loans [Abstract] | ' | ' | ' |
Watch, substandard and non-performing loans sold, book balance | 8,601 | ' | ' |
Commercial [Member] | Income Producing - Real Estate [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 153 | 0 |
Non-Accrual | ' | 4,666 | 5,611 |
Total Non-performing Loans | ' | 4,819 | 5,611 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 136 | 3,734 |
Loans Past Due 60 to 89 days | ' | 297 | 609 |
Loans Past Due 90+ days | ' | 4,495 | 2,826 |
Total | ' | 4,928 | 7,169 |
Loans not Past Due | ' | 235,617 | 215,623 |
Total Loans | ' | 240,545 | 222,792 |
Sale of certain commercial watch, substandard and Non-performing loans [Abstract] | ' | ' | ' |
Watch, substandard and non-performing loans sold, book balance | 4,570 | ' | ' |
Commercial [Member] | Land, Land Development and Construction Real Estate [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 0 | 0 |
Non-Accrual | ' | 1,291 | 4,062 |
Total Non-performing Loans | ' | 1,291 | 4,062 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 44 | 336 |
Loans Past Due 60 to 89 days | ' | 0 | 0 |
Loans Past Due 90+ days | ' | 296 | 1,176 |
Total | ' | 340 | 1,512 |
Loans not Past Due | ' | 45,597 | 41,750 |
Total Loans | ' | 45,937 | 43,262 |
Sale of certain commercial watch, substandard and Non-performing loans [Abstract] | ' | ' | ' |
Watch, substandard and non-performing loans sold, book balance | 401 | ' | ' |
Commercial [Member] | Commercial and Industrial [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 212 | 0 |
Non-Accrual | ' | 372 | 5,080 |
Total Non-performing Loans | ' | 584 | 5,080 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 1,700 | 2,522 |
Loans Past Due 60 to 89 days | ' | 369 | 654 |
Loans Past Due 90+ days | ' | 261 | 1,913 |
Total | ' | 2,330 | 5,089 |
Loans not Past Due | ' | 338,190 | 347,807 |
Total Loans | ' | 340,520 | 352,896 |
Sale of certain commercial watch, substandard and Non-performing loans [Abstract] | ' | ' | ' |
Watch, substandard and non-performing loans sold, book balance | 3,630 | ' | ' |
Mortgage [Member] | 1-4 Family [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 0 | 7 |
Non-Accrual | ' | 7,520 | 9,654 |
Total Non-performing Loans | ' | 7,520 | 9,661 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 2,519 | 4,429 |
Loans Past Due 60 to 89 days | ' | 910 | 1,115 |
Loans Past Due 90+ days | ' | 7,520 | 9,661 |
Total | ' | 10,949 | 15,205 |
Loans not Past Due | ' | 268,098 | 279,132 |
Total Loans | ' | 279,047 | 294,337 |
Mortgage [Member] | Resort Lending [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 0 | 0 |
Non-Accrual | ' | 3,039 | 4,861 |
Total Non-performing Loans | ' | 3,039 | 4,861 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 646 | 748 |
Loans Past Due 60 to 89 days | ' | 0 | 370 |
Loans Past Due 90+ days | ' | 3,039 | 4,861 |
Total | ' | 3,685 | 5,979 |
Loans not Past Due | ' | 148,609 | 164,414 |
Total Loans | ' | 152,294 | 170,393 |
Mortgage [Member] | Home Equity Line of Credit - 1st Lien [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 0 | 0 |
Non-Accrual | ' | 378 | 529 |
Total Non-performing Loans | ' | 378 | 529 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 50 | 453 |
Loans Past Due 60 to 89 days | ' | 28 | 51 |
Loans Past Due 90+ days | ' | 378 | 529 |
Total | ' | 456 | 1,033 |
Loans not Past Due | ' | 18,440 | 18,003 |
Total Loans | ' | 18,896 | 19,036 |
Mortgage [Member] | Home Equity Line of Credit - 2nd Lien [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 0 | 0 |
Non-Accrual | ' | 609 | 685 |
Total Non-performing Loans | ' | 609 | 685 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 253 | 442 |
Loans Past Due 60 to 89 days | ' | 257 | 32 |
Loans Past Due 90+ days | ' | 609 | 685 |
Total | ' | 1,119 | 1,159 |
Loans not Past Due | ' | 42,466 | 44,806 |
Total Loans | ' | 43,585 | 45,965 |
Installment [Member] | Home Equity Installment - 1st Lien [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 0 | 0 |
Non-Accrual | ' | 1,181 | 1,278 |
Total Non-performing Loans | ' | 1,181 | 1,278 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 625 | 599 |
Loans Past Due 60 to 89 days | ' | 417 | 140 |
Loans Past Due 90+ days | ' | 1,181 | 1,278 |
Total | ' | 2,223 | 2,017 |
Loans not Past Due | ' | 26,341 | 30,368 |
Total Loans | ' | 28,564 | 32,385 |
Installment [Member] | Home Equity Installment - 2nd Lien [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 0 | 0 |
Non-Accrual | ' | 479 | 675 |
Total Non-performing Loans | ' | 479 | 675 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 393 | 430 |
Loans Past Due 60 to 89 days | ' | 180 | 125 |
Loans Past Due 90+ days | ' | 479 | 675 |
Total | ' | 1,052 | 1,230 |
Loans not Past Due | ' | 37,188 | 38,956 |
Total Loans | ' | 38,240 | 40,186 |
Installment [Member] | Loans Not Secured By Real Estate [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 0 | 0 |
Non-Accrual | ' | 448 | 390 |
Total Non-performing Loans | ' | 448 | 390 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 919 | 899 |
Loans Past Due 60 to 89 days | ' | 188 | 259 |
Loans Past Due 90+ days | ' | 448 | 390 |
Total | ' | 1,555 | 1,548 |
Loans not Past Due | ' | 124,225 | 113,751 |
Total Loans | ' | 125,780 | 115,299 |
Installment [Member] | Others 2 [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 0 | 0 |
Non-Accrual | ' | 0 | 0 |
Total Non-performing Loans | ' | 0 | 0 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 18 | 24 |
Loans Past Due 60 to 89 days | ' | 4 | 12 |
Loans Past Due 90+ days | ' | 0 | 0 |
Total | ' | 22 | 36 |
Loans not Past Due | ' | 2,595 | 2,689 |
Total Loans | ' | 2,617 | 2,725 |
Payment Plan Receivable [Member] | Full Refund [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 0 | 0 |
Non-Accrual | ' | 25 | 57 |
Total Non-performing Loans | ' | 25 | 57 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 1,511 | 2,249 |
Loans Past Due 60 to 89 days | ' | 361 | 552 |
Loans Past Due 90+ days | ' | 25 | 57 |
Total | ' | 1,897 | 2,858 |
Loans not Past Due | ' | 61,832 | 77,335 |
Total Loans | ' | 63,729 | 80,193 |
Payment Plan Receivable [Member] | Partial Refund [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 0 | 0 |
Non-Accrual | ' | 6 | 38 |
Total Non-performing Loans | ' | 6 | 38 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 182 | 112 |
Loans Past Due 60 to 89 days | ' | 57 | 46 |
Loans Past Due 90+ days | ' | 6 | 38 |
Total | ' | 245 | 196 |
Loans not Past Due | ' | 4,498 | 4,119 |
Total Loans | ' | 4,743 | 4,315 |
Payment Plan Receivable [Member] | Others [Member] | ' | ' | ' |
Loans on non-accrual status and past due more than 90 days (Non-performing loans) [Abstract] | ' | ' | ' |
90+ and Still Accruing | ' | 0 | 0 |
Non-Accrual | ' | 0 | 9 |
Total Non-performing Loans | ' | 0 | 9 |
Aging analysis of loans by class [Abstract] | ' | ' | ' |
Loans Past Due 30-59 days | ' | 4 | 3 |
Loans Past Due 60 to 89 days | ' | 0 | 6 |
Loans Past Due 90+ days | ' | 0 | 9 |
Total | ' | 4 | 18 |
Loans not Past Due | ' | 18 | 166 |
Total Loans | ' | $22 | $184 |
Loans_Impaired_Financing_Recei
Loans, Impaired Financing Receivables (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||||
Impaired loans [Abstract] | ' | ' | ' | ' | ' | |||||
TDR | $20,753 | ' | $20,753 | ' | $14,435 | |||||
Non - TDR | 0 | ' | 0 | ' | 418 | |||||
TDR allowances based on collateral | 8,069 | ' | 8,069 | ' | 16,231 | |||||
TDR - allowances based on present value cash flow | 101,075 | ' | 101,075 | ' | 112,997 | |||||
Non - TDR - allowance based on collateral | 1,029 | ' | 1,029 | ' | 6,580 | |||||
Non - TDR - allowance based on present value cash flow | 0 | ' | 0 | ' | 0 | |||||
Total impaired loans | 130,926 | ' | 130,926 | ' | 150,661 | |||||
Amount of allowance for loan losses allocated [Abstract] | ' | ' | ' | ' | ' | |||||
TDR - allowance based on collateral | 2,812 | ' | 2,812 | ' | 5,060 | |||||
TDR - allowance based on present value cash flow | 13,104 | ' | 13,104 | ' | 14,462 | |||||
Non - TDR - allowance based on collateral | 267 | ' | 267 | ' | 1,487 | |||||
Non - TDR - allowance based on present value cash flow | 0 | ' | 0 | ' | 0 | |||||
Allowance for loan losses allocated | 16,183 | ' | 16,183 | ' | 21,009 | |||||
Impaired Loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Recorded Investment, with No Related Allowance | 20,804 | [1] | ' | 20,804 | [1] | ' | 14,900 | [1] | ||
Unpaid Principal Balance, with No Related Allowance | 23,577 | [1] | ' | 23,577 | [1] | ' | 15,756 | [1] | ||
No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Recorded Investment, with Related Allowance | 110,593 | [1] | ' | 110,593 | [1] | ' | 136,267 | [1] | ||
Unpaid Principal Balance, with Related Allowance | 117,475 | [1] | ' | 117,475 | [1] | ' | 150,166 | [1] | ||
Recorded Investment | 131,397 | [1] | ' | 131,397 | [1] | ' | 151,167 | [1] | ||
Unpaid Principal Balance | 141,052 | [1] | ' | 141,052 | [1] | ' | 165,922 | [1] | ||
Related Allowance | 16,183 | [1] | ' | 16,183 | [1] | ' | 21,009 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Average Recorded Investment, with No Related Allowance | 19,069 | [2] | 14,003 | [2] | 17,656 | [3] | 14,017 | [3] | ' | |
Interest Income Recognized, with No Related Allowance | 431 | [2] | 192 | [2] | 864 | [3] | 421 | [3] | ' | |
Average Recorded Investment, with Related Allowance | 115,425 | [2] | 149,856 | [2] | 124,671 | [3] | 147,493 | [3] | ' | |
Interest Income Recognized, with Related Allowance | 1,080 | [2] | 1,371 | [2] | 3,614 | [3] | 4,021 | [3] | ' | |
Average Recorded Investment | 134,494 | [2] | 163,859 | [2] | 142,327 | [3] | 161,510 | [3] | ' | |
Interest Income Recognized | 1,511 | [2] | 1,563 | [2] | 4,478 | [3] | 4,442 | [3] | ' | |
Accrued Interest Included in Recorded Investment [Member] | ' | ' | ' | ' | ' | |||||
Impaired Loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Recorded Investment | 471 | [1] | ' | 471 | [1] | ' | 506 | [1] | ||
Commercial [Member] | Income Producing - Real Estate [Member] | ' | ' | ' | ' | ' | |||||
Impaired Loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Recorded Investment, with No Related Allowance | 8,020 | [1] | ' | 8,020 | [1] | ' | 4,050 | [1] | ||
Unpaid Principal Balance, with No Related Allowance | 9,433 | [1] | ' | 9,433 | [1] | ' | 4,672 | [1] | ||
No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Recorded Investment, with Related Allowance | 14,166 | [1] | ' | 14,166 | [1] | ' | 20,628 | [1] | ||
Unpaid Principal Balance, with Related Allowance | 16,356 | [1] | ' | 16,356 | [1] | ' | 24,250 | [1] | ||
Recorded Investment | 22,186 | [1] | ' | 22,186 | [1] | ' | 24,678 | [1] | ||
Unpaid Principal Balance | 25,789 | [1] | ' | 25,789 | [1] | ' | 28,922 | [1] | ||
Related Allowance | 1,068 | [1] | ' | 1,068 | [1] | ' | 1,822 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Average Recorded Investment, with No Related Allowance | 6,417 | [2] | 1,827 | [2] | 5,446 | [3] | 2,713 | [3] | ' | |
Interest Income Recognized, with No Related Allowance | 202 | [2] | 15 | [2] | 307 | [3] | 45 | [3] | ' | |
Average Recorded Investment, with Related Allowance | 16,788 | [2] | 26,233 | [2] | 19,071 | [3] | 24,228 | [3] | ' | |
Interest Income Recognized, with Related Allowance | 100 | [2] | 207 | [2] | 413 | [3] | 474 | [3] | ' | |
Average Recorded Investment | 23,205 | [2] | 28,060 | [2] | 24,517 | [3] | 26,941 | [3] | ' | |
Interest Income Recognized | 302 | [2] | 222 | [2] | 720 | [3] | 519 | [3] | ' | |
Commercial [Member] | Land, Land Development and Construction Real Estate [Member] | ' | ' | ' | ' | ' | |||||
Impaired Loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Recorded Investment, with No Related Allowance | 3,549 | [1] | ' | 3,549 | [1] | ' | 3,304 | [1] | ||
Unpaid Principal Balance, with No Related Allowance | 4,554 | [1] | ' | 4,554 | [1] | ' | 3,294 | [1] | ||
No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Recorded Investment, with Related Allowance | 5,085 | [1] | ' | 5,085 | [1] | ' | 8,808 | [1] | ||
Unpaid Principal Balance, with Related Allowance | 5,833 | [1] | ' | 5,833 | [1] | ' | 11,971 | [1] | ||
Recorded Investment | 8,634 | [1] | ' | 8,634 | [1] | ' | 12,112 | [1] | ||
Unpaid Principal Balance | 10,387 | [1] | ' | 10,387 | [1] | ' | 15,265 | [1] | ||
Related Allowance | 792 | [1] | ' | 792 | [1] | ' | 1,986 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Average Recorded Investment, with No Related Allowance | 3,512 | [2] | 3,131 | [2] | 3,319 | [3] | 2,360 | [3] | ' | |
Interest Income Recognized, with No Related Allowance | 58 | [2] | 61 | [2] | 142 | [3] | 97 | [3] | ' | |
Average Recorded Investment, with Related Allowance | 5,443 | [2] | 9,785 | [2] | 6,892 | [3] | 10,680 | [3] | ' | |
Interest Income Recognized, with Related Allowance | 40 | [2] | 31 | [2] | 151 | [3] | 136 | [3] | ' | |
Average Recorded Investment | 8,955 | [2] | 12,916 | [2] | 10,211 | [3] | 13,040 | [3] | ' | |
Interest Income Recognized | 98 | [2] | 92 | [2] | 293 | [3] | 233 | [3] | ' | |
Commercial [Member] | Commercial and Industrial [Member] | ' | ' | ' | ' | ' | |||||
Impaired Loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Recorded Investment, with No Related Allowance | 4,380 | [1] | ' | 4,380 | [1] | ' | 2,611 | [1] | ||
Unpaid Principal Balance, with No Related Allowance | 4,361 | [1] | ' | 4,361 | [1] | ' | 2,592 | [1] | ||
No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Recorded Investment, with Related Allowance | 9,589 | [1] | ' | 9,589 | [1] | ' | 16,233 | [1] | ||
Unpaid Principal Balance, with Related Allowance | 9,723 | [1] | ' | 9,723 | [1] | ' | 18,564 | [1] | ||
Recorded Investment | 13,969 | [1] | ' | 13,969 | [1] | ' | 18,844 | [1] | ||
Unpaid Principal Balance | 14,084 | [1] | ' | 14,084 | [1] | ' | 21,156 | [1] | ||
Related Allowance | 1,640 | [1] | ' | 1,640 | [1] | ' | 2,750 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Average Recorded Investment, with No Related Allowance | 4,255 | [2] | 3,483 | [2] | 3,948 | [3] | 3,755 | [3] | ' | |
Interest Income Recognized, with No Related Allowance | 85 | [2] | 58 | [2] | 199 | [3] | 104 | [3] | ' | |
Average Recorded Investment, with Related Allowance | 9,761 | [2] | 20,749 | [2] | 12,398 | [3] | 18,227 | [3] | ' | |
Interest Income Recognized, with Related Allowance | 102 | [2] | 136 | [2] | 330 | [3] | 406 | [3] | ' | |
Average Recorded Investment | 14,016 | [2] | 24,232 | [2] | 16,346 | [3] | 21,982 | [3] | ' | |
Interest Income Recognized | 187 | [2] | 194 | [2] | 529 | [3] | 510 | [3] | ' | |
Mortgage [Member] | 1-4 Family [Member] | ' | ' | ' | ' | ' | |||||
Impaired Loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Recorded Investment, with No Related Allowance | 8 | [1] | ' | 8 | [1] | ' | 0 | [1] | ||
Unpaid Principal Balance, with No Related Allowance | 8 | [1] | ' | 8 | [1] | ' | 0 | [1] | ||
No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Recorded Investment, with Related Allowance | 58,497 | [1] | ' | 58,497 | [1] | ' | 64,160 | [1] | ||
Unpaid Principal Balance, with Related Allowance | 61,557 | [1] | ' | 61,557 | [1] | ' | 68,418 | [1] | ||
Recorded Investment | 58,505 | [1] | ' | 58,505 | [1] | ' | 64,160 | [1] | ||
Unpaid Principal Balance | 61,565 | [1] | ' | 61,565 | [1] | ' | 68,418 | [1] | ||
Related Allowance | 7,881 | [1] | ' | 7,881 | [1] | ' | 8,518 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Average Recorded Investment, with No Related Allowance | 8 | [2] | 0 | [2] | 4 | [3] | 0 | [3] | ' | |
Interest Income Recognized, with No Related Allowance | 13 | [2] | 0 | [2] | 13 | [3] | 0 | [3] | ' | |
Average Recorded Investment, with Related Allowance | 59,723 | [2] | 66,593 | [2] | 61,670 | [3] | 67,067 | [3] | ' | |
Interest Income Recognized, with Related Allowance | 593 | [2] | 706 | [2] | 1,981 | [3] | 2,155 | [3] | ' | |
Average Recorded Investment | 59,731 | [2] | 66,593 | [2] | 61,674 | [3] | 67,067 | [3] | ' | |
Interest Income Recognized | 606 | [2] | 706 | [2] | 1,994 | [3] | 2,155 | [3] | ' | |
Mortgage [Member] | Resort Lending [Member] | ' | ' | ' | ' | ' | |||||
Impaired Loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Recorded Investment, with No Related Allowance | 35 | [1] | ' | 35 | [1] | ' | 0 | [1] | ||
Unpaid Principal Balance, with No Related Allowance | 163 | [1] | ' | 163 | [1] | ' | 0 | [1] | ||
No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Recorded Investment, with Related Allowance | 20,776 | [1] | ' | 20,776 | [1] | ' | 23,763 | [1] | ||
Unpaid Principal Balance, with Related Allowance | 21,383 | [1] | ' | 21,383 | [1] | ' | 24,160 | [1] | ||
Recorded Investment | 20,811 | [1] | ' | 20,811 | [1] | ' | 23,763 | [1] | ||
Unpaid Principal Balance | 21,546 | [1] | ' | 21,546 | [1] | ' | 24,160 | [1] | ||
Related Allowance | 3,352 | [1] | ' | 3,352 | [1] | ' | 4,321 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Average Recorded Investment, with No Related Allowance | 35 | [2] | 704 | [2] | 26 | [3] | 641 | [3] | ' | |
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | [2] | 0 | [3] | 0 | [3] | ' | |
Average Recorded Investment, with Related Allowance | 21,213 | [2] | 23,630 | [2] | 22,093 | [3] | 24,053 | [3] | ' | |
Interest Income Recognized, with Related Allowance | 212 | [2] | 264 | [2] | 653 | [3] | 760 | [3] | ' | |
Average Recorded Investment | 21,248 | [2] | 24,334 | [2] | 22,119 | [3] | 24,694 | [3] | ' | |
Interest Income Recognized | 212 | [2] | 264 | [2] | 653 | [3] | 760 | [3] | ' | |
Mortgage [Member] | Home Equity Line of Credit - 1st Lien [Member] | ' | ' | ' | ' | ' | |||||
Impaired Loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Recorded Investment, with No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Unpaid Principal Balance, with No Related Allowance | 4 | [1] | ' | 4 | [1] | ' | 0 | [1] | ||
No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Recorded Investment, with Related Allowance | 153 | [1] | ' | 153 | [1] | ' | 62 | [1] | ||
Unpaid Principal Balance, with Related Allowance | 165 | [1] | ' | 165 | [1] | ' | 77 | [1] | ||
Recorded Investment | 153 | [1] | ' | 153 | [1] | ' | 62 | [1] | ||
Unpaid Principal Balance | 169 | [1] | ' | 169 | [1] | ' | 77 | [1] | ||
Related Allowance | 81 | [1] | ' | 81 | [1] | ' | 30 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Average Recorded Investment, with No Related Allowance | 0 | [2] | 0 | [2] | 0 | [3] | 0 | [3] | ' | |
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | [2] | 0 | [3] | 0 | [3] | ' | |
Average Recorded Investment, with Related Allowance | 154 | [2] | 66 | [2] | 132 | [3] | 66 | [3] | ' | |
Interest Income Recognized, with Related Allowance | 1 | [2] | 1 | [2] | 2 | [3] | 2 | [3] | ' | |
Average Recorded Investment | 154 | [2] | 66 | [2] | 132 | [3] | 66 | [3] | ' | |
Interest Income Recognized | 1 | [2] | 1 | [2] | 2 | [3] | 2 | [3] | ' | |
Mortgage [Member] | Home Equity Line of Credit - 2nd Lien [Member] | ' | ' | ' | ' | ' | |||||
Impaired Loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Recorded Investment, with No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Unpaid Principal Balance, with No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Recorded Investment, with Related Allowance | 42 | [1] | ' | 42 | [1] | ' | 43 | [1] | ||
Unpaid Principal Balance, with Related Allowance | 118 | [1] | ' | 118 | [1] | ' | 118 | [1] | ||
Recorded Investment | 42 | [1] | ' | 42 | [1] | ' | 43 | [1] | ||
Unpaid Principal Balance | 118 | [1] | ' | 118 | [1] | ' | 118 | [1] | ||
Related Allowance | 4 | [1] | ' | 4 | [1] | ' | 0 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Average Recorded Investment, with No Related Allowance | 0 | [2] | 0 | [2] | 0 | [3] | 0 | [3] | ' | |
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | [2] | 0 | [3] | 0 | [3] | ' | |
Average Recorded Investment, with Related Allowance | 42 | [2] | 45 | [2] | 42 | [3] | 91 | [3] | ' | |
Interest Income Recognized, with Related Allowance | 0 | [2] | 0 | [2] | 1 | [3] | 2 | [3] | ' | |
Average Recorded Investment | 42 | [2] | 45 | [2] | 42 | [3] | 91 | [3] | ' | |
Interest Income Recognized | 0 | [2] | 0 | [2] | 1 | [3] | 2 | [3] | ' | |
Installment [Member] | Loans Not Secured By Real Estate [Member] | ' | ' | ' | ' | ' | |||||
Impaired Loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Recorded Investment, with No Related Allowance | 544 | [1] | ' | 544 | [1] | ' | 610 | [1] | ||
Unpaid Principal Balance, with No Related Allowance | 668 | [1] | ' | 668 | [1] | ' | 681 | [1] | ||
No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Recorded Investment, with Related Allowance | 195 | [1] | ' | 195 | [1] | ' | 194 | [1] | ||
Unpaid Principal Balance, with Related Allowance | 194 | [1] | ' | 194 | [1] | ' | 194 | [1] | ||
Recorded Investment | 739 | [1] | ' | 739 | [1] | ' | 804 | [1] | ||
Unpaid Principal Balance | 862 | [1] | ' | 862 | [1] | ' | 875 | [1] | ||
Related Allowance | 53 | [1] | ' | 53 | [1] | ' | 42 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Average Recorded Investment, with No Related Allowance | 568 | [2] | 540 | [2] | 588 | [3] | 533 | [3] | ' | |
Interest Income Recognized, with No Related Allowance | 8 | [2] | 8 | [2] | 23 | [3] | 21 | [3] | ' | |
Average Recorded Investment, with Related Allowance | 212 | [2] | 277 | [2] | 208 | [3] | 227 | [3] | ' | |
Interest Income Recognized, with Related Allowance | 2 | [2] | 2 | [2] | 8 | [3] | 7 | [3] | ' | |
Average Recorded Investment | 780 | [2] | 817 | [2] | 796 | [3] | 760 | [3] | ' | |
Interest Income Recognized | 10 | [2] | 10 | [2] | 31 | [3] | 28 | [3] | ' | |
Installment [Member] | Others 2 [Member] | ' | ' | ' | ' | ' | |||||
Impaired Loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Recorded Investment, with No Related Allowance | 17 | [1] | ' | 17 | [1] | ' | 20 | [1] | ||
Unpaid Principal Balance, with No Related Allowance | 17 | [1] | ' | 17 | [1] | ' | 20 | [1] | ||
No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Recorded Investment, with Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Unpaid Principal Balance, with Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Recorded Investment | 17 | [1] | ' | 17 | [1] | ' | 20 | [1] | ||
Unpaid Principal Balance | 17 | [1] | ' | 17 | [1] | ' | 20 | [1] | ||
Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Average Recorded Investment, with No Related Allowance | 18 | [2] | 22 | [2] | 19 | [3] | 23 | [3] | ' | |
Interest Income Recognized, with No Related Allowance | 0 | [2] | 1 | [2] | 1 | [3] | 2 | [3] | ' | |
Average Recorded Investment, with Related Allowance | 0 | [2] | 0 | [2] | 0 | [3] | 0 | [3] | ' | |
Interest Income Recognized, with Related Allowance | 0 | [2] | 0 | [2] | 0 | [3] | 0 | [3] | ' | |
Average Recorded Investment | 18 | [2] | 22 | [2] | 19 | [3] | 23 | [3] | ' | |
Interest Income Recognized | 0 | [2] | 1 | [2] | 1 | [3] | 2 | [3] | ' | |
Installment [Member] | Home Equity Installment - 1st Lien [Member] | ' | ' | ' | ' | ' | |||||
Impaired Loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Recorded Investment, with No Related Allowance | 1,952 | [1] | ' | 1,952 | [1] | ' | 2,027 | [1] | ||
Unpaid Principal Balance, with No Related Allowance | 2,077 | [1] | ' | 2,077 | [1] | ' | 2,219 | [1] | ||
No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Recorded Investment, with Related Allowance | 1,023 | [1] | ' | 1,023 | [1] | ' | 1,215 | [1] | ||
Unpaid Principal Balance, with Related Allowance | 1,068 | [1] | ' | 1,068 | [1] | ' | 1,240 | [1] | ||
Recorded Investment | 2,975 | [1] | ' | 2,975 | [1] | ' | 3,242 | [1] | ||
Unpaid Principal Balance | 3,145 | [1] | ' | 3,145 | [1] | ' | 3,459 | [1] | ||
Related Allowance | 494 | [1] | ' | 494 | [1] | ' | 610 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Average Recorded Investment, with No Related Allowance | 1,951 | [2] | 2,063 | [2] | 2,005 | [3] | 1,945 | [3] | ' | |
Interest Income Recognized, with No Related Allowance | 31 | [2] | 20 | [2] | 83 | [3] | 72 | [3] | ' | |
Average Recorded Investment, with Related Allowance | 1,050 | [2] | 1,348 | [2] | 1,071 | [3] | 1,487 | [3] | ' | |
Interest Income Recognized, with Related Allowance | 15 | [2] | 11 | [2] | 35 | [3] | 41 | [3] | ' | |
Average Recorded Investment | 3,001 | [2] | 3,411 | [2] | 3,076 | [3] | 3,432 | [3] | ' | |
Interest Income Recognized | 46 | [2] | 31 | [2] | 118 | [3] | 113 | [3] | ' | |
Installment [Member] | Home Equity Installment - 2nd Lien [Member] | ' | ' | ' | ' | ' | |||||
Impaired Loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Recorded Investment, with No Related Allowance | 2,299 | [1] | ' | 2,299 | [1] | ' | 2,278 | [1] | ||
Unpaid Principal Balance, with No Related Allowance | 2,292 | [1] | ' | 2,292 | [1] | ' | 2,278 | [1] | ||
No Related Allowance | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Recorded Investment, with Related Allowance | 1,067 | [1] | ' | 1,067 | [1] | ' | 1,161 | [1] | ||
Unpaid Principal Balance, with Related Allowance | 1,078 | [1] | ' | 1,078 | [1] | ' | 1,174 | [1] | ||
Recorded Investment | 3,366 | [1] | ' | 3,366 | [1] | ' | 3,439 | [1] | ||
Unpaid Principal Balance | 3,370 | [1] | ' | 3,370 | [1] | ' | 3,452 | [1] | ||
Related Allowance | 818 | [1] | ' | 818 | [1] | ' | 930 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ' | ' | ' | ' | ' | |||||
Average Recorded Investment, with No Related Allowance | 2,305 | [2] | 2,233 | [2] | 2,301 | [3] | 2,047 | [3] | ' | |
Interest Income Recognized, with No Related Allowance | 34 | [2] | 29 | [2] | 96 | [3] | 80 | [3] | ' | |
Average Recorded Investment, with Related Allowance | 1,039 | [2] | 1,130 | [2] | 1,094 | [3] | 1,367 | [3] | ' | |
Interest Income Recognized, with Related Allowance | 15 | [2] | 13 | [2] | 40 | [3] | 38 | [3] | ' | |
Average Recorded Investment | 3,344 | [2] | 3,363 | [2] | 3,395 | [3] | 3,414 | [3] | ' | |
Interest Income Recognized | $49 | [2] | $42 | [2] | $136 | [3] | $118 | [3] | ' | |
[1] | There were no impaired payment plan receivables at September 30, 2013 or December 31, 2012. | |||||||||
[2] | There were no impaired payment plan receivables during the three month periods ended September 30, 2013 and 2012, respectively. | |||||||||
[3] | There were no impaired payment plan receivables during the nine month periods ended September 30, 2013 and 2012, respectively. |
Loans_Troubled_Debt_Restructur
Loans, Troubled Debt Restructurings (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Contract | Contract | Contract | Contract | |||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | |||
Troubled debt restructuring | $129,897,000 | ' | $129,897,000 | ' | $143,663,000 | |||
Troubled debt restructuring, specific reserve | 15,900,000 | ' | 15,900,000 | ' | 19,500,000 | |||
Loans classified as troubled debt restructurings [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 13 | 41 | 78 | 196 | ' | |||
Pre-modification recorded balance | 1,745,000 | 5,380,000 | 10,174,000 | 37,814,000 | ' | |||
Post-modification recorded balance | 1,715,000 | 5,019,000 | 9,320,000 | 36,700,000 | ' | |||
Increase in allowance for loan losses | 30,000 | 400,000 | -200,000 | 1,500,000 | ' | |||
Charge offs due to troubled debt restructurings | 0 | 0 | 500,000 | 400,000 | ' | |||
TDR that subsequently defaulted [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 2 | 4 | 5 | 17 | ' | |||
Recorded Balance | 32,000 | 1,295,000 | 316,000 | 2,261,000 | ' | |||
Past due period for modified loans | '90 days | ' | ' | ' | ' | |||
Increase (decrease) in allowance for loan loss due to TDRs that subsequently defaulted | 0 | 700,000 | -100,000 | 700,000 | ' | |||
Charge-offs on TDRs that subsequently defaulted | 0 | 0 | 200,000 | 400,000 | ' | |||
Minimum [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | |||
Modification of stated interest rate of loans, range of period (in months) | ' | ' | '9 months | ' | ' | |||
Modifications involving extension of maturity date, period range (in months) | ' | ' | '1 month | ' | ' | |||
Maximum [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | |||
Modification of stated interest rate of loans, range of period (in months) | ' | ' | '60 months | ' | ' | |||
Modifications involving extension of maturity date, period range (in months) | ' | ' | '60 months | ' | ' | |||
Maximum in Certain Circumstances [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | |||
Modification of stated interest rate of loans, range of period (in months) | ' | ' | '480 months | ' | ' | |||
Modifications involving extension of maturity date, period range (in months) | ' | ' | '193 months | ' | ' | |||
Commercial [Member] | Income Producing - Real Estate [Member] | ' | ' | ' | ' | ' | |||
Loans classified as troubled debt restructurings [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 4 | 5 | 18 | ' | |||
Pre-modification recorded balance | 0 | 626,000 | 4,478,000 | 8,894,000 | ' | |||
Post-modification recorded balance | 0 | 545,000 | 3,869,000 | 8,736,000 | ' | |||
TDR that subsequently defaulted [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 2 | 0 | 2 | ' | |||
Recorded Balance | 0 | 827,000 | 0 | 827,000 | ' | |||
Commercial [Member] | Land, Land Development and Construction Real Estate [Member] | ' | ' | ' | ' | ' | |||
Loans classified as troubled debt restructurings [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 2 | 1 | 5 | ' | |||
Pre-modification recorded balance | 0 | 460,000 | 16,000 | 3,347,000 | ' | |||
Post-modification recorded balance | 0 | 523,000 | 0 | 3,436,000 | ' | |||
TDR that subsequently defaulted [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 0 | 0 | 1 | ' | |||
Recorded Balance | 0 | 0 | 0 | 136,000 | ' | |||
Commercial [Member] | Commercial and Industrial [Member] | ' | ' | ' | ' | ' | |||
Loans classified as troubled debt restructurings [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 4 | 10 | 19 | 43 | ' | |||
Pre-modification recorded balance | 1,141,000 | 631,000 | 2,053,000 | 8,827,000 | ' | |||
Post-modification recorded balance | 1,113,000 | 558,000 | 1,901,000 | 8,453,000 | ' | |||
TDR that subsequently defaulted [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 0 | 0 | 7 | ' | |||
Recorded Balance | 0 | 0 | 0 | 520,000 | ' | |||
Mortgage [Member] | Family 1 4 [Member] | ' | ' | ' | ' | ' | |||
Loans classified as troubled debt restructurings [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 10 | 13 | 58 | ' | |||
Pre-modification recorded balance | 0 | 1,870,000 | 1,273,000 | 7,738,000 | ' | |||
Post-modification recorded balance | 0 | 1,656,000 | 1,237,000 | 7,330,000 | ' | |||
TDR that subsequently defaulted [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 0 | 1 | 2 | ' | |||
Recorded Balance | 0 | 0 | 106,000 | 148,000 | ' | |||
Mortgage [Member] | Resort Lending [Member] | ' | ' | ' | ' | ' | |||
Loans classified as troubled debt restructurings [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 1 | 7 | 5 | 29 | ' | |||
Pre-modification recorded balance | 207,000 | 1,575,000 | 1,240,000 | 7,529,000 | ' | |||
Post-modification recorded balance | 206,000 | 1,562,000 | 1,231,000 | 7,356,000 | ' | |||
TDR that subsequently defaulted [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 2 | 1 | 3 | ' | |||
Recorded Balance | 0 | 468,000 | 156,000 | 584,000 | ' | |||
Mortgage [Member] | Home Equity Line of Credit - 1st Lien [Member] | ' | ' | ' | ' | ' | |||
Loans classified as troubled debt restructurings [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 0 | 1 | 1 | ' | |||
Pre-modification recorded balance | 0 | 0 | 95,000 | 15,000 | ' | |||
Post-modification recorded balance | 0 | 0 | 97,000 | 0 | ' | |||
TDR that subsequently defaulted [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 0 | 0 | 0 | ' | |||
Recorded Balance | 0 | 0 | 0 | 0 | ' | |||
Mortgage [Member] | Home Equity Line of Credit - 2nd Lien [Member] | ' | ' | ' | ' | ' | |||
Loans classified as troubled debt restructurings [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 0 | 0 | 0 | ' | |||
Pre-modification recorded balance | 0 | 0 | 0 | 0 | ' | |||
Post-modification recorded balance | 0 | 0 | 0 | 0 | ' | |||
TDR that subsequently defaulted [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 0 | 0 | 0 | ' | |||
Recorded Balance | 0 | 0 | 0 | 0 | ' | |||
Installment [Member] | Home Equity Installment - 1st Lien [Member] | ' | ' | ' | ' | ' | |||
Loans classified as troubled debt restructurings [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 4 | 4 | 17 | 14 | ' | |||
Pre-modification recorded balance | 177,000 | 137,000 | 503,000 | 561,000 | ' | |||
Post-modification recorded balance | 178,000 | 98,000 | 498,000 | 521,000 | ' | |||
TDR that subsequently defaulted [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 2 | 0 | 2 | 1 | ' | |||
Recorded Balance | 32,000 | 0 | 32,000 | 26,000 | ' | |||
Installment [Member] | Home Equity Installment - 2nd Lien [Member] | ' | ' | ' | ' | ' | |||
Loans classified as troubled debt restructurings [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 4 | 2 | 14 | 16 | ' | |||
Pre-modification recorded balance | 220,000 | 59,000 | 432,000 | 604,000 | ' | |||
Post-modification recorded balance | 218,000 | 56,000 | 432,000 | 590,000 | ' | |||
TDR that subsequently defaulted [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 0 | 1 | 1 | ' | |||
Recorded Balance | 0 | 0 | 22,000 | 20,000 | ' | |||
Installment [Member] | Loans Not Secured By Real Estate [Member] | ' | ' | ' | ' | ' | |||
Loans classified as troubled debt restructurings [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 2 | 3 | 12 | ' | |||
Pre-modification recorded balance | 0 | 22,000 | 84,000 | 299,000 | ' | |||
Post-modification recorded balance | 0 | 21,000 | 55,000 | 278,000 | ' | |||
TDR that subsequently defaulted [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 0 | 0 | 0 | ' | |||
Recorded Balance | 0 | 0 | 0 | 0 | ' | |||
Installment [Member] | Others 2 [Member] | ' | ' | ' | ' | ' | |||
Loans classified as troubled debt restructurings [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 0 | 0 | 0 | ' | |||
Pre-modification recorded balance | 0 | 0 | 0 | 0 | ' | |||
Post-modification recorded balance | 0 | 0 | 0 | 0 | ' | |||
TDR that subsequently defaulted [Abstract] | ' | ' | ' | ' | ' | |||
Number of contracts | 0 | 0 | 0 | 0 | ' | |||
Recorded Balance | 0 | 0 | 0 | 0 | ' | |||
Performing TDR's [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | |||
Troubled debt restructuring | 118,929,000 | ' | 118,929,000 | ' | 126,730,000 | |||
Non performing TDR's [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | |||
Troubled debt restructuring | 10,968,000 | [1] | ' | 10,968,000 | [1] | ' | 16,933,000 | [1] |
Commercial [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | |||
Troubled debt restructuring | 43,637,000 | ' | 43,637,000 | ' | 48,509,000 | |||
Commercial [Member] | Performing TDR's [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | |||
Troubled debt restructuring | 38,299,000 | ' | 38,299,000 | ' | 40,753,000 | |||
Commercial [Member] | Non performing TDR's [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | |||
Troubled debt restructuring | 5,338,000 | [1] | ' | 5,338,000 | [1] | ' | 7,756,000 | [1] |
Retail Segment [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | |||
Troubled debt restructuring | 86,260,000 | ' | 86,260,000 | ' | 95,154,000 | |||
Retail Segment [Member] | Performing TDR's [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | |||
Troubled debt restructuring | 80,630,000 | ' | 80,630,000 | ' | 85,977,000 | |||
Retail Segment [Member] | Non performing TDR's [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | |||
Troubled debt restructuring | $5,630,000 | [1],[2] | ' | $5,630,000 | [1],[2] | ' | $9,177,000 | [1],[2] |
[1] | Included in non-performing loans table above. | |||||||
[2] | Also includes loans on non-accrual at the time of modification until six payments are received on a timely basis. |
Loans_Loan_Ratings_by_Loan_Cla
Loans, Loan Ratings by Loan Class, Commercial Segment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Credit scores by loan class for mortgage and installment segments [Abstract] | ' | ' | ||
Accrued interest included in recorded investment | $4,536 | $4,829 | ||
Subsidiary's outstanding payment plan insured by third party (in hundredths) | 93.00% | ' | ||
Subsidiary's payment outstanding payment plan 2, insured by third party (in hundredths) | 6.90% | ' | ||
Credit ratings of insurer or risk retention group counterparties [Abstract] | ' | ' | ||
Payment Plan Receivables, Full Refund | 63,729 | 80,193 | ||
Payment Plan Receivable, Partial Refund | 4,743 | 4,315 | ||
Payment Plan Receivable, Other | 22 | 184 | ||
Total | 68,494 | 84,692 | ||
Commercial [Member] | ' | ' | ||
Loan ratings by loan class, commercial segment [Abstract] | ' | ' | ||
Non-watch 1-6 | 549,656 | 523,880 | ||
Watch 7-8 | 57,082 | 57,507 | ||
Substandard Accrual 9 | 13,935 | 22,810 | ||
Non Accrual 10-11 | 6,329 | 14,753 | ||
Commercial loans, Total | 627,002 | 618,950 | ||
Commercial [Member] | Income Producing - Real Estate [Member] | ' | ' | ||
Loan ratings by loan class, commercial segment [Abstract] | ' | ' | ||
Non-watch 1-6 | 208,317 | 183,530 | ||
Watch 7-8 | 22,984 | 27,096 | ||
Substandard Accrual 9 | 4,578 | 6,555 | ||
Non Accrual 10-11 | 4,666 | 5,611 | ||
Commercial loans, Total | 240,545 | 222,792 | ||
Commercial [Member] | Land, Land Development and Construction Real Estate [Member] | ' | ' | ||
Loan ratings by loan class, commercial segment [Abstract] | ' | ' | ||
Non-watch 1-6 | 39,129 | 32,784 | ||
Watch 7-8 | 4,868 | 3,457 | ||
Substandard Accrual 9 | 649 | 2,959 | ||
Non Accrual 10-11 | 1,291 | 4,062 | ||
Commercial loans, Total | 45,937 | 43,262 | ||
Commercial [Member] | Commercial and Industrial [Member] | ' | ' | ||
Loan ratings by loan class, commercial segment [Abstract] | ' | ' | ||
Non-watch 1-6 | 302,210 | 307,566 | ||
Watch 7-8 | 29,230 | 26,954 | ||
Substandard Accrual 9 | 8,708 | 13,296 | ||
Non Accrual 10-11 | 372 | 5,080 | ||
Commercial loans, Total | 340,520 | 352,896 | ||
Commercial [Member] | Accrued interest included in total [Member] | ' | ' | ||
Loan ratings by loan class, commercial segment [Abstract] | ' | ' | ||
Non-watch 1-6 | 1,359 | 1,417 | ||
Watch 7-8 | 162 | 163 | ||
Substandard Accrual 9 | 59 | 112 | ||
Non Accrual 10-11 | 0 | 0 | ||
Commercial loans, Total | 1,580 | 1,692 | ||
Mortgage [Member] | ' | ' | ||
Credit scores by loan class for mortgage and installment segments [Abstract] | ' | ' | ||
800 and above | 44,937 | [1] | 43,614 | [1] |
750-799 | 132,537 | [1] | 147,054 | [1] |
700-749 | 110,190 | [1] | 113,924 | [1] |
650-699 | 81,245 | [1] | 85,565 | [1] |
600-649 | 48,402 | [1] | 51,868 | [1] |
550-599 | 32,736 | [1] | 39,344 | [1] |
500-549 | 21,075 | [1] | 24,108 | [1] |
Under 500 | 10,225 | [1] | 12,352 | [1] |
Unknown | 12,475 | [1] | 11,902 | [1] |
Total | 493,822 | [1] | 529,731 | [1] |
Accrued interest included in recorded investment | 2,297 | [1] | 2,391 | [1] |
Mortgage [Member] | 1-4 Family [Member] | ' | ' | ||
Credit scores by loan class for mortgage and installment segments [Abstract] | ' | ' | ||
800 and above | 21,129 | [1] | 19,638 | [1] |
750-799 | 59,317 | [1] | 62,419 | [1] |
700-749 | 58,316 | [1] | 59,594 | [1] |
650-699 | 50,911 | [1] | 57,584 | [1] |
600-649 | 32,340 | [1] | 31,465 | [1] |
550-599 | 24,646 | [1] | 27,739 | [1] |
500-549 | 16,998 | [1] | 20,243 | [1] |
Under 500 | 8,060 | [1] | 9,470 | [1] |
Unknown | 7,330 | [1] | 6,185 | [1] |
Total | 279,047 | [1] | 294,337 | [1] |
Accrued interest included in recorded investment | 1,309 | [1] | 1,319 | [1] |
Mortgage [Member] | Resort Lending [Member] | ' | ' | ||
Credit scores by loan class for mortgage and installment segments [Abstract] | ' | ' | ||
800 and above | 14,301 | [1] | 15,430 | [1] |
750-799 | 56,533 | [1] | 67,094 | [1] |
700-749 | 40,155 | [1] | 41,860 | [1] |
650-699 | 19,944 | [1] | 17,685 | [1] |
600-649 | 9,136 | [1] | 12,317 | [1] |
550-599 | 4,352 | [1] | 7,887 | [1] |
500-549 | 1,944 | [1] | 1,212 | [1] |
Under 500 | 1,178 | [1] | 1,637 | [1] |
Unknown | 4,751 | [1] | 5,271 | [1] |
Total | 152,294 | [1] | 170,393 | [1] |
Accrued interest included in recorded investment | 673 | [1] | 750 | [1] |
Mortgage [Member] | Home Equity Line of Credit - 1st Lien [Member] | ' | ' | ||
Credit scores by loan class for mortgage and installment segments [Abstract] | ' | ' | ||
800 and above | 3,517 | [1] | 3,031 | [1] |
750-799 | 5,117 | [1] | 4,758 | [1] |
700-749 | 3,024 | [1] | 3,293 | [1] |
650-699 | 2,973 | [1] | 2,309 | [1] |
600-649 | 2,246 | [1] | 3,311 | [1] |
550-599 | 965 | [1] | 964 | [1] |
500-549 | 409 | [1] | 656 | [1] |
Under 500 | 413 | [1] | 456 | [1] |
Unknown | 232 | [1] | 258 | [1] |
Total | 18,896 | [1] | 19,036 | [1] |
Accrued interest included in recorded investment | 93 | [1] | 91 | [1] |
Mortgage [Member] | Home Equity Line of Credit - 2nd Lien [Member] | ' | ' | ||
Credit scores by loan class for mortgage and installment segments [Abstract] | ' | ' | ||
800 and above | 5,990 | [1] | 5,515 | [1] |
750-799 | 11,570 | [1] | 12,783 | [1] |
700-749 | 8,695 | [1] | 9,177 | [1] |
650-699 | 7,417 | [1] | 7,987 | [1] |
600-649 | 4,680 | [1] | 4,775 | [1] |
550-599 | 2,773 | [1] | 2,754 | [1] |
500-549 | 1,724 | [1] | 1,997 | [1] |
Under 500 | 574 | [1] | 789 | [1] |
Unknown | 162 | [1] | 188 | [1] |
Total | 43,585 | [1] | 45,965 | [1] |
Accrued interest included in recorded investment | 222 | [1] | 231 | [1] |
Installment [Member] | ' | ' | ||
Credit scores by loan class for mortgage and installment segments [Abstract] | ' | ' | ||
800 and above | 27,840 | [1] | 26,505 | [1] |
750-799 | 69,111 | [1] | 62,896 | [1] |
700-749 | 41,157 | [1] | 38,763 | [1] |
650-699 | 28,080 | [1] | 27,557 | [1] |
600-649 | 12,570 | [1] | 15,383 | [1] |
550-599 | 6,656 | [1] | 9,558 | [1] |
500-549 | 5,681 | [1] | 5,393 | [1] |
Under 500 | 1,862 | [1] | 2,892 | [1] |
Unknown | 2,244 | [1] | 1,648 | [1] |
Total | 195,201 | [1] | 190,595 | [1] |
Accrued interest included in recorded investment | 659 | [1] | 746 | [1] |
Installment [Member] | Home Equity Line of Credit - 1st Lien [Member] | ' | ' | ||
Credit scores by loan class for mortgage and installment segments [Abstract] | ' | ' | ||
800 and above | 2,861 | [1] | 3,909 | [1] |
750-799 | 7,279 | [1] | 7,394 | [1] |
700-749 | 5,012 | [1] | 4,884 | [1] |
650-699 | 4,729 | [1] | 5,925 | [1] |
600-649 | 3,606 | [1] | 4,360 | [1] |
550-599 | 2,234 | [1] | 3,226 | [1] |
500-549 | 2,201 | [1] | 1,722 | [1] |
Under 500 | 483 | [1] | 760 | [1] |
Unknown | 159 | [1] | 205 | [1] |
Total | 28,564 | [1] | 32,385 | [1] |
Accrued interest included in recorded investment | 114 | [1] | 137 | [1] |
Installment [Member] | Home Equity Line of Credit - 2nd Lien [Member] | ' | ' | ||
Credit scores by loan class for mortgage and installment segments [Abstract] | ' | ' | ||
800 and above | 3,260 | [1] | 3,265 | [1] |
750-799 | 11,296 | [1] | 11,300 | [1] |
700-749 | 8,901 | [1] | 8,826 | [1] |
650-699 | 7,366 | [1] | 7,164 | [1] |
600-649 | 3,183 | [1] | 4,214 | [1] |
550-599 | 1,808 | [1] | 2,716 | [1] |
500-549 | 1,597 | [1] | 1,403 | [1] |
Under 500 | 740 | [1] | 1,195 | [1] |
Unknown | 89 | [1] | 103 | [1] |
Total | 38,240 | [1] | 40,186 | [1] |
Accrued interest included in recorded investment | 138 | [1] | 157 | [1] |
Installment [Member] | Loans Not Secured By Real Estate [Member] | ' | ' | ||
Credit scores by loan class for mortgage and installment segments [Abstract] | ' | ' | ||
800 and above | 21,650 | [1] | 19,293 | [1] |
750-799 | 50,021 | [1] | 43,740 | [1] |
700-749 | 26,490 | [1] | 24,267 | [1] |
650-699 | 15,363 | [1] | 13,758 | [1] |
600-649 | 5,522 | [1] | 6,442 | [1] |
550-599 | 2,386 | [1] | 3,428 | [1] |
500-549 | 1,762 | [1] | 2,154 | [1] |
Under 500 | 608 | [1] | 895 | [1] |
Unknown | 1,978 | [1] | 1,322 | [1] |
Total | 125,780 | [1] | 115,299 | [1] |
Accrued interest included in recorded investment | 385 | [1] | 429 | [1] |
Installment [Member] | Others 2 [Member] | ' | ' | ||
Credit scores by loan class for mortgage and installment segments [Abstract] | ' | ' | ||
800 and above | 69 | [1] | 38 | [1] |
750-799 | 515 | [1] | 462 | [1] |
700-749 | 754 | [1] | 786 | [1] |
650-699 | 622 | [1] | 710 | [1] |
600-649 | 259 | [1] | 367 | [1] |
550-599 | 228 | [1] | 188 | [1] |
500-549 | 121 | [1] | 114 | [1] |
Under 500 | 31 | [1] | 42 | [1] |
Unknown | 18 | [1] | 18 | [1] |
Total | 2,617 | [1] | 2,725 | [1] |
Accrued interest included in recorded investment | 22 | [1] | 23 | [1] |
AM Best Rating A+ [Member] | ' | ' | ||
Credit ratings of insurer or risk retention group counterparties [Abstract] | ' | ' | ||
Payment Plan Receivables, Full Refund | 0 | 0 | ||
Payment Plan Receivable, Partial Refund | 0 | 0 | ||
Payment Plan Receivable, Other | 0 | 110 | ||
Total | 0 | 110 | ||
AM Best Rating, A Ratings [Member] | ' | ' | ||
Credit ratings of insurer or risk retention group counterparties [Abstract] | ' | ' | ||
Payment Plan Receivables, Full Refund | 23,303 | 24,825 | ||
Payment Plan Receivable, Partial Refund | 3,969 | 3,916 | ||
Payment Plan Receivable, Other | 0 | 0 | ||
Total | 27,272 | 28,741 | ||
AM Best Rating, A Minus Rating [Member] | ' | ' | ||
Credit ratings of insurer or risk retention group counterparties [Abstract] | ' | ' | ||
Payment Plan Receivables, Full Refund | 11,626 | 19,310 | ||
Payment Plan Receivable, Partial Refund | 774 | 399 | ||
Payment Plan Receivable, Other | 0 | 0 | ||
Total | 12,400 | 19,709 | ||
AM Best Rating, B+ Rating [Member] | ' | ' | ||
Credit ratings of insurer or risk retention group counterparties [Abstract] | ' | ' | ||
Payment Plan Receivables, Full Refund | 2 | 56 | ||
Payment Plan Receivable, Partial Refund | 0 | 0 | ||
Payment Plan Receivable, Other | 0 | 0 | ||
Total | 2 | 56 | ||
AM Best Rating, B Rating [Member] | ' | ' | ||
Credit ratings of insurer or risk retention group counterparties [Abstract] | ' | ' | ||
Payment Plan Receivables, Full Refund | 0 | 0 | ||
Payment Plan Receivable, Partial Refund | 0 | 0 | ||
Payment Plan Receivable, Other | 0 | 0 | ||
Total | 0 | 0 | ||
Not Rated [Member] | ' | ' | ||
Credit ratings of insurer or risk retention group counterparties [Abstract] | ' | ' | ||
Payment Plan Receivables, Full Refund | 28,798 | 36,002 | ||
Payment Plan Receivable, Partial Refund | 0 | 0 | ||
Payment Plan Receivable, Other | 22 | 74 | ||
Total | $28,820 | $36,076 | ||
[1] | Credit scores have been updated within the last twelve months. |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||||
Segment | ||||||||||
Segments [Abstract] | ' | ' | ' | ' | ' | |||||
Number of reportable segments | ' | ' | 2 | ' | ' | |||||
Selected financial information for reportable segments [Abstract] | ' | ' | ' | ' | ' | |||||
Total assets | $2,183,504 | ' | $2,183,504 | ' | $2,023,867 | |||||
Interest income | 21,784 | 24,733 | 65,596 | 75,684 | ' | |||||
Net interest income | 19,529 | 21,451 | 58,608 | 65,381 | ' | |||||
Provision for loan losses | -355 | 251 | -3,153 | 6,438 | ' | |||||
Income (loss) before income tax | 3,787 | 6,446 | 16,528 | 14,283 | ' | |||||
Net Income (loss) | 3,505 | 6,446 | 72,700 | 14,283 | ' | |||||
Income tax expense (benefit) | 282 | 0 | -56,172 | 0 | ' | |||||
IB [Member] | ' | ' | ' | ' | ' | |||||
Selected financial information for reportable segments [Abstract] | ' | ' | ' | ' | ' | |||||
Total assets | 2,067,493 | [1] | ' | 2,067,493 | [1] | ' | 1,885,807 | [1] | ||
Interest income | 19,114 | [1] | 21,057 | [1] | 56,829 | [1] | 64,452 | [1] | ' | |
Net interest income | 18,033 | [1] | 19,380 | [1] | 53,456 | [1] | 59,085 | [1] | ' | |
Provision for loan losses | -317 | [1] | 270 | [1] | -3,097 | [1] | 6,436 | [1] | ' | |
Income (loss) before income tax | 4,278 | [1] | 6,988 | [1] | 21,734 | [1] | 14,945 | [1] | ' | |
Net Income (loss) | 3,831 | [1] | 7,125 | [1] | 68,337 | [1] | 15,726 | [1] | ' | |
Income tax expense (benefit) | 600 | ' | 48,600 | ' | ' | |||||
Mepco [Member] | ' | ' | ' | ' | ' | |||||
Selected financial information for reportable segments [Abstract] | ' | ' | ' | ' | ' | |||||
Total assets | 104,945 | ' | 104,945 | ' | 135,447 | |||||
Interest income | 2,670 | 3,676 | 8,767 | 11,232 | ' | |||||
Net interest income | 2,094 | 2,806 | 6,921 | 8,487 | ' | |||||
Provision for loan losses | -38 | -19 | -56 | 2 | ' | |||||
Income (loss) before income tax | 261 | 405 | -1,889 | 2,298 | ' | |||||
Net Income (loss) | 172 | 268 | -1,124 | 1,517 | ' | |||||
Other [Member] | ' | ' | ' | ' | ' | |||||
Selected financial information for reportable segments [Abstract] | ' | ' | ' | ' | ' | |||||
Total assets | 276,574 | [1],[2] | ' | 276,574 | [1],[2] | ' | 192,343 | [1],[2] | ||
Interest income | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | ' | |
Net interest income | -598 | [1],[2] | -735 | [1],[2] | -1,769 | [1],[2] | -2,191 | [1],[2] | ' | |
Provision for loan losses | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | ' | |
Income (loss) before income tax | -728 | [1],[2] | -923 | [1],[2] | -3,246 | [1],[2] | -2,889 | [1],[2] | ' | |
Net Income (loss) | -474 | [1],[2] | -923 | [1],[2] | 5,558 | [1],[2] | -2,889 | [1],[2] | ' | |
Income tax expense (benefit) | 300 | ' | 8,700 | ' | ' | |||||
Elimination [Member] | ' | ' | ' | ' | ' | |||||
Selected financial information for reportable segments [Abstract] | ' | ' | ' | ' | ' | |||||
Total assets | -265,508 | [3] | ' | -265,508 | [3] | ' | -189,730 | [3] | ||
Interest income | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | ' | |
Net interest income | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | ' | |
Provision for loan losses | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | ' | |
Income (loss) before income tax | -24 | [3] | -24 | [3] | -71 | [3] | -71 | [3] | ' | |
Net Income (loss) | ($24) | [3] | ($24) | [3] | ($71) | [3] | ($71) | [3] | ' | |
[1] | During the the three month period ending September 30, 2013 IB includes $0.6 million income tax expense and Other (parent company) includes $0.3 million income tax benefit related to the reversal of the valuation allowance on our net deferred tax assets. During the nine month periods ending September 30, 2013 IB and Other (parent company) include $48.6 million and $8.7 million, respectively of income tax benefit related to the reversal of the valuation allowance on our net deferred tax assets (see note #10). | |||||||||
[2] | Includes amounts relating to our parent company and certain insignificant operations. | |||||||||
[3] | Includes parent company's investment in subsidiaries and cash balances maintained at subsidiary. |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Earnings Per Share Reconciliation [Abstract] | ' | ' | ' | ' | ||||
Net Income Applicable to Common Stock | $10,310 | $5,353 | $77,253 | $11,042 | ||||
Convertible preferred stock dividends | 749 | 1,093 | 3,001 | 3,241 | ||||
Preferred stock discount | -7,554 | 0 | -7,554 | 0 | ||||
Net income applicable to common stock for calculation of diluted earnings per share | $3,505 | $6,446 | $72,700 | $14,283 | ||||
Weighted average shares outstanding (in shares) | 14,167,000 | [1] | 8,779,000 | [1] | 10,989,000 | [1] | 8,637,000 | [1] |
Effect of convertible preferred stock (in shares) | 6,380,000 | 30,523,000 | 9,779,000 | 30,523,000 | ||||
Restricted stock units (in shares) | 398,000 | 221,000 | 383,000 | 167,000 | ||||
Stock units for deferred compensation plan for non-employee directors (in shares) | 128,000 | 81,000 | 122,000 | 54,000 | ||||
Effect of stock options (in shares) | 97,000 | 9,000 | 84,000 | 0 | ||||
Weighted average shares outstanding for calculation of diluted earnings per share (in shares) | 21,170,000 | 39,613,000 | 21,357,000 | 39,381,000 | ||||
Net income (loss) per common share [Abstract] | ' | ' | ' | ' | ||||
Basic (in dollars per share) | $0.73 | [1] | $0.61 | [1] | $7.03 | [1] | $1.28 | [1] |
Diluted (in dollars per share) | $0.17 | $0.16 | $3.40 | $0.36 | ||||
Stock Options [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive shares excluded from computation of diluted loss per share (in shares) | 100,000 | 100,000 | 100,000 | 200,000 | ||||
Warrant [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 346,154 | 346,154 | 346,154 | 346,154 | ||||
[1] | Basic net income per common share includes weighted average common shares outstanding during the period and participating share awards. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | |||
Sep. 30, 2013 | Jun. 30, 2013 | Apr. 16, 2013 | Dec. 31, 2012 | |
Derivative financial instrument according to type of hedge[ Abstract] | ' | ' | ' | ' |
Notional Amount | $67,202,000 | ' | ' | ' |
Average Maturity | '1 month 6 days | ' | ' | ' |
Fair Value | 34,000 | ' | ' | ' |
Termination fee | ' | 600,000 | ' | ' |
Fair value of amended warrant was reclassified into shareholders' equity | ' | ' | 1,500,000 | ' |
Fair value of derivative instruments, balance sheet location [Abstract] | ' | ' | ' | ' |
Asset Derivatives | 692,000 | ' | ' | 1,368,000 |
Liability Derivatives | 658,000 | ' | ' | 1,320,000 |
Cash Flow Hedge [Member] | ' | ' | ' | ' |
Fair value of derivative instruments, balance sheet location [Abstract] | ' | ' | ' | ' |
Liability Derivatives | 0 | ' | ' | 739,000 |
No Hedge Designation [Member] | ' | ' | ' | ' |
Fair value of derivative instruments, balance sheet location [Abstract] | ' | ' | ' | ' |
Asset Derivatives | 692,000 | ' | ' | 1,368,000 |
Liability Derivatives | 658,000 | ' | ' | 581,000 |
No Hedge Designation [Member] | Mandatory Commitments to Sell Mortgage Loans [Member] | ' | ' | ' | ' |
Derivative financial instrument according to type of hedge[ Abstract] | ' | ' | ' | ' |
Notional Amount | 47,947,000 | ' | ' | ' |
Average Maturity | '1 month 6 days | ' | ' | ' |
Fair Value | -658,000 | ' | ' | ' |
Fair value of derivative instruments, balance sheet location [Abstract] | ' | ' | ' | ' |
Asset Derivatives | 0 | ' | ' | 0 |
No Hedge Designation [Member] | Rate-Lock Mortgage Loan Commitments [Member] | ' | ' | ' | ' |
Derivative financial instrument according to type of hedge[ Abstract] | ' | ' | ' | ' |
Notional Amount | 19,255,000 | ' | ' | ' |
Average Maturity | '1 month 6 days | ' | ' | ' |
Fair Value | 692,000 | ' | ' | ' |
No Hedge Designation [Member] | Amended Warrant [Member] | ' | ' | ' | ' |
Fair value of derivative instruments, balance sheet location [Abstract] | ' | ' | ' | ' |
Asset Derivatives | 0 | ' | ' | 0 |
Other Assets [Member] | No Hedge Designation [Member] | Rate-Lock Mortgage Loan Commitments [Member] | ' | ' | ' | ' |
Fair value of derivative instruments, balance sheet location [Abstract] | ' | ' | ' | ' |
Asset Derivatives | 692,000 | ' | ' | 1,368,000 |
Other Liabilities [Member] | Cash Flow Hedge [Member] | Pay Fixed Interest-Rate Swap Agreement [Member] | ' | ' | ' | ' |
Fair value of derivative instruments, balance sheet location [Abstract] | ' | ' | ' | ' |
Liability Derivatives | 0 | ' | ' | 739,000 |
Other Liabilities [Member] | No Hedge Designation [Member] | Mandatory Commitments to Sell Mortgage Loans [Member] | ' | ' | ' | ' |
Fair value of derivative instruments, balance sheet location [Abstract] | ' | ' | ' | ' |
Liability Derivatives | 658,000 | ' | ' | 122,000 |
Other Liabilities [Member] | No Hedge Designation [Member] | Amended Warrant [Member] | ' | ' | ' | ' |
Fair value of derivative instruments, balance sheet location [Abstract] | ' | ' | ' | ' |
Liability Derivatives | $0 | ' | ' | $459,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments, Effect on Statement of Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Cash Flow Hedge [Member] | ' | ' | ' | ' | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion) | $0 | ($54) | ($38) | ($129) | ||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | -95 | -237 | -303 | -833 | ||||
Gain (Loss) Recognized in Income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Cash Flow Hedge [Member] | Pay Fixed Interest-Rate Swap Agreement [Member] | ' | ' | ' | ' | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion) | 0 | -54 | -38 | -129 | ||||
Gain (Loss) Recognized in Income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Cash Flow Hedge [Member] | Pay Fixed Interest-Rate Swap Agreement [Member] | Interest Expense [Member] | ' | ' | ' | ' | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ' | ' | ' | ' | ||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | -95 | -237 | -303 | -833 | ||||
No Hedge Designation [Member] | ' | ' | ' | ' | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Income | -2,341 | [1] | -7 | [1] | -2,237 | [1] | 850 | [1] |
No Hedge Designation [Member] | Rate-Lock Mortgage Loan Commitments [Member] | Net Mortgage Loan Gains [Member] | ' | ' | ' | ' | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Income | 316 | [1] | 804 | [1] | -676 | [1] | 1,930 | [1] |
No Hedge Designation [Member] | Mandatory Commitments to Sell Mortgage Loans [Member] | Net Mortgage Loan Gains [Member] | ' | ' | ' | ' | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Income | -2,657 | [1] | -779 | [1] | -536 | [1] | -869 | [1] |
No Hedge Designation [Member] | Amended Warrant [Member] | Increase in fair value of U.S. Treasury warrant [Member] | ' | ' | ' | ' | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Income | $0 | [1] | ($32) | [1] | ($1,025) | [1] | ($211) | [1] |
[1] | For cash flow hedges, this location and amount refers to the ineffective portion. |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized other intangible assets - core deposits [Abstract] | ' | ' |
Gross Carrying Amount | $23,703 | $23,703 |
Accumulated Amortization | 20,337 | 19,728 |
Summary of estimated intangible amortization [Abstract] | ' | ' |
Three months ending December 31, 2013 | 204 | ' |
2014 | 536 | ' |
2015 | 347 | ' |
2016 | 347 | ' |
2017 | 346 | ' |
2018 and thereafter | 1,586 | ' |
Total | $3,366 | ' |
Share_Based_Compensation_Detai
Share Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 24 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | |
Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Director [Member] | Director [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Executive Officers [Member] | Executive Officers [Member] | Senior Officers [Member] | Senior Officers [Member] | Non-Employee Directors [Member] | Non-Employee Directors [Member] | |||||
Restricted Stock [Member] | Restricted Stock [Member] | Stock Options [Member] | Stock Options [Member] | |||||||||||||||
Performance-based compensation plan [Member] | Performance-based compensation plan [Member] | Performance-based compensation plan [Member] | Performance-based compensation plan [Member] | |||||||||||||||
Officer | ||||||||||||||||||
Salary Stock Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional shares approved for grant (in shares) | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 |
Annual salary increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000 | $15,000 | $200,000 | ' | ' | ' | ' | ' | ' |
Number of restricted stock units issued to executive officers (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 200,000 | ' | ' | ' | ' |
Number of stock options issued to officers (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | ' | ' |
Number of executive officers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '3 years | ' | ' | ' |
Expire period from date of grant of stock option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Shares issues as retainer fees (in shares) | ' | ' | ' | ' | ' | ' | ' | 50,000 | 170,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation expense (recovery) recognized | 500,000 | 200,000 | 700,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit relating to compensation expense recognized | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Non employee directors share-based compensation expenses | 100,000 | 100,000 | 300,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation cost not yet recognized | 1,300,000 | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation cost not yet recognized, period for recognition | ' | ' | '2 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding stock option grants and transaction [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning balance (in shares) | ' | ' | ' | ' | 275,933 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | 77,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | ' | -14,006 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | -8,198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in shares) | ' | ' | ' | ' | -4,652 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, ending balance (in shares) | ' | ' | ' | ' | 326,577 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and expected to vest, period end (in shares) | ' | ' | ' | ' | 308,793 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, period end (in shares) | ' | ' | ' | ' | 137,660 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning balance (in dollars per share) | ' | ' | ' | ' | $4.46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | $6.42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | $2.64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in dollars per share) | ' | ' | ' | ' | $46.46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, ending balance (in dollars per share) | ' | ' | ' | ' | $4.48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and expected to vest, period end (in dollars per share) | ' | ' | ' | ' | $4.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, period end (in dollars per share) | ' | ' | ' | ' | $5.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Remaining Contractual Term [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | '8 years 3 months 22 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and Expected to Vest, Weighted-Average Remaining Contractual Term | ' | ' | ' | ' | '8 years 3 months 4 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | '7 years 4 months 10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, Intrinsic Value | ' | ' | ' | ' | 1,960,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | ' | ' | ' | ' | 1,861,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, Aggregate Intrinsic Value | ' | ' | ' | ' | 842,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning balance (in shares) | ' | ' | ' | ' | ' | ' | 375,416 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | 82,833 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | -140,000 | -154,261 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, ending balance (in shares) | ' | ' | ' | ' | ' | 303,988 | 303,988 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares withheld for tax withholding obligations (in shares) | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning balance (in dollars per share) | ' | ' | ' | ' | ' | ' | $6.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | $6.42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | ' | ' | ' | ' | ' | $11.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, ending balance (in dollars per share) | ' | ' | ' | ' | ' | $3.77 | $3.77 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of weighted-average assumptions used in Black-Scholes option pricing model for grants of stock options [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend yield (in hundredths) | ' | ' | 0.31% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate (in hundredths) | ' | ' | 1.12% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (in hundredths) | ' | ' | 101.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per share weighted-average fair value (in dollars per share) | $4.98 | ' | $4.98 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Information regarding options exercised [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value | 46,000 | 1,000 | 67,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds received | 15,000 | 3,000 | 28,000 | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit realized | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Tax_Details
Income Tax (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Tax [Abstract] | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | $282,000 | ' | $0 | ($56,172,000) | $0 | ' |
Reversal of valuation allowance on deferred tax assets | 57,300,000 | 57,600,000 | ' | ' | ' | ' |
Gross unrecognized tax benefits | 1,700,000 | ' | ' | 1,700,000 | ' | 1,900,000 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | 282,000 | ' | 0 | -56,172,000 | 0 | ' |
Mepco [Member] | ' | ' | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' | ' | ' |
Valuation allowance against deferred tax assets attributable to Mepco | 1,000,000 | ' | ' | 1,000,000 | ' | ' |
Disproportionate Tax Effects from Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' |
Income Tax [Abstract] | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | ' | 1,444,000 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | ' | $1,444,000 | ' | ' | ' | ' |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | 9 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Jul. 02, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 11, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |||||||
Series B Fixed Rate Cumulative Mandatorily Convertible Preferred Stock [Member] | Amended and Restated Warrant [Member] | Cumulative Preferred Stock Subject to Mandatory Redemption And Warrants [Member] | Trust Preferred [Member] | Consolidated [Member] | Consolidated [Member] | Independent Bank [Member] | Independent Bank [Member] | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||
Regulatory Matters [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Undivided profits | ($55,300,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Past due assets disposition plan amount to be reported, as per previous MOU | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Past due assets disposition plan amount to be reported | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total capital to risk-weighted assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total risk-based capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245,754,000 | 204,663,000 | 224,855,000 | 207,553,000 | ||||||
Minimum for Adequately Capitalized Institutions, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,424,000 | 111,268,000 | 112,326,000 | 111,063,000 | ||||||
Minimum for Well Capitalized Institutions, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,408,000 | 138,829,000 | ||||||
Actual, Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.49% | 14.71% | 16.01% | 14.95% | ||||||
Minimum for Adequately Capitalized Institutions, Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | 8.00% | 8.00% | ||||||
Minimum for Well-Capitalized Institutions, Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ||||||
Tier 1 capital to risk-weighted assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Actual, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 227,876,000 | 185,948,000 | 206,999,000 | 189,777,000 | ||||||
Minimum for Adequately Capitalized Institutions, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,212,000 | 55,634,000 | 56,163,000 | 55,531,000 | ||||||
Minimum for Well-Capitalized Institutions, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,245,000 | 83,297,000 | ||||||
Actual, Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.22% | 13.37% | 14.74% | 13.67% | ||||||
Minimum for Adequately Capitalized Institutions, Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 4.00% | 4.00% | 4.00% | ||||||
Minimum for Well Capitalized Institutions, Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 6.00% | ||||||
Tier 1 capital to average assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Tier 1 capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 227,876,000 | 185,948,000 | 206,999,000 | 189,777,000 | ||||||
Minimum for Adequately Capitalized Institutions, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,849,000 | 92,026,000 | 83,775,000 | 91,919,000 | ||||||
Minimum for Well-Capitalized Institutions, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104,719,000 | 114,899,000 | ||||||
Actual, Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.87% | 8.08% | 9.88% | 8.26% | ||||||
Minimum for Adequately Capitalized Institutions, Ratio (in hundredths) | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 4.00% | 4.00% | 4.00% | ||||||
Minimum for Well-Capitalized Institutions, Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ||||||
Components of regulatory capital [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total shareholders' equity | 226,601,000 | 121,528,000 | ' | ' | 134,975,000 | ' | 102,627,000 | ' | ' | ' | ' | 226,601,000 | 134,975,000 | 245,083,000 | 186,384,000 | ||||||
Add (deduct) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Qualifying trust preferred securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,668,000 | 47,678,000 | 0 | 0 | ||||||
Accumulated other comprehensive loss | -9,170,000 | [1] | -8,432,000 | [1] | ' | -7,270,000 | [1] | -8,058,000 | [1] | -10,014,000 | [1] | -11,921,000 | [1] | ' | ' | ' | ' | 9,170,000 | 8,058,000 | 9,170,000 | 8,156,000 |
Intangible assets | -3,366,000 | ' | ' | ' | -3,975,000 | ' | ' | ' | ' | ' | ' | -3,366,000 | -3,975,000 | -3,366,000 | -3,975,000 | ||||||
Disallowed deferred tax assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -52,769,000 | 0 | -43,460,000 | 0 | ||||||
Disallowed capitalized mortgage loan servicing rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -428,000 | -788,000 | -428,000 | -788,000 | ||||||
Tier 1 capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 227,876,000 | 185,948,000 | 206,999,000 | 189,777,000 | ||||||
Qualifying trust preferred securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 990,000 | 0 | 0 | ||||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,878,000 | 17,725,000 | 17,856,000 | 17,776,000 | ||||||
Total risk-based capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245,754,000 | 204,663,000 | 224,855,000 | 207,553,000 | ||||||
Maximum percentage of allowance for loan losses and allowance for unfunded lending commitments (in hundredths) | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Minimum ratio of common equity tier one capital to risk weighted assets (in hundredths) | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Percentage of common equity tier one capital conservation buffer of risk-weighted assets (in hundredths) | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Actual, minimum board imposed and/or ratios necessary to be well capitalized [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total Capital to Risk-Weighted Assets (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.49% | 14.71% | 16.01% | 14.95% | ||||||
Tier 1 Capital to Average Total Assets (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.87% | 8.08% | 9.88% | 8.26% | ||||||
Transfer of capital from bank to the parent company | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Original liquidation preference (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ||||||
Amended and Restated Warrant to purchase shares of common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 346,154 | ' | ' | ' | ' | ' | ' | ||||||
Exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $7.23 | ' | ' | ' | ' | ' | ' | ||||||
Purchase of Convertible Preferred Stock and Restated Warrant | 81,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | 81,000,000 | ' | ' | ' | ' | ' | ||||||
Redemption of trust preferred securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,200,000 | ' | ' | ' | ' | ||||||
Redemption Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11-Oct-13 | ' | ' | ' | ' | ||||||
[1] | 2013 amounts are presented net of tax as we removed substantially all of the valuation allowance on our deferred tax assets during the second quarter of 2013 (see Note #10). |
Fair_Value_Disclosures_Part_1_
Fair Value Disclosures Part 1 (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Variable | ||||||||
Fair Value Disclosures [Abstract] | ' | ' | ' | ' | ' | |||
Value of collateral-dependent impaired loans that will be reviewed by independent third party, minimum | $250,000 | ' | $250,000 | ' | ' | |||
Value of collateral-dependent impaired loans that will be reviewed by special assets group, maximum | 250,000 | ' | 250,000 | ' | ' | |||
Discount on appraisal value of retails properties (in hundredths) | ' | ' | 5.00% | ' | ' | |||
ASSETS [Abstract] | ' | ' | ' | ' | ' | |||
Capitalized mortgage loan servicing rights | 7,146,000 | ' | 7,146,000 | ' | 8,814,000 | |||
Impairment charges recognized [Abstract] | ' | ' | ' | ' | ' | |||
Capitalized mortgage loan servicing rights, carrying amount | 7,100,000 | ' | 7,100,000 | ' | 8,800,000 | |||
Capitalized mortgage loan servicing rights, valuation allowance | ' | ' | 3,600,000 | ' | 6,100,000 | |||
Capitalized mortgage loan servicing rights recoveries | 40,000 | -400,000 | 2,500,000 | -600,000 | ' | |||
Collateral dependent loans, carrying amount | 9,100,000 | ' | 9,100,000 | ' | 22,800,000 | |||
Collateral dependent loans, valuation allowance | 3,100,000 | ' | 3,100,000 | ' | 6,500,000 | |||
Additional provision for loan losses on impaired loans | 500,000 | 100,000 | 300,000 | 1,900,000 | ' | |||
Other real estate, carrying amount | 6,800,000 | ' | 6,800,000 | ' | 7,300,000 | |||
Other real estate, valuation allowance | ' | ' | 4,600,000 | ' | 6,000,000 | |||
Other real estate, additional charge | 300,000 | 1,100,000 | 1,800,000 | 1,500,000 | ' | |||
Total gains (losses) realized and unrealized [Abstract] | ' | ' | ' | ' | ' | |||
Steps in simulation model used to determine fair value of amended warrants | ' | ' | '500-step lattice | ' | ' | |||
Number of binomial lattice specified variables | ' | ' | 14 | ' | ' | |||
Amended Warrant [Member] | ' | ' | ' | ' | ' | |||
Liability [Roll Forward] | ' | ' | ' | ' | ' | |||
Beginning balance | 0 | -353,000 | -459,000 | -174,000 | -174,000 | |||
Total gains (losses) realized and unrealized [Abstract] | ' | ' | ' | ' | ' | |||
Included in results of operations | 0 | -32,000 | -1,025,000 | -211,000 | ' | |||
Included in other comprehensive income | 0 | 0 | 0 | 0 | ' | |||
Purchases, issuances, settlements, maturities and calls | 0 | 0 | 0 | 0 | ' | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Reclassification to Shareholder Equity | 0 | 0 | 1,484,000 | 0 | ' | |||
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 | ' | |||
Ending balance | 0 | -385,000 | 0 | -385,000 | ' | |||
Amount of total gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31 | 0 | -32,000 | -1,025,000 | -211,000 | ' | |||
Trading Securities [Member] | ' | ' | ' | ' | ' | |||
Changes in fair value for financial assets [Abstract] | ' | ' | ' | ' | ' | |||
Net Gains (Losses) on Assets, Securities | ' | ' | 197,000 | -39,000 | ' | |||
Net Gains (Losses) on Assets, Loans | ' | ' | 0 | 0 | ' | |||
Total Change in Fair Values Included in Current Period Earnings | ' | ' | 197,000 | -39,000 | ' | |||
Loans Held For Sale [Member] | ' | ' | ' | ' | ' | |||
Changes in fair value for financial assets [Abstract] | ' | ' | ' | ' | ' | |||
Net Gains (Losses) on Assets, Securities | ' | ' | 0 | 0 | ' | |||
Net Gains (Losses) on Assets, Loans | ' | ' | -765,000 | 587,000 | ' | |||
Total Change in Fair Values Included in Current Period Earnings | ' | ' | -765,000 | 587,000 | ' | |||
Fair Value Measurements [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | |||
Assets [Abstract] | ' | ' | ' | ' | ' | |||
Trading securities | 308,000 | ' | 308,000 | ' | 110,000 | |||
Securities available for sale [Abstract] | ' | ' | ' | ' | ' | |||
U.S. agency | 23,392,000 | ' | 23,392,000 | ' | 30,667,000 | |||
US agency residential mortgage backed | 198,339,000 | ' | 198,339,000 | ' | 127,412,000 | |||
Private label residential mortgage-backed | 6,893,000 | ' | 6,893,000 | ' | 8,194,000 | |||
Other asset backed | 26,830,000 | ' | 26,830,000 | ' | ' | |||
Obligations of states and political subdivisions | 140,939,000 | ' | 140,939,000 | ' | 39,051,000 | |||
Corporate | 17,016,000 | ' | 17,016,000 | ' | ' | |||
Trust preferred | 2,476,000 | ' | 2,476,000 | ' | 3,089,000 | |||
Loans held for sale | 27,622,000 | ' | 27,622,000 | ' | 47,487,000 | |||
Derivatives | 692,000 | [1] | ' | 692,000 | [1] | ' | 1,368,000 | [1] |
Liabilities [Abstract] | ' | ' | ' | ' | ' | |||
Derivatives | 658,000 | [2] | ' | 658,000 | [2] | ' | 1,320,000 | [2] |
Fair Value Measurements [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' | ' | |||
ASSETS [Abstract] | ' | ' | ' | ' | ' | |||
Loans held for sale relating to branch sale | ' | ' | ' | ' | 3,292,000 | |||
Capitalized mortgage loan servicing rights | 7,146,000 | ' | 7,146,000 | ' | 8,814,000 | [3] | ||
Fair Value Measurements [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ' | ' | ' | ' | ' | |||
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 1,652,000 | [4] | ' | 1,652,000 | [4] | ' | 3,727,000 | [4] |
Land, land development & construction - real estate | 679,000 | [4] | ' | 679,000 | [4] | ' | 2,882,000 | [4] |
Commercial and industrial | 1,850,000 | [4] | ' | 1,850,000 | [4] | ' | 6,581,000 | [4] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 1,491,000 | [4] | ' | 1,491,000 | [4] | ' | 2,694,000 | [4] |
Resort Lending | 347,000 | [4] | ' | 347,000 | [4] | ' | 380,000 | [4] |
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 1,652,000 | [4] | ' | 1,652,000 | [4] | ' | 3,727,000 | [4] |
Land, land development & construction - real estate | 679,000 | [4] | ' | 679,000 | [4] | ' | 2,882,000 | [4] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 1,491,000 | [4] | ' | 1,491,000 | [4] | ' | 2,694,000 | [4] |
Resort Lending | 347,000 | [4] | ' | 347,000 | [4] | ' | 380,000 | [4] |
Fair Value Measurements [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate [Member] | ' | ' | ' | ' | ' | |||
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 560,000 | [5] | ' | 560,000 | [5] | ' | 86,000 | [5] |
Land, land development & construction - real estate | 1,507,000 | [5] | ' | 1,507,000 | [5] | ' | 3,190,000 | [5] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 402,000 | [5] | ' | 402,000 | [5] | ' | 405,000 | [5] |
Resort Lending | 1,531,000 | [5] | ' | 1,531,000 | [5] | ' | 3,535,000 | [5] |
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 560,000 | [5] | ' | 560,000 | [5] | ' | 86,000 | [5] |
Land, land development & construction - real estate | 1,507,000 | [5] | ' | 1,507,000 | [5] | ' | 3,190,000 | [5] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 402,000 | [5] | ' | 402,000 | [5] | ' | 405,000 | [5] |
Resort Lending | 1,531,000 | [5] | ' | 1,531,000 | [5] | ' | 3,535,000 | [5] |
Installment [Abstract] | ' | ' | ' | ' | ' | |||
Home equity installment - 1st lien | 82,000 | [5] | ' | 82,000 | [5] | ' | 59,000 | [5] |
Payment plan receivables [Abstract] | ' | ' | ' | ' | ' | |||
Full refund/partial refund | 2,668,000 | [5] | ' | 2,668,000 | [5] | ' | ' | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' | ' | |||
Assets [Abstract] | ' | ' | ' | ' | ' | |||
Trading securities | 308,000 | ' | 308,000 | ' | 110,000 | |||
Securities available for sale [Abstract] | ' | ' | ' | ' | ' | |||
Derivatives | 0 | ' | 0 | ' | 0 | |||
Liabilities [Abstract] | ' | ' | ' | ' | ' | |||
Derivatives | 0 | ' | 0 | ' | 0 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | |||
Assets [Abstract] | ' | ' | ' | ' | ' | |||
Trading securities | 308,000 | ' | 308,000 | ' | 110,000 | |||
Securities available for sale [Abstract] | ' | ' | ' | ' | ' | |||
U.S. agency | 0 | ' | 0 | ' | 0 | |||
US agency residential mortgage backed | 0 | ' | 0 | ' | 0 | |||
Private label residential mortgage-backed | 0 | ' | 0 | ' | 0 | |||
Obligations of states and political subdivisions | 0 | ' | 0 | ' | 0 | |||
Corporate | 0 | ' | 0 | ' | ' | |||
Trust preferred | 0 | ' | 0 | ' | 0 | |||
Loans held for sale | 0 | ' | 0 | ' | 0 | |||
Derivatives | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Liabilities [Abstract] | ' | ' | ' | ' | ' | |||
Derivatives | 0 | [2] | ' | 0 | [2] | ' | 0 | [2] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' | ' | |||
ASSETS [Abstract] | ' | ' | ' | ' | ' | |||
Loans held for sale relating to branch sale | ' | ' | ' | ' | 0 | |||
Capitalized mortgage loan servicing rights | 0 | ' | 0 | ' | 0 | [3] | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ' | ' | ' | ' | ' | |||
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Land, land development & construction - real estate | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Commercial and industrial | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Resort Lending | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Land, land development & construction - real estate | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Resort Lending | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate [Member] | ' | ' | ' | ' | ' | |||
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Land, land development & construction - real estate | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Resort Lending | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Land, land development & construction - real estate | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Resort Lending | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Installment [Abstract] | ' | ' | ' | ' | ' | |||
Home equity installment - 1st lien | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Payment plan receivables [Abstract] | ' | ' | ' | ' | ' | |||
Full refund/partial refund | 0 | [5] | ' | 0 | [5] | ' | ' | |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' | ' | |||
Assets [Abstract] | ' | ' | ' | ' | ' | |||
Trading securities | 0 | ' | 0 | ' | 0 | |||
Securities available for sale [Abstract] | ' | ' | ' | ' | ' | |||
Derivatives | 692,000 | ' | 692,000 | ' | 1,368,000 | |||
Liabilities [Abstract] | ' | ' | ' | ' | ' | |||
Derivatives | 658,000 | ' | 658,000 | ' | 861,000 | |||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | |||
Assets [Abstract] | ' | ' | ' | ' | ' | |||
Trading securities | 0 | ' | 0 | ' | 0 | |||
Securities available for sale [Abstract] | ' | ' | ' | ' | ' | |||
U.S. agency | 23,392,000 | ' | 23,392,000 | ' | 30,667,000 | |||
US agency residential mortgage backed | 198,339,000 | ' | 198,339,000 | ' | 127,412,000 | |||
Private label residential mortgage-backed | 6,893,000 | ' | 6,893,000 | ' | 8,194,000 | |||
Other asset backed | 26,830,000 | ' | 26,830,000 | ' | ' | |||
Obligations of states and political subdivisions | 140,939,000 | ' | 140,939,000 | ' | 39,051,000 | |||
Corporate | 17,016,000 | ' | 17,016,000 | ' | ' | |||
Trust preferred | 2,476,000 | ' | 2,476,000 | ' | 3,089,000 | |||
Loans held for sale | 27,622,000 | ' | 27,622,000 | ' | 47,487,000 | |||
Derivatives | 692,000 | [1] | ' | 692,000 | [1] | ' | 1,368,000 | [1] |
Liabilities [Abstract] | ' | ' | ' | ' | ' | |||
Derivatives | 658,000 | [2] | ' | 658,000 | [2] | ' | 861,000 | [2] |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' | ' | |||
ASSETS [Abstract] | ' | ' | ' | ' | ' | |||
Loans held for sale relating to branch sale | ' | ' | ' | ' | 3,292,000 | |||
Capitalized mortgage loan servicing rights | 0 | ' | 0 | ' | 0 | [3] | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ' | ' | ' | ' | ' | |||
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Land, land development & construction - real estate | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Commercial and industrial | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Resort Lending | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Land, land development & construction - real estate | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Resort Lending | 0 | [4] | ' | 0 | [4] | ' | 0 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate [Member] | ' | ' | ' | ' | ' | |||
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Land, land development & construction - real estate | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Resort Lending | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Land, land development & construction - real estate | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Resort Lending | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Installment [Abstract] | ' | ' | ' | ' | ' | |||
Home equity installment - 1st lien | 0 | [5] | ' | 0 | [5] | ' | 0 | [5] |
Payment plan receivables [Abstract] | ' | ' | ' | ' | ' | |||
Full refund/partial refund | 0 | [5] | ' | 0 | [5] | ' | ' | |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' | ' | |||
Assets [Abstract] | ' | ' | ' | ' | ' | |||
Trading securities | 0 | ' | 0 | ' | 0 | |||
Securities available for sale [Abstract] | ' | ' | ' | ' | ' | |||
Derivatives | 0 | ' | 0 | ' | 0 | |||
Liabilities [Abstract] | ' | ' | ' | ' | ' | |||
Derivatives | 0 | ' | 0 | ' | 459,000 | |||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | |||
Assets [Abstract] | ' | ' | ' | ' | ' | |||
Trading securities | 0 | ' | 0 | ' | 0 | |||
Securities available for sale [Abstract] | ' | ' | ' | ' | ' | |||
U.S. agency | 0 | ' | 0 | ' | 0 | |||
US agency residential mortgage backed | 0 | ' | 0 | ' | 0 | |||
Private label residential mortgage-backed | 0 | ' | 0 | ' | 0 | |||
Obligations of states and political subdivisions | 0 | ' | 0 | ' | 0 | |||
Corporate | 0 | ' | 0 | ' | ' | |||
Trust preferred | 0 | ' | 0 | ' | 0 | |||
Loans held for sale | 0 | ' | 0 | ' | 0 | |||
Derivatives | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Liabilities [Abstract] | ' | ' | ' | ' | ' | |||
Derivatives | 0 | [2] | ' | 0 | [2] | ' | 459,000 | [2] |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' | ' | |||
ASSETS [Abstract] | ' | ' | ' | ' | ' | |||
Loans held for sale relating to branch sale | ' | ' | ' | ' | 0 | |||
Capitalized mortgage loan servicing rights | 7,146,000 | ' | 7,146,000 | ' | 8,814,000 | [3] | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ' | ' | ' | ' | ' | |||
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 1,652,000 | [4] | ' | 1,652,000 | [4] | ' | 3,727,000 | [4] |
Land, land development & construction - real estate | 679,000 | [4] | ' | 679,000 | [4] | ' | 2,882,000 | [4] |
Commercial and industrial | 1,850,000 | [4] | ' | 1,850,000 | [4] | ' | 6,581,000 | [4] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 1,491,000 | [4] | ' | 1,491,000 | [4] | ' | 2,694,000 | [4] |
Resort Lending | 347,000 | [4] | ' | 347,000 | [4] | ' | 380,000 | [4] |
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 1,652,000 | [4] | ' | 1,652,000 | [4] | ' | 3,727,000 | [4] |
Land, land development & construction - real estate | 679,000 | [4] | ' | 679,000 | [4] | ' | 2,882,000 | [4] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 1,491,000 | [4] | ' | 1,491,000 | [4] | ' | 2,694,000 | [4] |
Resort Lending | 347,000 | [4] | ' | 347,000 | [4] | ' | 380,000 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate [Member] | ' | ' | ' | ' | ' | |||
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 560,000 | [5] | ' | 560,000 | [5] | ' | 86,000 | [5] |
Land, land development & construction - real estate | 1,507,000 | [5] | ' | 1,507,000 | [5] | ' | 3,190,000 | [5] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 402,000 | [5] | ' | 402,000 | [5] | ' | 405,000 | [5] |
Resort Lending | 1,531,000 | [5] | ' | 1,531,000 | [5] | ' | 3,535,000 | [5] |
Commercial [Abstract] | ' | ' | ' | ' | ' | |||
Income producing - real estate | 560,000 | [5] | ' | 560,000 | [5] | ' | 86,000 | [5] |
Land, land development & construction - real estate | 1,507,000 | [5] | ' | 1,507,000 | [5] | ' | 3,190,000 | [5] |
Mortgage [Abstract] | ' | ' | ' | ' | ' | |||
1-4 Family | 402,000 | [5] | ' | 402,000 | [5] | ' | 405,000 | [5] |
Resort Lending | 1,531,000 | [5] | ' | 1,531,000 | [5] | ' | 3,535,000 | [5] |
Installment [Abstract] | ' | ' | ' | ' | ' | |||
Home equity installment - 1st lien | 82,000 | [5] | ' | 82,000 | [5] | ' | 59,000 | [5] |
Payment plan receivables [Abstract] | ' | ' | ' | ' | ' | |||
Full refund/partial refund | $2,668,000 | [5] | ' | $2,668,000 | [5] | ' | ' | |
[1] | Included in accrued income and other assets. | |||||||
[2] | Included in accrued expenses and other liabilities. | |||||||
[3] | Only includes servicing rights that are carried at fair value due to recognition of a valuation allowance. | |||||||
[4] | Only includes impaired loans with specific loss allocations based on collateral value. | |||||||
[5] | Only includes other real estate with subsequent write downs to fair value. |
Fair_Value_Disclosures_Part_2_
Fair Value Disclosures, Part 2 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair value option - Loans held for sale [Abstract] | ' | ' |
Loans held for sale | $27,622 | $47,487 |
Difference | 1,078 | 1,843 |
Aggregate Fair Value [Member] | ' | ' |
Fair value option - Loans held for sale [Abstract] | ' | ' |
Loans held for sale | 27,622 | 47,487 |
Contractual Principal [Member] | ' | ' |
Fair value option - Loans held for sale [Abstract] | ' | ' |
Loans held for sale | $26,544 | $45,644 |
Fair_Value_Disclosures_Part_3_
Fair Value Disclosures, Part 3 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Amended Warrant [Member] | Amended Warrant [Member] | Amended Warrant [Member] | Amended Warrant [Member] | Amended Warrant [Member] | Amended Warrant [Member] | Payment Plan Receivable [Member] | Impaired Loans Commercial [Member] | Impaired Loans Commercial [Member] | Impaired Loans Mortgage [Member] | Impaired Loans Mortgage [Member] | Other Real Estate Commercial [Member] | Other Real Estate Commercial [Member] | Other Real Estate Mortgage and Installment [Member] | Other Real Estate Mortgage and Installment [Member] | Income Approach [Member] | Income Approach [Member] | Income Approach [Member] | Income Approach [Member] | Binomial Lattice Model [Member] | Present Value of Net Servicing Revenue [Member] | Present Value of Net Servicing Revenue [Member] | Sales Comparison Approach [Member] | Sales Comparison Approach [Member] | Sales Comparison Approach [Member] | Sales Comparison Approach [Member] | Sales Comparison Approach [Member] | Sales Comparison Approach [Member] | Sales Comparison Approach [Member] | Sales Comparison Approach [Member] | Sales Comparison Approach [Member] | |||
Impaired Loans Commercial [Member] | Impaired Loans Commercial [Member] | Other Real Estate Commercial [Member] | Other Real Estate Commercial [Member] | Amended Warrant [Member] | Payment Plan Receivable [Member] | Impaired Loans Commercial [Member] | Impaired Loans Commercial [Member] | Impaired Loans Mortgage [Member] | Impaired Loans Mortgage [Member] | Other Real Estate Commercial [Member] | Other Real Estate Commercial [Member] | Other Real Estate Mortgage and Installment [Member] | Other Real Estate Mortgage and Installment [Member] | ||||||||||||||||||||
Quantitative information of fair value of liability under unobservable inputs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Liability) Fair Value | ' | ' | $0 | $0 | ($459,000) | ($385,000) | ($353,000) | ($174,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of probability of non-permitted equity raise (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected discount to stock price in an equity raise (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dollar amount of expected capital raise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected time of non-permitted equity raise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset (Liability) Fair Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized mortgage loan servicing rights | 7,146,000 | 8,814,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired loan [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,181,000 | 13,190,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,838,000 | 3,074,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other real estate [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,067,000 | 3,276,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage and installment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,015,000 | 3,999,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment Plan Receivables | 68,494,000 | 84,692,000 | ' | ' | ' | ' | ' | ' | 2,668,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unobservable Inputs Weighted Average [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.12% | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost to service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81 | 83 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ancillary income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29 | $43 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Float rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.54% | 0.84% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment for differences between comparable sales (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | -1.20% | 16.70% | 3.40% | 9.50% | -5.70% | -12.40% | 36.50% | -6.30% |
Capitalization rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.30% | 10.80% | 11.00% | 12.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Values_of_Financial_Instr2
Fair Values of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Assets [Abstract] | ' | ' | ||
Cash and due from banks | $56,179,000 | $55,487,000 | ||
Securities available for sale | 415,885,000 | 208,413,000 | ||
Liabilities [Abstract] | ' | ' | ||
Subordinated debentures | 50,175,000 | 50,175,000 | ||
Reciprocal deposits included in deposits with no stated maturity | 12,000,000 | 1,200,000 | ||
Reciprocal deposits included in deposits with stated maturity | 43,900,000 | 32,000,000 | ||
Recorded Book Balance [Member] | ' | ' | ||
Assets [Abstract] | ' | ' | ||
Cash and due from banks | 56,179,000 | 55,487,000 | ||
Interest bearing deposits | 74,766,000 | 124,295,000 | ||
Interest bearing deposits - time | 16,946,000 | ' | ||
Trading securities | 308,000 | 110,000 | ||
Securities available for sale | 415,885,000 | 208,413,000 | ||
Federal Home Loan Bank and Federal Reserve Bank Stock | 21,496,000 | 20,838,000 | ||
Net loans and loans held for sale | 1,373,168,000 | 1,425,643,000 | ||
Accrued interest receivable | 6,064,000 | 5,814,000 | ||
Derivative financial instruments | 692,000 | 1,368,000 | ||
Liabilities [Abstract] | ' | ' | ||
Deposits with no stated maturity | 1,429,569,000 | [1] | 1,360,609,000 | [1] |
Deposits with stated maturity | 419,749,000 | [1] | 418,928,000 | [1] |
Other borrowings | 17,282,000 | 17,625,000 | ||
Subordinated debentures | 50,175,000 | 50,175,000 | ||
Accrued interest payable | 332,000 | 7,197,000 | ||
Derivative financial instruments | 658,000 | 1,320,000 | ||
Fair Value Measurements [Member] | ' | ' | ||
Assets [Abstract] | ' | ' | ||
Cash and due from banks | 56,179,000 | 55,487,000 | ||
Interest bearing deposits | 74,766,000 | 124,295,000 | ||
Interest bearing deposits - time | 16,940,000 | ' | ||
Trading securities | 308,000 | 110,000 | ||
Securities available for sale | 415,885,000 | 208,413,000 | ||
Net loans and loans held for sale | 1,355,728,000 | 1,400,385,000 | ||
Accrued interest receivable | 6,064,000 | 5,814,000 | ||
Derivative financial instruments | 692,000 | 1,368,000 | ||
Liabilities [Abstract] | ' | ' | ||
Deposits with no stated maturity | 1,429,569,000 | [1] | 1,360,609,000 | [1] |
Deposits with stated maturity | 419,617,000 | [1] | 420,374,000 | [1] |
Other borrowings | 20,049,000 | 21,463,000 | ||
Subordinated debentures | 37,165,000 | 42,235,000 | ||
Accrued interest payable | 332,000 | 7,197,000 | ||
Derivative financial instruments | 658,000 | 1,320,000 | ||
Quoted Prices in Active Markets for Identical Assets, (Level 1) [Member] | ' | ' | ||
Assets [Abstract] | ' | ' | ||
Cash and due from banks | 56,179,000 | 55,487,000 | ||
Interest bearing deposits | 74,766,000 | 124,295,000 | ||
Interest bearing deposits - time | 0 | ' | ||
Trading securities | 308,000 | 110,000 | ||
Securities available for sale | 0 | 0 | ||
Net loans and loans held for sale | 0 | 0 | ||
Accrued interest receivable | 9,000 | 102,000 | ||
Derivative financial instruments | 0 | 0 | ||
Liabilities [Abstract] | ' | ' | ||
Deposits with no stated maturity | 1,429,569,000 | [1] | 1,360,609,000 | [1] |
Deposits with stated maturity | 0 | [1] | 0 | [1] |
Other borrowings | 0 | 0 | ||
Subordinated debentures | 9,452,000 | 7,956,000 | ||
Accrued interest payable | 57,000 | 2,942,000 | ||
Derivative financial instruments | 0 | 0 | ||
Significant Other Observable Inputs, (Level 2) [Member] | ' | ' | ||
Assets [Abstract] | ' | ' | ||
Cash and due from banks | 0 | 0 | ||
Interest bearing deposits | 0 | 0 | ||
Interest bearing deposits - time | 16,940,000 | ' | ||
Trading securities | 0 | 0 | ||
Securities available for sale | 415,885,000 | 208,413,000 | ||
Net loans and loans held for sale | 27,622,000 | 50,779,000 | ||
Accrued interest receivable | 1,492,000 | 934,000 | ||
Derivative financial instruments | 692,000 | 1,368,000 | ||
Liabilities [Abstract] | ' | ' | ||
Deposits with no stated maturity | 0 | [1] | 0 | [1] |
Deposits with stated maturity | 419,617,000 | [1] | 420,374,000 | [1] |
Other borrowings | 20,049,000 | 21,463,000 | ||
Subordinated debentures | 27,713,000 | 34,279,000 | ||
Accrued interest payable | 275,000 | 4,255,000 | ||
Derivative financial instruments | 658,000 | 861,000 | ||
Significant Unobservable Inputs, (Level 3) [Member] | ' | ' | ||
Assets [Abstract] | ' | ' | ||
Cash and due from banks | 0 | 0 | ||
Interest bearing deposits | 0 | 0 | ||
Interest bearing deposits - time | 0 | ' | ||
Trading securities | 0 | 0 | ||
Securities available for sale | 0 | 0 | ||
Net loans and loans held for sale | 1,328,106,000 | 1,349,606,000 | ||
Accrued interest receivable | 4,563,000 | 4,778,000 | ||
Derivative financial instruments | 0 | 0 | ||
Liabilities [Abstract] | ' | ' | ||
Deposits with no stated maturity | 0 | [1] | 0 | [1] |
Deposits with stated maturity | 0 | [1] | 0 | [1] |
Other borrowings | 0 | 0 | ||
Subordinated debentures | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Derivative financial instruments | $0 | $459,000 | ||
[1] | Deposits with no stated maturity include reciprocal deposits with a recorded book balance of $5.9 million and $1.2 million at June 30, 2013 and December 31, 2012, respectively. Deposits with a stated maturity include reciprocal deposits with a recorded book balance of $40.9 million and $32.0 million at June 30, 2013 and December 31, 2012, respectively. |
Contingent_Liabilities_Details
Contingent Liabilities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of counterparty obligations | $9.80 | ' | $9.80 | ' | $18.40 | ' | ' | ' |
VSC counterparty contingency expense | 0.1 | 0.3 | 3.4 | 1.1 | ' | ' | ' | ' |
Reserve | 3.5 | ' | 3.5 | ' | 1.4 | ' | ' | ' |
Provision for loss reimbursement on sold loans | 0.1 | ' | 0.4 | ' | 1.2 | 0.5 | 0.2 | 0.06 |
Payment with respect to repurchase obligation | ' | ' | 1.6 | ' | ' | ' | ' | ' |
Pending Litigation [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum range of reasonably possible loss | $0.50 | ' | $0.50 | ' | ' | ' | ' | ' |
Accounts Receivables Due to Mepco [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Installment payments period for service contract, minimum | '12 months | ' | ' | ' | ' | ' | ' | ' |
Installment payments period for service contract, maximum | '24 months | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 1 Months Ended | 2 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Nov. 15, 2011 | Sep. 30, 2013 | Aug. 30, 2013 | Aug. 30, 2013 | Apr. 16, 2010 | Apr. 02, 2010 | Aug. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Apr. 16, 2010 | Dec. 12, 2008 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 07, 2010 | |
Common Stock [Member] | UST [Member] | UST [Member] | UST [Member] | UST [Member] | UST [Member] | UST [Member] | UST [Member] | UST [Member] | UST [Member] | Dutchess [Member] | Dutchess [Member] | Dutchess [Member] | Dutchess [Member] | Dutchess [Member] | Dutchess [Member] | Dutchess [Member] | Dutchess [Member] | Dutchess [Member] | ||||||||
Amended and Restated Warrants [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||||||||
Amended and Restated Warrants [Member] | Amended and Restated Warrants [Member] | Amended and Restated Warrants [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series A Fixed Rate Cumulative Perpetual Preferred Stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation preference (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued to purchase common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 346,154 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series B Preferred Stock issued (in shares) | 0 | ' | 0 | 0 | ' | 74,426 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,426 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Book balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | $87,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount | ' | ' | ' | ' | ' | ' | ' | ' | 7,700,000 | 100,000 | ' | ' | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual dividend rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued during period (in shares) | 1,725,000 | 11,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued value during period | 13,400,000 | 89,100,000 | ' | 99,065,000 | 557,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from the issuance of common stock | ' | ' | 97,100,000 | 98,145,000 | 557,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | 600,000 | ' | ' | ' | ' |
Amount agreed under securities purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 |
Period committed to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' |
Discount on sales price of common stock (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% |
Number of shares sold (in shares) | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 170,000 | ' | ' | 450,000 | 430,000 | 350,000 | ' |
Aggregate purchase price of common stock sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,200,000 | ' | ' | ' | ' | ' |
Shareholders with certain limited exceptions (in hundredths) | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Series C Junior Participating Preferred Stock purchase by each right (in shares) | ' | ' | ' | 0.0001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount to current market price of the common stock (in hundredths) | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beneficial ownership level (in hundredths) | ' | ' | ' | ' | ' | ' | 4.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Accumulated other comprehensive income (loss) before tax at beginning period | ' | ' | ' | ' | ' | ($8,058) | [1] | |||||
Accumulated other comprehensive income (loss), tax effect at beginning period | ' | ' | ' | ' | ' | 0 | [1] | |||||
Accumulated other comprehensive income (loss) at beginning period | -7,270 | [1] | ' | -10,014 | [1] | -8,058 | [1] | -11,921 | [1] | ' | ||
Terminated cash flow hedge | ' | ' | ' | 0 | [1] | ' | ' | |||||
Other comprehensive income (loss) before reclassifications | -1,962 | [1] | ' | 1,625 | [1] | -2,765 | [1] | 3,517 | [1] | ' | ||
Amounts reclassified from AOCL | 62 | [1] | ' | -43 | [1] | 1,653 | [1] | -28 | [1] | ' | ||
Other comprehensive income (loss) | -1,900 | [1] | ' | 1,582 | [1] | -1,112 | [1] | 3,489 | [1] | ' | ||
Accumulated other comprehensive income at end of period | -9,170 | [1] | ' | -8,432 | [1] | -9,170 | [1] | -8,432 | [1] | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net impairment loss recognized in earnings | 0 | ' | 70 | 26 | 332 | ' | ||||||
Interest expense | -2,255 | ' | -3,282 | -6,988 | -10,303 | ' | ||||||
Income (loss) before income tax | 3,787 | ' | 6,446 | 16,528 | 14,283 | ' | ||||||
Tax expense (benefit) | 282 | ' | 0 | -56,172 | 0 | ' | ||||||
Net Income (loss) | 3,505 | ' | 6,446 | 72,700 | 14,283 | ' | ||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net Income (loss) | -62 | ' | 43 | -1,653 | 28 | ' | ||||||
Unrealized Losses on Available For Sale Securities [Member] | ' | ' | ' | ' | ' | ' | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Accumulated other comprehensive income (loss) before tax at beginning period | ' | ' | ' | ' | ' | -516 | [1] | |||||
Accumulated other comprehensive income (loss), tax effect at beginning period | ' | ' | ' | ' | ' | 181 | [1] | |||||
Accumulated other comprehensive income (loss) at beginning period | -1,102 | [1] | ' | -2,193 | [1] | -335 | [1] | -3,579 | [1] | ' | ||
Terminated cash flow hedge | ' | ' | ' | 0 | [1] | ' | ' | |||||
Other comprehensive income (loss) before reclassifications | -1,962 | [1] | ' | 1,679 | [1] | -2,741 | [1] | 3,646 | [1] | ' | ||
Amounts reclassified from AOCL | 0 | [1] | ' | -280 | [1] | 12 | [1] | -861 | [1] | ' | ||
Other comprehensive income (loss) | -1,962 | [1] | ' | 1,399 | [1] | -2,729 | [1] | 2,785 | [1] | ' | ||
Accumulated other comprehensive income at end of period | -3,064 | [1] | ' | -794 | [1] | -3,064 | [1] | -794 | [1] | ' | ||
Unrealized Losses on Available For Sale Securities [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net gains on securities | 0 | ' | 350 | 8 | 1,193 | ' | ||||||
Net impairment loss recognized in earnings | 0 | ' | -70 | -26 | -332 | ' | ||||||
Income (loss) before income tax | 0 | ' | 280 | -18 | 861 | ' | ||||||
Tax expense (benefit) | 0 | ' | 0 | -6 | 0 | ' | ||||||
Net Income (loss) | 0 | ' | 280 | -12 | 861 | ' | ||||||
Disproportionate Tax Effects from Securities Available for Sale [Member] | ' | ' | ' | ' | ' | ' | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Accumulated other comprehensive income (loss) before tax at beginning period | ' | ' | ' | ' | ' | -5,617 | [1] | |||||
Accumulated other comprehensive income (loss), tax effect at beginning period | ' | ' | ' | ' | ' | -181 | [1] | |||||
Accumulated other comprehensive income (loss) at beginning period | -5,798 | [1] | ' | -5,617 | [1] | -5,798 | [1] | -5,617 | [1] | ' | ||
Terminated cash flow hedge | ' | ' | ' | 0 | [1] | ' | ' | |||||
Other comprehensive income (loss) before reclassifications | 0 | [1] | ' | 0 | [1] | 0 | [1] | 0 | [1] | ' | ||
Amounts reclassified from AOCL | 0 | [1] | ' | 0 | [1] | 0 | [1] | 0 | [1] | ' | ||
Other comprehensive income (loss) | 0 | [1] | ' | 0 | [1] | 0 | [1] | 0 | [1] | ' | ||
Accumulated other comprehensive income at end of period | -5,798 | [1] | ' | -5,617 | [1] | -5,798 | [1] | -5,617 | [1] | ' | ||
Unrealized Losses on Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Accumulated other comprehensive income (loss) before tax at beginning period | ' | ' | ' | ' | ' | -739 | [1] | |||||
Accumulated other comprehensive income (loss), tax effect at beginning period | ' | ' | ' | ' | ' | 258 | [1] | |||||
Accumulated other comprehensive income (loss) at beginning period | 0 | [1] | ' | -873 | [1] | -481 | [1] | -1,103 | [1] | ' | ||
Terminated cash flow hedge | ' | ' | ' | 370 | [1] | ' | ' | |||||
Other comprehensive income (loss) before reclassifications | 0 | [1] | ' | -54 | [1] | -24 | [1] | -129 | [1] | ' | ||
Amounts reclassified from AOCL | 0 | [1] | ' | 92 | [1] | 135 | [1] | 397 | [1] | ' | ||
Other comprehensive income (loss) | 0 | [1] | ' | 38 | [1] | 111 | [1] | 268 | [1] | ' | ||
Accumulated other comprehensive income at end of period | 0 | [1] | ' | -835 | [1] | 0 | [1] | -835 | [1] | ' | ||
Unrealized Losses on Cash Flow Hedges [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Interest expense | 0 | ' | -92 | -208 | -397 | ' | ||||||
Tax expense (benefit) | 0 | ' | 0 | -73 | 0 | ' | ||||||
Net Income (loss) | 0 | ' | -92 | -135 | -397 | ' | ||||||
Unrealized Losses on Settled Derivatives [Member] | ' | ' | ' | ' | ' | ' | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Accumulated other comprehensive income (loss) before tax at beginning period | ' | ' | ' | ' | ' | 0 | [1] | |||||
Accumulated other comprehensive income (loss), tax effect at beginning period | ' | ' | ' | ' | ' | 0 | [1] | |||||
Accumulated other comprehensive income (loss) at beginning period | -370 | [1] | ' | -145 | [1] | 0 | [1] | -436 | [1] | ' | ||
Terminated cash flow hedge | ' | ' | ' | -370 | [1] | ' | ' | |||||
Other comprehensive income (loss) before reclassifications | 0 | [1] | ' | 0 | [1] | 0 | [1] | 0 | [1] | ' | ||
Amounts reclassified from AOCL | 62 | [1] | ' | 145 | [1] | 62 | [1] | 436 | [1] | ' | ||
Other comprehensive income (loss) | 62 | [1] | ' | 145 | [1] | 62 | [1] | 436 | [1] | ' | ||
Accumulated other comprehensive income at end of period | -308 | [1] | ' | 0 | [1] | -308 | [1] | 0 | [1] | ' | ||
Unrealized Losses on Settled Derivatives [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Interest expense | -95 | ' | -145 | -95 | -436 | ' | ||||||
Tax expense (benefit) | -33 | ' | 0 | -33 | 0 | ' | ||||||
Net Income (loss) | -62 | ' | -145 | -62 | -436 | ' | ||||||
Disproportionate Tax Effects from Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Accumulated other comprehensive income (loss) before tax at beginning period | ' | ' | ' | ' | ' | -1,186 | [1] | |||||
Accumulated other comprehensive income (loss), tax effect at beginning period | ' | ' | ' | ' | ' | -258 | [1] | |||||
Accumulated other comprehensive income (loss) at beginning period | 0 | [1] | ' | -1,186 | [1] | -1,444 | [1] | -1,186 | [1] | ' | ||
Terminated cash flow hedge | ' | ' | ' | 0 | [1] | ' | ' | |||||
Other comprehensive income (loss) before reclassifications | 0 | [1] | ' | 0 | [1] | 0 | [1] | 0 | [1] | ' | ||
Amounts reclassified from AOCL | 0 | [1] | ' | 0 | [1] | 1,444 | [1] | 0 | [1] | ' | ||
Other comprehensive income (loss) | 0 | [1] | ' | 0 | [1] | 1,444 | [1] | 0 | [1] | ' | ||
Accumulated other comprehensive income at end of period | 0 | [1] | 0 | [1] | -1,186 | [1] | 0 | [1] | -1,186 | [1] | ' | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Tax expense (benefit) | ' | 1,444 | ' | ' | ' | ' | ||||||
Disproportionate Tax Effects from Cash Flow Hedges [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Tax expense (benefit) | $0 | ' | ' | $1,444 | ' | ' | ||||||
[1] | 2013 amounts are presented net of tax as we removed substantially all of the valuation allowance on our deferred tax assets during the second quarter of 2013 (see Note #10). |