Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 5-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | INDEPENDENT BANK CORP /MI/ | |
Entity Central Index Key | 39311 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 22,970,455 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Financial Condition (unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $46,435 | $48,326 |
Interest bearing deposits | 55,117 | 25,690 |
Cash and Cash Equivalents | 101,552 | 74,016 |
Interest bearing deposits - time | 11,575 | 13,561 |
Trading securities | 213 | 203 |
Securities available for sale | 571,762 | 533,178 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 20,051 | 19,919 |
Loans held for sale, carried at fair value | 30,932 | 23,662 |
Loans | ||
Commercial loan | 710,323 | 690,955 |
Mortgage | 465,907 | 472,628 |
Installment | 207,962 | 206,378 |
Payment plan receivables | 38,767 | 40,001 |
Total Loans | 1,422,959 | 1,409,962 |
Allowance for loan losses | -24,679 | -25,990 |
Net Loans | 1,398,280 | 1,383,972 |
Other real estate and repossessed assets | 5,662 | 6,454 |
Property and equipment, net | 45,220 | 45,948 |
Bank-owned life insurance | 53,975 | 53,625 |
Deferred tax assets, net | 46,190 | 48,632 |
Capitalized mortgage loan servicing rights | 11,318 | 12,106 |
Vehicle service contract counterparty receivables, net | 7,229 | 7,237 |
Other intangibles | 2,540 | 2,627 |
Accrued income and other assets | 22,797 | 23,590 |
Total Assets | 2,329,296 | 2,248,730 |
Deposits | ||
Non-interest bearing | 620,598 | 576,882 |
Savings and interest-bearing checking | 988,776 | 943,734 |
Reciprocal | 58,705 | 53,668 |
Retail time | 331,095 | 338,720 |
Brokered time | 1,299 | 11,298 |
Total Deposits | 2,000,473 | 1,924,302 |
Other borrowings | 12,468 | 12,470 |
Subordinated debentures | 35,569 | 35,569 |
Vehicle service contract counterparty payables | 2,312 | 1,977 |
Accrued expenses and other liabilities | 24,849 | 24,041 |
Total Liabilities | 2,075,671 | 1,998,359 |
Shareholders' Equity | ||
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 22,958,316 shares at March 31, 2015 and 22,957,323 shares at December 31, 2014 | 351,881 | 352,462 |
Accumulated deficit | -94,054 | -96,455 |
Accumulated other comprehensive loss | -4,202 | -5,636 |
Total Shareholders' Equity | 253,625 | 250,371 |
Total Liabilities and Shareholders' Equity | $2,329,296 | $2,248,730 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Financial Condition (unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 0 |
Convertible preferred stock, shares outstanding (in shares) | 0 | 0 |
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) | 22,958,316 | 22,957,323 |
Common stock, shares outstanding (in shares) | 22,958,316 | 22,957,323 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Operations (unaudited) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Interest Income | ||||
Interest and fees on loans | $17,239 | $18,215 | ||
Interest on securities | ||||
Taxable | 1,758 | 1,383 | ||
Tax-exempt | 217 | 262 | ||
Other investments | 338 | 423 | ||
Total Interest Income | 19,552 | 20,283 | ||
Interest Expense | ||||
Deposits | 1,007 | 1,293 | ||
Other borrowings | 454 | 512 | ||
Total Interest Expense | 1,461 | 1,805 | ||
Net Interest Income | 18,091 | 18,478 | ||
Provision for loan losses | -659 | 428 | ||
Net Interest Income After Provision for Loan Losses | 18,750 | 18,050 | ||
Non-interest Income | ||||
Service charges on deposit accounts | 2,850 | 3,055 | ||
Interchange income | 2,142 | 1,941 | ||
Net gains on assets | ||||
Mortgage loans | 2,139 | 1,144 | ||
Securities | 85 | 112 | ||
Mortgage loan servicing | -420 | 264 | ||
Title insurance fees | 256 | 274 | ||
Other | 1,910 | 2,165 | ||
Total Non-interest Income | 8,962 | 8,955 | ||
Non-interest Expense | ||||
Compensation and employee benefits | 11,785 | 11,238 | ||
Occupancy, net | 2,419 | 2,483 | ||
Data processing | 1,930 | 2,086 | ||
Loan and collection | 1,155 | 1,465 | ||
Furniture, fixtures and equipment | 952 | 1,069 | ||
Communications | 736 | 789 | ||
Advertising | 484 | 519 | ||
Legal and professional | 380 | 401 | ||
FDIC deposit insurance | 343 | 417 | ||
Interchange expense | 291 | 402 | ||
Credit card and bank service fees | 202 | 263 | ||
Vehicle service contract counterparty contingencies | 29 | 68 | ||
Costs related to unfunded lending commitments | 16 | 10 | ||
Provision for loss reimbursement on sold loans | -69 | -481 | ||
Net gains on other real estate and repossessed assets | -39 | -87 | ||
Other | 1,537 | 1,758 | ||
Total Non-interest Expense | 22,151 | 22,400 | ||
Income Before Income Tax | 5,561 | 4,605 | ||
Income tax expense | 1,780 | 1,467 | ||
Net Income | $3,781 | $3,138 | ||
Net Income Per Common Share | ||||
Basic (in dollars per share) | $0.16 | [1] | $0.14 | [1] |
Diluted (in dollars per share) | $0.16 | $0.13 | ||
Dividends Per Common Share | ||||
Declared (in dollars per share) | $0.06 | $0 | ||
Paid (in dollars per share) | $0.06 | $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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Consolidated Statements of Comprehensive Income (unaudited) [Abstract] | ||
Net income | $3,781 | $3,138 |
Available for sale securities | ||
Unrealized gain arising during period | 2,270 | 2,250 |
Change in unrealized losses for which a portion of other than temporary impairment has been recognized in earnings | 11 | 119 |
Reclassification adjustments for gains included in earnings | -75 | 0 |
Unrealized gains recognized in other comprehensive income on available for sale securities | 2,206 | 2,369 |
Income tax expense | 772 | 830 |
Unrealized gains recognized in other comprehensive income on available for sale securities, net of tax | 1,434 | 1,539 |
Derivative instruments | ||
Reclassification adjustment for accretion on settled derivatives | 0 | 95 |
Unrealized gains recognized in other comprehensive income on derivative instruments | 0 | 95 |
Income tax expense | 0 | 33 |
Unrealized gains recognized in other comprehensive income on derivative instruments, net of tax | 0 | 62 |
Other comprehensive income | 1,434 | 1,601 |
Comprehensive income | $5,215 | $4,739 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Consolidated Statements of Cash Flows (unaudited) [Abstract] | ||
Net Income | $3,781 | $3,138 |
Adjustments to Reconcile Net Income to Net Cash From (Used in) Operating Activities | ||
Proceeds from sales of loans held for sale | 70,657 | 48,232 |
Disbursements for loans held for sale | -75,788 | -41,398 |
Provision for loan losses | -659 | 428 |
Deferred federal income tax expense | 2,442 | 2,302 |
Deferred loan fees | -193 | -5 |
Depreciation, amortization of intangible assets and premiums and accretion of discounts on securities and loans | 1,179 | 373 |
Net gains on mortgage loans | -2,139 | -1,144 |
Net gains on securities | -85 | -112 |
Net gains on other real estate and repossessed assets | -39 | -87 |
Vehicle service contract counterparty contingencies | 29 | 68 |
Share based compensation | 373 | 255 |
(Increase) decrease in accrued income and other assets | 517 | -176 |
Decrease in accrued expenses and other liabilities | -2,385 | -4,513 |
Total Adjustments | -6,091 | 4,223 |
Net Cash From (Used in) Operating Activities | -2,310 | 7,361 |
Cash Flow Used in Investing Activities | ||
Proceeds from the sale of securities available for sale | 11,786 | 0 |
Proceeds from the maturity of securities available for sale | 6,785 | 15,030 |
Principal payments received on securities available for sale | 25,103 | 17,852 |
Purchases of securities available for sale | -77,534 | -91,556 |
Purchases of interest bearing deposits | -246 | 0 |
Proceeds from the maturity of interest bearing deposits | 2,211 | 1,090 |
Purchase of Federal Reserve Bank stock | -132 | 0 |
Net (increase) decrease in portfolio loans (loans originated, net of principal payments) | -13,170 | 13,221 |
Proceeds from the collection of vehicle service contract counterparty receivables | 0 | 256 |
Proceeds from the sale of other real estate and repossessed assets | 1,848 | 1,195 |
Capital expenditures | -975 | -964 |
Net Cash Used in Investing Activities | -44,324 | -43,876 |
Cash Flow From Financing Activities | ||
Net increase in total deposits | 76,171 | 53,936 |
Net decrease in other borrowings | -2 | -5 |
Payments of Federal Home Loan Bank advances | 0 | -4,240 |
Net increase (decrease) in vehicle service contract counterparty payables | 335 | -328 |
Dividends paid | -1,382 | 0 |
Proceeds from issuance of common stock | 16 | 11 |
Repurchase of common stock | -902 | 0 |
Share based compensation withholding obligations | -66 | 0 |
Net Cash From Financing Activities | 74,170 | 49,374 |
Net Increase in Cash and Cash Equivalents | 27,536 | 12,859 |
Cash and Cash Equivalents at Beginning of Period | 74,016 | 119,081 |
Cash and Cash Equivalents at End of Period | 101,552 | 131,940 |
Cash paid during the period for | ||
Interest | 1,477 | 1,821 |
Income taxes | 55 | 1 |
Transfers to other real estate and repossessed assets | 1,017 | 827 |
Transfer of payment plan receivables to vehicle service contract counterparty receivables | 21 | 131 |
Purchase of securities available for sale not yet settled | $3,154 | $0 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Shareholders' Equity (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balances at beginning of period | $250,371 | $231,581 |
Net income | 3,781 | 3,138 |
Cash dividends declared | -1,382 | 0 |
Issuance of common stock | 16 | 11 |
Share based compensation | 373 | 255 |
Share based compensation withholding obligation | -66 | 0 |
Repurchase of common stock | -902 | 0 |
Net change in accumulated other comprehensive loss, net of related tax effect | 1,434 | 1,601 |
Balances at end of period | $253,625 | $236,586 |
Preparation_of_Financial_State
Preparation of Financial Statements | 3 Months Ended | |
Mar. 31, 2015 | ||
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, 2014 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 March 31, 2015 and December 31, 2014, and the results of operations for the three-month periods ended March 31, 2015 and 2014. The results of operations for the three-month period ended March 31, 2015, 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 2014 Annual Report on Form 10-K for a disclosure of our accounting policies. |
New_Accounting_Standards
New Accounting Standards | 3 Months Ended | |
Mar. 31, 2015 | ||
New Accounting Standards [Abstract] | ||
New Accounting Standards | 2 | New Accounting Standards |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”. The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. This amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption and retrospective or prospective application permitted. This amended guidance became effective for us on January 1, 2015 and did not have a material impact on our consolidated operating results or financial condition. | ||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. This ASU supersedes and replaces nearly all existing revenue recognition guidance, including industry-specific guidance, establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In addition, this ASU specifies the accounting for some costs to obtain or fulfill a contract with a customer. This amended guidance is effective for us on January 1, 2017, and is not expected to have a material impact on our consolidated operating results or financial condition. | ||
In June 2014, the FASB issued ASU 2014-12, “Compensation – Stock Compensation (Topic 718) – Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period”. This ASU amends existing guidance related to the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. These amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. This amended guidance is effective for us on January 1, 2016, and is not expected to have a material impact on our consolidated operating results or financial condition. |
Securities
Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Securities [Abstract] | |||||||||||||||||||||||||
Securities | 3 | Securities | |||||||||||||||||||||||
Securities available for sale consist of the following: | |||||||||||||||||||||||||
Amortized | Unrealized | Fair Value | |||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
U.S. agency | $ | 35,308 | $ | 255 | $ | 34 | $ | 35,529 | |||||||||||||||||
U.S. agency residential mortgage-backed | 232,286 | 2,162 | 194 | 234,254 | |||||||||||||||||||||
U.S. agency commercial mortgage-backed | 32,846 | 270 | 35 | 33,081 | |||||||||||||||||||||
Private label residential mortgage-backed | 5,992 | 195 | 367 | 5,820 | |||||||||||||||||||||
Other asset backed | 95,197 | 110 | 116 | 95,191 | |||||||||||||||||||||
Obligations of states and political subdivisions | 142,133 | 1,469 | 814 | 142,788 | |||||||||||||||||||||
Corporate | 22,636 | 83 | 58 | 22,661 | |||||||||||||||||||||
Trust preferred | 2,910 | - | 472 | 2,438 | |||||||||||||||||||||
Total | $ | 569,308 | $ | 4,544 | $ | 2,090 | $ | 571,762 | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
U.S. agency | $ | 34,936 | $ | 133 | $ | 63 | $ | 35,006 | |||||||||||||||||
U.S. agency residential mortgage-backed | 256,387 | 1,838 | 667 | 257,558 | |||||||||||||||||||||
U.S. agency commercial mortgage-backed | 33,779 | 68 | 119 | 33,728 | |||||||||||||||||||||
Private label residential mortgage-backed | 6,216 | 187 | 390 | 6,013 | |||||||||||||||||||||
Other asset backed | 32,314 | 77 | 38 | 32,353 | |||||||||||||||||||||
Obligations of states and political subdivisions | 143,698 | 961 | 1,244 | 143,415 | |||||||||||||||||||||
Corporate | 22,690 | 53 | 79 | 22,664 | |||||||||||||||||||||
Trust preferred | 2,910 | - | 469 | 2,441 | |||||||||||||||||||||
Total | $ | 532,930 | $ | 3,317 | $ | 3,069 | $ | 533,178 | |||||||||||||||||
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 | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
U.S. agency | $ | 12,822 | $ | 29 | $ | 775 | $ | 5 | $ | 13,597 | $ | 34 | |||||||||||||
U.S. agency residential mortgage-backed | 29,496 | 119 | 11,171 | 75 | 40,667 | 194 | |||||||||||||||||||
U.S. agency commercial mortgage-backed | 7,999 | 28 | 2,600 | 7 | 10,599 | 35 | |||||||||||||||||||
Private label residential mortgage-backed | 202 | 1 | 3,883 | 366 | 4,085 | 367 | |||||||||||||||||||
Other asset backed | 28,970 | 46 | 7,232 | 70 | 36,202 | 116 | |||||||||||||||||||
Obligations of states and political subdivisions | 24,722 | 70 | 28,979 | 744 | 53,701 | 814 | |||||||||||||||||||
Corporate | 3,208 | 58 | - | - | 3,208 | 58 | |||||||||||||||||||
Trust preferred | - | - | 2,438 | 472 | 2,438 | 472 | |||||||||||||||||||
Total | $ | 107,419 | $ | 351 | $ | 57,078 | $ | 1,739 | $ | 164,497 | $ | 2,090 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
U.S. agency | $ | 12,851 | $ | 58 | $ | 606 | $ | 5 | $ | 13,457 | $ | 63 | |||||||||||||
U.S. agency residential mortgage-backed | 89,547 | 531 | 15,793 | 136 | 105,340 | 667 | |||||||||||||||||||
U.S. agency commercial mortgage-backed | 21,325 | 119 | - | - | 21,325 | 119 | |||||||||||||||||||
Private label residential mortgage-backed | 208 | 1 | 4,013 | 389 | 4,221 | 390 | |||||||||||||||||||
Other asset backed | 2,960 | 15 | 8,729 | 23 | 11,689 | 38 | |||||||||||||||||||
Obligations of states and political subdivisions | 28,114 | 106 | 37,540 | 1,138 | 65,654 | 1,244 | |||||||||||||||||||
Corporate | 8,660 | 79 | - | - | 8,660 | 79 | |||||||||||||||||||
Trust preferred | - | - | 2,441 | 469 | 2,441 | 469 | |||||||||||||||||||
Total | $ | 163,665 | $ | 909 | $ | 69,122 | $ | 2,160 | $ | 232,787 | $ | 3,069 | |||||||||||||
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, U.S. agency residential mortgage-backed securities and U.S. agency commercial mortgage backed securities — at March 31, 2015, we had 18 U.S. agency, 41 U.S. agency residential mortgage-backed and 10 U.S. agency commercial mortgage-backed securities whose fair market value is less than amortized cost. The unrealized losses are largely attributed to rises in term interest rates since acquisition 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 March 31, 2015, we had five of this type of security whose fair value is less than amortized cost. Two of the five issues are rated by a major rating agency as investment grade, two are rated below investment grade and one is split rated. Two of these bonds have an 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. | |||||||||||||||||||||||||
All of these securities are receiving principal and interest payments. Most of these transactions are pass-through structures, receiving pro rata principal and interest payments from a dedicated collateral pool. 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. Our cash flow analysis forecasts complete recovery of our cost basis for four of the five securities whose fair value is less than amortized cost while the fifth security had credit related OTTI and is discussed in further detail below. | |||||||||||||||||||||||||
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 March 31, 2015, we had 29 other asset backed securities whose fair value is less than amortized cost. The unrealized losses are primarily due to widening discount margins. 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 March 31, 2015, we had 57 municipal securities whose fair value is less than amortized cost. The unrealized losses are primarily due to increases in interest rates since acquisition. 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 March 31, 2015, we had five 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 March 31, 2015, 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 has suffered from credit spread widening. | |||||||||||||||||||||||||
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 $0.8 million as of March 31, 2015, continues to have satisfactory credit metrics and make interest payments. | |||||||||||||||||||||||||
The following table breaks out our trust preferred securities in further detail as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Fair | Net | Fair | Net | ||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||
Loss | Loss | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trust preferred securities | |||||||||||||||||||||||||
Rated issues | $ | 1,674 | $ | (236 | ) | $ | 1,643 | $ | (267 | ) | |||||||||||||||
Unrated issues | 764 | (236 | ) | 798 | (202 | ) | |||||||||||||||||||
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 no credit related OTTI charges in earnings on securities available for sale during the three month periods ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||
At March 31, 2015, three private label residential mortgage-backed securities had credit related OTTI and are summarized as follows: | |||||||||||||||||||||||||
Senior | Super | Senior | Total | ||||||||||||||||||||||
Security | Senior | Support | |||||||||||||||||||||||
Security | Security | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||
Fair value | $ | 2,053 | $ | 1,524 | $ | 96 | $ | 3,673 | |||||||||||||||||
Amortized cost | 2,092 | 1,426 | - | 3,518 | |||||||||||||||||||||
Non-credit unrealized loss | 39 | - | - | 39 | |||||||||||||||||||||
Unrealized gain | - | 98 | 96 | 194 | |||||||||||||||||||||
Cumulative credit related OTTI | 757 | 457 | 380 | 1,594 | |||||||||||||||||||||
Credit related OTTI recognized in our Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||||||
2015 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
2014 | - | - | - | - | |||||||||||||||||||||
Each of these securities is receiving principal and interest payments similar to principal reductions in the underlying collateral. Two of these securities have unrealized gains and one has an unrealized loss at March 31, 2015. 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 two of these securities is now less than previously recorded credit related OTTI amounts. The remaining non-credit related unrealized loss in the senior security is attributed to other factors and is reflected in other comprehensive income during those same periods. | |||||||||||||||||||||||||
A roll forward of credit losses recognized in earnings on securities available for sale for the three month periods ending March 31, follows: | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of year | $ | 1,844 | $ | 1,835 | |||||||||||||||||||||
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 | - | - | |||||||||||||||||||||||
Total | $ | 1,844 | $ | 1,835 | |||||||||||||||||||||
The amortized cost and fair value of securities available for sale at March 31, 2015, by contractual maturity, follow: | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Maturing within one year | $ | 28,410 | $ | 28,419 | |||||||||||||||||||||
Maturing after one year but within five years | 61,845 | 62,190 | |||||||||||||||||||||||
Maturing after five years but within ten years | 36,871 | 37,377 | |||||||||||||||||||||||
Maturing after ten years | 75,861 | 75,430 | |||||||||||||||||||||||
202,987 | 203,416 | ||||||||||||||||||||||||
U.S. agency residential mortgage-backed | 232,286 | 234,254 | |||||||||||||||||||||||
U.S. agency commercial mortgage-backed | 32,846 | 33,081 | |||||||||||||||||||||||
Private label residential mortgage-backed | 5,992 | 5,820 | |||||||||||||||||||||||
Other asset backed | 95,197 | 95,191 | |||||||||||||||||||||||
Total | $ | 569,308 | $ | 571,762 | |||||||||||||||||||||
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. | |||||||||||||||||||||||||
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 three month periods ending March 31, follows: | |||||||||||||||||||||||||
Proceeds | Realized | Losses | |||||||||||||||||||||||
Gains | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2015 | $ | 11,786 | $ | 75 | $ | - | |||||||||||||||||||
2014 | - | - | - | ||||||||||||||||||||||
During 2015 and 2014, our trading securities consisted of various preferred stocks. During the first three months of 2015 and 2014, we recognized gains on trading securities of $0.010 million and $0.112 million, respectively, that are included in net gains on securities in the Condensed Consolidated Statements of Operations. Both of these amounts relate to gains recognized on trading securities still held at each respective period end. |
Loans
Loans | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 March 31, follows: | |||||||||||||||||||||||||
Commercial | Mortgage | Installment | Payment | Unallocated | Total | ||||||||||||||||||||
Plan | |||||||||||||||||||||||||
Receivables | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 5,445 | $ | 13,444 | $ | 1,814 | $ | 64 | $ | 5,223 | $ | 25,990 | |||||||||||||
Additions (deductions) | |||||||||||||||||||||||||
Provision for loan losses | 328 | (733 | ) | (85 | ) | (2 | ) | (167 | ) | (659 | ) | ||||||||||||||
Recoveries credited to allowance | 433 | 238 | 319 | - | - | 990 | |||||||||||||||||||
Loans charged against the allowance | (290 | ) | (868 | ) | (484 | ) | - | - | (1,642 | ) | |||||||||||||||
Balance at end of period | $ | 5,916 | $ | 12,081 | $ | 1,564 | $ | 62 | $ | 5,056 | $ | 24,679 | |||||||||||||
2014 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 6,827 | $ | 17,195 | $ | 2,246 | $ | 97 | $ | 5,960 | $ | 32,325 | |||||||||||||
Additions (deductions) | |||||||||||||||||||||||||
Provision for loan losses | 507 | 193 | 176 | (14 | ) | (434 | ) | 428 | |||||||||||||||||
Recoveries credited to allowance | 355 | 458 | 251 | 4 | - | 1,068 | |||||||||||||||||||
Loans charged against the allowance | (1,926 | ) | (846 | ) | (612 | ) | - | - | (3,384 | ) | |||||||||||||||
Balance at end of period | $ | 5,763 | $ | 17,000 | $ | 2,061 | $ | 87 | $ | 5,526 | $ | 30,437 | |||||||||||||
Allowance for loan losses and recorded investment in loans by portfolio segment follows: | |||||||||||||||||||||||||
Commercial | Mortgage | Installment | Payment | Unallocated | Total | ||||||||||||||||||||
Plan | |||||||||||||||||||||||||
Receivables | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,214 | $ | 8,612 | $ | 654 | $ | - | $ | - | $ | 12,480 | |||||||||||||
Collectively evaluated for impairment | 2,702 | 3,469 | 910 | 62 | 5,056 | 12,199 | |||||||||||||||||||
Total ending allowance balance | $ | 5,916 | $ | 12,081 | $ | 1,564 | $ | 62 | $ | 5,056 | $ | 24,679 | |||||||||||||
Loans | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 32,633 | $ | 70,478 | $ | 6,461 | $ | - | $ | 109,572 | |||||||||||||||
Collectively evaluated for impairment | 679,319 | 397,551 | 202,158 | 38,767 | 1,317,795 | ||||||||||||||||||||
Total loans recorded investment | 711,952 | 468,029 | 208,619 | 38,767 | 1,427,367 | ||||||||||||||||||||
Accrued interest included in recorded investment | 1,629 | 2,122 | 657 | - | 4,408 | ||||||||||||||||||||
Total loans | $ | 710,323 | $ | 465,907 | $ | 207,962 | $ | 38,767 | $ | 1,422,959 | |||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,194 | $ | 9,311 | $ | 728 | $ | - | $ | - | $ | 13,233 | |||||||||||||
Collectively evaluated for impairment | 2,251 | 4,133 | 1,086 | 64 | 5,223 | 12,757 | |||||||||||||||||||
Total ending allowance balance | $ | 5,445 | $ | 13,444 | $ | 1,814 | $ | 64 | $ | 5,223 | $ | 25,990 | |||||||||||||
Loans | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 34,147 | $ | 72,340 | $ | 6,679 | $ | - | $ | 113,166 | |||||||||||||||
Collectively evaluated for impairment | 658,423 | 402,458 | 200,368 | 40,001 | 1,301,250 | ||||||||||||||||||||
Total loans recorded investment | 692,570 | 474,798 | 207,047 | 40,001 | 1,414,416 | ||||||||||||||||||||
Accrued interest included in recorded investment | 1,615 | 2,170 | 669 | - | 4,454 | ||||||||||||||||||||
Total loans | $ | 690,955 | $ | 472,628 | $ | 206,378 | $ | 40,001 | $ | 1,409,962 | |||||||||||||||
Loans on non-accrual status and past due more than 90 days (“Non-performing Loans”) follow: | |||||||||||||||||||||||||
90+ and | Non- | Total Non- | |||||||||||||||||||||||
Still | Accrual | Performing | |||||||||||||||||||||||
Accruing | Loans | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | - | $ | 1,187 | $ | 1,187 | |||||||||||||||||||
Land, land development and construction - real estate | - | 575 | 575 | ||||||||||||||||||||||
Commercial and industrial | 197 | 2,749 | 2,946 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | 6,235 | 6,235 | ||||||||||||||||||||||
Resort lending | - | 1,815 | 1,815 | ||||||||||||||||||||||
Home equity - 1st lien | - | 267 | 267 | ||||||||||||||||||||||
Home equity - 2nd lien | - | 366 | 366 | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | - | 290 | 290 | ||||||||||||||||||||||
Home equity - 2nd lien | - | 528 | 528 | ||||||||||||||||||||||
Loans not secured by real estate | - | 562 | 562 | ||||||||||||||||||||||
Other | - | 8 | 8 | ||||||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | - | 7 | 7 | ||||||||||||||||||||||
Partial refund | - | 1 | 1 | ||||||||||||||||||||||
Other | - | 3 | 3 | ||||||||||||||||||||||
Total recorded investment | $ | 197 | $ | 14,593 | $ | 14,790 | |||||||||||||||||||
Accrued interest included in recorded investment | $ | 3 | $ | - | $ | 3 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | - | $ | 1,233 | $ | 1,233 | |||||||||||||||||||
Land, land development and construction - real estate | - | 594 | 594 | ||||||||||||||||||||||
Commercial and industrial | - | 2,746 | 2,746 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 7 | 5,945 | 5,952 | ||||||||||||||||||||||
Resort lending | - | 2,168 | 2,168 | ||||||||||||||||||||||
Home equity - 1st lien | - | 331 | 331 | ||||||||||||||||||||||
Home equity - 2nd lien | - | 605 | 605 | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | - | 576 | 576 | ||||||||||||||||||||||
Home equity - 2nd lien | - | 517 | 517 | ||||||||||||||||||||||
Loans not secured by real estate | - | 454 | 454 | ||||||||||||||||||||||
Other | - | 48 | 48 | ||||||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | - | 2 | 2 | ||||||||||||||||||||||
Partial refund | - | 12 | 12 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total recorded investment | $ | 7 | $ | 15,231 | $ | 15,238 | |||||||||||||||||||
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) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 268 | $ | - | $ | 214 | $ | 482 | $ | 271,395 | $ | 271,877 | |||||||||||||
Land, land development and construction - real estate | 124 | - | 217 | 341 | 32,150 | 32,491 | |||||||||||||||||||
Commercial and industrial | 288 | 278 | 1,101 | 1,667 | 405,917 | 407,584 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 2,390 | 468 | 6,235 | 9,093 | 267,027 | 276,120 | |||||||||||||||||||
Resort lending | 865 | 283 | 1,815 | 2,963 | 121,834 | 124,797 | |||||||||||||||||||
Home equity - 1st lien | 41 | 113 | 267 | 421 | 20,238 | 20,659 | |||||||||||||||||||
Home equity - 2nd lien | 396 | 111 | 366 | 873 | 45,580 | 46,453 | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 186 | 12 | 290 | 488 | 20,562 | 21,050 | |||||||||||||||||||
Home equity - 2nd lien | 193 | 115 | 528 | 836 | 26,078 | 26,914 | |||||||||||||||||||
Loans not secured by real estate | 355 | 21 | 562 | 938 | 157,516 | 158,454 | |||||||||||||||||||
Other | 1 | 18 | 8 | 27 | 2,174 | 2,201 | |||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | 596 | 113 | 7 | 716 | 23,941 | 24,657 | |||||||||||||||||||
Partial refund | 376 | 63 | 1 | 440 | 8,577 | 9,017 | |||||||||||||||||||
Other | 120 | 22 | 3 | 145 | 4,948 | 5,093 | |||||||||||||||||||
Total recorded investment | $ | 6,199 | $ | 1,617 | $ | 11,614 | $ | 19,430 | $ | 1,407,937 | $ | 1,427,367 | |||||||||||||
Accrued interest included in recorded investment | $ | 50 | $ | 20 | $ | 3 | $ | 73 | $ | 4,335 | $ | 4,408 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 89 | $ | - | $ | 214 | $ | 303 | $ | 252,763 | $ | 253,066 | |||||||||||||
Land, land development and construction - real estate | 131 | - | 223 | 354 | 33,984 | 34,338 | |||||||||||||||||||
Commercial and industrial | 2,391 | 279 | 209 | 2,879 | 402,287 | 405,166 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 1,877 | 1,638 | 5,952 | 9,467 | 269,719 | 279,186 | |||||||||||||||||||
Resort lending | 226 | - | 2,168 | 2,394 | 126,342 | 128,736 | |||||||||||||||||||
Home equity - 1st lien | 39 | 50 | 331 | 420 | 19,782 | 20,202 | |||||||||||||||||||
Home equity - 2nd lien | 711 | 89 | 605 | 1,405 | 45,269 | 46,674 | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 466 | 37 | 576 | 1,079 | 20,995 | 22,074 | |||||||||||||||||||
Home equity - 2nd lien | 369 | 81 | 517 | 967 | 28,125 | 29,092 | |||||||||||||||||||
Loans not secured by real estate | 589 | 231 | 454 | 1,274 | 152,115 | 153,389 | |||||||||||||||||||
Other | 15 | 3 | 48 | 66 | 2,426 | 2,492 | |||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | 838 | 214 | 2 | 1,054 | 26,799 | 27,853 | |||||||||||||||||||
Partial refund | 409 | 123 | 12 | 544 | 6,550 | 7,094 | |||||||||||||||||||
Other | 96 | 24 | - | 120 | 4,934 | 5,054 | |||||||||||||||||||
Total recorded investment | $ | 8,246 | $ | 2,769 | $ | 11,311 | $ | 22,326 | $ | 1,392,090 | $ | 1,414,416 | |||||||||||||
Accrued interest included in recorded investment | $ | 55 | $ | 29 | $ | - | $ | 84 | $ | 4,370 | $ | 4,454 | |||||||||||||
Impaired loans are as follows : | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Impaired loans with no allocated allowance | (In thousands) | ||||||||||||||||||||||||
TDR | $ | 9,402 | $ | 9,325 | |||||||||||||||||||||
Non - TDR | 316 | 299 | |||||||||||||||||||||||
Impaired loans with an allocated allowance | |||||||||||||||||||||||||
TDR - allowance based on collateral | 5,184 | 5,879 | |||||||||||||||||||||||
TDR - allowance based on present value cash flow | 91,924 | 94,970 | |||||||||||||||||||||||
Non - TDR - allowance based on collateral | 2,387 | 2,296 | |||||||||||||||||||||||
Non - TDR - allowance based on present value cash flow | - | - | |||||||||||||||||||||||
Total impaired loans | $ | 109,213 | $ | 112,769 | |||||||||||||||||||||
Amount of allowance for loan losses allocated | |||||||||||||||||||||||||
TDR - allowance based on collateral | $ | 1,707 | $ | 2,025 | |||||||||||||||||||||
TDR - allowance based on present value cash flow | 9,704 | 10,188 | |||||||||||||||||||||||
Non - TDR - allowance based on collateral | 1,069 | 1,020 | |||||||||||||||||||||||
Non - TDR - allowance based on present value cash flow | - | - | |||||||||||||||||||||||
Total amount of allowance for loan losses allocated | $ | 12,480 | $ | 13,233 | |||||||||||||||||||||
Impaired loans by class are as follows (1): | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||
With no related allowance recorded: | (In thousands) | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 5,827 | $ | 6,046 | $ | - | $ | 5,868 | $ | 6,077 | $ | - | |||||||||||||
Land, land development & construction-real estate | 1,030 | 1,591 | - | 1,051 | 1,606 | - | |||||||||||||||||||
Commercial and industrial | 2,851 | 2,843 | - | 2,685 | 2,667 | - | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 25 | 66 | - | - | 49 | - | |||||||||||||||||||
Resort lending | 13 | 96 | - | 48 | 397 | - | |||||||||||||||||||
Home equity - 1st lien | - | - | - | - | - | - | |||||||||||||||||||
Home equity - 2nd lien | - | - | - | - | - | - | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | - | 39 | - | - | 40 | - | |||||||||||||||||||
Home equity - 2nd lien | - | - | - | - | - | - | |||||||||||||||||||
Loans not secured by real estate | - | - | - | - | - | - | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
9,746 | 10,681 | - | 9,652 | 10,836 | - | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 12,861 | 13,842 | 733 | 12,836 | 13,797 | 689 | |||||||||||||||||||
Land, land development & construction-real estate | 1,961 | 2,043 | 394 | 3,456 | 3,528 | 499 | |||||||||||||||||||
Commercial and industrial | 8,103 | 8,361 | 2,087 | 8,251 | 8,486 | 2,006 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 51,695 | 54,501 | 5,753 | 53,206 | 56,063 | 6,195 | |||||||||||||||||||
Resort lending | 18,464 | 18,629 | 2,835 | 18,799 | 18,963 | 3,075 | |||||||||||||||||||
Home equity - 1st lien | 161 | 177 | 13 | 162 | 177 | 14 | |||||||||||||||||||
Home equity - 2nd lien | 120 | 202 | 11 | 125 | 205 | 27 | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 2,637 | 2,864 | 179 | 2,744 | 2,930 | 219 | |||||||||||||||||||
Home equity - 2nd lien | 3,136 | 3,145 | 425 | 3,212 | 3,215 | 419 | |||||||||||||||||||
Loans not secured by real estate | 677 | 784 | 49 | 711 | 835 | 89 | |||||||||||||||||||
Other | 11 | 11 | 1 | 12 | 12 | 1 | |||||||||||||||||||
99,826 | 104,559 | 12,480 | 103,514 | 108,211 | 13,233 | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 18,688 | 19,888 | 733 | 18,704 | 19,874 | 689 | |||||||||||||||||||
Land, land development & construction-real estate | 2,991 | 3,634 | 394 | 4,507 | 5,134 | 499 | |||||||||||||||||||
Commercial and industrial | 10,954 | 11,204 | 2,087 | 10,936 | 11,153 | 2,006 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 51,720 | 54,567 | 5,753 | 53,206 | 56,112 | 6,195 | |||||||||||||||||||
Resort lending | 18,477 | 18,725 | 2,835 | 18,847 | 19,360 | 3,075 | |||||||||||||||||||
Home equity - 1st lien | 161 | 177 | 13 | 162 | 177 | 14 | |||||||||||||||||||
Home equity - 2nd lien | 120 | 202 | 11 | 125 | 205 | 27 | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 2,637 | 2,903 | 179 | 2,744 | 2,970 | 219 | |||||||||||||||||||
Home equity - 2nd lien | 3,136 | 3,145 | 425 | 3,212 | 3,215 | 419 | |||||||||||||||||||
Loans not secured by real estate | 677 | 784 | 49 | 711 | 835 | 89 | |||||||||||||||||||
Other | 11 | 11 | 1 | 12 | 12 | 1 | |||||||||||||||||||
Total | $ | 109,572 | $ | 115,240 | $ | 12,480 | $ | 113,166 | $ | 119,047 | $ | 13,233 | |||||||||||||
Accrued interest included in recorded investment | $ | 359 | $ | 397 | |||||||||||||||||||||
-1 | There were no impaired payment plan receivables at March 31, 2015 or December 31, 2014. | ||||||||||||||||||||||||
Average recorded investment in and interest income earned on impaired loans by class for the three month periods ending March 31, follows (1): | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | (In thousands) | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 5,848 | $ | 53 | $ | 7,963 | $ | 175 | |||||||||||||||||
Land, land development & construction-real estate | 1,041 | 34 | 1,478 | 43 | |||||||||||||||||||||
Commercial and industrial | 2,768 | 37 | 3,638 | 93 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 13 | - | 8 | - | |||||||||||||||||||||
Resort lending | 31 | - | 35 | - | |||||||||||||||||||||
Home equity - 1st lien | - | - | - | - | |||||||||||||||||||||
Home equity - 2nd lien | - | - | - | - | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | - | - | - | - | |||||||||||||||||||||
Home equity - 2nd lien | - | - | - | - | |||||||||||||||||||||
Loans not secured by real estate | - | - | - | - | |||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||
9,701 | 124 | 13,122 | 311 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 12,849 | 157 | 14,026 | 66 | |||||||||||||||||||||
Land, land development & construction-real estate | 2,709 | 14 | 4,027 | 12 | |||||||||||||||||||||
Commercial and industrial | 8,177 | 66 | 9,188 | 26 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 52,451 | 551 | 57,457 | 630 | |||||||||||||||||||||
Resort lending | 18,632 | 171 | 19,896 | 191 | |||||||||||||||||||||
Home equity - 1st lien | 162 | 2 | 154 | 1 | |||||||||||||||||||||
Home equity - 2nd lien | 123 | 2 | 42 | 1 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 2,691 | 50 | 2,920 | 45 | |||||||||||||||||||||
Home equity - 2nd lien | 3,174 | 51 | 3,418 | 49 | |||||||||||||||||||||
Loans not secured by real estate | 694 | 10 | 744 | 10 | |||||||||||||||||||||
Other | 12 | - | 16 | - | |||||||||||||||||||||
101,674 | 1,074 | 111,888 | 1,031 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 18,697 | 210 | 21,989 | 241 | |||||||||||||||||||||
Land, land development & construction-real estate | 3,750 | 48 | 5,505 | 55 | |||||||||||||||||||||
Commercial and industrial | 10,945 | 103 | 12,826 | 119 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 52,464 | 551 | 57,465 | 630 | |||||||||||||||||||||
Resort lending | 18,663 | 171 | 19,931 | 191 | |||||||||||||||||||||
Home equity - 1st lien | 162 | 2 | 154 | 1 | |||||||||||||||||||||
Home equity - 2nd lien | 123 | 2 | 42 | 1 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 2,691 | 50 | 2,920 | 45 | |||||||||||||||||||||
Home equity - 2nd lien | 3,174 | 51 | 3,418 | 49 | |||||||||||||||||||||
Loans not secured by real estate | 694 | 10 | 744 | 10 | |||||||||||||||||||||
Other | 12 | - | 16 | - | |||||||||||||||||||||
Total | $ | 111,375 | $ | 1,198 | $ | 125,010 | $ | 1,342 | |||||||||||||||||
-1 | There were no impaired payment plan receivables during the three month periods ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||
Our average investment in impaired loans was approximately $111.4 million and $125.0 million for the three-month periods ended March 31, 2015 and 2014, 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 first three months of 2015 and 2014 was approximately $1.2 million and $1.3 million, respectively. | |||||||||||||||||||||||||
Troubled debt restructurings follow: | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Commercial | Retail | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Performing TDRs | $ | 27,904 | $ | 71,477 | $ | 99,381 | |||||||||||||||||||
Non-performing TDRs(1) | 1,935 | 5,194 | (2) | 7,129 | |||||||||||||||||||||
Total | $ | 29,839 | $ | 76,671 | $ | 106,510 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Commercial | Retail | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Performing TDRs | $ | 29,475 | $ | 73,496 | $ | 102,971 | |||||||||||||||||||
Non-performing TDRs(1) | 1,978 | 5,225 | (2) | 7,203 | |||||||||||||||||||||
Total | $ | 31,453 | $ | 78,721 | $ | 110,174 | |||||||||||||||||||
-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 $11.4 million and $12.2 million of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||
During the three months ended March 31, 2015 and 2014, 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 36 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 230 months in certain circumstances. | |||||||||||||||||||||||||
Loans that have been classified as troubled debt restructurings during the three-month periods ended March 31 follow: | |||||||||||||||||||||||||
Number of | Pre-modification | Post-modification | |||||||||||||||||||||||
Contracts | Recorded Balance | Recorded | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 1 | $ | 156 | $ | 164 | ||||||||||||||||||||
Land, land development & construction-real estate | - | - | - | ||||||||||||||||||||||
Commercial and industrial | 2 | 236 | 234 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 5 | 1,005 | 805 | ||||||||||||||||||||||
Resort lending | - | - | - | ||||||||||||||||||||||
Home equity - 1st lien | - | - | - | ||||||||||||||||||||||
Home equity - 2nd lien | - | - | - | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 4 | 167 | 140 | ||||||||||||||||||||||
Home equity - 2nd lien | - | - | - | ||||||||||||||||||||||
Loans not secured by real estate | - | - | - | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total | 12 | $ | 1,564 | $ | 1,343 | ||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 2 | $ | 213 | $ | 210 | ||||||||||||||||||||
Land, land development & construction-real estate | - | - | - | ||||||||||||||||||||||
Commercial and industrial | 4 | 190 | 189 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 4 | 724 | 739 | ||||||||||||||||||||||
Resort lending | 2 | 294 | 293 | ||||||||||||||||||||||
Home equity - 1st lien | - | - | - | ||||||||||||||||||||||
Home equity - 2nd lien | - | - | - | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 3 | 106 | 78 | ||||||||||||||||||||||
Home equity - 2nd lien | 3 | 221 | 220 | ||||||||||||||||||||||
Loans not secured by real estate | 2 | 33 | 29 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total | 20 | $ | 1,781 | $ | 1,758 | ||||||||||||||||||||
The troubled debt restructurings described above for 2015 increased the allowance for loan losses by $0.03 million and resulted in zero charge offs while the troubled debt restructurings described above for 2014 increased the allowance for loan losses by $0.03 million and resulted in zero charge offs. | |||||||||||||||||||||||||
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 March 31 follow: | |||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||
Contracts | Balance | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | - | $ | - | ||||||||||||||||||||||
Land, land development & construction-real estate | - | - | |||||||||||||||||||||||
Commercial and industrial | 1 | 91 | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | - | |||||||||||||||||||||||
Resort lending | - | - | |||||||||||||||||||||||
Home equity - 1st lien | - | - | |||||||||||||||||||||||
Home equity - 2nd lien | - | - | |||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | - | - | |||||||||||||||||||||||
Home equity - 2nd lien | - | - | |||||||||||||||||||||||
Loans not secured by real estate | - | - | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
1 | $ | 91 | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | - | $ | - | ||||||||||||||||||||||
Land, land development & construction-real estate | - | - | |||||||||||||||||||||||
Commercial and industrial | - | - | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | - | |||||||||||||||||||||||
Resort lending | - | - | |||||||||||||||||||||||
Home equity - 1st lien | - | - | |||||||||||||||||||||||
Home equity - 2nd lien | - | - | |||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | - | - | |||||||||||||||||||||||
Home equity - 2nd lien | - | - | |||||||||||||||||||||||
Loans not secured by real estate | - | - | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
- | $ | - | |||||||||||||||||||||||
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 2015 had no impact on the balance of the allowance for loan losses and resulted in zero charge offs. | |||||||||||||||||||||||||
The terms of certain other loans were modified during the three months ended March 31, 2015 and 2014 in a manner 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) financial performance 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 | |||||||||||||||||||||||||
Non-watch | Watch | Substandard | Non- | Total | |||||||||||||||||||||
6-Jan | 8-Jul | Accrual | Accrual | ||||||||||||||||||||||
9 | 11-Oct | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Income producing - real estate | $ | 260,434 | $ | 8,304 | $ | 1,952 | $ | 1,187 | $ | 271,877 | |||||||||||||||
Land, land development and construction - real estate | 29,394 | 2,268 | 255 | 574 | 32,491 | ||||||||||||||||||||
Commercial and industrial | 373,166 | 26,594 | 5,074 | 2,750 | 407,584 | ||||||||||||||||||||
Total | $ | 662,994 | $ | 37,166 | $ | 7,281 | $ | 4,511 | $ | 711,952 | |||||||||||||||
Accrued interest included in total | $ | 1,491 | $ | 113 | $ | 25 | $ | - | $ | 1,629 | |||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Income producing - real estate | $ | 241,266 | $ | 8,649 | $ | 1,918 | $ | 1,233 | $ | 253,066 | |||||||||||||||
Land, land development and construction - real estate | 30,869 | 2,485 | 390 | 594 | 34,338 | ||||||||||||||||||||
Commercial and industrial | 372,947 | 23,475 | 5,998 | 2,746 | 405,166 | ||||||||||||||||||||
Total | $ | 645,082 | $ | 34,609 | $ | 8,306 | $ | 4,573 | $ | 692,570 | |||||||||||||||
Accrued interest included in total | $ | 1,479 | $ | 111 | $ | 25 | $ | - | $ | 1,615 | |||||||||||||||
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 tables summarize credit scores by loan class for our mortgage and installment loan segments: | |||||||||||||||||||||||||
Mortgage (1) | |||||||||||||||||||||||||
1-4 Family | Resort | Home | Home | Total | |||||||||||||||||||||
Lending | Equity | Equity | |||||||||||||||||||||||
1st Lien | 2nd Lien | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
800 and above | $ | 26,878 | $ | 14,188 | $ | 3,995 | $ | 5,937 | $ | 50,998 | |||||||||||||||
750-799 | 71,729 | 44,161 | 6,102 | 14,865 | 136,857 | ||||||||||||||||||||
700-749 | 52,139 | 31,539 | 3,307 | 9,958 | 96,943 | ||||||||||||||||||||
650-699 | 51,460 | 19,931 | 3,408 | 8,144 | 82,943 | ||||||||||||||||||||
600-649 | 27,520 | 6,295 | 1,716 | 3,768 | 39,299 | ||||||||||||||||||||
550-599 | 20,748 | 3,529 | 1,016 | 1,676 | 26,969 | ||||||||||||||||||||
500-549 | 14,367 | 2,117 | 603 | 1,286 | 18,373 | ||||||||||||||||||||
Under 500 | 6,207 | 873 | 269 | 627 | 7,976 | ||||||||||||||||||||
Unknown | 5,072 | 2,164 | 243 | 192 | 7,671 | ||||||||||||||||||||
Total | $ | 276,120 | $ | 124,797 | $ | 20,659 | $ | 46,453 | $ | 468,029 | |||||||||||||||
Accrued interest included in total | $ | 1,293 | $ | 540 | $ | 91 | $ | 198 | $ | 2,122 | |||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
800 and above | $ | 27,918 | $ | 14,484 | $ | 3,863 | $ | 6,225 | $ | 52,490 | |||||||||||||||
750-799 | 72,674 | 45,950 | 6,128 | 14,323 | 139,075 | ||||||||||||||||||||
700-749 | 52,843 | 32,660 | 3,054 | 9,642 | 98,199 | ||||||||||||||||||||
650-699 | 51,664 | 20,250 | 3,257 | 8,194 | 83,365 | ||||||||||||||||||||
600-649 | 27,770 | 6,538 | 1,704 | 3,862 | 39,874 | ||||||||||||||||||||
550-599 | 21,361 | 3,639 | 994 | 1,721 | 27,715 | ||||||||||||||||||||
500-549 | 14,575 | 2,156 | 699 | 1,401 | 18,831 | ||||||||||||||||||||
Under 500 | 6,306 | 875 | 261 | 632 | 8,074 | ||||||||||||||||||||
Unknown | 4,075 | 2,184 | 242 | 674 | 7,175 | ||||||||||||||||||||
Total | $ | 279,186 | $ | 128,736 | $ | 20,202 | $ | 46,674 | $ | 474,798 | |||||||||||||||
Accrued interest included in total | $ | 1,311 | $ | 562 | $ | 88 | $ | 209 | $ | 2,170 | |||||||||||||||
-1 | Credit scores have been updated within the last twelve months. | ||||||||||||||||||||||||
Installment(1) | |||||||||||||||||||||||||
Home | Home | Loans not | Other | Total | |||||||||||||||||||||
Equity | Equity | Secured by | |||||||||||||||||||||||
1st Lien | 2nd Lien | Real Estate | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
800 and above | $ | 2,108 | $ | 2,653 | $ | 32,402 | $ | 60 | $ | 37,223 | |||||||||||||||
750-799 | 5,471 | 7,843 | 70,089 | 491 | 83,894 | ||||||||||||||||||||
700-749 | 2,960 | 5,712 | 29,787 | 620 | 39,079 | ||||||||||||||||||||
650-699 | 3,801 | 5,135 | 15,699 | 529 | 25,164 | ||||||||||||||||||||
600-649 | 3,276 | 2,281 | 4,755 | 236 | 10,548 | ||||||||||||||||||||
550-599 | 1,942 | 1,864 | 1,703 | 128 | 5,637 | ||||||||||||||||||||
500-549 | 1,040 | 981 | 1,503 | 77 | 3,601 | ||||||||||||||||||||
Under 500 | 385 | 408 | 408 | 27 | 1,228 | ||||||||||||||||||||
Unknown | 67 | 37 | 2,108 | 33 | 2,245 | ||||||||||||||||||||
Total | $ | 21,050 | $ | 26,914 | $ | 158,454 | $ | 2,201 | $ | 208,619 | |||||||||||||||
Accrued interest included in total | $ | 84 | $ | 100 | $ | 456 | $ | 17 | $ | 657 | |||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
800 and above | $ | 2,272 | $ | 2,835 | $ | 31,507 | $ | 60 | $ | 36,674 | |||||||||||||||
750-799 | 5,677 | 8,557 | 66,558 | 583 | 81,375 | ||||||||||||||||||||
700-749 | 3,111 | 6,358 | 28,179 | 689 | 38,337 | ||||||||||||||||||||
650-699 | 3,963 | 5,477 | 16,152 | 615 | 26,207 | ||||||||||||||||||||
600-649 | 3,434 | 2,408 | 5,128 | 255 | 11,225 | ||||||||||||||||||||
550-599 | 2,019 | 1,913 | 1,896 | 134 | 5,962 | ||||||||||||||||||||
500-549 | 1,128 | 1,036 | 1,672 | 84 | 3,920 | ||||||||||||||||||||
Under 500 | 393 | 427 | 455 | 28 | 1,303 | ||||||||||||||||||||
Unknown | 77 | 81 | 1,842 | 44 | 2,044 | ||||||||||||||||||||
Total | $ | 22,074 | $ | 29,092 | $ | 153,389 | $ | 2,492 | $ | 207,047 | |||||||||||||||
Accrued interest included in total | $ | 93 | $ | 112 | $ | 445 | $ | 19 | $ | 669 | |||||||||||||||
-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 March 31, 2015, approximately 63.6% 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 23.3% of Mepco’s outstanding payment plan receivables as of March 31, 2015, 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 financial information on 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 | Other | Total | ||||||||||||||||||||||
Refund | Refund | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
AM Best rating | |||||||||||||||||||||||||
A+ | $ | - | $ | 28 | $ | - | $ | 28 | |||||||||||||||||
A | 6,710 | 8,163 | - | 14,873 | |||||||||||||||||||||
A- | 2,354 | 687 | 5,093 | 8,134 | |||||||||||||||||||||
Not rated | 15,593 | 139 | - | 15,732 | |||||||||||||||||||||
Total | $ | 24,657 | $ | 9,017 | $ | 5,093 | $ | 38,767 | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
AM Best rating | |||||||||||||||||||||||||
A+ | $ | - | $ | 43 | $ | - | $ | 43 | |||||||||||||||||
A | 10,007 | 6,190 | - | 16,197 | |||||||||||||||||||||
A- | 1,989 | 685 | 5,054 | 7,728 | |||||||||||||||||||||
Not rated | 15,857 | 176 | - | 16,033 | |||||||||||||||||||||
Total | $ | 27,853 | $ | 7,094 | $ | 5,054 | $ | 40,001 | |||||||||||||||||
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. | |||||||||||||||||||||||||
Foreclosed residential real estate properties included in other real estate and repossessed assets on our Condensed Consolidated Statements of Financial Condition totaled $2.9 million at both March 31, 2015 and December 31, 2014. Retail mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements totaled $2.0 million and $2.5 million at March 31, 2015 and December 31, 2104, respectively. |
Segments
Segments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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 | Mepco | Other(1) | Elimination(2) | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Total assets | |||||||||||||||||||||
31-Mar-15 | $ | 2,256,469 | $ | 61,891 | $ | 289,132 | $ | (278,196 | ) | $ | 2,329,296 | ||||||||||
31-Dec-14 | 2,174,536 | 63,378 | 286,158 | (275,342 | ) | 2,248,730 | |||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||
2015 | |||||||||||||||||||||
Interest income | $ | 18,221 | $ | 1,331 | $ | 20 | $ | (20 | ) | $ | 19,552 | ||||||||||
Net interest income | 17,183 | 1,135 | (227 | ) | - | 18,091 | |||||||||||||||
Provision for loan losses | (656 | ) | (3 | ) | - | - | (659 | ) | |||||||||||||
Income (loss) before income tax | 6,259 | (291 | ) | (383 | ) | (24 | ) | 5,561 | |||||||||||||
Net income (loss) | 4,233 | (192 | ) | (244 | ) | (16 | ) | 3,781 | |||||||||||||
2014 | |||||||||||||||||||||
Interest income | $ | 18,198 | $ | 2,085 | $ | - | $ | - | $ | 20,283 | |||||||||||
Net interest income | 17,083 | 1,682 | (287 | ) | - | 18,478 | |||||||||||||||
Provision for loan losses | 443 | (15 | ) | - | - | 428 | |||||||||||||||
Income (loss) before income tax | 4,678 | 356 | (405 | ) | (24 | ) | 4,605 | ||||||||||||||
Net income (loss) | 3,182 | 243 | (263 | ) | (24 | ) | 3,138 | ||||||||||||||
-1 | Includes amounts relating to our parent company and certain insignificant operations. | ||||||||||||||||||||
-2 | Includes parent company's investment in subsidiaries and cash balances maintained at subsidiary. |
Shareholders_Equity_and_Earnin
Shareholders' Equity and Earnings Per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Shareholders' Equity and Earnings Per Common Share [Abstract] | |||||||||
Shareholders' Equity and Earnings Per Common Share | 6 | Shareholders’ Equity and Earnings Per Common Share | |||||||
On January 21, 2015, our Board of Directors authorized a share repurchase plan (the “Repurchase Plan”) to buy back up to 5% of our outstanding common stock through December 31, 2015. We expect to accomplish the repurchases through open market transactions, though we could effect repurchases through other means, such as privately negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions, the trading price of our common stock, regulatory requirements, potential alternative uses for capital, and our financial performance. The Repurchase Plan does not obligate us to acquire any particular amount of common stock, and it may be modified or suspended at any time at our discretion. We expect to fund any repurchases from cash on hand. During the three months ended March 31, 2015, we repurchased 70,643 shares of common stock for an aggregate purchase price of $0.9 million. | |||||||||
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 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. | |||||||||
A reconciliation of basic and diluted net income per common share follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net income | $ | 3,781 | $ | 3,138 | |||||
Weighted average shares outstanding (1) | 22,997 | 22,888 | |||||||
Restricted stock units | 309 | 304 | |||||||
Effect of stock options | 121 | 124 | |||||||
Stock units for deferred compensation plan for non-employee directors | 111 | 120 | |||||||
Weighted average shares outstanding for calculation of diluted earnings per share | 23,538 | 23,436 | |||||||
Net income per common share | |||||||||
Basic (1) | $ | 0.16 | $ | 0.14 | |||||
Diluted | $ | 0.16 | $ | 0.13 | |||||
-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 included in weighted average shares outstanding for calculation of diluted earnings per share because they were anti-dilutive totaled 0.03 million for both the three-month periods ended March 31, 2015 and 2014. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||
Notional | Average | Fair | |||||||||||||||||||||||||
Amount | Maturity | Value | |||||||||||||||||||||||||
(years) | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
No hedge designation | |||||||||||||||||||||||||||
Rate-lock mortgage loan commitments | $ | 28,413 | 0.1 | $ | 825 | ||||||||||||||||||||||
Mandatory commitments to sell mortgage loans | 59,126 | 0.1 | (223 | ) | |||||||||||||||||||||||
Pay-fixed interest rate swap agreements | 15,482 | 7.1 | (443 | ) | |||||||||||||||||||||||
Pay-variable interest rate swap agreements | 15,482 | 7.1 | 443 | ||||||||||||||||||||||||
Total | $ | 118,503 | 1.9 | $ | 602 | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||
Notional | Average | Fair | |||||||||||||||||||||||||
Amount | Maturity | Value | |||||||||||||||||||||||||
(years) | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
No hedge designation | |||||||||||||||||||||||||||
Rate-lock mortgage loan commitments | $ | 16,759 | 0.1 | $ | 437 | ||||||||||||||||||||||
Mandatory commitments to sell mortgage loans | 38,600 | 0.1 | (184 | ) | |||||||||||||||||||||||
Pay-fixed interest rate swap agreements | 3,300 | 9.4 | (182 | ) | |||||||||||||||||||||||
Pay-variable interest rate swap agreements | 3,300 | 9.4 | 182 | ||||||||||||||||||||||||
Total | $ | 61,959 | 1.1 | $ | 253 | ||||||||||||||||||||||
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. | |||||||||||||||||||||||||||
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 2014, we began a program that allows commercial loan customers to lock in a fixed rate for a longer period of time than we would normally offer for interest rate risk reasons. We will enter into a variable rate commercial loan and an interest rate swap agreement with a customer and then enter into an offsetting interest rate swap agreement with an unrelated party. The interest rate swap agreement fair values will generally move in opposite directions resulting in little or no net impact on our Consolidated Statements of Operations. All of the interest rate swap agreements in the table above relate to this program. | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||
Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | ||||||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | ||||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||
Rate-lock mortgage loan commitments | Other assets | $ | 825 | Other assets | $ | 437 | Other liabilities | $ | - | Other liabilities | $ | - | |||||||||||||||
Mandatory commitments to sell mortgage loans | Other assets | - | Other assets | - | Other liabilities | 223 | Other liabilities | 184 | |||||||||||||||||||
Pay-fixed interest rate swap agreements | Other assets | - | Other assets | - | Other liabilities | 443 | Other liabilities | 182 | |||||||||||||||||||
Pay-variable interest rate swap agreements | Other assets | 443 | Other assets | 182 | Other liabilities | - | Other liabilities | - | |||||||||||||||||||
Total derivatives | $ | 1,268 | $ | 619 | $ | 666 | $ | 366 | |||||||||||||||||||
The effect of derivative financial instruments on the Condensed Consolidated Statements of Operations follows: | |||||||||||||||||||||||||||
Three Month Periods Ended March 31, | |||||||||||||||||||||||||||
Gain (Loss) | Location of | Gain (Loss) | Location of | Gain (Loss) | |||||||||||||||||||||||
Recognized in Other | Gain (Loss) | Reclassified from | Gain (Loss) | Recognized | |||||||||||||||||||||||
Comprehensive | Reclassified | Accumulated Other | Recognized | in Income | |||||||||||||||||||||||
Income (Loss) | from | Comprehensive | in Income (1) | ||||||||||||||||||||||||
(Effective Portion) | Accumulated | Loss into Income | |||||||||||||||||||||||||
Other | (Effective Portion) | ||||||||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||||||
Income into | |||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||
(Effective | |||||||||||||||||||||||||||
2015 | 2014 | Portion) | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||
Pay-fixed interest rate swap agreements (2) | $ | - | $ | - | Interest expense | $ | - | $ | (95 | ) | $ | - | $ | - | |||||||||||||
Total | $ | - | $ | - | $ | - | $ | (95 | ) | $ | - | $ | - | ||||||||||||||
No hedge designation | |||||||||||||||||||||||||||
Rate-lock mortgage loan commitments | Net mortgage loan gains | $ | 388 | $ | (14 | ) | |||||||||||||||||||||
Mandatory commitments to sell mortgage loans | Net mortgage loan gains | (39 | ) | (83 | ) | ||||||||||||||||||||||
Pay-fixed interest rate swap agreements | Interest income | (261 | ) | - | |||||||||||||||||||||||
Pay-variable interest rate swap agreements | Interest income | 261 | - | ||||||||||||||||||||||||
Total | $ | 349 | $ | (97 | ) | ||||||||||||||||||||||
-1 | For cash flow hedges, this location and amount refers to the ineffective portion. | ||||||||||||||||||||||||||
-2 | Relates to a terminated pay-fixed interest rate swap whose termination fee was included in accumulated other comprehensive income and was being amortized into earnings through December 31, 2014. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Intangible Assets [Abstract] | |||||||||||||||||
Intangible Assets | 8 | Intangible Assets | |||||||||||||||
The following table summarizes intangible assets, net of amortization: | |||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Amortized intangible assets - core deposits | $ | 6,118 | $ | 3,578 | $ | 6,118 | $ | 3,491 | |||||||||
Amortization of other intangibles has been estimated through 2020 and thereafter in the following table. | |||||||||||||||||
(In thousands) | |||||||||||||||||
Nine months ending December 31, 2015 | $ | 260 | |||||||||||||||
2016 | 347 | ||||||||||||||||
2017 | 346 | ||||||||||||||||
2018 | 346 | ||||||||||||||||
2019 | 346 | ||||||||||||||||
2020 and thereafter | 895 | ||||||||||||||||
Total | $ | 2,540 |
Share_Based_Compensation
Share Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 0.3 million shares of common stock as of March 31, 2015. The non-employee director stock purchase plan permits the issuance of additional share based payments for up to 0.2 million shares of common stock as of March 31, 2015. 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. | |||||||||||||||||
During each three month period ended March 31, 2015 and 2014, pursuant to our long-term incentive plan, we granted 0.07 million shares of restricted stock and 0.03 million performance stock units (“PSU”) to certain officers. The shares of restricted stock issued during 2015 cliff vest after a period of three years, the shares of restricted stock issued during 2014 vest ratably over three years and the PSUs issued in both periods cliff vest after a period of three years. The performance feature of the PSUs is based on a comparison of our total shareholder return over the three year period starting on the grant date to the total shareholder return over that period for an index of our peers in the banking industry. | |||||||||||||||||
Our directors may elect to receive 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 fees that he or she has elected to receive in stock are issued each quarter and vest immediately. We issued 0.001 million shares and 0.004 million shares to directors during the first quarter of 2015 and 2014, respectively and expensed their value during those same periods. | |||||||||||||||||
Total compensation expense recognized for grants pursuant to our long-term incentive plan was $0.4 million and $0.2 million during the three months ended March 31, 2015 and 2014 respectively. The corresponding tax benefit relating to this expense was $0.1 million for each period. Total expense recognized for non-employee director share based payments was $0.02 million and $0.05 million during the three months ended March 31, 2015 and 2014, respectively. The corresponding tax benefit relating to this expense was $0.01 million and $0.02 million for each respective period. | |||||||||||||||||
At March 31, 2015, the total expected compensation cost related to non-vested stock options, restricted stock, PSUs and restricted stock unit awards not yet recognized was $2.5 million. The weighted-average period over which this amount will be recognized is 2.1 years. | |||||||||||||||||
A summary of outstanding stock option grants and related transactions follows: | |||||||||||||||||
Number of | Average | Weighted- | Aggregated | ||||||||||||||
Shares | Exercise | Average | Intrinsic | ||||||||||||||
Price | Remaining | Value | |||||||||||||||
Contractual | |||||||||||||||||
Term (Years) | |||||||||||||||||
(In thousands) | |||||||||||||||||
Outstanding at January 1, 2015 | 281,820 | $ | 4.69 | ||||||||||||||
Granted | - | ||||||||||||||||
Exercised | (5,764 | ) | 2.65 | ||||||||||||||
Forfeited | (1,132 | ) | 4.89 | ||||||||||||||
Expired | (167 | ) | 6.42 | ||||||||||||||
Outstanding at March 31, 2015 | 274,757 | $ | 4.73 | 6.87 | $ | 2,306 | |||||||||||
Vested and expected to vest at March 31, 2015 | 271,678 | $ | 4.73 | 6.85 | $ | 2,283 | |||||||||||
Exercisable at March 31, 2015 | 195,452 | $ | 4.68 | 6.46 | $ | 1,675 | |||||||||||
A summary of outstanding non-vested restricted stock, restricted stock units and PSUs and related transactions follows: | |||||||||||||||||
Number | Weighted- | ||||||||||||||||
of Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at January 1, 2015 | 407,130 | $ | 6.31 | ||||||||||||||
Granted | 105,757 | 13.04 | |||||||||||||||
Vested | (22,119 | ) | 12.78 | ||||||||||||||
Forfeited | (2,198 | ) | 13.05 | ||||||||||||||
Outstanding at March 31, 2015 | 488,570 | $ | 7.45 | ||||||||||||||
Certain information regarding options exercised during the periods follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Intrinsic value | $ | 56 | $ | 15 | |||||||||||||
Cash proceeds received | $ | 15 | $ | 10 | |||||||||||||
Tax benefit realized | $ | 20 | $ | 5 |
Income_Tax
Income Tax | 3 Months Ended | |
Mar. 31, 2015 | ||
Income Tax [Abstract] | ||
Income Tax | 10 | Income Tax |
Income tax expense was $1.8 million and $1.5 million during the three months ended March 31, 2015 and 2014, respectively. | ||
We assess whether a valuation allowance should be established against our deferred tax assets based on the consideration of all available evidence using a “more likely than not” standard. The ultimate realization of this asset is primarily based on generating future income. We concluded at both March 31, 2015 and 2014, that the realization of substantially all of our deferred tax assets continues to be more likely than not. | ||
We did maintain a valuation allowance against our deferred tax assets of approximately $1.0 million at both March 31, 2015 and December 31, 2014. This valuation allowance on our deferred tax assets primarily relates to state income taxes at 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. | ||
At both March 31, 2015 and December 31, 2014, we had approximately $1.1 million 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 2015. |
Regulatory_Matters
Regulatory Matters | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 March 31, 2015, the Bank had negative undivided profits of $27.1 million. We can request regulatory approval for a return of capital from the Bank to the parent company. During the first quarter of 2014, we requested regulatory approval for a $15.0 million return of capital from the Bank to the parent company. This return of capital request was approved by our banking regulators on March 28, 2014 and the Bank returned $15.0 million of capital to the parent company on April 9, 2014. During January of 2015, we requested regulatory approval for an additional $18.5 million return of capital from the Bank to the parent company. This return of capital request was approved by our banking regulators on February 13, 2015, and the Bank returned $18.5 million of capital to the parent company on February 17, 2015. It is not our intent to have dividends paid in amounts that would reduce the capital of our Bank to levels below those which we consider prudent and in accordance with guidelines of regulatory authorities. | |||||||||||||||||||||||||
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, Tier 1, and common equity Tier 1 (as of January 1, 2015) capital to risk-weighted assets and Tier 1 capital to average assets. Failure to meet minimum capital requirements can result in 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 March 31, 2015 and December 31, 2014 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. | |||||||||||||||||||||||||
On July 2, 2013, the Federal Reserve approved a final rule that establishes an integrated regulatory capital framework (the “New Capital Rules”). The rule implements 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 have increased 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 applies 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 implement strict eligibility criteria for regulatory capital instruments. The New Capital Rules also change the methodology for calculating risk-weighted assets to enhance risk sensitivity. The New Capital Rules became effective for us on January 1, 2015. | |||||||||||||||||||||||||
Our actual capital amounts and ratios follow: | |||||||||||||||||||||||||
Actual | Minimum for | Minimum for | |||||||||||||||||||||||
Adequately Capitalized | Well-Capitalized | ||||||||||||||||||||||||
Institutions | Institutions | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 271,391 | 17.28 | % | $ | 125,611 | 8 | % | NA | NA | |||||||||||||||
Independent Bank | 237,073 | 15.12 | 125,456 | 8 | $ | 156,820 | 10 | % | |||||||||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 251,443 | 16.01 | % | $ | 94,208 | 6 | % | NA | NA | |||||||||||||||
Independent Bank | 217,216 | 13.85 | 94,092 | 6 | $ | 125,456 | 8 | % | |||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 237,386 | 15.12 | % | $ | 62,806 | 4.5 | % | NA | NA | |||||||||||||||
Independent Bank | 217,216 | 13.85 | 70,569 | 4.5 | $ | 101,933 | 6.5 | % | |||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||
Consolidated | $ | 251,443 | 11.22 | % | $ | 89,647 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 217,216 | 9.7 | 89,576 | 4 | $ | 111,970 | 5 | % | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 265,163 | 18.06 | % | $ | 117,427 | 8 | % | NA | NA | |||||||||||||||
Independent Bank | 247,883 | 16.9 | 117,374 | 8 | $ | 146,718 | 10 | % | |||||||||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 246,628 | 16.8 | % | $ | 58,714 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 229,361 | 15.63 | 58,687 | 4 | $ | 88,031 | 6 | % | |||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||
Consolidated | $ | 246,628 | 11.18 | % | $ | 88,206 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 229,361 | 10.46 | 87,687 | 4 | $ | 109,609 | 5 | % | |||||||||||||||||
NA - Not applicable | |||||||||||||||||||||||||
The components of our regulatory capital are as follows: | |||||||||||||||||||||||||
Consolidated | Independent Bank | ||||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Total shareholders' equity | $ | 253,625 | $ | 250,371 | $ | 244,807 | $ | 257,832 | |||||||||||||||||
Add (deduct) | |||||||||||||||||||||||||
Accumulated other comprehensive (gain) loss for regulatory purposes | (1,596 | ) | 5,636 | (1,596 | ) | 5,636 | |||||||||||||||||||
Intangible assets | (1,016 | ) | (2,627 | ) | (1,016 | ) | (2,627 | ) | |||||||||||||||||
Disallowed deferred tax assets | (13,627 | ) | (40,500 | ) | (24,979 | ) | (30,728 | ) | |||||||||||||||||
Disallowed capitalized mortgage loan servicing rights | - | (752 | ) | - | (752 | ) | |||||||||||||||||||
Common equity tier 1 capital | 237,386 | 212,128 | 217,216 | 229,361 | |||||||||||||||||||||
Qualifying trust preferred securities | 34,500 | 34,500 | - | - | |||||||||||||||||||||
Disallowed deferred tax assets | (20,443 | ) | - | - | - | ||||||||||||||||||||
Tier 1 capital | 251,443 | 246,628 | 217,216 | 229,361 | |||||||||||||||||||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 19,948 | 18,535 | 19,857 | 18,522 | |||||||||||||||||||||
Total risk-based capital | $ | 271,391 | $ | 265,163 | $ | 237,073 | $ | 247,883 |
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 securities, private label residential mortgage-backed securities, other asset 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). | |||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014, 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 net (gain) 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 Collateral Evaluation Department (for commercial properties under $0.25 million) or a member of our Special Assets Group (for 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. We compare the actual selling price of collateral that has been sold to the most recent appraised value of our properties to determine what additional adjustment, if any, should be made to the appraisal value to arrive at fair value. For commercial and retail properties we typically discount an appraisal to account for various factors that the appraisal excludes in its assumptions. These additional discounts generally do not result in material adjustments to the appraised value. 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. Certain 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 is based on a discounted cash flow analysis whose significant fair value inputs can generally be observed in the market place and do not typically involve judgment by management (recurring Level 2). | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Fair Value | Quoted | Significant | Significant | ||||||||||||||||||||||
Measure- | Prices | Other | Un- | ||||||||||||||||||||||
ments | in Active | Observable | observable | ||||||||||||||||||||||
Markets | Inputs | Inputs | |||||||||||||||||||||||
for | (Level 2) | (Level 3) | |||||||||||||||||||||||
Identical | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Trading securities | $ | 213 | $ | 213 | $ | - | $ | - | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||
U.S. agency | 35,529 | - | 35,529 | - | |||||||||||||||||||||
U.S. agency residential mortgage-backed | 234,254 | - | 234,254 | - | |||||||||||||||||||||
U.S. agency commercial mortgage-backed | 33,081 | - | 33,081 | - | |||||||||||||||||||||
Private label residential mortgage-backed | 5,820 | - | 5,820 | - | |||||||||||||||||||||
Other asset backed | 95,191 | - | 95,191 | - | |||||||||||||||||||||
Obligations of states and political subdivisions | 142,788 | - | 142,788 | - | |||||||||||||||||||||
Corporate | 22,661 | - | 22,661 | - | |||||||||||||||||||||
Trust preferred | 2,438 | - | 2,438 | - | |||||||||||||||||||||
Loans held for sale | 30,932 | - | 30,932 | - | |||||||||||||||||||||
Derivatives (1) | 1,268 | - | 1,268 | - | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivatives (2) | 666 | - | 666 | - | |||||||||||||||||||||
Measured at Fair Value on a Non-recurring basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights (3) | 8,129 | - | - | 8,129 | |||||||||||||||||||||
Impaired loans (4) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 786 | - | - | 786 | |||||||||||||||||||||
Land, land development & construction-real estate | 142 | - | - | 142 | |||||||||||||||||||||
Commercial and industrial | 2,511 | - | - | 2,511 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 1,217 | - | - | 1,217 | |||||||||||||||||||||
Resort Lending | 139 | - | - | 139 | |||||||||||||||||||||
Other real estate (5) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Land, land development & construction-real estate | 677 | - | - | 677 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 102 | - | - | 102 | |||||||||||||||||||||
Resort Lending | 427 | - | - | 427 | |||||||||||||||||||||
-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 | |||||||||||||||||||||||||
Fair Value | Quoted | Significant | Significant | ||||||||||||||||||||||
Measure- | Prices | Other | Un- | ||||||||||||||||||||||
ments | in Active | Observable | observable | ||||||||||||||||||||||
Markets | Inputs | Inputs | |||||||||||||||||||||||
for | (Level 2) | (Level 3) | |||||||||||||||||||||||
Identical | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Trading securities | $ | 203 | $ | 203 | $ | - | $ | - | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||
U.S. agency | 35,006 | - | 35,006 | - | |||||||||||||||||||||
U.S. agency residential mortgage-backed | 257,558 | - | 257,558 | - | |||||||||||||||||||||
U.S. agency commercial mortgage-backed | 33,728 | - | 33,728 | - | |||||||||||||||||||||
Private label residential mortgage-backed | 6,013 | - | 6,013 | - | |||||||||||||||||||||
Other asset backed | 32,353 | - | 32,353 | - | |||||||||||||||||||||
Obligations of states and political subdivisions | 143,415 | - | 143,415 | - | |||||||||||||||||||||
Corporate | 22,664 | - | 22,664 | - | |||||||||||||||||||||
Trust preferred | 2,441 | - | 2,441 | - | |||||||||||||||||||||
Loans held for sale | 23,662 | - | 23,662 | - | |||||||||||||||||||||
Derivatives (1) | 619 | - | 619 | - | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivatives (2) | 366 | - | 366 | - | |||||||||||||||||||||
Measured at Fair Value on a Non-recurring basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights (3) | 9,197 | - | - | 9,197 | |||||||||||||||||||||
Impaired loans (4) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 869 | - | - | 869 | |||||||||||||||||||||
Land, land development & construction-real estate | 354 | - | - | 354 | |||||||||||||||||||||
Commercial and industrial | 2,601 | - | - | 2,601 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 1,306 | - | - | 1,306 | |||||||||||||||||||||
Other real estate (5) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 479 | - | - | 479 | |||||||||||||||||||||
Land, land development & construction-real estate | 737 | - | - | 737 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 102 | - | - | 102 | |||||||||||||||||||||
Resort Lending | 575 | - | - | 575 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 13 | - | - | 13 | |||||||||||||||||||||
-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 three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
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 Three-Month | |||||||||||||||||||||||||
Periods Ended March 31 for Items Measured at | |||||||||||||||||||||||||
Fair Value Pursuant to Election of the Fair Value Option | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Net Gains (Losses) | Total | Net Gains (Losses) | Total | ||||||||||||||||||||||
on Assets | Change | on Assets | Change | ||||||||||||||||||||||
in Fair | in Fair | ||||||||||||||||||||||||
Values | Values | ||||||||||||||||||||||||
Included | Included | ||||||||||||||||||||||||
in Current | in Current | ||||||||||||||||||||||||
Period | Period | ||||||||||||||||||||||||
Securities | Loans | Earnings | Securities | Loans | Earnings | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trading securities | $ | 10 | $ | - | $ | 10 | $ | 112 | $ | - | $ | 112 | |||||||||||||
Loans held for sale | - | 209 | 209 | - | 30 | 30 | |||||||||||||||||||
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 month periods ended March 31, 2015 and 2014 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 $8.1 million which is net of a valuation allowance of $4.5 million at March 31, 2015 and had a carrying amount of $9.2 million which is net of a valuation allowance of $3.8 million at December 31, 2014. An additional charge relating to capitalized mortgage loan servicing rights measured at fair value of $0.7 million and $0.3 million was included in our results of operations for the three month periods ending March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||
· | Loans which are measured for impairment using the fair value of collateral for collateral dependent loans, had a carrying amount of $7.6 million, with a valuation allowance of $2.8 million at March 31, 2015 and had a carrying amount of $8.2 million, with a valuation allowance of $3.1 million at December 31, 2014. The provision for loan losses included in our results of operations relating to impaired loans was an expense of $0.6 million and an expense of $1.5 million for the three month periods ending March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||
· | Other real estate, which is measured using the fair value of the property, had a carrying amount of $1.2 million which is net of a valuation allowance of $2.5 million at March 31, 2015 and a carrying amount of $1.9 million which is net of a valuation allowance of $2.5 million at December 31, 2014. An additional charge relating to ORE measured at fair value of $0.2 million and $0.1 million was included in our results of operations during the three month periods ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||
We had no assets or liabilities measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) during the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
Quantitative information about Level 3 fair value measurements measured on a non-recurring basis follows: | |||||||||||||||||||||||||
Asset | Valuation | Unobservable | Weighted | ||||||||||||||||||||||
(Liability) | Technique | Inputs | Average | ||||||||||||||||||||||
Fair | |||||||||||||||||||||||||
Value | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights | $ | 8,129 | Present value of net servicing revenue | Discount rate | 10.02 | % | |||||||||||||||||||
Cost to service | $ | 80 | |||||||||||||||||||||||
Ancillary income | 25 | ||||||||||||||||||||||||
Float rate | 1.53 | % | |||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||
Commercial (1) | 2,406 | Sales comparison approach | Adjustment for differences between comparable sales | (3.7 | )% | ||||||||||||||||||||
Income approach | Capitalization rate | 9.3 | |||||||||||||||||||||||
Mortgage | 1,356 | Sales comparison approach | Adjustment for differences between comparable sales | 9.1 | |||||||||||||||||||||
Other real estate | |||||||||||||||||||||||||
Commercial | 677 | Sales comparison approach | Adjustment for differences between comparable sales | (5.3 | ) | ||||||||||||||||||||
Mortgage | 529 | Sales comparison approach | Adjustment for differences between comparable sales | 16 | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights | $ | 9,197 | Present value of net servicing revenue | Discount rate | 10.07 | % | |||||||||||||||||||
Cost to service | $ | 82 | |||||||||||||||||||||||
Ancillary income | 25 | ||||||||||||||||||||||||
Float rate | 1.77 | % | |||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||
Commercial (1) | 2,751 | Sales comparison approach | Adjustment for differences between comparable sales | (3.8 | )% | ||||||||||||||||||||
Income approach | Capitalization rate | 9.3 | |||||||||||||||||||||||
Mortgage | 1,306 | Sales comparison approach | Adjustment for differences between comparable sales | 8.6 | |||||||||||||||||||||
Other real estate | |||||||||||||||||||||||||
Commercial | 1,216 | Sales comparison approach | Adjustment for differences between comparable sales | (9.0 | ) | ||||||||||||||||||||
Mortgage and installment | 690 | Sales comparison approach | Adjustment for differences between comparable sales | 34.3 | |||||||||||||||||||||
-1 | In addition to the valuation techniques and unobservable inputs discussed above, at March 31, 2015 and December 31, 2014 we had an impaired collateral dependent commercial relationship that totaled $1.0 million and $1.1 million, respectively that was primarily secured by collateral other than real estate. Collateral securing this relationship primarily included machinery and equipment, accounts receivable, inventory and company stock. Valuation techniques at March 31, 2015 included discounting restructuring firm valuations based on estimates of value recovery of each particular asset type. Discount rates used ranged from 20% to 100% of stated values while valuation techniques at December 31, 2014 included discounting cost and financial statement value approaches based on estimates of value recovery of each particular asset type. Discount rates used ranged from 35% to 100% of stated values. | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Fair Value | Principal | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||
31-Mar-15 | $ | 30,932 | $ | 833 | $ | 30,099 | |||||||||||||||||||
31-Dec-14 | 23,662 | 624 | 23,038 |
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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: 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, while the fair value of interest rate swap agreements is based on a discounted cash flow analysis whose significant fair value inputs can generally be observed in the market place and do not typically involve judgment by management. Each of these instruments has been classified as Level 2 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 similar instruments resulting in a Level 2 classification. | |||||||||||||||||||||
The estimated recorded book balances and fair values follow: | |||||||||||||||||||||
Fair Value Using | |||||||||||||||||||||
Recorded | Fair Value | Quoted | Significant | Significant | |||||||||||||||||
Book | Prices | Other | Un- | ||||||||||||||||||
Balance | in Active | Observable | observable | ||||||||||||||||||
Markets | Inputs | Inputs | |||||||||||||||||||
for | (Level 2) | (Level 3) | |||||||||||||||||||
Identical | |||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 46,435 | $ | 46,435 | $ | 46,435 | $ | - | $ | - | |||||||||||
Interest bearing deposits | 55,117 | 55,117 | 55,117 | - | - | ||||||||||||||||
Interest bearing deposits - time | 11,575 | 11,575 | - | 11,575 | - | ||||||||||||||||
Trading securities | 213 | 213 | 213 | - | - | ||||||||||||||||
Securities available for sale | 571,762 | 571,762 | - | 571,762 | - | ||||||||||||||||
Federal Home Loan Bank and Federal | |||||||||||||||||||||
Reserve Bank Stock | 20,051 | NA | NA | NA | NA | ||||||||||||||||
Net loans and loans held for sale | 1,429,212 | 1,416,980 | - | 30,932 | 1,386,048 | ||||||||||||||||
Accrued interest receivable | 6,250 | 6,250 | 5 | 1,808 | 4,437 | ||||||||||||||||
Derivative financial instruments | 1,268 | 1,268 | - | 1,268 | - | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with no stated maturity (1) | $ | 1,626,558 | $ | 1,626,558 | $ | 1,626,558 | $ | - | $ | - | |||||||||||
Deposits with stated maturity (1) | 373,915 | 373,144 | - | 373,144 | - | ||||||||||||||||
Other borrowings | 12,468 | 14,508 | - | 14,508 | - | ||||||||||||||||
Subordinated debentures | 35,569 | 21,974 | - | 21,974 | - | ||||||||||||||||
Accrued interest payable | 364 | 364 | 20 | 344 | - | ||||||||||||||||
Derivative financial instruments | 666 | 666 | - | 666 | - | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 48,326 | $ | 48,326 | $ | 48,326 | $ | - | $ | - | |||||||||||
Interest bearing deposits | 25,690 | 25,690 | 25,690 | - | - | ||||||||||||||||
Interest bearing deposits - time | 13,561 | 13,585 | - | 13,585 | - | ||||||||||||||||
Trading securities | 203 | 203 | 203 | - | - | ||||||||||||||||
Securities available for sale | 533,178 | 533,178 | - | 533,178 | - | ||||||||||||||||
Federal Home Loan Bank and Federal | |||||||||||||||||||||
Reserve Bank Stock | 19,919 | NA | NA | NA | NA | ||||||||||||||||
Net loans and loans held for sale | 1,407,634 | 1,394,424 | - | 23,662 | 1,370,762 | ||||||||||||||||
Accrued interest receivable | 5,995 | 5,995 | 2 | 1,599 | 4,394 | ||||||||||||||||
Derivative financial instruments | 619 | 619 | - | 619 | - | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with no stated maturity (1) | $ | 1,534,175 | $ | 1,534,175 | $ | 1,534,175 | $ | - | $ | - | |||||||||||
Deposits with stated maturity (1) | 390,127 | 389,139 | - | 389,139 | - | ||||||||||||||||
Other borrowings | 12,470 | 14,560 | - | 14,560 | - | ||||||||||||||||
Subordinated debentures | 35,569 | 23,328 | - | 23,328 | - | ||||||||||||||||
Accrued interest payable | 380 | 380 | 21 | 359 | - | ||||||||||||||||
Derivative financial instruments | 366 | 366 | - | 366 | - | ||||||||||||||||
-1 | Deposits with no stated maturity include reciprocal deposits with a recorded book balance of $17.2 million and $13.6 million at March 31, 2015 and December 31, 2014, respectively. Deposits with a stated maturity include reciprocal deposits with a recorded book balance of $41.5 million and $40.1 million at March 31, 2015 and December 31, 2014, 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 | 3 Months Ended | |
Mar. 31, 2015 | ||
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 consolidated financial position or results of operations. 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 March 31, 2015 and December 31, 2014, 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 $7.2 million. Mepco is currently in the process of working to recover these receivables, primarily through 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 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 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 expense totaled $0.03 million and $0.07 million for the three month periods ended March 31, 2015 and 2014, respectively. 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. | ||
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. The provision for loss reimbursement on sold loans was a credit of $0.1 million and a credit of $0.5 million in the first quarters of 2015 and 2014, respectively. The credit provision in the first quarter of 2015 is due primarily to the settlement of certain loss reimbursement claims at slightly lower amounts than what had been specifically reserved for at the end of 2014. The credit provision in the first quarter of 2014 is due primarily to the rescission of certain loss reimbursement requests by Freddie Mac that had been pending and accrued for at the end of 2013. The reserve for loss reimbursements on sold mortgage loans totaled $0.6 million and $0.7 million at March 31, 2015 and December 31, 2014, respectively. 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. The reserve levels at March 31, 2015 and December 31, 2014 also reflect the resolution of the mortgage loan origination years of 2000 to 2008 with Fannie Mae and Freddie Mac. We believe that the amounts that we have accrued for incurred losses on sold mortgage loans are appropriate given our analyses. However, future losses could exceed our current estimate. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Loss | 15 | Accumulated Other Comprehensive Loss (“AOCL”) | |||||||||||||||
A summary of changes in AOCL follows: | |||||||||||||||||
Unrealized | Dispropor- | Unrealized | Total | ||||||||||||||
Gains | tionate | Losses on | |||||||||||||||
(Losses) on | Tax Effects | Settled | |||||||||||||||
Available | from | Derivatives | |||||||||||||||
for Sale | Securities | ||||||||||||||||
Securities | Available | ||||||||||||||||
for Sale | |||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||
Balances at beginning of period | $ | 162 | $ | (5,798 | ) | $ | - | $ | (5,636 | ) | |||||||
Other comprehensive income before reclassifications | 1,483 | - | - | 1,483 | |||||||||||||
Amounts reclassified from AOCL | (49 | ) | - | - | (49 | ) | |||||||||||
Net current period other comprehensive income | 1,434 | - | - | 1,434 | |||||||||||||
Balances at end of period | $ | 1,596 | $ | (5,798 | ) | $ | - | $ | (4,202 | ) | |||||||
For the three months ended March 31, 2014 | |||||||||||||||||
Balances at beginning of period | $ | (3,200 | ) | $ | (5,798 | ) | $ | (247 | ) | $ | (9,245 | ) | |||||
Other comprehensive income before reclassifications | 1,539 | - | - | 1,539 | |||||||||||||
Amounts reclassified from AOCL | - | - | 62 | 62 | |||||||||||||
Net current period other comprehensive income | 1,539 | - | 62 | 1,601 | |||||||||||||
Balances at end of period | $ | (1,661 | ) | $ | (5,798 | ) | $ | (185 | ) | $ | (7,644 | ) | |||||
The disproportionate tax effects from securities available for sale 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. | |||||||||||||||||
A summary of reclassifications out of each component of AOCL for the three months ended March 31 follows: | |||||||||||||||||
AOCL Component | Amount | Affected Line Item in Condensed | |||||||||||||||
Reclassified | Consolidated Statements of Operations | ||||||||||||||||
From | |||||||||||||||||
AOCL | |||||||||||||||||
(In thousands) | |||||||||||||||||
2015 | |||||||||||||||||
Unrealized gains on available for sale securities | |||||||||||||||||
$ | 75 | Net gains on securities | |||||||||||||||
- | Net impairment loss recognized in earnings | ||||||||||||||||
75 | Total reclassifications before tax | ||||||||||||||||
26 | Tax expense | ||||||||||||||||
$ | 49 | Reclassifications, net of tax | |||||||||||||||
2014 | |||||||||||||||||
Unrealized gains on settled derivatives | |||||||||||||||||
$ | (95 | ) | Interest expense | ||||||||||||||
(33 | ) | Tax benefit | |||||||||||||||
$ | (62 | ) | Reclassification, net of tax |
New_Accounting_Standards_Polic
New Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Standards [Abstract] | |
New Accounting Standards | In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”. The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. This amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption and retrospective or prospective application permitted. This amended guidance became effective for us on January 1, 2015 and did not have a material impact on our consolidated operating results or financial condition. |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. This ASU supersedes and replaces nearly all existing revenue recognition guidance, including industry-specific guidance, establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In addition, this ASU specifies the accounting for some costs to obtain or fulfill a contract with a customer. This amended guidance is effective for us on January 1, 2017, and is not expected to have a material impact on our consolidated operating results or financial condition. | |
In June 2014, the FASB issued ASU 2014-12, “Compensation – Stock Compensation (Topic 718) – Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period”. This ASU amends existing guidance related to the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. These amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. This amended guidance is effective for us on January 1, 2016, and is not expected to have a material impact on our consolidated operating results or financial condition. |
Securities_Tables
Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Securities [Abstract] | |||||||||||||||||||||||||
Securities available for sale | Securities available for sale consist of the following: | ||||||||||||||||||||||||
Amortized | Unrealized | Fair Value | |||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
U.S. agency | $ | 35,308 | $ | 255 | $ | 34 | $ | 35,529 | |||||||||||||||||
U.S. agency residential mortgage-backed | 232,286 | 2,162 | 194 | 234,254 | |||||||||||||||||||||
U.S. agency commercial mortgage-backed | 32,846 | 270 | 35 | 33,081 | |||||||||||||||||||||
Private label residential mortgage-backed | 5,992 | 195 | 367 | 5,820 | |||||||||||||||||||||
Other asset backed | 95,197 | 110 | 116 | 95,191 | |||||||||||||||||||||
Obligations of states and political subdivisions | 142,133 | 1,469 | 814 | 142,788 | |||||||||||||||||||||
Corporate | 22,636 | 83 | 58 | 22,661 | |||||||||||||||||||||
Trust preferred | 2,910 | - | 472 | 2,438 | |||||||||||||||||||||
Total | $ | 569,308 | $ | 4,544 | $ | 2,090 | $ | 571,762 | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
U.S. agency | $ | 34,936 | $ | 133 | $ | 63 | $ | 35,006 | |||||||||||||||||
U.S. agency residential mortgage-backed | 256,387 | 1,838 | 667 | 257,558 | |||||||||||||||||||||
U.S. agency commercial mortgage-backed | 33,779 | 68 | 119 | 33,728 | |||||||||||||||||||||
Private label residential mortgage-backed | 6,216 | 187 | 390 | 6,013 | |||||||||||||||||||||
Other asset backed | 32,314 | 77 | 38 | 32,353 | |||||||||||||||||||||
Obligations of states and political subdivisions | 143,698 | 961 | 1,244 | 143,415 | |||||||||||||||||||||
Corporate | 22,690 | 53 | 79 | 22,664 | |||||||||||||||||||||
Trust preferred | 2,910 | - | 469 | 2,441 | |||||||||||||||||||||
Total | $ | 532,930 | $ | 3,317 | $ | 3,069 | $ | 533,178 | |||||||||||||||||
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 | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
U.S. agency | $ | 12,822 | $ | 29 | $ | 775 | $ | 5 | $ | 13,597 | $ | 34 | |||||||||||||
U.S. agency residential mortgage-backed | 29,496 | 119 | 11,171 | 75 | 40,667 | 194 | |||||||||||||||||||
U.S. agency commercial mortgage-backed | 7,999 | 28 | 2,600 | 7 | 10,599 | 35 | |||||||||||||||||||
Private label residential mortgage-backed | 202 | 1 | 3,883 | 366 | 4,085 | 367 | |||||||||||||||||||
Other asset backed | 28,970 | 46 | 7,232 | 70 | 36,202 | 116 | |||||||||||||||||||
Obligations of states and political subdivisions | 24,722 | 70 | 28,979 | 744 | 53,701 | 814 | |||||||||||||||||||
Corporate | 3,208 | 58 | - | - | 3,208 | 58 | |||||||||||||||||||
Trust preferred | - | - | 2,438 | 472 | 2,438 | 472 | |||||||||||||||||||
Total | $ | 107,419 | $ | 351 | $ | 57,078 | $ | 1,739 | $ | 164,497 | $ | 2,090 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
U.S. agency | $ | 12,851 | $ | 58 | $ | 606 | $ | 5 | $ | 13,457 | $ | 63 | |||||||||||||
U.S. agency residential mortgage-backed | 89,547 | 531 | 15,793 | 136 | 105,340 | 667 | |||||||||||||||||||
U.S. agency commercial mortgage-backed | 21,325 | 119 | - | - | 21,325 | 119 | |||||||||||||||||||
Private label residential mortgage-backed | 208 | 1 | 4,013 | 389 | 4,221 | 390 | |||||||||||||||||||
Other asset backed | 2,960 | 15 | 8,729 | 23 | 11,689 | 38 | |||||||||||||||||||
Obligations of states and political subdivisions | 28,114 | 106 | 37,540 | 1,138 | 65,654 | 1,244 | |||||||||||||||||||
Corporate | 8,660 | 79 | - | - | 8,660 | 79 | |||||||||||||||||||
Trust preferred | - | - | 2,441 | 469 | 2,441 | 469 | |||||||||||||||||||
Total | $ | 163,665 | $ | 909 | $ | 69,122 | $ | 2,160 | $ | 232,787 | $ | 3,069 | |||||||||||||
Trust preferred securities | The following table breaks out our trust preferred securities in further detail as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Fair | Net | Fair | Net | ||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||
Loss | Loss | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trust preferred securities | |||||||||||||||||||||||||
Rated issues | $ | 1,674 | $ | (236 | ) | $ | 1,643 | $ | (267 | ) | |||||||||||||||
Unrated issues | 764 | (236 | ) | 798 | (202 | ) | |||||||||||||||||||
Private label residential mortgage backed securities below investment grade | At March 31, 2015, three private label residential mortgage-backed securities had credit related OTTI and are summarized as follows: | ||||||||||||||||||||||||
Senior | Super | Senior | Total | ||||||||||||||||||||||
Security | Senior | Support | |||||||||||||||||||||||
Security | Security | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||
Fair value | $ | 2,053 | $ | 1,524 | $ | 96 | $ | 3,673 | |||||||||||||||||
Amortized cost | 2,092 | 1,426 | - | 3,518 | |||||||||||||||||||||
Non-credit unrealized loss | 39 | - | - | 39 | |||||||||||||||||||||
Unrealized gain | - | 98 | 96 | 194 | |||||||||||||||||||||
Cumulative credit related OTTI | 757 | 457 | 380 | 1,594 | |||||||||||||||||||||
Credit related OTTI recognized in our Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||||||
2015 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
2014 | - | - | - | - | |||||||||||||||||||||
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 month periods ending March 31, follows: | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of year | $ | 1,844 | $ | 1,835 | |||||||||||||||||||||
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 | - | - | |||||||||||||||||||||||
Total | $ | 1,844 | $ | 1,835 | |||||||||||||||||||||
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 March 31, 2015, by contractual maturity, follow: | ||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Maturing within one year | $ | 28,410 | $ | 28,419 | |||||||||||||||||||||
Maturing after one year but within five years | 61,845 | 62,190 | |||||||||||||||||||||||
Maturing after five years but within ten years | 36,871 | 37,377 | |||||||||||||||||||||||
Maturing after ten years | 75,861 | 75,430 | |||||||||||||||||||||||
202,987 | 203,416 | ||||||||||||||||||||||||
U.S. agency residential mortgage-backed | 232,286 | 234,254 | |||||||||||||||||||||||
U.S. agency commercial mortgage-backed | 32,846 | 33,081 | |||||||||||||||||||||||
Private label residential mortgage-backed | 5,992 | 5,820 | |||||||||||||||||||||||
Other asset backed | 95,197 | 95,191 | |||||||||||||||||||||||
Total | $ | 569,308 | $ | 571,762 | |||||||||||||||||||||
Gains and losses realized on sale of securities available for sale | A summary of proceeds from the sale of securities available for sale and gains and losses for the three month periods ending March 31, follows: | ||||||||||||||||||||||||
Proceeds | Realized | Losses | |||||||||||||||||||||||
Gains | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2015 | $ | 11,786 | $ | 75 | $ | - | |||||||||||||||||||
2014 | - | - | - |
Loans_Tables
Loans (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 March 31, follows: | ||||||||||||||||||||||||
Commercial | Mortgage | Installment | Payment | Unallocated | Total | ||||||||||||||||||||
Plan | |||||||||||||||||||||||||
Receivables | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 5,445 | $ | 13,444 | $ | 1,814 | $ | 64 | $ | 5,223 | $ | 25,990 | |||||||||||||
Additions (deductions) | |||||||||||||||||||||||||
Provision for loan losses | 328 | (733 | ) | (85 | ) | (2 | ) | (167 | ) | (659 | ) | ||||||||||||||
Recoveries credited to allowance | 433 | 238 | 319 | - | - | 990 | |||||||||||||||||||
Loans charged against the allowance | (290 | ) | (868 | ) | (484 | ) | - | - | (1,642 | ) | |||||||||||||||
Balance at end of period | $ | 5,916 | $ | 12,081 | $ | 1,564 | $ | 62 | $ | 5,056 | $ | 24,679 | |||||||||||||
2014 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 6,827 | $ | 17,195 | $ | 2,246 | $ | 97 | $ | 5,960 | $ | 32,325 | |||||||||||||
Additions (deductions) | |||||||||||||||||||||||||
Provision for loan losses | 507 | 193 | 176 | (14 | ) | (434 | ) | 428 | |||||||||||||||||
Recoveries credited to allowance | 355 | 458 | 251 | 4 | - | 1,068 | |||||||||||||||||||
Loans charged against the allowance | (1,926 | ) | (846 | ) | (612 | ) | - | - | (3,384 | ) | |||||||||||||||
Balance at end of period | $ | 5,763 | $ | 17,000 | $ | 2,061 | $ | 87 | $ | 5,526 | $ | 30,437 | |||||||||||||
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: | ||||||||||||||||||||||||
Commercial | Mortgage | Installment | Payment | Unallocated | Total | ||||||||||||||||||||
Plan | |||||||||||||||||||||||||
Receivables | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,214 | $ | 8,612 | $ | 654 | $ | - | $ | - | $ | 12,480 | |||||||||||||
Collectively evaluated for impairment | 2,702 | 3,469 | 910 | 62 | 5,056 | 12,199 | |||||||||||||||||||
Total ending allowance balance | $ | 5,916 | $ | 12,081 | $ | 1,564 | $ | 62 | $ | 5,056 | $ | 24,679 | |||||||||||||
Loans | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 32,633 | $ | 70,478 | $ | 6,461 | $ | - | $ | 109,572 | |||||||||||||||
Collectively evaluated for impairment | 679,319 | 397,551 | 202,158 | 38,767 | 1,317,795 | ||||||||||||||||||||
Total loans recorded investment | 711,952 | 468,029 | 208,619 | 38,767 | 1,427,367 | ||||||||||||||||||||
Accrued interest included in recorded investment | 1,629 | 2,122 | 657 | - | 4,408 | ||||||||||||||||||||
Total loans | $ | 710,323 | $ | 465,907 | $ | 207,962 | $ | 38,767 | $ | 1,422,959 | |||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,194 | $ | 9,311 | $ | 728 | $ | - | $ | - | $ | 13,233 | |||||||||||||
Collectively evaluated for impairment | 2,251 | 4,133 | 1,086 | 64 | 5,223 | 12,757 | |||||||||||||||||||
Total ending allowance balance | $ | 5,445 | $ | 13,444 | $ | 1,814 | $ | 64 | $ | 5,223 | $ | 25,990 | |||||||||||||
Loans | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 34,147 | $ | 72,340 | $ | 6,679 | $ | - | $ | 113,166 | |||||||||||||||
Collectively evaluated for impairment | 658,423 | 402,458 | 200,368 | 40,001 | 1,301,250 | ||||||||||||||||||||
Total loans recorded investment | 692,570 | 474,798 | 207,047 | 40,001 | 1,414,416 | ||||||||||||||||||||
Accrued interest included in recorded investment | 1,615 | 2,170 | 669 | - | 4,454 | ||||||||||||||||||||
Total loans | $ | 690,955 | $ | 472,628 | $ | 206,378 | $ | 40,001 | $ | 1,409,962 | |||||||||||||||
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 | Non- | Total Non- | |||||||||||||||||||||||
Still | Accrual | Performing | |||||||||||||||||||||||
Accruing | Loans | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | - | $ | 1,187 | $ | 1,187 | |||||||||||||||||||
Land, land development and construction - real estate | - | 575 | 575 | ||||||||||||||||||||||
Commercial and industrial | 197 | 2,749 | 2,946 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | 6,235 | 6,235 | ||||||||||||||||||||||
Resort lending | - | 1,815 | 1,815 | ||||||||||||||||||||||
Home equity - 1st lien | - | 267 | 267 | ||||||||||||||||||||||
Home equity - 2nd lien | - | 366 | 366 | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | - | 290 | 290 | ||||||||||||||||||||||
Home equity - 2nd lien | - | 528 | 528 | ||||||||||||||||||||||
Loans not secured by real estate | - | 562 | 562 | ||||||||||||||||||||||
Other | - | 8 | 8 | ||||||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | - | 7 | 7 | ||||||||||||||||||||||
Partial refund | - | 1 | 1 | ||||||||||||||||||||||
Other | - | 3 | 3 | ||||||||||||||||||||||
Total recorded investment | $ | 197 | $ | 14,593 | $ | 14,790 | |||||||||||||||||||
Accrued interest included in recorded investment | $ | 3 | $ | - | $ | 3 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | - | $ | 1,233 | $ | 1,233 | |||||||||||||||||||
Land, land development and construction - real estate | - | 594 | 594 | ||||||||||||||||||||||
Commercial and industrial | - | 2,746 | 2,746 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 7 | 5,945 | 5,952 | ||||||||||||||||||||||
Resort lending | - | 2,168 | 2,168 | ||||||||||||||||||||||
Home equity - 1st lien | - | 331 | 331 | ||||||||||||||||||||||
Home equity - 2nd lien | - | 605 | 605 | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | - | 576 | 576 | ||||||||||||||||||||||
Home equity - 2nd lien | - | 517 | 517 | ||||||||||||||||||||||
Loans not secured by real estate | - | 454 | 454 | ||||||||||||||||||||||
Other | - | 48 | 48 | ||||||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | - | 2 | 2 | ||||||||||||||||||||||
Partial refund | - | 12 | 12 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total recorded investment | $ | 7 | $ | 15,231 | $ | 15,238 | |||||||||||||||||||
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) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 268 | $ | - | $ | 214 | $ | 482 | $ | 271,395 | $ | 271,877 | |||||||||||||
Land, land development and construction - real estate | 124 | - | 217 | 341 | 32,150 | 32,491 | |||||||||||||||||||
Commercial and industrial | 288 | 278 | 1,101 | 1,667 | 405,917 | 407,584 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 2,390 | 468 | 6,235 | 9,093 | 267,027 | 276,120 | |||||||||||||||||||
Resort lending | 865 | 283 | 1,815 | 2,963 | 121,834 | 124,797 | |||||||||||||||||||
Home equity - 1st lien | 41 | 113 | 267 | 421 | 20,238 | 20,659 | |||||||||||||||||||
Home equity - 2nd lien | 396 | 111 | 366 | 873 | 45,580 | 46,453 | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 186 | 12 | 290 | 488 | 20,562 | 21,050 | |||||||||||||||||||
Home equity - 2nd lien | 193 | 115 | 528 | 836 | 26,078 | 26,914 | |||||||||||||||||||
Loans not secured by real estate | 355 | 21 | 562 | 938 | 157,516 | 158,454 | |||||||||||||||||||
Other | 1 | 18 | 8 | 27 | 2,174 | 2,201 | |||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | 596 | 113 | 7 | 716 | 23,941 | 24,657 | |||||||||||||||||||
Partial refund | 376 | 63 | 1 | 440 | 8,577 | 9,017 | |||||||||||||||||||
Other | 120 | 22 | 3 | 145 | 4,948 | 5,093 | |||||||||||||||||||
Total recorded investment | $ | 6,199 | $ | 1,617 | $ | 11,614 | $ | 19,430 | $ | 1,407,937 | $ | 1,427,367 | |||||||||||||
Accrued interest included in recorded investment | $ | 50 | $ | 20 | $ | 3 | $ | 73 | $ | 4,335 | $ | 4,408 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 89 | $ | - | $ | 214 | $ | 303 | $ | 252,763 | $ | 253,066 | |||||||||||||
Land, land development and construction - real estate | 131 | - | 223 | 354 | 33,984 | 34,338 | |||||||||||||||||||
Commercial and industrial | 2,391 | 279 | 209 | 2,879 | 402,287 | 405,166 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 1,877 | 1,638 | 5,952 | 9,467 | 269,719 | 279,186 | |||||||||||||||||||
Resort lending | 226 | - | 2,168 | 2,394 | 126,342 | 128,736 | |||||||||||||||||||
Home equity - 1st lien | 39 | 50 | 331 | 420 | 19,782 | 20,202 | |||||||||||||||||||
Home equity - 2nd lien | 711 | 89 | 605 | 1,405 | 45,269 | 46,674 | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 466 | 37 | 576 | 1,079 | 20,995 | 22,074 | |||||||||||||||||||
Home equity - 2nd lien | 369 | 81 | 517 | 967 | 28,125 | 29,092 | |||||||||||||||||||
Loans not secured by real estate | 589 | 231 | 454 | 1,274 | 152,115 | 153,389 | |||||||||||||||||||
Other | 15 | 3 | 48 | 66 | 2,426 | 2,492 | |||||||||||||||||||
Payment plan receivables | |||||||||||||||||||||||||
Full refund | 838 | 214 | 2 | 1,054 | 26,799 | 27,853 | |||||||||||||||||||
Partial refund | 409 | 123 | 12 | 544 | 6,550 | 7,094 | |||||||||||||||||||
Other | 96 | 24 | - | 120 | 4,934 | 5,054 | |||||||||||||||||||
Total recorded investment | $ | 8,246 | $ | 2,769 | $ | 11,311 | $ | 22,326 | $ | 1,392,090 | $ | 1,414,416 | |||||||||||||
Accrued interest included in recorded investment | $ | 55 | $ | 29 | $ | - | $ | 84 | $ | 4,370 | $ | 4,454 | |||||||||||||
Impaired loans | Impaired loans are as follows : | ||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Impaired loans with no allocated allowance | (In thousands) | ||||||||||||||||||||||||
TDR | $ | 9,402 | $ | 9,325 | |||||||||||||||||||||
Non - TDR | 316 | 299 | |||||||||||||||||||||||
Impaired loans with an allocated allowance | |||||||||||||||||||||||||
TDR - allowance based on collateral | 5,184 | 5,879 | |||||||||||||||||||||||
TDR - allowance based on present value cash flow | 91,924 | 94,970 | |||||||||||||||||||||||
Non - TDR - allowance based on collateral | 2,387 | 2,296 | |||||||||||||||||||||||
Non - TDR - allowance based on present value cash flow | - | - | |||||||||||||||||||||||
Total impaired loans | $ | 109,213 | $ | 112,769 | |||||||||||||||||||||
Amount of allowance for loan losses allocated | |||||||||||||||||||||||||
TDR - allowance based on collateral | $ | 1,707 | $ | 2,025 | |||||||||||||||||||||
TDR - allowance based on present value cash flow | 9,704 | 10,188 | |||||||||||||||||||||||
Non - TDR - allowance based on collateral | 1,069 | 1,020 | |||||||||||||||||||||||
Non - TDR - allowance based on present value cash flow | - | - | |||||||||||||||||||||||
Total amount of allowance for loan losses allocated | $ | 12,480 | $ | 13,233 | |||||||||||||||||||||
Impaired loans by class are as follows (1): | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||
With no related allowance recorded: | (In thousands) | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 5,827 | $ | 6,046 | $ | - | $ | 5,868 | $ | 6,077 | $ | - | |||||||||||||
Land, land development & construction-real estate | 1,030 | 1,591 | - | 1,051 | 1,606 | - | |||||||||||||||||||
Commercial and industrial | 2,851 | 2,843 | - | 2,685 | 2,667 | - | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 25 | 66 | - | - | 49 | - | |||||||||||||||||||
Resort lending | 13 | 96 | - | 48 | 397 | - | |||||||||||||||||||
Home equity - 1st lien | - | - | - | - | - | - | |||||||||||||||||||
Home equity - 2nd lien | - | - | - | - | - | - | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | - | 39 | - | - | 40 | - | |||||||||||||||||||
Home equity - 2nd lien | - | - | - | - | - | - | |||||||||||||||||||
Loans not secured by real estate | - | - | - | - | - | - | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
9,746 | 10,681 | - | 9,652 | 10,836 | - | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 12,861 | 13,842 | 733 | 12,836 | 13,797 | 689 | |||||||||||||||||||
Land, land development & construction-real estate | 1,961 | 2,043 | 394 | 3,456 | 3,528 | 499 | |||||||||||||||||||
Commercial and industrial | 8,103 | 8,361 | 2,087 | 8,251 | 8,486 | 2,006 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 51,695 | 54,501 | 5,753 | 53,206 | 56,063 | 6,195 | |||||||||||||||||||
Resort lending | 18,464 | 18,629 | 2,835 | 18,799 | 18,963 | 3,075 | |||||||||||||||||||
Home equity - 1st lien | 161 | 177 | 13 | 162 | 177 | 14 | |||||||||||||||||||
Home equity - 2nd lien | 120 | 202 | 11 | 125 | 205 | 27 | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 2,637 | 2,864 | 179 | 2,744 | 2,930 | 219 | |||||||||||||||||||
Home equity - 2nd lien | 3,136 | 3,145 | 425 | 3,212 | 3,215 | 419 | |||||||||||||||||||
Loans not secured by real estate | 677 | 784 | 49 | 711 | 835 | 89 | |||||||||||||||||||
Other | 11 | 11 | 1 | 12 | 12 | 1 | |||||||||||||||||||
99,826 | 104,559 | 12,480 | 103,514 | 108,211 | 13,233 | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 18,688 | 19,888 | 733 | 18,704 | 19,874 | 689 | |||||||||||||||||||
Land, land development & construction-real estate | 2,991 | 3,634 | 394 | 4,507 | 5,134 | 499 | |||||||||||||||||||
Commercial and industrial | 10,954 | 11,204 | 2,087 | 10,936 | 11,153 | 2,006 | |||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 51,720 | 54,567 | 5,753 | 53,206 | 56,112 | 6,195 | |||||||||||||||||||
Resort lending | 18,477 | 18,725 | 2,835 | 18,847 | 19,360 | 3,075 | |||||||||||||||||||
Home equity - 1st lien | 161 | 177 | 13 | 162 | 177 | 14 | |||||||||||||||||||
Home equity - 2nd lien | 120 | 202 | 11 | 125 | 205 | 27 | |||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 2,637 | 2,903 | 179 | 2,744 | 2,970 | 219 | |||||||||||||||||||
Home equity - 2nd lien | 3,136 | 3,145 | 425 | 3,212 | 3,215 | 419 | |||||||||||||||||||
Loans not secured by real estate | 677 | 784 | 49 | 711 | 835 | 89 | |||||||||||||||||||
Other | 11 | 11 | 1 | 12 | 12 | 1 | |||||||||||||||||||
Total | $ | 109,572 | $ | 115,240 | $ | 12,480 | $ | 113,166 | $ | 119,047 | $ | 13,233 | |||||||||||||
Accrued interest included in recorded investment | $ | 359 | $ | 397 | |||||||||||||||||||||
-1 | There were no impaired payment plan receivables at March 31, 2015 or December 31, 2014. | ||||||||||||||||||||||||
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 March 31, follows (1): | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | (In thousands) | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | $ | 5,848 | $ | 53 | $ | 7,963 | $ | 175 | |||||||||||||||||
Land, land development & construction-real estate | 1,041 | 34 | 1,478 | 43 | |||||||||||||||||||||
Commercial and industrial | 2,768 | 37 | 3,638 | 93 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 13 | - | 8 | - | |||||||||||||||||||||
Resort lending | 31 | - | 35 | - | |||||||||||||||||||||
Home equity - 1st lien | - | - | - | - | |||||||||||||||||||||
Home equity - 2nd lien | - | - | - | - | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | - | - | - | - | |||||||||||||||||||||
Home equity - 2nd lien | - | - | - | - | |||||||||||||||||||||
Loans not secured by real estate | - | - | - | - | |||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||
9,701 | 124 | 13,122 | 311 | ||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 12,849 | 157 | 14,026 | 66 | |||||||||||||||||||||
Land, land development & construction-real estate | 2,709 | 14 | 4,027 | 12 | |||||||||||||||||||||
Commercial and industrial | 8,177 | 66 | 9,188 | 26 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 52,451 | 551 | 57,457 | 630 | |||||||||||||||||||||
Resort lending | 18,632 | 171 | 19,896 | 191 | |||||||||||||||||||||
Home equity - 1st lien | 162 | 2 | 154 | 1 | |||||||||||||||||||||
Home equity - 2nd lien | 123 | 2 | 42 | 1 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 2,691 | 50 | 2,920 | 45 | |||||||||||||||||||||
Home equity - 2nd lien | 3,174 | 51 | 3,418 | 49 | |||||||||||||||||||||
Loans not secured by real estate | 694 | 10 | 744 | 10 | |||||||||||||||||||||
Other | 12 | - | 16 | - | |||||||||||||||||||||
101,674 | 1,074 | 111,888 | 1,031 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 18,697 | 210 | 21,989 | 241 | |||||||||||||||||||||
Land, land development & construction-real estate | 3,750 | 48 | 5,505 | 55 | |||||||||||||||||||||
Commercial and industrial | 10,945 | 103 | 12,826 | 119 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 52,464 | 551 | 57,465 | 630 | |||||||||||||||||||||
Resort lending | 18,663 | 171 | 19,931 | 191 | |||||||||||||||||||||
Home equity - 1st lien | 162 | 2 | 154 | 1 | |||||||||||||||||||||
Home equity - 2nd lien | 123 | 2 | 42 | 1 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 2,691 | 50 | 2,920 | 45 | |||||||||||||||||||||
Home equity - 2nd lien | 3,174 | 51 | 3,418 | 49 | |||||||||||||||||||||
Loans not secured by real estate | 694 | 10 | 744 | 10 | |||||||||||||||||||||
Other | 12 | - | 16 | - | |||||||||||||||||||||
Total | $ | 111,375 | $ | 1,198 | $ | 125,010 | $ | 1,342 | |||||||||||||||||
-1 | There were no impaired payment plan receivables during the three month periods ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||
Troubled debt restructurings | Troubled debt restructurings follow: | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Commercial | Retail | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Performing TDRs | $ | 27,904 | $ | 71,477 | $ | 99,381 | |||||||||||||||||||
Non-performing TDRs(1) | 1,935 | 5,194 | (2) | 7,129 | |||||||||||||||||||||
Total | $ | 29,839 | $ | 76,671 | $ | 106,510 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Commercial | Retail | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Performing TDRs | $ | 29,475 | $ | 73,496 | $ | 102,971 | |||||||||||||||||||
Non-performing TDRs(1) | 1,978 | 5,225 | (2) | 7,203 | |||||||||||||||||||||
Total | $ | 31,453 | $ | 78,721 | $ | 110,174 | |||||||||||||||||||
-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 March 31 follow: | ||||||||||||||||||||||||
Number of | Pre-modification | Post-modification | |||||||||||||||||||||||
Contracts | Recorded Balance | Recorded | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 1 | $ | 156 | $ | 164 | ||||||||||||||||||||
Land, land development & construction-real estate | - | - | - | ||||||||||||||||||||||
Commercial and industrial | 2 | 236 | 234 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 5 | 1,005 | 805 | ||||||||||||||||||||||
Resort lending | - | - | - | ||||||||||||||||||||||
Home equity - 1st lien | - | - | - | ||||||||||||||||||||||
Home equity - 2nd lien | - | - | - | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 4 | 167 | 140 | ||||||||||||||||||||||
Home equity - 2nd lien | - | - | - | ||||||||||||||||||||||
Loans not secured by real estate | - | - | - | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total | 12 | $ | 1,564 | $ | 1,343 | ||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 2 | $ | 213 | $ | 210 | ||||||||||||||||||||
Land, land development & construction-real estate | - | - | - | ||||||||||||||||||||||
Commercial and industrial | 4 | 190 | 189 | ||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | 4 | 724 | 739 | ||||||||||||||||||||||
Resort lending | 2 | 294 | 293 | ||||||||||||||||||||||
Home equity - 1st lien | - | - | - | ||||||||||||||||||||||
Home equity - 2nd lien | - | - | - | ||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 3 | 106 | 78 | ||||||||||||||||||||||
Home equity - 2nd lien | 3 | 221 | 220 | ||||||||||||||||||||||
Loans not secured by real estate | 2 | 33 | 29 | ||||||||||||||||||||||
Other | - | - | - | ||||||||||||||||||||||
Total | 20 | $ | 1,781 | $ | 1,758 | ||||||||||||||||||||
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 March 31 follow: | ||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||
Contracts | Balance | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | - | $ | - | ||||||||||||||||||||||
Land, land development & construction-real estate | - | - | |||||||||||||||||||||||
Commercial and industrial | 1 | 91 | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | - | |||||||||||||||||||||||
Resort lending | - | - | |||||||||||||||||||||||
Home equity - 1st lien | - | - | |||||||||||||||||||||||
Home equity - 2nd lien | - | - | |||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | - | - | |||||||||||||||||||||||
Home equity - 2nd lien | - | - | |||||||||||||||||||||||
Loans not secured by real estate | - | - | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
1 | $ | 91 | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | - | $ | - | ||||||||||||||||||||||
Land, land development & construction-real estate | - | - | |||||||||||||||||||||||
Commercial and industrial | - | - | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 family | - | - | |||||||||||||||||||||||
Resort lending | - | - | |||||||||||||||||||||||
Home equity - 1st lien | - | - | |||||||||||||||||||||||
Home equity - 2nd lien | - | - | |||||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | - | - | |||||||||||||||||||||||
Home equity - 2nd lien | - | - | |||||||||||||||||||||||
Loans not secured by real estate | - | - | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
- | $ | - | |||||||||||||||||||||||
Summary of loan ratings by loan class | The following table summarizes loan ratings by loan class for our commercial loan segment: | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Non-watch | Watch | Substandard | Non- | Total | |||||||||||||||||||||
6-Jan | 8-Jul | Accrual | Accrual | ||||||||||||||||||||||
9 | 11-Oct | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Income producing - real estate | $ | 260,434 | $ | 8,304 | $ | 1,952 | $ | 1,187 | $ | 271,877 | |||||||||||||||
Land, land development and construction - real estate | 29,394 | 2,268 | 255 | 574 | 32,491 | ||||||||||||||||||||
Commercial and industrial | 373,166 | 26,594 | 5,074 | 2,750 | 407,584 | ||||||||||||||||||||
Total | $ | 662,994 | $ | 37,166 | $ | 7,281 | $ | 4,511 | $ | 711,952 | |||||||||||||||
Accrued interest included in total | $ | 1,491 | $ | 113 | $ | 25 | $ | - | $ | 1,629 | |||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Income producing - real estate | $ | 241,266 | $ | 8,649 | $ | 1,918 | $ | 1,233 | $ | 253,066 | |||||||||||||||
Land, land development and construction - real estate | 30,869 | 2,485 | 390 | 594 | 34,338 | ||||||||||||||||||||
Commercial and industrial | 372,947 | 23,475 | 5,998 | 2,746 | 405,166 | ||||||||||||||||||||
Total | $ | 645,082 | $ | 34,609 | $ | 8,306 | $ | 4,573 | $ | 692,570 | |||||||||||||||
Accrued interest included in total | $ | 1,479 | $ | 111 | $ | 25 | $ | - | $ | 1,615 | |||||||||||||||
The following tables summarize credit scores by loan class for our mortgage and installment loan segments: | |||||||||||||||||||||||||
Mortgage (1) | |||||||||||||||||||||||||
1-4 Family | Resort | Home | Home | Total | |||||||||||||||||||||
Lending | Equity | Equity | |||||||||||||||||||||||
1st Lien | 2nd Lien | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
800 and above | $ | 26,878 | $ | 14,188 | $ | 3,995 | $ | 5,937 | $ | 50,998 | |||||||||||||||
750-799 | 71,729 | 44,161 | 6,102 | 14,865 | 136,857 | ||||||||||||||||||||
700-749 | 52,139 | 31,539 | 3,307 | 9,958 | 96,943 | ||||||||||||||||||||
650-699 | 51,460 | 19,931 | 3,408 | 8,144 | 82,943 | ||||||||||||||||||||
600-649 | 27,520 | 6,295 | 1,716 | 3,768 | 39,299 | ||||||||||||||||||||
550-599 | 20,748 | 3,529 | 1,016 | 1,676 | 26,969 | ||||||||||||||||||||
500-549 | 14,367 | 2,117 | 603 | 1,286 | 18,373 | ||||||||||||||||||||
Under 500 | 6,207 | 873 | 269 | 627 | 7,976 | ||||||||||||||||||||
Unknown | 5,072 | 2,164 | 243 | 192 | 7,671 | ||||||||||||||||||||
Total | $ | 276,120 | $ | 124,797 | $ | 20,659 | $ | 46,453 | $ | 468,029 | |||||||||||||||
Accrued interest included in total | $ | 1,293 | $ | 540 | $ | 91 | $ | 198 | $ | 2,122 | |||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
800 and above | $ | 27,918 | $ | 14,484 | $ | 3,863 | $ | 6,225 | $ | 52,490 | |||||||||||||||
750-799 | 72,674 | 45,950 | 6,128 | 14,323 | 139,075 | ||||||||||||||||||||
700-749 | 52,843 | 32,660 | 3,054 | 9,642 | 98,199 | ||||||||||||||||||||
650-699 | 51,664 | 20,250 | 3,257 | 8,194 | 83,365 | ||||||||||||||||||||
600-649 | 27,770 | 6,538 | 1,704 | 3,862 | 39,874 | ||||||||||||||||||||
550-599 | 21,361 | 3,639 | 994 | 1,721 | 27,715 | ||||||||||||||||||||
500-549 | 14,575 | 2,156 | 699 | 1,401 | 18,831 | ||||||||||||||||||||
Under 500 | 6,306 | 875 | 261 | 632 | 8,074 | ||||||||||||||||||||
Unknown | 4,075 | 2,184 | 242 | 674 | 7,175 | ||||||||||||||||||||
Total | $ | 279,186 | $ | 128,736 | $ | 20,202 | $ | 46,674 | $ | 474,798 | |||||||||||||||
Accrued interest included in total | $ | 1,311 | $ | 562 | $ | 88 | $ | 209 | $ | 2,170 | |||||||||||||||
-1 | Credit scores have been updated within the last twelve months. | ||||||||||||||||||||||||
Installment(1) | |||||||||||||||||||||||||
Home | Home | Loans not | Other | Total | |||||||||||||||||||||
Equity | Equity | Secured by | |||||||||||||||||||||||
1st Lien | 2nd Lien | Real Estate | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
800 and above | $ | 2,108 | $ | 2,653 | $ | 32,402 | $ | 60 | $ | 37,223 | |||||||||||||||
750-799 | 5,471 | 7,843 | 70,089 | 491 | 83,894 | ||||||||||||||||||||
700-749 | 2,960 | 5,712 | 29,787 | 620 | 39,079 | ||||||||||||||||||||
650-699 | 3,801 | 5,135 | 15,699 | 529 | 25,164 | ||||||||||||||||||||
600-649 | 3,276 | 2,281 | 4,755 | 236 | 10,548 | ||||||||||||||||||||
550-599 | 1,942 | 1,864 | 1,703 | 128 | 5,637 | ||||||||||||||||||||
500-549 | 1,040 | 981 | 1,503 | 77 | 3,601 | ||||||||||||||||||||
Under 500 | 385 | 408 | 408 | 27 | 1,228 | ||||||||||||||||||||
Unknown | 67 | 37 | 2,108 | 33 | 2,245 | ||||||||||||||||||||
Total | $ | 21,050 | $ | 26,914 | $ | 158,454 | $ | 2,201 | $ | 208,619 | |||||||||||||||
Accrued interest included in total | $ | 84 | $ | 100 | $ | 456 | $ | 17 | $ | 657 | |||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
800 and above | $ | 2,272 | $ | 2,835 | $ | 31,507 | $ | 60 | $ | 36,674 | |||||||||||||||
750-799 | 5,677 | 8,557 | 66,558 | 583 | 81,375 | ||||||||||||||||||||
700-749 | 3,111 | 6,358 | 28,179 | 689 | 38,337 | ||||||||||||||||||||
650-699 | 3,963 | 5,477 | 16,152 | 615 | 26,207 | ||||||||||||||||||||
600-649 | 3,434 | 2,408 | 5,128 | 255 | 11,225 | ||||||||||||||||||||
550-599 | 2,019 | 1,913 | 1,896 | 134 | 5,962 | ||||||||||||||||||||
500-549 | 1,128 | 1,036 | 1,672 | 84 | 3,920 | ||||||||||||||||||||
Under 500 | 393 | 427 | 455 | 28 | 1,303 | ||||||||||||||||||||
Unknown | 77 | 81 | 1,842 | 44 | 2,044 | ||||||||||||||||||||
Total | $ | 22,074 | $ | 29,092 | $ | 153,389 | $ | 2,492 | $ | 207,047 | |||||||||||||||
Accrued interest included in total | $ | 93 | $ | 112 | $ | 445 | $ | 19 | $ | 669 | |||||||||||||||
-1 | Credit scores have been updated within the last twelve months. | ||||||||||||||||||||||||
The following table summarizes credit ratings of insurer or risk retention group counterparties by class of payment plan receivable: | |||||||||||||||||||||||||
Payment Plan Receivables | |||||||||||||||||||||||||
Full | Partial | Other | Total | ||||||||||||||||||||||
Refund | Refund | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
AM Best rating | |||||||||||||||||||||||||
A+ | $ | - | $ | 28 | $ | - | $ | 28 | |||||||||||||||||
A | 6,710 | 8,163 | - | 14,873 | |||||||||||||||||||||
A- | 2,354 | 687 | 5,093 | 8,134 | |||||||||||||||||||||
Not rated | 15,593 | 139 | - | 15,732 | |||||||||||||||||||||
Total | $ | 24,657 | $ | 9,017 | $ | 5,093 | $ | 38,767 | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
AM Best rating | |||||||||||||||||||||||||
A+ | $ | - | $ | 43 | $ | - | $ | 43 | |||||||||||||||||
A | 10,007 | 6,190 | - | 16,197 | |||||||||||||||||||||
A- | 1,989 | 685 | 5,054 | 7,728 | |||||||||||||||||||||
Not rated | 15,857 | 176 | - | 16,033 | |||||||||||||||||||||
Total | $ | 27,853 | $ | 7,094 | $ | 5,054 | $ | 40,001 | |||||||||||||||||
Segments_Tables
Segments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segments [Abstract] | |||||||||||||||||||||
Summary of selected financial information for reportable segments | A summary of selected financial information for our reportable segments follows: | ||||||||||||||||||||
IB | Mepco | Other(1) | Elimination(2) | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Total assets | |||||||||||||||||||||
31-Mar-15 | $ | 2,256,469 | $ | 61,891 | $ | 289,132 | $ | (278,196 | ) | $ | 2,329,296 | ||||||||||
31-Dec-14 | 2,174,536 | 63,378 | 286,158 | (275,342 | ) | 2,248,730 | |||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||
2015 | |||||||||||||||||||||
Interest income | $ | 18,221 | $ | 1,331 | $ | 20 | $ | (20 | ) | $ | 19,552 | ||||||||||
Net interest income | 17,183 | 1,135 | (227 | ) | - | 18,091 | |||||||||||||||
Provision for loan losses | (656 | ) | (3 | ) | - | - | (659 | ) | |||||||||||||
Income (loss) before income tax | 6,259 | (291 | ) | (383 | ) | (24 | ) | 5,561 | |||||||||||||
Net income (loss) | 4,233 | (192 | ) | (244 | ) | (16 | ) | 3,781 | |||||||||||||
2014 | |||||||||||||||||||||
Interest income | $ | 18,198 | $ | 2,085 | $ | - | $ | - | $ | 20,283 | |||||||||||
Net interest income | 17,083 | 1,682 | (287 | ) | - | 18,478 | |||||||||||||||
Provision for loan losses | 443 | (15 | ) | - | - | 428 | |||||||||||||||
Income (loss) before income tax | 4,678 | 356 | (405 | ) | (24 | ) | 4,605 | ||||||||||||||
Net income (loss) | 3,182 | 243 | (263 | ) | (24 | ) | 3,138 | ||||||||||||||
-1 | Includes amounts relating to our parent company and certain insignificant operations. | ||||||||||||||||||||
-2 | Includes parent company's investment in subsidiaries and cash balances maintained at subsidiary. |
Shareholders_Equity_and_Earnin1
Shareholders' Equity and Earnings Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Shareholders' Equity and Earnings Per Common Share [Abstract] | |||||||||
Reconciliation of basic and diluted net income per share | A reconciliation of basic and diluted net income per common share follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net income | $ | 3,781 | $ | 3,138 | |||||
Weighted average shares outstanding (1) | 22,997 | 22,888 | |||||||
Restricted stock units | 309 | 304 | |||||||
Effect of stock options | 121 | 124 | |||||||
Stock units for deferred compensation plan for non-employee directors | 111 | 120 | |||||||
Weighted average shares outstanding for calculation of diluted earnings per share | 23,538 | 23,436 | |||||||
Net income per common share | |||||||||
Basic (1) | $ | 0.16 | $ | 0.14 | |||||
Diluted | $ | 0.16 | $ | 0.13 | |||||
-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) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||
Notional | Average | Fair | |||||||||||||||||||||||||
Amount | Maturity | Value | |||||||||||||||||||||||||
(years) | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
No hedge designation | |||||||||||||||||||||||||||
Rate-lock mortgage loan commitments | $ | 28,413 | 0.1 | $ | 825 | ||||||||||||||||||||||
Mandatory commitments to sell mortgage loans | 59,126 | 0.1 | (223 | ) | |||||||||||||||||||||||
Pay-fixed interest rate swap agreements | 15,482 | 7.1 | (443 | ) | |||||||||||||||||||||||
Pay-variable interest rate swap agreements | 15,482 | 7.1 | 443 | ||||||||||||||||||||||||
Total | $ | 118,503 | 1.9 | $ | 602 | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||
Notional | Average | Fair | |||||||||||||||||||||||||
Amount | Maturity | Value | |||||||||||||||||||||||||
(years) | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
No hedge designation | |||||||||||||||||||||||||||
Rate-lock mortgage loan commitments | $ | 16,759 | 0.1 | $ | 437 | ||||||||||||||||||||||
Mandatory commitments to sell mortgage loans | 38,600 | 0.1 | (184 | ) | |||||||||||||||||||||||
Pay-fixed interest rate swap agreements | 3,300 | 9.4 | (182 | ) | |||||||||||||||||||||||
Pay-variable interest rate swap agreements | 3,300 | 9.4 | 182 | ||||||||||||||||||||||||
Total | $ | 61,959 | 1.1 | $ | 253 | ||||||||||||||||||||||
Fair value of derivative instruments | Fair Values of Derivative Instruments | ||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||
Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | ||||||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | ||||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||
Rate-lock mortgage loan commitments | Other assets | $ | 825 | Other assets | $ | 437 | Other liabilities | $ | - | Other liabilities | $ | - | |||||||||||||||
Mandatory commitments to sell mortgage loans | Other assets | - | Other assets | - | Other liabilities | 223 | Other liabilities | 184 | |||||||||||||||||||
Pay-fixed interest rate swap agreements | Other assets | - | Other assets | - | Other liabilities | 443 | Other liabilities | 182 | |||||||||||||||||||
Pay-variable interest rate swap agreements | Other assets | 443 | Other assets | 182 | Other liabilities | - | Other liabilities | - | |||||||||||||||||||
Total derivatives | $ | 1,268 | $ | 619 | $ | 666 | $ | 366 | |||||||||||||||||||
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 March 31, | |||||||||||||||||||||||||||
Gain (Loss) | Location of | Gain (Loss) | Location of | Gain (Loss) | |||||||||||||||||||||||
Recognized in Other | Gain (Loss) | Reclassified from | Gain (Loss) | Recognized | |||||||||||||||||||||||
Comprehensive | Reclassified | Accumulated Other | Recognized | in Income | |||||||||||||||||||||||
Income (Loss) | from | Comprehensive | in Income (1) | ||||||||||||||||||||||||
(Effective Portion) | Accumulated | Loss into Income | |||||||||||||||||||||||||
Other | (Effective Portion) | ||||||||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||||||
Income into | |||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||
(Effective | |||||||||||||||||||||||||||
2015 | 2014 | Portion) | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||
Pay-fixed interest rate swap agreements (2) | $ | - | $ | - | Interest expense | $ | - | $ | (95 | ) | $ | - | $ | - | |||||||||||||
Total | $ | - | $ | - | $ | - | $ | (95 | ) | $ | - | $ | - | ||||||||||||||
No hedge designation | |||||||||||||||||||||||||||
Rate-lock mortgage loan commitments | Net mortgage loan gains | $ | 388 | $ | (14 | ) | |||||||||||||||||||||
Mandatory commitments to sell mortgage loans | Net mortgage loan gains | (39 | ) | (83 | ) | ||||||||||||||||||||||
Pay-fixed interest rate swap agreements | Interest income | (261 | ) | - | |||||||||||||||||||||||
Pay-variable interest rate swap agreements | Interest income | 261 | - | ||||||||||||||||||||||||
Total | $ | 349 | $ | (97 | ) | ||||||||||||||||||||||
-1 | For cash flow hedges, this location and amount refers to the ineffective portion. | ||||||||||||||||||||||||||
-2 | Relates to a terminated pay-fixed interest rate swap whose termination fee was included in accumulated other comprehensive income and was being amortized into earnings through December 31, 2014. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Intangible Assets [Abstract] | |||||||||||||||||
Other intangible assets, net of amortization | The following table summarizes intangible assets, net of amortization: | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Amortized intangible assets - core deposits | $ | 6,118 | $ | 3,578 | $ | 6,118 | $ | 3,491 | |||||||||
Estimated amortization of other intangible assets | Amortization of other intangibles has been estimated through 2020 and thereafter in the following table. | ||||||||||||||||
(In thousands) | |||||||||||||||||
Nine months ending December 31, 2015 | $ | 260 | |||||||||||||||
2016 | 347 | ||||||||||||||||
2017 | 346 | ||||||||||||||||
2018 | 346 | ||||||||||||||||
2019 | 346 | ||||||||||||||||
2020 and thereafter | 895 | ||||||||||||||||
Total | $ | 2,540 |
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Share Based Compensation [Abstract] | |||||||||||||||||
Summary of outstanding stock option grants and transactions | A summary of outstanding stock option grants and related transactions follows: | ||||||||||||||||
Number of | Average | Weighted- | Aggregated | ||||||||||||||
Shares | Exercise | Average | Intrinsic | ||||||||||||||
Price | Remaining | Value | |||||||||||||||
Contractual | |||||||||||||||||
Term (Years) | |||||||||||||||||
(In thousands) | |||||||||||||||||
Outstanding at January 1, 2015 | 281,820 | $ | 4.69 | ||||||||||||||
Granted | - | ||||||||||||||||
Exercised | (5,764 | ) | 2.65 | ||||||||||||||
Forfeited | (1,132 | ) | 4.89 | ||||||||||||||
Expired | (167 | ) | 6.42 | ||||||||||||||
Outstanding at March 31, 2015 | 274,757 | $ | 4.73 | 6.87 | $ | 2,306 | |||||||||||
Vested and expected to vest at March 31, 2015 | 271,678 | $ | 4.73 | 6.85 | $ | 2,283 | |||||||||||
Exercisable at March 31, 2015 | 195,452 | $ | 4.68 | 6.46 | $ | 1,675 | |||||||||||
Summary of non-vested restricted stock, restricted stock units and PSU's | A summary of outstanding non-vested restricted stock, restricted stock units and PSUs and related transactions follows: | ||||||||||||||||
Number | Weighted- | ||||||||||||||||
of Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at January 1, 2015 | 407,130 | $ | 6.31 | ||||||||||||||
Granted | 105,757 | 13.04 | |||||||||||||||
Vested | (22,119 | ) | 12.78 | ||||||||||||||
Forfeited | (2,198 | ) | 13.05 | ||||||||||||||
Outstanding at March 31, 2015 | 488,570 | $ | 7.45 | ||||||||||||||
Information regarding options exercised | Certain information regarding options exercised during the periods follows: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Intrinsic value | $ | 56 | $ | 15 | |||||||||||||
Cash proceeds received | $ | 15 | $ | 10 | |||||||||||||
Tax benefit realized | $ | 20 | $ | 5 |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Regulatory Matters [Abstract] | |||||||||||||||||||||||||
Actual capital amounts and ratios | Our actual capital amounts and ratios follow: | ||||||||||||||||||||||||
Actual | Minimum for | Minimum for | |||||||||||||||||||||||
Adequately Capitalized | Well-Capitalized | ||||||||||||||||||||||||
Institutions | Institutions | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 271,391 | 17.28 | % | $ | 125,611 | 8 | % | NA | NA | |||||||||||||||
Independent Bank | 237,073 | 15.12 | 125,456 | 8 | $ | 156,820 | 10 | % | |||||||||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 251,443 | 16.01 | % | $ | 94,208 | 6 | % | NA | NA | |||||||||||||||
Independent Bank | 217,216 | 13.85 | 94,092 | 6 | $ | 125,456 | 8 | % | |||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 237,386 | 15.12 | % | $ | 62,806 | 4.5 | % | NA | NA | |||||||||||||||
Independent Bank | 217,216 | 13.85 | 70,569 | 4.5 | $ | 101,933 | 6.5 | % | |||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||
Consolidated | $ | 251,443 | 11.22 | % | $ | 89,647 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 217,216 | 9.7 | 89,576 | 4 | $ | 111,970 | 5 | % | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 265,163 | 18.06 | % | $ | 117,427 | 8 | % | NA | NA | |||||||||||||||
Independent Bank | 247,883 | 16.9 | 117,374 | 8 | $ | 146,718 | 10 | % | |||||||||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 246,628 | 16.8 | % | $ | 58,714 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 229,361 | 15.63 | 58,687 | 4 | $ | 88,031 | 6 | % | |||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||
Consolidated | $ | 246,628 | 11.18 | % | $ | 88,206 | 4 | % | NA | NA | |||||||||||||||
Independent Bank | 229,361 | 10.46 | 87,687 | 4 | $ | 109,609 | 5 | % | |||||||||||||||||
NA - Not applicable | |||||||||||||||||||||||||
Components of regulatory capital | The components of our regulatory capital are as follows: | ||||||||||||||||||||||||
Consolidated | Independent Bank | ||||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Total shareholders' equity | $ | 253,625 | $ | 250,371 | $ | 244,807 | $ | 257,832 | |||||||||||||||||
Add (deduct) | |||||||||||||||||||||||||
Accumulated other comprehensive (gain) loss for regulatory purposes | (1,596 | ) | 5,636 | (1,596 | ) | 5,636 | |||||||||||||||||||
Intangible assets | (1,016 | ) | (2,627 | ) | (1,016 | ) | (2,627 | ) | |||||||||||||||||
Disallowed deferred tax assets | (13,627 | ) | (40,500 | ) | (24,979 | ) | (30,728 | ) | |||||||||||||||||
Disallowed capitalized mortgage loan servicing rights | - | (752 | ) | - | (752 | ) | |||||||||||||||||||
Common equity tier 1 capital | 237,386 | 212,128 | 217,216 | 229,361 | |||||||||||||||||||||
Qualifying trust preferred securities | 34,500 | 34,500 | - | - | |||||||||||||||||||||
Disallowed deferred tax assets | (20,443 | ) | - | - | - | ||||||||||||||||||||
Tier 1 capital | 251,443 | 246,628 | 217,216 | 229,361 | |||||||||||||||||||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 19,948 | 18,535 | 19,857 | 18,522 | |||||||||||||||||||||
Total risk-based capital | $ | 271,391 | $ | 265,163 | $ | 237,073 | $ | 247,883 |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Fair Value | Quoted | Significant | Significant | ||||||||||||||||||||||
Measure- | Prices | Other | Un- | ||||||||||||||||||||||
ments | in Active | Observable | observable | ||||||||||||||||||||||
Markets | Inputs | Inputs | |||||||||||||||||||||||
for | (Level 2) | (Level 3) | |||||||||||||||||||||||
Identical | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Trading securities | $ | 213 | $ | 213 | $ | - | $ | - | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||
U.S. agency | 35,529 | - | 35,529 | - | |||||||||||||||||||||
U.S. agency residential mortgage-backed | 234,254 | - | 234,254 | - | |||||||||||||||||||||
U.S. agency commercial mortgage-backed | 33,081 | - | 33,081 | - | |||||||||||||||||||||
Private label residential mortgage-backed | 5,820 | - | 5,820 | - | |||||||||||||||||||||
Other asset backed | 95,191 | - | 95,191 | - | |||||||||||||||||||||
Obligations of states and political subdivisions | 142,788 | - | 142,788 | - | |||||||||||||||||||||
Corporate | 22,661 | - | 22,661 | - | |||||||||||||||||||||
Trust preferred | 2,438 | - | 2,438 | - | |||||||||||||||||||||
Loans held for sale | 30,932 | - | 30,932 | - | |||||||||||||||||||||
Derivatives (1) | 1,268 | - | 1,268 | - | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivatives (2) | 666 | - | 666 | - | |||||||||||||||||||||
Measured at Fair Value on a Non-recurring basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights (3) | 8,129 | - | - | 8,129 | |||||||||||||||||||||
Impaired loans (4) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 786 | - | - | 786 | |||||||||||||||||||||
Land, land development & construction-real estate | 142 | - | - | 142 | |||||||||||||||||||||
Commercial and industrial | 2,511 | - | - | 2,511 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 1,217 | - | - | 1,217 | |||||||||||||||||||||
Resort Lending | 139 | - | - | 139 | |||||||||||||||||||||
Other real estate (5) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Land, land development & construction-real estate | 677 | - | - | 677 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 102 | - | - | 102 | |||||||||||||||||||||
Resort Lending | 427 | - | - | 427 | |||||||||||||||||||||
-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 | |||||||||||||||||||||||||
Fair Value | Quoted | Significant | Significant | ||||||||||||||||||||||
Measure- | Prices | Other | Un- | ||||||||||||||||||||||
ments | in Active | Observable | observable | ||||||||||||||||||||||
Markets | Inputs | Inputs | |||||||||||||||||||||||
for | (Level 2) | (Level 3) | |||||||||||||||||||||||
Identical | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Trading securities | $ | 203 | $ | 203 | $ | - | $ | - | |||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||
U.S. agency | 35,006 | - | 35,006 | - | |||||||||||||||||||||
U.S. agency residential mortgage-backed | 257,558 | - | 257,558 | - | |||||||||||||||||||||
U.S. agency commercial mortgage-backed | 33,728 | - | 33,728 | - | |||||||||||||||||||||
Private label residential mortgage-backed | 6,013 | - | 6,013 | - | |||||||||||||||||||||
Other asset backed | 32,353 | - | 32,353 | - | |||||||||||||||||||||
Obligations of states and political subdivisions | 143,415 | - | 143,415 | - | |||||||||||||||||||||
Corporate | 22,664 | - | 22,664 | - | |||||||||||||||||||||
Trust preferred | 2,441 | - | 2,441 | - | |||||||||||||||||||||
Loans held for sale | 23,662 | - | 23,662 | - | |||||||||||||||||||||
Derivatives (1) | 619 | - | 619 | - | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivatives (2) | 366 | - | 366 | - | |||||||||||||||||||||
Measured at Fair Value on a Non-recurring basis: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights (3) | 9,197 | - | - | 9,197 | |||||||||||||||||||||
Impaired loans (4) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 869 | - | - | 869 | |||||||||||||||||||||
Land, land development & construction-real estate | 354 | - | - | 354 | |||||||||||||||||||||
Commercial and industrial | 2,601 | - | - | 2,601 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 1,306 | - | - | 1,306 | |||||||||||||||||||||
Other real estate (5) | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Income producing - real estate | 479 | - | - | 479 | |||||||||||||||||||||
Land, land development & construction-real estate | 737 | - | - | 737 | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||
1-4 Family | 102 | - | - | 102 | |||||||||||||||||||||
Resort Lending | 575 | - | - | 575 | |||||||||||||||||||||
Installment | |||||||||||||||||||||||||
Home equity - 1st lien | 13 | - | - | 13 | |||||||||||||||||||||
-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 Three-Month | |||||||||||||||||||||||||
Periods Ended March 31 for Items Measured at | |||||||||||||||||||||||||
Fair Value Pursuant to Election of the Fair Value Option | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Net Gains (Losses) | Total | Net Gains (Losses) | Total | ||||||||||||||||||||||
on Assets | Change | on Assets | Change | ||||||||||||||||||||||
in Fair | in Fair | ||||||||||||||||||||||||
Values | Values | ||||||||||||||||||||||||
Included | Included | ||||||||||||||||||||||||
in Current | in Current | ||||||||||||||||||||||||
Period | Period | ||||||||||||||||||||||||
Securities | Loans | Earnings | Securities | Loans | Earnings | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trading securities | $ | 10 | $ | - | $ | 10 | $ | 112 | $ | - | $ | 112 | |||||||||||||
Loans held for sale | - | 209 | 209 | - | 30 | 30 | |||||||||||||||||||
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 | Valuation | Unobservable | Weighted | ||||||||||||||||||||||
(Liability) | Technique | Inputs | Average | ||||||||||||||||||||||
Fair | |||||||||||||||||||||||||
Value | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights | $ | 8,129 | Present value of net servicing revenue | Discount rate | 10.02 | % | |||||||||||||||||||
Cost to service | $ | 80 | |||||||||||||||||||||||
Ancillary income | 25 | ||||||||||||||||||||||||
Float rate | 1.53 | % | |||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||
Commercial (1) | 2,406 | Sales comparison approach | Adjustment for differences between comparable sales | (3.7 | )% | ||||||||||||||||||||
Income approach | Capitalization rate | 9.3 | |||||||||||||||||||||||
Mortgage | 1,356 | Sales comparison approach | Adjustment for differences between comparable sales | 9.1 | |||||||||||||||||||||
Other real estate | |||||||||||||||||||||||||
Commercial | 677 | Sales comparison approach | Adjustment for differences between comparable sales | (5.3 | ) | ||||||||||||||||||||
Mortgage | 529 | Sales comparison approach | Adjustment for differences between comparable sales | 16 | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Capitalized mortgage loan servicing rights | $ | 9,197 | Present value of net servicing revenue | Discount rate | 10.07 | % | |||||||||||||||||||
Cost to service | $ | 82 | |||||||||||||||||||||||
Ancillary income | 25 | ||||||||||||||||||||||||
Float rate | 1.77 | % | |||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||
Commercial (1) | 2,751 | Sales comparison approach | Adjustment for differences between comparable sales | (3.8 | )% | ||||||||||||||||||||
Income approach | Capitalization rate | 9.3 | |||||||||||||||||||||||
Mortgage | 1,306 | Sales comparison approach | Adjustment for differences between comparable sales | 8.6 | |||||||||||||||||||||
Other real estate | |||||||||||||||||||||||||
Commercial | 1,216 | Sales comparison approach | Adjustment for differences between comparable sales | (9.0 | ) | ||||||||||||||||||||
Mortgage and installment | 690 | Sales comparison approach | Adjustment for differences between comparable sales | 34.3 | |||||||||||||||||||||
-1 | In addition to the valuation techniques and unobservable inputs discussed above, at March 31, 2015 and December 31, 2014 we had an impaired collateral dependent commercial relationship that totaled $1.0 million and $1.1 million, respectively that was primarily secured by collateral other than real estate. Collateral securing this relationship primarily included machinery and equipment, accounts receivable, inventory and company stock. Valuation techniques at March 31, 2015 included discounting restructuring firm valuations based on estimates of value recovery of each particular asset type. Discount rates used ranged from 20% to 100% of stated values while valuation techniques at December 31, 2014 included discounting cost and financial statement value approaches based on estimates of value recovery of each particular asset type. Discount rates used ranged from 35% to 100% of stated values. | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Fair Value | Principal | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||
31-Mar-15 | $ | 30,932 | $ | 833 | $ | 30,099 | |||||||||||||||||||
31-Dec-14 | 23,662 | 624 | 23,038 |
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Values of Financial Instruments [Abstract] | |||||||||||||||||||||
Estimated recorded book balances and fair values | The estimated recorded book balances and fair values follow: | ||||||||||||||||||||
Fair Value Using | |||||||||||||||||||||
Recorded | Fair Value | Quoted | Significant | Significant | |||||||||||||||||
Book | Prices | Other | Un- | ||||||||||||||||||
Balance | in Active | Observable | observable | ||||||||||||||||||
Markets | Inputs | Inputs | |||||||||||||||||||
for | (Level 2) | (Level 3) | |||||||||||||||||||
Identical | |||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 46,435 | $ | 46,435 | $ | 46,435 | $ | - | $ | - | |||||||||||
Interest bearing deposits | 55,117 | 55,117 | 55,117 | - | - | ||||||||||||||||
Interest bearing deposits - time | 11,575 | 11,575 | - | 11,575 | - | ||||||||||||||||
Trading securities | 213 | 213 | 213 | - | - | ||||||||||||||||
Securities available for sale | 571,762 | 571,762 | - | 571,762 | - | ||||||||||||||||
Federal Home Loan Bank and Federal | |||||||||||||||||||||
Reserve Bank Stock | 20,051 | NA | NA | NA | NA | ||||||||||||||||
Net loans and loans held for sale | 1,429,212 | 1,416,980 | - | 30,932 | 1,386,048 | ||||||||||||||||
Accrued interest receivable | 6,250 | 6,250 | 5 | 1,808 | 4,437 | ||||||||||||||||
Derivative financial instruments | 1,268 | 1,268 | - | 1,268 | - | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with no stated maturity (1) | $ | 1,626,558 | $ | 1,626,558 | $ | 1,626,558 | $ | - | $ | - | |||||||||||
Deposits with stated maturity (1) | 373,915 | 373,144 | - | 373,144 | - | ||||||||||||||||
Other borrowings | 12,468 | 14,508 | - | 14,508 | - | ||||||||||||||||
Subordinated debentures | 35,569 | 21,974 | - | 21,974 | - | ||||||||||||||||
Accrued interest payable | 364 | 364 | 20 | 344 | - | ||||||||||||||||
Derivative financial instruments | 666 | 666 | - | 666 | - | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 48,326 | $ | 48,326 | $ | 48,326 | $ | - | $ | - | |||||||||||
Interest bearing deposits | 25,690 | 25,690 | 25,690 | - | - | ||||||||||||||||
Interest bearing deposits - time | 13,561 | 13,585 | - | 13,585 | - | ||||||||||||||||
Trading securities | 203 | 203 | 203 | - | - | ||||||||||||||||
Securities available for sale | 533,178 | 533,178 | - | 533,178 | - | ||||||||||||||||
Federal Home Loan Bank and Federal | |||||||||||||||||||||
Reserve Bank Stock | 19,919 | NA | NA | NA | NA | ||||||||||||||||
Net loans and loans held for sale | 1,407,634 | 1,394,424 | - | 23,662 | 1,370,762 | ||||||||||||||||
Accrued interest receivable | 5,995 | 5,995 | 2 | 1,599 | 4,394 | ||||||||||||||||
Derivative financial instruments | 619 | 619 | - | 619 | - | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with no stated maturity (1) | $ | 1,534,175 | $ | 1,534,175 | $ | 1,534,175 | $ | - | $ | - | |||||||||||
Deposits with stated maturity (1) | 390,127 | 389,139 | - | 389,139 | - | ||||||||||||||||
Other borrowings | 12,470 | 14,560 | - | 14,560 | - | ||||||||||||||||
Subordinated debentures | 35,569 | 23,328 | - | 23,328 | - | ||||||||||||||||
Accrued interest payable | 380 | 380 | 21 | 359 | - | ||||||||||||||||
Derivative financial instruments | 366 | 366 | - | 366 | - | ||||||||||||||||
-1 | Deposits with no stated maturity include reciprocal deposits with a recorded book balance of $17.2 million and $13.6 million at March 31, 2015 and December 31, 2014, respectively. Deposits with a stated maturity include reciprocal deposits with a recorded book balance of $41.5 million and $40.1 million at March 31, 2015 and December 31, 2014, respectively. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||||||
Schedule of accumulated other comprehensive income (loss) | A summary of changes in AOCL follows: | ||||||||||||||||
Unrealized | Dispropor- | Unrealized | Total | ||||||||||||||
Gains | tionate | Losses on | |||||||||||||||
(Losses) on | Tax Effects | Settled | |||||||||||||||
Available | from | Derivatives | |||||||||||||||
for Sale | Securities | ||||||||||||||||
Securities | Available | ||||||||||||||||
for Sale | |||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||
Balances at beginning of period | $ | 162 | $ | (5,798 | ) | $ | - | $ | (5,636 | ) | |||||||
Other comprehensive income before reclassifications | 1,483 | - | - | 1,483 | |||||||||||||
Amounts reclassified from AOCL | (49 | ) | - | - | (49 | ) | |||||||||||
Net current period other comprehensive income | 1,434 | - | - | 1,434 | |||||||||||||
Balances at end of period | $ | 1,596 | $ | (5,798 | ) | $ | - | $ | (4,202 | ) | |||||||
For the three months ended March 31, 2014 | |||||||||||||||||
Balances at beginning of period | $ | (3,200 | ) | $ | (5,798 | ) | $ | (247 | ) | $ | (9,245 | ) | |||||
Other comprehensive income before reclassifications | 1,539 | - | - | 1,539 | |||||||||||||
Amounts reclassified from AOCL | - | - | 62 | 62 | |||||||||||||
Net current period other comprehensive income | 1,539 | - | 62 | 1,601 | |||||||||||||
Balances at end of period | $ | (1,661 | ) | $ | (5,798 | ) | $ | (185 | ) | $ | (7,644 | ) | |||||
Summary of reclassifications out of each component of AOCL | A summary of reclassifications out of each component of AOCL for the three months ended March 31 follows: | ||||||||||||||||
AOCL Component | Amount | Affected Line Item in Condensed | |||||||||||||||
Reclassified | Consolidated Statements of Operations | ||||||||||||||||
From | |||||||||||||||||
AOCL | |||||||||||||||||
(In thousands) | |||||||||||||||||
2015 | |||||||||||||||||
Unrealized gains on available for sale securities | |||||||||||||||||
$ | 75 | Net gains on securities | |||||||||||||||
- | Net impairment loss recognized in earnings | ||||||||||||||||
75 | Total reclassifications before tax | ||||||||||||||||
26 | Tax expense | ||||||||||||||||
$ | 49 | Reclassifications, net of tax | |||||||||||||||
2014 | |||||||||||||||||
Unrealized gains on settled derivatives | |||||||||||||||||
$ | (95 | ) | Interest expense | ||||||||||||||
(33 | ) | Tax benefit | |||||||||||||||
$ | (62 | ) | Reclassification, net of tax |
Securities_Details
Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2013 | |
Security | ||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||||
Amortized cost | $569,308,000 | $532,930,000 | ||
Unrealized gains | 4,544,000 | 3,317,000 | ||
Unrealized losses | 2,090,000 | 3,069,000 | ||
Fair Value | 571,762,000 | 533,178,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||||
Less Than Twelve Months, Fair Value | 107,419,000 | 163,665,000 | ||
Less Than Twelve Months, Unrealized Losses | 351,000 | 909,000 | ||
Twelve Months or More, Fair Value | 57,078,000 | 69,122,000 | ||
Twelve Months or More, Unrealized Losses | 1,739,000 | 2,160,000 | ||
Total, Fair value | 164,497,000 | 232,787,000 | ||
Total, Unrealized Losses | 2,090,000 | 3,069,000 | ||
Private Label Residential Mortgage Backed Securities Below Investment Grade [Abstract] | ||||
Fair value | 3,673,000 | |||
Amortized cost | 3,518,000 | |||
Non-credit unrealized loss | 39,000 | |||
Unrealized gain | 194,000 | |||
Cumulative credit related OTTI | 1,594,000 | |||
OTTI changes recorded in earnings | 0 | 0 | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||||
Maturing within one year | 28,410,000 | |||
Maturing after one year but within five years | 61,845,000 | |||
Maturing after five years but within ten years | 36,871,000 | |||
Maturing after ten years | 75,861,000 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 202,987,000 | |||
U.S. agency residential mortgage-backed | 232,286,000 | |||
U.S. agency commercial mortgage-backed | 32,846,000 | |||
Private label residential mortgage-backed | 5,992,000 | |||
Other asset backed | 95,197,000 | |||
Total | 569,308,000 | |||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||||
Maturing within one year | 28,419,000 | |||
Maturing after one year but within five years | 62,190,000 | |||
Maturing after five years but within ten years | 37,377,000 | |||
Maturing after ten years | 75,430,000 | |||
Available-for-sale Securities fair value total | 203,416,000 | |||
U.S. agency residential mortgage backed | 234,254,000 | |||
U.S. agency commercial mortgage-backed | 33,081,000 | |||
Private label residential mortgage-backed | 5,820,000 | |||
Other asset backed | 95,191,000 | |||
Total | 571,762,000 | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance at beginning of year | 1,844,000 | 1,835,000 | 1,835,000 | |
Additions to credit losses on securities for which no previous OTTI was recognized | 0 | 0 | ||
Increases to credit losses on securities for which OTTI was previously recognized | 0 | 0 | ||
Total | 1,844,000 | 1,835,000 | ||
Gain and losses realized on sale of securities available for sale [Abstract] | ||||
Proceeds | 11,786,000 | 0 | ||
Realized Gains | 75,000 | 0 | ||
Realized Losses | 0 | 0 | ||
Trading securities, realized gains | 10,000 | 112,000 | ||
U.S. Agency [Member] | ||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||||
Amortized cost | 35,308,000 | 34,936,000 | ||
Unrealized gains | 255,000 | 133,000 | ||
Unrealized losses | 34,000 | 63,000 | ||
Fair Value | 35,529,000 | 35,006,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||||
Less Than Twelve Months, Fair Value | 12,822,000 | 12,851,000 | ||
Less Than Twelve Months, Unrealized Losses | 29,000 | 58,000 | ||
Twelve Months or More, Fair Value | 775,000 | 606,000 | ||
Twelve Months or More, Unrealized Losses | 5,000 | 5,000 | ||
Total, Fair value | 13,597,000 | 13,457,000 | ||
Total, Unrealized Losses | 34,000 | 63,000 | ||
Private Label Residential Mortgage Backed Securities Below Investment Grade [Abstract] | ||||
Number of securities with market fair value less than amortized cost | 18 | |||
U.S. Agency Residential Mortgage-Backed [Member] | ||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||||
Amortized cost | 232,286,000 | 256,387,000 | ||
Unrealized gains | 2,162,000 | 1,838,000 | ||
Unrealized losses | 194,000 | 667,000 | ||
Fair Value | 234,254,000 | 257,558,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||||
Less Than Twelve Months, Fair Value | 29,496,000 | 89,547,000 | ||
Less Than Twelve Months, Unrealized Losses | 119,000 | 531,000 | ||
Twelve Months or More, Fair Value | 11,171,000 | 15,793,000 | ||
Twelve Months or More, Unrealized Losses | 75,000 | 136,000 | ||
Total, Fair value | 40,667,000 | 105,340,000 | ||
Total, Unrealized Losses | 194,000 | 667,000 | ||
Private Label Residential Mortgage Backed Securities Below Investment Grade [Abstract] | ||||
Number of securities with market fair value less than amortized cost | 41 | |||
U.S. Agency Commercial Mortgage-Backed [Member] | ||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||||
Amortized cost | 32,846,000 | 33,779,000 | ||
Unrealized gains | 270,000 | 68,000 | ||
Unrealized losses | 35,000 | 119,000 | ||
Fair Value | 33,081,000 | 33,728,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||||
Less Than Twelve Months, Fair Value | 7,999,000 | 21,325,000 | ||
Less Than Twelve Months, Unrealized Losses | 28,000 | 119,000 | ||
Twelve Months or More, Fair Value | 2,600,000 | 0 | ||
Twelve Months or More, Unrealized Losses | 7,000 | 0 | ||
Total, Fair value | 10,599,000 | 21,325,000 | ||
Total, Unrealized Losses | 35,000 | 119,000 | ||
Private Label Residential Mortgage Backed Securities Below Investment Grade [Abstract] | ||||
Number of securities with market fair value less than amortized cost | 10 | |||
Private Label Residential Mortgage-Backed [Member] | ||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||||
Amortized cost | 5,992,000 | 6,216,000 | ||
Unrealized gains | 195,000 | 187,000 | ||
Unrealized losses | 367,000 | 390,000 | ||
Fair Value | 5,820,000 | 6,013,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||||
Less Than Twelve Months, Fair Value | 202,000 | 208,000 | ||
Less Than Twelve Months, Unrealized Losses | 1,000 | 1,000 | ||
Twelve Months or More, Fair Value | 3,883,000 | 4,013,000 | ||
Twelve Months or More, Unrealized Losses | 366,000 | 389,000 | ||
Total, Fair value | 4,085,000 | 4,221,000 | ||
Total, Unrealized Losses | 367,000 | 390,000 | ||
Private Label Residential Mortgage Backed Securities Below Investment Grade [Abstract] | ||||
Number of securities with market fair value less than amortized cost | 5 | |||
Number of securities | 5 | |||
Number of securities rated as investment grade | 2 | |||
Number of securities rated as below investment grade | 2 | |||
Number of bonds with impairment in excess of ten percent | 2 | |||
Percentage of excess impairment on bonds (in hundredths) | 10.00% | |||
Number of bonds with impairment for more than 12 months | 4 | |||
The number of private label mortgage backed securities currently below investment grade with OTTI | 4 | |||
Number of private label mortgage backed securities currently below investment grade with OTTI unrealized gains | 2 | |||
Number of private label mortgage backed securities currently below investment grade with OTTI unrealized loss | 1 | 3 | ||
Number of private label mortgage backed securities currently below investment grade with OTTI unrealized loss less than previous OTTI credit | 2 | |||
Senior Security [Member] | ||||
Private Label Residential Mortgage Backed Securities Below Investment Grade [Abstract] | ||||
Fair value | 2,053,000 | |||
Amortized cost | 2,092,000 | |||
Non-credit unrealized loss | 39,000 | |||
Unrealized gain | 0 | |||
Cumulative credit related OTTI | 757,000 | |||
OTTI changes recorded in earnings | 0 | 0 | ||
Super Senior Security [Member] | ||||
Private Label Residential Mortgage Backed Securities Below Investment Grade [Abstract] | ||||
Fair value | 1,524,000 | |||
Amortized cost | 1,426,000 | |||
Non-credit unrealized loss | 0 | |||
Unrealized gain | 98,000 | |||
Cumulative credit related OTTI | 457,000 | |||
OTTI changes recorded in earnings | 0 | 0 | ||
Senior Support Security [Member] | ||||
Private Label Residential Mortgage Backed Securities Below Investment Grade [Abstract] | ||||
Fair value | 96,000 | |||
Amortized cost | 0 | |||
Non-credit unrealized loss | 0 | |||
Unrealized gain | 96,000 | |||
Cumulative credit related OTTI | 380,000 | |||
OTTI changes recorded in earnings | 0 | 0 | ||
Other Asset-backed [Member] | ||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||||
Amortized cost | 95,197,000 | 32,314,000 | ||
Unrealized gains | 110,000 | 77,000 | ||
Unrealized losses | 116,000 | 38,000 | ||
Fair Value | 95,191,000 | 32,353,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||||
Less Than Twelve Months, Fair Value | 28,970,000 | 2,960,000 | ||
Less Than Twelve Months, Unrealized Losses | 46,000 | 15,000 | ||
Twelve Months or More, Fair Value | 7,232,000 | 8,729,000 | ||
Twelve Months or More, Unrealized Losses | 70,000 | 23,000 | ||
Total, Fair value | 36,202,000 | 11,689,000 | ||
Total, Unrealized Losses | 116,000 | 38,000 | ||
Private Label Residential Mortgage Backed Securities Below Investment Grade [Abstract] | ||||
Number of securities with market fair value less than amortized cost | 29 | |||
Obligations of States and Political Subdivisions [Member] | ||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||||
Amortized cost | 142,133,000 | 143,698,000 | ||
Unrealized gains | 1,469,000 | 961,000 | ||
Unrealized losses | 814,000 | 1,244,000 | ||
Fair Value | 142,788,000 | 143,415,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||||
Less Than Twelve Months, Fair Value | 24,722,000 | 28,114,000 | ||
Less Than Twelve Months, Unrealized Losses | 70,000 | 106,000 | ||
Twelve Months or More, Fair Value | 28,979,000 | 37,540,000 | ||
Twelve Months or More, Unrealized Losses | 744,000 | 1,138,000 | ||
Total, Fair value | 53,701,000 | 65,654,000 | ||
Total, Unrealized Losses | 814,000 | 1,244,000 | ||
Private Label Residential Mortgage Backed Securities Below Investment Grade [Abstract] | ||||
Number of securities with market fair value less than amortized cost | 57 | |||
Trust Preferred [Member] | ||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||||
Amortized cost | 2,910,000 | 2,910,000 | ||
Unrealized gains | 0 | 0 | ||
Unrealized losses | 472,000 | 469,000 | ||
Fair Value | 2,438,000 | 2,441,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||||
Less Than Twelve Months, Fair Value | 0 | 0 | ||
Less Than Twelve Months, Unrealized Losses | 0 | 0 | ||
Twelve Months or More, Fair Value | 2,438,000 | 2,441,000 | ||
Twelve Months or More, Unrealized Losses | 472,000 | 469,000 | ||
Total, Fair value | 2,438,000 | 2,441,000 | ||
Total, Unrealized Losses | 472,000 | 469,000 | ||
Private Label Residential Mortgage Backed Securities Below Investment Grade [Abstract] | ||||
Number of securities with market fair value less than amortized cost | 3 | |||
Number of securities rated as investment grade | 1 | |||
Number of securities rated as below investment grade | 1 | |||
Number of major credit rating agencies rating securities with fair value less than amortized cost | 2 | |||
Number of securities not rated | 1 | |||
Non-rated securities, amortized cost | 1,000,000 | |||
Fair value of non-rated trust preferred securities | 800,000 | |||
Rated Issues [Member] | ||||
Trust preferred securities [Abstract] | ||||
Fair Value | 1,674,000 | 1,643,000 | ||
Net Unrealized Loss | -236,000 | -267,000 | ||
Unrated Issues [Member] | ||||
Trust preferred securities [Abstract] | ||||
Fair Value | 764,000 | 798,000 | ||
Net Unrealized Loss | -236,000 | -202,000 | ||
Corporate [Member] | ||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||||
Amortized cost | 22,636,000 | 22,690,000 | ||
Unrealized gains | 83,000 | 53,000 | ||
Unrealized losses | 58,000 | 79,000 | ||
Fair Value | 22,661,000 | 22,664,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||||
Less Than Twelve Months, Fair Value | 3,208,000 | 8,660,000 | ||
Less Than Twelve Months, Unrealized Losses | 58,000 | 79,000 | ||
Twelve Months or More, Fair Value | 0 | 0 | ||
Twelve Months or More, Unrealized Losses | 0 | 0 | ||
Total, Fair value | 3,208,000 | 8,660,000 | ||
Total, Unrealized Losses | $58,000 | $79,000 | ||
Private Label Residential Mortgage Backed Securities Below Investment Grade [Abstract] | ||||
Number of securities with market fair value less than amortized cost | 5 |
Loans_Details
Loans (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | $25,990 | $32,325 | |||
Additions (deductions) [Abstract] | |||||
Provision for loan losses | -659 | 428 | |||
Recoveries credited to allowance | 990 | 1,068 | |||
Loans charged against the allowance | -1,642 | -3,384 | |||
Balance at end of period | 24,679 | 30,437 | |||
Allowance for loan losses [Abstract] | |||||
Total ending allowance balance | 24,679 | 25,990 | |||
Loans [Abstract] | |||||
Total Loans | 1,422,959 | 1,409,962 | |||
Classified by Portfolio Segment [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 12,480 | 13,233 | |||
Collectively evaluated for impairment | 12,199 | 12,757 | |||
Total ending allowance balance | 24,679 | 25,990 | |||
Loans [Abstract] | |||||
Individually evaluated for impairment | 109,572 | 113,166 | |||
Collectively evaluated for impairment | 1,317,795 | 1,301,250 | |||
Total loans recorded investment | 1,427,367 | 1,414,416 | |||
Accrued interest included in recorded investment | 4,408 | 4,454 | |||
Total Loans | 1,422,959 | 1,409,962 | |||
Commercial [Member] | |||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 5,445 | 6,827 | |||
Additions (deductions) [Abstract] | |||||
Provision for loan losses | 328 | 507 | |||
Recoveries credited to allowance | 433 | 355 | |||
Loans charged against the allowance | -290 | -1,926 | |||
Balance at end of period | 5,916 | 5,763 | |||
Commercial [Member] | Classified by Portfolio Segment [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 3,214 | 3,194 | |||
Collectively evaluated for impairment | 2,702 | 2,251 | |||
Total ending allowance balance | 5,916 | 5,445 | |||
Loans [Abstract] | |||||
Individually evaluated for impairment | 32,633 | 34,147 | |||
Collectively evaluated for impairment | 679,319 | 658,423 | |||
Total loans recorded investment | 711,952 | 692,570 | |||
Accrued interest included in recorded investment | 1,629 | 1,615 | |||
Total Loans | 710,323 | 690,955 | |||
Mortgage [Member] | |||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 13,444 | 17,195 | |||
Additions (deductions) [Abstract] | |||||
Provision for loan losses | -733 | 193 | |||
Recoveries credited to allowance | 238 | 458 | |||
Loans charged against the allowance | -868 | -846 | |||
Balance at end of period | 12,081 | 17,000 | |||
Loans [Abstract] | |||||
Accrued interest included in recorded investment | 2,122 | [1] | 2,170 | [1] | |
Mortgage [Member] | Classified by Portfolio Segment [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 8,612 | 9,311 | |||
Collectively evaluated for impairment | 3,469 | 4,133 | |||
Total ending allowance balance | 12,081 | 13,444 | |||
Loans [Abstract] | |||||
Individually evaluated for impairment | 70,478 | 72,340 | |||
Collectively evaluated for impairment | 397,551 | 402,458 | |||
Total loans recorded investment | 468,029 | 474,798 | |||
Accrued interest included in recorded investment | 2,122 | 2,170 | |||
Total Loans | 465,907 | 472,628 | |||
Installment [Member] | |||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 1,814 | 2,246 | |||
Additions (deductions) [Abstract] | |||||
Provision for loan losses | -85 | 176 | |||
Recoveries credited to allowance | 319 | 251 | |||
Loans charged against the allowance | -484 | -612 | |||
Balance at end of period | 1,564 | 2,061 | |||
Loans [Abstract] | |||||
Accrued interest included in recorded investment | 657 | [1] | 669 | [1] | |
Installment [Member] | Classified by Portfolio Segment [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 654 | 728 | |||
Collectively evaluated for impairment | 910 | 1,086 | |||
Total ending allowance balance | 1,564 | 1,814 | |||
Loans [Abstract] | |||||
Individually evaluated for impairment | 6,461 | 6,679 | |||
Collectively evaluated for impairment | 202,158 | 200,368 | |||
Total loans recorded investment | 208,619 | 207,047 | |||
Accrued interest included in recorded investment | 657 | 669 | |||
Total Loans | 207,962 | 206,378 | |||
Payment Plan Receivable [Member] | |||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 64 | 97 | |||
Additions (deductions) [Abstract] | |||||
Provision for loan losses | -2 | -14 | |||
Recoveries credited to allowance | 0 | 4 | |||
Loans charged against the allowance | 0 | 0 | |||
Balance at end of period | 62 | 87 | |||
Payment Plan Receivable [Member] | Classified by Portfolio Segment [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 62 | 64 | |||
Total ending allowance balance | 62 | 64 | |||
Loans [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 38,767 | 40,001 | |||
Total loans recorded investment | 38,767 | 40,001 | |||
Accrued interest included in recorded investment | 0 | 0 | |||
Total Loans | 38,767 | 40,001 | |||
Unallocated [Member] | |||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 5,223 | 5,960 | |||
Additions (deductions) [Abstract] | |||||
Provision for loan losses | -167 | -434 | |||
Recoveries credited to allowance | 0 | 0 | |||
Loans charged against the allowance | 0 | 0 | |||
Balance at end of period | 5,056 | 5,526 | |||
Unallocated [Member] | Classified by Portfolio Segment [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 5,056 | 5,223 | |||
Total ending allowance balance | $5,056 | $5,223 | |||
[1] | Credit scores have been updated within the last twelve months. |
Loans_Receivables_Past_Due_Det
Loans, Receivables Past Due (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Aging analysis of loans by class [Abstract] | ||
Total Loans | $1,422,959 | $1,409,962 |
Total Recorded Investment [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 197 | 7 |
Non-Accrual | 14,593 | 15,231 |
Total Non-performing Loans | 14,790 | 15,238 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 6,199 | 8,246 |
Loans Past Due 60 to 89 days | 1,617 | 2,769 |
Loans Past Due 90+ days | 11,614 | 11,311 |
Total | 19,430 | 22,326 |
Loans not Past Due | 1,407,937 | 1,392,090 |
Total Loans | 1,427,367 | 1,414,416 |
Accrued Interest Included in Recorded Investment [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 3 | 0 |
Non-Accrual | 0 | 0 |
Total Non-performing Loans | 3 | 0 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 50 | 55 |
Loans Past Due 60 to 89 days | 20 | 29 |
Loans Past Due 90+ days | 3 | 0 |
Total | 73 | 84 |
Loans not Past Due | 4,335 | 4,370 |
Total Loans | 4,408 | 4,454 |
Income Producing - Real Estate [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 0 | 0 |
Non-Accrual | 1,187 | 1,233 |
Total Non-performing Loans | 1,187 | 1,233 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 268 | 89 |
Loans Past Due 60 to 89 days | 0 | 0 |
Loans Past Due 90+ days | 214 | 214 |
Total | 482 | 303 |
Loans not Past Due | 271,395 | 252,763 |
Total Loans | 271,877 | 253,066 |
Land, Land Development and Construction - Real Estate [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 0 | 0 |
Non-Accrual | 575 | 594 |
Total Non-performing Loans | 575 | 594 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 124 | 131 |
Loans Past Due 60 to 89 days | 0 | 0 |
Loans Past Due 90+ days | 217 | 223 |
Total | 341 | 354 |
Loans not Past Due | 32,150 | 33,984 |
Total Loans | 32,491 | 34,338 |
Commercial and Industrial [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 197 | 0 |
Non-Accrual | 2,749 | 2,746 |
Total Non-performing Loans | 2,946 | 2,746 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 288 | 2,391 |
Loans Past Due 60 to 89 days | 278 | 279 |
Loans Past Due 90+ days | 1,101 | 209 |
Total | 1,667 | 2,879 |
Loans not Past Due | 405,917 | 402,287 |
Total Loans | 407,584 | 405,166 |
1-4 Family [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 0 | 7 |
Non-Accrual | 6,235 | 5,945 |
Total Non-performing Loans | 6,235 | 5,952 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 2,390 | 1,877 |
Loans Past Due 60 to 89 days | 468 | 1,638 |
Loans Past Due 90+ days | 6,235 | 5,952 |
Total | 9,093 | 9,467 |
Loans not Past Due | 267,027 | 269,719 |
Total Loans | 276,120 | 279,186 |
Resort Lending [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 0 | 0 |
Non-Accrual | 1,815 | 2,168 |
Total Non-performing Loans | 1,815 | 2,168 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 865 | 226 |
Loans Past Due 60 to 89 days | 283 | 0 |
Loans Past Due 90+ days | 1,815 | 2,168 |
Total | 2,963 | 2,394 |
Loans not Past Due | 121,834 | 126,342 |
Total Loans | 124,797 | 128,736 |
Home Equity - 1st Lien [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 0 | 0 |
Non-Accrual | 267 | 331 |
Total Non-performing Loans | 267 | 331 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 41 | 39 |
Loans Past Due 60 to 89 days | 113 | 50 |
Loans Past Due 90+ days | 267 | 331 |
Total | 421 | 420 |
Loans not Past Due | 20,238 | 19,782 |
Total Loans | 20,659 | 20,202 |
Home Equity - 2nd Lien [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 0 | 0 |
Non-Accrual | 366 | 605 |
Total Non-performing Loans | 366 | 605 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 396 | 711 |
Loans Past Due 60 to 89 days | 111 | 89 |
Loans Past Due 90+ days | 366 | 605 |
Total | 873 | 1,405 |
Loans not Past Due | 45,580 | 45,269 |
Total Loans | 46,453 | 46,674 |
Home Equity - 1st Lien [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 0 | 0 |
Non-Accrual | 290 | 576 |
Total Non-performing Loans | 290 | 576 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 186 | 466 |
Loans Past Due 60 to 89 days | 12 | 37 |
Loans Past Due 90+ days | 290 | 576 |
Total | 488 | 1,079 |
Loans not Past Due | 20,562 | 20,995 |
Total Loans | 21,050 | 22,074 |
Home Equity - 2nd Lien [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 0 | 0 |
Non-Accrual | 528 | 517 |
Total Non-performing Loans | 528 | 517 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 193 | 369 |
Loans Past Due 60 to 89 days | 115 | 81 |
Loans Past Due 90+ days | 528 | 517 |
Total | 836 | 967 |
Loans not Past Due | 26,078 | 28,125 |
Total Loans | 26,914 | 29,092 |
Loans Not Secured By Real Estate [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 0 | 0 |
Non-Accrual | 562 | 454 |
Total Non-performing Loans | 562 | 454 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 355 | 589 |
Loans Past Due 60 to 89 days | 21 | 231 |
Loans Past Due 90+ days | 562 | 454 |
Total | 938 | 1,274 |
Loans not Past Due | 157,516 | 152,115 |
Total Loans | 158,454 | 153,389 |
Other [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 0 | 0 |
Non-Accrual | 8 | 48 |
Total Non-performing Loans | 8 | 48 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 1 | 15 |
Loans Past Due 60 to 89 days | 18 | 3 |
Loans Past Due 90+ days | 8 | 48 |
Total | 27 | 66 |
Loans not Past Due | 2,174 | 2,426 |
Total Loans | 2,201 | 2,492 |
Full Refund [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 0 | 0 |
Non-Accrual | 7 | 2 |
Total Non-performing Loans | 7 | 2 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 596 | 838 |
Loans Past Due 60 to 89 days | 113 | 214 |
Loans Past Due 90+ days | 7 | 2 |
Total | 716 | 1,054 |
Loans not Past Due | 23,941 | 26,799 |
Total Loans | 24,657 | 27,853 |
Partial Refund [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 0 | 0 |
Non-Accrual | 1 | 12 |
Total Non-performing Loans | 1 | 12 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 376 | 409 |
Loans Past Due 60 to 89 days | 63 | 123 |
Loans Past Due 90+ days | 1 | 12 |
Total | 440 | 544 |
Loans not Past Due | 8,577 | 6,550 |
Total Loans | 9,017 | 7,094 |
Other [Member] | ||
Non performing loans [Abstract] | ||
90+ and Still Accruing | 0 | 0 |
Non-Accrual | 3 | 0 |
Total Non-performing Loans | 3 | 0 |
Aging analysis of loans by class [Abstract] | ||
Loans Past Due 30-59 days | 120 | 96 |
Loans Past Due 60 to 89 days | 22 | 24 |
Loans Past Due 90+ days | 3 | 0 |
Total | 145 | 120 |
Loans not Past Due | 4,948 | 4,934 |
Total Loans | $5,093 | $5,054 |
Loans_Impaired_Financing_Recei
Loans, Impaired Financing Receivables (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Impaired loans [Abstract] | ||||||
TDR | $9,402 | $9,325 | ||||
Non - TDR | 316 | 299 | ||||
TDR allowances based on collateral | 5,184 | 5,879 | ||||
TDR - allowances based on present value cash flow | 91,924 | 94,970 | ||||
Non - TDR - allowance based on collateral | 2,387 | 2,296 | ||||
Non - TDR - allowance based on present value cash flow | 0 | 0 | ||||
Total impaired loans | 109,213 | 112,769 | ||||
Amount of allowance for loan losses allocated [Abstract] | ||||||
TDR - allowance based on collateral | 1,707 | 2,025 | ||||
TDR - allowance based on present value cash flow | 9,704 | 10,188 | ||||
Non - TDR - allowance based on collateral | 1,069 | 1,020 | ||||
Non - TDR - allowance based on present value cash flow | 0 | 0 | ||||
Allowance for loan losses allocated | 12,480 | 13,233 | ||||
Impaired Loans by class [Abstract] | ||||||
Recorded Investment, with no related allowance | 9,746 | [1] | 9,652 | [1] | ||
Unpaid Principal Balance, with no related allowance | 10,681 | [1] | 10,836 | [1] | ||
No Related Allowance | 0 | [1] | 0 | [1] | ||
Recorded Investment, with an allowance recorded | 99,826 | [1] | 103,514 | [1] | ||
Unpaid Principal Balance, with an allowance recorded | 104,559 | [1] | 108,211 | [1] | ||
Recorded Investment | 109,572 | [1] | 113,166 | [1] | ||
Unpaid Principal Balance | 115,240 | [1] | 119,047 | [1] | ||
Related Allowance | 12,480 | [1] | 13,233 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||
Average Recorded Investment, with No Related Allowance | 9,701 | [2] | 13,122 | [2] | ||
Interest Income Recognized, with No Related Allowance | 124 | [2] | 311 | [2] | ||
Average Recorded Investment, with Related Allowance | 101,674 | [2] | 111,888 | [2] | ||
Interest Income Recognized, with Related Allowance | 1,074 | [2] | 1,031 | [2] | ||
Average Recorded Investment | 111,375 | [2] | 125,010 | [2] | ||
Interest Income Recognized | 1,198 | [2] | 1,342 | [2] | ||
Accrued Interest Included in Recorded Investment [Member] | ||||||
Impaired Loans by class [Abstract] | ||||||
Recorded Investment | 359 | [1] | 397 | [1] | ||
Income Producing - Real Estate [Member] | ||||||
Impaired Loans by class [Abstract] | ||||||
Recorded Investment, with no related allowance | 5,827 | [1] | 5,868 | [1] | ||
Unpaid Principal Balance, with no related allowance | 6,046 | [1] | 6,077 | [1] | ||
No Related Allowance | 0 | [1] | 0 | [1] | ||
Recorded Investment, with an allowance recorded | 12,861 | [1] | 12,836 | [1] | ||
Unpaid Principal Balance, with an allowance recorded | 13,842 | [1] | 13,797 | [1] | ||
Recorded Investment | 18,688 | [1] | 18,704 | [1] | ||
Unpaid Principal Balance | 19,888 | [1] | 19,874 | [1] | ||
Related Allowance | 733 | [1] | 689 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||
Average Recorded Investment, with No Related Allowance | 5,848 | [2] | 7,963 | [2] | ||
Interest Income Recognized, with No Related Allowance | 53 | [2] | 175 | [2] | ||
Average Recorded Investment, with Related Allowance | 12,849 | [2] | 14,026 | [2] | ||
Interest Income Recognized, with Related Allowance | 157 | [2] | 66 | [2] | ||
Average Recorded Investment | 18,697 | [2] | 21,989 | [2] | ||
Interest Income Recognized | 210 | [2] | 241 | [2] | ||
Land, Land Development and Construction - Real Estate [Member] | ||||||
Impaired Loans by class [Abstract] | ||||||
Recorded Investment, with no related allowance | 1,030 | [1] | 1,051 | [1] | ||
Unpaid Principal Balance, with no related allowance | 1,591 | [1] | 1,606 | [1] | ||
No Related Allowance | 0 | [1] | 0 | [1] | ||
Recorded Investment, with an allowance recorded | 1,961 | [1] | 3,456 | [1] | ||
Unpaid Principal Balance, with an allowance recorded | 2,043 | [1] | 3,528 | [1] | ||
Recorded Investment | 2,991 | [1] | 4,507 | [1] | ||
Unpaid Principal Balance | 3,634 | [1] | 5,134 | [1] | ||
Related Allowance | 394 | [1] | 499 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||
Average Recorded Investment, with No Related Allowance | 1,041 | [2] | 1,478 | [2] | ||
Interest Income Recognized, with No Related Allowance | 34 | [2] | 43 | [2] | ||
Average Recorded Investment, with Related Allowance | 2,709 | [2] | 4,027 | [2] | ||
Interest Income Recognized, with Related Allowance | 14 | [2] | 12 | [2] | ||
Average Recorded Investment | 3,750 | [2] | 5,505 | [2] | ||
Interest Income Recognized | 48 | [2] | 55 | [2] | ||
Commercial and Industrial [Member] | ||||||
Impaired Loans by class [Abstract] | ||||||
Recorded Investment, with no related allowance | 2,851 | [1] | 2,685 | [1] | ||
Unpaid Principal Balance, with no related allowance | 2,843 | [1] | 2,667 | [1] | ||
No Related Allowance | 0 | [1] | 0 | [1] | ||
Recorded Investment, with an allowance recorded | 8,103 | [1] | 8,251 | [1] | ||
Unpaid Principal Balance, with an allowance recorded | 8,361 | [1] | 8,486 | [1] | ||
Recorded Investment | 10,954 | [1] | 10,936 | [1] | ||
Unpaid Principal Balance | 11,204 | [1] | 11,153 | [1] | ||
Related Allowance | 2,087 | [1] | 2,006 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||
Average Recorded Investment, with No Related Allowance | 2,768 | [2] | 3,638 | [2] | ||
Interest Income Recognized, with No Related Allowance | 37 | [2] | 93 | [2] | ||
Average Recorded Investment, with Related Allowance | 8,177 | [2] | 9,188 | [2] | ||
Interest Income Recognized, with Related Allowance | 66 | [2] | 26 | [2] | ||
Average Recorded Investment | 10,945 | [2] | 12,826 | [2] | ||
Interest Income Recognized | 103 | [2] | 119 | [2] | ||
1-4 Family [Member] | ||||||
Impaired Loans by class [Abstract] | ||||||
Recorded Investment, with no related allowance | 25 | [1] | 0 | [1] | ||
Unpaid Principal Balance, with no related allowance | 66 | [1] | 49 | [1] | ||
No Related Allowance | 0 | [1] | 0 | [1] | ||
Recorded Investment, with an allowance recorded | 51,695 | [1] | 53,206 | [1] | ||
Unpaid Principal Balance, with an allowance recorded | 54,501 | [1] | 56,063 | [1] | ||
Recorded Investment | 51,720 | [1] | 53,206 | [1] | ||
Unpaid Principal Balance | 54,567 | [1] | 56,112 | [1] | ||
Related Allowance | 5,753 | [1] | 6,195 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||
Average Recorded Investment, with No Related Allowance | 13 | [2] | 8 | [2] | ||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | [2] | ||
Average Recorded Investment, with Related Allowance | 52,451 | [2] | 57,457 | [2] | ||
Interest Income Recognized, with Related Allowance | 551 | [2] | 630 | [2] | ||
Average Recorded Investment | 52,464 | [2] | 57,465 | [2] | ||
Interest Income Recognized | 551 | [2] | 630 | [2] | ||
Resort Lending [Member] | ||||||
Impaired Loans by class [Abstract] | ||||||
Recorded Investment, with no related allowance | 13 | [1] | 48 | [1] | ||
Unpaid Principal Balance, with no related allowance | 96 | [1] | 397 | [1] | ||
No Related Allowance | 0 | [1] | 0 | [1] | ||
Recorded Investment, with an allowance recorded | 18,464 | [1] | 18,799 | [1] | ||
Unpaid Principal Balance, with an allowance recorded | 18,629 | [1] | 18,963 | [1] | ||
Recorded Investment | 18,477 | [1] | 18,847 | [1] | ||
Unpaid Principal Balance | 18,725 | [1] | 19,360 | [1] | ||
Related Allowance | 2,835 | [1] | 3,075 | [1] | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||
Average Recorded Investment, with No Related Allowance | 31 | [2] | 35 | [2] | ||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | [2] | ||
Average Recorded Investment, with Related Allowance | 18,632 | [2] | 19,896 | [2] | ||
Interest Income Recognized, with Related Allowance | 171 | [2] | 191 | [2] | ||
Average Recorded Investment | 18,663 | [2] | 19,931 | [2] | ||
Interest Income Recognized | 171 | [2] | 191 | [2] | ||
Home Equity - 1st Lien [Member] | ||||||
Impaired Loans by class [Abstract] | ||||||
Recorded Investment, with no related allowance | 0 | [1] | 0 | [1] | ||
Unpaid Principal Balance, with no related allowance | 0 | [1] | 0 | [1] | ||
No Related Allowance | 0 | [1] | 0 | [1] | ||
Recorded Investment, with an allowance recorded | 161 | [1] | 162 | [1] | ||
Unpaid Principal Balance, with an allowance recorded | 177 | [1] | 177 | [1] | ||
Recorded Investment | 161 | [1] | 162 | [1] | ||
Unpaid Principal Balance | 177 | [1] | 177 | [1] | ||
Related Allowance | 13 | [1] | 14 | [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] | ||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | [2] | ||
Average Recorded Investment, with Related Allowance | 162 | [2] | 154 | [2] | ||
Interest Income Recognized, with Related Allowance | 2 | [2] | 1 | [2] | ||
Average Recorded Investment | 162 | [2] | 154 | [2] | ||
Interest Income Recognized | 2 | [2] | 1 | [2] | ||
Home Equity - 2nd Lien [Member] | ||||||
Impaired Loans by class [Abstract] | ||||||
Recorded Investment, with no related allowance | 0 | [1] | 0 | [1] | ||
Unpaid Principal Balance, with no related allowance | 0 | [1] | 0 | [1] | ||
No Related Allowance | 0 | [1] | 0 | [1] | ||
Recorded Investment, with an allowance recorded | 120 | [1] | 125 | [1] | ||
Unpaid Principal Balance, with an allowance recorded | 202 | [1] | 205 | [1] | ||
Recorded Investment | 120 | [1] | 125 | [1] | ||
Unpaid Principal Balance | 202 | [1] | 205 | [1] | ||
Related Allowance | 11 | [1] | 27 | [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] | ||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | [2] | ||
Average Recorded Investment, with Related Allowance | 123 | [2] | 42 | [2] | ||
Interest Income Recognized, with Related Allowance | 2 | [2] | 1 | [2] | ||
Average Recorded Investment | 123 | [2] | 42 | [2] | ||
Interest Income Recognized | 2 | [2] | 1 | [2] | ||
Home Equity - 1st Lien [Member] | ||||||
Impaired Loans by class [Abstract] | ||||||
Recorded Investment, with no related allowance | 0 | [1] | 0 | [1] | ||
Unpaid Principal Balance, with no related allowance | 39 | [1] | 40 | [1] | ||
No Related Allowance | 0 | [1] | 0 | [1] | ||
Recorded Investment, with an allowance recorded | 2,637 | [1] | 2,744 | [1] | ||
Unpaid Principal Balance, with an allowance recorded | 2,864 | [1] | 2,930 | [1] | ||
Recorded Investment | 2,637 | [1] | 2,744 | [1] | ||
Unpaid Principal Balance | 2,903 | [1] | 2,970 | [1] | ||
Related Allowance | 179 | [1] | 219 | [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] | ||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | [2] | ||
Average Recorded Investment, with Related Allowance | 2,691 | [2] | 2,920 | [2] | ||
Interest Income Recognized, with Related Allowance | 50 | [2] | 45 | [2] | ||
Average Recorded Investment | 2,691 | [2] | 2,920 | [2] | ||
Interest Income Recognized | 50 | [2] | 45 | [2] | ||
Home Equity - 2nd Lien [Member] | ||||||
Impaired Loans by class [Abstract] | ||||||
Recorded Investment, with no related allowance | 0 | [1] | 0 | [1] | ||
Unpaid Principal Balance, with no related allowance | 0 | [1] | 0 | [1] | ||
No Related Allowance | 0 | [1] | 0 | [1] | ||
Recorded Investment, with an allowance recorded | 3,136 | [1] | 3,212 | [1] | ||
Unpaid Principal Balance, with an allowance recorded | 3,145 | [1] | 3,215 | [1] | ||
Recorded Investment | 3,136 | [1] | 3,212 | [1] | ||
Unpaid Principal Balance | 3,145 | [1] | 3,215 | [1] | ||
Related Allowance | 425 | [1] | 419 | [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] | ||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | [2] | ||
Average Recorded Investment, with Related Allowance | 3,174 | [2] | 3,418 | [2] | ||
Interest Income Recognized, with Related Allowance | 51 | [2] | 49 | [2] | ||
Average Recorded Investment | 3,174 | [2] | 3,418 | [2] | ||
Interest Income Recognized | 51 | [2] | 49 | [2] | ||
Loans Not Secured By Real Estate [Member] | ||||||
Impaired Loans by class [Abstract] | ||||||
Recorded Investment, with no related allowance | 0 | [1] | 0 | [1] | ||
Unpaid Principal Balance, with no related allowance | 0 | [1] | 0 | [1] | ||
No Related Allowance | 0 | [1] | 0 | [1] | ||
Recorded Investment, with an allowance recorded | 677 | [1] | 711 | [1] | ||
Unpaid Principal Balance, with an allowance recorded | 784 | [1] | 835 | [1] | ||
Recorded Investment | 677 | [1] | 711 | [1] | ||
Unpaid Principal Balance | 784 | [1] | 835 | [1] | ||
Related Allowance | 49 | [1] | 89 | [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] | ||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | [2] | ||
Average Recorded Investment, with Related Allowance | 694 | [2] | 744 | [2] | ||
Interest Income Recognized, with Related Allowance | 10 | [2] | 10 | [2] | ||
Average Recorded Investment | 694 | [2] | 744 | [2] | ||
Interest Income Recognized | 10 | [2] | 10 | [2] | ||
Other [Member] | ||||||
Impaired Loans by class [Abstract] | ||||||
Recorded Investment, with no related allowance | 0 | [1] | 0 | [1] | ||
Unpaid Principal Balance, with no related allowance | 0 | [1] | 0 | [1] | ||
No Related Allowance | 0 | [1] | 0 | [1] | ||
Recorded Investment, with an allowance recorded | 11 | [1] | 12 | [1] | ||
Unpaid Principal Balance, with an allowance recorded | 11 | [1] | 12 | [1] | ||
Recorded Investment | 11 | [1] | 12 | [1] | ||
Unpaid Principal Balance | 11 | [1] | 12 | [1] | ||
Related Allowance | 1 | [1] | 1 | [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] | ||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | [2] | ||
Average Recorded Investment, with Related Allowance | 12 | [2] | 16 | [2] | ||
Interest Income Recognized, with Related Allowance | 0 | [2] | 0 | [2] | ||
Average Recorded Investment | 12 | [2] | 16 | [2] | ||
Interest Income Recognized | $0 | [2] | $0 | [2] | ||
[1] | There were no impaired payment plan receivables at March 31, 2015 or December 31, 2014. | |||||
[2] | There were no impaired payment plan receivables during the three month periods ended March 31, 2015 and 2014, respectively. |
Loans_Troubled_Debt_Restructur
Loans, Troubled Debt Restructurings (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Contract | Contract | ||||
Financing Receivable, Modifications [Line Items] | |||||
Troubled debt restructuring | $106,510,000 | $110,174,000 | |||
Troubled debt restructuring, specific reserve | 11,400,000 | 12,200,000 | |||
Loans classified as troubled debt restructurings [Abstract] | |||||
Number of contracts | 12 | 20 | |||
Pre-modification recorded balance | 1,564,000 | 1,781,000 | |||
Post-modification recorded balance | 1,343,000 | 1,758,000 | |||
Increase in allowance for loan losses | 30,000 | 30,000 | |||
Charge offs due to troubled debt restructurings | 0 | 0 | |||
TDR that subsequently defaulted [Abstract] | |||||
Number of contracts | 1 | 0 | |||
Recorded Balance | 91,000 | 0 | |||
Past due period for modified loans | 90 days | ||||
Increase (decrease) in allowance for loan loss due to TDRs that subsequently defaulted | 0 | 0 | |||
Charge-offs on TDRs that subsequently defaulted | 0 | 0 | |||
Minimum [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Modification of stated interest rate of loans, range of period | 9 months | ||||
Modifications involving extension of maturity date, period range | 1 month | ||||
Maximum [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Modification of stated interest rate of loans, range of period | 36 months | ||||
Modifications involving extension of maturity date, period range | 60 months | ||||
Maximum in Certain Circumstances [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Modification of stated interest rate of loans, range of period | 480 months | ||||
Modifications involving extension of maturity date, period range | 230 months | ||||
Commercial [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Troubled debt restructuring | 29,839,000 | 31,453,000 | |||
Income Producing - Real Estate [Member] | |||||
Loans classified as troubled debt restructurings [Abstract] | |||||
Number of contracts | 1 | 2 | |||
Pre-modification recorded balance | 156,000 | 213,000 | |||
Post-modification recorded balance | 164,000 | 210,000 | |||
TDR that subsequently defaulted [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Recorded Balance | 0 | 0 | |||
Land, Land Development and Construction - Real Estate [Member] | |||||
Loans classified as troubled debt restructurings [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Pre-modification recorded balance | 0 | 0 | |||
Post-modification recorded balance | 0 | 0 | |||
TDR that subsequently defaulted [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Recorded Balance | 0 | 0 | |||
Commercial and Industrial [Member] | |||||
Loans classified as troubled debt restructurings [Abstract] | |||||
Number of contracts | 2 | 4 | |||
Pre-modification recorded balance | 236,000 | 190,000 | |||
Post-modification recorded balance | 234,000 | 189,000 | |||
TDR that subsequently defaulted [Abstract] | |||||
Number of contracts | 1 | 0 | |||
Recorded Balance | 91,000 | 0 | |||
1-4 Family [Member] | |||||
Loans classified as troubled debt restructurings [Abstract] | |||||
Number of contracts | 5 | 4 | |||
Pre-modification recorded balance | 1,005,000 | 724,000 | |||
Post-modification recorded balance | 805,000 | 739,000 | |||
TDR that subsequently defaulted [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Recorded Balance | 0 | 0 | |||
Resort Lending [Member] | |||||
Loans classified as troubled debt restructurings [Abstract] | |||||
Number of contracts | 0 | 2 | |||
Pre-modification recorded balance | 0 | 294,000 | |||
Post-modification recorded balance | 0 | 293,000 | |||
TDR that subsequently defaulted [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Recorded Balance | 0 | 0 | |||
Home Equity - 1st Lien [Member] | |||||
Loans classified as troubled debt restructurings [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Pre-modification recorded balance | 0 | 0 | |||
Post-modification recorded balance | 0 | 0 | |||
TDR that subsequently defaulted [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Recorded Balance | 0 | 0 | |||
Home Equity - 2nd Lien [Member] | |||||
Loans classified as troubled debt restructurings [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Pre-modification recorded balance | 0 | 0 | |||
Post-modification recorded balance | 0 | 0 | |||
TDR that subsequently defaulted [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Recorded Balance | 0 | 0 | |||
Home Equity - 1st Lien [Member] | |||||
Loans classified as troubled debt restructurings [Abstract] | |||||
Number of contracts | 4 | 3 | |||
Pre-modification recorded balance | 167,000 | 106,000 | |||
Post-modification recorded balance | 140,000 | 78,000 | |||
TDR that subsequently defaulted [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Recorded Balance | 0 | 0 | |||
Home Equity - 2nd Lien [Member] | |||||
Loans classified as troubled debt restructurings [Abstract] | |||||
Number of contracts | 0 | 3 | |||
Pre-modification recorded balance | 0 | 221,000 | |||
Post-modification recorded balance | 0 | 220,000 | |||
TDR that subsequently defaulted [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Recorded Balance | 0 | 0 | |||
Loans Not Secured By Real Estate [Member] | |||||
Loans classified as troubled debt restructurings [Abstract] | |||||
Number of contracts | 0 | 2 | |||
Pre-modification recorded balance | 0 | 33,000 | |||
Post-modification recorded balance | 0 | 29,000 | |||
TDR that subsequently defaulted [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Recorded Balance | 0 | 0 | |||
Other [Member] | |||||
Loans classified as troubled debt restructurings [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Pre-modification recorded balance | 0 | 0 | |||
Post-modification recorded balance | 0 | 0 | |||
TDR that subsequently defaulted [Abstract] | |||||
Number of contracts | 0 | 0 | |||
Recorded Balance | 0 | 0 | |||
Retail [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Troubled debt restructuring | 76,671,000 | 78,721,000 | |||
Performing TDRs [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Troubled debt restructuring | 99,381,000 | 102,971,000 | |||
Performing TDRs [Member] | Commercial [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Troubled debt restructuring | 27,904,000 | 29,475,000 | |||
Performing TDRs [Member] | Retail [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Troubled debt restructuring | 71,477,000 | 73,496,000 | |||
Non-performing TDRs [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Troubled debt restructuring | 7,129,000 | [1] | 7,203,000 | [1] | |
Non-performing TDRs [Member] | Commercial [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Troubled debt restructuring | 1,935,000 | [1] | 1,978,000 | [1] | |
Non-performing TDRs [Member] | Retail [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Troubled debt restructuring | $5,194,000 | [1],[2] | $5,225,000 | [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 $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | $710,323,000 | $690,955,000 | ||
Credit ratings of insurer or risk retention group counterparties [Abstract] | ||||
Subsidiary's outstanding payment plan 2, insured by third party (in hundredths) | 23.30% | |||
Subsidiary's outstanding payment plan insured by third party (in hundredths) | 63.60% | |||
Payment Plan Receivables, Full Refund | 24,657,000 | 27,853,000 | ||
Payment Plan Receivables, Partial Refund | 9,017,000 | 7,094,000 | ||
Payment Plan Receivables, Other | 5,093,000 | 5,054,000 | ||
Total | 38,767,000 | 40,001,000 | ||
Other Real Estate and Foreclosed Assets [Abstract] | ||||
Foreclosed residential real estate properties | 2,900,000 | 2,900,000 | ||
Retail mortgage loans in process of foreclosure | 2,000,000 | 2,500,000 | ||
Non-Watch 1-6 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 662,994,000 | 645,082,000 | ||
Watch 7-8 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 37,166,000 | 34,609,000 | ||
Substandard Accrual 9 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 7,281,000 | 8,306,000 | ||
Non Accrual 10-11 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 4,511,000 | 4,573,000 | ||
AM Best Rating A+ [Member] | ||||
Credit ratings of insurer or risk retention group counterparties [Abstract] | ||||
Payment Plan Receivables, Full Refund | 0 | 0 | ||
Payment Plan Receivables, Partial Refund | 28,000 | 43,000 | ||
Payment Plan Receivables, Other | 0 | 0 | ||
Total | 28,000 | 43,000 | ||
AM Best A Rating [Member] | ||||
Credit ratings of insurer or risk retention group counterparties [Abstract] | ||||
Payment Plan Receivables, Full Refund | 6,710,000 | 10,007,000 | ||
Payment Plan Receivables, Partial Refund | 8,163,000 | 6,190,000 | ||
Payment Plan Receivables, Other | 0 | 0 | ||
Total | 14,873,000 | 16,197,000 | ||
AM Best Rating, A Minus Rating [Member] | ||||
Credit ratings of insurer or risk retention group counterparties [Abstract] | ||||
Payment Plan Receivables, Full Refund | 2,354,000 | 1,989,000 | ||
Payment Plan Receivables, Partial Refund | 687,000 | 685,000 | ||
Payment Plan Receivables, Other | 5,093,000 | 5,054,000 | ||
Total | 8,134,000 | 7,728,000 | ||
Not Rated [Member] | ||||
Credit ratings of insurer or risk retention group counterparties [Abstract] | ||||
Payment Plan Receivables, Full Refund | 15,593,000 | 15,857,000 | ||
Payment Plan Receivables, Partial Refund | 139,000 | 176,000 | ||
Payment Plan Receivables, Other | 0 | 0 | ||
Total | 15,732,000 | 16,033,000 | ||
Commercial [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 711,952,000 | 692,570,000 | ||
Income Producing - Real Estate [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 271,877,000 | 253,066,000 | ||
Income Producing - Real Estate [Member] | Non-Watch 1-6 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 260,434,000 | 241,266,000 | ||
Income Producing - Real Estate [Member] | Watch 7-8 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 8,304,000 | 8,649,000 | ||
Income Producing - Real Estate [Member] | Substandard Accrual 9 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 1,952,000 | 1,918,000 | ||
Income Producing - Real Estate [Member] | Non Accrual 10-11 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 1,187,000 | 1,233,000 | ||
Land, Land Development and Construction - Real Estate [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 32,491,000 | 34,338,000 | ||
Land, Land Development and Construction - Real Estate [Member] | Non-Watch 1-6 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 29,394,000 | 30,869,000 | ||
Land, Land Development and Construction - Real Estate [Member] | Watch 7-8 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 2,268,000 | 2,485,000 | ||
Land, Land Development and Construction - Real Estate [Member] | Substandard Accrual 9 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 255,000 | 390,000 | ||
Land, Land Development and Construction - Real Estate [Member] | Non Accrual 10-11 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 574,000 | 594,000 | ||
Commercial and Industrial [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 407,584,000 | 405,166,000 | ||
Commercial and Industrial [Member] | Non-Watch 1-6 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 373,166,000 | 372,947,000 | ||
Commercial and Industrial [Member] | Watch 7-8 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 26,594,000 | 23,475,000 | ||
Commercial and Industrial [Member] | Substandard Accrual 9 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 5,074,000 | 5,998,000 | ||
Commercial and Industrial [Member] | Non Accrual 10-11 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 2,750,000 | 2,746,000 | ||
Mortgage [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
800 and above | 50,998,000 | [1] | 52,490,000 | [1] |
750-799 | 136,857,000 | [1] | 139,075,000 | [1] |
700-749 | 96,943,000 | [1] | 98,199,000 | [1] |
650-699 | 82,943,000 | [1] | 83,365,000 | [1] |
600-649 | 39,299,000 | [1] | 39,874,000 | [1] |
550-599 | 26,969,000 | [1] | 27,715,000 | [1] |
500-549 | 18,373,000 | [1] | 18,831,000 | [1] |
Under 500 | 7,976,000 | [1] | 8,074,000 | [1] |
Unknown | 7,671,000 | [1] | 7,175,000 | [1] |
Total | 468,029,000 | [1] | 474,798,000 | [1] |
Accrued interest included in total | 2,122,000 | [1] | 2,170,000 | [1] |
1-4 Family [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
800 and above | 26,878,000 | [1] | 27,918,000 | [1] |
750-799 | 71,729,000 | [1] | 72,674,000 | [1] |
700-749 | 52,139,000 | [1] | 52,843,000 | [1] |
650-699 | 51,460,000 | [1] | 51,664,000 | [1] |
600-649 | 27,520,000 | [1] | 27,770,000 | [1] |
550-599 | 20,748,000 | [1] | 21,361,000 | [1] |
500-549 | 14,367,000 | [1] | 14,575,000 | [1] |
Under 500 | 6,207,000 | [1] | 6,306,000 | [1] |
Unknown | 5,072,000 | [1] | 4,075,000 | [1] |
Total | 276,120,000 | [1] | 279,186,000 | [1] |
Accrued interest included in total | 1,293,000 | [1] | 1,311,000 | [1] |
Resort Lending [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
800 and above | 14,188,000 | [1] | 14,484,000 | [1] |
750-799 | 44,161,000 | [1] | 45,950,000 | [1] |
700-749 | 31,539,000 | [1] | 32,660,000 | [1] |
650-699 | 19,931,000 | [1] | 20,250,000 | [1] |
600-649 | 6,295,000 | [1] | 6,538,000 | [1] |
550-599 | 3,529,000 | [1] | 3,639,000 | [1] |
500-549 | 2,117,000 | [1] | 2,156,000 | [1] |
Under 500 | 873,000 | [1] | 875,000 | [1] |
Unknown | 2,164,000 | [1] | 2,184,000 | [1] |
Total | 124,797,000 | [1] | 128,736,000 | [1] |
Accrued interest included in total | 540,000 | [1] | 562,000 | [1] |
Home Equity - 1st Lien [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
800 and above | 3,995,000 | [1] | 3,863,000 | [1] |
750-799 | 6,102,000 | [1] | 6,128,000 | [1] |
700-749 | 3,307,000 | [1] | 3,054,000 | [1] |
650-699 | 3,408,000 | [1] | 3,257,000 | [1] |
600-649 | 1,716,000 | [1] | 1,704,000 | [1] |
550-599 | 1,016,000 | [1] | 994,000 | [1] |
500-549 | 603,000 | [1] | 699,000 | [1] |
Under 500 | 269,000 | [1] | 261,000 | [1] |
Unknown | 243,000 | [1] | 242,000 | [1] |
Total | 20,659,000 | [1] | 20,202,000 | [1] |
Accrued interest included in total | 91,000 | [1] | 88,000 | [1] |
Home Equity - 2nd Lien [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
800 and above | 5,937,000 | [1] | 6,225,000 | [1] |
750-799 | 14,865,000 | [1] | 14,323,000 | [1] |
700-749 | 9,958,000 | [1] | 9,642,000 | [1] |
650-699 | 8,144,000 | [1] | 8,194,000 | [1] |
600-649 | 3,768,000 | [1] | 3,862,000 | [1] |
550-599 | 1,676,000 | [1] | 1,721,000 | [1] |
500-549 | 1,286,000 | [1] | 1,401,000 | [1] |
Under 500 | 627,000 | [1] | 632,000 | [1] |
Unknown | 192,000 | [1] | 674,000 | [1] |
Total | 46,453,000 | [1] | 46,674,000 | [1] |
Accrued interest included in total | 198,000 | [1] | 209,000 | [1] |
Installment [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
800 and above | 37,223,000 | [1] | 36,674,000 | [1] |
750-799 | 83,894,000 | [1] | 81,375,000 | [1] |
700-749 | 39,079,000 | [1] | 38,337,000 | [1] |
650-699 | 25,164,000 | [1] | 26,207,000 | [1] |
600-649 | 10,548,000 | [1] | 11,225,000 | [1] |
550-599 | 5,637,000 | [1] | 5,962,000 | [1] |
500-549 | 3,601,000 | [1] | 3,920,000 | [1] |
Under 500 | 1,228,000 | [1] | 1,303,000 | [1] |
Unknown | 2,245,000 | [1] | 2,044,000 | [1] |
Total | 208,619,000 | [1] | 207,047,000 | [1] |
Accrued interest included in total | 657,000 | [1] | 669,000 | [1] |
Home Equity - 1st Lien [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
800 and above | 2,108,000 | [1] | 2,272,000 | [1] |
750-799 | 5,471,000 | [1] | 5,677,000 | [1] |
700-749 | 2,960,000 | [1] | 3,111,000 | [1] |
650-699 | 3,801,000 | [1] | 3,963,000 | [1] |
600-649 | 3,276,000 | [1] | 3,434,000 | [1] |
550-599 | 1,942,000 | [1] | 2,019,000 | [1] |
500-549 | 1,040,000 | [1] | 1,128,000 | [1] |
Under 500 | 385,000 | [1] | 393,000 | [1] |
Unknown | 67,000 | [1] | 77,000 | [1] |
Total | 21,050,000 | [1] | 22,074,000 | [1] |
Accrued interest included in total | 84,000 | [1] | 93,000 | [1] |
Home Equity - 2nd Lien [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
800 and above | 2,653,000 | [1] | 2,835,000 | [1] |
750-799 | 7,843,000 | [1] | 8,557,000 | [1] |
700-749 | 5,712,000 | [1] | 6,358,000 | [1] |
650-699 | 5,135,000 | [1] | 5,477,000 | [1] |
600-649 | 2,281,000 | [1] | 2,408,000 | [1] |
550-599 | 1,864,000 | [1] | 1,913,000 | [1] |
500-549 | 981,000 | [1] | 1,036,000 | [1] |
Under 500 | 408,000 | [1] | 427,000 | [1] |
Unknown | 37,000 | [1] | 81,000 | [1] |
Total | 26,914,000 | [1] | 29,092,000 | [1] |
Accrued interest included in total | 100,000 | [1] | 112,000 | [1] |
Loans Not Secured By Real Estate [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
800 and above | 32,402,000 | [1] | 31,507,000 | [1] |
750-799 | 70,089,000 | [1] | 66,558,000 | [1] |
700-749 | 29,787,000 | [1] | 28,179,000 | [1] |
650-699 | 15,699,000 | [1] | 16,152,000 | [1] |
600-649 | 4,755,000 | [1] | 5,128,000 | [1] |
550-599 | 1,703,000 | [1] | 1,896,000 | [1] |
500-549 | 1,503,000 | [1] | 1,672,000 | [1] |
Under 500 | 408,000 | [1] | 455,000 | [1] |
Unknown | 2,108,000 | [1] | 1,842,000 | [1] |
Total | 158,454,000 | [1] | 153,389,000 | [1] |
Accrued interest included in total | 456,000 | [1] | 445,000 | [1] |
Other [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
800 and above | 60,000 | [1] | 60,000 | [1] |
750-799 | 491,000 | [1] | 583,000 | [1] |
700-749 | 620,000 | [1] | 689,000 | [1] |
650-699 | 529,000 | [1] | 615,000 | [1] |
600-649 | 236,000 | [1] | 255,000 | [1] |
550-599 | 128,000 | [1] | 134,000 | [1] |
500-549 | 77,000 | [1] | 84,000 | [1] |
Under 500 | 27,000 | [1] | 28,000 | [1] |
Unknown | 33,000 | [1] | 44,000 | [1] |
Total | 2,201,000 | [1] | 2,492,000 | [1] |
Accrued interest included in total | 17,000 | [1] | 19,000 | [1] |
Accrued interest included in total [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 1,629,000 | 1,615,000 | ||
Accrued interest included in total [Member] | Non-Watch 1-6 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 1,491,000 | 1,479,000 | ||
Accrued interest included in total [Member] | Watch 7-8 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 113,000 | 111,000 | ||
Accrued interest included in total [Member] | Substandard Accrual 9 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | 25,000 | 25,000 | ||
Accrued interest included in total [Member] | Non Accrual 10-11 [Member] | ||||
Loan ratings/credit scores by loan class [Abstract] | ||||
Commercial loan | $0 | $0 | ||
[1] | Credit scores have been updated within the last twelve months. |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Segment | ||||||
Segments [Abstract] | ||||||
Number of reportable segments | 2 | |||||
Selected financial information for reportable segments [Abstract] | ||||||
Total assets | $2,329,296 | $2,248,730 | ||||
Interest income | 19,552 | 20,283 | ||||
Net interest income | 18,091 | 18,478 | ||||
Provision for loan losses | -659 | 428 | ||||
Income (loss) before income tax | 5,561 | 4,605 | ||||
Net income (loss) | 3,781 | 3,138 | ||||
Other [Member] | ||||||
Selected financial information for reportable segments [Abstract] | ||||||
Total assets | 289,132 | [1] | 286,158 | [1] | ||
Interest income | 20 | [1] | 0 | [1] | ||
Net interest income | -227 | [1] | -287 | [1] | ||
Provision for loan losses | 0 | [1] | 0 | [1] | ||
Income (loss) before income tax | -383 | [1] | -405 | [1] | ||
Net income (loss) | -244 | [1] | -263 | [1] | ||
Operating Segments [Member] | IB [Member] | ||||||
Selected financial information for reportable segments [Abstract] | ||||||
Total assets | 2,256,469 | 2,174,536 | ||||
Interest income | 18,221 | 18,198 | ||||
Net interest income | 17,183 | 17,083 | ||||
Provision for loan losses | -656 | 443 | ||||
Income (loss) before income tax | 6,259 | 4,678 | ||||
Net income (loss) | 4,233 | 3,182 | ||||
Operating Segments [Member] | Mepco [Member] | ||||||
Selected financial information for reportable segments [Abstract] | ||||||
Total assets | 61,891 | 63,378 | ||||
Interest income | 1,331 | 2,085 | ||||
Net interest income | 1,135 | 1,682 | ||||
Provision for loan losses | -3 | -15 | ||||
Income (loss) before income tax | -291 | 356 | ||||
Net income (loss) | -192 | 243 | ||||
Elimination [Member] | ||||||
Selected financial information for reportable segments [Abstract] | ||||||
Total assets | -278,196 | [2] | -275,342 | [2] | ||
Interest income | -20 | [2] | 0 | [2] | ||
Net interest income | 0 | [2] | 0 | [2] | ||
Provision for loan losses | 0 | [2] | 0 | [2] | ||
Income (loss) before income tax | -24 | [2] | -24 | [2] | ||
Net income (loss) | ($16) | [2] | ($24) | [2] | ||
[1] | Includes amounts relating to our parent company and certain insignificant operations. | |||||
[2] | Includes parent company's investment in subsidiaries and cash balances maintained at subsidiary. |
Shareholders_Equity_and_Earnin2
Shareholders' Equity and Earnings Per Common Share (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Nov. 15, 2011 | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 21, 2015 | ||
Class of Stock [Line Items] | ||||||
Stock repurchased | $902 | $0 | ||||
Shareholders with certain limited exceptions (in hundredths) | 5.00% | |||||
Number of Series C Junior participating preferred stock purchase by each right | 1/1000 | |||||
Beneficial ownership level (in hundredths) | 4.99% | |||||
Discount to current market price of the common stock (in hundredths) | 50.00% | |||||
Earnings Per Share Reconciliation [Abstract] | ||||||
Net income | 3,781 | 3,138 | ||||
Weighted average shares outstanding (in shares) | 22,997,000 | [1] | 22,888,000 | [1] | ||
Restricted stock units (in shares) | 309,000 | 304,000 | ||||
Effect of stock options (in shares) | 121,000 | 124,000 | ||||
Stock units for deferred compensation plan for non-employee directors (in shares) | 111,000 | 120,000 | ||||
Weighted average shares outstanding for calculation of diluted earnings per share (in shares) | 23,538,000 | 23,436,000 | ||||
Net income per common share [Abstract] | ||||||
Basic (in dollars per share) | $0.16 | [1] | $0.14 | [1] | ||
Diluted (in dollars per share) | $0.16 | $0.13 | ||||
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) | 30,000 | 30,000 | ||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock repurchase program percentage of shares authorized to be repurchased (in hundredths) | 5.00% | |||||
Stock repurchased (in shares) | 70,643 | |||||
Stock repurchased | $900 | |||||
[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 | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Derivative financial instrument according to type of hedge[ Abstract] | ||
Notional Amount | $118,503 | $61,959 |
Average Maturity | 1 year 10 months 24 days | 1 year 1 month 6 days |
Fair Value | 602 | 253 |
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 1,268 | 619 |
Liability Derivatives | 666 | 366 |
No Hedge Designation [Member] | Rate-Lock Mortgage Loan Commitments [Member] | ||
Derivative financial instrument according to type of hedge[ Abstract] | ||
Notional Amount | 28,413 | 16,759 |
Average Maturity | 0 years 1 month 6 days | 0 years 1 month 6 days |
Fair Value | 825 | 437 |
No Hedge Designation [Member] | Mandatory Commitments to Sell Mortgage Loans [Member] | ||
Derivative financial instrument according to type of hedge[ Abstract] | ||
Notional Amount | 59,126 | 38,600 |
Average Maturity | 0 years 1 month 6 days | 0 years 1 month 6 days |
Fair Value | -223 | -184 |
Fixed Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Derivative financial instrument according to type of hedge[ Abstract] | ||
Notional Amount | 15,482 | 3,300 |
Average Maturity | 7 years 1 month 6 days | 9 years 4 months 24 days |
Fair Value | -443 | -182 |
Variable Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Derivative financial instrument according to type of hedge[ Abstract] | ||
Notional Amount | 15,482 | 3,300 |
Average Maturity | 7 years 1 month 6 days | 9 years 4 months 24 days |
Fair Value | 443 | 182 |
Other Assets [Member] | No Hedge Designation [Member] | Rate-Lock Mortgage Loan Commitments [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 825 | 437 |
Other Assets [Member] | No Hedge Designation [Member] | Mandatory Commitments to Sell Mortgage Loans [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 0 | 0 |
Other Assets [Member] | Fixed Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 0 | 0 |
Other Assets [Member] | Variable Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 443 | 182 |
Other Liabilities [Member] | No Hedge Designation [Member] | Rate-Lock Mortgage Loan Commitments [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 0 | 0 |
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 | 223 | 184 |
Other Liabilities [Member] | Fixed Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 443 | 182 |
Other Liabilities [Member] | Variable Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | $0 | $0 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments, Effect on Statement of Operations (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
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 | $0 | ||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 0 | -95 | ||
Gain (Loss) Recognized in Income | 0 | [1] | 0 | [1] |
Cash Flow Hedge [Member] | Fixed Income Interest Rate [Member] | Interest Rate Swap [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 | [2] | 0 | [2] |
Gain (Loss) Recognized in Income | 0 | [1] | 0 | [1] |
Cash Flow Hedge [Member] | Fixed Income Interest Rate [Member] | Interest Rate Swap [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) | 0 | -95 | ||
No Hedge Designation [Member] | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||||
Gain (Loss) Recognized in Income | 349 | [1] | -97 | [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 | 388 | [1] | -14 | [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 | -39 | [1] | -83 | [1] |
No Hedge Designation [Member] | Fixed Income Interest Rate [Member] | Interest Rate Swap [Member] | Interest Income [Member] | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||||
Gain (Loss) Recognized in Income | -261 | [1] | 0 | [1] |
No Hedge Designation [Member] | Variable Income Interest Rate [Member] | Interest Rate Swap [Member] | Interest Income [Member] | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||||
Gain (Loss) Recognized in Income | $261 | [1] | $0 | [1] |
[1] | For cash flow hedges, this location and amount refers to the ineffective portion. | |||
[2] | Relates to a terminated pay-fixed interest rate swap whose termination fee was included in accumulated other comprehensive income and was being amortized into earnings through December 31, 2014. |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Amortized intangible assets - core deposits [Abstract] | ||
Gross Carrying Amount | $6,118 | $6,118 |
Accumulated Amortization | 3,578 | 3,491 |
Summary of estimated intangible amortization [Abstract] | ||
Nine months ending December 31, 2015 | 260 | |
2016 | 347 | |
2017 | 346 | |
2018 | 346 | |
2019 | 346 | |
2020 and thereafter | 895 | |
Total | $2,540 |
Share_Based_Compensation_Detai
Share Based Compensation (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share based compensation arrangements [Line Items] | ||
Number of additional shares approved for grant (in shares) | 300,000 | |
Total compensation cost not yet recognized | $2,500,000 | |
Total compensation cost not yet recognized, period for recognition | 2 years 1 month 6 days | |
Information regarding options exercised [Abstract] | ||
Intrinsic value | 56,000 | 15,000 |
Cash proceeds received | 15,000 | 10,000 |
Tax benefit realized | 20,000 | 5,000 |
Long-term incentive plan [Member] | ||
Share based compensation arrangements [Line Items] | ||
Total compensation expense (recovery) recognized | 400,000 | 200,000 |
Tax benefit relating to compensation expense recognized | 100,000 | 100,000 |
Stock Options [Member] | ||
Outstanding stock option grants and transaction [Roll Forward] | ||
Outstanding, beginning balance (in shares) | 281,820 | |
Granted (in shares) | 0 | |
Exercised (in shares) | -5,764 | |
Forfeited (in shares) | -1,132 | |
Expired (in shares) | -167 | |
Outstanding, ending balance (in shares) | 274,757 | |
Vested and expected to vest, period end (in shares) | 271,678 | |
Exercisable, period end (in shares) | 195,452 | |
Weighted Average Exercise Price [Roll Forward] | ||
Outstanding, beginning balance (in dollars per share) | $4.69 | |
Exercised (in dollars per share) | $2.65 | |
Forfeited (in dollars per share) | $4.89 | |
Expired (in dollars per share) | $6.42 | |
Outstanding, ending balance (in dollars per share) | $4.73 | |
Vested and expected to vest, period end (in dollars per share) | $4.73 | |
Exercisable, period end (in dollars per share) | $4.68 | |
Weighted-Average Remaining Contractual Term [Abstract] | ||
Outstanding, Weighted Average Remaining Contractual Term | 6 years 10 months 13 days | |
Vested and Expected to Vest, Weighted-Average Remaining Contractual Term | 6 years 10 months 6 days | |
Exercisable, Weighted Average Remaining Contractual Term | 6 years 5 months 16 days | |
Aggregate intrinsic value [Abstract] | ||
Outstanding, Aggregate Intrinsic Value | 2,306,000 | |
Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 2,283,000 | |
Exercisable, Aggregate Intrinsic Value | 1,675,000 | |
Non-Vested Restricted Stock, Restricted Stock Units and PSU's [Member] | ||
Number of Shares [Roll Forward] | ||
Outstanding, beginning balance (in shares) | 407,130 | |
Granted (in shares) | 105,757 | |
Vested (in shares) | -22,119 | |
Forfeited (in shares) | -2,198 | |
Outstanding, ending balance (in shares) | 488,570 | |
Weighted Average Grant Date Fair Value [Roll Forward] | ||
Outstanding, beginning balance (in dollars per share) | $6.31 | |
Granted (in dollars per share) | $13.04 | |
Vested (in dollars per share) | $12.78 | |
Forfeited (in dollars per share) | $13.05 | |
Outstanding, ending balance (in dollars per share) | $7.45 | |
Director [Member] | ||
Share based compensation arrangements [Line Items] | ||
Shares issues as retainer fees (in shares) | 1,000 | 4,000 |
Non-Employee Directors [Member] | ||
Share based compensation arrangements [Line Items] | ||
Number of additional shares approved for grant (in shares) | 200,000 | |
Total compensation expense (recovery) recognized | 20,000 | 50,000 |
Tax benefit relating to compensation expense recognized | $10,000 | $20,000 |
Officers [Member] | Restricted Stock [Member] | Long-term incentive plan [Member] | ||
Share based compensation arrangements [Line Items] | ||
Number of stock units or restricted shares issued in period (in shares) | 70,000 | 70,000 |
Vesting period | 3 years | 3 years |
Officers [Member] | Performance stock units [Member] | Long-term incentive plan [Member] | ||
Share based compensation arrangements [Line Items] | ||
Number of stock units or restricted shares issued in period (in shares) | 30,000 | 30,000 |
Vesting period | 3 years | 3 years |
Income_Tax_Details
Income Tax (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Income Tax [Abstract] | |||
Income tax expense (benefit) | $1,780,000 | $1,467,000 | |
Gross unrecognized tax benefits | 1,100,000 | 1,100,000 | |
Valuation Allowance [Line Items] | |||
Valuation allowance | 1,000,000 | 1,000,000 | |
Mepco [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation allowance against deferred tax assets attributable to Mepco | $1,000,000 |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||||||
Jan. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Feb. 17, 2015 | Dec. 31, 2014 | Apr. 09, 2014 | Dec. 31, 2013 | Jul. 02, 2013 | |
Regulatory Matters [Abstract] | ||||||||
Undivided profits | ($27,100,000) | |||||||
Common Equity Tier One Risk Based Capital To Risk Weighted Assets Required (in hundredths) | 4.50% | |||||||
Common Equity Tier One Risk Based Capital To Risk Weighted Assets Conservation Buffer Required (in hundredths) | 2.50% | |||||||
Minimum leverage ratio (in hundredths) | 4.00% | |||||||
Subsequent Event [Line Items] | ||||||||
Request for approval to transfer capital from bank to parent entity | 18,500,000 | 15,000,000 | ||||||
Transfer of capital from bank to the parent company | 18,500,000 | 15,000,000 | ||||||
Components of regulatory capital [Abstract] | ||||||||
Total shareholders' equity | 236,586,000 | 253,625,000 | 250,371,000 | 231,581,000 | ||||
Add (deduct) [Abstract] | ||||||||
Accumulated other comprehensive loss | -7,644,000 | -4,202,000 | -5,636,000 | -9,245,000 | ||||
Intangible assets | -2,540,000 | -2,627,000 | ||||||
Minimum [Member] | ||||||||
Tier 1 capital to risk-weighted assets [Abstract] | ||||||||
Minimum for Adequately Capitalized Institutions, Ratio (in hundredths) | 4.00% | |||||||
Add (deduct) [Abstract] | ||||||||
Minimum ratio of tier 1 capital to risk weighted assets (in hundredths) | 4.00% | |||||||
Maximum [Member] | ||||||||
Tier 1 capital to risk-weighted assets [Abstract] | ||||||||
Minimum for Adequately Capitalized Institutions, Ratio (in hundredths) | 6.00% | |||||||
Add (deduct) [Abstract] | ||||||||
Minimum ratio of tier 1 capital to risk weighted assets (in hundredths) | 6.00% | |||||||
Consolidated [Member] | ||||||||
Total capital to risk-weighted assets [Abstract] | ||||||||
Total risk-based capital | 271,391,000 | 265,163,000 | ||||||
Minimum for Adequately Capitalized Institutions, Amount | 125,611,000 | 117,427,000 | ||||||
Actual, Ratio (in hundredths) | 17.28% | 18.06% | ||||||
Minimum for Adequately Capitalized Institutions, Ratio (in hundredths) | 8.00% | 8.00% | ||||||
Tier 1 capital to risk-weighted assets [Abstract] | ||||||||
Actual, Amount | 251,443,000 | 246,628,000 | ||||||
Minimum for Adequately Capitalized Institutions, Amount | 94,208,000 | 58,714,000 | ||||||
Actual, Ratio (in hundredths) | 16.01% | 16.80% | ||||||
Minimum for Adequately Capitalized Institutions, Ratio (in hundredths) | 6.00% | 4.00% | ||||||
Common equity tier 1 capital to risk-weighted assets [Abstract] | ||||||||
Actual, Amount | 237,386,000 | 212,128,000 | ||||||
Minimum for Adequately Capitalized Institutions, Amount | 62,806,000 | |||||||
Actual, Ratio (in hundredths) | 15.12% | |||||||
Minimum for Adequately Capitalized Institutions, Ratio (in hundredths) | 4.50% | |||||||
Tier 1 capital to average assets [Abstract] | ||||||||
Tier 1 capital | 251,443,000 | 246,628,000 | ||||||
Minimum for Adequately Capitalized Institutions, Amount | 89,647,000 | 88,206,000 | ||||||
Actual, Ratio (in hundredths) | 11.22% | 11.18% | ||||||
Minimum for Adequately Capitalized Institutions, Ratio (in hundredths) | 4.00% | 4.00% | ||||||
Components of regulatory capital [Abstract] | ||||||||
Total shareholders' equity | 253,625,000 | 250,371,000 | ||||||
Add (deduct) [Abstract] | ||||||||
Accumulated other comprehensive loss | -1,596,000 | 5,636,000 | ||||||
Intangible assets | -1,016,000 | -2,627,000 | ||||||
Disallowed deferred tax assets | -13,627,000 | -40,500,000 | ||||||
Disallowed capitalized mortgage loan servicing rights | 0 | -752,000 | ||||||
Common equity tier 1 capital | 237,386,000 | 212,128,000 | ||||||
Qualifying trust preferred securities | 34,500,000 | 34,500,000 | ||||||
Disallowed deferred tax assets | -20,443,000 | 0 | ||||||
Tier 1 capital | 251,443,000 | 246,628,000 | ||||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 19,948,000 | 18,535,000 | ||||||
Total risk-based capital | 271,391,000 | 265,163,000 | ||||||
Minimum ratio of tier 1 capital to risk weighted assets (in hundredths) | 6.00% | 4.00% | ||||||
Independent Bank [Member] | ||||||||
Total capital to risk-weighted assets [Abstract] | ||||||||
Total risk-based capital | 237,073,000 | 247,883,000 | ||||||
Minimum for Adequately Capitalized Institutions, Amount | 125,456,000 | 117,374,000 | ||||||
Minimum for Well Capitalized Institutions, Amount | 156,820,000 | 146,718,000 | ||||||
Actual, Ratio (in hundredths) | 15.12% | 16.90% | ||||||
Minimum for Adequately Capitalized Institutions, Ratio (in hundredths) | 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 | 217,216,000 | 229,361,000 | ||||||
Minimum for Adequately Capitalized Institutions, Amount | 94,092,000 | 58,687,000 | ||||||
Minimum for Well-Capitalized Institutions, Amount | 125,456,000 | 88,031,000 | ||||||
Actual, Ratio (in hundredths) | 13.85% | 15.63% | ||||||
Minimum for Adequately Capitalized Institutions, Ratio (in hundredths) | 6.00% | 4.00% | ||||||
Minimum for Well Capitalized Institutions, Ratio (in hundredths) | 8.00% | 6.00% | ||||||
Common equity tier 1 capital to risk-weighted assets [Abstract] | ||||||||
Actual, Amount | 217,216,000 | 229,361,000 | ||||||
Minimum for Adequately Capitalized Institutions, Amount | 70,569,000 | |||||||
Minimum for Well-Capitalized Institutions, Amount | 101,933,000 | |||||||
Actual, Ratio (in hundredths) | 13.85% | |||||||
Minimum for Adequately Capitalized Institutions, Ratio (in hundredths) | 4.50% | |||||||
Minimum for Well Capitalized Institutions, Ratio (in hundredths) | 6.50% | |||||||
Tier 1 capital to average assets [Abstract] | ||||||||
Tier 1 capital | 217,216,000 | 229,361,000 | ||||||
Minimum for Adequately Capitalized Institutions, Amount | 89,576,000 | 87,687,000 | ||||||
Minimum for Well-Capitalized Institutions, Amount | 111,970,000 | 109,609,000 | ||||||
Actual, Ratio (in hundredths) | 9.70% | 10.46% | ||||||
Minimum for Adequately Capitalized Institutions, Ratio (in hundredths) | 4.00% | 4.00% | ||||||
Minimum for Well-Capitalized Institutions, Ratio (in hundredths) | 5.00% | 5.00% | ||||||
Components of regulatory capital [Abstract] | ||||||||
Total shareholders' equity | 244,807,000 | 257,832,000 | ||||||
Add (deduct) [Abstract] | ||||||||
Accumulated other comprehensive loss | -1,596,000 | 5,636,000 | ||||||
Intangible assets | -1,016,000 | -2,627,000 | ||||||
Disallowed deferred tax assets | -24,979,000 | -30,728,000 | ||||||
Disallowed capitalized mortgage loan servicing rights | 0 | -752,000 | ||||||
Common equity tier 1 capital | 217,216,000 | 229,361,000 | ||||||
Qualifying trust preferred securities | 0 | 0 | ||||||
Disallowed deferred tax assets | 0 | 0 | ||||||
Tier 1 capital | 217,216,000 | 229,361,000 | ||||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 19,857,000 | 18,522,000 | ||||||
Total risk-based capital | $237,073,000 | $247,883,000 | ||||||
Minimum ratio of tier 1 capital to risk weighted assets (in hundredths) | 6.00% | 4.00% |
Fair_Value_Disclosures_Part_1_
Fair Value Disclosures Part 1 (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Fair Value Disclosures [Abstract] | ||||
Value of collateral-dependent impaired loans that will be reviewed by independent third party, minimum | $250,000 | |||
Value of collateral-dependent impaired loans that will be reviewed by special assets group, maximum | 250,000 | |||
Assets [Abstract] | ||||
Trading securities | 213,000 | 203,000 | ||
Securities available for sale | 571,762,000 | 533,178,000 | ||
ASSETS [Abstract] | ||||
Capitalized mortgage loan servicing rights | 8,129,000 | 9,197,000 | ||
U.S. Agency [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 35,529,000 | 35,006,000 | ||
U.S. Agency Residential Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 234,254,000 | 257,558,000 | ||
U.S. Agency Commercial Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 33,081,000 | 33,728,000 | ||
Private Label Residential Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 5,820,000 | 6,013,000 | ||
Other Asset Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 95,191,000 | 32,353,000 | ||
Obligations of States and Political Subdivisions [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 142,788,000 | 143,415,000 | ||
Corporate [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 22,661,000 | 22,664,000 | ||
Trust Preferred [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 2,438,000 | 2,441,000 | ||
Fair Value Measurements [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets [Abstract] | ||||
Trading securities | 213,000 | 203,000 | ||
Loans held for sale | 30,932,000 | 23,662,000 | ||
Derivatives | 1,268,000 | [1] | 619,000 | [1] |
Liabilities [Abstract] | ||||
Derivatives | 666,000 | [2] | 366,000 | [2] |
Fair Value Measurements [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 35,529,000 | 35,006,000 | ||
Fair Value Measurements [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Residential Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 234,254,000 | 257,558,000 | ||
Fair Value Measurements [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 33,081,000 | 33,728,000 | ||
Fair Value Measurements [Member] | Fair Value, Measurements, Recurring [Member] | Private Label Residential Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 5,820,000 | 6,013,000 | ||
Fair Value Measurements [Member] | Fair Value, Measurements, Recurring [Member] | Other Asset Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 95,191,000 | 32,353,000 | ||
Fair Value Measurements [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 142,788,000 | 143,415,000 | ||
Fair Value Measurements [Member] | Fair Value, Measurements, Recurring [Member] | Corporate [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 22,661,000 | 22,664,000 | ||
Fair Value Measurements [Member] | Fair Value, Measurements, Recurring [Member] | Trust Preferred [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 2,438,000 | 2,441,000 | ||
Fair Value Measurements [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
ASSETS [Abstract] | ||||
Capitalized mortgage loan servicing rights | 8,129,000 | [3] | 9,197,000 | [3] |
Fair Value Measurements [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||||
Commercial [Abstract] | ||||
Income producing - real estate | 786,000 | [4] | 869,000 | [4] |
Land, land development & construction - real estate | 142,000 | [4] | 354,000 | [4] |
Commercial and industrial | 2,511,000 | [4] | 2,601,000 | [4] |
Mortgage [Abstract] | ||||
1-4 Family | 1,217,000 | [4] | 1,306,000 | [4] |
Resort Lending | 139,000 | [4] | ||
Commercial [Abstract] | ||||
Income producing - real estate | 786,000 | [4] | 869,000 | [4] |
Land, land development & construction - real estate | 142,000 | [4] | 354,000 | [4] |
Mortgage [Abstract] | ||||
1-4 Family | 1,217,000 | [4] | 1,306,000 | [4] |
Resort Lending | 139,000 | [4] | ||
Fair Value Measurements [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate [Member] | ||||
Commercial [Abstract] | ||||
Income producing - real estate | 479,000 | [5] | ||
Land, land development & construction - real estate | 677,000 | [5] | 737,000 | [5] |
Mortgage [Abstract] | ||||
1-4 Family | 102,000 | [5] | 102,000 | [5] |
Resort Lending | 427,000 | [5] | 575,000 | [5] |
Commercial [Abstract] | ||||
Income producing - real estate | 479,000 | [5] | ||
Land, land development & construction - real estate | 677,000 | [5] | 737,000 | [5] |
Mortgage [Abstract] | ||||
1-4 Family | 102,000 | [5] | 102,000 | [5] |
Resort Lending | 427,000 | [5] | 575,000 | [5] |
Installment [Abstract] | ||||
Home equity - 1st lien | 13,000 | [5] | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Trading securities | 213,000 | 203,000 | ||
Securities available for sale | 0 | 0 | ||
Derivatives | 0 | 0 | ||
Liabilities [Abstract] | ||||
Derivatives | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets [Abstract] | ||||
Trading securities | 213,000 | 203,000 | ||
Loans held for sale | 0 | 0 | ||
Derivatives | 0 | [1] | 0 | [1] |
Liabilities [Abstract] | ||||
Derivatives | 0 | [2] | 0 | [2] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Residential Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Private Label Residential Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Other Asset Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Trust Preferred [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
ASSETS [Abstract] | ||||
Capitalized mortgage loan servicing rights | 0 | [3] | 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] |
Land, land development & construction - real estate | 0 | [4] | 0 | [4] |
Commercial and industrial | 0 | [4] | 0 | [4] |
Mortgage [Abstract] | ||||
1-4 Family | 0 | [4] | 0 | [4] |
Resort Lending | 0 | [4] | ||
Commercial [Abstract] | ||||
Income producing - real estate | 0 | [4] | 0 | [4] |
Land, land development & construction - real estate | 0 | [4] | 0 | [4] |
Mortgage [Abstract] | ||||
1-4 Family | 0 | [4] | 0 | [4] |
Resort Lending | 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] | ||
Land, land development & construction - real estate | 0 | [5] | 0 | [5] |
Mortgage [Abstract] | ||||
1-4 Family | 0 | [5] | 0 | [5] |
Resort Lending | 0 | [5] | 0 | [5] |
Commercial [Abstract] | ||||
Income producing - real estate | 0 | [5] | ||
Land, land development & construction - real estate | 0 | [5] | 0 | [5] |
Mortgage [Abstract] | ||||
1-4 Family | 0 | [5] | 0 | [5] |
Resort Lending | 0 | [5] | 0 | [5] |
Installment [Abstract] | ||||
Home equity - 1st lien | 0 | [5] | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets [Abstract] | ||||
Trading securities | 0 | 0 | ||
Securities available for sale | 571,762,000 | 533,178,000 | ||
Derivatives | 1,268,000 | 619,000 | ||
Liabilities [Abstract] | ||||
Derivatives | 666,000 | 366,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets [Abstract] | ||||
Trading securities | 0 | 0 | ||
Loans held for sale | 30,932,000 | 23,662,000 | ||
Derivatives | 1,268,000 | [1] | 619,000 | [1] |
Liabilities [Abstract] | ||||
Derivatives | 666,000 | [2] | 366,000 | [2] |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 35,529,000 | 35,006,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Residential Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 234,254,000 | 257,558,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 33,081,000 | 33,728,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Private Label Residential Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 5,820,000 | 6,013,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Other Asset Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 95,191,000 | 32,353,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 142,788,000 | 143,415,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 22,661,000 | 22,664,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Trust Preferred [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 2,438,000 | 2,441,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
ASSETS [Abstract] | ||||
Capitalized mortgage loan servicing rights | 0 | [3] | 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] |
Land, land development & construction - real estate | 0 | [4] | 0 | [4] |
Commercial and industrial | 0 | [4] | 0 | [4] |
Mortgage [Abstract] | ||||
1-4 Family | 0 | [4] | 0 | [4] |
Resort Lending | 0 | [4] | ||
Commercial [Abstract] | ||||
Income producing - real estate | 0 | [4] | 0 | [4] |
Land, land development & construction - real estate | 0 | [4] | 0 | [4] |
Mortgage [Abstract] | ||||
1-4 Family | 0 | [4] | 0 | [4] |
Resort Lending | 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] | ||
Land, land development & construction - real estate | 0 | [5] | 0 | [5] |
Mortgage [Abstract] | ||||
1-4 Family | 0 | [5] | 0 | [5] |
Resort Lending | 0 | [5] | 0 | [5] |
Commercial [Abstract] | ||||
Income producing - real estate | 0 | [5] | ||
Land, land development & construction - real estate | 0 | [5] | 0 | [5] |
Mortgage [Abstract] | ||||
1-4 Family | 0 | [5] | 0 | [5] |
Resort Lending | 0 | [5] | 0 | [5] |
Installment [Abstract] | ||||
Home equity - 1st lien | 0 | [5] | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets [Abstract] | ||||
Trading securities | 0 | 0 | ||
Securities available for sale | 0 | 0 | ||
Derivatives | 0 | 0 | ||
Liabilities [Abstract] | ||||
Derivatives | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets [Abstract] | ||||
Trading securities | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Derivatives | 0 | [1] | 0 | [1] |
Liabilities [Abstract] | ||||
Derivatives | 0 | [2] | 0 | [2] |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Residential Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Private Label Residential Mortgage-Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Other Asset Backed [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Trust Preferred [Member] | ||||
Assets [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
ASSETS [Abstract] | ||||
Capitalized mortgage loan servicing rights | 8,129,000 | [3] | 9,197,000 | [3] |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||||
Commercial [Abstract] | ||||
Income producing - real estate | 786,000 | [4] | 869,000 | [4] |
Land, land development & construction - real estate | 142,000 | [4] | 354,000 | [4] |
Commercial and industrial | 2,511,000 | [4] | 2,601,000 | [4] |
Mortgage [Abstract] | ||||
1-4 Family | 1,217,000 | [4] | 1,306,000 | [4] |
Resort Lending | 139,000 | [4] | ||
Commercial [Abstract] | ||||
Income producing - real estate | 786,000 | [4] | 869,000 | [4] |
Land, land development & construction - real estate | 142,000 | [4] | 354,000 | [4] |
Mortgage [Abstract] | ||||
1-4 Family | 1,217,000 | [4] | 1,306,000 | [4] |
Resort Lending | 139,000 | [4] | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate [Member] | ||||
Commercial [Abstract] | ||||
Income producing - real estate | 479,000 | [5] | ||
Land, land development & construction - real estate | 677,000 | [5] | 737,000 | [5] |
Mortgage [Abstract] | ||||
1-4 Family | 102,000 | [5] | 102,000 | [5] |
Resort Lending | 427,000 | [5] | 575,000 | [5] |
Commercial [Abstract] | ||||
Income producing - real estate | 479,000 | [5] | ||
Land, land development & construction - real estate | 677,000 | [5] | 737,000 | [5] |
Mortgage [Abstract] | ||||
1-4 Family | 102,000 | [5] | 102,000 | [5] |
Resort Lending | 427,000 | [5] | 575,000 | [5] |
Installment [Abstract] | ||||
Home equity - 1st lien | $13,000 | [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 $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Impairment charges recognized [Abstract] | |||
Capitalized mortgage loan servicing rights, carrying amount | $8,100,000 | $9,200,000 | |
Capitalized mortgage loan servicing rights, valuation allowance | 4,500,000 | 3,800,000 | |
Capitalized mortgage loan servicing rights, additional charges | 700,000 | 300,000 | |
Collateral dependent loans, carrying amount | 7,600,000 | 8,200,000 | |
Collateral dependent loans, valuation allowance | 2,800,000 | 3,100,000 | |
Additional provision for loan losses on impaired loans | 600,000 | 1,500,000 | |
Other real estate, carrying amount | 1,200,000 | 1,900,000 | |
Other real estate, valuation allowance | 2,500,000 | 2,500,000 | |
Other real estate, additional charge | 200,000 | 100,000 | |
Impaired Loans Commercial [Member] | |||
Impairment charges recognized [Abstract] | |||
Total impaired collateral value | 1,000,000 | 1,100,000 | |
Impaired Loans Commercial [Member] | Minimum [Member] | |||
Impairment charges recognized [Abstract] | |||
Discount rate (in hundredths) | 20.00% | ||
Impaired Loans Commercial [Member] | Maximum [Member] | |||
Impairment charges recognized [Abstract] | |||
Discount rate (in hundredths) | 100.00% | ||
Trading Securities [Member] | |||
Changes in fair value for financial assets [Abstract] | |||
Net Gains (Losses) on Assets | 10,000 | 112,000 | |
Total Change in Fair Values Included in Current Period Earnings | 10,000 | 112,000 | |
Loans Held For Sale [Member] | |||
Changes in fair value for financial assets [Abstract] | |||
Net Gains (Losses) on Assets | 209,000 | 30,000 | |
Total Change in Fair Values Included in Current Period Earnings | $209,000 | $30,000 |
Fair_Value_Disclosures_Part_3_
Fair Value Disclosures, Part 3 (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair value option - Loans held for sale [Abstract] | ||
Loans held for sale | $30,932 | $23,662 |
Difference | 833 | 624 |
Aggregate Fair Value [Member] | ||
Fair value option - Loans held for sale [Abstract] | ||
Loans held for sale | 30,932 | 23,662 |
Contractual Principal [Member] | ||
Fair value option - Loans held for sale [Abstract] | ||
Loans held for sale | $30,099 | $23,038 |
Fair_Value_Disclosures_Part_4_
Fair Value Disclosures, Part 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | |||
Asset (Liability) Fair Value [Abstract] | ||||
Capitalized mortgage loan servicing rights | 8,129,000 | 9,197,000 | ||
Impaired Loans Commercial [Member] | ||||
Impaired loan [Abstract] | ||||
Commercial | 2,406,000 | [1] | 2,751,000 | [1] |
Impaired Loans Mortgage [Member] | ||||
Impaired loan [Abstract] | ||||
Mortgage | 1,356,000 | 1,306,000 | ||
Other Real Estate Commercial [Member] | ||||
Other real estate [Abstract] | ||||
Commercial | 677,000 | 1,216,000 | ||
Other Real Estate Mortgage and Installment [Member] | ||||
Other real estate [Abstract] | ||||
Mortgage and installment | 529,000 | 690,000 | ||
Income Approach [Member] | Impaired Loans Commercial [Member] | ||||
Unobservable Inputs Weighted Average [Abstract] | ||||
Capitalization rate (in hundredths) | 9.30% | 9.30% | ||
Present Value of Net Servicing Revenue [Member] | ||||
Unobservable Inputs Weighted Average [Abstract] | ||||
Discount rate (in hundredths) | 10.02% | 10.07% | ||
Cost to service | 80 | 82 | ||
Ancillary income | 25 | 25 | ||
Float rate (in hundredths) | 1.53% | 1.77% | ||
Sales Comparison Approach [Member] | Impaired Loans Commercial [Member] | ||||
Unobservable Inputs Weighted Average [Abstract] | ||||
Adjustment for differences between comparable sales (in hundredths) | -3.70% | -3.80% | ||
Sales Comparison Approach [Member] | Impaired Loans Mortgage [Member] | ||||
Unobservable Inputs Weighted Average [Abstract] | ||||
Adjustment for differences between comparable sales (in hundredths) | 9.10% | 8.60% | ||
Sales Comparison Approach [Member] | Other Real Estate Commercial [Member] | ||||
Unobservable Inputs Weighted Average [Abstract] | ||||
Adjustment for differences between comparable sales (in hundredths) | -5.30% | -9.00% | ||
Sales Comparison Approach [Member] | Other Real Estate Mortgage and Installment [Member] | ||||
Unobservable Inputs Weighted Average [Abstract] | ||||
Adjustment for differences between comparable sales (in hundredths) | 16.00% | 34.30% | ||
[1] | In addition to the valuation techniques and unobservable inputs discussed above, at March 31, 2015 and December 31, 2014 we had an impaired collateral dependent commercial relationship that totaled $1.0 million and $1.1 million, respectively that was primarily secured by collateral other than real estate. Collateral securing this relationship primarily included machinery and equipment, accounts receivable, inventory and company stock. Valuation techniques at March 31, 2015 included discounting restructuring firm valuations based on estimates of value recovery of each particular asset type. Discount rates used ranged from 20% to 100% of stated values while valuation techniques at December 31, 2014 included discounting cost and financial statement value approaches based on estimates of value recovery of each particular asset type. Discount rates used ranged from 35% to 100% of stated values. |
Fair_Values_of_Financial_Instr2
Fair Values of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Assets [Abstract] | ||||
Trading securities | $213,000 | $203,000 | ||
Securities available for sale | 571,762,000 | 533,178,000 | ||
Liabilities [Abstract] | ||||
Subordinated debentures | 35,569,000 | 35,569,000 | ||
Reciprocal deposits included in deposits with no stated maturity | 17,200,000 | 13,600,000 | ||
Reciprocal deposits included in deposits with stated maturity | 41,500,000 | 40,100,000 | ||
Recorded Book Balance [Member] | ||||
Assets [Abstract] | ||||
Cash and due from banks | 46,435,000 | 48,326,000 | ||
Interest bearing deposits | 55,117,000 | 25,690,000 | ||
Interest bearing deposits - time | 11,575,000 | 13,561,000 | ||
Trading securities | 213,000 | 203,000 | ||
Securities available for sale | 571,762,000 | 533,178,000 | ||
Federal Home Loan Bank and Federal Reserve Bank Stock | 20,051,000 | 19,919,000 | ||
Net loans and loans held for sale | 1,429,212,000 | 1,407,634,000 | ||
Accrued interest receivable | 6,250,000 | 5,995,000 | ||
Derivative financial instruments | 1,268,000 | 619,000 | ||
Liabilities [Abstract] | ||||
Deposits with no stated maturity | 1,626,558,000 | [1] | 1,534,175,000 | [1] |
Deposits with stated maturity | 373,915,000 | [1] | 390,127,000 | [1] |
Other borrowings | 12,468,000 | 12,470,000 | ||
Subordinated debentures | 35,569,000 | 35,569,000 | ||
Accrued interest payable | 364,000 | 380,000 | ||
Derivative financial instruments | 666,000 | 366,000 | ||
Fair Value [Member] | ||||
Assets [Abstract] | ||||
Cash and due from banks | 46,435,000 | 48,326,000 | ||
Interest bearing deposits | 55,117,000 | 25,690,000 | ||
Interest bearing deposits - time | 11,575,000 | 13,585,000 | ||
Trading securities | 213,000 | 203,000 | ||
Securities available for sale | 571,762,000 | 533,178,000 | ||
Net loans and loans held for sale | 1,416,980,000 | 1,394,424,000 | ||
Accrued interest receivable | 6,250,000 | 5,995,000 | ||
Derivative financial instruments | 1,268,000 | 619,000 | ||
Liabilities [Abstract] | ||||
Deposits with no stated maturity | 1,626,558,000 | [1] | 1,534,175,000 | [1] |
Deposits with stated maturity | 373,144,000 | [1] | 389,139,000 | [1] |
Other borrowings | 14,508,000 | 14,560,000 | ||
Subordinated debentures | 21,974,000 | 23,328,000 | ||
Accrued interest payable | 364,000 | 380,000 | ||
Derivative financial instruments | 666,000 | 366,000 | ||
Quoted Prices in Active Markets for Identical Assets, (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Cash and due from banks | 46,435,000 | 48,326,000 | ||
Interest bearing deposits | 55,117,000 | 25,690,000 | ||
Interest bearing deposits - time | 0 | 0 | ||
Trading securities | 213,000 | 203,000 | ||
Securities available for sale | 0 | 0 | ||
Net loans and loans held for sale | 0 | 0 | ||
Accrued interest receivable | 5,000 | 2,000 | ||
Derivative financial instruments | 0 | 0 | ||
Liabilities [Abstract] | ||||
Deposits with no stated maturity | 1,626,558,000 | [1] | 1,534,175,000 | [1] |
Deposits with stated maturity | 0 | [1] | 0 | [1] |
Other borrowings | 0 | 0 | ||
Subordinated debentures | 0 | 0 | ||
Accrued interest payable | 20,000 | 21,000 | ||
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 | 11,575,000 | 13,585,000 | ||
Trading securities | 0 | 0 | ||
Securities available for sale | 571,762,000 | 533,178,000 | ||
Net loans and loans held for sale | 30,932,000 | 23,662,000 | ||
Accrued interest receivable | 1,808,000 | 1,599,000 | ||
Derivative financial instruments | 1,268,000 | 619,000 | ||
Liabilities [Abstract] | ||||
Deposits with no stated maturity | 0 | [1] | 0 | [1] |
Deposits with stated maturity | 373,144,000 | [1] | 389,139,000 | [1] |
Other borrowings | 14,508,000 | 14,560,000 | ||
Subordinated debentures | 21,974,000 | 23,328,000 | ||
Accrued interest payable | 344,000 | 359,000 | ||
Derivative financial instruments | 666,000 | 366,000 | ||
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 | 0 | ||
Trading securities | 0 | 0 | ||
Securities available for sale | 0 | 0 | ||
Net loans and loans held for sale | 1,386,048,000 | 1,370,762,000 | ||
Accrued interest receivable | 4,437,000 | 4,394,000 | ||
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 | $0 | ||
[1] | Deposits with no stated maturity include reciprocal deposits with a recorded book balance of $17.2 million and $13.6 million at March 31, 2015 and December 31, 2014, respectively. Deposits with a stated maturity include reciprocal deposits with a recorded book balance of $41.5 million and $40.1 million at March 31, 2015 and December 31, 2014, respectively. |
Contingent_Liabilities_Details
Contingent Liabilities (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2009 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||||
Aggregate amount of counterparty obligations | $7,229,000 | $7,237,000 | ||
VSC counterparty contingency expense | 29,000 | 68,000 | ||
Loss reimbursement on sold loans | 60,000 | |||
Provision for loss reimbursement on sold loans | -69,000 | -481,000 | ||
Reserve For Loss Reimbursement On Sold Loans | 700,000 | |||
Pending Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Maximum range of reasonably possible loss | $500,000 | |||
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 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) at beginning period | ($5,636) | ($9,245) |
Other comprehensive income (loss) before reclassifications | 1,483 | 1,539 |
Amounts reclassified from AOCL | -49 | 62 |
Other comprehensive income | 1,434 | 1,601 |
Accumulated other comprehensive income at end of period | -4,202 | -7,644 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassification before tax | 5,561 | 4,605 |
Interest expense | -1,461 | -1,805 |
Tax expense (benefit) | 1,780 | 1,467 |
Reclassification, net of tax | 3,781 | 3,138 |
Unrealized Gains (Losses) on Available For Sale Securities [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) at beginning period | 162 | -3,200 |
Other comprehensive income (loss) before reclassifications | 1,483 | 1,539 |
Amounts reclassified from AOCL | -49 | 0 |
Other comprehensive income | 1,434 | 1,539 |
Accumulated other comprehensive income at end of period | 1,596 | -1,661 |
Unrealized Gains (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 | 75 | |
Net impairment loss recognized in earnings | 0 | |
Total reclassification before tax | 75 | |
Tax expense (benefit) | 26 | |
Reclassification, net of tax | 49 | |
Disproportionate Tax Effects from Securities Available for Sale [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) at beginning period | -5,798 | -5,798 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from AOCL | 0 | 0 |
Other comprehensive income | 0 | 0 |
Accumulated other comprehensive income at end of period | -5,798 | -5,798 |
Unrealized Losses on Settled Derivatives [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) at beginning period | 0 | -247 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from AOCL | 0 | 62 |
Other comprehensive income | 0 | 62 |
Accumulated other comprehensive income at end of period | 0 | -185 |
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 | |
Tax expense (benefit) | -33 | |
Reclassification, net of tax | ($62) |