Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'CASS INFORMATION SYSTEMS INC | ' |
Entity Central Index Key | '0000708781 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 11,513,854 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $21,935 | $18,794 |
Interest-bearing deposits in other financial institutions | 148,842 | 108,560 |
Federal funds sold and other short-term investments | 69,530 | 13,734 |
Cash and cash equivalents | 240,307 | 141,088 |
Securities available-for-sale, at fair value | 308,721 | 341,935 |
Loans | 635,036 | 687,733 |
Less: Allowance for loan losses | 11,663 | 12,357 |
Loans, net | 623,373 | 675,376 |
Premises and equipment, net | 12,654 | 10,735 |
Investment in bank-owned life insurance | 15,307 | 14,910 |
Payments in excess of funding | 88,039 | 63,522 |
Goodwill | 11,590 | 11,590 |
Other intangible assets, net | 3,342 | 3,757 |
Other assets | 25,994 | 24,474 |
Total assets | 1,329,327 | 1,287,387 |
Liabilities and Shareholders' Equity | ' | ' |
Noninterest-bearing | 147,250 | 144,143 |
Interest-bearing | 413,586 | 419,565 |
Total deposits | 560,836 | 563,708 |
Accounts and drafts payable | 564,731 | 522,761 |
Other liabilities | 25,064 | 26,903 |
Total liabilities | 1,150,631 | 1,113,372 |
Shareholders' Equity: | ' | ' |
Preferred stock, par value $.50 per share; 2,000,000 shares authorized and no shares issued | ' | ' |
Common stock, par value $.50 per share; 40,000,000 shares authorized and 11,931,147 shares issued at September 30, 2013 and 20,000,000 shares authorized and 11,931,147 shares issued at December 31, 2012 | 5,966 | 5,966 |
Additional paid-in capital | 124,805 | 125,086 |
Retained earnings | 72,988 | 60,952 |
Common shares in treasury, at cost (417,293 shares at September 30, 2013 and 467,316 shares at December 31, 2012) | -11,060 | -11,896 |
Accumulated other comprehensive loss | -14,003 | -6,093 |
Total shareholders' equity | 178,696 | 174,015 |
Total liabilities and shareholders' equity | $1,329,327 | $1,287,387 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Preferred stock, par value per share | $0.50 | $0.50 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $0.50 | $0.50 |
Common stock, shares authorized | 40,000,000 | 20,000,000 |
Common stock, shares issued | 11,931,147 | 11,931,147 |
Treasury stock, shares | 417,293 | 467,316 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fee Revenue and Other Income: | ' | ' | ' | ' |
Information services payment and processing revenue | $18,398 | $16,600 | $52,422 | $49,712 |
Bank service fees | 298 | 299 | 904 | 908 |
Gains on sales of securities | 866 | 267 | 4,003 | 2,401 |
Other | 133 | 135 | 398 | 400 |
Total fee revenue and other income | 19,695 | 17,301 | 57,727 | 53,421 |
Interest Income: | ' | ' | ' | ' |
Interest and fees on loans | 7,765 | 8,819 | 24,523 | 26,721 |
Interest and dividends on securities: | ' | ' | ' | ' |
Taxable | 5 | 16 | 34 | 39 |
Exempt from federal income taxes | 2,151 | 2,435 | 6,625 | 7,388 |
Interest on federal funds sold and other short-term investments | 161 | 125 | 379 | 366 |
Total interest income | 10,082 | 11,395 | 31,561 | 34,514 |
Interest Expense: | ' | ' | ' | ' |
Interest on deposits | 722 | 785 | 2,103 | 2,383 |
Net interest income | 9,360 | 10,610 | 29,458 | 32,131 |
Provision for loan losses | ' | ' | 500 | 800 |
Net interest income after provision for loan losses | 9,360 | 10,610 | 28,958 | 31,331 |
Total net revenue | 29,055 | 27,911 | 86,685 | 84,752 |
Operating Expense: | ' | ' | ' | ' |
Salaries and employee benefits | 16,460 | 15,919 | 48,998 | 46,978 |
Occupancy | 765 | 497 | 2,109 | 1,588 |
Equipment | 970 | 879 | 2,801 | 2,626 |
Amortization of intangible assets | 121 | 147 | 415 | 433 |
Other operating expense | 3,068 | 2,487 | 8,467 | 8,885 |
Total operating expense | 21,384 | 19,929 | 62,790 | 60,510 |
Income before income tax expense | 7,671 | 7,982 | 23,895 | 24,242 |
Income tax expense | 1,533 | 1,890 | 5,652 | 6,280 |
Net income | $6,138 | $6,092 | $18,243 | $17,962 |
Basic earnings per share | $0.54 | $0.53 | $1.60 | $1.58 |
Diluted earnings per share | $0.53 | $0.53 | $1.57 | $1.56 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive income: | ' | ' | ' | ' |
Net income | $6,138 | $6,092 | $18,243 | $17,962 |
Other comprehensive income: | ' | ' | ' | ' |
Net unrealized gain (loss) on securities available-for-sale, net of tax | 445 | 1,763 | -5,332 | 2,212 |
Reclassification adjustments for gains included in net income, net of tax | -563 | -173 | -2,602 | -1,560 |
Foreign currency translation adjustments | 47 | 10 | 24 | -18 |
Total comprehensive income | $6,067 | $7,692 | $10,333 | $18,596 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows From Operating Activities: | ' | ' |
Net income | $18,243 | $17,962 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 5,171 | 4,940 |
Net gains on sales of securities | -4,003 | -2,401 |
Provision for loan losses | 500 | 800 |
Stock-based compensation expense | 1,435 | 1,050 |
Deferred income tax expense (benefit) | 935 | -55 |
(Decrease) increase in income tax liability | -1,030 | 1,194 |
Increase in pension liability | 1,741 | 624 |
Other operating activities, net | -1,105 | 881 |
Net cash provided by operating activities | 21,887 | 24,995 |
Cash Flows From Investing Activities: | ' | ' |
Proceeds from sales of securities available-for-sale | 94,666 | 33,234 |
Proceeds from maturities of securities available-for-sale | 10,682 | 6,920 |
Purchase of securities available-for-sale | -83,614 | -96,704 |
Net decrease (increase) in loans | 51,503 | -11,042 |
Increase in payments in excess of funding | -24,517 | -12,653 |
Purchases of premises and equipment, net | -3,400 | -1,198 |
Environmental management acquisition | ' | -7,798 |
Net cash provided by (used in) investing activities | 45,320 | -89,241 |
Cash Flows From Financing Activities: | ' | ' |
Net increase in noninterest-bearing demand deposits | 3,107 | 8,721 |
Net increase (decrease) in interest-bearing demand and savings deposits | 1,549 | -6,413 |
Net decrease in time deposits | -7,527 | -2,342 |
Net increase in accounts and drafts payable | 41,970 | 53,743 |
Cash dividends paid | -6,207 | -5,298 |
Distribution of stock awards, net | -880 | -321 |
Net cash provided by financing activities | 32,012 | 48,090 |
Net increase (decrease) in cash and cash equivalents | 99,219 | -16,156 |
Cash and cash equivalents at beginning of period | 141,088 | 235,962 |
Cash and cash equivalents at end of period | 240,307 | 219,806 |
Supplemental information: | ' | ' |
Cash paid for interest | 4,328 | 2,401 |
Cash paid for income taxes | $5,858 | $4,966 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Note 1 - Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. All share and per share data have been restated to give effect to the 10% stock dividend issued on December 14, 2012. For further information, refer to the audited consolidated financial statements and related footnotes included in Cass Information System, Inc.'s (the "Company" or "Cass") Annual Report on Form 10-K for the year ended December 31, 2012. | |
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||
Intangible Assets | ' | ||||||||||||||
Note 2 - Intangible Assets | |||||||||||||||
The Company accounts for intangible assets in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 350, "Goodwill and Other Intangible Assets," ("FASB ASC 350"), which requires that intangibles with indefinite useful lives be tested annually for impairment and those with finite useful lives be amortized over their useful lives. | |||||||||||||||
Details of the Company's intangible assets are as follows: | |||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||
(In thousands) | Amount | Amortization | Amount | Amortization | |||||||||||
Assets eligible for amortization: | |||||||||||||||
Customer lists | $ | 3,933 | $ | (1,307 | ) | $ | 3,933 | $ | (1,015 | ) | |||||
Non-compete agreements | 261 | (92 | ) | 261 | (53 | ) | |||||||||
Software | 234 | (137 | ) | 234 | (78 | ) | |||||||||
Other | 500 | (50 | ) | 500 | (25 | ) | |||||||||
Unamortized intangible assets: | |||||||||||||||
Goodwill1 | 11,817 | (227 | ) | 11,817 | (227 | ) | |||||||||
Total intangible assets | $ | 16,745 | $ | (1,813 | ) | $ | 16,745 | $ | (1,398 | ) | |||||
1 Amortization through December 31, 2001 prior to adoption of FASB ASC 350. | |||||||||||||||
The customer lists are amortized over 7 and 10 years; the non-compete agreements over 5 years; software over 3 years; and other intangible assets over 15 years. Amortization of intangible assets amounted to $415,000 and $433,000 for the nine-month periods ended September 30, 2013 and 2012, respectively. Estimated future amortization of intangibles is as follows: $535,000 in 2013, $482,000 in 2014, $404,000 in 2015 and 2016 and $352,000 in 2017. | |||||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Note 3 - Earnings Per Share | |||||||||||||
Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. There were no anti-dilutive shares in the three-month and nine-month periods ended September 30, 2013 and 2012. The calculations of basic and diluted earnings per share are as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
(In thousands except share and per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||
Basic | |||||||||||||
Net income | $ | 6,138 | $ | 6,092 | $ | 18,243 | $ | 17,962 | |||||
Weighted-average common shares | |||||||||||||
outstanding | 11,450,978 | 11,380,047 | 11,435,400 | 11,371,141 | |||||||||
Basic earnings per share | $ | 0.54 | $ | 0.53 | $ | 1.6 | $ | 1.58 | |||||
Diluted | |||||||||||||
Net income | $ | 6,138 | $ | 6,092 | $ | 18,243 | $ | 17,962 | |||||
Weighted-average common shares | |||||||||||||
outstanding | 11,450,978 | 11,380,047 | 11,435,400 | 11,371,141 | |||||||||
Effect of dilutive restricted stock, stock | |||||||||||||
options and stock appreciation rights | 217,085 | 177,499 | 191,915 | 178,948 | |||||||||
Weighted-average common shares | |||||||||||||
outstanding assuming dilution | 11,668,063 | 11,557,546 | 11,627,315 | 11,550,089 | |||||||||
Diluted earnings per share | $ | 0.53 | $ | 0.53 | $ | 1.57 | $ | 1.56 |
Stock_Repurchases
Stock Repurchases | 9 Months Ended |
Sep. 30, 2013 | |
Stock Repurchases [Abstract] | ' |
Stock Repurchases | ' |
Note 4 - Stock Repurchases | |
The Company maintains a treasury stock buyback program pursuant to which the Board of Directors has authorized the repurchase of up to 363,000 shares of the Company's common stock. The Company did not repurchase any shares during the nine-month periods ended September 30, 2013 and 2012. As of September 30, 2013, 363,000 shares remained available for repurchase under the program. Repurchases may be made in the open market or through negotiated transactions from time to time depending on market conditions. | |
Industry_Segment_Information
Industry Segment Information | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Industry Segment Information [Abstract] | ' | |||||||||||||
Industry Segment Information | ' | |||||||||||||
Note 5 - Industry Segment Information | ||||||||||||||
The services provided by the Company are classified into two reportable segments: Information Services and Banking Services. Each of these segments provides distinct services that are marketed through different channels. They are managed separately due to their unique service, processing and capital requirements. | ||||||||||||||
The Information Services segment provides freight, utility, telecommunication and environmental invoice processing and payment services primarily to large corporations. The Banking Services segment provides banking services primarily to privately-held businesses and churches. | ||||||||||||||
The Company's accounting policies for segments are the same as those described in the summary of significant accounting policies in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. Management evaluates segment performance based on net income after allocations for corporate expenses and income taxes. Transactions between segments are accounted for at what management believes to be fair value. | ||||||||||||||
Substantially all revenue originates from, and all long-lived assets are located within, North America, and no revenue from any customer of any segment exceeds 10% of the Company's consolidated revenue. | ||||||||||||||
Assets represent actual assets owned by Information Services and Banking Services and there is no allocation methodology used. Segment interest from customers is the actual interest earned on the loans owned by Information Services and Banking Services, respectively. | ||||||||||||||
Summarized information about the Company's operations in each industry segment is as follows: | ||||||||||||||
Corporate, | ||||||||||||||
Information | Banking | Eliminations | ||||||||||||
(In thousands) | Services | Services | and Other | Total | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||
Fee revenue and other income: | ||||||||||||||
Income from customers | $ | 23,208 | $ | 5,847 | $ | - | $ | 29,055 | ||||||
Intersegment income (expense) | 2,408 | 353 | (2,761 | ) | - | |||||||||
Net income | 4,123 | 2,015 | - | 6,138 | ||||||||||
Goodwill | 11,454 | 136 | - | 11,590 | ||||||||||
Other intangible assets, net | 3,342 | - | - | 3,342 | ||||||||||
Total assets | 679,844 | 663,101 | (13,618 | ) | 1,329,327 | |||||||||
Three Months Ended September 30, 2012 | ||||||||||||||
Fee revenue and other income | ||||||||||||||
Income from customers | $ | 21,727 | $ | 6,184 | $ | - | $ | 27,911 | ||||||
Intersegment income (expense) | 2,842 | 408 | (3,250 | ) | - | |||||||||
Net income | 3,725 | 2,367 | - | 6,092 | ||||||||||
Goodwill | 11,454 | 136 | - | 11,590 | ||||||||||
Other intangible assets, net | 3,905 | - | - | 3,905 | ||||||||||
Total assets | 774,476 | 634,564 | (17,805 | ) | 1,391,235 | |||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||
Fee revenue and other income: | ||||||||||||||
Income from customers | $ | 68,977 | $ | 17,708 | $ | - | $ | 86,685 | ||||||
Intersegment income (expense) | 7,253 | 1,122 | (8,375 | ) | - | |||||||||
Net income | 11,982 | 6,135 | 126 | 18,243 | ||||||||||
Goodwill | 11,454 | 136 | - | 11,590 | ||||||||||
Other intangible assets, net | 3,342 | - | - | 3,342 | ||||||||||
Total assets | 679,844 | 663,101 | (13,618 | ) | 1,329,327 | |||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||
Fee revenue and other income | ||||||||||||||
Income from customers | $ | 66,448 | $ | 18,304 | $ | - | $ | 84,752 | ||||||
Intersegment income (expense) | 8,126 | 1,251 | (9,377 | ) | - | |||||||||
Net income | 11,351 | 6,611 | - | 17,962 | ||||||||||
Goodwill | 11,454 | 136 | - | 11,590 | ||||||||||
Other intangible assets, net | 3,905 | - | - | 3,905 | ||||||||||
Total assets | 774,476 | 634,564 | (17,805 | ) | 1,391,235 |
Loans_by_Type
Loans by Type | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Loans by Type [Abstract] | ' | ||||||||||||||||||
Loans by Type | ' | ||||||||||||||||||
Note 6 - Loans by Type | |||||||||||||||||||
A summary of loan categories is as follows: | |||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||
Commercial and industrial | $ | 155,388 | $ | 160,862 | |||||||||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 125,789 | 134,843 | |||||||||||||||||
Construction | 9,073 | 7,025 | |||||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 337,521 | 368,118 | |||||||||||||||||
Construction | 6,490 | 16,450 | |||||||||||||||||
Other | 775 | 435 | |||||||||||||||||
Total loans | $ | 635,036 | $ | 687,733 | |||||||||||||||
The following table presents the aging of loans by loan categories at September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Performing | Nonperforming | ||||||||||||||||||
90 Days | |||||||||||||||||||
30-59 | 60-89 | and | Non- | Total | |||||||||||||||
(In thousands) | Current | Days | Days | Over | accrual | Loans | |||||||||||||
30-Sep-13 | |||||||||||||||||||
Commercial and industrial | $ | 155,317 | $ | - | $ | - | $ | - | $ | 71 | $ | 155,388 | |||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 125,307 | - | - | - | 482 | 125,789 | |||||||||||||
Construction | 9,073 | - | - | - | - | 9,073 | |||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 336,166 | - | - | - | 1,355 | 337,521 | |||||||||||||
Construction | 6,490 | - | - | - | - | 6,490 | |||||||||||||
Other | 775 | - | - | - | - | 775 | |||||||||||||
Total | $ | 633,128 | $ | - | $ | - | $ | - | $ | 1,908 | $ | 635,036 | |||||||
31-Dec-12 | |||||||||||||||||||
Commercial and industrial | $ | 159,423 | $ | - | $ | - | $ | - | $ | 1,439 | $ | 160,862 | |||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 129,884 | - | - | - | 4,959 | 134,843 | |||||||||||||
Construction | 7,025 | - | - | - | - | 7,025 | |||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 367,944 | - | - | - | 174 | 368,118 | |||||||||||||
Construction | 16,450 | - | - | - | - | 16,450 | |||||||||||||
Other | 435 | - | - | - | - | 435 | |||||||||||||
Total | $ | 681,161 | $ | - | $ | - | $ | - | $ | 6,572 | $ | 687,733 | |||||||
The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Loans | Performing | Nonperforming | |||||||||||||||||
Subject to | Loans Subject to | Loans Subject | |||||||||||||||||
Normal | Special | to Special | |||||||||||||||||
(In thousands) | Monitoring1 | Monitoring 2 | Monitoring 2 | Total Loans | |||||||||||||||
30-Sep-13 | |||||||||||||||||||
Commercial and industrial | $ | 152,188 | $ | 3,129 | $ | 71 | $ | 155,388 | |||||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 117,491 | 7,816 | 482 | 125,789 | |||||||||||||||
Construction | 9,073 | - | - | 9,073 | |||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 334,062 | 2,104 | 1,355 | 337,521 | |||||||||||||||
Construction | 6,490 | - | - | 6,490 | |||||||||||||||
Other | 775 | - | - | 775 | |||||||||||||||
Total | $ | 620,079 | $ | 13,049 | $ | 1,908 | $ | 635,036 | |||||||||||
31-Dec-12 | |||||||||||||||||||
Commercial and industrial | $ | 155,838 | $ | 3,585 | $ | 1,439 | $ | 160,862 | |||||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 123,315 | 6,569 | 4,959 | 3 | 134,843 | ||||||||||||||
Construction | 7,025 | - | - | 7,025 | |||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 366,366 | 1,578 | 174 | 368,118 | |||||||||||||||
Construction | 16,450 | - | - | 16,450 | |||||||||||||||
Other | 435 | - | - | 435 | |||||||||||||||
Total | $ | 669,429 | $ | 11,732 | $ | 6,572 | $ | 687,733 | |||||||||||
1 | Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations. | ||||||||||||||||||
2 | Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. | ||||||||||||||||||
3 | In February 2013, a payment of $4,115,000 was received for one nonaccrual loan with a balance of $4,198,000. $83,000 was charged off. | ||||||||||||||||||
Impaired loans consist primarily of nonaccrual loans, loans greater than 90 days past due and still accruing interest and troubled debt restructurings, both performing and nonperforming. Troubled debt restructuring involves the granting of a concession to a borrower experiencing financial difficulty resulting in the modification of terms of the loan, such as changes in payment schedule or interest rate. Management measures impairment in accordance with FASB ASC 310, "Allowance for Credit Losses." At September 30, 2013 and December 31, 2012, all impaired loans were evaluated based on the fair value of the collateral. The fair value of the collateral is based upon a current appraised value and therefore, the Company classifies these assets as nonrecurring Level 3. Loans delinquent 90 days or more and still accruing interest at September 30, 2013 and December 31, 2012 were $0. Loans classified as troubled debt restructuring were $0 at September 30, 2013 and December 31, 2012. | |||||||||||||||||||
There were no foreclosed loans recorded as other real estate owned (included in other assets) as of September 30, 2013, and there were two foreclosed loans with an aggregate book value of $1,322,000 as of December 31, 2012. | |||||||||||||||||||
The following table presents the recorded investment and unpaid principal balance for impaired loans at September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Unpaid | Related | ||||||||||||||||||
Recorded | Principal | Allowance for | |||||||||||||||||
(In thousands) | Investment | Balance | Loan Losses | ||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||
Nonaccrual | $ | 71 | $ | 71 | $ | 14 | |||||||||||||
Troubled debt restructurings still accruing | - | - | - | ||||||||||||||||
Real estate | |||||||||||||||||||
Commercial - Mortgage: | |||||||||||||||||||
Nonaccrual | 482 | 482 | 89 | ||||||||||||||||
Past due 90 days or more and still accruing | - | - | - | ||||||||||||||||
Troubled debt restructurings still accruing | - | - | - | ||||||||||||||||
Church - Mortgage: | |||||||||||||||||||
Nonaccrual | 1,355 | 1,355 | 234 | ||||||||||||||||
Total impaired loans | $ | 1,908 | $ | 1,908 | $ | 337 | |||||||||||||
31-Dec-12 | |||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||
Nonaccrual | $ | 1,439 | $ | 1,439 | $ | 657 | |||||||||||||
Troubled debt restructurings still accruing | - | - | - | ||||||||||||||||
Real estate | |||||||||||||||||||
Commercial - Mortgage: | |||||||||||||||||||
Nonaccrual | 4,959 | * | 4,959 | * | 660 | ||||||||||||||
Past due 90 days or more and still accruing | - | - | - | ||||||||||||||||
Troubled debt restructurings still accruing | - | - | - | ||||||||||||||||
Church - Mortgage: | |||||||||||||||||||
Nonaccrual | 174 | 174 | 87 | ||||||||||||||||
Total impaired loans | $ | 6,572 | $ | 6,572 | $ | 1,404 | |||||||||||||
* | In February 2013, a payment of $4,115,000 was received for one nonaccrual loan with a balance of $4,198,000. $83,000 was charged off. | ||||||||||||||||||
A summary of the activity in the allowance for loan losses from December 31, 2012 to September 30, 2013 is as follows: | |||||||||||||||||||
December 31, | Charge- | September 30, | |||||||||||||||||
(In thousands) | 2012 | Offs | Recoveries | Provision | 2013 | ||||||||||||||
Commercial and industrial | $ | 3,192 | $ | 1,296 | $ | 24 | $ | 892 | $ | 2,812 | |||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 3,784 | 233 | 33 | (173 | ) | 3,411 | |||||||||||||
Construction | 137 | - | - | 79 | 216 | ||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 4,903 | - | 278 | (51 | ) | 5,130 | |||||||||||||
Construction | 333 | - | - | (252 | ) | 81 | |||||||||||||
Other | 8 | - | - | 5 | 13 | ||||||||||||||
Total | $ | 12,357 | $ | 1,529 | $ | 335 | $ | 500 | $ | 11,663 |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Commitments and Contingencies [Abstract] | ' | |||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||
Note 7 - Commitments and Contingencies | ||||||||||||||||
In the normal course of business, the Company is party to activities that contain credit, market and operational risks that are not reflected in whole or in part in the Company's consolidated financial statements. Such activities include traditional off-balance sheet credit-related financial instruments and commitments under operating leases. These financial instruments include commitments to extend credit, commercial letters of credit and standby letters of credit. The Company's maximum potential exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, commercial letters of credit and standby letters of credit is represented by the contractual amounts of those instruments. At September 30, 2013 and December 31, 2012, no amounts have been accrued for any estimated losses for these instruments. | ||||||||||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commercial and standby letters of credit are conditional commitments issued by the Company or its subsidiaries to guarantee the performance of a customer to a third party. These off-balance sheet financial instruments generally have fixed expiration dates or other termination clauses and may require payment of a fee. At September 30, 2013, the balance of unused loan commitments, standby and commercial letters of credit were $3,096,000, $13,302,000, and $3,412,000, respectively. Since some of the financial instruments may expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. Commitments to extend credit and letters of credit are subject to the same underwriting standards as those financial instruments included on the consolidated balance sheets. The Company evaluates each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of the credit, is based on management's credit evaluation of the borrower. Collateral held varies, but is generally accounts receivable, inventory, residential or income-producing commercial property or equipment. In the event of nonperformance, the Company or its subsidiaries may obtain and liquidate the collateral to recover amounts paid under guarantees on these financial instruments. | ||||||||||||||||
The following table summarizes contractual cash obligations of the Company related to operating lease commitments and time deposits at September 30, 2013: | ||||||||||||||||
Amount of Commitment Expiration per Period | ||||||||||||||||
Less than | 3-Jan | 5-Mar | Over 5 | |||||||||||||
(In thousands) | Total | 1 Year | Years | Years | Years | |||||||||||
Operating lease commitments | $ | 7,348 | $ | 1,161 | $ | 1,895 | $ | 1,493 | $ | 2,799 | ||||||
Time deposits | 105,024 | 89,965 | 13,717 | 1,342 | - | |||||||||||
Total | $ | 112,372 | $ | 91,126 | $ | 15,612 | $ | 2,835 | $ | 2,799 | ||||||
The Company and its subsidiaries are involved in various pending legal actions and proceedings in which claims for damages are asserted. Management, after discussion with legal counsel, believes the ultimate resolution of these legal actions and proceedings will not have a material effect upon the Company's consolidated financial position or results of operations. | ||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||
Stock-Based Compensation | ' | |||||||||||
Note 8 - Stock-Based Compensation | ||||||||||||
The Amended and Restated Omnibus Stock and Performance Compensation Plan (the "Omnibus Plan") permits the issuance of up to 1,500,000 shares of the Company's common stock in the form of stock options, stock appreciation rights ("SARs"), restricted stock, restricted stock units and performance awards. The Company issues shares out of treasury stock for these awards. During the nine months ended September 30, 2013, 30,185 restricted shares and 85,943 SARs were granted under the Omnibus Plan. | ||||||||||||
Restricted Stock | ||||||||||||
Restricted shares granted prior to April 16, 2013 are amortized to expense over the three-year vesting period. Beginning on April 16, 2013, restricted shares granted to Company employees are amortized to expense over the three-year vesting period whereas restricted shares granted to members of the Board of Directors are amortized to expense over a one-year service period with the exception of those shares granted in lieu of cash payment for retainer fees which are expensed in the period earned. As of September 30, 2013, the total unrecognized compensation expense related to non-vested restricted shares was $1,468,000, and the related weighted-average period over which it is expected to be recognized is approximately .89 years. | ||||||||||||
Following is a summary of the activity of the restricted stock: | ||||||||||||
Nine Months Ended | ||||||||||||
30-Sep-13 | ||||||||||||
Shares | Fair Value | |||||||||||
Balance at December 31, 2012 | 54,875 | $ | 31.61 | |||||||||
Granted | 30,185 | $ | 42.03 | |||||||||
Vested | (25,608 | ) | $ | 30.48 | ||||||||
Balance at September 30, 2013 | 59,452 | $ | 37.39 | |||||||||
SARs | ||||||||||||
SARs vest over a three-year period, with one-third of the shares vesting and becoming exercisable each year on the anniversary date of the grant, and they expire 10 years from the original grant date. As of September 30, 2013, the total unrecognized compensation expense was $1,147,000, and the related weighted-average period over which it is expected to be recognized is 1.4 years. Following is a summary of the activity of the Company's SARs program for the nine-month period ended September 30, 2013: | ||||||||||||
Weighted- | Average | Aggregate | ||||||||||
Average | Remaining | Intrinsic | ||||||||||
Exercise | Contractual | Value | ||||||||||
Shares | Price | Term Years | (In thousands) | |||||||||
Outstanding at December 31, 2012 | 351,881 | $ | 27.52 | 7.34 | $ | 4,988 | ||||||
Granted | 85,943 | $ | 42.14 | |||||||||
Exercised | (76,259 | ) | $ | 24.95 | ||||||||
Outstanding at September 30, 2013 | 361,565 | $ | 31.58 | 7.42 | $ | 7,877 | ||||||
Exercisable at September 30, 2013 | 184,437 | $ | 26.28 | 6.15 | $ | 4,997 | ||||||
Following is a summary of the activity of the non-vested SARs during the nine-month period ended September 30, 2013: | ||||||||||||
Weighted-Average | ||||||||||||
Shares | Grant Date Fair Value | |||||||||||
Non-vested at December 31, 2012 | 161,294 | $ | 31.7 | |||||||||
Granted | 85,943 | $ | 42.14 | |||||||||
Vested | (70,109 | ) | $ | 30.85 | ||||||||
Non-vested at September 30, 2013 | 177,128 | $ | 37.11 | |||||||||
The Company uses the Black-Scholes pricing model to determine the fair value of the SARs at the date of grant. Following are the assumptions used to estimate the per-share fair value of SARs granted: | ||||||||||||
Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Risk-free interest rate | 1.29% | 1.38% | ||||||||||
Expected life | 7 yrs. | 7 yrs. | ||||||||||
Expected volatility | 28.72% | 29.39% | ||||||||||
Expected dividend yield | 1.71% | 1.84% | ||||||||||
The risk-free interest rate is based on the zero-coupon U.S. Treasury yield for the period equal to the expected life of the SARs at the time of the grant. The expected life was derived using the historical exercise activity. The Company uses historical volatility for a period equal to the expected life of the rights using average monthly closing market prices of the Company's stock as reported on The Nasdaq Global Market. The expected dividend yield is based on the Company's current rate of annual dividends. | ||||||||||||
Defined_Pension_Plans
Defined Pension Plans | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Defined Pension Plans [Abstract] | ' | ||||||||
Defined Pension Plans | ' | ||||||||
Note 9 - Defined Pension Plans | |||||||||
The Company has a noncontributory defined benefit pension plan, which covers most of its employees. The Company accrues and makes contributions designed to fund normal service costs on a current basis using the projected unit credit with service proration method to amortize prior service costs arising from improvements in pension benefits and qualifying service prior to the establishment of the plan over a period of approximately 30 years. Disclosure information is based on a measurement date of December 31 of the corresponding year. The following table represents the components of the net periodic pension costs: | |||||||||
Estimated | Actual | ||||||||
(In thousands) | 2013 | 2012 | |||||||
Service cost - benefits earned during the year | $ | 3,452 | $ | 2,799 | |||||
Interest cost on projected benefit obligation | 2,819 | 2,570 | |||||||
Expected return on plan assets | (4,469 | ) | (3,967 | ) | |||||
Net amortization and deferral | 1,729 | 1,473 | |||||||
Net periodic pension cost | $ | 3,531 | $ | 2,875 | |||||
Pension costs recorded to expense were $790,000 and $1,011,000 for the three-month periods ended September 30, 2013 and 2012, respectively, and totaled $2,648,000 and $2,341,000 for the nine-month periods ended September 30, 2013 and 2012, respectively. The Company made a contribution of $500,000 to the plan during the three-month period ended September 30, 2013, for a total of $1,500,000 for the nine-month period ending September 30, 2013. | |||||||||
In addition to the above funded benefit plan, the Company has an unfunded supplemental executive retirement plan which covers key executives of the Company. This is a noncontributory plan in which the Company and its subsidiaries make accruals designed to fund normal service costs on a current basis using the same method and criteria as its defined benefit plan. The following table represents the components of the net periodic pension costs for 2012 and an estimate for 2013: | |||||||||
Estimated | Actual | ||||||||
(In thousands) | 2013 | 2012 | |||||||
Service cost - benefits earned during the year | $ | 144 | $ | 115 | |||||
Interest cost on projected benefit obligation | 335 | 307 | |||||||
Net amortization | 551 | 360 | |||||||
Net periodic pension cost | $ | 1,030 | $ | 782 | |||||
Pension costs recorded to expense were $257,000 and $224,000 for the three-month periods ended September 30, 2013 and 2012, respectively, and were $772,000 and $671,000 for the nine-month periods ended September 30, 2013 and 2012, respectively. | |||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 10 - Income Taxes | |
As of September 30, 2013, the Company's unrecognized tax benefits were approximately $1,405,000, of which $1,005,000 would, if recognized, affect the Company's effective tax rate. As of December 31, 2012, the Company's unrecognized tax benefits were approximately $1,885,000, of which $1,357,000 would, if recognized, affect the Company's effective tax rate. During the next 12 months, the Company may realize a reduction of its unrecognized tax benefits of approximately $314,000 due to the lapse of federal and state statutes of limitations. | |
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company had $88,000 and $89,000 of gross interest accrued as of September 30, 2013 and December 31, 2012, respectively. There were no penalties for unrecognized tax benefits accrued at September 30, 2013 and December 31, 2012. | |
The Company is subject to income tax in the U.S. federal jurisdiction and numerous state jurisdictions. U.S. federal income tax returns for tax years 2010 through 2012 remain subject to examination by the Internal Revenue Service. In addition, the Company is subject to state tax examinations for the tax years 2010 through 2012. | |
Investment_in_Securities
Investment in Securities | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Investment in Securities [Abstract] | ' | ||||||||||||||||||
Investment in Securities | ' | ||||||||||||||||||
Note 11 - Investment in Securities | |||||||||||||||||||
Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company's investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include "observable inputs" rather than "significant unobservable inputs" and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows: | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Gross | Gross | ||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||
(In thousands) | Cost | Gains | Losses | Fair Value | |||||||||||||||
State and political subdivisions | $ | 297,331 | $ | 9,944 | $ | 2,304 | $ | 304,971 | |||||||||||
Certificates of deposit | 3,750 | - | - | 3,750 | |||||||||||||||
Total | $ | 301,081 | $ | 9,944 | $ | 2,304 | $ | 308,721 | |||||||||||
31-Dec-12 | |||||||||||||||||||
Gross | Gross | ||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||
(In thousands) | Cost | Gains | Losses | Fair Value | |||||||||||||||
State and political subdivisions | $ | 315,345 | $ | 19,960 | $ | 112 | $ | 335,193 | |||||||||||
Certificates of deposit | 6,742 | - | - | 6,742 | |||||||||||||||
Total | $ | 322,087 | $ | 19,960 | $ | 112 | $ | 341,935 | |||||||||||
The fair values of securities with unrealized losses are as follows: | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||
(In thousands) | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||
State and political | |||||||||||||||||||
subdivisions | $ | 68,468 | $ | 2,304 | $ | - | $ | - | $ | 68,468 | $ | 2,304 | |||||||
Certificates of deposit | - | - | - | - | - | - | |||||||||||||
Total | $ | 68,468 | $ | 2,304 | $ | - | $ | - | $ | 68,468 | $ | 2,304 | |||||||
31-Dec-12 | |||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||
(In thousands) | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||
State and political | |||||||||||||||||||
subdivisions | $ | 19,758 | $ | 112 | $ | - | $ | - | $ | 19,758 | $ | 112 | |||||||
Certificates of deposit | - | - | - | - | - | - | |||||||||||||
Total | $ | 19,758 | $ | 112 | $ | - | $ | - | $ | 19,758 | $ | 112 | |||||||
There were 66 securities, or 21% of the total (none greater than 12 months), in an unrealized loss position as of September 30, 2013. There were 18 securities, or 5% of the total (none greater than 12 months), in an unrealized loss position as of December 31, 2012. All unrealized losses were reviewed to determine whether the losses were other than temporary. Management believes that all unrealized losses are temporary since they were market driven, and the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery. | |||||||||||||||||||
The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties. | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | |||||||||||||||||
Due in 1 year or less | $ | 12,838 | $ | 12,961 | |||||||||||||||
Due after 1 year through 5 years | 69,279 | 73,393 | |||||||||||||||||
Due after 5 years through 10 years | 139,442 | 141,773 | |||||||||||||||||
Due after 10 years | 79,522 | 80,594 | |||||||||||||||||
Total | $ | 301,081 | $ | 308,721 | |||||||||||||||
Proceeds from sales of investment securities classified as available for sale were $31,006,000 and $3,485,000 for the three months ended September 30, 2013 and 2012, respectively, and were $94,666,000 and $33,234,000 for the nine months ended September 30, 2013 and 2012, respectively. Gross realized gains were $866,000 and $267,000 for the three months ended September 30, 2013 and 2012, respectively, and were $4,003,000 and $2,401,000 for the nine months ended September 30, 2013 and 2012, respectively. There were two securities totaling $3,750,000 pledged to secure public deposits and for other purposes at September 30, 2013. | |||||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Note 12 - Fair Value of Financial Instruments | |||||||||||||
Following is a summary of the carrying amounts and fair values of the Company's financial instruments: | |||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||
Carrying | Carrying | ||||||||||||
(In thousands) | Amount | Fair Value | Amount | Fair Value | |||||||||
Balance sheet assets: | |||||||||||||
Cash and cash equivalents | $ | 240,307 | $ | 240,307 | $ | 141,088 | $ | 141,088 | |||||
Investment securities | 308,721 | 308,721 | 341,935 | 341,935 | |||||||||
Loans, net | 623,373 | 629,106 | 675,376 | 676,675 | |||||||||
Accrued interest receivable | 5,117 | 5,117 | 6,276 | 6,276 | |||||||||
Total | $ | 1,177,518 | $ | 1,183,251 | $ | 1,164,675 | $ | 1,165,974 | |||||
Balance sheet liabilities: | |||||||||||||
Deposits | $ | 560,836 | $ | 561,217 | $ | 563,708 | $ | 564,189 | |||||
Accounts and drafts payable | 564,731 | 564,731 | 522,761 | 522,761 | |||||||||
Accrued interest payable | 109 | 109 | 112 | 112 | |||||||||
Total | $ | 1,125,676 | $ | 1,126,057 | $ | 1,086,581 | $ | 1,087,062 | |||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: | |||||||||||||
Cash and Cash Equivalents - The carrying amount approximates fair value. | |||||||||||||
Investment in Securities - The fair value is measured on a recurring basis using Level 2 valuations. Refer to Note 11, "Investment in Securities," for fair value and unrealized gains and losses by investment type. | |||||||||||||
Loans - The fair value is estimated using present values of future cash flows discounted at risk-adjusted interest rates for each loan category designated by management and is therefore a Level 2 valuation. Management believes that the risk factor embedded in the interest rates along with the allowance for loan losses results in a fair valuation. | |||||||||||||
Impaired loans are valued using the fair value of the collateral which is based upon a current appraised value and therefore, the fair value is a nonrecurring Level 3 valuation. | |||||||||||||
Accrued Interest Receivable - The carrying amount approximates fair value. | |||||||||||||
Deposits - The fair value of demand deposits, savings deposits and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities and therefore, is a Level 2 valuation. The fair value estimates above do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market or the benefit derived from the customer relationship inherent in existing deposits. | |||||||||||||
Accounts and Drafts Payable - The carrying amount approximates fair value. | |||||||||||||
Accrued Interest - The carrying amount approximates fair value. | |||||||||||||
There were no transfers between Levels 1 and 2 of the fair value hierarchy for the nine months ended September 30, 2013 and 2012. No financial instruments are measured using Level 3 inputs for the nine months ended September 30, 2013 and 2012. | |||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 13 - Subsequent Events | |
In accordance with FASB ASC 855, "Subsequent Events," the Company has evaluated subsequent events after the consolidated balance sheet date of September 30, 2013, and there were no events identified that would require additional disclosures to prevent the Company's unaudited consolidated financial statements from being misleading. | |
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||
Schedule of Company's Intangible Assets | ' | ||||||||||||||
Details of the Company's intangible assets are as follows: | |||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||
(In thousands) | Amount | Amortization | Amount | Amortization | |||||||||||
Assets eligible for amortization: | |||||||||||||||
Customer lists | $ | 3,933 | $ | (1,307 | ) | $ | 3,933 | $ | (1,015 | ) | |||||
Non-compete agreements | 261 | (92 | ) | 261 | (53 | ) | |||||||||
Software | 234 | (137 | ) | 234 | (78 | ) | |||||||||
Other | 500 | (50 | ) | 500 | (25 | ) | |||||||||
Unamortized intangible assets: | |||||||||||||||
Goodwill1 | 11,817 | (227 | ) | 11,817 | (227 | ) | |||||||||
Total intangible assets | $ | 16,745 | $ | (1,813 | ) | $ | 16,745 | $ | (1,398 | ) | |||||
1 Amortization through December 31, 2001 prior to adoption of FASB ASC 350. | |||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share | ' | ||||||||||||
The calculations of basic and diluted earnings per share are as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
(In thousands except share and per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||
Basic | |||||||||||||
Net income | $ | 6,138 | $ | 6,092 | $ | 18,243 | $ | 17,962 | |||||
Weighted-average common shares | |||||||||||||
outstanding | 11,450,978 | 11,380,047 | 11,435,400 | 11,371,141 | |||||||||
Basic earnings per share | $ | 0.54 | $ | 0.53 | $ | 1.6 | $ | 1.58 | |||||
Diluted | |||||||||||||
Net income | $ | 6,138 | $ | 6,092 | $ | 18,243 | $ | 17,962 | |||||
Weighted-average common shares | |||||||||||||
outstanding | 11,450,978 | 11,380,047 | 11,435,400 | 11,371,141 | |||||||||
Effect of dilutive restricted stock, stock | |||||||||||||
options and stock appreciation rights | 217,085 | 177,499 | 191,915 | 178,948 | |||||||||
Weighted-average common shares | |||||||||||||
outstanding assuming dilution | 11,668,063 | 11,557,546 | 11,627,315 | 11,550,089 | |||||||||
Diluted earnings per share | $ | 0.53 | $ | 0.53 | $ | 1.57 | $ | 1.56 |
Industry_Segment_Information_T
Industry Segment Information (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Industry Segment Information [Abstract] | ' | |||||||||||||
Summary of Company's Operations in Each Segment | ' | |||||||||||||
Summarized information about the Company's operations in each industry segment is as follows: | ||||||||||||||
Corporate, | ||||||||||||||
Information | Banking | Eliminations | ||||||||||||
(In thousands) | Services | Services | and Other | Total | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||
Fee revenue and other income: | ||||||||||||||
Income from customers | $ | 23,208 | $ | 5,847 | $ | - | $ | 29,055 | ||||||
Intersegment income (expense) | 2,408 | 353 | (2,761 | ) | - | |||||||||
Net income | 4,123 | 2,015 | - | 6,138 | ||||||||||
Goodwill | 11,454 | 136 | - | 11,590 | ||||||||||
Other intangible assets, net | 3,342 | - | - | 3,342 | ||||||||||
Total assets | 679,844 | 663,101 | (13,618 | ) | 1,329,327 | |||||||||
Three Months Ended September 30, 2012 | ||||||||||||||
Fee revenue and other income | ||||||||||||||
Income from customers | $ | 21,727 | $ | 6,184 | $ | - | $ | 27,911 | ||||||
Intersegment income (expense) | 2,842 | 408 | (3,250 | ) | - | |||||||||
Net income | 3,725 | 2,367 | - | 6,092 | ||||||||||
Goodwill | 11,454 | 136 | - | 11,590 | ||||||||||
Other intangible assets, net | 3,905 | - | - | 3,905 | ||||||||||
Total assets | 774,476 | 634,564 | (17,805 | ) | 1,391,235 | |||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||
Fee revenue and other income: | ||||||||||||||
Income from customers | $ | 68,977 | $ | 17,708 | $ | - | $ | 86,685 | ||||||
Intersegment income (expense) | 7,253 | 1,122 | (8,375 | ) | - | |||||||||
Net income | 11,982 | 6,135 | 126 | 18,243 | ||||||||||
Goodwill | 11,454 | 136 | - | 11,590 | ||||||||||
Other intangible assets, net | 3,342 | - | - | 3,342 | ||||||||||
Total assets | 679,844 | 663,101 | (13,618 | ) | 1,329,327 | |||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||
Fee revenue and other income | ||||||||||||||
Income from customers | $ | 66,448 | $ | 18,304 | $ | - | $ | 84,752 | ||||||
Intersegment income (expense) | 8,126 | 1,251 | (9,377 | ) | - | |||||||||
Net income | 11,351 | 6,611 | - | 17,962 | ||||||||||
Goodwill | 11,454 | 136 | - | 11,590 | ||||||||||
Other intangible assets, net | 3,905 | - | - | 3,905 | ||||||||||
Total assets | 774,476 | 634,564 | (17,805 | ) | 1,391,235 |
Loans_by_Type_Tables
Loans by Type (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Loans by Type [Abstract] | ' | ||||||||||||||||||
Summary of Loan Categories | ' | ||||||||||||||||||
A summary of loan categories is as follows: | |||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||
Commercial and industrial | $ | 155,388 | $ | 160,862 | |||||||||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 125,789 | 134,843 | |||||||||||||||||
Construction | 9,073 | 7,025 | |||||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 337,521 | 368,118 | |||||||||||||||||
Construction | 6,490 | 16,450 | |||||||||||||||||
Other | 775 | 435 | |||||||||||||||||
Total loans | $ | 635,036 | $ | 687,733 | |||||||||||||||
Schedule of the Aging Loans by Loan Categories | ' | ||||||||||||||||||
The following table presents the aging of loans by loan categories at September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Performing | Nonperforming | ||||||||||||||||||
90 Days | |||||||||||||||||||
30-59 | 60-89 | and | Non- | Total | |||||||||||||||
(In thousands) | Current | Days | Days | Over | accrual | Loans | |||||||||||||
30-Sep-13 | |||||||||||||||||||
Commercial and industrial | $ | 155,317 | $ | - | $ | - | $ | - | $ | 71 | $ | 155,388 | |||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 125,307 | - | - | - | 482 | 125,789 | |||||||||||||
Construction | 9,073 | - | - | - | - | 9,073 | |||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 336,166 | - | - | - | 1,355 | 337,521 | |||||||||||||
Construction | 6,490 | - | - | - | - | 6,490 | |||||||||||||
Other | 775 | - | - | - | - | 775 | |||||||||||||
Total | $ | 633,128 | $ | - | $ | - | $ | - | $ | 1,908 | $ | 635,036 | |||||||
31-Dec-12 | |||||||||||||||||||
Commercial and industrial | $ | 159,423 | $ | - | $ | - | $ | - | $ | 1,439 | $ | 160,862 | |||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 129,884 | - | - | - | 4,959 | 134,843 | |||||||||||||
Construction | 7,025 | - | - | - | - | 7,025 | |||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 367,944 | - | - | - | 174 | 368,118 | |||||||||||||
Construction | 16,450 | - | - | - | - | 16,450 | |||||||||||||
Other | 435 | - | - | - | - | 435 | |||||||||||||
Total | $ | 681,161 | $ | - | $ | - | $ | - | $ | 6,572 | $ | 687,733 | |||||||
Schedule of Credit Exposure of the Loan Portfolio | ' | ||||||||||||||||||
The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Loans | Performing | Nonperforming | |||||||||||||||||
Subject to | Loans Subject to | Loans Subject | |||||||||||||||||
Normal | Special | to Special | |||||||||||||||||
(In thousands) | Monitoring1 | Monitoring 2 | Monitoring 2 | Total Loans | |||||||||||||||
30-Sep-13 | |||||||||||||||||||
Commercial and industrial | $ | 152,188 | $ | 3,129 | $ | 71 | $ | 155,388 | |||||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 117,491 | 7,816 | 482 | 125,789 | |||||||||||||||
Construction | 9,073 | - | - | 9,073 | |||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 334,062 | 2,104 | 1,355 | 337,521 | |||||||||||||||
Construction | 6,490 | - | - | 6,490 | |||||||||||||||
Other | 775 | - | - | 775 | |||||||||||||||
Total | $ | 620,079 | $ | 13,049 | $ | 1,908 | $ | 635,036 | |||||||||||
31-Dec-12 | |||||||||||||||||||
Commercial and industrial | $ | 155,838 | $ | 3,585 | $ | 1,439 | $ | 160,862 | |||||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 123,315 | 6,569 | 4,959 | 3 | 134,843 | ||||||||||||||
Construction | 7,025 | - | - | 7,025 | |||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 366,366 | 1,578 | 174 | 368,118 | |||||||||||||||
Construction | 16,450 | - | - | 16,450 | |||||||||||||||
Other | 435 | - | - | 435 | |||||||||||||||
Total | $ | 669,429 | $ | 11,732 | $ | 6,572 | $ | 687,733 | |||||||||||
1 | Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations. | ||||||||||||||||||
2 | Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. | ||||||||||||||||||
3 | In February 2013, a payment of $4,115,000 was received for one nonaccrual loan with a balance of $4,198,000. $83,000 was charged off. | ||||||||||||||||||
Schedule of Recorded Investment and Unpaid Principal Balance for Impaired Loans | ' | ||||||||||||||||||
The following table presents the recorded investment and unpaid principal balance for impaired loans at September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Unpaid | Related | ||||||||||||||||||
Recorded | Principal | Allowance for | |||||||||||||||||
(In thousands) | Investment | Balance | Loan Losses | ||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||
Nonaccrual | $ | 71 | $ | 71 | $ | 14 | |||||||||||||
Troubled debt restructurings still accruing | - | - | - | ||||||||||||||||
Real estate | |||||||||||||||||||
Commercial - Mortgage: | |||||||||||||||||||
Nonaccrual | 482 | 482 | 89 | ||||||||||||||||
Past due 90 days or more and still accruing | - | - | - | ||||||||||||||||
Troubled debt restructurings still accruing | - | - | - | ||||||||||||||||
Church - Mortgage: | |||||||||||||||||||
Nonaccrual | 1,355 | 1,355 | 234 | ||||||||||||||||
Total impaired loans | $ | 1,908 | $ | 1,908 | $ | 337 | |||||||||||||
31-Dec-12 | |||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||
Nonaccrual | $ | 1,439 | $ | 1,439 | $ | 657 | |||||||||||||
Troubled debt restructurings still accruing | - | - | - | ||||||||||||||||
Real estate | |||||||||||||||||||
Commercial - Mortgage: | |||||||||||||||||||
Nonaccrual | 4,959 | * | 4,959 | * | 660 | ||||||||||||||
Past due 90 days or more and still accruing | - | - | - | ||||||||||||||||
Troubled debt restructurings still accruing | - | - | - | ||||||||||||||||
Church - Mortgage: | |||||||||||||||||||
Nonaccrual | 174 | 174 | 87 | ||||||||||||||||
Total impaired loans | $ | 6,572 | $ | 6,572 | $ | 1,404 | |||||||||||||
* | In February 2013, a payment of $4,115,000 was received for one nonaccrual loan with a balance of $4,198,000. $83,000 was charged off. | ||||||||||||||||||
Summary of the Allowance for Loan Losses | ' | ||||||||||||||||||
A summary of the activity in the allowance for loan losses from December 31, 2012 to September 30, 2013 is as follows: | |||||||||||||||||||
December 31, | Charge- | September 30, | |||||||||||||||||
(In thousands) | 2012 | Offs | Recoveries | Provision | 2013 | ||||||||||||||
Commercial and industrial | $ | 3,192 | $ | 1,296 | $ | 24 | $ | 892 | $ | 2,812 | |||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 3,784 | 233 | 33 | (173 | ) | 3,411 | |||||||||||||
Construction | 137 | - | - | 79 | 216 | ||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 4,903 | - | 278 | (51 | ) | 5,130 | |||||||||||||
Construction | 333 | - | - | (252 | ) | 81 | |||||||||||||
Other | 8 | - | - | 5 | 13 | ||||||||||||||
Total | $ | 12,357 | $ | 1,529 | $ | 335 | $ | 500 | $ | 11,663 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Commitments and Contingencies [Abstract] | ' | |||||||||||||||
Summary of Contractual Cash Obligation of Operating Lease Commitments | ' | |||||||||||||||
The following table summarizes contractual cash obligations of the Company related to operating lease commitments and time deposits at September 30, 2013: | ||||||||||||||||
Amount of Commitment Expiration per Period | ||||||||||||||||
Less than | 3-Jan | 5-Mar | Over 5 | |||||||||||||
(In thousands) | Total | 1 Year | Years | Years | Years | |||||||||||
Operating lease commitments | $ | 7,348 | $ | 1,161 | $ | 1,895 | $ | 1,493 | $ | 2,799 | ||||||
Time deposits | 105,024 | 89,965 | 13,717 | 1,342 | - | |||||||||||
Total | $ | 112,372 | $ | 91,126 | $ | 15,612 | $ | 2,835 | $ | 2,799 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||
Summary of Restricted Stock Activity | ' | |||||||||||
Following is a summary of the activity of the restricted stock: | ||||||||||||
Nine Months Ended | ||||||||||||
30-Sep-13 | ||||||||||||
Shares | Fair Value | |||||||||||
Balance at December 31, 2012 | 54,875 | $ | 31.61 | |||||||||
Granted | 30,185 | $ | 42.03 | |||||||||
Vested | (25,608 | ) | $ | 30.48 | ||||||||
Balance at September 30, 2013 | 59,452 | $ | 37.39 | |||||||||
Summary of SARs Activity | ' | |||||||||||
Following is a summary of the activity of the Company's SARs program for the nine-month period ended September 30, 2013: | ||||||||||||
Weighted- | Average | Aggregate | ||||||||||
Average | Remaining | Intrinsic | ||||||||||
Exercise | Contractual | Value | ||||||||||
Shares | Price | Term Years | (In thousands) | |||||||||
Outstanding at December 31, 2012 | 351,881 | $ | 27.52 | 7.34 | $ | 4,988 | ||||||
Granted | 85,943 | $ | 42.14 | |||||||||
Exercised | (76,259 | ) | $ | 24.95 | ||||||||
Outstanding at September 30, 2013 | 361,565 | $ | 31.58 | 7.42 | $ | 7,877 | ||||||
Exercisable at September 30, 2013 | 184,437 | $ | 26.28 | 6.15 | $ | 4,997 | ||||||
Summary of Non-vested SARs Activity | ' | |||||||||||
Following is a summary of the activity of the non-vested SARs during the nine-month period ended September 30, 2013: | ||||||||||||
Weighted-Average | ||||||||||||
Shares | Grant Date Fair Value | |||||||||||
Non-vested at December 31, 2012 | 161,294 | $ | 31.7 | |||||||||
Granted | 85,943 | $ | 42.14 | |||||||||
Vested | (70,109 | ) | $ | 30.85 | ||||||||
Non-vested at September 30, 2013 | 177,128 | $ | 37.11 | |||||||||
Schedule of Assumptions used in SARs Granted | ' | |||||||||||
The Company uses the Black-Scholes pricing model to determine the fair value of the SARs at the date of grant. Following are the assumptions used to estimate the per-share fair value of SARs granted: | ||||||||||||
Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Risk-free interest rate | 1.29% | 1.38% | ||||||||||
Expected life | 7 yrs. | 7 yrs. | ||||||||||
Expected volatility | 28.72% | 29.39% | ||||||||||
Expected dividend yield | 1.71% | 1.84% |
Defined_Pension_Plans_Tables
Defined Pension Plans (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Defined Pension Plans [Abstract] | ' | ||||||||
Schedule of Net Periodic Pension Costs | ' | ||||||||
The following table represents the components of the net periodic pension costs: | |||||||||
Estimated | Actual | ||||||||
(In thousands) | 2013 | 2012 | |||||||
Service cost - benefits earned during the year | $ | 3,452 | $ | 2,799 | |||||
Interest cost on projected benefit obligation | 2,819 | 2,570 | |||||||
Expected return on plan assets | (4,469 | ) | (3,967 | ) | |||||
Net amortization and deferral | 1,729 | 1,473 | |||||||
Net periodic pension cost | $ | 3,531 | $ | 2,875 | |||||
Schedule of Unfunded Supplemental Executive Retirement Plan | ' | ||||||||
The following table represents the components of the net periodic pension costs for 2012 and an estimate for 2013: | |||||||||
Estimated | Actual | ||||||||
(In thousands) | 2013 | 2012 | |||||||
Service cost - benefits earned during the year | $ | 144 | $ | 115 | |||||
Interest cost on projected benefit obligation | 335 | 307 | |||||||
Net amortization | 551 | 360 | |||||||
Net periodic pension cost | $ | 1,030 | $ | 782 |
Investment_in_Securities_Table
Investment in Securities (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Investment in Securities [Abstract] | ' | ||||||||||||||||||
Schedule of Investment Securities | ' | ||||||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows: | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Gross | Gross | ||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||
(In thousands) | Cost | Gains | Losses | Fair Value | |||||||||||||||
State and political subdivisions | $ | 297,331 | $ | 9,944 | $ | 2,304 | $ | 304,971 | |||||||||||
Certificates of deposit | 3,750 | - | - | 3,750 | |||||||||||||||
Total | $ | 301,081 | $ | 9,944 | $ | 2,304 | $ | 308,721 | |||||||||||
31-Dec-12 | |||||||||||||||||||
Gross | Gross | ||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||
(In thousands) | Cost | Gains | Losses | Fair Value | |||||||||||||||
State and political subdivisions | $ | 315,345 | $ | 19,960 | $ | 112 | $ | 335,193 | |||||||||||
Certificates of deposit | 6,742 | - | - | 6,742 | |||||||||||||||
Total | $ | 322,087 | $ | 19,960 | $ | 112 | $ | 341,935 | |||||||||||
Schedule of the Fair Value of Securities with Unrealized Losses | ' | ||||||||||||||||||
The fair values of securities with unrealized losses are as follows: | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||
(In thousands) | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||
State and political | |||||||||||||||||||
subdivisions | $ | 68,468 | $ | 2,304 | $ | - | $ | - | $ | 68,468 | $ | 2,304 | |||||||
Certificates of deposit | - | - | - | - | - | - | |||||||||||||
Total | $ | 68,468 | $ | 2,304 | $ | - | $ | - | $ | 68,468 | $ | 2,304 | |||||||
31-Dec-12 | |||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||
(In thousands) | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||
State and political | |||||||||||||||||||
subdivisions | $ | 19,758 | $ | 112 | $ | - | $ | - | $ | 19,758 | $ | 112 | |||||||
Certificates of deposit | - | - | - | - | - | - | |||||||||||||
Total | $ | 19,758 | $ | 112 | $ | - | $ | - | $ | 19,758 | $ | 112 | |||||||
Schedule of Amortized Cost and Fair Value of Investment | ' | ||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | |||||||||||||||||
Due in 1 year or less | $ | 12,838 | $ | 12,961 | |||||||||||||||
Due after 1 year through 5 years | 69,279 | 73,393 | |||||||||||||||||
Due after 5 years through 10 years | 139,442 | 141,773 | |||||||||||||||||
Due after 10 years | 79,522 | 80,594 | |||||||||||||||||
Total | $ | 301,081 | $ | 308,721 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||
Summary of the Fair Value of Financial Instruments | ' | ||||||||||||
Following is a summary of the carrying amounts and fair values of the Company's financial instruments: | |||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||
Carrying | Carrying | ||||||||||||
(In thousands) | Amount | Fair Value | Amount | Fair Value | |||||||||
Balance sheet assets: | |||||||||||||
Cash and cash equivalents | $ | 240,307 | $ | 240,307 | $ | 141,088 | $ | 141,088 | |||||
Investment securities | 308,721 | 308,721 | 341,935 | 341,935 | |||||||||
Loans, net | 623,373 | 629,106 | 675,376 | 676,675 | |||||||||
Accrued interest receivable | 5,117 | 5,117 | 6,276 | 6,276 | |||||||||
Total | $ | 1,177,518 | $ | 1,183,251 | $ | 1,164,675 | $ | 1,165,974 | |||||
Balance sheet liabilities: | |||||||||||||
Deposits | $ | 560,836 | $ | 561,217 | $ | 563,708 | $ | 564,189 | |||||
Accounts and drafts payable | 564,731 | 564,731 | 522,761 | 522,761 | |||||||||
Accrued interest payable | 109 | 109 | 112 | 112 | |||||||||
Total | $ | 1,125,676 | $ | 1,126,057 | $ | 1,086,581 | $ | 1,087,062 |
Basis_of_Presentation_Details
Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Property, Plant and Equipment [Line Items] | ' |
Dividend rate | 10.00% |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of intangible assets | $121 | $147 | $415 | $433 |
2013 | 535 | ' | 535 | ' |
2014 | 482 | ' | 482 | ' |
2015 | 404 | ' | 404 | ' |
2016 | 404 | ' | 404 | ' |
2017 | $352 | ' | $352 | ' |
Customer Lists [Member] | Maximum [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Intangible assets amortization period | '10 years | ' | ' | ' |
Customer Lists [Member] | Minimum [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Intangible assets amortization period | '7 years | ' | ' | ' |
Non-compete Agreements [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Intangible assets amortization period | '5 years | ' | ' | ' |
Software [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Intangible assets amortization period | '3 years | ' | ' | ' |
Other [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Intangible assets amortization period | '15 years | ' | ' | ' |
Intangible_Assets_Schedule_of_
Intangible Assets (Schedule of Company's Intangible Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Unamortized intangible assets: | ' | ' | ||
Goodwill, Gross Carrying Amount | $11,817 | [1] | $11,817 | [1] |
Goodwill, Accumulated Amortization | -227 | [1] | -227 | [1] |
Total intangible assets | 16,745 | 16,745 | ||
Accumulated Amortization | -1,813 | -1,398 | ||
Customer Lists [Member] | ' | ' | ||
Assets eligible for amortization: | ' | ' | ||
Gross Carrying Amount | 3,933 | 3,933 | ||
Accumulated Amortization | -1,307 | -1,015 | ||
Non-compete Agreements [Member] | ' | ' | ||
Assets eligible for amortization: | ' | ' | ||
Gross Carrying Amount | 261 | 261 | ||
Accumulated Amortization | -92 | -53 | ||
Software [Member] | ' | ' | ||
Assets eligible for amortization: | ' | ' | ||
Gross Carrying Amount | 234 | 234 | ||
Accumulated Amortization | -137 | -78 | ||
Other [Member] | ' | ' | ||
Assets eligible for amortization: | ' | ' | ||
Gross Carrying Amount | 500 | 500 | ||
Accumulated Amortization | ($50) | ($25) | ||
[1] | Amortization through December 31, 2001 prior to adoption of FASB ASC 350. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic | ' | ' | ' | ' |
Net income | $6,138 | $6,092 | $18,243 | $17,962 |
Weighted-average common shares outstanding | 11,450,978 | 11,380,047 | 11,435,400 | 11,371,141 |
Basic earnings per share | $0.54 | $0.53 | $1.60 | $1.58 |
Diluted | ' | ' | ' | ' |
Net Income | $6,138 | $6,092 | $18,243 | $17,962 |
Weighted-average common shares outstanding | 11,450,978 | 11,380,047 | 11,435,400 | 11,371,141 |
Effect of dilutive restricted stock, stock options and stock appreciation rights | 217,085 | 177,499 | 191,915 | 178,948 |
Weighted-average common shares outstanding assuming dilution | 11,668,063 | 11,557,546 | 11,627,315 | 11,550,089 |
Diluted earnings per share | $0.53 | $0.53 | $1.57 | $1.56 |
Stock_Repurchases_Details
Stock Repurchases (Details) | Sep. 30, 2013 |
Stock Repurchases [Abstract] | ' |
Remaining number of shares available for repurchase | 363,000 |
Number of shares authorized to be repurchased | 363,000 |
Industry_Segment_Information_D
Industry Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Fee revenue and other income: | ' | ' | ' | ' | ' |
Income from customers | $29,055 | $27,911 | $86,685 | $84,752 | ' |
Intersegment income (expense) | ' | ' | ' | ' | ' |
Net income | 6,138 | 6,092 | 18,243 | 17,962 | ' |
Goodwill | 11,590 | 11,590 | 11,590 | 11,590 | 11,590 |
Other intangible assets, net | 3,342 | 3,905 | 3,342 | 3,905 | ' |
Total assets | 1,329,327 | 1,391,235 | 1,329,327 | 1,391,235 | 1,287,387 |
Information Services [Member] | ' | ' | ' | ' | ' |
Fee revenue and other income: | ' | ' | ' | ' | ' |
Income from customers | 23,208 | 21,727 | 68,977 | 66,448 | ' |
Intersegment income (expense) | -2,408 | 2,842 | -7,253 | 8,126 | ' |
Net income | 4,123 | 3,725 | 11,982 | 11,351 | ' |
Goodwill | 11,454 | 11,454 | 11,454 | 11,454 | ' |
Other intangible assets, net | 3,342 | 3,905 | 3,342 | 3,905 | ' |
Total assets | 679,844 | 774,476 | 679,844 | 774,476 | ' |
Banking Services [Member] | ' | ' | ' | ' | ' |
Fee revenue and other income: | ' | ' | ' | ' | ' |
Income from customers | 5,847 | 6,184 | 17,708 | 18,304 | ' |
Intersegment income (expense) | -353 | 408 | -1,122 | 1,251 | ' |
Net income | 2,015 | 2,367 | 6,135 | 6,611 | ' |
Goodwill | 136 | 136 | 136 | 136 | ' |
Other intangible assets, net | ' | ' | ' | ' | ' |
Total assets | 663,101 | 634,564 | 663,101 | 634,564 | ' |
Corporate Eliminations and Other [Member] | ' | ' | ' | ' | ' |
Fee revenue and other income: | ' | ' | ' | ' | ' |
Income from customers | ' | ' | ' | ' | ' |
Intersegment income (expense) | 2,761 | -3,250 | 8,375 | -9,377 | ' |
Net income | ' | ' | 126 | ' | ' |
Goodwill | ' | ' | ' | ' | ' |
Other intangible assets, net | ' | ' | ' | ' | ' |
Total assets | ($13,618) | ($17,805) | ($13,618) | ($17,805) | ' |
Loans_by_Type_Narrative_Detail
Loans by Type (Narrative) (Details) (USD $) | 1 Months Ended | 9 Months Ended | |
Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Loans by Type [Abstract] | ' | ' | ' |
Delinquent loans still accruing interest | ' | $0 | $0 |
Troubled debt restructurings | ' | ' | ' |
Foreclosed loans amount | ' | 1,322,000 | 1,322,000 |
Loan receivable amount from nonaccrual loan | 4,115,000 | ' | ' |
Fair value of loan receivable | 4,198,000 | ' | ' |
Charge-Offs | $83,000 | $1,529,000 | ' |
Loans_by_Type_Summary_of_Loan_
Loans by Type (Summary of Loan Categories) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | $635,036 | $687,733 |
Commercial and Industrial [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | 155,388 | 160,862 |
Real Estate Commercial Mortgage [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | 125,789 | 134,843 |
Real Estate Commercial Construction [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | 9,073 | 7,025 |
Real Estate Church Related Mortgage [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | 337,521 | 368,118 |
Real Estate Church Related Construction [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | 6,490 | 16,450 |
Other Loan [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | $775 | $435 |
Loans_by_Type_Schedule_of_the_
Loans by Type (Schedule of the Aging of Loans by Loan Categories) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Participating Mortgage Loans [Line Items] | ' | ' |
Current | $633,128 | $681,161 |
30-59 Days | ' | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Nonaccrual | 1,908 | 6,572 |
Loans | 635,036 | 687,733 |
Commercial and Industrial [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Current | 155,317 | 159,423 |
30-59 Days | ' | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Nonaccrual | 71 | 1,439 |
Loans | 155,388 | 160,862 |
Real Estate Commercial Mortgage [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Current | 125,307 | 129,884 |
30-59 Days | ' | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Nonaccrual | 482 | 4,959 |
Loans | 125,789 | 134,843 |
Real Estate Commercial Construction [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Current | 9,073 | 7,025 |
30-59 Days | ' | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Nonaccrual | ' | ' |
Loans | 9,073 | 7,025 |
Real Estate Church Related Mortgage [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Current | 336,166 | 367,944 |
30-59 Days | ' | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Nonaccrual | 1,355 | 174 |
Loans | 337,521 | 368,118 |
Real Estate Church Related Construction [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Current | 6,490 | 16,450 |
30-59 Days | ' | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Nonaccrual | ' | ' |
Loans | 6,490 | 16,450 |
Other [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Current | 775 | 435 |
30-59 Days | ' | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Nonaccrual | ' | ' |
Loans | $775 | $435 |
Loans_by_Type_Schedule_of_the_1
Loans by Type (Schedule of the Credit Exposure of the Loan Portfolio) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | $635,036 | $687,733 | ||
Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 620,079 | 669,429 | ||
Performing Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 13,049 | 11,732 | ||
Nonperforming Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 1,908 | 6,572 | ||
Commercial and Industrial [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 155,388 | 160,862 | ||
Commercial and Industrial [Member] | Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 152,188 | [1] | 155,838 | [1] |
Commercial and Industrial [Member] | Performing Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 3,129 | [2] | 3,585 | [2] |
Commercial and Industrial [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 71 | [2] | 1,439 | [2] |
Real Estate Commercial Mortgage [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 125,789 | 134,843 | ||
Real Estate Commercial Mortgage [Member] | Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 117,491 | [1] | 123,315 | [1] |
Real Estate Commercial Mortgage [Member] | Performing Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 7,816 | [2] | 6,569 | [2] |
Real Estate Commercial Mortgage [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 482 | [2] | 4,959 | [2],[3] |
Real Estate Commercial Construction [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 9,073 | 7,025 | ||
Real Estate Commercial Construction [Member] | Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 9,073 | [1] | 7,025 | [1] |
Real Estate Commercial Construction [Member] | Performing Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | ' | [2] | ' | [2] |
Real Estate Commercial Construction [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | ' | [2] | ' | [2] |
Real Estate Church Related Mortgage [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 337,521 | 368,118 | ||
Real Estate Church Related Mortgage [Member] | Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 334,062 | [1] | 366,366 | [1] |
Real Estate Church Related Mortgage [Member] | Performing Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 2,104 | [2] | 1,578 | [2] |
Real Estate Church Related Mortgage [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 1,355 | [2] | 174 | [2] |
Real Estate Church Related Construction [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 6,490 | 16,450 | ||
Real Estate Church Related Construction [Member] | Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 6,490 | [1] | 16,450 | [1] |
Real Estate Church Related Construction [Member] | Performing Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | ' | [2] | ' | |
Real Estate Church Related Construction [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | ' | [2] | ' | [2] |
Other [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 775 | 435 | ||
Other [Member] | Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 775 | [1] | 435 | [1] |
Other [Member] | Performing Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | ' | [2] | ' | [2] |
Other [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | ' | [2] | ' | [2] |
[1] | Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations. | |||
[2] | Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. | |||
[3] | In February 2013, a payment of $4,115,000 was received for one nonaccrual loan with a balance of $4,198,000. $83,000 was charged off. |
Loans_by_Type_Schedule_of_Reco
Loans by Type (Schedule of Recorded Investment and Unpaid Principal for Impaired Loans) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Participating Mortgage Loans [Line Items] | ' | ' | |
Troubled debt restructurings still accruing | ' | ' | |
Nonaccrual | 1,908 | 6,572 | |
Recorded Investment [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Total impaired loans | 1,908 | 6,572 | |
Upaid Principal Balance [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Total impaired loans | 1,908 | 6,572 | |
Related Allowance for Loan Losses [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Total impaired loans | 337 | 1,404 | |
Commercial and Industrial [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Nonaccrual | 71 | 1,439 | |
Commercial and Industrial [Member] | Recorded Investment [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Troubled debt restructurings still accruing | ' | ' | |
Nonaccrual | 71 | 1,439 | |
Commercial and Industrial [Member] | Upaid Principal Balance [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Troubled debt restructurings still accruing | ' | ' | |
Nonaccrual | 71 | 1,439 | |
Commercial and Industrial [Member] | Related Allowance for Loan Losses [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Troubled debt restructurings still accruing | ' | ' | |
Nonaccrual | 14 | 657 | |
Real Estate Commercial Mortgage [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Nonaccrual | 482 | 4,959 | |
Real Estate Commercial Mortgage [Member] | Recorded Investment [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Troubled debt restructurings still accruing | ' | ' | |
Past due 90 days or more and still accruing | ' | ' | |
Nonaccrual | 482 | 4,959 | [1] |
Real Estate Commercial Mortgage [Member] | Upaid Principal Balance [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Troubled debt restructurings still accruing | ' | ' | |
Past due 90 days or more and still accruing | ' | ' | |
Nonaccrual | 482 | 4,959 | [1] |
Real Estate Commercial Mortgage [Member] | Related Allowance for Loan Losses [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Troubled debt restructurings still accruing | ' | ' | |
Past due 90 days or more and still accruing | ' | ' | |
Nonaccrual | 89 | 660 | |
Real Estate Church Related Mortgage [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Nonaccrual | 1,355 | 174 | |
Real Estate Church Related Mortgage [Member] | Recorded Investment [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Nonaccrual | 1,355 | 174 | |
Real Estate Church Related Mortgage [Member] | Upaid Principal Balance [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Nonaccrual | 1,355 | 174 | |
Real Estate Church Related Mortgage [Member] | Related Allowance for Loan Losses [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Nonaccrual | $234 | $87 | |
[1] | In February 2013, a payment of $4,115,000 was received for one nonaccrual loan with a balance of $4,198,000. $83,000 was charged off. |
Loans_by_Type_Summary_of_Allow
Loans by Type (Summary of Allowance for Loan Losses) (Details) (USD $) | 1 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2013 | Sep. 30, 2013 |
Participating Mortgage Loans [Line Items] | ' | ' |
Beginning Balance | ' | $12,357 |
Charge-Offs | 83 | 1,529 |
Recoveries | ' | 335 |
Provision | ' | 500 |
Ending Balance | ' | 11,663 |
Commercial and Industrial [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Beginning Balance | ' | 3,192 |
Charge-Offs | ' | 1,296 |
Recoveries | ' | 24 |
Provision | ' | 892 |
Ending Balance | ' | 2,819 |
Real Estate Commercial Mortgage [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Beginning Balance | ' | 3,784 |
Charge-Offs | ' | 233 |
Recoveries | ' | 33 |
Provision | ' | -173 |
Ending Balance | ' | 3,411 |
Real Estate Commercial Construction [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Beginning Balance | ' | 137 |
Charge-Offs | ' | ' |
Recoveries | ' | ' |
Provision | ' | 79 |
Ending Balance | ' | 216 |
Real Estate Church Related Mortgage [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Beginning Balance | ' | 4,903 |
Charge-Offs | ' | ' |
Recoveries | ' | 278 |
Provision | ' | -51 |
Ending Balance | ' | 5,130 |
Real Estate Church Related Construction [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Beginning Balance | ' | 333 |
Charge-Offs | ' | ' |
Recoveries | ' | ' |
Provision | ' | -252 |
Ending Balance | ' | 81 |
Other [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Beginning Balance | ' | 8 |
Charge-Offs | ' | ' |
Recoveries | ' | ' |
Provision | ' | 5 |
Ending Balance | ' | $13 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies [Abstract] | ' |
Unused loan commitments | $3,096 |
Standby letters of credit | 13,302 |
Commercial letters of credit | $3,412 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Summary of Company's Contractual Cash Obligations) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies [Abstract] | ' |
Operating lease commitments, Total | $7,348 |
Operating lease commitments, Less than 1 Year | 1,161 |
Operating lease commitments, 1 to 3 Years | 1,895 |
Operating lease commitments, 3 to 5 Years | 1,493 |
Operating lease commitments, Over 5 Years | 2,799 |
Time Deposits, Total | 105,024 |
Time Deposits, Less than 1 Year | 89,965 |
Time Deposits, 1 to 3 Years | 13,717 |
Time Deposits, 3 to 5 Years | 1,342 |
Time Deposits, over 5 Years | ' |
Commitments, Total | 112,372 |
Commitments, Less than 1 Year | 91,126 |
Commitments, 1 to 3 Years | 15,612 |
Commitments, 3 to 5 Years | 2,835 |
Commitments, Over 5 Years | $2,799 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Equity Incentive Plan, shares authorized | 1,500,000 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost | $1,468 |
Remaining vesting period | '10 months 22 days |
Vesting period | '3 years |
Granted, Shares | 30,185 |
SARs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost | $1,147 |
Remaining vesting period | '1 year 4 months 20 days |
Vesting period | '3 years |
Granted, Shares | 85,943 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning balance, Shares | 54,875 |
Granted, Shares | 30,185 |
Vested, Shares | -25,608 |
Ending balance, Shares | 59,452 |
Beginning balance, Fair Value | $31.61 |
Granted, Fair Value | $42.03 |
Vested, Fair Value | $30.48 |
Ending balance, Fair Value | $37.39 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of Company's SARs Activity) (Details) (SARs [Member], USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
SARs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning balance, Shares | 351,881 |
Granted, Shares | 85,943 |
Exercised, Shares | -76,259 |
Ending balance, Shares | 361,565 |
Exercisable, Shares | 184,437 |
Outstanding, Weighted Average Exercise Price | $27.52 |
Granted, Weighted Average Exercise Price | $42.14 |
Exercised, Weighted Average Exercise Price | $24.95 |
Outstanding, Weighted Average Exercise Price | $31.58 |
Exercisable, Weighted Average Exercise Price | $26.28 |
Outstanding, Average Remaining Contractual Term Years | '7 years 4 months 2 days |
Outstanding, Average Remaining Contractual Term Years | '7 years 4 months |
Exercisable, Average Remaining Contractual Term Years | '6 years 1 month 23 days |
Outstanding, Aggregate Intrinsic Value | $4,988 |
Outstanding, Aggregate Intrinsic Value | 7,877 |
Exercisable, Aggregate Intrinsic Value | $4,997 |
StockBased_Compensation_Summar2
Stock-Based Compensation (Summary of Company's Non-vested SARs Activity) (Details) (SARs [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
SARs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested, beginning, Shares | 161,294 |
Granted, Shares | 85,943 |
Vested, Shares | -70,109 |
Non-vested, ending, Shares | 177,128 |
Beginning balance, Fair Value | $31.70 |
Granted, Fair Value | $42.14 |
Vested, Fair Value | $30.85 |
Ending balance, Fair Value | $37.11 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of SARs Assumptions) (Details) (SARs [Member]) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
SARs [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Risk free interest rate | 1.29% | 1.38% |
Expected life | '7 years | '7 years |
Expected volatility | 28.72% | 29.39% |
Expected dividend yield | 1.71% | 1.84% |
Defined_Pension_Plans_Narrativ
Defined Pension Plans (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Pension period | ' | ' | '30 years | ' |
Defined Benefit Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Pension costs | $257 | $224 | $772 | $671 |
Pension contribution | 500 | ' | 1,500 | ' |
Unfunded Supplemental Executive Retirement Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Pension costs | $790 | $1,011 | $2,648 | $2,341 |
Defined_Pension_Plans_Schedule
Defined Pension Plans (Schedule of Net Periodic Pension Costs) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Defined Benefit Pension Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the year | $3,452 | $2,799 |
Interest cost on projected benefit obligation | 2,819 | 2,570 |
Expected return on plan assets | -4,469 | -3,967 |
Net amortization and deferral | 1,729 | 1,473 |
Net periodic pension cost | 3,531 | 2,875 |
Unfunded Supplemental Executive Retirement Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost - benefits earned during the year | 144 | 115 |
Interest cost on projected benefit obligation | 335 | 307 |
Net amortization and deferral | 551 | 360 |
Net periodic pension cost | $1,030 | $782 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | ' | ' |
Amounts of tax benefits that would affect effective tax rate if recognized | $1,005 | $1,357 |
Income tax accrued interest | 88 | 89 |
Unrecognized tax benefits | 1,405 | 1,885 |
Statute of limitations | $314 | ' |
Investment_in_Securities_Narra
Investment in Securities (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Investment in Securities [Abstract] | ' | ' | ' | ' | ' |
Number of securities that had an unrealized loss | 66 | ' | 66 | ' | 18 |
Percentage of total securities | 21.00% | ' | 21.00% | ' | 5.00% |
Proceeds from sales of securities available-for-sale | $31,006 | $3,485 | $94,666 | $33,234 | ' |
Gross realized gains | 866 | 267 | 4,003 | 2,401 | ' |
Securities pledged as collateral | $3,750 | ' | $3,750 | ' | ' |
Investment_in_Securities_Sched
Investment in Securities (Schedule of Investement Securities) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Investment [Line Items] | ' | ' |
Amortized Cost | $301,081 | $322,087 |
Gross Unrealized Losses | 9,944 | 19,960 |
Gross Unrealized Gains | 2,304 | 112 |
Fair Value | 308,721 | 341,935 |
State and Political Subdivisions [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 297,331 | 315,345 |
Gross Unrealized Losses | 9,944 | 19,960 |
Gross Unrealized Gains | 2,304 | 112 |
Fair Value | 304,971 | 335,193 |
Certificates Of Deposit [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 3,750 | 6,742 |
Gross Unrealized Losses | ' | ' |
Gross Unrealized Gains | ' | ' |
Fair Value | $3,750 | $6,742 |
Investment_in_Securities_Sched1
Investment in Securities (Schedule of the Fair Values of Securities with Unrealized Losses) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Investment [Line Items] | ' | ' |
Estimated fair value, less than 12 months | $68,468 | $19,758 |
Estimated fair value, 12 months or more | ' | ' |
Estimated fair value, total | 68,468 | 19,758 |
Unrealized losses, 12 months or more | ' | ' |
Unrealized losses, less than 12 months | 2,304 | 112 |
Unrealized losses, total | 2,304 | 112 |
State and Political Subdivisions [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Estimated fair value, less than 12 months | 68,468 | 19,758 |
Estimated fair value, 12 months or more | ' | ' |
Estimated fair value, total | 68,468 | 19,758 |
Unrealized losses, 12 months or more | ' | ' |
Unrealized losses, less than 12 months | 2,304 | 112 |
Unrealized losses, total | 2,304 | 112 |
Certificates Of Deposit [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Estimated fair value, less than 12 months | ' | ' |
Estimated fair value, 12 months or more | ' | ' |
Estimated fair value, total | ' | ' |
Unrealized losses, 12 months or more | ' | ' |
Unrealized losses, less than 12 months | ' | ' |
Unrealized losses, total | ' | ' |
Investment_in_Securities_Sched2
Investment in Securities (Schedule of Amortized Cost and Fair Value of Investment Securities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment in Securities [Abstract] | ' | ' |
Amortized Cost, Due in 1 year or less | $12,838 | ' |
Amortized Cost, Due after 1 year through 5 years | 69,279 | ' |
Amortized Cost, Due after 5 years through 10 years | 139,442 | ' |
Amortized Cost, Due after 10 years | 79,522 | ' |
Amortized Cost, Total | 301,081 | ' |
Fair Value, Due in 1 year or less | 12,961 | ' |
Fair Value, Due after 1 year through 5 years | 73,393 | ' |
Fair Value, Due after 5 years through 10 years | 141,773 | ' |
Fair Value, Due after 10 years | 80,594 | ' |
Fair Value, Total | $308,721 | $341,935 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | $240,307 | $141,088 | $219,806 | $235,962 |
Investment securities, Carrying Amount | 308,721 | 341,935 | ' | ' |
Loans, net, Carrying Amount | 623,373 | 675,376 | ' | ' |
Accrued interest receivable, Carrying Amount | 5,117 | 6,276 | ' | ' |
Assets, Carrying Amount | 1,177,518 | 1,164,675 | ' | ' |
Cash and cash equivalents, Fair Value | 240,307 | 141,088 | ' | ' |
Loans, net, Fair Value | 629,106 | 676,675 | ' | ' |
Investment securities, Fair Value | 308,721 | 341,935 | ' | ' |
Accrued interest receivable, Fair Value | 5,117 | 6,276 | ' | ' |
Assets, Fair Value | 1,183,251 | 1,165,974 | ' | ' |
Deposits | 560,836 | 563,708 | ' | ' |
Accounts and drafts payable | 564,731 | 522,761 | ' | ' |
Accrued interest payable, Carrying Amount | 109 | 112 | ' | ' |
Liabilities, Carrying Amount | 1,125,676 | 1,086,581 | ' | ' |
Deposits, Fair Value | 561,217 | 564,189 | ' | ' |
Accounts and drafts payable, Fair Value | 564,731 | 522,761 | ' | ' |
Accrued interest payable, Fair Value | 109 | 112 | ' | ' |
Liabilities, Fair Value | $1,126,057 | $1,087,062 | ' | ' |