DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 07, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'CASS INFORMATION SYSTEMS INC | ' | ' |
Entity Central Index Key | '0000708781 | ' | ' |
Trading Symbol | 'cass | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 11,529,461 | ' |
Entity Well-Known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $530,000 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $11,283 | $18,794 |
Interest-bearing deposits in other financial institutions | 160,316 | 108,560 |
Federal funds sold and other short-term investments | 53,663 | 13,734 |
Cash and cash equivalents | 225,262 | 141,088 |
Securities available-for-sale, at fair value | 317,767 | 341,935 |
Loans | 652,177 | 687,733 |
Less: Allowance for loan losses | 11,679 | 12,357 |
Loans, net | 640,498 | 675,376 |
Premises and equipment, net | 13,231 | 10,735 |
Investments in bank-owned life insurance | 15,437 | 14,910 |
Payments in excess of funding | 77,650 | 63,522 |
Goodwill | 11,590 | 11,590 |
Other intangible assets, net | 3,222 | 3,757 |
Other assets | 21,363 | 24,474 |
Total assets | 1,326,020 | 1,287,387 |
Liabilities and Shareholders' Equity | ' | ' |
Noninterest-bearing | 143,841 | 144,143 |
Interest-bearing | 438,655 | 419,565 |
Total deposits | 582,496 | 563,708 |
Accounts and drafts payable | 543,963 | 522,761 |
Other liabilities | 9,144 | 26,903 |
Total liabilities | 1,135,593 | 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, 11,931,147 issued at December 31, 2013 and 2012 | 5,966 | 5,966 |
Additional paid-in capital | 125,062 | 125,086 |
Retained earnings | 75,939 | 60,952 |
Common shares in treasury, at cost (409,667 and 467,316 shares at December 31, 2013 and 2012, respectively) | -10,980 | -11,896 |
Accumulated other comprehensive loss | -5,560 | -6,093 |
Total shareholders' equity | 190,427 | 174,015 |
Total liabilities and shareholders' equity | $1,326,020 | $1,287,387 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Preferred stock, par value (in dollars 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 (in dollars per share) | $0.50 | $0.50 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 11,931,147 | 11,931,147 |
Treasury stock, shares | 409,667 | 467,316 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fee Revenue and Other Income: | ' | ' | ' |
Information services payment and processing revenue | $70,805 | $66,695 | $60,688 |
Bank service fees | 1,215 | 1,272 | 1,354 |
Gains on sales of securities | 4,024 | 2,635 | 43 |
Other | 528 | 536 | 739 |
Total fee revenue and other income | 76,572 | 71,138 | 62,824 |
Interest Income: | ' | ' | ' |
Interest and fees on loans | 32,110 | 35,525 | 39,515 |
Interest and dividends on securities: | ' | ' | ' |
Taxable | 48 | 60 | 41 |
Exempt from federal income taxes | 8,867 | 9,878 | 9,993 |
Interest on federal funds sold and other short-term investments | 552 | 470 | 686 |
Total interest income | 41,577 | 45,933 | 50,235 |
Interest Expense: | ' | ' | ' |
Interest on deposits | 2,832 | 3,148 | 4,374 |
Total interest expense | 2,832 | 3,148 | 4,374 |
Net interest income | 38,745 | 42,785 | 45,861 |
Provision for loan losses | 500 | 2,400 | 2,150 |
Net interest income after provision for loan losses | 38,245 | 40,385 | 43,711 |
Total net revenue | 114,817 | 111,523 | 106,535 |
Operating Expense: | ' | ' | ' |
Salaries and employee benefits | 65,722 | 62,563 | 56,573 |
Occupancy | 2,874 | 2,157 | 2,318 |
Equipment | 3,810 | 3,516 | 3,525 |
Amortization of intangible assets | 535 | 581 | 107 |
Other operating | 11,145 | 11,516 | 12,506 |
Total operating expense | 84,086 | 80,333 | 75,029 |
Income before income tax expense | 30,731 | 31,190 | 31,506 |
Income tax expense | 7,234 | 7,887 | 8,497 |
Net income | $23,497 | $23,303 | $23,009 |
Basic Earnings Per Share | $2.05 | $2.05 | $2.03 |
Diluted Earnings Per Share | $2.02 | $2.02 | $2.01 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive income: | ' | ' | ' |
Net income | $23,497 | $23,303 | $23,009 |
Other comprehensive income: | ' | ' | ' |
Net unrealized gain (loss) on securities available-for-sale | -10,748 | 2,702 | 11,182 |
Tax effect | 3,993 | -946 | -3,914 |
Reclassification adjustment for gains included in net income | -4,024 | -2,635 | -43 |
Tax effect | 1,408 | 923 | 15 |
FASB ASC 715 adjustment | 15,674 | -5,206 | -10,328 |
Tax effect | -5,823 | 1,822 | 3,615 |
Foreign currency translation adjustments | 53 | ' | -32 |
Total comprehensive income | $24,030 | $19,963 | $23,504 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income | $23,497 | $23,303 | $23,009 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 7,346 | 6,916 | 4,528 |
Net gains on sales of securities | -4,024 | -2,635 | -43 |
Stock-based compensation expense | 1,795 | 1,398 | 1,391 |
Provisions for loan losses | 500 | 2,400 | 2,150 |
Deferred income tax expense | 57 | 974 | 2,145 |
(Decrease) increase in income tax liability | -964 | 1,073 | -192 |
Increase (decrease) in pension liability | 2,822 | -2,158 | -6,817 |
Other operating activities, net | -2,323 | 4,056 | -528 |
Net cash provided by operating activities | 28,886 | 35,328 | 25,642 |
Cash Flows From Investing Activities: | ' | ' | ' |
Proceeds from sales of securities available-for-sale | 95,742 | 69,747 | 5,930 |
Proceeds from maturities of securities available-for-sale | 18,117 | 11,898 | 18,510 |
Purchase of securities available-for-sale | -104,351 | -114,646 | -61,768 |
Net decrease (increase) in loans | 34,378 | -19,165 | 35,981 |
Increase in payments in excess of funding | -14,128 | -2,144 | -27,769 |
Purchases of premises and equipment, net | -4,857 | -3,099 | -1,925 |
Environmental management acquisition | ' | -7,798 | ' |
Net cash provided by (used in) investing activities | 24,901 | -65,207 | -31,041 |
Cash Flows From Financing Activities: | ' | ' | ' |
Net (decrease) increase in noninterest-bearing demand deposits | -302 | 12,187 | 18,859 |
Net increase in interest-bearing demand and savings deposits | 32,645 | 21,683 | 36,956 |
Net decrease in time deposits | -13,555 | -18,530 | -26,037 |
Net increase (decrease) in accounts and drafts payable | 21,192 | -72,440 | 79,094 |
Cash dividends paid | -8,510 | -7,361 | -6,279 |
Other financing activities, net | -1,083 | -534 | -161 |
Net cash provided by (used in) financing activities | 30,387 | -64,995 | 102,432 |
Net increase (decrease) in cash and cash equivalents | 84,174 | -94,874 | 97,033 |
Cash and cash equivalents at beginning of year | 141,088 | 235,962 | 138,929 |
Cash and cash equivalents at end of year | 225,262 | 141,088 | 235,962 |
Supplemental information: | ' | ' | ' |
Cash paid for interest | 2,855 | 3,196 | 4,424 |
Cash paid for income taxes | $8,265 | $6,407 | $6,287 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | $142,094 | $4,975 | $46,653 | $107,263 | ($13,549) | ($3,248) |
Net income | 23,009 | ' | ' | 23,009 | ' | ' |
Cash dividends | -6,279 | ' | ' | -6,279 | ' | ' |
Stock dividend | -27 | 470 | 33,643 | -34,140 | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Net unrealized loss on securities available for sale, net of tax | 7,268 | ' | ' | ' | ' | ' |
Reclassification adjustments for gains included in net income, net of tax | -28 | ' | ' | ' | ' | ' |
FASB ASC 715 adjustment, net of tax | -6,713 | ' | ' | ' | ' | ' |
Issuance of common shares pursuant to stock-based compensation plan, net | -83 | ' | -519 | ' | 436 | ' |
Exercise of stock options and SARs | -51 | ' | -196 | ' | 145 | ' |
Stock-based compensation expense | 1,390 | ' | 1,390 | ' | ' | ' |
Foreign currency translation | -32 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | 495 |
Balance at Dec. 31, 2011 | 160,548 | 5,445 | 80,971 | 89,853 | -12,968 | -2,753 |
Net income | 23,303 | ' | ' | 23,303 | ' | ' |
Cash dividends | -7,361 | ' | ' | -7,361 | ' | ' |
Stock dividend | -42 | 521 | 44,280 | -44,843 | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Net unrealized loss on securities available for sale, net of tax | 1,756 | ' | ' | ' | ' | ' |
Reclassification adjustments for gains included in net income, net of tax | -1,712 | ' | ' | ' | ' | ' |
FASB ASC 715 adjustment, net of tax | -3,384 | ' | ' | ' | ' | ' |
Issuance of common shares pursuant to stock-based compensation plan, net | 82 | ' | -310 | ' | 392 | ' |
Exercise of stock options and SARs | -574 | ' | -1,254 | ' | 680 | ' |
Stock-based compensation expense | 1,399 | ' | 1,399 | ' | ' | ' |
Foreign currency translation | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | -3,340 |
Balance at Dec. 31, 2012 | 174,015 | 5,966 | 125,086 | 60,952 | -11,896 | -6,093 |
Net income | 23,497 | ' | ' | 23,497 | ' | ' |
Cash dividends | -8,510 | ' | ' | -8,510 | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Issuance of common shares pursuant to stock-based compensation plan, net | -247 | ' | -755 | ' | 508 | ' |
Exercise of stock options and SARs | -836 | ' | -1,244 | ' | 408 | ' |
Stock-based compensation expense | 1,975 | ' | 1,975 | ' | ' | ' |
Foreign currency translation | 53 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 533 | ' | ' | ' | ' | 533 |
Balance at Dec. 31, 2013 | $190,427 | $5,966 | $125,062 | $75,939 | ($10,980) | ($5,560) |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Paranthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract] | ' | ' | ' |
Cash dividends, per share | $0.74 | $0.64 | $0.55 |
Stock issued pursuant to stock-based compensation | 30,407 | 21,195 | 31,472 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Note 1 | |
Summary of Significant Accounting Policies | |
Summary of Operations Cass Information Systems, Inc. (the "Company") provides payment and information services, which include processing and payment of transportation, energy, telecommunications and environmental invoices. These services include the acquisition and management of data, information delivery and financial exchange. The consolidated balance sheet captions, "Accounts and drafts payable" and "Payments in excess of funding," represent the Company's resulting financial position related to the payment services that are performed for customers. The Company also provides a full range of banking services to individual, corporate and institutional customers through Cass Commercial Bank (the "Bank"), its wholly owned bank subsidiary. | |
Basis of Presentation The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of intercompany transactions. Certain amounts in the 2012 and 2011 consolidated financial statements have been reclassified to conform to the 2013 presentation. Such reclassifications have no effect on previously reported net income or shareholders' equity. The Company issued a 10% stock dividend on December 14, 2012. The share and per share information have been restated for this dividend unless indicated otherwise for all periods presented in the accompanying consolidated financial statements. | |
Use of Estimates In preparing the consolidated financial statements, Company management is required to make estimates and assumptions which significantly affect the reported amounts in the consolidated financial statements. | |
Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company considers cash and due from banks, interest-bearing deposits in other financial institutions, federal funds sold and other short-term investments as segregated in the accompanying consolidated balance sheets to be cash equivalents. | |
Investment in Debt Securities The Company classifies its debt marketable securities as available-for-sale. Securities classified as available-for-sale are carried at fair value. Unrealized gains and losses, net of the related tax effect, are excluded from earnings and reported in accumulated other comprehensive income, a component of shareholders' equity. A decline in the fair value of any available-for-sale security below cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. To determine whether impairment is other than temporary, the Company considers whether it is more likely than not that the Company will not be required to sell prior to recovery of the amortized cost basis. Evidence considered in this assessment includes the reasons for impairment, the severity and duration of the impairment, changes in value subsequent to year-end and forecasted performance of the investee. Premiums and discounts are amortized or accreted to interest income over the estimated lives of the securities using the level-yield method. Interest income is recognized when earned. Gains and losses are calculated using the specific identification method. | |
Allowance for Loan Losses The allowance for loan losses is increased by provisions charged to expense and is available to absorb charge-offs, net of recoveries. Management utilizes a systematic, documented approach in determining the appropriate level of the allowance for loan losses. Management's approach, which provides for general and specific allocations, is based on current economic conditions, past losses, collection experience, risk characteristics of the portfolio, assessments of collateral values by obtaining independent appraisals for significant properties, and such other factors which, in management's judgment, deserve current recognition in estimating loan losses. | |
Management believes the allowance for loan losses is adequate to absorb probable losses in the loan portfolio. While management uses all available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. Additionally, various regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan losses. Such agencies may require the Company to increase the allowance for loan losses based on their judgments and interpretations about information available to them at the time of their examination. | |
Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed over the estimated useful lives of the assets, or the respective lease terms for leasehold improvements, using straight-line and accelerated methods. Estimated useful lives do not exceed 40 years for buildings, the lesser of 10 years or the life of the lease for leasehold improvements and range from 3 to 7 years for software, equipment, furniture and fixtures. Maintenance and repairs are charged to expense as incurred. | |
Intangible Assets Cost in excess of fair value of net assets acquired has resulted from business acquisitions. Goodwill and intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with definite useful lives are amortized on a straight-line basis over their respective estimated useful lives. | |
Periodically, the Company reviews intangible assets for events or changes in circumstances that may indicate that the carrying amount of the assets may not be recoverable. Based on those reviews, adjustments of recorded amounts have not been required. | |
Non-marketable Equity Investments The Company accounts for non-marketable equity investments, in which it holds less than a 20% ownership, under the cost method. Under the cost method of accounting, investments are carried at cost and are adjusted only for other than temporary declines in fair value, distributions of earnings and additional investments. The Company periodically evaluates whether any declines in fair value of its investments are other than temporary. In performing this evaluation, the Company considers various factors including any decline in market price, where available, the investee's financial condition, results of operations, operating trends and other financial ratios. Non-marketable equity investments are included in other assets on the consolidated balance sheets. | |
Foreclosed Assets Real estate acquired as a result of foreclosure is initially recorded at fair value less estimated selling costs. Fair value is generally determined through the receipt of appraisals. Any write down to fair value at the time the property is acquired is recorded as a charge-off to the allowance for loan losses. Any decline in the fair value of the property subsequent to acquisition is recorded as a charge to non-interest expense. | |
Treasury Stock Purchases of the Company's common stock are recorded at cost. Upon reissuance, treasury stock is reduced based upon the average cost basis of shares held. | |
Comprehensive Income Comprehensive income consists of net income, changes in net unrealized gains (losses) on available-for-sale securities and pension liability adjustments and is presented in the accompanying consolidated statements of shareholders' equity and consolidated statements of comprehensive income. | |
Loans Interest on loans is recognized based upon the principal amounts outstanding. It is the Company's policy to discontinue the accrual of interest when there is reasonable doubt as to the collectability of principal or interest. Subsequent payments received on such loans are applied to principal if there is any doubt as to the collectability of such principal; otherwise, these receipts are recorded as interest income. The accrual of interest on a loan is resumed when the loan is current as to payment of both principal and interest and/or the borrower demonstrates the ability to pay and remain current. Loan origination and commitment fees on originated loans, net of certain direct loan origination costs, are deferred and amortized to interest income using the level-yield method over the estimated lives of the related loans. | |
Impairment of Loans A loan is considered impaired when it is probable that a creditor will be unable to collect all amounts due, both principal and interest, according to the contractual terms of the loan agreement. When measuring impairment, the expected future cash flows of an impaired loan are discounted at the loan's effective interest rate. Alternatively, impairment could be measured by reference to an observable market price, if one exists, or the fair value of the collateral for a collateral-dependent loan. Regardless of the historical measurement method used, the Company measures impairment based on the fair value of the collateral when the Company determines foreclosure is probable. Additionally, impairment of a restructured loan is measured by discounting the total expected future cash flows at the loan's effective rate of interest as stated in the original loan agreement. The Company uses its nonaccrual methods as discussed above for recognizing interest on impaired loans. | |
Information Services Revenue A majority of the Company's revenues are attributable to fees for providing services. These services include transportation invoice rating, payment processing, auditing, and the generation of accounting, transportation and environmental information. The Company also processes, pays and generates management information from electric, gas, telecommunications and other invoices. The specific payment and information processing services provided to each customer are developed individually to meet each customer's specific requirements. The Company enters into service agreements with customers typically for fixed fees per transaction that are invoiced monthly. Revenues are recognized in the period services are rendered and earned under the service agreements, as long as collection is reasonably assured. | |
Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced if necessary, by a deferred tax asset valuation allowance. In the event that management determines it will not be able to realize all or part of net deferred tax assets in the future, the Company adjusts the recorded value of deferred tax assets, which would result in a direct charge to income tax expense in the period that such determination is made. Likewise, the Company will reverse the valuation allowance when realization of the deferred tax asset is expected. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
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. | |
Stock-Based Compensation The Company follows Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), "Accounting for Stock Options and Other Stock-based Compensation" ("ASC 718"), which requires that all stock-based compensation be recognized as an expense in the financial statements and that such cost be measured at the fair value of the award. FASB ASC 718 also requires that excess tax benefits related to stock option exercises and restricted stock awards be reflected as financing cash inflows instead of operating cash inflows. | |
Pension Plans The amounts recognized in the consolidated financial statements related to pension are determined from actuarial valuations. Inherent in these valuations are assumptions including expected return on plan assets, discount rates at which the liabilities could be settled at December 31, 2013, rate of increase in future compensation levels and mortality rates. These assumptions are updated annually and are disclosed in Note 10. The Company follows FASB ASC 715, "Compensation - Retirement Benefits" ("ASC 715") which requires companies to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its consolidated balance sheet and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. The funded status is measured as the difference between the fair value of the plan assets and the projected benefit obligation as of the date of its fiscal year-end. There have been no significant changes in the Company's long-term rate of return assumptions for the past three fiscal years ended December 31, 2013 and management believes they are not reasonably likely to change in the future. | |
Fair Value Measurements The Company follows the provisions of FASB ASC 820, "Fair Value Measurements and Disclosures", which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and outlines disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy for valuation techniques is used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. Financial instrument valuations are considered Level 1 when they are based on quoted prices in active markets for identical assets or liabilities. Level 2 financial instrument valuations use quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Financial instrument valuations are considered Level 3 when they are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable, and when determination of the fair value requires significant management judgment or estimation. The Company records securities available for sale at their fair values on a recurring basis using Level 2 valuations. Additionally, the Company records impaired loans and other real estate owned at their fair value on a nonrecurring basis. The nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or impairment write-downs of individual assets. | |
Impact of New and Not Yet Adopted Accounting Pronouncements | |
The new accounting pronouncements are not applicable to the Company and/or do not materially impact the Company. | |
Capital_Requirements_and_Regul
Capital Requirements and Regulatory Restrictions | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Capital Requirements and Regulatory Restrictions [Abstract] | ' | ||||||||||||||||||
Capital Requirements and Regulatory Restrictions | ' | ||||||||||||||||||
Note 2 | |||||||||||||||||||
Capital Requirements and Regulatory Restrictions | |||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. Under capital adequacy guidelines, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company and the Bank's capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | |||||||||||||||||||
Quantitative measures established by regulators to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total and Tier I capital to risk-weighted assets, and of Tier I capital to average assets. Management believes that as of December 31, 2013 and 2012, the Company and the Bank met all capital adequacy requirements to which they are subject. | |||||||||||||||||||
Effective July 2, 2013, the Federal Reserve Board approved final rules known as the "Basel III Capital Rules" that substantially revise the risk-based capital and leverage capital requirements applicable to bank holding companies and depository institutions, including the Company and the Bank. The Basel III Capital Rules implement aspects of the Basel III capital framework agreed upon by the Basel Committee and incorporates changes required by the Dodd-Frank Act. Among other things, the Basel III Capital Rules establish stricter capital requirements and calculation standards, as well as more restrictive risk weightings for certain loans and facilities. The Basel III Capital Rules will come into effect for the Company and the Bank on January 1, 2015 (subject to a phase-in period). | |||||||||||||||||||
The Bank is also subject to the regulatory framework for prompt corrective action. As of December 31, 2013 and 2012, the most recent notification from the regulatory agencies categorized the Bank as well-capitalized. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the Bank's category. | |||||||||||||||||||
Subsidiary dividends are a significant source of funds for payment of dividends by the Company to its shareholders. At December 31, 2013, unappropriated retained earnings of $24,440,000 were available at the Bank for the declaration of dividends to the Company without prior approval from regulatory authorities. However, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank's capital to be reduced below applicable minimum capital requirements. | |||||||||||||||||||
There were no restricted funds on deposit used to meet regulatory reserve requirements at December 31, 2013 and 2012. | |||||||||||||||||||
The Company's and the Bank's actual and required capital amounts and ratios as are as follows: | |||||||||||||||||||
Capital | Requirement to be | ||||||||||||||||||
Actual | Requirements | Well-Capitalized | |||||||||||||||||
(In thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
At December 31, 2013 | |||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||
Cass Information Systems, Inc. | $ | 191,984 | 22.27 | % | $ | 68,956 | 8 | % | $ | N/A | N/A | % | |||||||
Cass Commercial Bank | 83,168 | 15.38 | 43,256 | 8 | 54,071 | 10 | |||||||||||||
Tier I capital (to risk-weighted assets) | |||||||||||||||||||
Cass Information Systems, Inc. | 181,198 | 21.02 | 34,478 | 4 | N/A | N/A | |||||||||||||
Cass Commercial Bank | 76,395 | 14.13 | 21,628 | 4 | 32,442 | 6 | |||||||||||||
Tier I capital (to average assets) | |||||||||||||||||||
Cass Information Systems, Inc. | 181,198 | 13.12 | 41,438 | 3 | N/A | N/A | |||||||||||||
Cass Commercial Bank | 76,395 | 11.37 | 20,162 | 3 | 33,603 | 5 | |||||||||||||
At December 31, 2012 | |||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||
Cass Information Systems, Inc. | $ | 175,802 | 19.87 | % | $ | 70,767 | 8 | % | $ | N/A | N/A | % | |||||||
Cass Commercial Bank | 75,300 | 13.41 | 44,909 | 8 | 56,136 | 10 | |||||||||||||
Tier I capital (to risk-weighted assets) | |||||||||||||||||||
Cass Information Systems, Inc. | 164,729 | 18.62 | 35,384 | 4 | N/A | N/A | |||||||||||||
Cass Commercial Bank | 68,261 | 12.16 | 22,454 | 4 | 33,682 | 6 | |||||||||||||
Tier I capital (to average assets) | |||||||||||||||||||
Cass Information Systems, Inc. | 164,729 | 12.26 | 40,294 | 3 | N/A | N/A | |||||||||||||
Cass Commercial Bank | 68,261 | 10.64 | 19,238 | 3 | 32,063 | 5 |
Investment_in_Securities
Investment in Securities | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Investment in Securities [Abstract] | ' | ||||||||||||||||||
Investment in Securities | ' | ||||||||||||||||||
Note 3 | |||||||||||||||||||
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 at December 31, 2013 and 2012 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 falls into the Level 2 category. The table below presents the balances of securities available-for-sale measured at fair value on a recurring basis. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of debt and equity securities are summarized as follows: | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Gross | Gross | ||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||
(In thousands) | Cost | Gains | Losses | Fair Value | |||||||||||||||
State and political subdivisions | $ | 308,403 | $ | 8,537 | $ | 2,923 | $ | 314,017 | |||||||||||
Certificates of deposit | 3,750 | - | - | 3,750 | |||||||||||||||
Total | $ | 312,153 | $ | 8,537 | $ | 2,923 | $ | 317,767 | |||||||||||
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: | |||||||||||||||||||
31-Dec-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 | $ | 101,792 | $ | 2,661 | $ | 3,554 | $ | 262 | $ | 105,346 | $ | 2,923 | |||||||
Certificates of deposit | - | - | - | - | - | - | |||||||||||||
Total | $ | 101,792 | $ | 2,661 | $ | 3,554 | $ | 262 | $ | 105,346 | $ | 2,923 | |||||||
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 102 securities, or 31% of total, (3 greater than 12 months) in an unrealized loss position as of December 31, 2013 compared to 18 securities (none greater than 12 months) in an unrealized loss position as of December 31, 2012 . All unrealized losses are reviewed to determine whether the losses are other than temporary. Management believes that all unrealized losses are temporary since they are market driven, and it is more likely than not that the Company will not be required to sell prior to recovery of the amortized basis. | |||||||||||||||||||
The amortized cost and fair value of debt and equity 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. | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | |||||||||||||||||
Due in 1 year or less | $ | 14,994 | $ | 15,225 | |||||||||||||||
Due after 1 year through 5 years | 67,800 | 71,914 | |||||||||||||||||
Due after 5 years through 10 years | 139,779 | 140,947 | |||||||||||||||||
Due after 10 years | 89,580 | 89,681 | |||||||||||||||||
No stated maturity | - | - | |||||||||||||||||
Total | $ | 312,153 | $ | 317,767 | |||||||||||||||
The premium related to the purchase of state and political subdivisions was $4,450,000 and $4,384,000 in 2013 and 2012, respectively. | |||||||||||||||||||
The amortized cost of debt securities pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes at December 31, 2013 and 2012 were $3,750,000. | |||||||||||||||||||
Proceeds from sales of debt securities classified as available-for-sale were $95,742,000 in 2013, $69,747,000 in 2012, and $5,930,000 in 2011. Gross realized gains on the sales in 2013, 2012 and 2011 were $4,295,000, $2,646,000, and $48,000, respectively. Gross realized losses on sales in 2013, 2012 and 2011 were $271,000, $11,000, and $5,000, respectively. | |||||||||||||||||||
Loans
Loans | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Loans [Abstract] | ' | ||||||||||||||||||
Loans | ' | ||||||||||||||||||
Note 4 | |||||||||||||||||||
Loans | |||||||||||||||||||
The Company originates commercial, industrial and real estate loans to businesses and churches throughout the metropolitan St. Louis, Missouri area, Orange County, California and other selected cities in the United States. The Company does not have any particular concentration of credit in any one economic sector; however, a substantial portion of the commercial and industrial loans are extended to privately-held commercial companies in these market areas, and are generally secured by the assets of the business. The Company also has a substantial portion of real estate loans secured by mortgages that are extended to churches in its market area and selected cities in the United States. | |||||||||||||||||||
A summary of loan categories is as follows: | |||||||||||||||||||
December 31, | |||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||
Commercial and industrial | $ | 171,304 | 160,862 | ||||||||||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 128,358 | 134,843 | |||||||||||||||||
Construction | 6,632 | 7,025 | |||||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 326,832 | 368,118 | |||||||||||||||||
Construction | 9,817 | 16,450 | |||||||||||||||||
Industrial Revenue Bond | 9,167 | - | |||||||||||||||||
Other | 67 | 435 | |||||||||||||||||
Total loans | $ | 652,177 | 687,733 | ||||||||||||||||
The following table presents the aging of loans by loan categories at December 31, 2013: | |||||||||||||||||||
Performing | Nonperforming | ||||||||||||||||||
90 Days | |||||||||||||||||||
30-59 | 60-89 | and | Non | Total | |||||||||||||||
(In thousands) | Current | Days | Days | Over | Accrual | Loans | |||||||||||||
Commercial and industrial | $ | 171,293 | $ | - | $ | - | $ | - | $ | 11 | $ | 171,304 | |||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 127,879 | - | - | 479 | 128,358 | ||||||||||||||
Construction | 6,632 | - | - | - | - | 6,632 | |||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 325,091 | 434 | - | - | 1,307 | 326,832 | |||||||||||||
Construction | 9,817 | - | - | - | - | 9,817 | |||||||||||||
Industrial Revenue Bond | 9,167 | - | - | - | - | 9,167 | |||||||||||||
Other | 67 | - | - | - | - | 67 | |||||||||||||
Total | $ | 649,946 | $ | 434 | $ | - | $ | - | $ | 1,797 | $ | 652,177 | |||||||
The following table presents the aging of loans by loan categories at December 31, 2012: | |||||||||||||||||||
Performing | Nonperforming | ||||||||||||||||||
90 Days | |||||||||||||||||||
30-59 | 60-89 | and | Non | Total | |||||||||||||||
(In thousands) | Current | Days | Days | Over | Accrual | Loans | |||||||||||||
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 | |||||||||||||
Industrial Revenue Bond | - | - | - | - | - | - | |||||||||||||
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 December 31, 2013: | |||||||||||||||||||
Loans | Performing | Nonperforming | |||||||||||||||||
Subject to | Loans Subject to | Loans Subject | |||||||||||||||||
Normal | Special | to Special | |||||||||||||||||
(In thousands) | Monitoring1 | Monitoring 2 | Monitoring 2 | Total Loans | |||||||||||||||
Commercial and industrial | $ | 167,878 | $ | 3,415 | $ | 11 | $ | 171,304 | |||||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 119,521 | 8,358 | 479 | 128,358 | |||||||||||||||
Construction | 6,632 | - | - | 6,632 | |||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 323,291 | 2,234 | 1,307 | 326,832 | |||||||||||||||
Construction | 9,817 | - | - | 9,817 | |||||||||||||||
Industrial Revenue Bond | 9,167 | - | - | 9,167 | |||||||||||||||
Other | 67 | - | - | 67 | |||||||||||||||
Total | $ | 636,373 | $ | 14,007 | $ | 1,797 | $ | 652,177 | |||||||||||
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 obligation. | |||||||||||||||||||
2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. | |||||||||||||||||||
The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of December 31, 2012: | |||||||||||||||||||
Loans | Performing | Nonperforming | |||||||||||||||||
Subject to | Loans Subject to | Loans Subject to | |||||||||||||||||
Normal | Special | Special | Total | ||||||||||||||||
(In thousands) | Monitoring1 | Monitoring 2 | Monitoring 2 | Loans | |||||||||||||||
Commercial and industrial | $ | 155,838 | $ | 3,585 | $ | 1,439 | $ | 160,862 | |||||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 123,315 | 6,569 | 4,959 | * | 134,843 | ||||||||||||||
Construction | 7,025 | - | - | 7,025 | |||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 366,366 | 1,578 | 174 | 368,118 | |||||||||||||||
Construction | 16,450 | - | - | 16,450 | |||||||||||||||
Industrial Revenue Bond | - | - | - | - | |||||||||||||||
Other | 435 | - | - | 435 | |||||||||||||||
Total | $ | 669,429 | $ | 11,732 | $ | 6,572 | $ | 687,733 | |||||||||||
* | 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. | ||||||||||||||||||
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 obligation. | ||||||||||||||||||
2 | Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. | ||||||||||||||||||
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 non-performing. 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. The allowance for loan losses related to impaired loans was $318,000 and $1,404,000 at December 31, 2013 and 2012, respectively. There were no impaired loans without a valuation allowance at December 31, 2013 or 2012. Nonaccrual loans were $1,797,000 and $6,572,000 at December 31, 2013 and 2012, respectively. Loans delinquent 90 days or more and still accruing interest were $0 at December 31, 2013 and 2012. At December 31, 2013 and 2012, there were no loans classified as troubled debt restructuring. The average balances of impaired loans during 2013, 2012 and 2011 were $1,381,000, $5,451,000 and $5,276,000, respectively. Income that would have been recognized on non-accrual loans under the original terms of the contract was $180,000, $381,000 and $107,000 for 2013, 2012 and 2011, respectively. Income that was recognized on nonaccrual loans was $131,000, $141,000 and $102,000 for 2013, 2012 and 2011 respectively. There were no foreclosed loans as of December 31, 2013. | |||||||||||||||||||
The following table presents the recorded investment and unpaid principal balance for impaired loans at December 31, 2013: | |||||||||||||||||||
Related | |||||||||||||||||||
Unpaid | Allowance | ||||||||||||||||||
Recorded | Principal | for Loan | |||||||||||||||||
(In thousands) | Investment | Balance | Losses | ||||||||||||||||
Commercial and industrial: | |||||||||||||||||||
Nonaccrual | $ | 11 | $ | 11 | $ | 6 | |||||||||||||
Real estate | |||||||||||||||||||
Commercial - Mortgage: | |||||||||||||||||||
Nonaccrual | 479 | 479 | 89 | ||||||||||||||||
Church - Mortgage: | |||||||||||||||||||
Nonaccrual | 1,307 | 1,307 | 223 | ||||||||||||||||
Total impaired loans | $ | 1,797 | $ | 1,797 | $ | 318 | |||||||||||||
The following table presents the recorded investment and unpaid principal balance for impaired loans at December 31, 2012: | |||||||||||||||||||
Related | |||||||||||||||||||
Unpaid | Allowance | ||||||||||||||||||
Recorded | Principal | for Loan | |||||||||||||||||
(In thousands) | Investment | Balance | Losses | ||||||||||||||||
Commercial and industrial: | |||||||||||||||||||
Nonaccrual | $ | 1,439 | $ | 1,439 | $ | 657 | |||||||||||||
Real estate | |||||||||||||||||||
Commercial - Mortgage: | |||||||||||||||||||
Nonaccrual | 4,959 | * | 4,959 | * | 660 | ||||||||||||||
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. | |||||||||||||||||||
The Company does not record loans at fair value on a recurring basis. Once a loan is identified as impaired, management measures impairment in accordance with FASB ASC 310, "Allowance for Credit Losses." At December 31, 2013, all impaired loans were evaluated based on the fair value of the collateral. The fair value of the collateral is based upon an observable market price or current appraised value and therefore, the Company classifies these assets as nonrecurring Level 3. | |||||||||||||||||||
A summary of the activity in the allowance for loan losses is as follows: | |||||||||||||||||||
December 31, | Charge- | December 31, | |||||||||||||||||
(In thousands) | 2012 | Offs | Recoveries | Provision | 2013 | ||||||||||||||
Commercial and industrial | $ | 3,192 | $ | 1,307 | $ | 47 | $ | 1,104 | $ | 3,036 | |||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 3,784 | 233 | 35 | 360 | 3,946 | ||||||||||||||
Construction | 137 | - | - | 14 | 151 | ||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 4,903 | - | 280 | (829 | ) | 4,354 | |||||||||||||
Construction | 333 | - | - | (209 | ) | 124 | |||||||||||||
Industrial Revenue Bond | - | - | - | 68 | 68 | ||||||||||||||
Other | 8 | - | - | (8 | ) | - | |||||||||||||
Total | $ | 12,357 | $ | 1,540 | $ | 362 | $ | 500 | $ | 11,679 | |||||||||
As of December 31, 2012 one outside director had a loan balance of $559,000. During 2013, payments of $28,000 were made decreasing the balance to $531,000. The director passed away in October 2013 and as of December 31, 2013 there were no loans to affiliates of executive officers or directors. | |||||||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Premises and Equipment [Abstract] | ' | ||||||
Premises and Equipment | ' | ||||||
Note 5 | |||||||
Premises and Equipment | |||||||
A summary of premises and equipment is as follows: | |||||||
December 31, | |||||||
(In thousands) | 2013 | 2012 | |||||
Land | $ | 873 | $ | 873 | |||
Buildings | 10,801 | 10,564 | |||||
Leasehold improvements | 2,086 | 1,211 | |||||
Furniture, fixtures and equipment | 12,081 | 10,784 | |||||
Purchased software | 9,328 | 7,277 | |||||
Internally developed software | 2,650 | 2,650 | |||||
$ | 37,819 | $ | 33,359 | ||||
Less accumulated depreciation | 24,588 | 22,624 | |||||
Total | $ | 13,231 | $ | 10,735 | |||
Total depreciation charged to expense in 2013, 2012 and 2011 amounted to $2,361,000, $1,951,000 and $1,955,000, respectively. | |||||||
The Company and its subsidiaries lease various premises and equipment under operating lease agreements, which expire at various dates through 2023. Rental expense for 2013, 2012 and 2011 was $1,222,000, $547,000 and $598,000, respectively. The following is a schedule, by year, of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013: | |||||||
(In thousands) | Amount | ||||||
2014 | 1,338 | ||||||
2015 | 1,189 | ||||||
2016 | 1,047 | ||||||
2017 | 1,025 | ||||||
2018 | 850 | ||||||
2019-2023 | 2,646 | ||||||
Total | $ | 8,095 |
Acquired_Intangible_Assets
Acquired Intangible Assets | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Acquired Intangible Assets [Abstract] | ' | ||||||||||||||
Acquired Intangible Assets | ' | ||||||||||||||
Note 6 | |||||||||||||||
Acquired Intangible Assets | |||||||||||||||
The Company accounts for intangible assets in accordance with FASB ASC 350, "Goodwill and Other Intangible Assets" ("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. | |||||||||||||||
In January 2012, the Company acquired the assets of Waste Reduction Consultants, Inc., and recorded intangible assets of $3,183,000 for the customer list, $261,000 for two non-compete agreements and software of $234,000. Details of the Company's intangible assets are as follows: | |||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||
(In thousands) | Amount | Amortization | Amount | Amortization | |||||||||||
Assets eligible for amortization: | |||||||||||||||
Customer Lists | $ | 3,933 | $ | (1,387 | ) | $ | 3,933 | $ | (1,015 | ) | |||||
Non-compete agreements | 261 | (105 | ) | 261 | (53 | ) | |||||||||
Software | 234 | (156 | ) | 234 | (78 | ) | |||||||||
Other | 500 | (58 | ) | 500 | (25 | ) | |||||||||
Unamortized intangible assets: | |||||||||||||||
Goodwill1 | 11,817 | (227 | ) | 11,817 | (227 | ) | |||||||||
Total intangible assets | $ | 16,745 | $ | (1,933 | ) | $ | 16,745 | $ | (1,398 | ) | |||||
1 Amortization through December 31, 2001 prior to adoption of FASB ASC 350. | |||||||||||||||
The customer lists are amortized over seven and ten years; the non-compete agreements over five years; software over three years and other intangible assets over fifteen years. Amortization of intangible assets amounted to $535,000, $581,000 and $107,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Estimated future amortization of intangibles is as follows: $482,000 in 2014, $404,000 in 2015, $404,000 in 2016 and $352,000 in 2017 and $352,000 in 2018. | |||||||||||||||
InterestBearing_Deposits
Interest-Bearing Deposits | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Interest-Bearing Deposits [Abstract] | ' | ||||||||||||
Interest-Bearing Deposits | ' | ||||||||||||
Note 7 | |||||||||||||
Interest-Bearing Deposits | |||||||||||||
Interest-bearing deposits consist of the following: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | Weighted | Weighted | |||||||||||
Average | Average | ||||||||||||
Interest | Interest | ||||||||||||
2013 | Rate | 2012 | Rate | ||||||||||
Interest-bearing demand deposits | $ | 316,743 | 0.61 | % | $ | 279,803 | 0.68 | % | |||||
Savings deposits | 22,916 | 0.66 | 27,211 | 0.7 | |||||||||
Time deposits: | |||||||||||||
Less than $100 | 7,777 | 1.09 | 8,742 | 1.15 | |||||||||
$100 or more | 91,219 | 0.81 | 103,809 | 0.94 | |||||||||
Total | $ | 438,655 | 0.69 | % | $ | 419,565 | 0.78 | % | |||||
Interest on deposits consists of the following: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Interest-bearing demand deposits | $ | 1,737 | $ | 1,739 | $ | 2,162 | |||||||
Savings deposits | 138 | 169 | 225 | ||||||||||
Time deposits: | |||||||||||||
Less than $100 | 600 | 784 | 1,297 | ||||||||||
$100 or more | 357 | 456 | 690 | ||||||||||
Total | $ | 2,832 | $ | 3,148 | $ | 4,374 | |||||||
The scheduled maturities of time deposits are summarized as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Percent | Percent | ||||||||||||
(In thousands) | Amount | of Total | Amount | of Total | |||||||||
Due within: | |||||||||||||
One year | $ | 84,088 | 84.9 | % | $ | 94,922 | 84.3 | % | |||||
Two years | 12,690 | 12.8 | 13,871 | 12.3 | |||||||||
Three years | 594 | 0.6 | 2,737 | 2.4 | |||||||||
Four years | 459 | 0.5 | 520 | 0.5 | |||||||||
Five years | 1,165 | 1.2 | 501 | 0.5 | |||||||||
Total | $ | 98,996 | 100 | % | $ | 112,551 | 100 | % |
Unused_Available_Lines_of_Cred
Unused Available Lines of Credit | 12 Months Ended |
Dec. 31, 2013 | |
Unused Available Lines of Credit [Abstract] | ' |
Unused Available Lines of Credit | ' |
Note 8 | |
Unused Available Lines of Credit | |
As of December 31, 2013, the Bank had unsecured lines of credit at correspondent banks to purchase federal funds up to a maximum of $88,000,000 at the following banks: Bank of America, $20,000,000; US Bank, $20,000,000; Wells Fargo Bank, $15,000,000; PNC Bank, $12,000,000; Frost National Bank, $10,000,000; JPM Chase Bank, $6,000,000; and UMB Bank $5,000,000. As of December 31, 2012, the Bank had secured lines of credit with the FHLB of $173,738,000 collateralized by commercial mortgage loans. There were no amounts outstanding under any of the lines of credit discussed above at December 31, 2013 or 2012. In January 2013, the Company obtained a line of credit from UMB Bank of $50,000,000 collateralized by state and political subdivision securities. | |
Common_Stock_and_Earnings_per_
Common Stock and Earnings per Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Common Stock and Earnings per Share [Abstract] | ' | |||||||||
Common Stock and Earnings per Share | ' | |||||||||
Note 9 | ||||||||||
Common Stock and Earnings per Share | ||||||||||
The table below shows activity in the outstanding shares of the Company's common stock during 2013. | ||||||||||
2013 | ||||||||||
Shares outstanding at January 1 | 11,463,831 | |||||||||
Issuance of common stock: | ||||||||||
Issued under stock-based compensation plan | 30,407 | |||||||||
SARs exercised | 27,242 | |||||||||
Shares outstanding at December 31 | 11,521,480 | |||||||||
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. Under the treasury stock method stock appreciation rights ("SARs") are dilutive when the average market price of the Company's common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period. Anti-dilutive shares are those SARs with prices in excess of the current market value. | ||||||||||
The calculations of basic and diluted earnings per share are as follows: | ||||||||||
December 31, | ||||||||||
(In thousands except share and per share data) | 2013 | 2012 | 2011 | |||||||
Basic | ||||||||||
Net income | $ | 23,497 | $ | 23,303 | $ | 23,009 | ||||
Weighted average common shares outstanding | 11,441,158 | 11,378,216 | 11,326,968 | |||||||
Basic earnings per share | $ | 2.05 | $ | 2.05 | $ | 2.03 | ||||
Diluted | ||||||||||
Net income | $ | 23,497 | $ | 23,303 | $ | 23,009 | ||||
Weighted average common shares outstanding | 11,441,158 | 11,378,216 | 11,326,968 | |||||||
Effect of dilutive restricted stock and SARs | 199,581 | 178,998 | 148,652 | |||||||
Weighted average common shares outstanding | ||||||||||
assuming dilution | 11,640,739 | 11,557,214 | 11,475,620 | |||||||
Diluted earnings per share | $ | 2.02 | $ | 2.02 | $ | 2.01 | ||||
All share and per share data have been restated to give effect to the 10% stock dividend issued on December 14, 2012. | ||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||
Note 10 | |||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||
Defined Benefit Plan | |||||||||||||||||||
The Company has a noncontributory defined-benefit pension plan (the "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. | |||||||||||||||||||
A summary of the activity in the Plan's projected benefit obligation, assets, funded status and amounts recognized in the Company's consolidated balance sheets is as follows: | |||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||
Projected benefit obligation: | |||||||||||||||||||
Balance, January 1 | $ | 67,087 | $ | 53,972 | |||||||||||||||
Service cost | 3,452 | 2,799 | |||||||||||||||||
Interest cost | 2,819 | 2,570 | |||||||||||||||||
Actuarial (gain) loss | (8,496 | ) | 9,063 | ||||||||||||||||
Benefits paid | (1,423 | ) | (1,317 | ) | |||||||||||||||
Balance, December 31 | $ | 63,439 | $ | 67,087 | |||||||||||||||
Plan assets: | |||||||||||||||||||
Fair value, January 1 | $ | 61,384 | $ | 53,895 | |||||||||||||||
Actual return | 9,166 | 6,556 | |||||||||||||||||
Employer contribution | 1,500 | 2,250 | |||||||||||||||||
Benefits paid | (1,423 | ) | (1,317 | ) | |||||||||||||||
Fair value, December 31 | $ | 70,627 | $ | 61,384 | |||||||||||||||
Funded status: | |||||||||||||||||||
Accrued pension asset (liability) | $ | 7,188 | $ | (5,703 | ) | ||||||||||||||
The following represent the major assumptions used to determine the projected benefit obligation of the Plan. For 2013, 2012 and 2011, the Plan's expected benefit cash flows were discounted using the Citibank Above Median Curve. | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Weighted average discount rate | 5 | % | 4.25 | % | 4.75 | % | |||||||||||||
Rate of increase in compensation levels | 3.75 | % | 3.75 | % | 4 | % | |||||||||||||
The accumulated benefit obligation was $52,187,000 and $54,094,000 as of December 31, 2013 and 2012, respectively. The Company expects to contribute approximately $2,000,000 to the Plan in 2014. The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the Plan: | |||||||||||||||||||
Amount | |||||||||||||||||||
2014 | $ | 1,583,000 | |||||||||||||||||
2015 | 1,706,000 | ||||||||||||||||||
2016 | 1,909,000 | ||||||||||||||||||
2017 | 2,113,000 | ||||||||||||||||||
2018 | 2,524,000 | ||||||||||||||||||
2019-2023 | 16,411,000 | ||||||||||||||||||
The Plan's pension cost included the following components: | |||||||||||||||||||
For the Year Ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||
Service cost - benefits earned during the year | $ | 3,452 | $ | 2,799 | $ | 2,073 | |||||||||||||
Interest cost on projected benefit obligations | 2,819 | 2,570 | 2,423 | ||||||||||||||||
Expected return on plan assets | (4,469 | ) | (3,967 | ) | (3,314 | ) | |||||||||||||
Net amortization and deferral | 1,729 | 1,473 | 603 | ||||||||||||||||
Net periodic pension cost | $ | 3,531 | $ | 2,875 | $ | 1,785 | |||||||||||||
The following represent the major assumptions used to determine the net pension cost of the Plan: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Weighted average discount rate | 4.25 | % | 4.75 | % | 5.75 | % | |||||||||||||
Rate of increase in compensation levels | 3.75 | % | 4 | % | 4 | % | |||||||||||||
Expected long-term rate of return on assets | 7.25 | % | 7.25 | % | 7.25 | % | |||||||||||||
The investment objective for the Plan is to maximize total return with a tolerance for average risk. Asset allocation is a balance between fixed income and equity investments, with a target allocation of approximately 50% fixed income, 34% U.S. equity and 16% non-U.S. equity. Due to volatility in the market, this target allocation is not always desirable and asset allocations can fluctuate between acceptable ranges. The fixed income component is invested in pooled investment grade securities. The equity components are invested in pooled large cap, small/mid cap and non-U.S. stocks. The assumed long-term rate of return on assets is 7.00%. The expected one year nominal returns and annual standard deviations are shown by asset class below: | |||||||||||||||||||
% of Total | One-Year Nominal | Annual Standard | |||||||||||||||||
Asset Class | Portfolio | Return | Deviation | ||||||||||||||||
Core Fixed Income | 50 | % | 4.59 | % | 6.45 | % | |||||||||||||
Large Cap U.S. Equities | 27 | % | 8.06 | % | 17.8 | % | |||||||||||||
Small Cap U.S. Equities | 7 | % | 9.82 | % | 26.2 | % | |||||||||||||
International (Developed) | 15 | % | 8.21 | % | 20.4 | % | |||||||||||||
International (Emerging) | 1 | % | 11.13 | % | 31.15 | % | |||||||||||||
Applying appropriate correlation factors between each of the asset classes and based on a distribution of geometric returns over a 30-year period, a reasonable range of returns is expected to be 4.77% to 7.27%. The 7.00% assumption falls within the expected range. | |||||||||||||||||||
A summary of the fair value measurements by type of asset is as follows: | |||||||||||||||||||
Fair Value Measurements as of December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Quoted Prices | Quoted Prices | ||||||||||||||||||
in Active | in Active | ||||||||||||||||||
Markets for | Significant | Markets for | Significant | ||||||||||||||||
Identical | Observable | Identical | Observable | ||||||||||||||||
Assets | Inputs | Assets | Inputs | ||||||||||||||||
(In thousands) | Total | (Level 1) | (Level 2) | Total | (Level 1) | (Level 2) | |||||||||||||
Cash | $ | 245 | $ | 245 | $ | - | $ | 238 | $ | 238 | $ | - | |||||||
Equity securities | |||||||||||||||||||
U.S. Large Cap Growth | 6,650 | - | 6,650 | 5,193 | - | 5,193 | |||||||||||||
U.S. Large Cap Value | 6,835 | - | 6,835 | 5,317 | - | 5,317 | |||||||||||||
U.S. Small/Mid Cap Growth | 2,825 | - | 2,825 | 2,159 | - | 2,159 | |||||||||||||
U.S. Small/Mid Cap Value | 2,784 | - | 2,784 | 2,167 | - | 2,167 | |||||||||||||
Non-U.S. Core | 10,840 | - | 10,840 | 9,478 | - | 9,478 | |||||||||||||
U.S. Large Cap Passive | 6,929 | - | 6,929 | 6,004 | - | 6,004 | |||||||||||||
Emerging Markets | 711 | - | 711 | 732 | - | 732 | |||||||||||||
Fixed Income | |||||||||||||||||||
U.S. Core | 22,720 | - | 22,720 | 22,189 | - | 22,189 | |||||||||||||
U.S. Passive | 8,747 | - | 8,747 | 7,907 | - | 7,907 | |||||||||||||
Opportunistic | 1,341 | - | 1,341 | - | - | - | |||||||||||||
Total | $ | 70,627 | $ | 245 | $ | 70,382 | $ | 61,384 | $ | 238 | $ | 61,146 | |||||||
Supplemental Executive Retirement Plan | |||||||||||||||||||
The Company also has an unfunded supplemental executive retirement plan ("SERP") which covers key executives of the Company. The SERP is a noncontributory plan in which the Company's subsidiaries make accruals designed to fund normal service costs on a current basis using the same method and criteria as the Plan. | |||||||||||||||||||
A summary of the activity in the SERP's projected benefit obligation, funded status and amounts recognized in the Company's consolidated balance sheets is as follows: | |||||||||||||||||||
December 31, | |||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||
Benefit obligation: | |||||||||||||||||||
Balance, January 1 | $ | 8,482 | $ | 7,434 | |||||||||||||||
Service cost | 144 | 115 | |||||||||||||||||
Interest cost | 335 | 307 | |||||||||||||||||
Benefits paid | (236 | ) | (236 | ) | |||||||||||||||
Actuarial (gain) loss | (677 | ) | 862 | ||||||||||||||||
Balance, December 31 | $ | 8,048 | $ | 8,482 | |||||||||||||||
The following represent the major assumptions used to determine the projected benefit obligation of the SERP. For 2013, 2012 and 2011, the SERP's expected benefit cash flows were discounted using the Citigroup Above Median Curve. | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Weighted average discount rate | 4.75 | % | 4 | % | 4.5 | % | |||||||||||||
Rate of increase in compensation levels | 3.75 | % | 3.75 | % | 4 | % | |||||||||||||
The accumulated benefit obligation was $5,917,000 and $6,200,000 as of December 31, 2013 and 2012, respectively. Since this is an unfunded plan there are no plan assets. Benefits paid were $236,000 in 2013, $236,000 in 2012 and $236,000 in 2011. Expected future benefits payable by the Company over the next 10 years are as follows: | |||||||||||||||||||
Amount | |||||||||||||||||||
2014 | $ | 236,000 | |||||||||||||||||
2015 | 235,000 | ||||||||||||||||||
2016 | 245,000 | ||||||||||||||||||
2017 | 260,000 | ||||||||||||||||||
2018 | 340,000 | ||||||||||||||||||
2019-2023 | 2,564,000 | ||||||||||||||||||
The SERP's pension cost included the following components: | |||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||
Service cost - benefits earned during the year | $ | 144 | $ | 115 | $ | 89 | |||||||||||||
Interest cost on projected benefit obligations | 335 | 307 | 295 | ||||||||||||||||
Net amortization and deferral | 551 | 360 | 250 | ||||||||||||||||
Net periodic pension cost | $ | 1,030 | $ | 782 | $ | 634 | |||||||||||||
The pre-tax amounts in accumulated other comprehensive loss as of December 31, were as follows: | |||||||||||||||||||
The Plan | SERP | ||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Prior service cost | $ | 8 | $ | 16 | $ | - | $ | - | |||||||||||
Net actuarial loss | 11,471 | 26,385 | 3,075 | 4,304 | |||||||||||||||
Total | $ | 11,479 | $ | 26,401 | $ | 3,075 | $ | 4,304 | |||||||||||
The estimated pre-tax prior service cost and net actuarial loss in accumulated other comprehensive loss at December 31, 2013 expected to be recognized as components of net periodic benefit cost in 2014 for the Plan are $3,073,000 and $386,000, respectively. The estimated pre-tax prior service cost and net actuarial loss in accumulated other comprehensive loss at December 31, 2013 expected to be recognized as components of net periodic benefit cost in 2014 for the SERP are $136,000 and $431,000 respectively. | |||||||||||||||||||
The Company also maintains a noncontributory profit sharing program, which covers most of its employees. Employer contributions are calculated based upon formulas which relate to current operating results and other factors. Profit sharing expense recognized in the consolidated statements of income in 2013, 2012 and 2011 was $5,065,000, $5,213,000, and $5,270,000, respectively. | |||||||||||||||||||
The Company also sponsors a defined contribution 401(k) plan to provide additional retirement benefits to substantially all employees. Contributions under the 401(k) plan for 2013, 2012 and 2011 were $591,000, $537,000, and $497,000, respectively. | |||||||||||||||||||
Stockbased_Compensation
Stock-based Compensation | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Stock-based Compensation [Abstract] | ' | ||||||
Stock-based Compensation | ' | ||||||
Note 11 | |||||||
Stock-based Compensation | |||||||
The Amended and Restated Omnibus Stock and Performance Compensation Plan (the "Omnibus Plan") provides incentive opportunities for key employees and non-employee directors and to align the personal financial interests of such individuals with those of the Company's shareholders. 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, SARs, restricted stock, restricted stock units and performance awards. | |||||||
All share and per share data have been restated to give effect to the 10% stock dividend issued on December 14, 2012. | |||||||
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. Changes in restricted shares outstanding for the year ended December 31, 2013 were as follows: | |||||||
Weighted Average | |||||||
Grant Date | |||||||
Shares | Fair Value | ||||||
Balance at December 31, 2012 | 54,875 | $ | 31.61 | ||||
Granted | 30,407 | $ | 42.21 | ||||
Vested | (26,633 | ) | $ | 30.86 | |||
Balance at December 31, 2013 | 58,649 | $ | 37.45 | ||||
During 2012 and 2011, 28,370 and 31,472 shares, respectively, were granted with weighted average per share market values at date of grant of $34.03 in 2012 and $30.05 in 2011. The fair value of such shares, which is based on the market price on the date of grant, is amortized to expense over the three-year vesting period. Amortization of the restricted stock bonus awards totaled $1,176,000 for 2013, $788,000 for 2012 and $787,000 for 2011. As of December 31, 2013, the total unrecognized compensation expense related to non-vested restricted stock awards was $1,131,000 and the related weighted average period over which it is expected to be recognized is approximately 0.64 years. The total fair value of shares vested during the years ended December 2013, 2012, and 2011 was $822,000, $788,000, and $812,000 respectively. | |||||||
SARs | |||||||
There were 85,943 SARs granted during the year ended December 31, 2013. The Company uses the Black-Scholes option-pricing model to determine the fair value of the SARs at the date of grant. Following are the assumptions used to estimate the $10.69 per share fair value. | |||||||
Year Ended December 31, 2013 | |||||||
Risk-free interest rate | 1.29 | % | |||||
Expected life | 7 years | ||||||
Expected volatility | 28.72 | % | |||||
Expected dividend yield | 1.71 | % | |||||
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 SARs using average monthly closing market prices of the Company's stock. The expected dividend yield is determined based on the Company's current rate of annual dividends. | |||||||
During 2013, the Company recognized SARs expense of $800,000. As of December 31, 2013, the total unrecognized compensation expense related to SARs was $945,000, and the related weighted average period over which it is expected to be recognized is 1.13 years. Changes in SARs outstanding for the year ended December 31, 2013 were as follows: | |||||||
SARs | Weighted Average Exercise Price | ||||||
Balance at December 31, 2012 | 351,881 | $ | 27.52 | ||||
Granted | 85,943 | $ | 42.14 | ||||
Exercised | (94,379 | ) | $ | 24.67 | |||
Balance at December 31, 2013 | 343,445 | $ | 32.01 | ||||
Exercisable at December 31, 2013 | 166,317 | $ | 26.58 | ||||
The total intrinsic value of SARs exercised during 2013 and 2012 was $2,328,000 and $1,769,000, respectively. The average remaining contractual term for SARs outstanding as of December 31, 2013 was 7.33 years and the aggregate intrinsic value was $12,137,000. The average remaining contractual term for SARs exercisable as of December 31, 2012 was 7.34 years and the aggregate intrinsic value was $4,988,000. | |||||||
The total compensation cost for share-based payment arrangements was $1,976,000, $1,398,000, and $1,391,000 in 2013, 2012, and 2011, respectively. The total unrecognized tax benefit related to share based compensation was $55,000, $55,000, and $316,000 in 2013, 2012, and 2011, respectively. | |||||||
Other_Operating_Expense
Other Operating Expense | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Operating Expense [Abstract] | ' | ||||||||
Other Operating Expense | ' | ||||||||
Note 12 | |||||||||
Other Operating Expense | |||||||||
Details of other operating expense are as follows: | |||||||||
For the Years Ended December 31, | |||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||
Postage and supplies | $ | 2,066 | $ | 2,052 | $ | 2,239 | |||
Promotional expense | 2,024 | 2,345 | 1,646 | ||||||
Professional fees | 1,340 | 2,183 | 3,141 | ||||||
Outside service fees | 3,046 | 2,729 | 2,628 | ||||||
Data processing services | 367 | 373 | 362 | ||||||
Telecommunications | 955 | 754 | 641 | ||||||
Other | 1,347 | 1,080 | 1,849 | ||||||
Total other operating expense | $ | 11,145 | $ | 11,516 | $ | 12,506 |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Note 13 | ||||||||||||
Income Taxes | ||||||||||||
The components of income tax expense (benefit) are as follows: | ||||||||||||
For the Years Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal | $ | 6,729 | $ | 6,195 | $ | 5,372 | ||||||
State | 448 | 718 | 980 | |||||||||
Deferred: | ||||||||||||
Federal | 39 | 933 | 1,983 | |||||||||
State | 18 | 41 | 162 | |||||||||
Total income tax expense | $ | 7,234 | $ | 7,887 | $ | 8,497 | ||||||
A reconciliation of expected income tax expense (benefit), computed by applying the effective federal statutory rate of 35% for each of 2013, 2012 and 2011 to income before income tax expense, to reported income tax expense is as follows: | ||||||||||||
For the Years Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Expected income tax expense | $ | 10,756 | $ | 10,917 | $ | 11,027 | ||||||
(Reductions) increases resulting from: | ||||||||||||
Tax-exempt income | (3,297 | ) | (3,633 | ) | (3,760 | ) | ||||||
State taxes, net of federal benefit | 303 | 493 | 742 | |||||||||
Other, net | (528 | ) | 110 | 488 | ||||||||
Total income tax expense | $ | 7,234 | $ | 7,887 | $ | 8,497 | ||||||
The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Allowance for loan losses | $ | 4,368 | $ | 4,599 | ||||||||
ASC 715 pension funding liability | 5,444 | 11,744 | ||||||||||
Net operating loss carryforward1 | 298 | 341 | ||||||||||
Stock compensation | 337 | 139 | ||||||||||
Supplemental executive retirement plan accrual | 1,130 | 829 | ||||||||||
Other | 569 | 488 | ||||||||||
Total deferred tax assets | $ | 12,146 | $ | 18,140 | ||||||||
Deferred tax liabilities: | ||||||||||||
Premises and equipment | (1,767 | ) | (863 | ) | ||||||||
Pension | (6,233 | ) | (6,081 | ) | ||||||||
Intangible/assets | (996 | ) | (867 | ) | ||||||||
Unrealized gain on investment in securities available-for-sale | (2,086 | ) | (6,947 | ) | ||||||||
Other | (353 | ) | (298 | ) | ||||||||
Total deferred tax liabilities | $ | (11,435 | ) | $ | (15,056 | ) | ||||||
Net deferred tax assets | $ | 711 | $ | 3,084 | ||||||||
1 As of December 31, 2013, the Company had approximately $852,000 of net operating loss carry forwards as a result of the acquisition of Franklin Bancorp. The utilization of the net operating loss carry forward is subject to Section 382 of the Internal Revenue Code and limits the Company's use to approximately $122,000 per year during the carry forward period, which expires in 2020. | ||||||||||||
A valuation allowance would be provided on deferred tax assets when it is more likely than not that some portion of the assets will not be realized. The Company has not established a valuation allowance at December 31, 2013 or 2012, due to management's belief that all criteria for recognition have been met, including the existence of a history of taxes paid sufficient to support the realization of deferred tax assets. | ||||||||||||
The reconciliation of the beginning unrecognized tax benefits balance to the ending balance is presented in the following table: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Balance at January 1 | $ | 1,885 | $ | 2,069 | $ | 1,877 | ||||||
Changes in unrecognized tax benefits as a result of tax | ||||||||||||
positions taken during a prior year | (666 | ) | (140 | ) | 287 | |||||||
Changes in unrecognized tax benefits as a result of tax | ||||||||||||
position taken during the current year | 374 | 419 | 475 | |||||||||
Decreases in unrecognized tax benefits relating to | ||||||||||||
settlements with taxing authorities | - | - | - | |||||||||
Reductions to unrecognized tax benefits as a result of a | ||||||||||||
lapse of the applicable statute of limitations | (385 | ) | (463 | ) | (570 | ) | ||||||
Balance at December 31 | $ | 1,208 | $ | 1,885 | $ | 2,069 | ||||||
At December 31, 2013, 2012 and 2011, the balance of the Company's unrecognized tax benefits which would, if recognized, affect the Company's effective tax rate was $861,000, $1,357,000 and $1,496,000, respectively. These amounts are net of the offsetting benefits from other taxing jurisdictions. | ||||||||||||
As of December 31, 2013, 2012 and 2011, the Company had $41,000, $89,000 and $95,000, respectively, in accrued interest related to unrecognized tax benefits. During 2013 and 2012, the Company recorded a net reduction in accrued interest of $48,000 and $6,000, respectively, as a result of settlements with taxing authorities and other prior-year adjustments. | ||||||||||||
The Company believes it is reasonably possible that the total amount of tax benefits will decrease by approximately $251,000 over the next twelve months. The reduction primarily relates to the anticipated lapse in the statute of limitations. The unrecognized tax benefits relate primarily to apportionment of taxable income among various state tax jurisdictions. | ||||||||||||
The Company is subject to income tax in the U.S. federal jurisdiction, numerous state jurisdictions, and a foreign jurisdiction. The Company'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 2009 through 2012. | ||||||||||||
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
Note 14 | |
Contingencies | |
The Company and its subsidiaries are not involved in any pending proceedings other than ordinary routine litigation incidental to their businesses. Management believes none of these proceedings, if determined adversely, would have a material effect on the business or financial conditions of the Company or its subsidiaries. | |
Disclosures_about_Fair_Value_o
Disclosures about Fair Value of Financial Instruments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value Disclosures | ' | |||||||||||
Note 15 | ||||||||||||
Disclosures about Fair Value of Financial Instruments | ||||||||||||
The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. 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 December 31, 2013 and 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 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. The approximate remaining terms of commercial and standby letters of credit range from less than one to five years. Since these 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 may obtain and liquidate the collateral to recover amounts paid under its guarantees on these financial instruments. | ||||||||||||
The following table shows conditional commitments to extend credit, standby letters of credit and commercial letters: | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||
Conditional commitments to extend credit | $ | 5,596 | $ | 14,847 | ||||||||
Standby letters of credit | 13,168 | 13,316 | ||||||||||
Commercial letters of credit | 3,325 | 3,069 | ||||||||||
The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements, the likelihood of the counterparties drawing on such financial instruments and the present credit-worthiness of such counterparties. The Company believes such commitments have been made at terms which are competitive in the markets in which it operates; however, no premium or discount is offered thereon. | ||||||||||||
Following is a summary of the carrying amounts and fair values of the Company's financial instruments: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Carrying | Carrying | |||||||||||
(In thousands) | Amount | Fair Value | Amount | Fair Value | ||||||||
Balance sheet assets: | ||||||||||||
Cash and cash equivalents | $ | 225,262 | $ | 225,262 | $ | 141,088 | $ | 141,088 | ||||
Investment in securities | 317,767 | 317,767 | 341,935 | 341,935 | ||||||||
Loans, net | 640,498 | 642,543 | 675,376 | 676,675 | ||||||||
Accrued interest receivable | 6,030 | 6,030 | 6,276 | 6,276 | ||||||||
Total | $ | 1,189,557 | $ | 1,191,602 | $ | 1,164,675 | $ | 1,165,974 | ||||
Balance sheet liabilities: | ||||||||||||
Deposits | $ | 582,496 | $ | 583,989 | $ | 563,708 | $ | 564,189 | ||||
Accounts and drafts payable | 543,953 | 543,953 | 522,761 | 522,761 | ||||||||
Accrued interest payable | 88 | 88 | 112 | 112 | ||||||||
Total | $ | 1,126,537 | $ | 1,128,030 | $ | 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 EquivalentsThe carrying amount approximates fair value. | ||||||||||||
Investment in SecuritiesThe fair value is measured on a recurring basis using Level 2 valuations. Refer to Note 3, "Investment in Securities," for fair value and unrealized gains and losses by investment type. | ||||||||||||
LoansThe 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 3 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 an observable market price or current appraised value and therefore, the fair value is a nonrecurring Level 3 valuation. | ||||||||||||
Accrued Interest ReceivableThe 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 PayableThe carrying amount approximates fair value. | ||||||||||||
Accrued InterestThe carrying amount approximates fair value. | ||||||||||||
Limitations Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets or liabilities that are not considered financial assets or liabilities include premises and equipment and the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market (core deposit intangible). In addition, tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. | ||||||||||||
Industry_Segment_Information
Industry Segment Information | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Industry Segment Information [Abstract] | ' | |||||||||||||
Industry Segment Information | ' | |||||||||||||
Note 16 | ||||||||||||||
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 transportation, energy, telecommunication, and environmental invoice processing and payment services 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 Note 1 of this report. 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 the United States 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. Loans are sold by Banking Services to Information Services to create liquidity when the Bank's loan to deposit ratio is greater than 100%. 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 for the years ended December 31, 2013, 2012 and 2011, is as follows: | ||||||||||||||
Corporate, | ||||||||||||||
Information | Banking | Eliminations | ||||||||||||
(In thousands) | Services | Services | and Other | Total | ||||||||||
2013 | ||||||||||||||
Fee revenue and other income: | ||||||||||||||
Income from customers | $ | 75,010 | $ | 1,216 | $ | 346 | $ | 76,572 | ||||||
Intersegment income (expense) | 9,637 | 1,479 | (11,116 | ) | - | |||||||||
Net interest income (expense) after provision | ||||||||||||||
for loan losses: | ||||||||||||||
Income from customers | 15,986 | 22,259 | - | 38,245 | ||||||||||
Intersegment income (expense) | 11 | (11 | ) | - | - | |||||||||
Depreciation and amortization | 2,638 | 143 | 115 | 2,896 | ||||||||||
Income taxes | 2,232 | 5,002 | - | 7,234 | ||||||||||
Net income | 15,237 | 8,133 | 127 | 23,497 | ||||||||||
Goodwill | 11,454 | 136 | - | 11,590 | ||||||||||
Other intangible assets, net | 3,222 | - | - | 3,222 | ||||||||||
Total assets | $ | 657,604 | $ | 679,357 | $ | (10,941 | ) | $ | 1,326,020 | |||||
2012 | ||||||||||||||
Fee revenue and other income: | ||||||||||||||
Income from customers | $ | 70,376 | $ | 1,272 | $ | (510 | ) | $ | 71,138 | |||||
Intersegment income (expense) | 9,478 | 1,663 | (11,141 | ) | ||||||||||
Net interest income (expense) after provision | ||||||||||||||
for loan losses: | ||||||||||||||
Income from customers | 18,547 | 21,838 | - | 40,385 | ||||||||||
Intersegment income (expense) | 24 | (24 | ) | - | - | |||||||||
Depreciation and amortization | 2,392 | 101 | 39 | 2,532 | ||||||||||
Income taxes | 2,802 | 5,085 | - | 7,887 | ||||||||||
Net income | 15,761 | 8,014 | (472 | ) | 23,303 | |||||||||
Goodwill | 11,454 | 136 | - | 11,590 | ||||||||||
Other intangible assets, net | 3,757 | - | - | 3,757 | ||||||||||
Total assets | $ | 642,623 | $ | 668,648 | $ | (23,884 | ) | $ | 1,287,387 | |||||
2011 | ||||||||||||||
Fee revenue and other income: | ||||||||||||||
Income from customers | $ | 61,470 | $ | 1,354 | $ | - | $ | 62,824 | ||||||
Intersegment income (expense) | 10,088 | 1,859 | (11,947 | ) | - | |||||||||
Net interest income (expense) after provision | ||||||||||||||
for loan losses: | ||||||||||||||
Income from customers | 21,030 | 22,681 | - | 43,711 | ||||||||||
Intersegment income (expense) | 17 | (17 | ) | - | - | |||||||||
Depreciation and amortization | 1,874 | 164 | 24 | 2,062 | ||||||||||
Income taxes | 3,028 | 5,469 | - | 8,497 | ||||||||||
Net income | 14,716 | 8,293 | - | 23,009 | ||||||||||
Goodwill | 7,335 | 136 | - | 7,471 | ||||||||||
Other intangible assets, net | 161 | - | - | 161 | ||||||||||
Total assets | $ | 698,685 | $ | 622,996 | $ | (2,380 | ) | $ | 1,319,301 |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 17 | |
Subsequent Events | |
In accordance with FASB ASC 855, "Subsequent Events," the Company has evaluated subsequent events after the consolidated balance sheet date of December 31, 2013 through March 11, 2014, and there were no events identified that would require additional disclosures to prevent the Company's consolidated financial statements from being misleading. | |
Condensed_Financial_Informatio
Condensed Financial Information of Parent Company | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company [Abstract] | ' | |||||||||||
Condensed Financial Information of Parent Company | ' | |||||||||||
Note 18 | ||||||||||||
Condensed Financial Information of Parent Company | ||||||||||||
Following are the condensed balance sheets of the Company (parent company only) and the related condensed statements of income and cash flows. | ||||||||||||
Condensed Balance Sheets | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 24,519 | $ | 22,709 | ||||||||
Short-term investments | 63,063 | 38,705 | ||||||||||
Securities available-for-sale, at fair value | 317,767 | 316,771 | ||||||||||
Loans, net | 125,316 | 156,935 | ||||||||||
Investments in subsidiary | 76,500 | 67,385 | ||||||||||
Premises and equipment, net | 12,276 | 10,436 | ||||||||||
Other assets | 120,438 | 106,247 | ||||||||||
Total assets | $ | 739,879 | $ | 719,188 | ||||||||
Liabilities and Shareholders' Equity | ||||||||||||
Liabilities: | ||||||||||||
Accounts and drafts payable | 543,953 | 522,761 | ||||||||||
Other liabilities | 5,521 | 22,214 | ||||||||||
Total liabilities | 549,474 | 544,975 | ||||||||||
Total shareholders' equity | 190,405 | 174,213 | ||||||||||
Total liabilities and shareholders' equity | $ | 739,879 | $ | 719,188 | ||||||||
Condensed Statement of Income | ||||||||||||
For the Years Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Income from subsidiary: | ||||||||||||
Interest | $ | 12 | $ | 24 | $ | 18 | ||||||
Management fees | 2,119 | 1,955 | 1,794 | |||||||||
Income from subsidiary | 2,131 | 1,979 | 1,812 | |||||||||
Information services revenue | 70,503 | 66,417 | 60,688 | |||||||||
Net interest income after provision | 15,069 | 17,563 | 19,933 | |||||||||
Gain on sales of investment securities | 3,677 | 3,145 | 43 | |||||||||
Other income | 527 | 535 | 701 | |||||||||
Total income | 91,907 | 89,639 | 83,177 | |||||||||
Expenses: | ||||||||||||
Salaries and employee benefits | 59,004 | 55,981 | 50,296 | |||||||||
Other expenses | 15,027 | 14,492 | 14,462 | |||||||||
Total expenses | 74,031 | 70,473 | 64,758 | |||||||||
Income before income tax and equity in undistributed income | ||||||||||||
of subsidiary | 17,876 | 19,166 | 18,419 | |||||||||
Income tax expense | 2,381 | 2,914 | 3,156 | |||||||||
Income before undistributed income of subsidiary | 15,495 | 16,252 | 15,263 | |||||||||
Equity in undistributed income of subsidiary | 7,530 | 7,523 | 7,746 | |||||||||
Intercompany elimination | 472 | (472 | ) | - | ||||||||
Net income | $ | 23,497 | $ | 23,303 | $ | 23,009 | ||||||
Condensed Statements of Cash Flows | ||||||||||||
For the Years Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 23,497 | $ | 23,303 | $ | 23,009 | ||||||
Adjustments to reconcile net income to net cash provided | ||||||||||||
by (used in) operating activities: | ||||||||||||
Equity in undistributed income of subsidiary | (7,530 | ) | (7,523 | ) | (7,746 | ) | ||||||
Net change in other assets | (8,420 | ) | (3,338 | ) | (19,669 | ) | ||||||
Net change in other liabilities | (2,729 | ) | 5,603 | 1,655 | ||||||||
Amortization of stock-based awards | 1,177 | 1,201 | 1,390 | |||||||||
Other, net | (4,180 | ) | (2,673 | ) | (7,497 | ) | ||||||
Net cash provided by (used in) operating activities | 1,815 | 16,573 | (8,858 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||
Net increase in securities | (15,385 | ) | (7,697 | ) | (37,329 | ) | ||||||
Net decrease in loans | 31,619 | 16,319 | 19,068 | |||||||||
Purchases of premises and equipment, net | (4,050 | ) | (3,555 | ) | (2,107 | ) | ||||||
Net cash provided by (used in) investing activities | 12,184 | 5,067 | (20,368 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||
Net increase (decrease) in accounts and drafts payable | 21,192 | (72,440 | ) | 79,094 | ||||||||
Cash dividends paid | (8,510 | ) | (7,361 | ) | (6,279 | ) | ||||||
Other financing activities | (513 | ) | (2,454 | ) | (1,177 | ) | ||||||
Net cash provided by (used in) financing activities | 12,169 | (82,255 | ) | 71,638 | ||||||||
Net increase (decrease) in cash and cash equivalents | 26,168 | (60,615 | ) | 42,412 | ||||||||
Cash and cash equivalents at beginning of year | 61,414 | 122,029 | 79,617 | |||||||||
Cash and cash equivalents at end of year | $ | 87,582 | $ | 61,414 | $ | 122,029 |
SUPPLEMENTARY_FINANCIAL_INFORM
SUPPLEMENTARY FINANCIAL INFORMATION | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
SUPPLEMENTARY FINANCIAL INFORMATION [Abstract] | ' | |||||||||||||||
SUPPLEMENTARY FINANCIAL INFORMATION | ' | |||||||||||||||
Note 19 | ||||||||||||||||
SUPPLEMENTARY FINANCIAL INFORMATION | ||||||||||||||||
(Unaudited) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
(In thousands except per share data) | Quarter | Quarter | Quarter | Quarter | YTD | |||||||||||
2013 | ||||||||||||||||
Fee revenue and other income | $ | 18,465 | $ | 19,567 | $ | 19,695 | $ | 18,845 | $ | 76,572 | ||||||
Interest income | 10,856 | 10,623 | 10,082 | 10,016 | 41,577 | |||||||||||
Interest expense | 687 | 694 | 722 | 729 | 2,832 | |||||||||||
Net interest income | 10,169 | 9,929 | 9,360 | 9,287 | 38,745 | |||||||||||
Provision for loan losses | 200 | 300 | - | - | 500 | |||||||||||
Operating expense | 20,389 | 21,017 | 21,384 | 21,296 | 84,086 | |||||||||||
Income tax expense | 2,013 | 2,106 | 1,533 | 1,582 | 7,234 | |||||||||||
Net income | $ | 6,032 | $ | 6,073 | $ | 6,138 | $ | 5,254 | $ | 23,497 | ||||||
Net income per share: | ||||||||||||||||
Basic earnings per share | $ | 0.53 | $ | 0.53 | $ | 0.54 | $ | 0.45 | $ | 2.05 | ||||||
Diluted earnings per share | 0.52 | 0.52 | 0.53 | 0.45 | 2.02 | |||||||||||
2012 | ||||||||||||||||
Fee revenue and other income | $ | 17,883 | $ | 18,237 | $ | 17,301 | $ | 17,717 | $ | 71,138 | ||||||
Interest income | 11,589 | 11,530 | 11,395 | 11,419 | 45,933 | |||||||||||
Interest expense | 838 | 760 | 785 | 765 | 3,148 | |||||||||||
Net interest income | 10,751 | 10,770 | 10,610 | 10,654 | 42,785 | |||||||||||
Provision for loan losses | 200 | 600 | - | 1,600 | 2,400 | |||||||||||
Operating expense | 20,341 | 20,240 | 19,929 | 19,823 | 80,333 | |||||||||||
Income tax expense | 2,185 | 2,205 | 1,890 | 1,607 | 7,887 | |||||||||||
Net income | $ | 5,908 | $ | 5,962 | $ | 6,092 | $ | 5,341 | $ | 23,303 | ||||||
Net income per share: | ||||||||||||||||
Basic earnings per share | $ | 0.52 | $ | 0.53 | $ | 0.53 | $ | 0.47 | $ | 2.05 | ||||||
Diluted earnings per share | 0.51 | 0.52 | 0.53 | 0.46 | 2.02 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Summary of Operations | ' |
Summary of Operations Cass Information Systems, Inc. (the "Company") provides payment and information services, which include processing and payment of transportation, energy, telecommunications and environmental invoices. These services include the acquisition and management of data, information delivery and financial exchange. The consolidated balance sheet captions, "Accounts and drafts payable" and "Payments in excess of funding," represent the Company's resulting financial position related to the payment services that are performed for customers. The Company also provides a full range of banking services to individual, corporate and institutional customers through Cass Commercial Bank (the "Bank"), its wholly owned bank subsidiary. | |
Basis of Presentation | ' |
Basis of Presentation The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of intercompany transactions. Certain amounts in the 2012 and 2011 consolidated financial statements have been reclassified to conform to the 2013 presentation. Such reclassifications have no effect on previously reported net income or shareholders' equity. The Company issued a 10% stock dividend on December 14, 2012. The share and per share information have been restated for this dividend unless indicated otherwise for all periods presented in the accompanying consolidated financial statements. | |
Use of Estimates | ' |
Use of Estimates In preparing the consolidated financial statements, Company management is required to make estimates and assumptions which significantly affect the reported amounts in the consolidated financial statements. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company considers cash and due from banks, interest-bearing deposits in other financial institutions, federal funds sold and other short-term investments as segregated in the accompanying consolidated balance sheets to be cash equivalents. | |
Investment in Debt Securities | ' |
Investment in Debt Securities The Company classifies its debt marketable securities as available-for-sale. Securities classified as available-for-sale are carried at fair value. Unrealized gains and losses, net of the related tax effect, are excluded from earnings and reported in accumulated other comprehensive income, a component of shareholders' equity. A decline in the fair value of any available-for-sale security below cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. To determine whether impairment is other than temporary, the Company considers whether it is more likely than not that the Company will not be required to sell prior to recovery of the amortized cost basis. Evidence considered in this assessment includes the reasons for impairment, the severity and duration of the impairment, changes in value subsequent to year-end and forecasted performance of the investee. Premiums and discounts are amortized or accreted to interest income over the estimated lives of the securities using the level-yield method. Interest income is recognized when earned. Gains and losses are calculated using the specific identification method. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses The allowance for loan losses is increased by provisions charged to expense and is available to absorb charge-offs, net of recoveries. Management utilizes a systematic, documented approach in determining the appropriate level of the allowance for loan losses. Management's approach, which provides for general and specific allocations, is based on current economic conditions, past losses, collection experience, risk characteristics of the portfolio, assessments of collateral values by obtaining independent appraisals for significant properties, and such other factors which, in management's judgment, deserve current recognition in estimating loan losses. | |
Management believes the allowance for loan losses is adequate to absorb probable losses in the loan portfolio. While management uses all available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. Additionally, various regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan losses. Such agencies may require the Company to increase the allowance for loan losses based on their judgments and interpretations about information available to them at the time of their examination. | |
Premises and Equipment | ' |
Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed over the estimated useful lives of the assets, or the respective lease terms for leasehold improvements, using straight-line and accelerated methods. Estimated useful lives do not exceed 40 years for buildings, the lesser of 10 years or the life of the lease for leasehold improvements and range from 3 to 7 years for software, equipment, furniture and fixtures. Maintenance and repairs are charged to expense as incurred. | |
Intangible Assets | ' |
Intangible Assets Cost in excess of fair value of net assets acquired has resulted from business acquisitions. Goodwill and intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with definite useful lives are amortized on a straight-line basis over their respective estimated useful lives. | |
Periodically, the Company reviews intangible assets for events or changes in circumstances that may indicate that the carrying amount of the assets may not be recoverable. Based on those reviews, adjustments of recorded amounts have not been required. | |
Non-marketable Equity Investments | ' |
Non-marketable Equity Investments The Company accounts for non-marketable equity investments, in which it holds less than a 20% ownership, under the cost method. Under the cost method of accounting, investments are carried at cost and are adjusted only for other than temporary declines in fair value, distributions of earnings and additional investments. The Company periodically evaluates whether any declines in fair value of its investments are other than temporary. In performing this evaluation, the Company considers various factors including any decline in market price, where available, the investee's financial condition, results of operations, operating trends and other financial ratios. Non-marketable equity investments are included in other assets on the consolidated balance sheets. | |
Foreclosed Assets | ' |
Foreclosed Assets Real estate acquired as a result of foreclosure is initially recorded at fair value less estimated selling costs. Fair value is generally determined through the receipt of appraisals. Any write down to fair value at the time the property is acquired is recorded as a charge-off to the allowance for loan losses. Any decline in the fair value of the property subsequent to acquisition is recorded as a charge to non-interest expense. | |
Treasury Stock | ' |
Treasury Stock Purchases of the Company's common stock are recorded at cost. Upon reissuance, treasury stock is reduced based upon the average cost basis of shares held. | |
Comprehensive Income | ' |
Comprehensive Income Comprehensive income consists of net income, changes in net unrealized gains (losses) on available-for-sale securities and pension liability adjustments and is presented in the accompanying consolidated statements of shareholders' equity and consolidated statements of comprehensive income. | |
Loans | ' |
Loans Interest on loans is recognized based upon the principal amounts outstanding. It is the Company's policy to discontinue the accrual of interest when there is reasonable doubt as to the collectability of principal or interest. Subsequent payments received on such loans are applied to principal if there is any doubt as to the collectability of such principal; otherwise, these receipts are recorded as interest income. The accrual of interest on a loan is resumed when the loan is current as to payment of both principal and interest and/or the borrower demonstrates the ability to pay and remain current. Loan origination and commitment fees on originated loans, net of certain direct loan origination costs, are deferred and amortized to interest income using the level-yield method over the estimated lives of the related loans. | |
Impairment of Loans | ' |
Impairment of Loans A loan is considered impaired when it is probable that a creditor will be unable to collect all amounts due, both principal and interest, according to the contractual terms of the loan agreement. When measuring impairment, the expected future cash flows of an impaired loan are discounted at the loan's effective interest rate. Alternatively, impairment could be measured by reference to an observable market price, if one exists, or the fair value of the collateral for a collateral-dependent loan. Regardless of the historical measurement method used, the Company measures impairment based on the fair value of the collateral when the Company determines foreclosure is probable. Additionally, impairment of a restructured loan is measured by discounting the total expected future cash flows at the loan's effective rate of interest as stated in the original loan agreement. The Company uses its nonaccrual methods as discussed above for recognizing interest on impaired loans. | |
Information Services Revenue | ' |
Information Services Revenue A majority of the Company's revenues are attributable to fees for providing services. These services include transportation invoice rating, payment processing, auditing, and the generation of accounting, transportation and environmental information. The Company also processes, pays and generates management information from electric, gas, telecommunications and other invoices. The specific payment and information processing services provided to each customer are developed individually to meet each customer's specific requirements. The Company enters into service agreements with customers typically for fixed fees per transaction that are invoiced monthly. Revenues are recognized in the period services are rendered and earned under the service agreements, as long as collection is reasonably assured. | |
Income Taxes | ' |
Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced if necessary, by a deferred tax asset valuation allowance. In the event that management determines it will not be able to realize all or part of net deferred tax assets in the future, the Company adjusts the recorded value of deferred tax assets, which would result in a direct charge to income tax expense in the period that such determination is made. Likewise, the Company will reverse the valuation allowance when realization of the deferred tax asset is expected. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
Earnings Per Share | ' |
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. | |
Share-Based Compensation | ' |
Stock-Based Compensation The Company follows Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), "Accounting for Stock Options and Other Stock-based Compensation" ("ASC 718"), which requires that all stock-based compensation be recognized as an expense in the financial statements and that such cost be measured at the fair value of the award. FASB ASC 718 also requires that excess tax benefits related to stock option exercises and restricted stock awards be reflected as financing cash inflows instead of operating cash inflows. | |
Pension Plans | ' |
Pension Plans The amounts recognized in the consolidated financial statements related to pension are determined from actuarial valuations. Inherent in these valuations are assumptions including expected return on plan assets, discount rates at which the liabilities could be settled at December 31, 2013, rate of increase in future compensation levels and mortality rates. These assumptions are updated annually and are disclosed in Note 10. The Company follows FASB ASC 715, "Compensation - Retirement Benefits" ("ASC 715") which requires companies to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its consolidated balance sheet and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. The funded status is measured as the difference between the fair value of the plan assets and the projected benefit obligation as of the date of its fiscal year-end. There have been no significant changes in the Company's long-term rate of return assumptions for the past three fiscal years ended December 31, 2013 and management believes they are not reasonably likely to change in the future. | |
Fair Value Measurements | ' |
Fair Value Measurements The Company follows the provisions of FASB ASC 820, "Fair Value Measurements and Disclosures", which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and outlines disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy for valuation techniques is used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. Financial instrument valuations are considered Level 1 when they are based on quoted prices in active markets for identical assets or liabilities. Level 2 financial instrument valuations use quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Financial instrument valuations are considered Level 3 when they are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable, and when determination of the fair value requires significant management judgment or estimation. The Company records securities available for sale at their fair values on a recurring basis using Level 2 valuations. Additionally, the Company records impaired loans and other real estate owned at their fair value on a nonrecurring basis. The nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or impairment write-downs of individual assets. | |
Impact of New and Not Yet Adopted Accounting Pronouncements | ' |
Impact of New and Not Yet Adopted Accounting Pronouncements | |
The new accounting pronouncements are not applicable to the Company and/or do not materially impact the Company. | |
Capital_Requirements_and_Regul1
Capital Requirements and Regulatory Restrictions (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Capital Requirements and Regulatory Restrictions [Abstract] | ' | ||||||||||||||||||
Schedule of Capital Amounts and Ratios | ' | ||||||||||||||||||
The Company's and the Bank's actual and required capital amounts and ratios as are as follows: | |||||||||||||||||||
Capital | Requirement to be | ||||||||||||||||||
Actual | Requirements | Well-Capitalized | |||||||||||||||||
(In thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
At December 31, 2013 | |||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||
Cass Information Systems, Inc. | $ | 191,984 | 22.27 | % | $ | 68,956 | 8 | % | $ | N/A | N/A | % | |||||||
Cass Commercial Bank | 83,168 | 15.38 | 43,256 | 8 | 54,071 | 10 | |||||||||||||
Tier I capital (to risk-weighted assets) | |||||||||||||||||||
Cass Information Systems, Inc. | 181,198 | 21.02 | 34,478 | 4 | N/A | N/A | |||||||||||||
Cass Commercial Bank | 76,395 | 14.13 | 21,628 | 4 | 32,442 | 6 | |||||||||||||
Tier I capital (to average assets) | |||||||||||||||||||
Cass Information Systems, Inc. | 181,198 | 13.12 | 41,438 | 3 | N/A | N/A | |||||||||||||
Cass Commercial Bank | 76,395 | 11.37 | 20,162 | 3 | 33,603 | 5 | |||||||||||||
At December 31, 2012 | |||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||
Cass Information Systems, Inc. | $ | 175,802 | 19.87 | % | $ | 70,767 | 8 | % | $ | N/A | N/A | % | |||||||
Cass Commercial Bank | 75,300 | 13.41 | 44,909 | 8 | 56,136 | 10 | |||||||||||||
Tier I capital (to risk-weighted assets) | |||||||||||||||||||
Cass Information Systems, Inc. | 164,729 | 18.62 | 35,384 | 4 | N/A | N/A | |||||||||||||
Cass Commercial Bank | 68,261 | 12.16 | 22,454 | 4 | 33,682 | 6 | |||||||||||||
Tier I capital (to average assets) | |||||||||||||||||||
Cass Information Systems, Inc. | 164,729 | 12.26 | 40,294 | 3 | N/A | N/A | |||||||||||||
Cass Commercial Bank | 68,261 | 10.64 | 19,238 | 3 | 32,063 | 5 |
Investment_in_Securities_Table
Investment in Securities (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Investment in Securities [Abstract] | ' | ||||||||||||||||||
Schedule of Available-for-sale Securities | ' | ||||||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses and fair value of debt and equity securities are summarized as follows: | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Gross | Gross | ||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||
(In thousands) | Cost | Gains | Losses | Fair Value | |||||||||||||||
State and political subdivisions | $ | 308,403 | $ | 8,537 | $ | 2,923 | $ | 314,017 | |||||||||||
Certificates of deposit | 3,750 | - | - | 3,750 | |||||||||||||||
Total | $ | 312,153 | $ | 8,537 | $ | 2,923 | $ | 317,767 | |||||||||||
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 Fair Value of Securities with Unrealized Losses | ' | ||||||||||||||||||
The fair values of securities with unrealized losses are as follows: | |||||||||||||||||||
31-Dec-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 | $ | 101,792 | $ | 2,661 | $ | 3,554 | $ | 262 | $ | 105,346 | $ | 2,923 | |||||||
Certificates of deposit | - | - | - | - | - | - | |||||||||||||
Total | $ | 101,792 | $ | 2,661 | $ | 3,554 | $ | 262 | $ | 105,346 | $ | 2,923 | |||||||
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 | ' | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | |||||||||||||||||
Due in 1 year or less | $ | 14,994 | $ | 15,225 | |||||||||||||||
Due after 1 year through 5 years | 67,800 | 71,914 | |||||||||||||||||
Due after 5 years through 10 years | 139,779 | 140,947 | |||||||||||||||||
Due after 10 years | 89,580 | 89,681 | |||||||||||||||||
No stated maturity | - | - | |||||||||||||||||
Total | $ | 312,153 | $ | 317,767 |
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Loans [Abstract] | ' | ||||||||||||||||||
Summary of Loan Categories | ' | ||||||||||||||||||
A summary of loan categories is as follows: | |||||||||||||||||||
December 31, | |||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||
Commercial and industrial | $ | 171,304 | 160,862 | ||||||||||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 128,358 | 134,843 | |||||||||||||||||
Construction | 6,632 | 7,025 | |||||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 326,832 | 368,118 | |||||||||||||||||
Construction | 9,817 | 16,450 | |||||||||||||||||
Industrial Revenue Bond | 9,167 | - | |||||||||||||||||
Other | 67 | 435 | |||||||||||||||||
Total loans | $ | 652,177 | 687,733 | ||||||||||||||||
Schedule of the Aging Loans by Loan Categories | ' | ||||||||||||||||||
The following table presents the aging of loans by loan categories at December 31, 2013: | |||||||||||||||||||
Performing | Nonperforming | ||||||||||||||||||
90 Days | |||||||||||||||||||
30-59 | 60-89 | and | Non | Total | |||||||||||||||
(In thousands) | Current | Days | Days | Over | Accrual | Loans | |||||||||||||
Commercial and industrial | $ | 171,293 | $ | - | $ | - | $ | - | $ | 11 | $ | 171,304 | |||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 127,879 | - | - | 479 | 128,358 | ||||||||||||||
Construction | 6,632 | - | - | - | - | 6,632 | |||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 325,091 | 434 | - | - | 1,307 | 326,832 | |||||||||||||
Construction | 9,817 | - | - | - | - | 9,817 | |||||||||||||
Industrial Revenue Bond | 9,167 | - | - | - | - | 9,167 | |||||||||||||
Other | 67 | - | - | - | - | 67 | |||||||||||||
Total | $ | 649,946 | $ | 434 | $ | - | $ | - | $ | 1,797 | $ | 652,177 | |||||||
The following table presents the aging of loans by loan categories at December 31, 2012: | |||||||||||||||||||
Performing | Nonperforming | ||||||||||||||||||
90 Days | |||||||||||||||||||
30-59 | 60-89 | and | Non | Total | |||||||||||||||
(In thousands) | Current | Days | Days | Over | Accrual | Loans | |||||||||||||
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 | |||||||||||||
Industrial Revenue Bond | - | - | - | - | - | - | |||||||||||||
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 December 31, 2013: | |||||||||||||||||||
Loans | Performing | Nonperforming | |||||||||||||||||
Subject to | Loans Subject to | Loans Subject | |||||||||||||||||
Normal | Special | to Special | |||||||||||||||||
(In thousands) | Monitoring1 | Monitoring 2 | Monitoring 2 | Total Loans | |||||||||||||||
Commercial and industrial | $ | 167,878 | $ | 3,415 | $ | 11 | $ | 171,304 | |||||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 119,521 | 8,358 | 479 | 128,358 | |||||||||||||||
Construction | 6,632 | - | - | 6,632 | |||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 323,291 | 2,234 | 1,307 | 326,832 | |||||||||||||||
Construction | 9,817 | - | - | 9,817 | |||||||||||||||
Industrial Revenue Bond | 9,167 | - | - | 9,167 | |||||||||||||||
Other | 67 | - | - | 67 | |||||||||||||||
Total | $ | 636,373 | $ | 14,007 | $ | 1,797 | $ | 652,177 | |||||||||||
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 obligation. | |||||||||||||||||||
2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. | |||||||||||||||||||
The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of December 31, 2012: | |||||||||||||||||||
Loans | Performing | Nonperforming | |||||||||||||||||
Subject to | Loans Subject to | Loans Subject to | |||||||||||||||||
Normal | Special | Special | Total | ||||||||||||||||
(In thousands) | Monitoring1 | Monitoring 2 | Monitoring 2 | Loans | |||||||||||||||
Commercial and industrial | $ | 155,838 | $ | 3,585 | $ | 1,439 | $ | 160,862 | |||||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 123,315 | 6,569 | 4,959 | * | 134,843 | ||||||||||||||
Construction | 7,025 | - | - | 7,025 | |||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 366,366 | 1,578 | 174 | 368,118 | |||||||||||||||
Construction | 16,450 | - | - | 16,450 | |||||||||||||||
Industrial Revenue Bond | - | - | - | - | |||||||||||||||
Other | 435 | - | - | 435 | |||||||||||||||
Total | $ | 669,429 | $ | 11,732 | $ | 6,572 | $ | 687,733 | |||||||||||
* | 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. | ||||||||||||||||||
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 obligation. | ||||||||||||||||||
2 | Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. | ||||||||||||||||||
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 December 31, 2013: | |||||||||||||||||||
Related | |||||||||||||||||||
Unpaid | Allowance | ||||||||||||||||||
Recorded | Principal | for Loan | |||||||||||||||||
(In thousands) | Investment | Balance | Losses | ||||||||||||||||
Commercial and industrial: | |||||||||||||||||||
Nonaccrual | $ | 11 | $ | 11 | $ | 6 | |||||||||||||
Real estate | |||||||||||||||||||
Commercial - Mortgage: | |||||||||||||||||||
Nonaccrual | 479 | 479 | 89 | ||||||||||||||||
Church - Mortgage: | |||||||||||||||||||
Nonaccrual | 1,307 | 1,307 | 223 | ||||||||||||||||
Total impaired loans | $ | 1,797 | $ | 1,797 | $ | 318 | |||||||||||||
The following table presents the recorded investment and unpaid principal balance for impaired loans at December 31, 2012: | |||||||||||||||||||
Related | |||||||||||||||||||
Unpaid | Allowance | ||||||||||||||||||
Recorded | Principal | for Loan | |||||||||||||||||
(In thousands) | Investment | Balance | Losses | ||||||||||||||||
Commercial and industrial: | |||||||||||||||||||
Nonaccrual | $ | 1,439 | $ | 1,439 | $ | 657 | |||||||||||||
Real estate | |||||||||||||||||||
Commercial - Mortgage: | |||||||||||||||||||
Nonaccrual | 4,959 | * | 4,959 | * | 660 | ||||||||||||||
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 is as follows: | |||||||||||||||||||
December 31, | Charge- | December 31, | |||||||||||||||||
(In thousands) | 2012 | Offs | Recoveries | Provision | 2013 | ||||||||||||||
Commercial and industrial | $ | 3,192 | $ | 1,307 | $ | 47 | $ | 1,104 | $ | 3,036 | |||||||||
Real estate | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Mortgage | 3,784 | 233 | 35 | 360 | 3,946 | ||||||||||||||
Construction | 137 | - | - | 14 | 151 | ||||||||||||||
Church, church-related: | |||||||||||||||||||
Mortgage | 4,903 | - | 280 | (829 | ) | 4,354 | |||||||||||||
Construction | 333 | - | - | (209 | ) | 124 | |||||||||||||
Industrial Revenue Bond | - | - | - | 68 | 68 | ||||||||||||||
Other | 8 | - | - | (8 | ) | - | |||||||||||||
Total | $ | 12,357 | $ | 1,540 | $ | 362 | $ | 500 | $ | 11,679 |
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Premises and Equipment [Abstract] | ' | ||||||
Summary of Premises and Equipment | ' | ||||||
A summary of premises and equipment is as follows: | |||||||
December 31, | |||||||
(In thousands) | 2013 | 2012 | |||||
Land | $ | 873 | $ | 873 | |||
Buildings | 10,801 | 10,564 | |||||
Leasehold improvements | 2,086 | 1,211 | |||||
Furniture, fixtures and equipment | 12,081 | 10,784 | |||||
Purchased software | 9,328 | 7,277 | |||||
Internally developed software | 2,650 | 2,650 | |||||
$ | 37,819 | $ | 33,359 | ||||
Less accumulated depreciation | 24,588 | 22,624 | |||||
Total | $ | 13,231 | $ | 10,735 | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||||
The following is a schedule, by year, of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013: | |||||||
(In thousands) | Amount | ||||||
2014 | 1,338 | ||||||
2015 | 1,189 | ||||||
2016 | 1,047 | ||||||
2017 | 1,025 | ||||||
2018 | 850 | ||||||
2019-2023 | 2,646 | ||||||
Total | $ | 8,095 |
Acquired_Intangible_Assets_Tab
Acquired Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Acquired Intangible Assets [Abstract] | ' | ||||||||||||||
Schedule of Company's Intangible Assets | ' | ||||||||||||||
Details of the Company's intangible assets are as follows: | |||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||
(In thousands) | Amount | Amortization | Amount | Amortization | |||||||||||
Assets eligible for amortization: | |||||||||||||||
Customer Lists | $ | 3,933 | $ | (1,387 | ) | $ | 3,933 | $ | (1,015 | ) | |||||
Non-compete agreements | 261 | (105 | ) | 261 | (53 | ) | |||||||||
Software | 234 | (156 | ) | 234 | (78 | ) | |||||||||
Other | 500 | (58 | ) | 500 | (25 | ) | |||||||||
Unamortized intangible assets: | |||||||||||||||
Goodwill1 | 11,817 | (227 | ) | 11,817 | (227 | ) | |||||||||
Total intangible assets | $ | 16,745 | $ | (1,933 | ) | $ | 16,745 | $ | (1,398 | ) | |||||
1 Amortization through December 31, 2001 prior to adoption of FASB ASC 350. | |||||||||||||||
InterestBearing_Deposits_Table
Interest-Bearing Deposits (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Interest-Bearing Deposits [Abstract] | ' | ||||||||||||
Schedule of Interest Bearing Deposits | ' | ||||||||||||
Interest-bearing deposits consist of the following: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | Weighted | Weighted | |||||||||||
Average | Average | ||||||||||||
Interest | Interest | ||||||||||||
2013 | Rate | 2012 | Rate | ||||||||||
Interest-bearing demand deposits | $ | 316,743 | 0.61 | % | $ | 279,803 | 0.68 | % | |||||
Savings deposits | 22,916 | 0.66 | 27,211 | 0.7 | |||||||||
Time deposits: | |||||||||||||
Less than $100 | 7,777 | 1.09 | 8,742 | 1.15 | |||||||||
$100 or more | 91,219 | 0.81 | 103,809 | 0.94 | |||||||||
Total | $ | 438,655 | 0.69 | % | $ | 419,565 | 0.78 | % | |||||
Schedule of Interest on Deposits | ' | ||||||||||||
Interest on deposits consists of the following: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Interest-bearing demand deposits | $ | 1,737 | $ | 1,739 | $ | 2,162 | |||||||
Savings deposits | 138 | 169 | 225 | ||||||||||
Time deposits: | |||||||||||||
Less than $100 | 600 | 784 | 1,297 | ||||||||||
$100 or more | 357 | 456 | 690 | ||||||||||
Total | $ | 2,832 | $ | 3,148 | $ | 4,374 | |||||||
Schedule of Maturities of Time Deposits | ' | ||||||||||||
The scheduled maturities of time deposits are summarized as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Percent | Percent | ||||||||||||
(In thousands) | Amount | of Total | Amount | of Total | |||||||||
Due within: | |||||||||||||
One year | $ | 84,088 | 84.9 | % | $ | 94,922 | 84.3 | % | |||||
Two years | 12,690 | 12.8 | 13,871 | 12.3 | |||||||||
Three years | 594 | 0.6 | 2,737 | 2.4 | |||||||||
Four years | 459 | 0.5 | 520 | 0.5 | |||||||||
Five years | 1,165 | 1.2 | 501 | 0.5 | |||||||||
Total | $ | 98,996 | 100 | % | $ | 112,551 | 100 | % |
Common_Stock_and_Earnings_per_1
Common Stock and Earnings per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Common Stock and Earnings per Share [Abstract] | ' | |||||||||
Schedule of Common Stock Outstanding | ' | |||||||||
The table below shows activity in the outstanding shares of the Company's common stock during 2013. | ||||||||||
2013 | ||||||||||
Shares outstanding at January 1 | 11,463,831 | |||||||||
Issuance of common stock: | ||||||||||
Issued under stock-based compensation plan | 30,407 | |||||||||
SARs exercised | 27,242 | |||||||||
Shares outstanding at December 31 | 11,521,480 | |||||||||
Schedule of the Calculations of Basic and Diluted Earnings per Share | ' | |||||||||
The calculations of basic and diluted earnings per share are as follows: | ||||||||||
December 31, | ||||||||||
(In thousands except share and per share data) | 2013 | 2012 | 2011 | |||||||
Basic | ||||||||||
Net income | $ | 23,497 | $ | 23,303 | $ | 23,009 | ||||
Weighted average common shares outstanding | 11,441,158 | 11,378,216 | 11,326,968 | |||||||
Basic earnings per share | $ | 2.05 | $ | 2.05 | $ | 2.03 | ||||
Diluted | ||||||||||
Net income | $ | 23,497 | $ | 23,303 | $ | 23,009 | ||||
Weighted average common shares outstanding | 11,441,158 | 11,378,216 | 11,326,968 | |||||||
Effect of dilutive restricted stock and SARs | 199,581 | 178,998 | 148,652 | |||||||
Weighted average common shares outstanding | ||||||||||
assuming dilution | 11,640,739 | 11,557,214 | 11,475,620 | |||||||
Diluted earnings per share | $ | 2.02 | $ | 2.02 | $ | 2.01 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Summary of Projected Benefit Obligation | ' | ||||||||||||||||||
A summary of the activity in the Plan's projected benefit obligation, assets, funded status and amounts recognized in the Company's consolidated balance sheets is as follows: | |||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||
Projected benefit obligation: | |||||||||||||||||||
Balance, January 1 | $ | 67,087 | $ | 53,972 | |||||||||||||||
Service cost | 3,452 | 2,799 | |||||||||||||||||
Interest cost | 2,819 | 2,570 | |||||||||||||||||
Actuarial (gain) loss | (8,496 | ) | 9,063 | ||||||||||||||||
Benefits paid | (1,423 | ) | (1,317 | ) | |||||||||||||||
Balance, December 31 | $ | 63,439 | $ | 67,087 | |||||||||||||||
Plan assets: | |||||||||||||||||||
Fair value, January 1 | $ | 61,384 | $ | 53,895 | |||||||||||||||
Actual return | 9,166 | 6,556 | |||||||||||||||||
Employer contribution | 1,500 | 2,250 | |||||||||||||||||
Benefits paid | (1,423 | ) | (1,317 | ) | |||||||||||||||
Fair value, December 31 | $ | 70,627 | $ | 61,384 | |||||||||||||||
Funded status: | |||||||||||||||||||
Accrued pension asset (liability) | $ | 7,188 | $ | (5,703 | ) | ||||||||||||||
Schedule of Assumptions used to Determine Projected Benefit Obligation | ' | ||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Weighted average discount rate | 5 | % | 4.25 | % | 4.75 | % | |||||||||||||
Rate of increase in compensation levels | 3.75 | % | 3.75 | % | 4 | % | |||||||||||||
Schedule of Expected Pension Benefit Payments | ' | ||||||||||||||||||
The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the Plan: | |||||||||||||||||||
Amount | |||||||||||||||||||
2014 | $ | 1,583,000 | |||||||||||||||||
2015 | 1,706,000 | ||||||||||||||||||
2016 | 1,909,000 | ||||||||||||||||||
2017 | 2,113,000 | ||||||||||||||||||
2018 | 2,524,000 | ||||||||||||||||||
2019-2023 | 16,411,000 | ||||||||||||||||||
Schedule of Plan's Pension Costs | ' | ||||||||||||||||||
The Plan's pension cost included the following components: | |||||||||||||||||||
For the Year Ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||
Service cost - benefits earned during the year | $ | 3,452 | $ | 2,799 | $ | 2,073 | |||||||||||||
Interest cost on projected benefit obligations | 2,819 | 2,570 | 2,423 | ||||||||||||||||
Expected return on plan assets | (4,469 | ) | (3,967 | ) | (3,314 | ) | |||||||||||||
Net amortization and deferral | 1,729 | 1,473 | 603 | ||||||||||||||||
Net periodic pension cost | $ | 3,531 | $ | 2,875 | $ | 1,785 | |||||||||||||
Schedule of Assumptions used to Determine Net Pension Cost | ' | ||||||||||||||||||
The following represent the major assumptions used to determine the net pension cost of the Plan: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Weighted average discount rate | 4.25 | % | 4.75 | % | 5.75 | % | |||||||||||||
Rate of increase in compensation levels | 3.75 | % | 4 | % | 4 | % | |||||||||||||
Expected long-term rate of return on assets | 7.25 | % | 7.25 | % | 7.25 | % | |||||||||||||
Schedule of Assumed Long-term Rate of Return on Assets | ' | ||||||||||||||||||
The expected one year nominal returns and annual standard deviations are shown by asset class below: | |||||||||||||||||||
% of Total | One-Year Nominal | Annual Standard | |||||||||||||||||
Asset Class | Portfolio | Return | Deviation | ||||||||||||||||
Core Fixed Income | 50 | % | 4.59 | % | 6.45 | % | |||||||||||||
Large Cap U.S. Equities | 27 | % | 8.06 | % | 17.8 | % | |||||||||||||
Small Cap U.S. Equities | 7 | % | 9.82 | % | 26.2 | % | |||||||||||||
International (Developed) | 15 | % | 8.21 | % | 20.4 | % | |||||||||||||
International (Emerging) | 1 | % | 11.13 | % | 31.15 | % | |||||||||||||
Summary of the Fair Value Measurements by Type of Asset | ' | ||||||||||||||||||
A summary of the fair value measurements by type of asset is as follows: | |||||||||||||||||||
Fair Value Measurements as of December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Quoted Prices | Quoted Prices | ||||||||||||||||||
in Active | in Active | ||||||||||||||||||
Markets for | Significant | Markets for | Significant | ||||||||||||||||
Identical | Observable | Identical | Observable | ||||||||||||||||
Assets | Inputs | Assets | Inputs | ||||||||||||||||
(In thousands) | Total | (Level 1) | (Level 2) | Total | (Level 1) | (Level 2) | |||||||||||||
Cash | $ | 245 | $ | 245 | $ | - | $ | 238 | $ | 238 | $ | - | |||||||
Equity securities | |||||||||||||||||||
U.S. Large Cap Growth | 6,650 | - | 6,650 | 5,193 | - | 5,193 | |||||||||||||
U.S. Large Cap Value | 6,835 | - | 6,835 | 5,317 | - | 5,317 | |||||||||||||
U.S. Small/Mid Cap Growth | 2,825 | - | 2,825 | 2,159 | - | 2,159 | |||||||||||||
U.S. Small/Mid Cap Value | 2,784 | - | 2,784 | 2,167 | - | 2,167 | |||||||||||||
Non-U.S. Core | 10,840 | - | 10,840 | 9,478 | - | 9,478 | |||||||||||||
U.S. Large Cap Passive | 6,929 | - | 6,929 | 6,004 | - | 6,004 | |||||||||||||
Emerging Markets | 711 | - | 711 | 732 | - | 732 | |||||||||||||
Fixed Income | |||||||||||||||||||
U.S. Core | 22,720 | - | 22,720 | 22,189 | - | 22,189 | |||||||||||||
U.S. Passive | 8,747 | - | 8,747 | 7,907 | - | 7,907 | |||||||||||||
Opportunistic | 1,341 | - | 1,341 | - | - | - | |||||||||||||
Total | $ | 70,627 | $ | 245 | $ | 70,382 | $ | 61,384 | $ | 238 | $ | 61,146 | |||||||
Supplemental Executive Retirement Plan [Member] | ' | ||||||||||||||||||
Summary of Projected Benefit Obligation | ' | ||||||||||||||||||
A summary of the activity in the SERP's projected benefit obligation, funded status and amounts recognized in the Company's consolidated balance sheets is as follows: | |||||||||||||||||||
December 31, | |||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||
Benefit obligation: | |||||||||||||||||||
Balance, January 1 | $ | 8,482 | $ | 7,434 | |||||||||||||||
Service cost | 144 | 115 | |||||||||||||||||
Interest cost | 335 | 307 | |||||||||||||||||
Benefits paid | (236 | ) | (236 | ) | |||||||||||||||
Actuarial (gain) loss | (677 | ) | 862 | ||||||||||||||||
Balance, December 31 | $ | 8,048 | $ | 8,482 | |||||||||||||||
Schedule of Assumptions used to Determine Projected Benefit Obligation | ' | ||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Weighted average discount rate | 4.75 | % | 4 | % | 4.5 | % | |||||||||||||
Rate of increase in compensation levels | 3.75 | % | 3.75 | % | 4 | % | |||||||||||||
Schedule of Expected Pension Benefit Payments | ' | ||||||||||||||||||
Expected future benefits payable by the Company over the next 10 years are as follows: | |||||||||||||||||||
Amount | |||||||||||||||||||
2014 | $ | 236,000 | |||||||||||||||||
2015 | 235,000 | ||||||||||||||||||
2016 | 245,000 | ||||||||||||||||||
2017 | 260,000 | ||||||||||||||||||
2018 | 340,000 | ||||||||||||||||||
2019-2023 | 2,564,000 | ||||||||||||||||||
Schedule of Plan's Pension Costs | ' | ||||||||||||||||||
The SERP's pension cost included the following components: | |||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||
Service cost - benefits earned during the year | $ | 144 | $ | 115 | $ | 89 | |||||||||||||
Interest cost on projected benefit obligations | 335 | 307 | 295 | ||||||||||||||||
Net amortization and deferral | 551 | 360 | 250 | ||||||||||||||||
Net periodic pension cost | $ | 1,030 | $ | 782 | $ | 634 | |||||||||||||
Schedule of Pre-tax Amounts in Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||
The pre-tax amounts in accumulated other comprehensive loss as of December 31, were as follows: | |||||||||||||||||||
The Plan | SERP | ||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Prior service cost | $ | 8 | $ | 16 | $ | - | $ | - | |||||||||||
Net actuarial loss | 11,471 | 26,385 | 3,075 | 4,304 | |||||||||||||||
Total | $ | 11,479 | $ | 26,401 | $ | 3,075 | $ | 4,304 |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Stock-based Compensation [Abstract] | ' | ||||||
Schedule of Restricted Stock Activity | ' | ||||||
Changes in restricted shares outstanding for the year ended December 31, 2013 were as follows: | |||||||
Weighted Average | |||||||
Grant Date | |||||||
Shares | Fair Value | ||||||
Balance at December 31, 2012 | 54,875 | $ | 31.61 | ||||
Granted | 30,407 | $ | 42.21 | ||||
Vested | (26,633 | ) | $ | 30.86 | |||
Balance at December 31, 2013 | 58,649 | $ | 37.45 | ||||
Schedule of SARs Assumptions | ' | ||||||
Year Ended December 31, 2013 | |||||||
Risk-free interest rate | 1.29 | % | |||||
Expected life | 7 years | ||||||
Expected volatility | 28.72 | % | |||||
Expected dividend yield | 1.71 | % | |||||
Schedule of SARs Activity | ' | ||||||
Changes in SARs outstanding for the year ended December 31, 2013 were as follows: | |||||||
SARs | Weighted Average Exercise Price | ||||||
Balance at December 31, 2012 | 351,881 | $ | 27.52 | ||||
Granted | 85,943 | $ | 42.14 | ||||
Exercised | (94,379 | ) | $ | 24.67 | |||
Balance at December 31, 2013 | 343,445 | $ | 32.01 | ||||
Exercisable at December 31, 2013 | 166,317 | $ | 26.58 |
Other_Operating_Expense_Tables
Other Operating Expense (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Operating Expense [Abstract] | ' | ||||||||
Schedule of Other Operating Expense | ' | ||||||||
Details of other operating expense are as follows: | |||||||||
For the Years Ended December 31, | |||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||
Postage and supplies | $ | 2,066 | $ | 2,052 | $ | 2,239 | |||
Promotional expense | 2,024 | 2,345 | 1,646 | ||||||
Professional fees | 1,340 | 2,183 | 3,141 | ||||||
Outside service fees | 3,046 | 2,729 | 2,628 | ||||||
Data processing services | 367 | 373 | 362 | ||||||
Telecommunications | 955 | 754 | 641 | ||||||
Other | 1,347 | 1,080 | 1,849 | ||||||
Total other operating expense | $ | 11,145 | $ | 11,516 | $ | 12,506 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The components of income tax expense (benefit) are as follows: | ||||||||||||
For the Years Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal | $ | 6,729 | $ | 6,195 | $ | 5,372 | ||||||
State | 448 | 718 | 980 | |||||||||
Deferred: | ||||||||||||
Federal | 39 | 933 | 1,983 | |||||||||
State | 18 | 41 | 162 | |||||||||
Total income tax expense | $ | 7,234 | $ | 7,887 | $ | 8,497 | ||||||
Schedule of Reconciliation of Expected Income Tax Expense (Benefit) | ' | |||||||||||
A reconciliation of expected income tax expense (benefit), computed by applying the effective federal statutory rate of 35% for each of 2013, 2012 and 2011 to income before income tax expense, to reported income tax expense is as follows: | ||||||||||||
For the Years Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Expected income tax expense | $ | 10,756 | $ | 10,917 | $ | 11,027 | ||||||
(Reductions) increases resulting from: | ||||||||||||
Tax-exempt income | (3,297 | ) | (3,633 | ) | (3,760 | ) | ||||||
State taxes, net of federal benefit | 303 | 493 | 742 | |||||||||
Other, net | (528 | ) | 110 | 488 | ||||||||
Total income tax expense | $ | 7,234 | $ | 7,887 | $ | 8,497 | ||||||
Schedule of Deferred Assets and Liabilities | ' | |||||||||||
The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Allowance for loan losses | $ | 4,368 | $ | 4,599 | ||||||||
ASC 715 pension funding liability | 5,444 | 11,744 | ||||||||||
Net operating loss carryforward1 | 298 | 341 | ||||||||||
Stock compensation | 337 | 139 | ||||||||||
Supplemental executive retirement plan accrual | 1,130 | 829 | ||||||||||
Other | 569 | 488 | ||||||||||
Total deferred tax assets | $ | 12,146 | $ | 18,140 | ||||||||
Deferred tax liabilities: | ||||||||||||
Premises and equipment | (1,767 | ) | (863 | ) | ||||||||
Pension | (6,233 | ) | (6,081 | ) | ||||||||
Intangible/assets | (996 | ) | (867 | ) | ||||||||
Unrealized gain on investment in securities available-for-sale | (2,086 | ) | (6,947 | ) | ||||||||
Other | (353 | ) | (298 | ) | ||||||||
Total deferred tax liabilities | $ | (11,435 | ) | $ | (15,056 | ) | ||||||
Net deferred tax assets | $ | 711 | $ | 3,084 | ||||||||
1 As of December 31, 2013, the Company had approximately $852,000 of net operating loss carry forwards as a result of the acquisition of Franklin Bancorp. The utilization of the net operating loss carry forward is subject to Section 382 of the Internal Revenue Code and limits the Company's use to approximately $122,000 per year during the carry forward period, which expires in 2020. | ||||||||||||
Schedule of the Reconciliation of Unrecognized Tax Benefits | ' | |||||||||||
The reconciliation of the beginning unrecognized tax benefits balance to the ending balance is presented in the following table: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Balance at January 1 | $ | 1,885 | $ | 2,069 | $ | 1,877 | ||||||
Changes in unrecognized tax benefits as a result of tax | ||||||||||||
positions taken during a prior year | (666 | ) | (140 | ) | 287 | |||||||
Changes in unrecognized tax benefits as a result of tax | ||||||||||||
position taken during the current year | 374 | 419 | 475 | |||||||||
Decreases in unrecognized tax benefits relating to | ||||||||||||
settlements with taxing authorities | - | - | - | |||||||||
Reductions to unrecognized tax benefits as a result of a | ||||||||||||
lapse of the applicable statute of limitations | (385 | ) | (463 | ) | (570 | ) | ||||||
Balance at December 31 | $ | 1,208 | $ | 1,885 | $ | 2,069 |
Disclosures_about_Fair_Value_o1
Disclosures about Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Schedule of Commitments to Extend Credit, Standby Letters of Credit and Commercial Letters | ' | |||||||||||
The following table shows conditional commitments to extend credit, standby letters of credit and commercial letters: | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||
Conditional commitments to extend credit | $ | 5,596 | $ | 14,847 | ||||||||
Standby letters of credit | 13,168 | 13,316 | ||||||||||
Commercial letters of credit | 3,325 | 3,069 | ||||||||||
Schedule of Company's Financial Instruments | ' | |||||||||||
Following is a summary of the carrying amounts and fair values of the Company's financial instruments: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Carrying | Carrying | |||||||||||
(In thousands) | Amount | Fair Value | Amount | Fair Value | ||||||||
Balance sheet assets: | ||||||||||||
Cash and cash equivalents | $ | 225,262 | $ | 225,262 | $ | 141,088 | $ | 141,088 | ||||
Investment in securities | 317,767 | 317,767 | 341,935 | 341,935 | ||||||||
Loans, net | 640,498 | 642,543 | 675,376 | 676,675 | ||||||||
Accrued interest receivable | 6,030 | 6,030 | 6,276 | 6,276 | ||||||||
Total | $ | 1,189,557 | $ | 1,191,602 | $ | 1,164,675 | $ | 1,165,974 | ||||
Balance sheet liabilities: | ||||||||||||
Deposits | $ | 582,496 | $ | 583,989 | $ | 563,708 | $ | 564,189 | ||||
Accounts and drafts payable | 543,953 | 543,953 | 522,761 | 522,761 | ||||||||
Accrued interest payable | 88 | 88 | 112 | 112 | ||||||||
Total | $ | 1,126,537 | $ | 1,128,030 | $ | 1,086,581 | $ | 1,087,062 |
Industry_Segment_Information_T
Industry Segment Information (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Industry Segment Information [Abstract] | ' | |||||||||||||
Summary of Segment Information | ' | |||||||||||||
Summarized information about the Company's operations in each industry segment for the years ended December 31, 2013, 2012 and 2011, is as follows: | ||||||||||||||
Corporate, | ||||||||||||||
Information | Banking | Eliminations | ||||||||||||
(In thousands) | Services | Services | and Other | Total | ||||||||||
2013 | ||||||||||||||
Fee revenue and other income: | ||||||||||||||
Income from customers | $ | 75,010 | $ | 1,216 | $ | 346 | $ | 76,572 | ||||||
Intersegment income (expense) | 9,637 | 1,479 | (11,116 | ) | - | |||||||||
Net interest income (expense) after provision | ||||||||||||||
for loan losses: | ||||||||||||||
Income from customers | 15,986 | 22,259 | - | 38,245 | ||||||||||
Intersegment income (expense) | 11 | (11 | ) | - | - | |||||||||
Depreciation and amortization | 2,638 | 143 | 115 | 2,896 | ||||||||||
Income taxes | 2,232 | 5,002 | - | 7,234 | ||||||||||
Net income | 15,237 | 8,133 | 127 | 23,497 | ||||||||||
Goodwill | 11,454 | 136 | - | 11,590 | ||||||||||
Other intangible assets, net | 3,222 | - | - | 3,222 | ||||||||||
Total assets | $ | 657,604 | $ | 679,357 | $ | (10,941 | ) | $ | 1,326,020 | |||||
2012 | ||||||||||||||
Fee revenue and other income: | ||||||||||||||
Income from customers | $ | 70,376 | $ | 1,272 | $ | (510 | ) | $ | 71,138 | |||||
Intersegment income (expense) | 9,478 | 1,663 | (11,141 | ) | ||||||||||
Net interest income (expense) after provision | ||||||||||||||
for loan losses: | ||||||||||||||
Income from customers | 18,547 | 21,838 | - | 40,385 | ||||||||||
Intersegment income (expense) | 24 | (24 | ) | - | - | |||||||||
Depreciation and amortization | 2,392 | 101 | 39 | 2,532 | ||||||||||
Income taxes | 2,802 | 5,085 | - | 7,887 | ||||||||||
Net income | 15,761 | 8,014 | (472 | ) | 23,303 | |||||||||
Goodwill | 11,454 | 136 | - | 11,590 | ||||||||||
Other intangible assets, net | 3,757 | - | - | 3,757 | ||||||||||
Total assets | $ | 642,623 | $ | 668,648 | $ | (23,884 | ) | $ | 1,287,387 | |||||
2011 | ||||||||||||||
Fee revenue and other income: | ||||||||||||||
Income from customers | $ | 61,470 | $ | 1,354 | $ | - | $ | 62,824 | ||||||
Intersegment income (expense) | 10,088 | 1,859 | (11,947 | ) | - | |||||||||
Net interest income (expense) after provision | ||||||||||||||
for loan losses: | ||||||||||||||
Income from customers | 21,030 | 22,681 | - | 43,711 | ||||||||||
Intersegment income (expense) | 17 | (17 | ) | - | - | |||||||||
Depreciation and amortization | 1,874 | 164 | 24 | 2,062 | ||||||||||
Income taxes | 3,028 | 5,469 | - | 8,497 | ||||||||||
Net income | 14,716 | 8,293 | - | 23,009 | ||||||||||
Goodwill | 7,335 | 136 | - | 7,471 | ||||||||||
Other intangible assets, net | 161 | - | - | 161 | ||||||||||
Total assets | $ | 698,685 | $ | 622,996 | $ | (2,380 | ) | $ | 1,319,301 |
Condensed_Financial_Informatio1
Condensed Financial Information of Parent Company (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company [Abstract] | ' | |||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||
Condensed Balance Sheets | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 24,519 | $ | 22,709 | ||||||||
Short-term investments | 63,063 | 38,705 | ||||||||||
Securities available-for-sale, at fair value | 317,767 | 316,771 | ||||||||||
Loans, net | 125,316 | 156,935 | ||||||||||
Investments in subsidiary | 76,500 | 67,385 | ||||||||||
Premises and equipment, net | 12,276 | 10,436 | ||||||||||
Other assets | 120,438 | 106,247 | ||||||||||
Total assets | $ | 739,879 | $ | 719,188 | ||||||||
Liabilities and Shareholders' Equity | ||||||||||||
Liabilities: | ||||||||||||
Accounts and drafts payable | 543,953 | 522,761 | ||||||||||
Other liabilities | 5,521 | 22,214 | ||||||||||
Total liabilities | 549,474 | 544,975 | ||||||||||
Total shareholders' equity | 190,405 | 174,213 | ||||||||||
Total liabilities and shareholders' equity | $ | 739,879 | $ | 719,188 | ||||||||
Schedule of Condensed Statements of Income | ' | |||||||||||
Condensed Statement of Income | ||||||||||||
For the Years Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Income from subsidiary: | ||||||||||||
Interest | $ | 12 | $ | 24 | $ | 18 | ||||||
Management fees | 2,119 | 1,955 | 1,794 | |||||||||
Income from subsidiary | 2,131 | 1,979 | 1,812 | |||||||||
Information services revenue | 70,503 | 66,417 | 60,688 | |||||||||
Net interest income after provision | 15,069 | 17,563 | 19,933 | |||||||||
Gain on sales of investment securities | 3,677 | 3,145 | 43 | |||||||||
Other income | 527 | 535 | 701 | |||||||||
Total income | 91,907 | 89,639 | 83,177 | |||||||||
Expenses: | ||||||||||||
Salaries and employee benefits | 59,004 | 55,981 | 50,296 | |||||||||
Other expenses | 15,027 | 14,492 | 14,462 | |||||||||
Total expenses | 74,031 | 70,473 | 64,758 | |||||||||
Income before income tax and equity in undistributed income | ||||||||||||
of subsidiary | 17,876 | 19,166 | 18,419 | |||||||||
Income tax expense | 2,381 | 2,914 | 3,156 | |||||||||
Income before undistributed income of subsidiary | 15,495 | 16,252 | 15,263 | |||||||||
Equity in undistributed income of subsidiary | 7,530 | 7,523 | 7,746 | |||||||||
Intercompany elimination | 472 | (472 | ) | - | ||||||||
Net income | $ | 23,497 | $ | 23,303 | $ | 23,009 | ||||||
Schedule of Condensed Statements of Cash Flows | ' | |||||||||||
Condensed Statements of Cash Flows | ||||||||||||
For the Years Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 23,497 | $ | 23,303 | $ | 23,009 | ||||||
Adjustments to reconcile net income to net cash provided | ||||||||||||
by (used in) operating activities: | ||||||||||||
Equity in undistributed income of subsidiary | (7,530 | ) | (7,523 | ) | (7,746 | ) | ||||||
Net change in other assets | (8,420 | ) | (3,338 | ) | (19,669 | ) | ||||||
Net change in other liabilities | (2,729 | ) | 5,603 | 1,655 | ||||||||
Amortization of stock-based awards | 1,177 | 1,201 | 1,390 | |||||||||
Other, net | (4,180 | ) | (2,673 | ) | (7,497 | ) | ||||||
Net cash provided by (used in) operating activities | 1,815 | 16,573 | (8,858 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||
Net increase in securities | (15,385 | ) | (7,697 | ) | (37,329 | ) | ||||||
Net decrease in loans | 31,619 | 16,319 | 19,068 | |||||||||
Purchases of premises and equipment, net | (4,050 | ) | (3,555 | ) | (2,107 | ) | ||||||
Net cash provided by (used in) investing activities | 12,184 | 5,067 | (20,368 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||
Net increase (decrease) in accounts and drafts payable | 21,192 | (72,440 | ) | 79,094 | ||||||||
Cash dividends paid | (8,510 | ) | (7,361 | ) | (6,279 | ) | ||||||
Other financing activities | (513 | ) | (2,454 | ) | (1,177 | ) | ||||||
Net cash provided by (used in) financing activities | 12,169 | (82,255 | ) | 71,638 | ||||||||
Net increase (decrease) in cash and cash equivalents | 26,168 | (60,615 | ) | 42,412 | ||||||||
Cash and cash equivalents at beginning of year | 61,414 | 122,029 | 79,617 | |||||||||
Cash and cash equivalents at end of year | $ | 87,582 | $ | 61,414 | $ | 122,029 |
SUPPLEMENTARY_FINANCIAL_INFORM1
SUPPLEMENTARY FINANCIAL INFORMATION (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
SUPPLEMENTARY FINANCIAL INFORMATION [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
SUPPLEMENTARY FINANCIAL INFORMATION | ||||||||||||||||
(Unaudited) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
(In thousands except per share data) | Quarter | Quarter | Quarter | Quarter | YTD | |||||||||||
2013 | ||||||||||||||||
Fee revenue and other income | $ | 18,465 | $ | 19,567 | $ | 19,695 | $ | 18,845 | $ | 76,572 | ||||||
Interest income | 10,856 | 10,623 | 10,082 | 10,016 | 41,577 | |||||||||||
Interest expense | 687 | 694 | 722 | 729 | 2,832 | |||||||||||
Net interest income | 10,169 | 9,929 | 9,360 | 9,287 | 38,745 | |||||||||||
Provision for loan losses | 200 | 300 | - | - | 500 | |||||||||||
Operating expense | 20,389 | 21,017 | 21,384 | 21,296 | 84,086 | |||||||||||
Income tax expense | 2,013 | 2,106 | 1,533 | 1,582 | 7,234 | |||||||||||
Net income | $ | 6,032 | $ | 6,073 | $ | 6,138 | $ | 5,254 | $ | 23,497 | ||||||
Net income per share: | ||||||||||||||||
Basic earnings per share | $ | 0.53 | $ | 0.53 | $ | 0.54 | $ | 0.45 | $ | 2.05 | ||||||
Diluted earnings per share | 0.52 | 0.52 | 0.53 | 0.45 | 2.02 | |||||||||||
2012 | ||||||||||||||||
Fee revenue and other income | $ | 17,883 | $ | 18,237 | $ | 17,301 | $ | 17,717 | $ | 71,138 | ||||||
Interest income | 11,589 | 11,530 | 11,395 | 11,419 | 45,933 | |||||||||||
Interest expense | 838 | 760 | 785 | 765 | 3,148 | |||||||||||
Net interest income | 10,751 | 10,770 | 10,610 | 10,654 | 42,785 | |||||||||||
Provision for loan losses | 200 | 600 | - | 1,600 | 2,400 | |||||||||||
Operating expense | 20,341 | 20,240 | 19,929 | 19,823 | 80,333 | |||||||||||
Income tax expense | 2,185 | 2,205 | 1,890 | 1,607 | 7,887 | |||||||||||
Net income | $ | 5,908 | $ | 5,962 | $ | 6,092 | $ | 5,341 | $ | 23,303 | ||||||
Net income per share: | ||||||||||||||||
Basic earnings per share | $ | 0.52 | $ | 0.53 | $ | 0.53 | $ | 0.47 | $ | 2.05 | ||||||
Diluted earnings per share | 0.51 | 0.52 | 0.53 | 0.46 | 2.02 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Stock dividend, percent | 10.00% |
Ownership percentage | 20.00% |
Buildings [Member] | Maximum [Member] | ' |
Estimated useful lives | '40 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Estimated useful lives | '10 years |
Software, Equipment, Furniture and Fixtures [Member] | Minimum [Member] | ' |
Estimated useful lives | '3 years |
Software, Equipment, Furniture and Fixtures [Member] | Maximum [Member] | ' |
Estimated useful lives | '7 years |
Capital_Requirements_and_Regul2
Capital Requirements and Regulatory Restrictions (Narrative) (Details) (USD $) | Dec. 31, 2013 |
Capital Requirements and Regulatory Restrictions [Abstract] | ' |
Unappropriated retained earnings | $24,440,000 |
Capital_Requirements_and_Regul3
Capital Requirements and Regulatory Restrictions (Schedule of Capital Amounts and Ratios) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cass Information Systems Inc. [Member] | ' | ' |
Total capital (to risk-weighted assets), actual amount | $191,984 | $175,802 |
Tier I capital (to risk-weighted assets), actual amount | 181,198 | 164,729 |
Tier I capital (to average assets), actual amount | 181,198 | 164,729 |
Total capital (to risk-weighted assets), actual ratio | 22.27% | 19.87% |
Tier I capital (to risk-weighted assets), actual ratio | 21.02% | 18.62% |
Tier I capital (to average assets), actual ratio | 13.12% | 12.26% |
Total capital (to risk-weighted assets), capital requirements amount | 68,956 | 70,767 |
Tier I capital (to risk-weighted assets), capital requirements amount | 34,478 | 35,384 |
Tier I capital (to average assets), capital requirements amount | 41,438 | 40,294 |
Total capital (to risk-weighted assets), capital requirements ratio | 8.00% | 8.00% |
Tier I capital (to risk-weighted assets), capital requirements ratio | 4.00% | 4.00% |
Tier I capital (to average assets), capital requirements ratio | 3.00% | 3.00% |
Total capital (to risk-weighted assets), requirement to be well capitalized amount | ' | ' |
Tier I capital (to risk-weighted assets), requirement to be well capitalized amount | ' | ' |
Tier I capital (to average assets), requirement to be well capitalized amount | ' | ' |
Total capital (to risk-weighted assets), requirement to be well capitalized ratio | ' | ' |
Tier I capital (to risk-weighted assets), requirement to be well capitalized ratio | ' | ' |
Tier I capital (to average assets), requirement to be well capitalized ratio | ' | ' |
Cass Commercial Bank [Member] | ' | ' |
Total capital (to risk-weighted assets), actual amount | 83,168 | 75,300 |
Tier I capital (to risk-weighted assets), actual amount | 76,395 | 68,261 |
Tier I capital (to average assets), actual amount | 76,395 | 68,261 |
Total capital (to risk-weighted assets), actual ratio | 15.38% | 13.41% |
Tier I capital (to risk-weighted assets), actual ratio | 14.13% | 12.16% |
Tier I capital (to average assets), actual ratio | 11.37% | 10.64% |
Total capital (to risk-weighted assets), capital requirements amount | 43,256 | 44,909 |
Tier I capital (to risk-weighted assets), capital requirements amount | 21,628 | 22,454 |
Tier I capital (to average assets), capital requirements amount | 20,162 | 19,238 |
Total capital (to risk-weighted assets), capital requirements ratio | 8.00% | 8.00% |
Tier I capital (to risk-weighted assets), capital requirements ratio | 4.00% | 4.00% |
Tier I capital (to average assets), capital requirements ratio | 3.00% | 3.00% |
Total capital (to risk-weighted assets), requirement to be well capitalized amount | 54,071 | 56,136 |
Tier I capital (to risk-weighted assets), requirement to be well capitalized amount | 32,442 | 33,682 |
Tier I capital (to average assets), requirement to be well capitalized amount | $33,603 | $32,063 |
Total capital (to risk-weighted assets), requirement to be well capitalized ratio | 10.00% | 10.00% |
Tier I capital (to risk-weighted assets), requirement to be well capitalized ratio | 6.00% | 6.00% |
Tier I capital (to average assets), requirement to be well capitalized ratio | 5.00% | 5.00% |
Investment_in_Securities_Narra
Investment in Securities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment in Securities [Abstract] | ' | ' | ' |
Number of securities that had an unrealized loss | 102 | 18 | ' |
Number of securities that had an unrealized loss, greater than 12 months | 3 | ' | ' |
Percentage of total securities | 31.00% | ' | ' |
Premium related to purchase of state and political subdivisions | $4,450 | $4,384 | ' |
Securities pledged as collateral | 3,750 | 3,750 | ' |
Proceeds from sales of securities available-for-sale | 95,742 | 69,747 | 5,930 |
Gross realized gains | 4,295 | 2,646 | 48 |
Gross realized losses | $271 | $11 | $5 |
Investment_in_Securities_Sched
Investment in Securities (Schedule of Investement Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Amortized Cost | $312,153 | $322,087 |
Gross Unrealized Losses | 8,537 | 19,960 |
Gross Unrealized Gains | 2,923 | 112 |
Fair Value | 317,767 | 341,935 |
State and Political Subdivisions [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 308,403 | 315,345 |
Gross Unrealized Losses | 8,537 | 19,960 |
Gross Unrealized Gains | 2,923 | 112 |
Fair Value | 314,017 | 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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment [Line Items] | ' | ' |
Estimated fair value less than 12 months | $101,792 | $19,758 |
Estimated fair value 12 months or more | 3,554 | ' |
Estimated fair value total | 105,346 | 19,758 |
Unrealized losses, 12 months or more | 2,661 | 112 |
Unrealized losses, less than 12 months | 262 | ' |
Unrealized losses, total | 2,923 | 112 |
State and Political Subdivisions [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Estimated fair value less than 12 months | 101,792 | 19,758 |
Estimated fair value 12 months or more | 3,554 | ' |
Estimated fair value total | 105,346 | 19,758 |
Unrealized losses, 12 months or more | 2,661 | 112 |
Unrealized losses, less than 12 months | 262 | ' |
Unrealized losses, total | 2,923 | 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 $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment in Securities [Abstract] | ' | ' |
Amortized Cost, Due in 1 year or less | $14,994 | ' |
Amortized Cost, Due after 1 year through 5 years | 67,800 | ' |
Amortized Cost, Due after 5 years through 10 years | 139,779 | ' |
Amortized Cost, Due after 10 years | 89,580 | ' |
Amortized Cost, No stated maturity | ' | ' |
Amortized Cost, Total | 312,153 | ' |
Fair Value, Due in 1 year or less | 15,225 | ' |
Fair Value, Due after 1 year through 5 years | 71,914 | ' |
Fair Value, Due after 5 years through 10 years | 140,947 | ' |
Fair Value, Due after 10 years | 89,681 | ' |
Fair Value, No stated maturity | ' | ' |
Available-for-sale Securities, Total | $317,767 | $341,935 |
Loans_Narrative_Details
Loans (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2013 |
Loans [Abstract] | ' | ' | ' | ' | ' |
Loan receivable amount from nonaccrual loan | $4,115 | ' | ' | ' | ' |
Fair value of loan receivable | 4,198 | ' | ' | ' | ' |
Charge off amount | 83 | 1,540 | ' | ' | ' |
Impaired loans | ' | 362 | ' | ' | ' |
Impaired loans, allowance for loan losses | ' | 318 | 1,404 | ' | ' |
Nonaccrual loans | ' | 1,797 | 6,572 | ' | ' |
Delinquent loans still accruing interest | ' | ' | ' | ' | ' |
Loans classified as troubled debt restructuring | ' | ' | ' | ' | ' |
Average balance of impaired loans | ' | 1,381 | 5,451 | 5,276 | ' |
Income recognized on nonaccrual loans under original terms of contract | ' | 180 | 381 | 107 | ' |
Income recognized on nonaccrual loans | ' | 131 | 141 | 102 | ' |
Foreclosed loans value | ' | ' | ' | ' | ' |
Loans to affiliates, decrease | ' | 28 | ' | ' | ' |
Loans to affiliates | ' | ' | $559 | ' | $531 |
Loans_Summary_of_Loan_Categori
Loans (Summary of Loan Categories) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | $652,177 | $687,733 |
Commercial and Industrial [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | 171,304 | 160,862 |
Real Estate Commercial Mortgage [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | 128,358 | 134,843 |
Real Estate Commercial Construction [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | 6,632 | 7,025 |
Real Estate Church Related Mortgage [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | 326,832 | 368,118 |
Real Estate Church Related Construction [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | 9,817 | 16,450 |
Industrial Revenue Bond [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | 9,167 | ' |
Other Loan [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Loans | $67 | $435 |
Loans_Schedule_of_the_Aging_of
Loans (Schedule of the Aging of Loans by Loan Categories) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Participating Mortgage Loans [Line Items] | ' | ' |
Current | $649,946 | $681,161 |
30-59 Days | 434 | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Non Accrual | 1,797 | 6,572 |
Loans | 652,177 | 687,733 |
Commercial and Industrial [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Current | 171,293 | 159,423 |
30-59 Days | ' | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Non Accrual | ' | 1,439 |
Loans | 171,304 | 160,862 |
Real Estate Commercial Mortgage [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Current | 127,879 | 129,884 |
30-59 Days | ' | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Non Accrual | 479 | 4,959 |
Loans | 128,358 | 134,843 |
Real Estate Commercial Construction [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Current | 6,632 | 7,025 |
30-59 Days | ' | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Non Accrual | ' | ' |
Loans | 6,632 | 7,025 |
Real Estate Church Related Mortgage [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Current | 325,091 | 367,944 |
30-59 Days | 434 | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Non Accrual | 1,307 | 174 |
Loans | 326,832 | 368,118 |
Real Estate Church Related Construction [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Current | 9,817 | 16,450 |
30-59 Days | ' | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Non Accrual | ' | ' |
Loans | 9,817 | 16,450 |
Industrial Revenue Bond [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Current | 9,167 | ' |
30-59 Days | ' | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Non Accrual | ' | ' |
Loans | 9,167 | ' |
Other [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Current | 67 | 435 |
30-59 Days | ' | ' |
60-89 Days | ' | ' |
90 Days and over | ' | ' |
Non Accrual | ' | ' |
Loans | $67 | $435 |
Loans_Schedule_of_the_Credit_E
Loans (Schedule of the Credit Exposure of the Loan Portfolio) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | $652,177 | $687,733 | ||
Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 636,373 | 669,429 | ||
Performing Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 14,007 | 11,732 | ||
Nonperforming Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 1,797 | 6,572 | ||
Commercial and Industrial [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 171,304 | 160,862 | ||
Commercial and Industrial [Member] | Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 167,878 | [1] | 155,838 | [1] |
Commercial and Industrial [Member] | Performing Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 3,415 | [2] | 3,585 | [2] |
Commercial and Industrial [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 11 | [2] | 1,439 | [2] |
Real Estate Commercial Mortgage [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 128,358 | 134,843 | ||
Real Estate Commercial Mortgage [Member] | Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 119,521 | [1] | 123,315 | [1] |
Real Estate Commercial Mortgage [Member] | Performing Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 8,358 | [2] | 6,569 | [2] |
Real Estate Commercial Mortgage [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 479 | [2] | 4,959 | [2],[3] |
Real Estate Commercial Construction [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 6,632 | 7,025 | ||
Real Estate Commercial Construction [Member] | Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 6,632 | [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 | 326,832 | 368,118 | ||
Real Estate Church Related Mortgage [Member] | Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 323,291 | [1] | 366,366 | [1] |
Real Estate Church Related Mortgage [Member] | Performing Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 2,234 | [2] | 1,578 | [2] |
Real Estate Church Related Mortgage [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 1,307 | [2] | 174 | [2] |
Real Estate Church Related Construction [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 9,817 | 16,450 | ||
Real Estate Church Related Construction [Member] | Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 9,817 | [1] | 16,450 | [1] |
Real Estate Church Related Construction [Member] | Performing Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | ' | [2] | ' | [2] |
Real Estate Church Related Construction [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | ' | [2] | ' | [2] |
Industrial Revenue Bond [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 9,167 | ' | ||
Industrial Revenue Bond [Member] | Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 9,167 | [1] | ' | [1] |
Industrial Revenue Bond [Member] | Performing Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | ' | [2] | ' | [2] |
Industrial Revenue Bond [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | ' | [2] | ' | [2] |
Other [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 67 | 435 | ||
Other [Member] | Loans Subject To Normal Monitoring [Member] | ' | ' | ||
Participating Mortgage Loans [Line Items] | ' | ' | ||
Loans | 67 | [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 obligation. | |||
[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_Schedule_of_Recorded_Inv
Loans (Schedule of Recorded Investment and Unpaid Principal for Impaired Loans) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Participating Mortgage Loans [Line Items] | ' | ' | |
Troubled debt restructurings still accruing | ' | ' | |
Non Accrual | 1,797 | 6,572 | |
Recorded Investment [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Fair value of impaired loan | 1,797 | 6,572 | |
Upaid Principal Balance [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Fair value of impaired loan | 1,797 | 6,572 | |
Related Allowance for Loan Losses [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Fair value of impaired loan | 318 | 1,404 | |
Commercial and Industrial [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Non Accrual | ' | 1,439 | |
Commercial and Industrial [Member] | Recorded Investment [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Non Accrual | 11 | 1,439 | |
Commercial and Industrial [Member] | Upaid Principal Balance [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Non Accrual | 11 | 1,439 | |
Commercial and Industrial [Member] | Related Allowance for Loan Losses [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Non Accrual | 6 | 657 | |
Real Estate Commercial Mortgage [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Non Accrual | 479 | 4,959 | |
Real Estate Commercial Mortgage [Member] | Recorded Investment [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Non Accrual | 479 | 4,959 | [1] |
Real Estate Commercial Mortgage [Member] | Upaid Principal Balance [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Non Accrual | 479 | 4,959 | [1] |
Real Estate Commercial Mortgage [Member] | Related Allowance for Loan Losses [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Non Accrual | 89 | 660 | |
Real Estate Church Related Mortgage [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Non Accrual | 1,307 | 174 | |
Real Estate Church Related Mortgage [Member] | Recorded Investment [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Non Accrual | 1,307 | 174 | |
Real Estate Church Related Mortgage [Member] | Upaid Principal Balance [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Non Accrual | 1,307 | 174 | |
Real Estate Church Related Mortgage [Member] | Related Allowance for Loan Losses [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Non Accrual | $223 | $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_Summary_of_Allowance_for
Loans (Summary of Allowance for Loan Losses) (Details) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2013 | Dec. 31, 2013 |
Participating Mortgage Loans [Line Items] | ' | ' |
Allowance for loan losses, Beginning Balance | ' | $12,357 |
Charge-Offs | 83 | 1,540 |
Recoveries | ' | 362 |
Provision | ' | 500 |
Allowance for loan losses, Ending Balance | ' | 11,679 |
Commercial and Industrial [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Allowance for loan losses, Beginning Balance | ' | 3,192 |
Charge-Offs | ' | 1,307 |
Recoveries | ' | 47 |
Provision | ' | 1,104 |
Allowance for loan losses, Ending Balance | ' | 3,036 |
Real Estate Commercial Mortgage [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Allowance for loan losses, Beginning Balance | ' | 3,784 |
Charge-Offs | ' | 233 |
Recoveries | ' | 35 |
Provision | ' | 360 |
Allowance for loan losses, Ending Balance | ' | 3,946 |
Real Estate Commercial Construction [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Allowance for loan losses, Beginning Balance | ' | 137 |
Charge-Offs | ' | ' |
Recoveries | ' | ' |
Provision | ' | 14 |
Allowance for loan losses, Ending Balance | ' | 151 |
Real Estate Church Related Mortgage [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Allowance for loan losses, Beginning Balance | ' | 4,903 |
Charge-Offs | ' | ' |
Recoveries | ' | 280 |
Provision | ' | -829 |
Allowance for loan losses, Ending Balance | ' | 4,354 |
Real Estate Church Related Construction [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Allowance for loan losses, Beginning Balance | ' | 333 |
Charge-Offs | ' | ' |
Recoveries | ' | ' |
Provision | ' | -209 |
Allowance for loan losses, Ending Balance | ' | 124 |
Industrial Revenue Bond [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Allowance for loan losses, Beginning Balance | ' | ' |
Charge-Offs | ' | ' |
Recoveries | ' | ' |
Provision | ' | 68 |
Allowance for loan losses, Ending Balance | ' | 68 |
Other [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Allowance for loan losses, Beginning Balance | ' | 8 |
Charge-Offs | ' | ' |
Recoveries | ' | ' |
Provision | ' | -8 |
Allowance for loan losses, Ending Balance | ' | ' |
Premises_and_Equipment_Narrati
Premises and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Premises and Equipment [Abstract] | ' | ' | ' |
Depreciation expense | $2,361,000 | $1,951,000 | $1,955,000 |
Rent expense | $1,222,000 | $547,000 | $598,000 |
Premises_and_Equipment_Summary
Premises and Equipment (Summary of Premises and Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Premises and equipment, gross | $37,819 | $33,359 |
Less accumulated depreciation | 24,588 | 22,624 |
Total | 13,231 | 10,735 |
Land [Member] | ' | ' |
Premises and equipment, gross | 873 | 873 |
Building [Member] | ' | ' |
Premises and equipment, gross | 10,801 | 10,564 |
Leaseholds and Leasehold Improvements [Member] | ' | ' |
Premises and equipment, gross | 2,086 | 1,211 |
Furniture and Fixtures [Member] | ' | ' |
Premises and equipment, gross | 12,081 | 10,784 |
Software [Member] | ' | ' |
Premises and equipment, gross | 9,328 | 7,277 |
Internally Developed Software [Member] | ' | ' |
Premises and equipment, gross | $2,650 | $2,650 |
Premises_and_Equipment_Schedul
Premises and Equipment (Schedule of Future Minimum Rental Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Premises and Equipment [Abstract] | ' |
2014 | $1,338 |
2015 | 1,189 |
2016 | 1,047 |
2017 | 1,025 |
2018 | 850 |
2019-2023 | 2,646 |
Total | $8,095 |
Acquired_Intangible_Assets_Nar
Acquired Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Customer Lists [Member] | Customer Lists [Member] | Customer Lists [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Software [Member] | Software [Member] | Other Intangible Assets [Member] | ||||
Maximum [Member] | Minimum [Member] | ||||||||||
Finite-lived intangible assets acquired | ' | ' | ' | $3,183,000 | ' | ' | $261,000 | ' | $234,000 | ' | ' |
Amortization period | ' | ' | ' | ' | '7 years | '10 years | ' | '5 years | ' | '3 years | '15 years |
Amortization of intangible assets | 535,000 | 581,000 | 107,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 482,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 404,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 404,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 352,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | $352,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired_Intangible_Assets_Sch
Acquired Intangible Assets (Schedule of Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets eligible for amortization: | ' | ' |
Gross Carrying Amount | $16,745 | $16,745 |
Accumulated Amortization | -1,933 | -1,398 |
Unamortized intangible assets: | ' | ' |
Goodwill, Gross Carrying Amount | 11,817 | 11,817 |
Goodwill, Accumulated Amortization | -227 | -227 |
Customer Lists [Member] | ' | ' |
Assets eligible for amortization: | ' | ' |
Gross Carrying Amount | 3,933 | 3,933 |
Accumulated Amortization | -1,387 | -1,015 |
Noncompete Agreements [Member] | ' | ' |
Assets eligible for amortization: | ' | ' |
Gross Carrying Amount | 261 | 261 |
Accumulated Amortization | -105 | -53 |
Software [Member] | ' | ' |
Assets eligible for amortization: | ' | ' |
Gross Carrying Amount | 234 | 234 |
Accumulated Amortization | -156 | -78 |
Other [Member] | ' | ' |
Assets eligible for amortization: | ' | ' |
Gross Carrying Amount | 500 | 500 |
Accumulated Amortization | ($58) | ($25) |
InterestBearing_Deposits_Sched
Interest-Bearing Deposits (Schedule of Interest-bearing Deposits) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Interest-Bearing Deposits [Abstract] | ' | ' |
Interest-bearing demand deposits | $316,743 | $279,803 |
Savings deposits | 22,916 | 27,211 |
Time deposits: | ' | ' |
Less than $100 | 7,777 | 8,742 |
$100 or more | 91,219 | 103,809 |
Total | $438,655 | $419,565 |
Weighted Average Interest Rate Interest-bearing demand deposits | 0.61% | 0.68% |
Weighted Average Interest Rate Savings deposits | 0.66% | 0.70% |
Weighted Average Interest Rate Less than $100 | 1.09% | 1.15% |
Weighted Average Interest Rate $100 or more | 0.81% | 0.94% |
Weighted Average Interest Rate Total | 0.69% | 0.78% |
InterestBearing_Deposits_Sched1
Interest-Bearing Deposits (Schedule of Interest on Deposits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest-Bearing Deposits [Abstract] | ' | ' | ' |
Interest-bearing demand deposits | $1,737 | $1,739 | $2,162 |
Savings deposits | 138 | 169 | 225 |
Time deposits: | ' | ' | ' |
Less than $100 | 600 | 784 | 1,297 |
$100 or more | 357 | 456 | 690 |
Total | $2,832 | $3,148 | $4,374 |
InterestBearing_Deposits_Sched2
Interest-Bearing Deposits (Schedule of Maturities of Time Deposits) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Due within: | ' | ' |
One year | $84,088 | $94,922 |
Two years | 12,690 | 13,871 |
Three years | 594 | 2,737 |
Four years | 459 | 520 |
Five years | 1,165 | 501 |
Total | $98,996 | $112,551 |
Percent of Total One year | 84.90% | 84.30% |
Percent of Total Two years | 12.80% | 12.30% |
Percent of Total Three years | 0.60% | 2.40% |
Percent of Total Four years | 0.50% | 0.50% |
Percent Of Toal Five years | 1.20% | 0.50% |
Total | 100.00% | 100.00% |
Unused_Available_Lines_of_Cred1
Unused Available Lines of Credit (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 |
Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | |
US Bank [Member] | Wells Fargo Bank [Member] | PNC Bank [Member] | Frost National Bank [Member] | JPM Chase Bank [Member] | UMB Bank [Member] | Bank Of America [Member] | UMB Bank [Member] | Federal Home Loan Bank [Member] | ||
Line of credit amount | $88,000,000 | $20,000,000 | $15,000,000 | $12,000,000 | $10,000,000 | $6,000,000 | $5,000,000 | $20,000,000 | $50,000,000 | $173,738,000 |
Common_Stock_and_Earnings_per_2
Common Stock and Earnings per Share (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Common Stock and Earnings per Share [Abstract] | ' |
Stock dividend, percent | 10.00% |
Common_Stock_and_Earnings_per_3
Common Stock and Earnings per Share (Schedule of Common Stock Outstanding) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Common Stock and Earnings per Share [Abstract] | ' |
Shares outstanding at January 1 | 11,463,831 |
Issued under stock-based compensation plan | 30,407 |
Stock options/SARs exercised | 27,242 |
Common_Stock_and_Earnings_per_4
Common Stock and Earnings per Share (Schedule of Calculations of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | $5,254 | $6,138 | $6,073 | $6,032 | $5,341 | $6,092 | $5,962 | $5,908 | $23,497 | $23,303 | $23,009 |
Weighted-average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 11,441,158 | 11,378,216 | 11,326,968 |
Basic earnings per share (in dollars per share) | $0.45 | $0.54 | $0.53 | $0.53 | $0.47 | $0.53 | $0.53 | $0.52 | $2.05 | $2.05 | $2.03 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | $5,254 | $6,138 | $6,073 | $6,032 | $5,341 | $6,092 | $5,962 | $5,908 | $23,497 | $23,303 | $23,009 |
Weighted-average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 11,441,158 | 11,378,216 | 11,326,968 |
Effect of dilutive restricted stock, stock options and SARs (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 199,581 | 178,998 | 148,652 |
Weighted-average common shares outstanding assuming dilution (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 11,640,739 | 11,557,214 | 11,475,620 |
Diluted earnings per share (in dollars per share) | $0.45 | $0.53 | $0.52 | $0.52 | $0.46 | $0.53 | $0.52 | $0.51 | $2.02 | $2.02 | $2.01 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined contribution plan, contribution amount | $591,000 | $537,000 | $497,000 |
Profit sharing expense recognized in consolidated statements of income | 5,065,000 | 5,213,000 | 5,270,000 |
Fixed Income [Member] | ' | ' | ' |
Target plan asset | 50.00% | ' | ' |
U.S. Equity [Member] | ' | ' | ' |
Target plan asset | 34.00% | ' | ' |
Non-U.S. Equity [Member] | ' | ' | ' |
Target plan asset | 16.00% | ' | ' |
Defined Benefit Plan [Member] | ' | ' | ' |
Accumulated benefit obligation | 52,187,000 | 54,094,000 | ' |
Pension contributions | 2,000,000 | ' | ' |
Recognized prior service (cost) benefit | 3,073,000 | ' | ' |
Net gains (losses) as a component of net periodic benefit cost | 386,000 | ' | ' |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' |
Accumulated benefit obligation | 5,917,000 | 6,200,000 | ' |
Contributions for plan | 5,065,000 | 5,213,000 | 5,270,000 |
Recognized prior service (cost) benefit | 136,000 | ' | ' |
Net gains (losses) as a component of net periodic benefit cost | $431,000 | ' | ' |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule of Projected Benefit Obligation) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Projected benefit obligation: | ' | ' |
Balance, January 1 | $67,087 | $53,972 |
Service cost | 3,452 | 2,799 |
Interest cost | 2,819 | 2,570 |
Actuarial loss | -8,496 | 9,063 |
Benefits paid | -1,423 | -1,317 |
Balance, December 31 | 63,439 | 67,087 |
Plan assets: | ' | ' |
Fair value, January 1 | 61,384 | 53,895 |
Actual return | 9,166 | 6,556 |
Employer contribution | 1,500 | 2,250 |
Benefits paid | -1,423 | -1,317 |
Fair value, December 31 | 70,627 | 61,384 |
Funded status: | ' | ' |
Accrued pension asset (liability) | $7,188 | ($5,703) |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans (Schedule of Assumptions used to Determine the Projected Benefit Obligation) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plans [Abstract] | ' | ' | ' |
Weighted average discount rate | 5.00% | 4.25% | 4.75% |
Rate of increase in compensation levels | 3.75% | 3.75% | 4.00% |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans (Schedule of Expected Pension Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
Employee Benefit Plans [Abstract] | ' |
2014 | $1,583,000 |
2015 | 1,706,000 |
2016 | 1,909,000 |
2017 | 2,113,000 |
2018 | 2,524,000 |
2019-2023 | $16,411,000 |
Employee_Benefit_Plans_Schedul3
Employee Benefit Plans (Schedule of Plan's Pension Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Service cost - benefits earned during the year | $3,452 | $2,799 | ' |
Interest cost on projected benefit obligations | 2,819 | 2,570 | ' |
Defined Benefit Plan [Member] | ' | ' | ' |
Service cost - benefits earned during the year | 3,452 | 2,799 | 2,073 |
Interest cost on projected benefit obligations | 2,819 | 2,570 | 2,423 |
Expected return on plan assets | -4,469 | -3,967 | -3,314 |
Net amortization and deferral | 1,729 | 1,473 | 603 |
Net periodic pension cost | $3,531 | $2,875 | $1,785 |
Employee_Benefit_Plans_Schedul4
Employee Benefit Plans (Schedule of Assumptions used to Determine Net Pension Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Benefit Plans [Abstract] | ' | ' | ' |
Weighted average discount rate | 4.25% | 4.75% | 5.75% |
Rate of increase in compensation levels | 3.75% | 4.00% | 4.00% |
Expected long-term rate of return on assets | 7.25% | 7.25% | 7.25% |
Employee_Benefit_Plans_Schedul5
Employee Benefit Plans (Schedule of Long-term Rate of Return on Assets (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' |
Assumed long-term rate of return on assets | 7.00% |
Fixed Income [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 50.00% |
One-Year Nominal Return | 4.59% |
Annual Standard Deviation | 6.45% |
U.S. Equity [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 34.00% |
Large Cap U.S. Equities [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 27.00% |
One-Year Nominal Return | 8.06% |
Annual Standard Deviation | 17.80% |
Small Cap U.S. Equities [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 7.00% |
One-Year Nominal Return | 9.82% |
Annual Standard Deviation | 26.20% |
Non-U.S. Equity [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 16.00% |
International (Developed) [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 15.00% |
One-Year Nominal Return | 8.21% |
Annual Standard Deviation | 20.40% |
International (Emerging) [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 1.00% |
One-Year Nominal Return | 11.13% |
Annual Standard Deviation | 31.15% |
Minimum [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Assumed long-term rate of return on assets | 4.77% |
Maximum [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Assumed long-term rate of return on assets | 7.27% |
Employee_Benefit_Plans_Summary
Employee Benefit Plans (Summary of the Fair Value Measurements by Type of Asset) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Total | $70,627 | $61,384 | $53,895 |
Cash [Member] | ' | ' | ' |
Total | 245 | 238 | ' |
U.S. Large Cap Growth [Member] | ' | ' | ' |
Total | 6,650 | 5,193 | ' |
U.S. Large Cap Value [Member] | ' | ' | ' |
Total | 6,835 | 5,317 | ' |
U.S. Small/Mid Cap Growth [Member] | ' | ' | ' |
Total | 2,825 | 2,159 | ' |
U.S. Small/Mid Cap Value [Member] | ' | ' | ' |
Total | 2,784 | 2,167 | ' |
Non-U.S. Core [Member] | ' | ' | ' |
Total | 10,840 | 9,478 | ' |
U.S. Large Cap Passive [Member] | ' | ' | ' |
Total | 6,929 | 6,004 | ' |
Emerging Markets [Member] | ' | ' | ' |
Total | 711 | 732 | ' |
U.S. Core Opportunistic [Member] | ' | ' | ' |
Total | 22,720 | 22,189 | ' |
U.S. Passive [Member] | ' | ' | ' |
Total | 8,747 | 7,907 | ' |
Opportunistic [Member] | ' | ' | ' |
Total | 1,341 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Total | 245 | 238 | ' |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ' | ' | ' |
Total | 245 | 238 | ' |
Fair Value, Inputs, Level 1 [Member] | U.S. Large Cap Growth [Member] | ' | ' | ' |
Total | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | U.S. Large Cap Value [Member] | ' | ' | ' |
Total | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | U.S. Small/Mid Cap Growth [Member] | ' | ' | ' |
Total | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | U.S. Small/Mid Cap Value [Member] | ' | ' | ' |
Total | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Non-U.S. Core [Member] | ' | ' | ' |
Total | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | U.S. Large Cap Passive [Member] | ' | ' | ' |
Total | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Emerging Markets [Member] | ' | ' | ' |
Total | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | U.S. Core Opportunistic [Member] | ' | ' | ' |
Total | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | U.S. Passive [Member] | ' | ' | ' |
Total | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Opportunistic [Member] | ' | ' | ' |
Total | ' | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Total | 70,382 | 61,146 | ' |
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | ' | ' | ' |
Total | ' | ' | ' |
Fair Value, Inputs, Level 2 [Member] | U.S. Large Cap Growth [Member] | ' | ' | ' |
Total | 6,650 | 5,193 | ' |
Fair Value, Inputs, Level 2 [Member] | U.S. Large Cap Value [Member] | ' | ' | ' |
Total | 6,835 | 5,317 | ' |
Fair Value, Inputs, Level 2 [Member] | U.S. Small/Mid Cap Growth [Member] | ' | ' | ' |
Total | 2,825 | 2,159 | ' |
Fair Value, Inputs, Level 2 [Member] | U.S. Small/Mid Cap Value [Member] | ' | ' | ' |
Total | 2,784 | 2,167 | ' |
Fair Value, Inputs, Level 2 [Member] | Non-U.S. Core [Member] | ' | ' | ' |
Total | 10,840 | 9,478 | ' |
Fair Value, Inputs, Level 2 [Member] | U.S. Large Cap Passive [Member] | ' | ' | ' |
Total | 6,929 | 6,004 | ' |
Fair Value, Inputs, Level 2 [Member] | Emerging Markets [Member] | ' | ' | ' |
Total | 711 | 732 | ' |
Fair Value, Inputs, Level 2 [Member] | U.S. Core Opportunistic [Member] | ' | ' | ' |
Total | 22,720 | 22,189 | ' |
Fair Value, Inputs, Level 2 [Member] | U.S. Passive [Member] | ' | ' | ' |
Total | 8,747 | 7,907 | ' |
Fair Value, Inputs, Level 2 [Member] | Opportunistic [Member] | ' | ' | ' |
Total | $1,341 | ' | ' |
Employee_Benefit_Plans_Summary1
Employee Benefit Plans (Summary of the Activity in the SERP's Projected Benefit Obligation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Benefit obligation: | ' | ' | ' |
Balance, January 1 | $67,087 | $53,972 | ' |
Service cost | 3,452 | 2,799 | ' |
Interest cost | 2,819 | 2,570 | ' |
Benefits paid | 1,423 | 1,317 | ' |
Actuarial loss (gain) | -8,496 | 9,063 | ' |
Balance, December 31 | 63,439 | 67,087 | ' |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' |
Benefit obligation: | ' | ' | ' |
Balance, January 1 | 8,482 | 7,434 | ' |
Service cost | 144 | 115 | 89 |
Interest cost | 335 | 307 | 295 |
Benefits paid | -236 | -236 | -236 |
Actuarial loss (gain) | 677 | 862 | ' |
Balance, December 31 | ' | $8,482 | $7,434 |
Employee_Benefit_Plans_Schedul6
Employee Benefit Plans (Schedule of Assumptions used to Determine Projected Benefit Obligation of the SERP) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Weighted average discount rate | 5.00% | 4.25% | 4.75% |
Rate of increase in compensation levels | 3.75% | 3.75% | 4.00% |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' |
Weighted average discount rate | 4.75% | 4.00% | 4.50% |
Rate of increase in compensation levels | 3.75% | 3.75% | 4.00% |
Employee_Benefit_Plans_Schedul7
Employee Benefit Plans (Schedule of Expected Future Benefits Payable) (Details) (USD $) | Dec. 31, 2013 |
2014 | $1,583,000 |
2015 | 1,706,000 |
2016 | 1,909,000 |
2017 | 2,113,000 |
2018 | 2,524,000 |
2019-2023 | 16,411,000 |
Supplemental Executive Retirement Plan [Member] | ' |
2014 | 236,000 |
2015 | 235,000 |
2016 | 245,000 |
2017 | 260,000 |
2018 | 340,000 |
2019-2023 | $2,564,000 |
Employee_Benefit_Plans_Schedul8
Employee Benefit Plans (Schedule of SERP's Pension Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Service cost - benefits earned during the year | $3,452 | $2,799 | ' |
Interest cost on projected benefit obligations | 2,819 | 2,570 | ' |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' |
Service cost - benefits earned during the year | 144 | 115 | 89 |
Interest cost on projected benefit obligations | 335 | 307 | 295 |
Net amortization and deferral | 551 | 360 | 250 |
Net periodic pension cost | $1,030 | $782 | $634 |
Employee_Benefit_Plans_Schedul9
Employee Benefit Plans (Schedule of the Pre-tax amounts in Accumulated Other Comprehensive Loss) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan [Member] | ' | ' |
Prior service cost | $8 | $16 |
Net actuarial loss | 11,471 | 26,385 |
Total | 11,479 | 26,401 |
Supplemental Executive Retirement Plan [Member] | ' | ' |
Prior service cost | ' | ' |
Net actuarial loss | 3,075 | 4,304 |
Total | $3,075 | $4,304 |
Stockbased_Compensation_Narrat
Stock-based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares authorized for issuance | 1,500,000 | ' | ' |
Total unrecognized compensation expense | $55 | $55 | $316 |
Share-Based Compensation | 1,795 | 1,398 | 1,391 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares granted | 30,407 | 28,370 | 31,472 |
Shares granted, weighted average grant date market value | ' | $34.03 | $30.05 |
Vesting period | '3 years | ' | ' |
Amortization of restricted stock bonus | 1,176 | 788 | 787 |
Total unrecognized compensation expense | 1,131 | ' | ' |
Total unrecognized compensation expense, weighted average period | '7 months 21 days | ' | ' |
Total fair value of shares vested | 822 | 788 | 812 |
SARs [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares granted | 85,943 | ' | ' |
Shares granted, weighted average grant date market value | $10.69 | ' | ' |
Total unrecognized compensation expense | 945 | ' | ' |
Total unrecognized compensation expense, weighted average period | '1 year 1 month 17 days | ' | ' |
Total intrinsic value of options exercised | 2,328 | 1,769 | ' |
Non-qualified options exercised | 94,379 | ' | ' |
Stock option expense | 800 | ' | ' |
Average remaining contractual term | '7 years 3 months 29 days | '7 years 3 months 30 days | ' |
Outstanding, Aggregate Intrinsic Value | $12,137 | $4,988 | ' |
Stockbased_Compensation_Schedu
Stock-based Compensation (Schedule of Restricted Stock Outstanding) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | ' | ' | ' |
Shares | ' | ' | ' |
Balance at December 31, 2012 | 54,875 | ' | ' |
Granted | 30,407 | 28,370 | 31,472 |
Vested | 26,633 | ' | ' |
Balance at December 31, 2013 | 58,649 | 54,875 | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Balance at December 31, 2012 | $31.61 | ' | ' |
Granted | $42.21 | ' | ' |
Forfeited | $30.86 | ' | ' |
Balance at December 31, 2013 | $37.45 | $31.61 | ' |
Stockbased_Compensation_Schedu1
Stock-based Compensation (Schedule of the Assumptions of SARs) (Details) (SARs [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
SARs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk free interest rate | 1.29% |
Expected life | '7 years |
Expected volatility | 28.72% |
Expected dividend yield | 1.71% |
Stockbased_Compensation_Schedu2
Stock-based Compensation (Schedule of SARs Oustanding) (Details) (SARs [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
SARs [Member] | ' |
SARs | ' |
Balance at December 31, 2012 | 351,881 |
Granted | 85,943 |
Exercised | 94,379 |
Balance at December 31, 2013 | 343,445 |
Exercisable at December 31, 2013 | 166,317 |
Weighted Average Exercise Price | ' |
Balance at December 31, 2012 | $27.52 |
Granted | $42.14 |
Exercised | $24.67 |
Balance at December 31, 2013 | $32.01 |
Exercisable at December 31, 2013 | $26.58 |
Other_Operating_Expense_Schedu
Other Operating Expense (Schedule of Other Operating Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Operating Expense [Abstract] | ' | ' | ' |
Postage and supplies | $2,066 | $2,052 | $2,239 |
Promotional expense | 2,024 | 2,345 | 1,646 |
Professional fees | 1,340 | 2,183 | 3,141 |
Outside service fees | 3,046 | 2,729 | 2,628 |
Data processing services | 367 | 373 | 362 |
Telecommunications | 955 | 754 | 641 |
Other | 1,347 | 1,080 | 1,849 |
Total other operating expense | $11,145 | $11,516 | $12,506 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' | |
Statutory federal tax rate | 35.00% | 35.00% | 35.00% | |
Net operating loss carryforward | $298 | [1] | $341 | ' |
Amounts of tax benefits that would affect effective tax rate if recognized | 861 | 1,357 | 1,496 | |
Income tax accrued interest | 41 | 89 | 95 | |
Reduction in accrued interest | 48 | 6 | ' | |
Reduction of tax benefits over the next twelve months | 251 | ' | ' | |
Franklin Bancorp [Member] | ' | ' | ' | |
Income Taxes [Line Items] | ' | ' | ' | |
Net operating loss carryforward | 852 | ' | ' | |
Limitations on use | $122 | ' | ' | |
Net operating loss carryforward expiration date | 31-Dec-20 | ' | ' | |
[1] | As of December 31, 2013, the Company had approximately $852,000 of net operating loss carry forwards as a result of the acquisition of Franklin Bancorp. The utilization of the net operating loss carry forward is subject to Section 382 of the Internal Revenue Code and limits the Company's use to approximately $122,000 per year during the carry forward period, which expires in 2020. |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $6,729 | $6,195 | $5,372 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 448 | 718 | 980 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 39 | 933 | 1,983 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 41 | 162 |
Total income tax expense | $1,582 | $1,533 | $2,106 | $2,013 | $1,607 | $1,890 | $2,205 | $2,185 | $7,234 | $7,887 | $8,497 |
Income_Taxes_Schedule_of_Recon
Income Taxes (Schedule of Reconciliation of Expected Income Tax Expense (Benefit)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | $10,756 | $10,917 | $11,027 |
(Reductions) increases resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax-exempt income | ' | ' | ' | ' | ' | ' | ' | ' | -3,297 | -3,633 | -3,760 |
State taxes, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 303 | 493 | 742 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -528 | 110 | 488 |
Total income tax expense | $1,582 | $1,533 | $2,106 | $2,013 | $1,607 | $1,890 | $2,205 | $2,185 | $7,234 | $7,887 | $8,497 |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | ' | ' | |
Allowance for loan losses | $4,368 | $4,599 | |
ASC 715 pension funding liability | 5,444 | 11,744 | |
Net operating loss carryforward | 298 | [1] | 341 |
Stock compensation | 337 | 139 | |
Supplemental executive retirement plan accrual | 1,130 | 829 | |
Other | 596 | 488 | |
Total deferred tax assets | 12,146 | 18,140 | |
Deferred tax liabilities: | ' | ' | |
Premises and equipment | -1,767 | -863 | |
Pension | -6,233 | -6,081 | |
Intangible/assets | -996 | -867 | |
Unrealized gain on investment in securities available-for-sale | -2,086 | -6,947 | |
Other | -353 | -298 | |
Total deferred tax liabilities | -11,435 | -15,056 | |
Net deferred tax assets | $711 | $3,084 | |
[1] | As of December 31, 2013, the Company had approximately $852,000 of net operating loss carry forwards as a result of the acquisition of Franklin Bancorp. The utilization of the net operating loss carry forward is subject to Section 382 of the Internal Revenue Code and limits the Company's use to approximately $122,000 per year during the carry forward period, which expires in 2020. |
Income_Taxes_Schedule_of_the_R
Income Taxes (Schedule of the Reconciliation of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Balance at January 1 | $1,885 | $2,069 | $1,877 |
Changes in unrecognized tax benefits as a result of tax positions taken during a prior year | -666 | -140 | 287 |
Changes in unrecognized tax benefits as a result of tax position taken during the current year | 374 | 419 | 475 |
Decreases in unrecognized tax benefits relating to settlements with taxing authorities | ' | ' | ' |
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | -385 | -463 | -570 |
Balance at December 31 | $1,208 | $1,885 | $2,069 |
Disclosures_about_Fair_Value_o2
Disclosures about Fair Value of Financial Instruments (Schedule of Commitments to Extend Credit, Standby Letters of Credit and Commercial Letters) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments To Extend Credit [Member] | ' | ' |
Long-term Line of Credit | $5,596 | $14,847 |
Standby Letters Of Credit [Member] | ' | ' |
Long-term Line of Credit | 13,168 | 13,316 |
Commercial Letters Of Credit [Member] | ' | ' |
Long-term Line of Credit | $3,325 | $3,069 |
Disclosures_about_Fair_Value_o3
Disclosures about Fair Value of Financial Instruments (Summary of the Company's Financial Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | $225,262 | $141,088 | $235,962 | $138,929 |
Securities available-for-sale, at fair value | 317,767 | 341,935 | ' | ' |
Loans, net, Carrying Amount | 640,498 | 675,376 | ' | ' |
Accrued interest receivable, Carrying Amount | 6,030 | 6,276 | ' | ' |
Assets, Carrying Amount | 1,189,557 | 1,164,675 | ' | ' |
Cash and cash equivalents, Fair Value | 225,262 | 141,088 | ' | ' |
Investment in securities, Fair Value | 317,767 | 341,935 | ' | ' |
Loans, net, Fair Value | 642,543 | 676,675 | ' | ' |
Accrued interest receivable, Fair Value | 6,030 | 6,276 | ' | ' |
Assets, Fair Value | 1,191,602 | 1,165,974 | ' | ' |
Deposits, Carrying Amount | 582,496 | 563,708 | ' | ' |
Accounts and drafts payable, Carrying Amount | 543,953 | 522,761 | ' | ' |
Accrued interest payable, Carrying Amount | 88 | 112 | ' | ' |
Liabilities, Carrying Amount | 1,126,537 | 1,086,581 | ' | ' |
Deposits, Fair Value | 583,989 | 564,189 | ' | ' |
Accounts and drafts payable, Fair Value | 543,953 | 522,761 | ' | ' |
Accrued interest payable, Fair Value | 88 | 112 | ' | ' |
Liabilities, Fair Value | $1,128,030 | $1,087,062 | ' | ' |
Industry_Segment_Information_D
Industry Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fee revenue and other income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from customers | ' | ' | ' | ' | ' | ' | ' | ' | $76,572 | $71,138 | $62,824 |
Intersegment income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income (expense) after provision for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from customers | ' | ' | ' | ' | ' | ' | ' | ' | 38,245 | 40,385 | 43,711 |
Intersegment income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,896 | 2,532 | 2,062 |
Income tax expense | 1,582 | 1,533 | 2,106 | 2,013 | 1,607 | 1,890 | 2,205 | 2,185 | 7,234 | 7,887 | 8,497 |
Net income | 5,254 | 6,138 | 6,073 | 6,032 | 5,341 | 6,092 | 5,962 | 5,908 | 23,497 | 23,303 | 23,009 |
Goodwill | 11,590 | ' | ' | ' | 11,590 | ' | ' | ' | 11,590 | 11,590 | 7,471 |
Other intangible assets, net | 3,222 | ' | ' | ' | 3,757 | ' | ' | ' | 3,222 | 3,757 | 161 |
Total assets | 1,326,020 | ' | ' | ' | 1,287,387 | ' | ' | ' | 1,326,020 | 1,287,387 | 1,319,301 |
Information Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee revenue and other income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from customers | ' | ' | ' | ' | ' | ' | ' | ' | 75,010 | 70,376 | 61,470 |
Intersegment income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 9,637 | 9,478 | 10,088 |
Net interest income (expense) after provision for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from customers | ' | ' | ' | ' | ' | ' | ' | ' | 15,986 | 18,547 | 21,030 |
Intersegment income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 24 | 17 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,338 | 2,392 | 1,874 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,232 | 2,802 | 3,028 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 15,237 | 15,761 | 14,716 |
Goodwill | 11,454 | ' | ' | ' | 11,454 | ' | ' | ' | 11,454 | 11,454 | 7,335 |
Other intangible assets, net | 3,222 | ' | ' | ' | 3,757 | ' | ' | ' | 3,222 | 3,757 | 161 |
Total assets | 657,604 | ' | ' | ' | 642,623 | ' | ' | ' | 657,604 | 642,623 | 698,685 |
Banking Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee revenue and other income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,216 | 1,272 | 1,354 |
Intersegment income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 1,479 | 1,663 | 1,859 |
Net interest income (expense) after provision for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from customers | ' | ' | ' | ' | ' | ' | ' | ' | 22,259 | 21,838 | 22,681 |
Intersegment income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -11 | -24 | -17 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 143 | 101 | 164 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 5,002 | 5,085 | 5,469 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 8,133 | 8,014 | 8,293 |
Goodwill | 136 | ' | ' | ' | 136 | ' | ' | ' | 136 | 136 | 136 |
Other intangible assets, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 679,357 | ' | ' | ' | 668,648 | ' | ' | ' | 679,357 | 668,648 | 622,996 |
Corporate Eliminations and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee revenue and other income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from customers | ' | ' | ' | ' | ' | ' | ' | ' | 346 | -510 | ' |
Intersegment income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -11,116 | -11,141 | -11,947 |
Net interest income (expense) after provision for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intersegment income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 115 | 39 | 24 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 127 | -472 | ' |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | ($10,941) | ' | ' | ' | ($23,884) | ' | ' | ' | ($10,941) | ($23,884) | ($2,380) |
Condensed_Financial_Informatio2
Condensed Financial Information of Parent Company (Schedule of Condensed Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and due from banks | $11,283 | $18,794 | ' | ' |
Securities available-for-sale, at fair value | 317,767 | 341,935 | ' | ' |
Loans, net | 640,498 | 675,376 | ' | ' |
Premises and equipment, net | 13,231 | 10,735 | ' | ' |
Other assets | 21,363 | 24,474 | ' | ' |
Total assets | 1,326,020 | 1,287,387 | 1,319,301 | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Accounts and drafts payable | 543,953 | 522,761 | ' | ' |
Other liabilities | 9,144 | 26,903 | ' | ' |
Total liabilities | 1,135,593 | 1,113,372 | ' | ' |
Total shareholders equity | 190,427 | 174,015 | 160,548 | 142,094 |
Total liabilities and shareholders' equity | 1,326,020 | 1,287,387 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and due from banks | 24,519 | 22,709 | ' | ' |
Short-term investments | 63,063 | 38,705 | ' | ' |
Securities available-for-sale, at fair value | 317,767 | 316,771 | ' | ' |
Loans, net | 125,316 | 156,935 | ' | ' |
Investments in subsidiary | 76,500 | 67,385 | ' | ' |
Premises and equipment, net | 12,276 | 10,436 | ' | ' |
Other assets | 120,438 | 106,247 | ' | ' |
Total assets | 739,879 | 719,188 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Accounts and drafts payable | 543,953 | 522,761 | ' | ' |
Other liabilities | 5,521 | 22,214 | ' | ' |
Total liabilities | 549,474 | 544,975 | ' | ' |
Total shareholders equity | 190,405 | 174,213 | ' | ' |
Total liabilities and shareholders' equity | $739,879 | $719,188 | ' | ' |
Condensed_Financial_Informatio3
Condensed Financial Information of Parent Company (Schedule of Condensed Statement of Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income from subsidiary: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income after provision | ' | ' | ' | ' | ' | ' | ' | ' | $38,245 | $40,385 | $43,711 |
Gain on sales of investment securities | ' | ' | ' | ' | ' | ' | ' | ' | 4,024 | 2,635 | 43 |
Total income | ' | ' | ' | ' | ' | ' | ' | ' | 114,817 | 111,523 | 106,535 |
Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 65,722 | 62,563 | 56,573 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,347 | 1,080 | 1,849 |
Total operating expense | 21,296 | 21,384 | 21,017 | 20,389 | 19,823 | 19,929 | 20,240 | 20,341 | 84,086 | 80,333 | 75,029 |
Income tax expense | 1,582 | 1,533 | 2,106 | 2,013 | 1,607 | 1,890 | 2,205 | 2,185 | 7,234 | 7,887 | 8,497 |
Net income | 5,254 | 6,138 | 6,073 | 6,032 | 5,341 | 6,092 | 5,962 | 5,908 | 23,497 | 23,303 | 23,009 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from subsidiary: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 24 | 18 |
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | 2,119 | 1,955 | 1,794 |
Income from subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 2,131 | 1,979 | 1,812 |
Information services revenue | ' | ' | ' | ' | ' | ' | ' | ' | 70,503 | 66,417 | 60,688 |
Net interest income after provision | ' | ' | ' | ' | ' | ' | ' | ' | 15,069 | 17,563 | 19,933 |
Gain on sales of investment securities | ' | ' | ' | ' | ' | ' | ' | ' | 3,677 | 3,145 | 43 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 527 | 535 | 701 |
Total income | ' | ' | ' | ' | ' | ' | ' | ' | 91,907 | 89,639 | 83,177 |
Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 59,004 | 55,981 | 50,296 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 15,027 | 14,492 | 14,462 |
Total operating expense | ' | ' | ' | ' | ' | ' | ' | ' | 74,031 | 70,473 | 64,758 |
Income before income tax and equity in undistributed income of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 17,876 | 19,166 | 18,419 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,381 | 2,914 | 3,156 |
Income before undistributed income of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 15,495 | 16,252 | 15,263 |
Equity in undistributed income of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 7,530 | 7,523 | 7,746 |
Intercompany elimination | ' | ' | ' | ' | ' | ' | ' | ' | 472 | -472 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $23,497 | $23,303 | $23,009 |
Condensed_Financial_Informatio4
Condensed Financial Information of Parent Company (Schedule of Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net income | $23,497,000 | $23,303,000 | $23,009,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Net cash provided by operating activities | 28,886,000 | 35,328,000 | 25,642,000 |
Cash flows from investing activities: | ' | ' | ' |
Net increase in securities | 104,351,000 | 114,646,000 | 61,768,000 |
Net decrease (increase) in loans | -34,378,000 | 19,165,000 | -35,981,000 |
Purchases of premises and equipment, net | 4,857,000 | 3,099,000 | 1,925,000 |
Cash flows from financing activities: | ' | ' | ' |
Net increase (decrease) in accounts and drafts payable | 21,192,000 | -72,440,000 | 79,094,000 |
Cash dividends paid | 8,510,000 | 7,361,000 | 6,279,000 |
Purchase of common shares of treasury | 0 | ' | ' |
Other financing activities | -1,083,000 | -534,000 | -161,000 |
Net cash (used in) provided by financing activities | 30,387,000 | -64,995,000 | 102,432,000 |
Net (decrease) increase in cash and cash equivalents | 84,174,000 | -94,874,000 | 97,033,000 |
Cash and cash equivalents at beginning of year | 141,088,000 | 235,962,000 | 138,929,000 |
Cash and cash equivalents at end of year | 225,262,000 | 141,088,000 | 235,962,000 |
Parent Company [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 23,497,000 | 23,303,000 | 23,009,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Equity in undistributed income of subsidiary | 7,530,000 | 7,523,000 | 7,746,000 |
Net change in other assets | 8,420,000 | 3,338,000 | 19,669,000 |
Net change in other liabilities | -2,729,000 | 5,603,000 | 1,655,000 |
Amortization of stock-based awards | 1,177,000 | 1,201,000 | 1,390,000 |
Other, net | -4,180,000 | -2,673,000 | -7,497,000 |
Net cash provided by operating activities | 1,815,000 | 16,573,000 | -8,858,000 |
Cash flows from investing activities: | ' | ' | ' |
Net increase in securities | 15,385,000 | 7,697,000 | 37,329,000 |
Net decrease (increase) in loans | -31,619,000 | -16,319,000 | -19,068,000 |
Purchases of premises and equipment, net | 4,050,000 | 3,555,000 | 2,107,000 |
Net cash provided by (used in) investing activities | 12,184,000 | 5,067,000 | -20,368,000 |
Cash flows from financing activities: | ' | ' | ' |
Net increase (decrease) in accounts and drafts payable | 21,192,000 | -72,440,000 | 79,094,000 |
Cash dividends paid | 8,510,000 | 7,361,000 | 6,279,000 |
Other financing activities | 513,000 | -2,454,000 | -1,177,000 |
Net cash (used in) provided by financing activities | 12,169,000 | -82,255,000 | 71,638,000 |
Net (decrease) increase in cash and cash equivalents | 26,168,000 | -60,615,000 | 42,412,000 |
Cash and cash equivalents at beginning of year | 61,414,000 | 122,029,000 | 79,617,000 |
Cash and cash equivalents at end of year | $87,582,000 | $61,414,000 | $122,029,000 |
SUPPLEMENTARY_FINANCIAL_INFORM2
SUPPLEMENTARY FINANCIAL INFORMATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fee revenue and other income | $18,845 | $19,695 | $19,567 | $18,465 | $17,717 | $17,301 | $18,237 | $17,883 | $76,572 | $71,138 | $62,824 |
Interest income | 10,016 | 10,082 | 10,623 | 10,856 | 11,419 | 11,395 | 11,530 | 11,589 | 41,577 | 45,933 | 50,235 |
Interest expense | 729 | 722 | 694 | 687 | 765 | 785 | 760 | 838 | 2,832 | 3,148 | 4,374 |
Net interest income | 9,287 | 9,360 | 9,929 | 10,169 | 10,654 | 10,610 | 10,770 | 10,751 | 38,745 | 42,785 | 45,861 |
Provision for loan losses | ' | ' | 300 | 200 | 1,600 | ' | 600 | 200 | 500 | 2,400 | 2,150 |
Operating expense | 21,296 | 21,384 | 21,017 | 20,389 | 19,823 | 19,929 | 20,240 | 20,341 | 84,086 | 80,333 | 75,029 |
Income tax expense | 1,582 | 1,533 | 2,106 | 2,013 | 1,607 | 1,890 | 2,205 | 2,185 | 7,234 | 7,887 | 8,497 |
Net income | $5,254 | $6,138 | $6,073 | $6,032 | $5,341 | $6,092 | $5,962 | $5,908 | $23,497 | $23,303 | $23,009 |
Net income per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share | $0.45 | $0.54 | $0.53 | $0.53 | $0.47 | $0.53 | $0.53 | $0.52 | $2.05 | $2.05 | $2.03 |
Diluted earnings per share | $0.45 | $0.53 | $0.52 | $0.52 | $0.46 | $0.53 | $0.52 | $0.51 | $2.02 | $2.02 | $2.01 |