Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 28, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | CASS INFORMATION SYSTEMS INC | |
Entity Central Index Key | 708,781 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,341,370 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 11,932 | $ 11,307 |
Interest-bearing deposits in other financial institutions | 128,798 | 200,966 |
Federal funds sold and other short-term investments | 85,352 | 82,062 |
Cash and cash equivalents | 226,082 | 294,335 |
Securities available-for-sale, at fair value | 363,153 | 356,141 |
Loans | 670,842 | 669,346 |
Less: Allowance for loan losses | 11,882 | 11,894 |
Loans, net | 658,960 | 657,452 |
Premises and equipment, net | 18,997 | 16,909 |
Investment in bank-owned life insurance | 15,806 | 15,429 |
Payments in excess of funding | 108,859 | 120,227 |
Goodwill | 11,590 | 11,590 |
Other intangible assets, net | 2,507 | 2,762 |
Other assets | 27,566 | 25,886 |
Total assets | 1,433,520 | 1,500,731 |
Liabilities and Shareholders' Equity | ||
Noninterest-bearing | 172,937 | 158,999 |
Interest-bearing | 404,535 | 459,200 |
Total deposits | 577,472 | 618,199 |
Accounts and drafts payable | 625,230 | 655,428 |
Other liabilities | 31,375 | 26,672 |
Total liabilities | $ 1,234,077 | $ 1,300,299 |
Shareholders' Equity: | ||
Preferred stock, par value $.50 per share; 2,000,000 shares authorized and no shares issued | ||
Common stock, par value $.50 per share; 40,000,000 shares authorized and 11,931,147 shares issued at September 30, 2015 and December 31, 2014 | $ 5,966 | $ 5,966 |
Additional paid-in capital | 125,933 | 126,169 |
Retained earnings | 100,399 | 90,635 |
Common shares in treasury, at cost (578,182 shares at September 30, 2015 and 428,572 shares at December 31, 2014) | (21,121) | (12,707) |
Accumulated other comprehensive loss | (11,734) | (9,631) |
Total shareholders' equity | 199,443 | 200,432 |
Total liabilities and shareholders' equity | $ 1,433,520 | $ 1,500,731 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Preferred stock, par value per share | $ 0.50 | $ 0.50 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 0.50 | $ 0.50 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 11,931,147 | 11,931,147 |
Treasury stock, shares | 578,182 | 428,572 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fee Revenue and Other Income: | ||||
Information services payment and processing revenue | $ 19,781 | $ 19,743 | $ 58,898 | $ 57,694 |
Bank service fees | 308 | 279 | 908 | 835 |
Gains on sales of securities | 1,271 | 23 | 2,910 | 23 |
Other | 154 | 178 | 468 | 1,198 |
Total fee revenue and other income | 21,514 | 20,223 | 63,184 | 59,750 |
Interest Income: | ||||
Interest and fees on loans | 7,086 | 7,486 | 21,528 | 22,266 |
Interest and dividends on securities: | ||||
Taxable | 5 | 3 | 20 | 17 |
Exempt from federal income taxes | 2,371 | 2,353 | 6,996 | 7,015 |
Interest on federal funds sold and other short-term investments | 119 | 149 | 392 | 440 |
Total interest income | 9,581 | 9,991 | 28,936 | 29,738 |
Interest Expense: | ||||
Interest on deposits | 498 | 604 | 1,610 | 1,857 |
Net interest income | $ 9,083 | $ 9,387 | $ 27,326 | $ 27,881 |
Provision for loan losses | ||||
Net interest income after provision for loan losses | $ 9,083 | $ 9,387 | $ 27,326 | $ 27,881 |
Total net revenue | 30,597 | 29,610 | 90,510 | 87,631 |
Operating Expense: | ||||
Salaries and employee benefits | 17,761 | 16,515 | 52,630 | 49,166 |
Occupancy | 872 | 783 | 2,565 | 2,345 |
Equipment | 1,067 | 945 | 3,208 | 3,092 |
Amortization of intangible assets | 103 | 121 | 306 | 362 |
Other operating expense | 2,831 | 2,832 | 8,873 | 8,562 |
Total operating expense | 22,634 | 21,196 | 67,582 | 63,527 |
Income before income tax expense | 7,963 | 8,414 | 22,928 | 24,104 |
Income tax expense | 2,083 | 2,013 | 5,961 | 5,857 |
Net income | $ 5,880 | $ 6,401 | $ 16,967 | $ 18,247 |
Basic earnings per share | $ 0.52 | $ 0.56 | $ 1.49 | $ 1.59 |
Diluted earnings per share | $ 0.51 | $ 0.55 | $ 1.47 | $ 1.57 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Comprehensive income: | ||||
Net income | $ 5,880 | $ 6,401 | $ 16,967 | $ 18,247 |
Other comprehensive income: | ||||
Net unrealized gain (loss) on securities available-for-sale | 3,301 | 801 | (327) | 7,885 |
Tax effect | (1,226) | (297) | 122 | (2,929) |
Reclassification adjustments for gains included in net income | (1,271) | (23) | (2,910) | (23) |
Tax effect | 472 | 8 | 1,081 | 8 |
Foreign currency translation adjustments | 2 | (66) | (69) | (79) |
Total comprehensive income | $ 7,158 | $ 6,824 | $ 14,864 | $ 23,109 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows From Operating Activities: | ||
Net income | $ 16,967,000 | $ 18,247,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,476,000 | 6,036,000 |
Net gains on sales of securities | (2,910,000) | (23,000) |
Stock-based compensation expense | 1,543,000 | 1,536,000 |
(Increase) decrease in income tax benefit | (1,156,000) | 140,000 |
Increase in income tax liability | 1,513,000 | 293,000 |
Increase in pension liability | 3,626,000 | 1,710,000 |
Other operating activities, net | (254,000) | 506,000 |
Net cash provided by operating activities | 25,805,000 | 28,445,000 |
Cash Flows From Investing Activities: | ||
Proceeds from sales of securities available-for-sale | 99,347,000 | 587,000 |
Proceeds from maturities of securities available-for-sale | 31,390,000 | 8,790,000 |
Purchase of securities available-for-sale | (142,014,000) | (27,302,000) |
Net increase in loans | (1,508,000) | (25,224,000) |
Decrease (increase) in payments in excess of funding | 11,368,000 | (63,559,000) |
Purchases of premises and equipment, net | (4,320,000) | (4,676,000) |
Net cash used in investing activities | (5,737,000) | (111,384,000) |
Cash Flows From Financing Activities: | ||
Net increase (decrease) in noninterest-bearing demand deposits | 13,938,000 | (4,443,000) |
Net (decrease) increase in interest-bearing demand and savings deposits | (41,054,000) | 22,878,000 |
Net decrease in time deposits | (13,611,000) | (15,567,000) |
Net (decrease) increase in accounts and drafts payable | (30,198,000) | 101,734,000 |
Cash dividends paid | (7,203,000) | (6,917,000) |
Purchase of common shares for treasury | (9,426,000) | (911,000) |
Other financing activities, net | (767,000) | (435,000) |
Net cash (used in) provided by financing activities | (88,321,000) | 96,339,000 |
Net (decrease) increase in cash and cash equivalents | (68,253,000) | 13,400,000 |
Cash and cash equivalents at beginning of period | 294,335,000 | 225,262,000 |
Cash and cash equivalents at end of period | 226,082,000 | 238,662,000 |
Supplemental information: | ||
Cash paid for interest | 3,313,000 | 1,871,000 |
Cash paid for income taxes | $ 4,501,000 | $ 5,252,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 - Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. For further information, refer to the audited consolidated financial statements and related footnotes included in Cass Information System, Inc.'s (the “Company” or “Cass”) Annual Report on Form 10-K for the year ended December 31, 2014 . |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Intangible Assets [Abstract] | |
Intangible Assets | Note 2 – Intangible Assets The Company accounts for intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, “Goodwill and Other Intangible Assets,” (“FASB ASC 350”), which requires that intangibles with indefinite useful lives be tested annually for impairment and those with finite useful lives be amortized over their useful lives. Details of the Company's intangible assets are as follows: September 30, 2015 December 31, 2014 Gross Carrying Accumulated Gross Carrying Accumulated (In thousands) Amount Amortization Amount Amortization Assets eligible for amortization: Customer lists $ 3,933 $ (1,944 ) $ 3,933 $ (1,705 Patents 72 (3 ) 23 (1 Non-compete agreements 261 (196 ) 261 (157 Software 234 (234 ) 234 (234 Other 500 (116 ) 500 (92 Unamortized intangible assets: Goodwill 1 11,817 (227 ) 11,817 (227 Total intangible assets $ 16,817 $ (2,720 ) $ 16,768 $ (2,416 1 Amortization through December 31, 2001 prior to adoption of FASB ASC 350. The customer lists are amortized over seven ten 18 five three fifteen 306,000 362,000 408,000 356,000 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3 – Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. There were no anti-dilutive shares in the nine months ended September 30, 2015 and 2014. The calculations of basic and diluted earnings per share are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands except share and per share data) 2015 2014 2015 2014 Basic Net income $ 5,880 $ 6,401 $ 16,967 $ 18,247 Weighted-average common shares outstanding 11,329,002 11,480,981 11,385,680 11,482,850 Basic earnings per share $ .52 $ .56 $ 1.49 $ 1.59 Diluted Net income $ 5,880 $ 6,401 $ 16,967 $ 18,247 Weighted-average common shares outstanding 11,329,002 11,480,981 11,385,680 11,482,850 Effect of dilutive restricted stock and stock appreciation rights 158,177 151,711 161,005 171,890 Weighted-average common shares outstanding assuming dilution 11,487,179 11,632,692 11,546,685 11,654,740 Diluted earnings per share $ .51 $ .55 $ 1.47 $ 1.57 |
Stock Repurchases
Stock Repurchases | 9 Months Ended |
Sep. 30, 2015 | |
Stock Repurchases [Abstract] | |
Stock Repurchases | Note 4 – Stock Repurchases The Company maintains a treasury stock buyback program pursuant to which the Board of Directors has authorized the repurchase of up to 500,000 68,105 19,542 192,690 19,542 287,350 500,000 |
Industry Segment Information
Industry Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Industry Segment Information [Abstract] | |
Industry Segment Information | Note 5 – Industry Segment Information The services provided by the Company are classified into two reportable segments: Information Services and Banking Services. Each of these segments provides distinct services that are marketed through different channels. They are managed separately due to their unique service, processing and capital requirements. The Information Services segment provides 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 the summary of significant accounting policies in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. 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. Segment interest from customers is the actual interest earned on the loans owned by Information Services and Banking Services, respectively. Summarized information about the Company's operations in each industry segment is as follows: Corporate, Information Banking Eliminations (In thousands) Services Services and Other Total Three Months Ended September 30, 2015 Fee revenue and other income: Income from customers $ 24,694 $ 5,903 $ — $ 30,597 Intersegment income (expense) 2,310 410 (2,720 ) — Net income 3,961 1,919 — 5,880 Goodwill 11,454 136 — 11,590 Other intangible assets, net 2,507 — — 2,507 Total assets 751,264 713,173 (30,917 ) 1,433,520 Three Months Ended September 30, 2014 Fee revenue and other income: Income from customers $ 23,840 $ 5,770 $ — $ 29,610 Intersegment income (expense) 2,391 370 (2,761 ) — Net income 4,392 2,009 — 6,401 Goodwill 11,454 136 — 11,590 Other intangible assets, net 2,883 — — 2,883 Total assets 772,847 690,718 (13,392 ) 1,450,173 Nine Months Ended September 30, 2015 Fee revenue and other income: Income from customers $ 73,120 $ 17,390 $ — $ 90,510 Intersegment income (expense) 6,854 1,266 (8,120 ) — Net income 11,368 5,599 — 16,967 Goodwill 11,454 136 — 11,590 Other intangible assets, net 2,507 — — 2,507 Total assets 751,264 713,173 (30,917 ) 1,433,520 Nine Months Ended September 30, 2014 Fee revenue and other income Income from customers $ 70,792 $ 16,839 $ — $ 87,631 Intersegment income (expense) 6,693 1,100 (7,793 ) — Net income 12,772 5,475 — 18,247 Goodwill 11,454 136 — 11,590 Other intangible assets, net 2,883 — — 2,883 Total assets 772,847 690,718 (13,392 ) 1,450,173 |
Loans by Type
Loans by Type | 9 Months Ended |
Sep. 30, 2015 | |
Loans by Type [Abstract] | |
Loans by Type | Note 6 – Loans by Type A summary of loan categories is as follows: September 30, December 31, (In thousands) 2015 2014 Commercial and industrial $ 195,175 $ 203,350 Real estate Commercial: Mortgage 119,751 117,754 Construction 71 — Church, church-related: Mortgage 314,822 305,887 Construction 20,077 18,612 Industrial Revenue Bonds 20,911 23,348 Other 35 395 Total loans $ 670,842 $ 669,346 The following table presents the aging of loans by loan categories at September 30, 2015 and December 31, 2014: Performing Nonperforming 90 Days 30-59 60-89 and Non- Total (In thousands) Current Days Days Over accrual Loans September 30, 2015 Commercial and industrial $ 195,175 $ — $ — $ — $ — $ 195,175 Real estate Commercial: Mortgage 116,704 — — — 3,047 119,751 Construction 71 — — — — 71 Church, church-related: Mortgage 314,714 — — — 108 314,822 Construction 20,077 — — — — 20,077 Industrial Revenue Bonds 20,911 — — — — 20,911 Other 35 — — — — 35 Total $ 667,687 $ — $ — $ — $ 3,155 $ 670,842 December 31, 2014 Commercial and industrial $ 203,350 $ — $ — $ — $ — $ 203,350 Real estate Commercial: Mortgage 117,393 — — — 361 117,754 Construction — — — — — — Church, church-related: Mortgage 305,760 — — — 127 305,887 Construction 18,612 — — — — 18,612 Industrial Revenue Bonds 23,348 — — — — 23,348 Other 395 — — — — 395 Total $ 668,858 $ — $ — $ — $ 488 $ 669,346 The following table presents the credit exposure of the loan portfolio as of September 30, 2015 and December 31, 2014: Loans Performing Nonperforming Subject to Loans Subject to Loans Subject Normal Special to Special (In thousands) Monitoring 1 Monitoring 2 Monitoring 2 Total Loans September 30, 2015 Commercial and industrial $ 192,135 $ 3,040 $ — $ 195,175 Real estate Commercial: Mortgage 107,985 8,719 3,047 119,751 Construction 71 — — 71 Church, church-related: Mortgage 310,145 4,569 108 314,822 Construction 20,077 — — 20,077 Industrial Revenue Bonds 20,911 — — 20,911 Other 35 — — 35 Total $ 651,359 $ 16,328 $ 3,155 $ 670,842 December 31, 2014 Commercial and industrial $ 199,837 $ 3,513 $ — $ 203,350 Real estate Commercial: Mortgage 103,097 14,296 361 117,754 Construction — — — — Church, church-related: Mortgage 304,219 1,541 127 305,887 Construction 18,612 — — 18,612 Industrial Revenue Bonds 23,348 — — 23,348 Other 395 — — 395 Total $ 649,508 $ 19,350 $ 488 $ 669,346 1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations. 2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. Impaired loans consist primarily of nonaccrual loans, loans greater than 90 days past due and still accruing interest and troubled debt restructurings, both performing and nonperforming. Troubled debt restructuring involves the granting of a concession to a borrower experiencing financial difficulty resulting in the modification of terms of the loan, such as changes in payment schedule or interest rate. Management measures impairment in accordance with FASB ASC 310, “Allowance for Credit Losses.” At September 30, 2015 and December 31, 2014, 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. There were no loans delinquent 90 days or more and still accruing interest at September 30, 2015 and December 31, 2014. There were no loans classified as troubled debt restructuring at September 30, 2015 and December 31, 2014. There were no foreclosed loans recorded as other real estate owned (included in other assets) as of September 30, 2015, and December 31, 2014. The following table presents the recorded investment and unpaid principal balance for impaired loans at September 30, 2015 and December 31, 2014: Unpaid Related Recorded Principal Allowance for (In thousands) Investment Balance Loan Losses September 30, 2015 Commercial and industrial: Nonaccrual $ — $ — $ — Real estate Commercial – Mortgage: Nonaccrual 3,047 3,047 1,127 Church – Mortgage: Nonaccrual 108 108 108 Total impaired loans $ 3,155 $ 3,155 $ 1,235 December 31, 2014 Commercial and industrial: Nonaccrual $ — $ — $ — Real estate Commercial – Mortgage: Nonaccrual 361 361 — Church – Mortgage: Nonaccrual 127 127 127 Total impaired loans $ 488 $ 488 $ 127 A summary of the activity in the allowance for loan losses from December 31, 2014 to September 30, 2015 is as follows: December 31, Charge- September 30, (In thousands) 2014 Offs Recoveries Provision 2015 Commercial and industrial $ 3,515 $ 30 $ 10 $ (133 ) $ 3,362 Real estate Commercial: Mortgage 3,060 — 5 (3 ) 3,062 Construction — — — 1 1 Church, church-related: Mortgage 4,016 — 2 127 4,145 Construction 140 — — 10 150 Industrial Revenue Bonds 394 — — (50 ) 344 Other 769 — 1 48 818 Total $ 11,894 $ 30 $ 18 $ 0 $ 11,882 A summary of the activity in the allowance for loan losses from December 31, 2013 to September 30, 2014 is as follows: December 31, Charge- September 30, (In thousands) 2013 Offs Recoveries Provision 2014 Commercial and industrial $ 3,036 $ 3 $ 34 $ 230 $ 3,297 Real estate Commercial: Mortgage 3,946 — 222 235 4,403 Construction 151 — — (151 ) — Church, church-related: Mortgage 4,354 76 3 (494 ) 3,787 Construction 124 — — 45 169 Industrial Revenue Bonds 68 — — 133 201 Other — — — 2 2 Total $ 11,679 $ 79 $ 259 $ — $ 11,859 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 7 – Commitments and Contingencies In the normal course of business, the Company is party to activities that contain credit, market and operational risks that are not reflected in whole or in part in the Company's consolidated financial statements. Such activities include traditional off-balance sheet credit-related financial instruments and commitments under operating leases. These financial instruments include commitments to extend credit, commercial letters of credit and standby letters of credit. The Company's maximum potential exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, commercial letters of credit and standby letters of credit is represented by the contractual amounts of those instruments. At September 30, 2015 and December 31, 2014, no amounts have been accrued for any estimated losses for these instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commercial and standby letters of credit are conditional commitments issued by the Company or its subsidiaries to guarantee the performance of a customer to a third party. These off-balance sheet financial instruments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The balance of unused loan commitments, standby and commercial letters of credit were $ 5,588,000 11,590,000 1,405,000 19,066,000 12,693,000 2,571,000 r The following table summarizes contractual cash obligations of the Company related to operating lease commitments and time deposits at September 30, 2015: Amount of Commitment Expiration per Period Less than 1-3 3-5 Over 5 (In thousands) Total 1 Year Years Years Years Operating lease commitments $ 8,613 $ 1,362 $ 2,711 $ 2,091 $ 2,449 Time deposits 66,164 57,655 6,264 2,245 — Total $ 74,777 $ 59,017 $ 8,975 $ 4,336 $ 2,449 The Company and its subsidiaries are involved in various pending legal actions and proceedings in which claims for damages are asserted. Management, after discussion with legal counsel, believes the ultimate resolution of these legal actions and proceedings will not have a material effect upon the Company's consolidated financial position or results of operations. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 8 – Stock-Based Compensation The Amended and Restated Omnibus Stock and Performance Compensation Plan (the “Omnibus Plan”) permits the issuance of up to 1,500,000 41,896 0 Restricted Stock three 2,100,000 0.9 Following is a summary of the activity of the restricted stock: Nine Months Ended September 30, 2015 Shares Fair Value Balance at December 31, 2014 51,161 $ 48.13 Granted 41,896 $ 51.02 Vested (24,644 ) $ 44.18 Forfeits (262 ) $ 52.63 Balance at September 30, 2015 68,151 $ 51.32 SARs SARs vest over a three 397,000 0.5 Weighted- Average Aggregate Average Remaining Intrinsic Exercise Contractual Value Shares Price Term Years (In thousands) Outstanding at December 31, 2014 353,955 $ 35.52 6.77 $ 6,277 Exercised (37,834 ) $ 28.56 Forfeits (1,204 ) $ 53.96 Outstanding at September 30, 2015 314,917 $ 36.28 6.19 $ 4,046 Exercisable at September 30, 2015 262,410 $ 33.30 5.85 $ 4,153 Following is a summary of the activity of the non-vested SARs during the nine-month period ended September 30, 2015: Weighted-Average Shares Grant Date Fair Value Non-vested at December 31, 2014 124,982 $ 45.85 Vested (71,514 ) $ 41.87 Forfeits (961 ) $ 52.02 Non-vested at September 30, 2015 52,507 $ 51.17 The Company uses the Black-Scholes pricing model to determine the fair value of the SARs at the date of grant. Following are the assumptions used to estimate the per-share fair value of SARs granted: Nine Months Ended September 30, 2015 2014 Risk-free interest rate N/A 2.38 % Expected life N/A 7 Expected volatility N/A 28.11 % Expected dividend yield N/A 1.30 % The risk-free interest rate is based on the zero-coupon U.S. Treasury yield for the period equal to the expected life of the SARs at the time of the grant. The expected life was derived using the historical exercise activity. The Company uses historical volatility for a period equal to the expected life of the rights using average monthly closing market prices of the Company's stock as reported on The Nasdaq Global Market. The expected dividend yield is based on the Company's current rate of annual dividends. |
Defined Pension Plans
Defined Pension Plans | 9 Months Ended |
Sep. 30, 2015 | |
Defined Pension Plans [Abstract] | |
Defined Pension Plans | Note 9 – Defined Pension Plans The Company has a noncontributory defined-benefit pension plan, which covers most of its employees. The Company accrues and makes contributions designed to fund normal service costs on a current basis using the projected unit credit with service proration method to amortize prior service costs arising from improvements in pension benefits and qualifying service prior to the establishment of the plan over a period of approximately 30 for 2014 and an estimate for 2015 Estimated Actual (In thousands) 2015 2014 Service cost – benefits earned during the year $ 3,977 $ 3,003 Interest cost on projected benefit obligations 3,217 3,037 Expected return on plan assets (4,863 ) (4,711 Net amortization and deferral 1,605 244 Net periodic pension cost $ 3,936 $ 1,573 Pension costs recorded to expense were $ 1,010,000 360,000 2,978,000 1,180,000 In addition to the above funded benefit plan, the Company has an unfunded supplemental executive retirement plan which covers key executives of the Company. This is a noncontributory plan in which the Company and its subsidiaries make accruals designed to fund normal service costs on a current basis using the same method and criteria as its defined benefit plan. The following table represents the components of the net periodic pension costs for 2014 and an estimate for 2015: Estimated Actual (In thousands) 2015 2014 Service cost – benefits earned during the year $ 140 $ 136 Interest cost on projected benefit obligation 348 377 Net amortization 654 431 Net periodic pension cost $ 1,142 $ 944 Pension costs recorded to expense were $ 286,000 236,000 857,000 708,000 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 10 – Income Taxes As of September 30, 2015, the Company's unrecognized tax benefits were approximately $ 1,305,000 952,000 1,117,000 819,000 210,000 The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company had $ 71,000 45,000 The Company is subject to income tax in the U.S. federal jurisdiction and numerous state jurisdictions. U.S. federal income tax returns for tax years 2011 through 2014 remain subject to examination by the Internal Revenue Service. In addition, the Company is subject to state tax examinations for the tax years 2011 through 2014. |
Investment in Securities
Investment in Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investment in Securities [Abstract] | |
Investment in Securities | Note 11 – Investment in Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company's investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows: September 30, 2015 Gross Gross Amortized Unrealized Unrealized (In thousands) Cost Gains Losses Fair Value State and political subdivisions $ 347,721 $ 10,762 $ 76 $ 358,407 Certificates of deposit 4,746 — — 4,746 Total $ 352,467 $ 10,762 $ 76 $ 363,153 December 31, 2014 Gross Gross Amortized Unrealized Unrealized (In thousands) Cost Gains Losses Fair Value State and political subdivisions $ 338,469 $ 14,120 $ 198 $ 352,391 Certificates of deposit 3,750 — — 3,750 Total $ 342,219 $ 14,120 $ 198 $ 356,141 The fair values of securities with unrealized losses are as follows: September 30, 2015 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 $ 19,339 $ 57 $ 1,206 $ 19 $ 20,545 $ 76 subdivisions Certificates of deposit — — — — — — Total $ 19,339 $ 57 $ 1,206 $ 19 $ 20,545 $ 76 December 31, 2014 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 $ 8,700 $ 15 $ 13,833 $ 183 $ 22,533 $ 198 subdivisions Certificates of deposit — — — — — — Total $ 8,700 $ 15 $ 13,833 $ 183 $ 22,533 $ 198 There were 16 5 20 6 The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties. September 30, 2015 (In thousands) Amortized Cost Fair Value Due in 1 year or less $ 24,170 $ 24,432 Due after 1 year through 5 years 77,390 80,845 Due after 5 years through 10 years 139,950 145,190 Due after 10 years 110,957 112,686 Total $ 352,467 $ 363,153 Proceeds from sales of investment securities classified as available for sale were $ 33,395,000 587,000 99,347,000 587,000 1,271,000 and $ 23,000 2,910,000 23,000 nine months ended September 30, 2015 and 2014 respectively . 3,750,000 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 12 – Fair Value of Financial Instruments Following is a summary of the carrying amounts and fair values of the Company's financial instruments: September 30, 2015 December 31, 2014 Carrying Carrying (In thousands) Amount Fair Value Amount Fair Value Balance sheet assets: Cash and cash equivalents $ 226,082 $ 226,082 $ 294,335 $ 294,335 Investment securities 363,153 363,153 356,141 356,141 Loans, net 658,960 660,647 657,452 663,247 Accrued interest receivable 5,361 5,361 6,521 6,521 Total $ 1,253,556 $ 1,255,243 $ 1,314,449 $ 1,320,244 Balance sheet liabilities: Deposits $ 577,472 $ 577,472 $ 618,199 $ 618,199 Accounts and drafts payable 625,230 625,230 655,428 655,428 Accrued interest payable 53 53 57 57 Total $ 1,202,755 $ 1,202,755 $ 1,273,684 $ 1,273,684 The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Cash Equivalents - The carrying amount approximates fair value. Investment in Securities - The fair value is measured on a recurring basis using Level 2 valuations. Refer to Note 11, “Investment in Securities,” for fair value and unrealized gains and losses by investment type. Loans - The fair value is estimated using present values of future cash flows discounted at risk-adjusted interest rates for each loan category designated by management and is therefore a Level 3 valuation. Management believes that the risk factor embedded in the interest rates along with the allowance for loan losses result in a fair valuation. Impaired loans are valued using the fair value of the collateral which is based upon an observable market price or a current appraised value and therefore, the fair value is a nonrecurring Level 3 valuation. Accrued Interest Receivable - The carrying amount approximates fair value. Deposits - The fair value of demand deposits, savings deposits and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities and therefore, is a Level 2 valuation. The fair value estimates above do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market or the benefit derived from the customer relationship inherent in existing deposits. Accounts and Drafts Payable - The carrying amount approximates fair value. Accrued Interest - The carrying amount approximates fair value. There were no transfers between Levels 1 and 2 of the fair value hierarchy for the nine months ended September 30, 2015 and 2014. No financial instruments are measured using Level 3 inputs for the nine months ended September 30, 2015 and 2014. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13 – Subsequent Events |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Intangible Assets [Abstract] | |
Schedule of Company's Intangible Assets | September 30, 2015 December 31, 2014 Gross Carrying Accumulated Gross Carrying Accumulated (In thousands) Amount Amortization Amount Amortization Assets eligible for amortization: Customer lists $ 3,933 $ (1,944 ) $ 3,933 $ (1,705 Patents 72 (3 ) 23 (1 Non-compete agreements 261 (196 ) 261 (157 Software 234 (234 ) 234 (234 Other 500 (116 ) 500 (92 Unamortized intangible assets: Goodwill 1 11,817 (227 ) 11,817 (227 Total intangible assets $ 16,817 $ (2,720 ) $ 16,768 $ (2,416 1 Amortization through December 31, 2001 prior to adoption of FASB ASC 350. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Three Months Ended Nine Months Ended September 30, September 30, (In thousands except share and per share data) 2015 2014 2015 2014 Basic Net income $ 5,880 $ 6,401 $ 16,967 $ 18,247 Weighted-average common shares outstanding 11,329,002 11,480,981 11,385,680 11,482,850 Basic earnings per share $ .52 $ .56 $ 1.49 $ 1.59 Diluted Net income $ 5,880 $ 6,401 $ 16,967 $ 18,247 Weighted-average common shares outstanding 11,329,002 11,480,981 11,385,680 11,482,850 Effect of dilutive restricted stock and stock appreciation rights 158,177 151,711 161,005 171,890 Weighted-average common shares outstanding assuming dilution 11,487,179 11,632,692 11,546,685 11,654,740 Diluted earnings per share $ .51 $ .55 $ 1.47 $ 1.57 |
Industry Segment Information (T
Industry Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Industry Segment Information [Abstract] | |
Summary of Company's Operations in Each Segment | Corporate, Information Banking Eliminations (In thousands) Services Services and Other Total Three Months Ended September 30, 2015 Fee revenue and other income: Income from customers $ 24,694 $ 5,903 $ — $ 30,597 Intersegment income (expense) 2,310 410 (2,720 ) — Net income 3,961 1,919 — 5,880 Goodwill 11,454 136 — 11,590 Other intangible assets, net 2,507 — — 2,507 Total assets 751,264 713,173 (30,917 ) 1,433,520 Three Months Ended September 30, 2014 Fee revenue and other income: Income from customers $ 23,840 $ 5,770 $ — $ 29,610 Intersegment income (expense) 2,391 370 (2,761 ) — Net income 4,392 2,009 — 6,401 Goodwill 11,454 136 — 11,590 Other intangible assets, net 2,883 — — 2,883 Total assets 772,847 690,718 (13,392 ) 1,450,173 Nine Months Ended September 30, 2015 Fee revenue and other income: Income from customers $ 73,120 $ 17,390 $ — $ 90,510 Intersegment income (expense) 6,854 1,266 (8,120 ) — Net income 11,368 5,599 — 16,967 Goodwill 11,454 136 — 11,590 Other intangible assets, net 2,507 — — 2,507 Total assets 751,264 713,173 (30,917 ) 1,433,520 Nine Months Ended September 30, 2014 Fee revenue and other income Income from customers $ 70,792 $ 16,839 $ — $ 87,631 Intersegment income (expense) 6,693 1,100 (7,793 ) — Net income 12,772 5,475 — 18,247 Goodwill 11,454 136 — 11,590 Other intangible assets, net 2,883 — — 2,883 Total assets 772,847 690,718 (13,392 ) 1,450,173 |
Loans by Type (Tables)
Loans by Type (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans by Type [Abstract] | |
Summary of Loan Categories | September 30, December 31, (In thousands) 2015 2014 Commercial and industrial $ 195,175 $ 203,350 Real estate Commercial: Mortgage 119,751 117,754 Construction 71 — Church, church-related: Mortgage 314,822 305,887 Construction 20,077 18,612 Industrial Revenue Bonds 20,911 23,348 Other 35 395 Total loans $ 670,842 $ 669,346 |
Schedule of the Aging Loans by Loan Categories | Performing Nonperforming 90 Days 30-59 60-89 and Non- Total (In thousands) Current Days Days Over accrual Loans September 30, 2015 Commercial and industrial $ 195,175 $ — $ — $ — $ — $ 195,175 Real estate Commercial: Mortgage 116,704 — — — 3,047 119,751 Construction 71 — — — — 71 Church, church-related: Mortgage 314,714 — — — 108 314,822 Construction 20,077 — — — — 20,077 Industrial Revenue Bonds 20,911 — — — — 20,911 Other 35 — — — — 35 Total $ 667,687 $ — $ — $ — $ 3,155 $ 670,842 December 31, 2014 Commercial and industrial $ 203,350 $ — $ — $ — $ — $ 203,350 Real estate Commercial: Mortgage 117,393 — — — 361 117,754 Construction — — — — — — Church, church-related: Mortgage 305,760 — — — 127 305,887 Construction 18,612 — — — — 18,612 Industrial Revenue Bonds 23,348 — — — — 23,348 Other 395 — — — — 395 Total $ 668,858 $ — $ — $ — $ 488 $ 669,346 |
Schedule of Credit Exposure of the Loan Portfolio | Loans Performing Nonperforming Subject to Loans Subject to Loans Subject Normal Special to Special (In thousands) Monitoring 1 Monitoring 2 Monitoring 2 Total Loans September 30, 2015 Commercial and industrial $ 192,135 $ 3,040 $ — $ 195,175 Real estate Commercial: Mortgage 107,985 8,719 3,047 119,751 Construction 71 — — 71 Church, church-related: Mortgage 310,145 4,569 108 314,822 Construction 20,077 — — 20,077 Industrial Revenue Bonds 20,911 — — 20,911 Other 35 — — 35 Total $ 651,359 $ 16,328 $ 3,155 $ 670,842 December 31, 2014 Commercial and industrial $ 199,837 $ 3,513 $ — $ 203,350 Real estate Commercial: Mortgage 103,097 14,296 361 117,754 Construction — — — — Church, church-related: Mortgage 304,219 1,541 127 305,887 Construction 18,612 — — 18,612 Industrial Revenue Bonds 23,348 — — 23,348 Other 395 — — 395 Total $ 649,508 $ 19,350 $ 488 $ 669,346 1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations. 2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. |
Schedule of Recorded Investment and Unpaid Principal Balance for Impaired Loans | Unpaid Related Recorded Principal Allowance for (In thousands) Investment Balance Loan Losses September 30, 2015 Commercial and industrial: Nonaccrual $ — $ — $ — Real estate Commercial – Mortgage: Nonaccrual 3,047 3,047 1,127 Church – Mortgage: Nonaccrual 108 108 108 Total impaired loans $ 3,155 $ 3,155 $ 1,235 December 31, 2014 Commercial and industrial: Nonaccrual $ — $ — $ — Real estate Commercial – Mortgage: Nonaccrual 361 361 — Church – Mortgage: Nonaccrual 127 127 127 Total impaired loans $ 488 $ 488 $ 127 |
Summary of the Allowance for Loan Losses | December 31, Charge- September 30, (In thousands) 2014 Offs Recoveries Provision 2015 Commercial and industrial $ 3,515 $ 30 $ 10 $ (133 ) $ 3,362 Real estate Commercial: Mortgage 3,060 — 5 (3 ) 3,062 Construction — — — 1 1 Church, church-related: Mortgage 4,016 — 2 127 4,145 Construction 140 — — 10 150 Industrial Revenue Bonds 394 — — (50 ) 344 Other 769 — 1 48 818 Total $ 11,894 $ 30 $ 18 $ 0 $ 11,882 December 31, Charge- September 30, (In thousands) 2013 Offs Recoveries Provision 2014 Commercial and industrial $ 3,036 $ 3 $ 34 $ 230 $ 3,297 Real estate Commercial: Mortgage 3,946 — 222 235 4,403 Construction 151 — — (151 ) — Church, church-related: Mortgage 4,354 76 3 (494 ) 3,787 Construction 124 — — 45 169 Industrial Revenue Bonds 68 — — 133 201 Other — — — 2 2 Total $ 11,679 $ 79 $ 259 $ — $ 11,859 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Summary of Contractual Cash Obligation of Operating Lease Commitments | Amount of Commitment Expiration per Period Less than 1-3 3-5 Over 5 (In thousands) Total 1 Year Years Years Years Operating lease commitments $ 8,613 $ 1,362 $ 2,711 $ 2,091 $ 2,449 Time deposits 66,164 57,655 6,264 2,245 — Total $ 74,777 $ 59,017 $ 8,975 $ 4,336 $ 2,449 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Summary of Restricted Stock Activity | Nine Months Ended September 30, 2015 Shares Fair Value Balance at December 31, 2014 51,161 $ 48.13 Granted 41,896 $ 51.02 Vested (24,644 ) $ 44.18 Forfeits (262 ) $ 52.63 Balance at September 30, 2015 68,151 $ 51.32 |
Summary of SARs Activity | Weighted- Average Aggregate Average Remaining Intrinsic Exercise Contractual Value Shares Price Term Years (In thousands) Outstanding at December 31, 2014 353,955 $ 35.52 6.77 $ 6,277 Exercised (37,834 ) $ 28.56 Forfeits (1,204 ) $ 53.96 Outstanding at September 30, 2015 314,917 $ 36.28 6.19 $ 4,046 Exercisable at September 30, 2015 262,410 $ 33.30 5.85 $ 4,153 |
Summary of Non-vested SARs Activity | Weighted-Average Shares Grant Date Fair Value Non-vested at December 31, 2014 124,982 $ 45.85 Vested (71,514 ) $ 41.87 Forfeits (961 ) $ 52.02 Non-vested at September 30, 2015 52,507 $ 51.17 |
Schedule of Assumptions used in SARs Granted | Nine Months Ended September 30, 2015 2014 Risk-free interest rate N/A 2.38 % Expected life N/A 7 Expected volatility N/A 28.11 % Expected dividend yield N/A 1.30 % |
Defined Pension Plans (Tables)
Defined Pension Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Defined Pension Plans [Abstract] | |
Schedule of Net Periodic Pension Costs | Estimated Actual (In thousands) 2015 2014 Service cost – benefits earned during the year $ 3,977 $ 3,003 Interest cost on projected benefit obligations 3,217 3,037 Expected return on plan assets (4,863 ) (4,711 Net amortization and deferral 1,605 244 Net periodic pension cost $ 3,936 $ 1,573 |
Schedule of Unfunded Supplemental Executive Retirement Plan | Estimated Actual (In thousands) 2015 2014 Service cost – benefits earned during the year $ 140 $ 136 Interest cost on projected benefit obligation 348 377 Net amortization 654 431 Net periodic pension cost $ 1,142 $ 944 |
Investment in Securities (Table
Investment in Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investment in Securities [Abstract] | |
Schedule of Investment Securities | September 30, 2015 Gross Gross Amortized Unrealized Unrealized (In thousands) Cost Gains Losses Fair Value State and political subdivisions $ 347,721 $ 10,762 $ 76 $ 358,407 Certificates of deposit 4,746 — — 4,746 Total $ 352,467 $ 10,762 $ 76 $ 363,153 December 31, 2014 Gross Gross Amortized Unrealized Unrealized (In thousands) Cost Gains Losses Fair Value State and political subdivisions $ 338,469 $ 14,120 $ 198 $ 352,391 Certificates of deposit 3,750 — — 3,750 Total $ 342,219 $ 14,120 $ 198 $ 356,141 |
Schedule of the Fair Value of Securities with Unrealized Losses | September 30, 2015 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 $ 19,339 $ 57 $ 1,206 $ 19 $ 20,545 $ 76 subdivisions Certificates of deposit — — — — — — Total $ 19,339 $ 57 $ 1,206 $ 19 $ 20,545 $ 76 December 31, 2014 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 $ 8,700 $ 15 $ 13,833 $ 183 $ 22,533 $ 198 subdivisions Certificates of deposit — — — — — — Total $ 8,700 $ 15 $ 13,833 $ 183 $ 22,533 $ 198 |
Schedule of Amortized Cost and Fair Value of Investment | September 30, 2015 (In thousands) Amortized Cost Fair Value Due in 1 year or less $ 24,170 $ 24,432 Due after 1 year through 5 years 77,390 80,845 Due after 5 years through 10 years 139,950 145,190 Due after 10 years 110,957 112,686 Total $ 352,467 $ 363,153 |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value of Financial Instruments [Abstract] | |
Summary of the Fair Value of Financial Instruments | September 30, 2015 December 31, 2014 Carrying Carrying (In thousands) Amount Fair Value Amount Fair Value Balance sheet assets: Cash and cash equivalents $ 226,082 $ 226,082 $ 294,335 $ 294,335 Investment securities 363,153 363,153 356,141 356,141 Loans, net 658,960 660,647 657,452 663,247 Accrued interest receivable 5,361 5,361 6,521 6,521 Total $ 1,253,556 $ 1,255,243 $ 1,314,449 $ 1,320,244 Balance sheet liabilities: Deposits $ 577,472 $ 577,472 $ 618,199 $ 618,199 Accounts and drafts payable 625,230 625,230 655,428 655,428 Accrued interest payable 53 53 57 57 Total $ 1,202,755 $ 1,202,755 $ 1,273,684 $ 1,273,684 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 103,000 | $ 121,000 | $ 306,000 | $ 362,000 |
2,016 | 408,000 | 408,000 | ||
2,017 | 356,000 | 356,000 | ||
2,018 | 356,000 | 356,000 | ||
2,019 | 356,000 | 356,000 | ||
2,020 | $ 356,000 | $ 356,000 | ||
Customer Lists [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization period | 10 years | |||
Customer Lists [Member] | Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization period | 7 years | |||
Patents [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization period | 18 years | |||
Non-compete Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization period | 5 years | |||
Software [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization period | 3 years | |||
Other [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization period | 15 years |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Company's Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Unamortized intangible assets: | |||
Goodwill, Gross Carrying Amount | [1] | $ 11,817 | $ 11,817 |
Goodwill, Accumulated Amortization | [1] | (227) | (227) |
Total intangible assets | 16,817 | 16,768 | |
Accumulated Amortization | (2,720) | (2,416) | |
Customer Lists [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 3,933 | 3,933 | |
Accumulated Amortization | (1,944) | (1,705) | |
Patents [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 72 | 23 | |
Accumulated Amortization | (3) | (1) | |
Non-compete Agreements [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 261 | 261 | |
Accumulated Amortization | (196) | (157) | |
Software [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 234 | 234 | |
Accumulated Amortization | (234) | (234) | |
Other [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 500 | 500 | |
Accumulated Amortization | $ (116) | $ (92) | |
[1] | Amortization through December 31, 2001 prior to adoption of FASB ASC 350. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Basic | ||||
Net income | $ 5,880 | $ 6,401 | $ 16,967 | $ 18,247 |
Weighted-average common shares outstanding | 11,329,002 | 11,480,981 | 11,385,680 | 11,482,850 |
Basic earnings per share | $ 0.52 | $ 0.56 | $ 1.49 | $ 1.59 |
Diluted | ||||
Net Income | $ 5,880 | $ 6,401 | $ 16,967 | $ 18,247 |
Weighted-average common shares outstanding | 11,329,002 | 11,480,981 | 11,385,680 | 11,482,850 |
Effect of dilutive restricted stock, stock options and stock appreciation rights | 158,177 | 151,711 | 161,005 | 171,890 |
Weighted-average common shares outstanding assuming dilution | 11,487,179 | 11,632,692 | 11,546,685 | 11,654,740 |
Diluted earnings per share | $ 0.51 | $ 0.55 | $ 1.47 | $ 1.57 |
Stock Repurchases (Details)
Stock Repurchases (Details) - shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Oct. 19, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Number of shares authorized to be repurchased | 500,000 | 500,000 | |||
Shares repurchased | 68,105 | 19,542 | 192,690 | 19,542 | |
Remaining number of shares available for repurchase | 287,350 | 287,350 | |||
Subsequent Event [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Number of shares authorized to be repurchased | 500,000 |
Industry Segment Information (D
Industry Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Fee revenue and other income: | |||||
Income from customers | $ 30,597 | $ 29,610 | $ 90,510 | $ 87,631 | |
Intersegment income (expense) | |||||
Net income | $ 5,880 | $ 6,401 | $ 16,967 | $ 18,247 | |
Goodwill | 11,590 | 11,590 | 11,590 | 11,590 | $ 11,590 |
Other intangible assets, net | 2,507 | 2,883 | 2,507 | 2,883 | |
Total assets | 1,433,520 | 1,450,173 | 1,433,520 | 1,450,173 | $ 1,500,731 |
Information Services [Member] | |||||
Fee revenue and other income: | |||||
Income from customers | 24,694 | 23,840 | 73,120 | 70,792 | |
Intersegment income (expense) | 2,310 | 2,391 | 6,854 | 6,693 | |
Net income | 3,961 | 4,392 | 11,368 | 12,772 | |
Goodwill | 11,454 | 11,454 | 11,454 | 11,454 | |
Other intangible assets, net | 2,507 | 2,883 | 2,507 | 2,883 | |
Total assets | 751,264 | 772,847 | 751,264 | 772,847 | |
Banking Services [Member] | |||||
Fee revenue and other income: | |||||
Income from customers | 5,903 | 5,770 | 17,390 | 16,839 | |
Intersegment income (expense) | 410 | 370 | 1,266 | 1,100 | |
Net income | 1,919 | 2,009 | 5,599 | 5,475 | |
Goodwill | $ 136 | $ 136 | $ 136 | $ 136 | |
Other intangible assets, net | |||||
Total assets | $ 713,173 | $ 690,718 | $ 713,173 | $ 690,718 | |
Corporate Eliminations and Other [Member] | |||||
Fee revenue and other income: | |||||
Income from customers | |||||
Intersegment income (expense) | $ (2,720) | $ (2,761) | $ (8,120) | $ (7,793) | |
Net income | |||||
Goodwill | |||||
Other intangible assets, net | |||||
Total assets | $ (30,917) | $ (13,392) | $ (30,917) | $ (13,392) |
Loans by Type (Narrative) (Deta
Loans by Type (Narrative) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Loans by Type [Abstract] | ||
Foreclosed loans amount |
Loans by Type (Summary of Loan
Loans by Type (Summary of Loan Categories) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Participating Mortgage Loans [Line Items] | ||
Loans | $ 670,842 | $ 669,346 |
Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 195,175 | 203,350 |
Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 119,751 | $ 117,754 |
Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 71 | |
Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 314,822 | $ 305,887 |
Real Estate Church Related Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 20,077 | 18,612 |
Industrial Revenue Bonds [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 20,911 | 23,348 |
Other Loan [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | $ 35 | $ 395 |
Loans by Type (Schedule of the
Loans by Type (Schedule of the Aging of Loans by Loan Categories) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 3,155 | $ 488 |
Total Loans | 670,842 | 669,346 |
Performing, Current | ||
Participating Mortgage Loans [Line Items] | ||
Loans | $ 667,687 | $ 668,858 |
Performing, 30-59 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Performing, 60-89 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Nonperforming, 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Total Loans | $ 195,175 | $ 203,350 |
Commercial and Industrial [Member] | Performing, Current | ||
Participating Mortgage Loans [Line Items] | ||
Loans | $ 195,175 | $ 203,350 |
Commercial and Industrial [Member] | Performing, 30-59 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Commercial and Industrial [Member] | Performing, 60-89 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Commercial and Industrial [Member] | Nonperforming, 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 3,047 | $ 361 |
Total Loans | 119,751 | 117,754 |
Real Estate Commercial Mortgage [Member] | Performing, Current | ||
Participating Mortgage Loans [Line Items] | ||
Loans | $ 116,704 | $ 117,393 |
Real Estate Commercial Mortgage [Member] | Performing, 30-59 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Real Estate Commercial Mortgage [Member] | Performing, 60-89 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Real Estate Commercial Mortgage [Member] | Nonperforming, 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Total Loans | $ 71 | |
Real Estate Commercial Construction [Member] | Performing, Current | ||
Participating Mortgage Loans [Line Items] | ||
Loans | $ 71 | |
Real Estate Commercial Construction [Member] | Performing, 30-59 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Real Estate Commercial Construction [Member] | Performing, 60-89 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Real Estate Commercial Construction [Member] | Nonperforming, 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 108 | $ 127 |
Total Loans | 314,822 | 305,887 |
Real Estate Church Related Mortgage [Member] | Performing, Current | ||
Participating Mortgage Loans [Line Items] | ||
Loans | $ 314,714 | $ 305,760 |
Real Estate Church Related Mortgage [Member] | Performing, 30-59 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Real Estate Church Related Mortgage [Member] | Performing, 60-89 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Real Estate Church Related Mortgage [Member] | Nonperforming, 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Real Estate Church Related Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Total Loans | $ 20,077 | $ 18,612 |
Real Estate Church Related Construction [Member] | Performing, Current | ||
Participating Mortgage Loans [Line Items] | ||
Loans | $ 20,077 | $ 18,612 |
Real Estate Church Related Construction [Member] | Performing, 30-59 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Real Estate Church Related Construction [Member] | Performing, 60-89 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Real Estate Church Related Construction [Member] | Nonperforming, 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Industrial Revenue Bonds [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Total Loans | $ 20,911 | $ 23,348 |
Industrial Revenue Bonds [Member] | Performing, Current | ||
Participating Mortgage Loans [Line Items] | ||
Loans | $ 20,911 | $ 23,348 |
Industrial Revenue Bonds [Member] | Performing, 30-59 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Industrial Revenue Bonds [Member] | Performing, 60-89 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Industrial Revenue Bonds [Member] | Nonperforming, 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Other [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Total Loans | $ 35 | $ 395 |
Other [Member] | Performing, Current | ||
Participating Mortgage Loans [Line Items] | ||
Loans | $ 35 | $ 395 |
Other [Member] | Performing, 30-59 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Other [Member] | Performing, 60-89 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
Other [Member] | Nonperforming, 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans |
Loans by Type (Schedule of th37
Loans by Type (Schedule of the Credit Exposure of the Loan Portfolio) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Participating Mortgage Loans [Line Items] | |||
Loans | $ 670,842 | $ 669,346 | |
Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 651,359 | 649,508 |
Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 16,328 | 19,350 |
Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 3,155 | 488 |
Commercial and Industrial [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | 195,175 | 203,350 | |
Commercial and Industrial [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 192,135 | 199,837 |
Commercial and Industrial [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | $ 3,040 | $ 3,513 |
Commercial and Industrial [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Real Estate Commercial Mortgage [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | $ 119,751 | $ 117,754 | |
Real Estate Commercial Mortgage [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 107,985 | 103,097 |
Real Estate Commercial Mortgage [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 8,719 | 14,296 |
Real Estate Commercial Mortgage [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 3,047 | $ 361 |
Real Estate Commercial Construction [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | 71 | ||
Real Estate Commercial Construction [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | $ 71 | |
Real Estate Commercial Construction [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Real Estate Commercial Construction [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Real Estate Church Related Mortgage [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | $ 314,822 | $ 305,887 | |
Real Estate Church Related Mortgage [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 310,145 | 304,219 |
Real Estate Church Related Mortgage [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 4,569 | 1,541 |
Real Estate Church Related Mortgage [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 108 | 127 |
Real Estate Church Related Construction [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | 20,077 | 18,612 | |
Real Estate Church Related Construction [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | $ 20,077 | $ 18,612 |
Real Estate Church Related Construction [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Real Estate Church Related Construction [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Industrial Revenue Bonds [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | $ 20,911 | $ 23,348 | |
Industrial Revenue Bonds [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | $ 20,911 | $ 23,348 |
Industrial Revenue Bonds [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Industrial Revenue Bonds [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Other [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | $ 35 | $ 395 | |
Other [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | $ 35 | $ 395 |
Other [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Other [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
[1] | Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations. | ||
[2] | Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. |
Loans by Type (Schedule of Reco
Loans by Type (Schedule of Recorded Investment and Unpaid Principal for Impaired Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 3,155 | $ 488 |
Recorded Investment [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 3,155 | 488 |
Unpaid Principal Balance [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 3,155 | 488 |
Related Allowance for Loan Losses [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 1,235 | $ 127 |
Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Commercial and Industrial [Member] | Recorded Investment [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Commercial and Industrial [Member] | Unpaid Principal Balance [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Commercial and Industrial [Member] | Related Allowance for Loan Losses [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 3,047 | $ 361 |
Real Estate Commercial Mortgage [Member] | Recorded Investment [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 3,047 | 361 |
Real Estate Commercial Mortgage [Member] | Unpaid Principal Balance [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 3,047 | $ 361 |
Real Estate Commercial Mortgage [Member] | Related Allowance for Loan Losses [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 1,127 | |
Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 108 | $ 127 |
Real Estate Church Related Mortgage [Member] | Recorded Investment [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 108 | 127 |
Real Estate Church Related Mortgage [Member] | Unpaid Principal Balance [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 108 | 127 |
Real Estate Church Related Mortgage [Member] | Related Allowance for Loan Losses [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 108 | $ 127 |
Loans by Type (Summary of Allow
Loans by Type (Summary of Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | $ 11,894 | $ 11,679 |
Charge-Offs | 30 | 79 |
Recoveries | 18 | $ 259 |
Provision | 0 | |
Ending Balance | 11,882 | $ 11,859 |
Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | 3,515 | 3,036 |
Charge-Offs | 30 | 3 |
Recoveries | 10 | 34 |
Provision | (133) | 230 |
Ending Balance | 3,362 | 3,297 |
Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | $ 3,060 | $ 3,946 |
Charge-Offs | ||
Recoveries | $ 5 | $ 222 |
Provision | (3) | 235 |
Ending Balance | $ 3,062 | 4,403 |
Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | $ 151 | |
Charge-Offs | ||
Recoveries | ||
Provision | $ 1 | $ (151) |
Ending Balance | 1 | |
Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | $ 4,016 | $ 4,354 |
Charge-Offs | 76 | |
Recoveries | $ 2 | 3 |
Provision | 127 | (494) |
Ending Balance | 4,145 | 3,787 |
Real Estate Church Related Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | $ 140 | $ 124 |
Charge-Offs | ||
Recoveries | ||
Provision | $ 10 | $ 45 |
Ending Balance | 150 | 169 |
Industrial Revenue Bonds [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | $ 394 | $ 68 |
Charge-Offs | ||
Recoveries | ||
Provision | $ (50) | $ 133 |
Ending Balance | 344 | $ 201 |
Other [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | $ 769 | |
Charge-Offs | ||
Recoveries | $ 1 | |
Provision | 48 | $ 2 |
Ending Balance | $ 818 | $ 2 |
Commitments and Contingencies40
Commitments and Contingencies (Narrative) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies [Abstract] | ||
Unused loan commitments | $ 5,588,000 | $ 19,066,000 |
Standby letters of credit | 11,590,000 | 12,693,000 |
Commercial letters of credit | $ 1,405,000 | $ 2,571,000 |
Commitments and Contingencies41
Commitments and Contingencies (Summary of Company's Contractual Cash Obligations) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Commitments and Contingencies [Abstract] | |
Operating lease commitments, Total | $ 8,613 |
Operating lease commitments, Less than 1 Year | 1,362 |
Operating lease commitments, 1 to 3 Years | 2,711 |
Operating lease commitments, 3 to 5 Years | 2,091 |
Operating lease commitments, Over 5 Years | 2,449 |
Time Deposits, Total | 66,164 |
Time Deposits, Less than 1 Year | 57,655 |
Time Deposits, 1 to 3 Years | 6,264 |
Time Deposits, 3 to 5 Years | $ 2,245 |
Time Deposits, over 5 Years | |
Commitments, Total | $ 74,777 |
Commitments, Less than 1 Year | 59,017 |
Commitments, 1 to 3 Years | 8,975 |
Commitments, 3 to 5 Years | 4,336 |
Commitments, Over 5 Years | $ 2,449 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Incentive Plan, shares authorized | 1,500,000 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ | $ 2,100,000 |
Remaining vesting period | 10 months 24 days |
Vesting period | 3 years |
Granted, Shares | 41,896 |
SARs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ | $ 397,000 |
Remaining vesting period | 6 months |
Vesting period | 3 years |
Granted, Shares | 0 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Activity) (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Shares | |
Beginning balance | shares | 51,161 |
Granted | shares | 41,896 |
Vested | shares | (24,644) |
Forfeits | shares | (262) |
Ending balance | shares | 68,151 |
Fair Value | |
Beginning balance | $ 48.13 |
Granted | 51.02 |
Vested | 44.18 |
Forfeits | 52.63 |
Ending balance | $ 51.32 |
Stock-Based Compensation (Sum44
Stock-Based Compensation (Summary of Company's SARs Activity) (Details) - SARs [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance | 353,955 | |
Exercised, Shares | (37,834) | |
Forfeits | (1,204) | |
Ending balance | 314,917 | 353,955 |
Exercisable, Shares | 262,410 | |
Outstanding, Weighted Average Exercise Price | $ 35.52 | |
Exercised, Weighted Average Exercise Price | 28.56 | |
Forfeits, Weighted Average Exercise Price | 53.96 | |
Outstanding, Weighted Average Exercise Price | 36.28 | $ 35.52 |
Exercisable, Weighted Average Exercise Price | $ 33.30 | |
Outstanding, Average Remaining Contractual Term Years | 6 years 2 months 8 days | 6 years 9 months 7 days |
Exercisable, Average Remaining Contractual Term Years | 5 years 10 months 6 days | |
Outstanding, Aggregate Intrinsic Value | $ 6,277 | |
Outstanding, Aggregate Intrinsic Value | 4,046 | $ 6,277 |
Exercisable, Aggregate Intrinsic Value | $ 4,153 |
Stock-Based Compensation (Sum45
Stock-Based Compensation (Summary of Company's Non-vested SARs Activity) (Details) - SARs [Member] | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested, beginning, Shares | shares | 124,982 |
Vested | shares | (71,514) |
Forfeits | shares | (961) |
Non-vested, ending, Shares | shares | 52,507 |
Beginning balance | $ 45.85 |
Vested | 41.87 |
Forfeits | 52.02 |
Ending balance | $ 51.17 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of SARs Assumptions) (Details) - SARs [Member] | 9 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk free interest rate | 2.38% |
Expected life | 7 years |
Expected volatility | 28.11% |
Expected dividend yield | 1.30% |
Defined Pension Plans (Narrativ
Defined Pension Plans (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension period | 30 years | |||
Defined Benefit Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension costs | $ 1,010,000 | $ 360,000 | $ 2,978,000 | $ 1,180,000 |
Unfunded Supplemental Executive Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension costs | $ 286,000 | $ 236,000 | $ 857,000 | $ 708,000 |
Defined Pension Plans (Schedule
Defined Pension Plans (Schedule of Net Periodic Pension Costs) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the year | $ 3,977 | $ 3,003 |
Interest cost on projected benefit obligation | 3,217 | 3,037 |
Expected return on plan assets | (4,863) | (4,711) |
Net amortization and deferral | 1,605 | 244 |
Net periodic pension cost | 3,936 | 1,573 |
Unfunded Supplemental Executive Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the year | 140 | 136 |
Interest cost on projected benefit obligation | 348 | 377 |
Net amortization and deferral | 654 | 431 |
Net periodic pension cost | $ 1,142 | $ 944 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Amounts of tax benefits that would affect effective tax rate if recognized | $ 952,000 | $ 819,000 |
Income tax accrued interest | 71,000 | 45,000 |
Unrecognized tax benefits | 1,305,000 | $ 1,117,000 |
Statute of limitations | $ 210,000 |
Investment in Securities (Narra
Investment in Securities (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)item | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)item | Sep. 30, 2014USD ($) | Dec. 31, 2014item | |
Investment in Securities [Abstract] | |||||
Number of securities that had an unrealized loss | item | 16 | 16 | 20 | ||
Percentage of total securities | 5.00% | 5.00% | 6.00% | ||
Proceeds from sales of securities available-for-sale | $ 33,395,000 | $ 587,000 | $ 99,347,000 | $ 587,000 | |
Gross realized gains | 1,271,000 | $ 23,000 | 2,910,000 | $ 23,000 | |
Securities pledged as collateral | $ 3,750,000 | $ 3,750,000 |
Investment in Securities (Sched
Investment in Securities (Schedule of Investement Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Amortized Cost | $ 352,467 | $ 342,219 |
Gross Unrealized Gains | 10,762 | 14,120 |
Gross Unrealized Losses | 76 | 198 |
Fair Value | 363,153 | 356,141 |
State and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Amortized Cost | 347,721 | 338,469 |
Gross Unrealized Gains | 10,762 | 14,120 |
Gross Unrealized Losses | 76 | 198 |
Fair Value | 358,407 | 352,391 |
Certificates Of deposit [Member] | ||
Investment [Line Items] | ||
Amortized Cost | $ 4,746 | $ 3,750 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 4,746 | $ 3,750 |
Investment in Securities (Sch52
Investment in Securities (Schedule of the Fair Values of Securities with Unrealized Losses) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Estimated fair value, less than 12 months | $ 19,339 | $ 8,700 |
Estimated fair value, 12 months or more | 1,206 | 13,833 |
Estimated fair value, total | 20,545 | 22,533 |
Unrealized losses, less than 12 months | 57 | 15 |
Unrealized losses, 12 months or more | 19 | 183 |
Unrealized losses, total | 76 | 198 |
State and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Estimated fair value, less than 12 months | 19,339 | 8,700 |
Estimated fair value, 12 months or more | 1,206 | 13,833 |
Estimated fair value, total | 20,545 | 22,533 |
Unrealized losses, less than 12 months | 57 | 15 |
Unrealized losses, 12 months or more | 19 | 183 |
Unrealized losses, total | $ 76 | $ 198 |
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, less than 12 months | ||
Unrealized losses, 12 months or more | ||
Unrealized losses, total |
Investment in Securities (Sch53
Investment in Securities (Schedule of Amortized Cost and Fair Value of Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment in Securities [Abstract] | ||
Amortized Cost, Due in 1 year or less | $ 24,170 | |
Amortized Cost, Due after 1 year through 5 years | 77,390 | |
Amortized Cost, Due after 5 years through 10 years | 139,950 | |
Amortized Cost, Due after 10 years | 110,957 | |
Amortized Cost, Total | 352,467 | |
Fair Value, Due in 1 year or less | 24,432 | |
Fair Value, Due after 1 year through 5 years | 80,845 | |
Fair Value, Due after 5 years through 10 years | 145,190 | |
Fair Value, Due after 10 years | 112,686 | |
Fair Value, Total | $ 363,153 | $ 356,141 |
Fair Value of Financial Instr54
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | $ 226,082 | $ 294,335 | $ 238,662 | $ 225,262 |
Investment securities, Carrying Amount | 363,153 | 356,141 | ||
Loans, net, Carrying Amount | 658,960 | 657,452 | ||
Accrued interest receivable, Carrying Amount | 5,361 | 6,521 | ||
Assets, Carrying Amount | 1,253,556 | 1,314,449 | ||
Cash and cash equivalents, Fair Value | 226,082 | 294,335 | ||
Investment securities, Fair Value | 363,153 | 356,141 | ||
Loans, net, Fair Value | 660,647 | 663,247 | ||
Accrued interest receivable, Fair Value | 5,361 | 6,521 | ||
Assets, Fair Value | 1,255,243 | 1,320,244 | ||
Deposits | 577,472 | 618,199 | ||
Accounts and drafts payable | 625,230 | 655,428 | ||
Accrued interest payable, Carrying Amount | 53 | 57 | ||
Liabilities, Carrying Amount | 1,202,755 | 1,273,684 | ||
Deposits, Fair Value | 577,472 | 618,199 | ||
Accounts and drafts payable, Fair Value | 625,230 | 655,428 | ||
Accrued interest payable, Fair Value | 53 | 57 | ||
Liabilities, Fair Value | $ 1,202,755 | $ 1,273,684 |