Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 28, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | 11,242,376 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 11,995 | $ 9,015 |
Interest-bearing deposits in other financial institutions | 122,670 | 176,405 |
Federal funds sold and other short-term investments | 10,681 | 67,752 |
Cash and cash equivalents | 145,346 | 253,172 |
Securities available-for-sale, at fair value | 373,145 | 375,696 |
Loans | 684,617 | 659,055 |
Less: Allowance for loan losses | 10,637 | 11,635 |
Loans, net | 673,980 | 647,420 |
Premises and equipment, net | 19,948 | 19,648 |
Investment in bank-owned life insurance | 16,061 | 15,933 |
Payments in excess of funding | 110,665 | 105,526 |
Goodwill | 11,590 | 11,590 |
Other intangible assets, net | 2,303 | 2,405 |
Other assets | 23,980 | 24,116 |
Total assets | 1,377,018 | 1,455,506 |
Liabilities and Shareholders' Equity | ||
Noninterest-bearing | 184,281 | 181,823 |
Interest-bearing | 421,564 | 464,661 |
Total deposits | 605,845 | 646,484 |
Accounts and drafts payable | 536,725 | 577,259 |
Other liabilities | 25,413 | 24,385 |
Total liabilities | $ 1,167,983 | $ 1,248,128 |
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 March 31, 2016 and December 31, 2015 | $ 5,966 | $ 5,966 |
Additional paid-in capital | 125,719 | 126,290 |
Retained earnings | 107,343 | 103,994 |
Common shares in treasury, at cost (657,831 shares at March 31, 2016 and 598,875 shares at December 31, 2015) | (25,490) | (22,208) |
Accumulated other comprehensive loss | (4,503) | (6,664) |
Total shareholders' equity | 209,035 | 207,378 |
Total liabilities and shareholders' equity | $ 1,377,018 | $ 1,455,506 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [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 | 657,831 | 598,875 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fee Revenue and Other Income: | ||
Information services payment and processing revenue | $ 19,545 | $ 19,418 |
Bank service fees | 358 | 301 |
Gains on sales of securities | 308 | 949 |
Other | 294 | 164 |
Total fee revenue and other income | 20,505 | 20,832 |
Interest Income: | ||
Interest and fees on loans | 7,131 | 7,086 |
Interest and dividends on securities: | ||
Taxable | 12 | 3 |
Exempt from federal income taxes | 2,394 | 2,303 |
Interest on federal funds sold and other short-term investments | 240 | 160 |
Total interest income | 9,777 | 9,552 |
Interest Expense: | ||
Interest on deposits | 513 | 591 |
Net interest income | 9,264 | $ 8,961 |
Provision for loan losses | (1,000) | |
Net interest income after provision for loan losses | 10,264 | $ 8,961 |
Total net revenue | 30,769 | 29,793 |
Operating Expense: | ||
Salaries and employee benefits | 17,846 | 17,326 |
Occupancy | 834 | 837 |
Equipment | 1,055 | 1,071 |
Amortization of intangible assets | 102 | 101 |
Other operating expense | 3,079 | 2,973 |
Total operating expense | 22,916 | 22,308 |
Income before income tax expense | 7,853 | 7,485 |
Income tax expense | 2,020 | 1,946 |
Net income | $ 5,833 | $ 5,539 |
Basic earnings per share | $ .52 | $ 0.48 |
Diluted earnings per share | $ .51 | $ 0.48 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Comprehensive income: | ||
Net income | $ 5,833 | $ 5,539 |
Other comprehensive income: | ||
Net unrealized gain (loss) on securities available-for-sale | 3,674 | 1,496 |
Tax effect | (1,365) | (557) |
Reclassification adjustments for gains included in net income | (308) | (949) |
Tax effect | 114 | 332 |
Foreign currency translation adjustments | 46 | (64) |
Total comprehensive income | $ 7,994 | $ 5,797 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows From Operating Activities: | ||
Net income | $ 5,833 | $ 5,539 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,307 | 2,081 |
Net gains on sales of securities | (308) | (949) |
Stock-based compensation expense | 499 | $ 517 |
Provision for loan losses | (1,000) | |
Increase in income tax liability | 378 | $ 31 |
Increase in pension liability | 1,005 | 1,210 |
Other operating activities, net | (1,552) | 1,475 |
Net cash provided by operating activities | 7,162 | 9,904 |
Cash Flows From Investing Activities: | ||
Proceeds from sales of securities available-for-sale | 19,039 | 45,198 |
Proceeds from maturities of securities available-for-sale | 10,865 | 7,810 |
Purchase of securities available-for-sale | (25,102) | (19,297) |
Net increase in loans | (25,560) | (14,187) |
Increase in payments in excess of funding | (5,139) | (5,345) |
Purchases of premises and equipment, net | (1,082) | (1,624) |
Net cash (used in) provided by investing activities | (26,979) | 12,555 |
Cash Flows From Financing Activities: | ||
Net increase in noninterest-bearing demand deposits | 2,458 | 1,556 |
Net decrease in interest-bearing demand and savings deposits | (44,046) | (614) |
Net increase (decrease) in time deposits | 949 | (4,063) |
Net decrease in accounts and drafts payable | (40,534) | (98,602) |
Cash dividends paid | (2,484) | (2,412) |
Purchase of common shares for treasury | (3,772) | (3,358) |
Other financing activities, net | (580) | (786) |
Net cash used in financing activities | (88,009) | (108,279) |
Net decrease in cash and cash equivalents | (107,826) | (85,820) |
Cash and cash equivalents at beginning of period | 253,172 | 294,335 |
Cash and cash equivalents at end of period | 145,346 | 208,515 |
Supplemental information: | ||
Cash paid for interest | 501 | 582 |
Cash paid for income taxes | $ 1,671 | $ 1,942 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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, 2015 . |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [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 Companys intangible assets are as follows: March 31, 2016 December 31, 2015 Gross Carrying Accumulated Gross Carrying Accumulated (In thousands) Amount Amortization Amount Amortization Assets eligible for amortization: Customer lists $ 3,933 $ (2,103 ) $ 3,933 $ (2,023 ) Patent 72 (4 ) 72 (4 ) Non-compete agreements 261 (222 ) 261 (209 ) Software 234 (234 ) 234 (234 ) Other 500 (134 ) 500 (125 ) Unamortized intangible assets: Goodwill 1 11,817 (227 ) 11,817 (227 ) Total intangible assets $ 16,817 $ (2,924 ) $ 16,817 $ (2,822 ) 1 . The customer lists are amortized over seven and ten years; the patents over 18 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 $102,000 and $101,000 for the three-month periods ended March 31, 2016 and 2015, respectively. Estimated annual amortization of intangibles is as follows: $407,000 in 2016, and $356,000 in each of 2017, 2018, 2019 and 2020. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3 Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. There were no anti-dilutive shares in the three months ended March 31, 2016 and 2015. The calculations of basic and diluted earnings per share are as follows: Three Months Ended March 31, (In thousands except share and per share data) 2016 2015 Basic Net income $ 5,833 $ 5,539 Weighted-average common shares outstanding 11,233,558 11,440,356 Basic earnings per share $ .52 $ .48 Diluted Net income $ 5,833 $ 5,539 Weighted-average common shares outstanding 11,233,558 11,440,356 Effect of dilutive restricted stock and stock appreciation rights 153,299 161,497 Weighted-average common shares outstanding assuming dilution 11,386,857 11,601,853 Diluted earnings per share $ .51 |
Stock Repurchases
Stock Repurchases | 3 Months Ended |
Mar. 31, 2016 | |
Equity [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 shares of the Companys common stock. As restored by the Board of Directors on October 19, 2015, the program provides that the Company may repurchase up to an aggregate of 500,000 shares of common stock and has no expiration date. The Company repurchased 75,882 and 69,288 shares during the three-month periods ended March 31, 2016 and 2015, respectively. As of March 31, 2016, 412,397 shares remained available for repurchase under the program. Repurchases may be made in the open market or through negotiated transactions from time to time depending on market conditions. |
Industry Segment Information
Industry Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [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 Companys accounting policies for segments are the same as those described in the summary of significant accounting policies in the Companys Annual Report on Form 10-K for the year ended December 31, 2015. 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 Companys 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 Companys operations in each industry segment is as follows: Corporate, Information Banking Eliminations (In thousands) Services Services and Other Total Quarter Ended March 31, 2016 Fee revenue and other income: Income from customers $ 23,558 $ 7,211 $ $ 30,769 Intersegment income (expense) 3,258 376 (3,634 ) Net income 2,947 2,886 5,833 Goodwill 11,454 136 11,590 Other intangible assets, net 2,303 2,303 Total assets 663,487 718,234 (4,703 ) 1,377,018 Quarter Ended March 31, 2015 Fee revenue and other income Income from customers $ 24,274 $ 5,519 $ $ 29,793 Intersegment income (expense) 2,194 423 (2,617 ) Net income 3,816 1,723 5,539 Goodwill 11,454 136 11,590 Other intangible assets, net 2,661 2,661 Total assets 686,492 724,292 (10,036 ) 1,400,748 |
Loans by Type
Loans by Type | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans by Type | Note 6 Loans by Type A summary of loan categories is as follows: March 31, December 31, (In thousands) 2016 2015 Commercial and industrial $ 209,663 $ 193,430 Real estate Commercial: Mortgage 106,656 108,836 Construction 9,857 1,182 Church, church-related: Mortgage 306,155 306,728 Construction 33,259 28,957 Industrial Revenue Bonds 19,018 19,831 Other 9 91 Total loans $ 684,617 $ 659,055 The following table presents the aging of loans by loan categories at March 31, 2016 and December 31, 2015: Performing Nonperforming 90 Days 30-59 60-89 and Non- Total (In thousands) Current Days Days Over accrual Loans March 31, 2016 Commercial and industrial $ 209,663 $ $ $ $ $ 209,663 Real estate Commercial: Mortgage 106,366 290 106,656 Construction 9,857 9,857 Church, church-related: Mortgage 306,061 94 306,155 Construction 33,259 33,259 Industrial Revenue Bonds 19,018 19,018 Other 9 9 Total $ 684,233 $ $ $ $ 384 $ 684,617 December 31, 2015 Commercial and industrial $ 193,430 $ $ $ $ $ 193,430 Real estate Commercial: Mortgage 105,804 3,032 108,836 Construction 1,182 1,182 Church, church-related: Mortgage 306,625 103 306,728 Construction 28,957 28,957 Industrial Revenue Bonds 19,831 19,831 Other 91 91 Total $ 655,920 $ $ $ $ 3,135 $ 659,055 The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of March 31, 2016 and December 31, 2015: Loans Performing Nonperforming Subject to Loans Subject to Loans Subject Normal Special to Special (In thousands) Monitoring 1 Monitoring 2 Monitoring 2 Total Loans March 31, 2016 Commercial and industrial $ 206,999 $ 2,664 $ $ 209,663 Real estate Commercial: Mortgage 105,233 1,133 290 106,656 Construction 9,857 9,857 Church, church-related: Mortgage 298,242 7,819 94 306,155 Construction 33,259 33,259 Industrial Revenue Bonds 19,018 19,018 Other 9 9 Total $ 672,617 $ 11,616 $ 384 $ 684,617 December 31, 2015 Commercial and industrial $ 190,303 $ 3,127 $ $ 193,430 Real estate Commercial: Mortgage 104,642 1,162 3,032 108,836 Construction 1,182 1,182 Church, church-related: Mortgage 299,135 7,490 103 306,728 Construction 28,957 28,957 Industrial Revenue Bonds 19,831 19,831 Other 91 91 Total $ 644,141 $ 11,779 $ 3,135 $ 659,055 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 March 31, 2016 impaired loans were evaluated using the expected cash flow method. At December 31, 2015, all impaired loans were evaluated based on the fair value of the collateral and the expected cash flow method. 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 March 31, 2016 and December 31, 2015. There were no loans classified as troubled debt restructuring at March 31, 2016 and December 31, 2015. There were no foreclosed loans recorded as other real estate owned (included in other assets) as of March 31, 2016, and December 31, 2015. The following table presents the recorded investment and unpaid principal balance for impaired loans at March 31, 2016 and December 31, 2015: Unpaid Related Recorded Principal Allowance for (In thousands) Investment Balance Loan Losses March 31, 2016 Commercial and industrial: Nonaccrual $ $ $ Real estate Commercial Mortgage: Nonaccrual 290 290 Church Mortgage: Nonaccrual 94 94 94 Total impaired loans $ 384 $ 384 $ 94 December 31, 2015 Commercial and industrial: Nonaccrual $ $ $ Real estate Commercial Mortgage: Nonaccrual 3,032 3,032 1,039 Church Mortgage: Nonaccrual 103 103 103 Total impaired loans $ 3,135 $ 3,135 $ 1,142 A summary of the activity in the allowance for loan losses from December 31, 2015 to March 31, 2016 is as follows: December 31, Charge- March 31, (In thousands) 2015 Offs Recoveries Provision 2016 Commercial and industrial $ 3,083 $ $ 2 $ 356 $ 3,441 Real estate Commercial: Mortgage 2,803 (1,072 ) 1,731 Construction 9 65 74 Church, church-related: Mortgage 4,082 (16 ) 4,066 Construction 217 33 250 Industrial Revenue Bond 320 (13 ) 307 Other 1,121 (353 ) 768 Total $ 11,635 $ $ 2 $ (1,000 ) $ 10,637 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [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 Companys 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 Companys 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 March 31, 2016 and December 31, 2015, no amounts have been accrued for any estimated losses for these instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commercial and standby letters of credit are conditional commitments issued by the Company or its subsidiaries to guarantee the performance of a customer to a third party. These off-balance sheet financial instruments generally have fixed expiration dates or other termination clauses and may require payment of a fee. At March 31, 2016, the balance of unused loan commitments, standby and commercial letters of credit were $9,562,000, $15,200,000, and $1,993,000, respectively. Since some of the financial instruments may expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. Commitments to extend credit and letters of credit are subject to the same underwriting standards as those financial instruments included on the consolidated balance sheets. The Company evaluates each customers credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of the credit, is based on managements credit evaluation of the borrower. Collateral held varies, but is generally accounts receivable, inventory, residential or income-producing commercial property or equipment. In the event of nonperformance, the Company or its subsidiaries may obtain and liquidate the collateral to recover amounts paid under guarantees on these financial instruments. The following table summarizes contractual cash obligations of the Company related to operating lease commitments and time deposits at March 31, 2016: 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 $ 6,612 $ 1,362 $ 2,378 $ 1,652 $ 1,220 Time deposits 62,649 57,909 2,659 2,081 Total $ 69,261 $ 59,271 $ 5,037 $ 3,733 $ 1,220 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 Companys consolidated financial position or results of operations. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Note 8 Stock-Based Compensation The Amended and Restated Omnibus Stock and Performance Compensation Plan (the Omnibus Plan) permits the issuance of up to 1,500,000 shares of the Companys common stock in the form of stock options, stock appreciation rights (SARs), restricted stock, restricted stock units and performance awards. The Company issues shares out of treasury stock for these awards. During the three months ended March 31, 2016, 27,518 restricted shares and 0 SARs were granted under the Omnibus Plan. Restricted Stock Restricted shares granted prior to April 16, 2013 are amortized to expense over a three-year vesting period. Beginning on April 16, 2013, restricted shares granted to Company employees are amortized to expense over a 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 payments for retainer fees which are expensed in the period earned. As of March 31, 2016, the total unrecognized compensation expense related to non-vested restricted shares was $2,671,000, and the related weighted-average period over which it is expected to be recognized is approximately 1.2 years. Following is a summary of the activity of the restricted stock: Three Months Ended March 31, 2016 Shares Fair Value Balance at December 31, 2015 69,041 $ 51.33 Granted 27,518 $ 49.86 Vested (25,378 ) $ 50.56 Balance at March 31, 2016 71,181 $ 51.03 SARs SARs vest over a three-year period, with one-third of the shares vesting and becoming exercisable each year on the anniversary date of the grant, and they expire 10 years from the original grant date. As of March 31, 2016, the total unrecognized compensation expense was $184,000, and the related weighted-average period over which it is expected to be recognized is 0.8 years. Following is a summary of the activity of the Companys SARs program for the three-month period ended March 31, 2016: Weighted- Average Aggregate Average Remaining Intrinsic Exercise Contractual Value Shares Price Term Years (In thousands) Outstanding at December 31, 2015 307,323 $ 36.57 5.99 $ 4,577 Exercised (3,352 ) $ 27.80 Outstanding at March 31, 2016 303,971 $ 36.66 5.75 $ 4,768 Exercisable at March 31, 2016 291,807 $ 35.62 5.66 $ 4,881 Following is a summary of the activity of the non-vested SARs during the three-month period ended March 31, 2016: Weighted-Average Shares Grant Date Fair Value Non-vested at December 31, 2015 52,507 $ 51.17 Vested (40,343 ) $ 48.02 Non-vested at March 31, 2016 |
Defined Pension Plans
Defined Pension Plans | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Pension Plans | Note 9 Defined Pension Plans The Company has a noncontributory defined-benefit pension plan, which covers most of its employees. The Company accrues and makes contributions designed to fund normal service costs on a current basis using the projected unit credit with service proration method to amortize prior service costs arising from improvements in pension benefits and qualifying service prior to the establishment of the plan over a period of approximately 30 years. Disclosure information is based on a measurement date of December 31 of the corresponding year. The following table represents the components of the net periodic pension costs: Estimated Actual (In thousands) 2016 2015 Service cost benefits earned during the year $ 3,527 $ 3,796 Interest cost on projected benefit obligations 3,480 3,178 Expected return on plan assets (4,734 ) (4,864 ) Net amortization 1,200 1,542 Net periodic pension cost $ 3,473 $ 3,652 Pension costs recorded to expense were $877,000 and $991,000 for the three-month periods ended March 31, 2016 and 2015, respectively. Pension costs decreased in 2016 due to an increase in the discount rate assumption and the use of the updated mortality tables. The Company made no contribution to the plan during the three-month period ended March 31, 2016 and is evaluating the amount of additional contributions, if any, in the remainder of 2016. 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 2015 and an estimate for 2016: Estimated Actual (In thousands) 2016 2015 Service cost benefits earned during the year $ 133 $ 140 Interest cost on projected benefit obligation 367 348 Net amortization 295 654 Net periodic pension cost $ 795 $ 1,142 Pension costs recorded to expense were $201,000 and $288,000 for the three-month periods ended March 31, 2016 and 2015, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 Income Taxes As of March 31, 2016, the Companys unrecognized tax benefits were approximately $1,261,000, of which $912,000 would, if recognized, affect the Companys effective tax rate. As of December 31, 2015, the Company's unrecognized tax benefits were approximately $1,194,000, of which $861,000 would, if recognized, affect the Company's effective tax rate. During the next 12 months, the Company may realize a reduction of its unrecognized tax benefits of approximately $374,000 due to the lapse of federal and state statutes of limitations. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company had $63,000 and $54,000 of gross interest accrued as of March 31, 2016 and December 31, 2015, respectively. There were no penalties for unrecognized tax benefits accrued at March 31, 2016 and December 31, 2015. 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 2012 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 | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity 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 Companys 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: March 31, 2016 Gross Gross Amortized Unrealized Unrealized (In thousands) Cost Gains Losses Fair Value State and political subdivisions $ 349,614 $ 15,905 $ $ 365,519 Certificates of deposit 7,626 7,626 Total $ 357,240 $ 15,905 $ $ 373,145 December 31, 2015 Gross Gross Amortized Unrealized Unrealized (In thousands) Cost Gains Losses Fair Value State and political subdivisions $ 356,531 $ 12,552 $ 13 $ 369,070 Certificates of deposit 6,626 6,626 Total $ 363,157 $ 12,552 $ 13 $ 375,696 There were zero securities in an unrealized loss position as of March 31, 2016. There were 5 securities, or 1% of the total (1 greater than 12 months), in an unrealized loss position as of December 31, 2015. The fair values of securities with unrealized losses are as follows: December 31, 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 subdivisions $ 3,638 $ 5 $ 1,208 $ 8 $ 4,846 $ 13 Certificates of deposit Total $ 3,638 $ 5 $ 1,208 $ 8 $ 4,846 $ 13 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. March 31, 2016 (In thousands) Amortized Cost Fair Value Due in 1 year or less $ 39,256 $ 39,811 Due after 1 year through 5 years 58,997 61,414 Due after 5 years through 10 years 127,684 135,214 Due after 10 years 131,303 136,706 Total $ 357,240 $ 373,145 Proceeds from sales of investment securities classified as available for sale were $19,039,000 for the three months ended March 31, 2016. Gross realized gains were $308,000 for the three months ended March 31, 2016. There was one security totaling $3,750,000 pledged to secure public deposits and for other purposes at March 31, 2016. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [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 Companys financial instruments: March 31, 2016 December 31, 2015 Carrying Carrying (In thousands) Amount Fair Value Amount Fair Value Balance sheet assets: Cash and cash equivalents $ 145,346 $ 145,346 $ 253,172 $ 253,172 Investment securities 373,145 373,145 375,696 375,696 Loans, net 673,980 675,686 647,420 649,161 Accrued interest receivable 5,556 5,556 6,647 6,647 Total $ 1,198,027 $ 1,199,733 $ 1,282,935 $ 1,284,676 Balance sheet liabilities: Deposits $ 605,845 $ 606,236 $ 646,484 $ 646,892 Accounts and drafts payable 536,725 536,725 577,259 577,259 Accrued interest payable 46 46 35 35 Total $ 1,142,616 $ 1,143,007 $ 1,223,778 $ 1,224,186 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 three months ended March 31, 2016 and 2015. No financial instruments are measured using Level 3 inputs for the three months ended March 31, 2016 and 2015. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13 Subsequent Events In accordance with FASB ASC 855, Subsequent Events, the Company has evaluated subsequent events after the consolidated balance sheet date of March 31, 2016, and there were no events identified that would require additional disclosures to prevent the Companys unaudited consolidated financial statements from being misleading. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Company's Intangible Assets | Details of the Companys intangible assets are as follows: March 31, 2016 December 31, 2015 Gross Carrying Accumulated Gross Carrying Accumulated (In thousands) Amount Amortization Amount Amortization Assets eligible for amortization: Customer lists $ 3,933 $ (2,103 ) $ 3,933 $ (2,023 ) Patent 72 (4 ) 72 (4 ) Non-compete agreements 261 (222 ) 261 (209 ) Software 234 (234 ) 234 (234 ) Other 500 (134 ) 500 (125 ) Unamortized intangible assets: Goodwill 1 11,817 (227 ) 11,817 (227 ) Total intangible assets $ 16,817 $ (2,924 ) $ 16,817 $ (2,822 ) 1 . |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The calculations of basic and diluted earnings per share are as follows: Three Months Ended March 31, (In thousands except share and per share data) 2016 2015 Basic Net income $ 5,833 $ 5,539 Weighted-average common shares outstanding 11,233,558 11,440,356 Basic earnings per share $ .52 $ .48 Diluted Net income $ 5,833 $ 5,539 Weighted-average common shares outstanding 11,233,558 11,440,356 Effect of dilutive restricted stock and stock appreciation rights 153,299 161,497 Weighted-average common shares outstanding assuming dilution 11,386,857 11,601,853 Diluted earnings per share $ .51 $ .48 |
Industry Segment Information (T
Industry Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary of Company's Operations in Each Segment | Summarized information about the Companys operations in each industry segment is as follows: Corporate, Information Banking Eliminations (In thousands) Services Services and Other Total Quarter Ended March 31, 2016 Fee revenue and other income: Income from customers $ 23,558 $ 7,211 $ $ 30,769 Intersegment income (expense) 3,258 376 (3,634 ) Net income 2,947 2,886 5,833 Goodwill 11,454 136 11,590 Other intangible assets, net 2,303 2,303 Total assets 663,487 718,234 (4,703 ) 1,377,018 Quarter Ended March 31, 2015 Fee revenue and other income Income from customers $ 24,274 $ 5,519 $ $ 29,793 Intersegment income (expense) 2,194 423 (2,617 ) Net income 3,816 1,723 5,539 Goodwill 11,454 136 11,590 Other intangible assets, net 2,661 2,661 Total assets 686,492 724,292 (10,036 ) 1,400,748 |
Loans by Type (Tables)
Loans by Type (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Summary of Loan Categories | A summary of loan categories is as follows: March 31, December 31, (In thousands) 2016 2015 Commercial and industrial $ 209,663 $ 193,430 Real estate Commercial: Mortgage 106,656 108,836 Construction 9,857 1,182 Church, church-related: Mortgage 306,155 306,728 Construction 33,259 28,957 Industrial Revenue Bonds 19,018 19,831 Other 9 91 Total loans $ 684,617 $ 659,055 |
Schedule of the Aging Loans by Loan Categories | The following table presents the aging of loans by loan categories at March 31, 2016 and December 31, 2015: Performing Nonperforming 90 Days 30-59 60-89 and Non- Total (In thousands) Current Days Days Over accrual Loans March 31, 2016 Commercial and industrial $ 209,663 $ $ $ $ $ 209,663 Real estate Commercial: Mortgage 106,366 290 106,656 Construction 9,857 9,857 Church, church-related: Mortgage 306,061 94 306,155 Construction 33,259 33,259 Industrial Revenue Bonds 19,018 19,018 Other 9 9 Total $ 684,233 $ $ $ $ 384 $ 684,617 December 31, 2015 Commercial and industrial $ 193,430 $ $ $ $ $ 193,430 Real estate Commercial: Mortgage 105,804 3,032 108,836 Construction 1,182 1,182 Church, church-related: Mortgage 306,625 103 306,728 Construction 28,957 28,957 Industrial Revenue Bonds 19,831 19,831 Other 91 91 Total $ 655,920 $ $ $ $ 3,135 $ 659,055 |
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 March 31, 2016 and December 31, 2015: Loans Performing Nonperforming Subject to Loans Subject to Loans Subject Normal Special to Special (In thousands) Monitoring 1 Monitoring 2 Monitoring 2 Total Loans March 31, 2016 Commercial and industrial $ 206,999 $ 2,664 $ $ 209,663 Real estate Commercial: Mortgage 105,233 1,133 290 106,656 Construction 9,857 9,857 Church, church-related: Mortgage 298,242 7,819 94 306,155 Construction 33,259 33,259 Industrial Revenue Bonds 19,018 19,018 Other 9 9 Total $ 672,617 $ 11,616 $ 384 $ 684,617 December 31, 2015 Commercial and industrial $ 190,303 $ 3,127 $ $ 193,430 Real estate Commercial: Mortgage 104,642 1,162 3,032 108,836 Construction 1,182 1,182 Church, church-related: Mortgage 299,135 7,490 103 306,728 Construction 28,957 28,957 Industrial Revenue Bonds 19,831 19,831 Other 91 91 Total $ 644,141 $ 11,779 $ 3,135 $ 659,055 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 | The following table presents the recorded investment and unpaid principal balance for impaired loans at March 31, 2016 and December 31, 2015: Unpaid Related Recorded Principal Allowance for (In thousands) Investment Balance Loan Losses March 31, 2016 Commercial and industrial: Nonaccrual $ $ $ Real estate Commercial Mortgage: Nonaccrual 290 290 Church Mortgage: Nonaccrual 94 94 94 Total impaired loans $ 384 $ 384 $ 94 December 31, 2015 Commercial and industrial: Nonaccrual $ $ $ Real estate Commercial Mortgage: Nonaccrual 3,032 3,032 1,039 Church Mortgage: Nonaccrual 103 103 103 Total impaired loans $ 3,135 $ 3,135 $ 1,142 |
Summary of the Allowance for Loan Losses | A summary of the activity in the allowance for loan losses from December 31, 2015 to March 31, 2016 is as follows: December 31, Charge- March 31, (In thousands) 2015 Offs Recoveries Provision 2016 Commercial and industrial $ 3,083 $ $ 2 $ 356 $ 3,441 Real estate Commercial: Mortgage 2,803 (1,072 ) 1,731 Construction 9 65 74 Church, church-related: Mortgage 4,082 (16 ) 4,066 Construction 217 33 250 Industrial Revenue Bond 320 (13 ) 307 Other 1,121 (353 ) 768 Total $ 11,635 $ $ 2 $ (1,000 ) $ 10,637 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contractual Cash Obligation of Operating Lease Commitments | The following table summarizes contractual cash obligations of the Company related to operating lease commitments and time deposits at March 31, 2016: 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 $ 6,612 $ 1,362 $ 2,378 $ 1,652 $ 1,220 Time deposits 62,649 57,909 2,659 2,081 Total $ 69,261 $ 59,271 $ 5,037 $ 3,733 $ 1,220 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock Activity | Following is a summary of the activity of the restricted stock: Three Months Ended March 31, 2016 Shares Fair Value Balance at December 31, 2015 69,041 $ 51.33 Granted 27,518 $ 49.86 Vested (25,378 ) $ 50.56 Balance at March 31, 2016 71,181 $ 51.03 |
Summary of SARs Activity | Following is a summary of the activity of the Companys SARs program for the three-month period ended March 31, 2016: Weighted- Average Aggregate Average Remaining Intrinsic Exercise Contractual Value Shares Price Term Years (In thousands) Outstanding at December 31, 2015 307,323 $ 36.57 5.99 $ 4,577 Exercised (3,352 ) $ 27.80 Outstanding at March 31, 2016 303,971 $ 36.66 5.75 $ 4,768 Exercisable at March 31, 2016 291,807 $ 35.62 5.66 $ 4,881 |
Summary of Non-vested SARs Activity | Following is a summary of the activity of the non-vested SARs during the three-month period ended March 31, 2016: Weighted-Average Shares Grant Date Fair Value Non-vested at December 31, 2015 52,507 $ 51.17 Vested (40,343 ) $ 48.02 Non-vested at March 31, 2016 12,164 $ 61.64 |
Defined Pension Plans (Tables)
Defined Pension Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Pension Costs | The following table represents the components of the net periodic pension costs: Estimated Actual (In thousands) 2016 2015 Service cost benefits earned during the year $ 3,527 $ 3,796 Interest cost on projected benefit obligations 3,480 3,178 Expected return on plan assets (4,734 ) (4,864 ) Net amortization 1,200 1,542 Net periodic pension cost $ 3,473 $ 3,652 |
Schedule of Unfunded Supplemental Executive Retirement Plan | The following table represents the components of the net periodic pension costs for 2015 and an estimate for 2016: Estimated Actual (In thousands) 2016 2015 Service cost benefits earned during the year $ 133 $ 140 Interest cost on projected benefit obligation 367 348 Net amortization 295 654 Net periodic pension cost $ 795 $ 1,142 |
Investment in Securities (Table
Investment in Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows: March 31, 2016 Gross Gross Amortized Unrealized Unrealized (In thousands) Cost Gains Losses Fair Value State and political subdivisions $ 349,614 $ 15,905 $ $ 365,519 Certificates of deposit 7,626 7,626 Total $ 357,240 $ 15,905 $ $ 373,145 December 31, 2015 Gross Gross Amortized Unrealized Unrealized (In thousands) Cost Gains Losses Fair Value State and political subdivisions $ 356,531 $ 12,552 $ 13 $ 369,070 Certificates of deposit 6,626 6,626 Total $ 363,157 $ 12,552 $ 13 $ 375,696 |
Schedule of the Fair Value of Securities with Unrealized Losses | The fair values of securities with unrealized losses are as follows: December 31, 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 subdivisions $ 3,638 $ 5 $ 1,208 $ 8 $ 4,846 $ 13 Certificates of deposit Total $ 3,638 $ 5 $ 1,208 $ 8 $ 4,846 $ 13 |
Schedule of Amortized Cost and Fair Value of Investment | 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. March 31, 2016 (In thousands) Amortized Cost Fair Value Due in 1 year or less $ 39,256 $ 39,811 Due after 1 year through 5 years 58,997 61,414 Due after 5 years through 10 years 127,684 135,214 Due after 10 years 131,303 136,706 Total $ 357,240 $ 373,145 |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of the Fair Value of Financial Instruments | Following is a summary of the carrying amounts and fair values of the Companys financial instruments: March 31, 2016 December 31, 2015 Carrying Carrying (In thousands) Amount Fair Value Amount Fair Value Balance sheet assets: Cash and cash equivalents $ 145,346 $ 145,346 $ 253,172 $ 253,172 Investment securities 373,145 373,145 375,696 375,696 Loans, net 673,980 675,686 647,420 649,161 Accrued interest receivable 5,556 5,556 6,647 6,647 Total $ 1,198,027 $ 1,199,733 $ 1,282,935 $ 1,284,676 Balance sheet liabilities: Deposits $ 605,845 $ 606,236 $ 646,484 $ 646,892 Accounts and drafts payable 536,725 536,725 577,259 577,259 Accrued interest payable 46 46 35 35 Total $ 1,142,616 $ 1,143,007 $ 1,223,778 $ 1,224,186 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 102,000 | $ 101,000 |
2,016 | 407,000 | |
2,017 | 356,000 | |
2,018 | 356,000 | |
2,019 | 356,000 | |
2,020 | $ 356,000 | |
Customer Lists [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization period | 7 years | |
Customer Lists [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization period | 10 years | |
Patent [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 | Mar. 31, 2016 | Dec. 31, 2015 | |
Unamortized intangible assets: | |||
Goodwill, Gross Carrying Amount | [1] | $ 11,817 | $ 11,817 |
Goodwill, Accumulated Amortization | [1] | (227) | (227) |
Total intangible assets | 16,817 | 16,817 | |
Accumulated Amortization | (2,924) | (2,822) | |
Customer Lists [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 3,933 | 3,933 | |
Accumulated Amortization | (2,103) | (2,023) | |
Patent [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 72 | 72 | |
Accumulated Amortization | (4) | (4) | |
Non-compete Agreements [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 261 | 261 | |
Accumulated Amortization | (222) | (209) | |
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 | $ (134) | $ (125) | |
[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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic | ||
Net income | $ 5,833 | $ 5,539 |
Weighted-average common shares outstanding | 11,233,558 | 11,440,356 |
Basic earnings per share | $ .52 | $ 0.48 |
Diluted | ||
Net Income | $ 5,833 | $ 5,539 |
Weighted-average common shares outstanding | 11,233,558 | 11,440,356 |
Effect of dilutive restricted stock, stock options and stock appreciation rights | 153,299 | 161,497 |
Weighted-average common shares outstanding assuming dilution | 11,386,857 | 11,601,853 |
Diluted earnings per share | $ .51 | $ 0.48 |
Stock Repurchases (Details)
Stock Repurchases (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Equity [Abstract] | ||
Number of shares authorized to be repurchased | 500,000 | |
Shares repurchased | 75,882 | 69,288 |
Remaining number of shares available for repurchase | 412,397 |
Industry Segment Information (D
Industry Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Fee revenue and other income: | |||
Income from customers | $ 30,769 | $ 29,793 | |
Intersegment income (expense) | |||
Net income | $ 5,833 | $ 5,539 | |
Goodwill | 11,590 | 11,590 | $ 11,590 |
Other intangible assets, net | 2,303 | 2,661 | |
Total assets | 1,377,018 | 1,400,748 | $ 1,455,506 |
Information Services [Member] | |||
Fee revenue and other income: | |||
Income from customers | 23,558 | 24,274 | |
Intersegment income (expense) | 3,258 | 2,194 | |
Net income | 2,947 | 3,816 | |
Goodwill | 11,454 | 11,454 | |
Other intangible assets, net | 2,303 | 2,661 | |
Total assets | 663,487 | 686,492 | |
Banking Services [Member] | |||
Fee revenue and other income: | |||
Income from customers | 7,211 | 5,519 | |
Intersegment income (expense) | 376 | 423 | |
Net income | 2,886 | 1,723 | |
Goodwill | $ 136 | $ 136 | |
Other intangible assets, net | |||
Total assets | $ 718,234 | $ 724,292 | |
Corporate Eliminations and Other [Member] | |||
Fee revenue and other income: | |||
Income from customers | |||
Intersegment income (expense) | $ (3,634) | $ (2,617) | |
Net income | |||
Goodwill | |||
Other intangible assets, net | |||
Total assets | $ (4,703) | $ (10,036) |
Loans by Type (Narrative) (Deta
Loans by Type (Narrative) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Foreclosed loans amount |
Loans by Type (Summary of Loan
Loans by Type (Summary of Loan Categories) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Participating Mortgage Loans [Line Items] | ||
Loans | $ 684,617 | $ 659,055 |
Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 209,663 | 193,430 |
Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 106,656 | 108,836 |
Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 9,857 | 1,182 |
Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 306,155 | 306,728 |
Real Estate Church Related Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 33,259 | 28,957 |
Industrial Revenue Bonds [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 19,018 | 19,831 |
Other Loan [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | $ 9 | $ 91 |
Loans by Type (Schedule of the
Loans by Type (Schedule of the Aging of Loans by Loan Categories) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Participating Mortgage Loans [Line Items] | ||
Current | $ 684,233 | $ 655,920 |
Nonaccrual | 384 | 3,135 |
Loans | 684,617 | 659,055 |
Current [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Current | $ 684,233 | $ 655,920 |
30 to 59 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
60 to 89 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Loans | $ 209,663 | $ 193,430 |
Commercial and Industrial [Member] | Current [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Current | $ 209,663 | $ 193,430 |
Commercial and Industrial [Member] | 30 to 59 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Commercial and Industrial [Member] | 60 to 89 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Commercial and Industrial [Member] | 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 290 | $ 3,032 |
Loans | 106,656 | 108,836 |
Real Estate Commercial Mortgage [Member] | Current [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Current | $ 106,366 | $ 105,804 |
Real Estate Commercial Mortgage [Member] | 30 to 59 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Real Estate Commercial Mortgage [Member] | 60 to 89 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Real Estate Commercial Mortgage [Member] | 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Loans | $ 9,857 | $ 1,182 |
Real Estate Commercial Construction [Member] | Current [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Current | $ 9,857 | $ 1,182 |
Real Estate Commercial Construction [Member] | 30 to 59 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Real Estate Commercial Construction [Member] | 60 to 89 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Real Estate Commercial Construction [Member] | 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 94 | $ 103 |
Loans | 306,155 | 306,728 |
Real Estate Church Related Mortgage [Member] | Current [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Current | $ 306,061 | $ 306,625 |
Real Estate Church Related Mortgage [Member] | 30 to 59 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Real Estate Church Related Mortgage [Member] | 60 to 89 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Real Estate Church Related Mortgage [Member] | 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Real Estate Church Related Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Loans | $ 33,259 | $ 28,957 |
Real Estate Church Related Construction [Member] | Current [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Current | $ 33,259 | $ 28,957 |
Real Estate Church Related Construction [Member] | 30 to 59 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Real Estate Church Related Construction [Member] | 60 to 89 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Real Estate Church Related Construction [Member] | 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Industrial Revenue Bonds [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Loans | $ 19,018 | $ 19,831 |
Industrial Revenue Bonds [Member] | Current [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Current | $ 19,018 | $ 19,831 |
Industrial Revenue Bonds [Member] | 30 to 59 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Industrial Revenue Bonds [Member] | 60 to 89 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Industrial Revenue Bonds [Member] | 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Other [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Loans | $ 9 | $ 91 |
Other [Member] | Current [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Current | $ 9 | $ 91 |
Other [Member] | 30 to 59 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Other [Member] | 60 to 89 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due | ||
Other [Member] | 90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Past due |
Loans by Type (Schedule of th37
Loans by Type (Schedule of the Credit Exposure of the Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Participating Mortgage Loans [Line Items] | |||
Loans | $ 684,617 | $ 659,055 | |
Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 672,617 | 644,141 |
Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 11,616 | 11,779 |
Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 384 | 3,135 |
Commercial and Industrial [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | 209,663 | 193,430 | |
Commercial and Industrial [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 206,999 | 190,303 |
Commercial and Industrial [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | $ 2,664 | $ 3,127 |
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 | $ 106,656 | $ 108,836 | |
Real Estate Commercial Mortgage [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 105,233 | 104,642 |
Real Estate Commercial Mortgage [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 1,133 | 1,162 |
Real Estate Commercial Mortgage [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 290 | 3,032 |
Real Estate Commercial Construction [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | 9,857 | 1,182 | |
Real Estate Commercial Construction [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | $ 9,857 | $ 1,182 |
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 | $ 306,155 | $ 306,728 | |
Real Estate Church Related Mortgage [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 298,242 | 299,135 |
Real Estate Church Related Mortgage [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 7,819 | 7,490 |
Real Estate Church Related Mortgage [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 94 | 103 |
Real Estate Church Related Construction [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | 33,259 | 28,957 | |
Real Estate Church Related Construction [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | $ 33,259 | $ 28,957 |
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 | $ 19,018 | $ 19,831 | |
Industrial Revenue Bonds [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | $ 19,018 | $ 19,831 |
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 | $ 9 | $ 91 | |
Other [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | $ 9 | $ 91 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 384 | $ 3,135 |
Recorded Investment [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 384 | 3,135 |
Upaid Principal Balance [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 384 | 3,135 |
Related Allowance for Loan Losses [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 94 | $ 1,142 |
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] | Upaid 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 | $ 290 | $ 3,032 |
Real Estate Commercial Mortgage [Member] | Recorded Investment [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 290 | 3,032 |
Real Estate Commercial Mortgage [Member] | Upaid Principal Balance [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 290 | 3,032 |
Real Estate Commercial Mortgage [Member] | Related Allowance for Loan Losses [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 1,039 | |
Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 94 | 103 |
Real Estate Church Related Mortgage [Member] | Recorded Investment [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 94 | 103 |
Real Estate Church Related Mortgage [Member] | Upaid Principal Balance [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | 94 | 103 |
Real Estate Church Related Mortgage [Member] | Related Allowance for Loan Losses [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | $ 94 | $ 103 |
Loans by Type (Summary of Allow
Loans by Type (Summary of Allowance for Loan Losses) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Participating Mortgage Loans [Line Items] | |
Beginning Balance | $ 11,635 |
Charge-Offs | |
Recoveries | $ 2 |
Provision | (1,000) |
Ending Balance | 10,637 |
Commercial and Industrial [Member] | |
Participating Mortgage Loans [Line Items] | |
Beginning Balance | $ 3,083 |
Charge-Offs | |
Recoveries | $ 2 |
Provision | 356 |
Ending Balance | 3,441 |
Real Estate Commercial Mortgage [Member] | |
Participating Mortgage Loans [Line Items] | |
Beginning Balance | $ 2,803 |
Charge-Offs | |
Recoveries | |
Provision | $ (1,072) |
Ending Balance | 1,731 |
Real Estate Commercial Construction [Member] | |
Participating Mortgage Loans [Line Items] | |
Beginning Balance | $ 9 |
Charge-Offs | |
Recoveries | |
Provision | $ 65 |
Ending Balance | 74 |
Real Estate Church Related Mortgage [Member] | |
Participating Mortgage Loans [Line Items] | |
Beginning Balance | $ 4,082 |
Charge-Offs | |
Recoveries | |
Provision | $ (16) |
Ending Balance | 4,066 |
Real Estate Church Related Construction [Member] | |
Participating Mortgage Loans [Line Items] | |
Beginning Balance | $ 217 |
Charge-Offs | |
Recoveries | |
Provision | $ 33 |
Ending Balance | 250 |
Industrial Revenue Bonds [Member] | |
Participating Mortgage Loans [Line Items] | |
Beginning Balance | $ 320 |
Charge-Offs | |
Recoveries | |
Provision | $ (13) |
Ending Balance | 307 |
Other [Member] | |
Participating Mortgage Loans [Line Items] | |
Beginning Balance | $ 1,121 |
Charge-Offs | |
Recoveries | |
Provision | $ (353) |
Ending Balance | $ 768 |
Commitments and Contingencies40
Commitments and Contingencies (Narrative) (Details) | Mar. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Unused loan commitments | $ 9,562,000 |
Standby letters of credit | 15,200,000 |
Commercial letters of credit | $ 1,993,000 |
Commitments and Contingencies41
Commitments and Contingencies (Summary of Company's Contractual Cash Obligations) (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating lease commitments, Less than 1 Year | $ 1,362 |
Operating lease commitments, 1 to 3 Years | 2,378 |
Operating lease commitments, 3 to 5 Years | 1,652 |
Operating lease commitments, Over 5 Years | 1,220 |
Operating lease commitments, Total | 6,612 |
Time Deposits, Less than 1 Year | 57,909 |
Time Deposits, 1 to 3 Years | 2,659 |
Time Deposits, 3 to 5 Years | $ 2,081 |
Time Deposits, over 5 Years | |
Time Deposits, Total | $ 62,649 |
Commitments, Less than 1 Year | 59,271 |
Commitments, 1 to 3 Years | 5,037 |
Commitments, 3 to 5 Years | 3,733 |
Commitments, Over 5 Years | 1,220 |
Commitments, Total | $ 69,261 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Incentive Plan, shares authorized | 1,500,000 |
SARs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ | $ 184,000 |
Remaining vesting period | 9 months 18 days |
Vesting period | 3 years |
Granted, Shares | 0 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ | $ 2,671,000 |
Remaining vesting period | 1 year 2 months 12 days |
Vesting period | 3 years |
Granted, Shares | 27,518 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Activity) (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Shares | |
Beginning balance | shares | 69,041 |
Granted | shares | 27,518 |
Vested | shares | (25,378) |
Ending balance | shares | 71,181 |
Fair Value | |
Beginning balance | $ / shares | $ 51.33 |
Granted | $ / shares | 49.86 |
Vested | $ / shares | 50.56 |
Ending balance | $ / shares | $ 51.03 |
Stock-Based Compensation (Sum44
Stock-Based Compensation (Summary of Company's SARs Activity) (Details) - SARs [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance | 307,323 | |
Exercised | (3,352) | |
Ending balance | 303,971 | 307,323 |
Exercisable | 291,807 | |
Outstanding, Weighted Average Exercise Price | $ 36.57 | |
Exercised, Weighted Average Exercise Price | 27.80 | |
Outstanding, Weighted Average Exercise Price | 36.66 | $ 36.57 |
Exercisable, Weighted Average Exercise Price | $ 35.62 | |
Outstanding, Average Remaining Contractual Term Years | 5 years 9 months | 5 years 11 months 27 days |
Exercisable, Average Remaining Contractual Term Years | 5 years 7 months 28 days | |
Outstanding, Aggregate Intrinsic Value | $ 4,768 | $ 4,577 |
Exercisable, Aggregate Intrinsic Value | $ 4,881 |
Stock-Based Compensation (Sum45
Stock-Based Compensation (Summary of Company's Non-vested SARs Activity) (Details) - SARs [Member] | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested, beginning, Shares | shares | 52,507 |
Vested | shares | (40,343) |
Non-vested, ending, Shares | shares | 12,164 |
Beginning balance | $ / shares | $ 51.17 |
Vested | $ / shares | 48.02 |
Ending balance | $ / shares | $ 61.64 |
Defined Pension Plans (Narrativ
Defined Pension Plans (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension period | 30 years | |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension costs | $ 877,000 | $ 991,000 |
Unfunded Supplemental Executive Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension costs | $ 201,000 | $ 288,000 |
Defined Pension Plans (Schedule
Defined Pension Plans (Schedule of Net Periodic Pension Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the year | $ 3,527 | $ 3,796 |
Interest cost on projected benefit obligation | 3,480 | 3,178 |
Expected return on plan assets | (4,734) | (4,864) |
Net amortization | 1,200 | 1,542 |
Net periodic pension cost | 3,473 | 3,652 |
Unfunded Supplemental Executive Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the year | 133 | 140 |
Interest cost on projected benefit obligation | 367 | 348 |
Net amortization | 295 | 654 |
Net periodic pension cost | $ 795 | $ 1,142 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Amounts of tax benefits that would affect effective tax rate if recognized | $ 912,000 | $ 861,000 |
Income tax accrued interest | $ 63,000 | $ 54,000 |
Income tax penalties accrued | ||
Unrecognized tax benefits | $ 1,261,000 | $ 1,194,000 |
Statute of limitations | $ 374,000 |
Investment in Securities (Narra
Investment in Securities (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($)Securities | Mar. 31, 2015USD ($) | Dec. 31, 2015Securities | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of securities that had an unrealized loss | Securities | 0 | 5 | |
Percentage of total securities | 1.00% | ||
Proceeds from sales of securities available-for-sale | $ 19,039,000 | $ 45,198,000 | |
Gross realized gains | 308,000 | ||
Securities pledged as collateral | $ 3,750,000 |
Investment in Securities (Sched
Investment in Securities (Schedule of Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Amortized Cost | $ 357,240 | $ 363,157 |
Gross Unrealized Gains | $ 15,905 | 12,552 |
Gross Unrealized Losses | 13 | |
Fair Value | $ 373,145 | 375,696 |
State and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Amortized Cost | 349,614 | 356,531 |
Gross Unrealized Gains | $ 15,905 | 12,552 |
Gross Unrealized Losses | 13 | |
Fair Value | $ 365,519 | 369,070 |
Certificates of Deposit [Member] | ||
Investment [Line Items] | ||
Amortized Cost | $ 7,626 | $ 6,626 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 7,626 | $ 6,626 |
Investment in Securities (Sch51
Investment in Securities (Schedule of the Fair Values of Securities with Unrealized Losses) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Investment [Line Items] | |
Estimated fair value, less than 12 months | $ 3,638 |
Estimated fair value, 12 months or more | 1,208 |
Estimated fair value, total | 4,846 |
Unrealized losses, less than 12 months | 5 |
Unrealized losses, 12 months or more | 8 |
Unrealized losses, total | 13 |
State and Political Subdivisions [Member] | |
Investment [Line Items] | |
Estimated fair value, less than 12 months | 3,638 |
Estimated fair value, 12 months or more | 1,208 |
Estimated fair value, total | 4,846 |
Unrealized losses, less than 12 months | 5 |
Unrealized losses, 12 months or more | 8 |
Unrealized losses, total | $ 13 |
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 (Sch52
Investment in Securities (Schedule of Amortized Cost and Fair Value of Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost, Due in 1 year or less | $ 39,256 | |
Amortized Cost, Due after 1 year through 5 years | 58,997 | |
Amortized Cost, Due after 5 years through 10 years | 127,684 | |
Amortized Cost, Due after 10 years | 131,303 | |
Amortized Cost, Total | 357,240 | |
Fair Value, Due in 1 year or less | 39,811 | |
Fair Value, Due after 1 year through 5 years | 61,414 | |
Fair Value, Due after 5 years through 10 years | 135,214 | |
Fair Value, Due after 10 years | 136,706 | |
Fair Value, Total | $ 373,145 | $ 375,696 |
Fair Value of Financial Instr53
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||||
Cash and cash equivalents, Carrying Amount | $ 145,346 | $ 253,172 | $ 208,515 | $ 294,335 |
Investment securities, Carrying Amount | 373,145 | 375,696 | ||
Loans, net, Carrying Amount | 673,980 | 647,420 | ||
Accrued interest receivable, Carrying Amount | 5,556 | 6,647 | ||
Assets, Carrying Amount | 1,198,027 | 1,282,935 | ||
Cash and cash equivalents, Fair Value | 145,346 | 253,172 | ||
Investment securities, Fair Value | 373,145 | 375,696 | ||
Loans, net, Fair Value | 675,686 | 649,161 | ||
Accrued interest receivable, Fair Value | 5,556 | 6,647 | ||
Assets, Fair Value | 1,199,733 | 1,284,676 | ||
Deposits | 605,845 | 646,484 | ||
Accounts and drafts payable | 536,725 | 577,259 | ||
Accrued interest payable, Carrying Amount | 46 | 35 | ||
Liabilities, Carrying Amount | 1,142,616 | 1,223,778 | ||
Deposits, Fair Value | 606,236 | 646,892 | ||
Accounts and drafts payable, Fair Value | 536,725 | 577,259 | ||
Accrued interest payable, Fair Value | 46 | 35 | ||
Liabilities, Fair Value | $ 1,143,007 | $ 1,224,186 |