Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | FARMERS NATIONAL BANC CORP /OH/ | |
Entity Central Index Key | 709,337 | |
Document Type | 10-Q | |
Trading Symbol | FMNB | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 25,671,567 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 18,204 | $ 11,410 |
Federal funds sold and other | 18,824 | 16,018 |
TOTAL CASH AND CASH EQUIVALENTS | 37,028 | 27,428 |
Securities available for sale | 386,319 | 389,829 |
Loans held for sale | 399 | 511 |
Loans | 1,134,838 | 663,852 |
Less allowance for loan losses | 7,286 | 7,632 |
NET LOANS | 1,127,552 | 656,220 |
Premises and equipment, net | 23,459 | 17,049 |
Goodwill | 32,272 | 5,591 |
Other intangibles | 7,297 | 3,222 |
Bank owned life insurance | 25,562 | 16,367 |
Other assets | 32,515 | 20,750 |
TOTAL ASSETS | 1,672,403 | 1,136,967 |
Deposits: | ||
Noninterest-bearing | 286,131 | 184,697 |
Interest-bearing | 1,034,438 | 731,006 |
TOTAL DEPOSITS | 1,320,569 | 915,703 |
Short-term borrowings | 85,704 | 59,136 |
Long-term borrowings | 69,887 | 28,381 |
Other liabilities | 13,668 | 10,187 |
TOTAL LIABILITIES | $ 1,489,828 | $ 1,013,407 |
Commitments and contingent liabilities | ||
Stockholders' Equity: | ||
Common Stock - Authorized 35,000,000 shares; issued 26,294,014 in 2015 and 19,031,059 in 2014 | $ 165,185 | $ 106,021 |
Retained earnings | 22,863 | 20,944 |
Accumulated other comprehensive income (loss) | (975) | 1,093 |
Treasury stock, at cost; 622,447 shares | (4,498) | (4,498) |
TOTAL STOCKHOLDERS' EQUITY | 182,575 | 123,560 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,672,403 | $ 1,136,967 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Common stock, shares authorized | 35,000,000 | 35,000,000 |
Common stock, shares issued | 26,294,014 | 19,031,059 |
Treasury stock, shares | 622,447 | 622,447 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans, including fees | $ 8,634 | $ 7,589 | $ 16,318 | $ 15,073 |
Taxable securities | 1,405 | 1,838 | 3,052 | 3,709 |
Tax exempt securities | 662 | 639 | 1,277 | 1,295 |
Dividends | 46 | 48 | 94 | 95 |
Federal funds sold and other interest income | 6 | 4 | 11 | 9 |
TOTAL INTEREST AND DIVIDEND INCOME | 10,753 | 10,118 | 20,752 | 20,181 |
INTEREST EXPENSE | ||||
Deposits | 879 | 1,022 | 1,766 | 2,083 |
Short-term borrowings | 16 | 13 | 27 | 24 |
Long-term borrowings | 109 | 131 | 218 | 266 |
TOTAL INTEREST EXPENSE | 1,004 | 1,166 | 2,011 | 2,373 |
NET INTEREST INCOME | 9,749 | 8,952 | 18,741 | 17,808 |
Provision for loan losses | 850 | 300 | 1,300 | 630 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 8,899 | 8,652 | 17,441 | 17,178 |
NONINTEREST INCOME | ||||
Service charges on deposit accounts | 672 | 614 | 1,275 | 1,204 |
Bank owned life insurance income | 165 | 120 | 304 | 227 |
Trust fees | 1,509 | 1,552 | 3,156 | 3,049 |
Insurance agency commissions | 118 | 75 | 264 | 170 |
Security gains | 35 | 84 | 45 | 84 |
Retirement plan consulting fees | 778 | 272 | 1,282 | 636 |
Investment commissions | 256 | 243 | 554 | 437 |
Net gains on sale of loans | 156 | 71 | 279 | 136 |
Other operating income | 720 | 766 | 1,287 | 1,287 |
TOTAL NONINTEREST INCOME | 4,409 | 3,797 | 8,446 | 7,230 |
NONINTEREST EXPENSES | ||||
Salaries and employee benefits | 5,663 | 5,096 | 11,205 | 10,118 |
Occupancy and equipment | 1,201 | 1,097 | 2,312 | 2,250 |
State and local taxes | 243 | 230 | 488 | 463 |
Professional fees | 546 | 574 | 1,022 | 1,166 |
Merger related cost | 1,912 | 0 | 2,157 | 0 |
Advertising | 282 | 274 | 499 | 477 |
FDIC insurance | 178 | 187 | 355 | 371 |
Intangible amortization | 167 | 191 | 334 | 383 |
Core processing charges | 382 | 389 | 763 | 750 |
Other operating expenses | 1,513 | 1,340 | 2,703 | 2,541 |
TOTAL NONINTEREST EXPENSES | 12,087 | 9,378 | 21,838 | 18,519 |
INCOME BEFORE INCOME TAXES | 1,221 | 3,071 | 4,049 | 5,889 |
INCOME TAXES | 409 | 720 | 1,026 | 1,347 |
NET INCOME | $ 812 | $ 2,351 | $ 3,023 | $ 4,542 |
EARNINGS PER SHARE - basic and diluted | $ 0.04 | $ 0.13 | $ 0.16 | $ 0.24 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
NET INCOME | $ 812 | $ 2,351 | $ 3,023 | $ 4,542 | |
Other comprehensive income (loss): | |||||
Net unrealized holding gains (losses) on available for sale securities | (5,447) | 2,934 | (3,136) | 7,021 | |
Reclassification adjustment for (gains) realized in income | [1] | (35) | (84) | (45) | (84) |
Net unrealized gains (losses) on available-for-sale securities, pre-tax | (5,482) | 2,850 | (3,181) | 6,937 | |
Income tax effect | 1,919 | (997) | 1,113 | (2,429) | |
Other comprehensive income (loss), net of tax | (3,563) | 1,853 | (2,068) | 4,508 | |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (2,751) | $ 4,204 | $ 955 | $ 9,050 | |
[1] | Pre-tax reclassification adjustments relating to available-for-sale securities are reported in security gains and the tax impact is included in income tax expense on the consolidated statements of income. |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Total | COMMON STOCK | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | TREASURY STOCK, AT COST |
TOTAL STOCKHOLDERS' EQUITY | $ 123,560 | ||||
Balance at beginning of year at Dec. 31, 2014 | $ 106,021 | $ 20,944 | $ 1,093 | ||
Issued 7,262,955 shares as part of the acquisition of NBOH | 59,048 | 59,048 | |||
Stock compensation expense for 127,875 shares | 116 | ||||
Balance at end of year at Jun. 30, 2015 | $ 165,185 | 22,863 | (975) | $ (4,498) | |
Net income | 3,023 | 3,023 | |||
Dividends declared at $.03 per share | $ (1,104) | ||||
Other comprehensive income (loss) | $ (2,068) | ||||
TOTAL STOCKHOLDERS' EQUITY | $ 182,575 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended |
Jun. 30, 2015 | |
Common stock, shares issued | 26,294,014 |
COMMON STOCK | |
Stock compensation expense, shares | 127,875 |
RETAINED EARNINGS | |
Cash dividend declared per share of common stock | $ 0.03 |
NBOH | COMMON STOCK | |
Common stock, shares issued | 7,262,955 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
NET INCOME | $ 3,023 | $ 4,542 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for loan losses | 1,300 | 630 |
Depreciation and amortization | 938 | 1,003 |
Net amortization of securities | 859 | 719 |
Security gains | (45) | (84) |
Stock compensation expense | 116 | 0 |
Loss on sale of other real estate owned | 14 | 2 |
Earnings on bank owned life insurance | (304) | (227) |
Origination of loans held for sale | (8,442) | (6,989) |
Proceeds from loans held for sale | 8,833 | 7,008 |
Net gains on sale of loans | (279) | (136) |
Net change in other assets and liabilities | (2,780) | (512) |
NET CASH FROM OPERATING ACTIVITIES | 3,233 | 5,956 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from maturities and repayments of securities available for sale | 32,279 | 25,313 |
Proceeds from sales of securities available for sale | 54,957 | 33,254 |
Purchases of securities available for sale | (35,745) | (38,564) |
Loan originations and payments, net | (42,577) | (8,150) |
Proceeds from sale of other real estate owned | 199 | 35 |
Purchase of bank owned life insurance | (6,000) | 0 |
Additions to premises and equipment | (687) | (787) |
Net cash received in business combination | 21,303 | 0 |
NET CASH FROM INVESTING ACTIVITIES | 23,729 | 11,101 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in deposits | (18,795) | (7,773) |
Net change in short-term borrowings | 13,037 | (7,125) |
Repayment of Federal Home Loan Bank borrowings and other debt | (55,500) | (507) |
New Federal Home Loan Bank advance borrowings | 45,000 | 0 |
Cash dividends paid | (1,104) | (1,127) |
Proceeds from reissuance of treasury shares | 0 | 32 |
NET CASH FROM FINANCING ACTIVITIES | (17,362) | (16,500) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 9,600 | 557 |
Beginning cash and cash equivalents | 27,428 | 27,513 |
Ending cash and cash equivalents | 37,028 | 28,070 |
Supplemental cash flow information: | ||
Interest paid | 1,861 | 2,391 |
Income taxes paid | 1,490 | 875 |
Supplemental noncash disclosures: | ||
Transfer of loans to other real estate | 453 | 218 |
Security purchases not settled | 527 | 0 |
Issuance of stock for NBOH acquisition | $ 59,048 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Principles of Consolidation: Farmers National Banc Corp. (“Company”) is a one-bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Company provides full banking services through its nationally chartered subsidiary, The Farmers National Bank of Canfield (“Bank”). The Company provides trust services through its subsidiary, Farmers Trust Company (“Trust”), retirement consulting services through National Associates, Inc. (“NAI”) and insurance services through the Bank’s subsidiary, Farmers National Insurance (“Insurance”). In addition to the Insurance subsidiary, the Bank has created Farmers of Canfield Investment Co. (“Investments”), with the primary purpose of investing in municipal securities. The consolidated financial statements include the accounts of the Company, the Bank and its subsidiaries, along with the Trust and NAI. All significant intercompany balances and transactions have been eliminated in the consolidation. Basis of Presentation: The unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2014 Annual Report to Shareholders included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The interim consolidated financial statements include all adjustments (consisting of only normal recurring items) that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods presented. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year. Certain items included in the prior period financial statements were reclassified to conform to the current period presentation. There was no effect on net income or total stockholders’ equity. Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Segments: The Company provides a broad range of financial services to individuals and companies in northeastern Ohio. Operations are managed and financial performance is primarily aggregated and reported in three lines of business, the Bank segment, the Trust segment and the Retirement Consulting segment. Comprehensive Income: Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of unrealized gains and losses on securities available for sale and changes in the funded status of the post-retirement health plan, which are recognized as separate components of equity, net of tax effects. For the six month period ended June 30, 2015, there was no change in the funded status of the post-retirement health plan. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Securities: The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolio at June 30, 2015 and December 31, 2014 Gross Gross (In Thousands of Dollars) Amortized Unrealized Unrealized Cost Gains Losses Fair Value June 30, 2015 U.S. Treasury and U.S. government sponsored entities $ 18,719 $ 475 $ (172 ) $ 19,022 State and political subdivisions 124,516 1,783 (2,042 ) 124,257 Corporate bonds 934 5 (5 ) 934 Mortgage-backed securities - residential 206,714 1,760 (2,215 ) 206,259 Collateralized mortgage obligations 16,067 0 (693 ) 15,374 Small Business Administration 20,935 1 (702 ) 20,234 Equity securities 123 118 (2 ) 239 Totals $ 388,008 $ 4,142 $ (5,831 ) $ 386,319 Gross Gross (In Thousands of Dollars) Amortized Unrealized Unrealized Cost Gains Losses Fair Value December 31, 2014 U.S. Treasury and U.S. government sponsored entities $ 24,515 $ 418 $ (112 ) $ 24,821 State and political subdivisions 90,369 2,183 (671 ) 91,881 Corporate bonds 936 3 (8 ) 931 Mortgage-backed securities - residential 223,216 2,395 (1,249 ) 224,362 Collateralized mortgage obligations 25,988 98 (911 ) 25,175 Small Business Administration 23,193 1 (775 ) 22,419 Equity securities 120 121 (1 ) 240 Totals $ 388,337 $ 5,219 $ (3,727 ) $ 389,829 Proceeds from the sale of portfolio securities were $19.4 million during the three month period and $55.0 million during the six month period ended June 30, 2015. Gross gains of $36 thousand and $109 thousand and gross losses of $1 thousand and $64 thousand were realized on these sales during the three and six month period ended June 30, 2015. Gross gains from the sale of portfolio securities were $333 thousand along with gross losses of $249 thousand during the three and six month period ended June 30, 2014. The amortized cost and fair value of the debt securities portfolio are shown by expected maturity. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. June 30, 2015 (In Thousands of Dollars) Amortized Cost Fair Value Maturity Within one year $ 18,524 $ 18,704 One to five years 68,339 68,651 Five to ten years 48,694 48,425 Beyond ten years 8,612 8,433 Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities 243,716 241,867 Total $ 387,885 $ 386,080 The following table summarizes the investment securities with unrealized losses at June 30, 2015 and December 31, 2014, aggregated by major security type and length of time in a continuous unrealized loss position. Less than 12 Months 12 Months or Longer Total (In Thousands of Dollars) Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss June 30, 2015 Available-for-sale U.S. Treasury and U.S. government sponsored entities $ 5,635 $ (172 ) $ 200 $ 0 $ 5,835 $ (172 ) State and political subdivisions 48,992 (783 ) 14,587 (1,259 ) 63,579 (2,042 ) Corporate bonds 0 0 478 (5 ) 478 (5 ) Mortgage-backed securities - residential 73,736 (871 ) 43,634 (1,344 ) 117,370 (2,215 ) Collateralized mortgage obligations 1,392 (1 ) 13,642 (692 ) 15,034 (693 ) Small Business Administration 0 0 20,145 (702 ) 20,145 (702 ) Equity securities 25 (2 ) 0 0 25 (2 ) Total $ 129,780 $ (1,829 ) $ 92,686 $ (4,002 ) $ 222,466 $ (5,831 ) Less than 12 Months 12 Months or Longer Total (In Thousands of Dollars) Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2014 Available-for-sale U.S. Treasury and U.S. government sponsored entities $ 498 $ (2 ) $ 10,159 $ (110 ) $ 10,657 $ (112 ) State and political subdivisions 987 (11 ) 24,063 (660 ) 25,050 (671 ) Corporate bonds 0 0 476 (8 ) 476 (8 ) Mortgage-backed securities - residential 25,770 (202 ) 55,576 (1,047 ) 81,346 (1,249 ) Collateralized mortgage obligations 0 0 19,541 (911 ) 19,541 (911 ) Small Business Administration 0 0 22,319 (775 ) 22,319 (775 ) Equity securities 26 (1 ) 0 0 26 (1 ) Total $ 27,281 $ (216 ) $ 132,134 $ (3,511 ) $ 159,415 $ (3,727 ) Other-Than-Temporary-Impairment Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Investment securities are generally evaluated for OTTI under FASB Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income or loss. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. As of June 30, 2015, the Company’s security portfolio consisted of 427 securities, 191 of which were in an unrealized loss position. The majority of the unrealized losses on the Company’s securities are related to its holdings of mortgage-backed securities, collateralized mortgage obligations, state and political subdivision securities, and Small Business Administration securities as discussed below. Unrealized losses on debt securities issued by state and political subdivisions have not been recognized into income. These securities have maintained their investment grade ratings and management does not have the intent and does not expect to be required to sell these securities before their anticipated recovery. The fair value is expected to recover as the securities approach their maturity date. All of the Company’s holdings of collateralized mortgage obligations and residential mortgage-backed securities were issued by U.S. government-sponsored entities. Unrealized losses on these securities have not been recognized into income. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, the issues are guaranteed by the issuing entity which the U.S. government has affirmed its commitment to support, and because the Company does not have the intent to sell these residential mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be OTTI. Management does not believe any unrealized losses on Small Business Administration securities represent an other-than-temporary impairment. The securities are issued and backed by the full faith and credit of the U.S. government and the Company does not have the intent to sell these securities before their anticipated recovery. The fair value of these securities is expected to recover as they approach their maturity. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans | Loans: Loan balances were as follows: (In Thousands of Dollars) June 30, 2015 December 31, 2014 Commercial real estate Owner occupied $ 193,080 $ 74,829 Non-owner occupied 162,932 122,228 Other 71,016 26,137 Commercial 202,552 120,493 Residential real estate 1-4 family residential 244,676 153,055 Home equity lines of credit 75,144 31,255 Consumer Indirect 121,474 120,931 Direct 58,197 9,071 Other 4,114 3,626 Subtotal $ 1,133,185 $ 661,625 Net deferred loan costs 1,653 2,227 Allowance for loan losses (7,286 ) (7,632 ) Net loans $ 1,127,552 $ 656,220 The following tables present the activity in the allowance for loan losses by portfolio segment for the three and six month periods ended June 30, 2015 and 2014: Three Months Ended June 30, 2015 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses Beginning balance $ 2,917 $ 1,351 $ 1,640 $ 1,705 $ 110 $ 7,723 Provision for loan losses 223 183 49 505 (110 ) 850 Loans charged off (516 ) (254 ) (160 ) (566 ) 0 (1,496 ) Recoveries 9 0 19 181 0 209 Total ending allowance balance $ 2,633 $ 1,280 $ 1,548 $ 1,825 $ 0 $ 7,286 Six Months Ended June 30, 2015 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses Beginning balance $ 2,676 $ 1,420 $ 1,689 $ 1,663 $ 184 $ 7,632 Provision for loan losses 455 113 59 857 (184 ) 1,300 Loans charged off (520 ) (254 ) (241 ) (1,099 ) 0 (2,114 ) Recoveries 22 1 41 404 0 468 Total ending allowance balance $ 2,633 $ 1,280 $ 1,548 $ 1,825 $ 0 $ 7,286 Three Months Ended June 30, 2014 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses Beginning balance $ 2,751 $ 1,065 $ 1,681 $ 1,496 $ 394 $ 7,387 Provision for loan losses (36 ) 25 305 144 (138 ) 300 Loans charged off (33 ) (19 ) (210 ) (388 ) 0 (650 ) Recoveries 40 5 8 266 0 319 Total ending allowance balance $ 2,722 $ 1,076 $ 1,784 $ 1,518 $ 256 $ 7,356 Six Months Ended June 30, 2014 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses Beginning balance $ 2,752 $ 1,219 $ 1,964 $ 1,419 $ 214 $ 7,568 Provision for loan losses (14 ) (137 ) 77 662 42 630 Loans charged off (90 ) (19 ) (280 ) (1,097 ) 0 $ (1,486 ) Recoveries 74 13 23 534 0 644 Total ending allowance balance $ 2,722 $ 1,076 $ 1,784 $ 1,518 $ 256 $ 7,356 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2015 and December 31, 2014. The recorded investment in loans includes the unpaid principal balance and unamortized loan origination fees and costs, but excludes accrued interest receivable, which is not considered to be material: June 30, 2015 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 195 $ 27 $ 78 $ 0 $ 0 $ 300 Collectively evaluated for impairment 2,438 1,253 1,470 1,825 0 6,986 Acquired with deteriorated credit quality 0 0 0 0 0 0 Total ending allowance balance $ 2,633 $ 1,280 $ 1,548 $ 1,825 $ 0 $ 7,286 Loans: Loans individually evaluated for impairment $ 6,228 $ 741 $ 3,515 $ 61 $ 0 $ 10,545 Loans collectively evaluated for impairment 416,287 199,696 315,143 187,467 0 1,118,593 Loans acquired with deteriorated credit quality 3,793 1,571 284 52 0 5,700 Total ending loans balance $ 426,308 $ 202,008 $ 318,942 $ 187,580 $ 0 $ 1,134,838 December 31, 2014 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 514 $ 272 $ 88 $ 0 $ 0 $ 874 Collectively evaluated for impairment 2,162 1,148 1,601 1,663 184 6,758 Total ending allowance balance $ 2,676 $ 1,420 $ 1,689 $ 1,663 $ 184 $ 7,632 Loans: Loans individually evaluated for impairment $ 7,139 $ 1,940 $ 3,425 $ 93 $ 0 $ 12,597 Loans collectively evaluated for impairment 215,434 118,210 180,428 137,183 0 651,255 Total ending loans balance $ 222,573 $ 120,150 $ 183,853 $ 137,276 $ 0 $ 663,852 The following tables present information related to impaired loans by class of loans as of June 30, 2015 and December 31, 2014: (In Thousands of Dollars) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated June 30, 2015 With no related allowance recorded: Commercial real estate Owner occupied $ 2,137 $ 2,003 $ 0 Non-owner occupied 380 379 0 Commercial 425 404 0 Residential real estate 1-4 family residential 2,481 2,226 0 Home equity lines of credit 289 275 0 Consumer 129 61 0 Subtotal 5,841 5,348 0 With an allowance recorded: Commercial real estate Owner occupied 2,851 2,332 136 Non-owner occupied 1,515 1,514 59 Commercial 518 337 27 Residential real estate 1-4 family residential 952 925 76 Home equity lines of credit 89 89 2 Subtotal 5,925 5,197 300 Total $ 11,766 $ 10,545 $ 300 (In Thousands of Dollars) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated December 31, 2014 With no related allowance recorded: Commercial real estate Owner occupied $ 2,448 $ 2,318 $ 0 Non-owner occupied 391 391 0 Commercial 531 511 0 Residential real estate 1-4 family residential 2,421 2,156 0 Home equity lines of credit 476 251 0 Consumer 185 93 0 Subtotal 6,452 5,720 0 With an allowance recorded: Commercial real estate Owner occupied 2,882 2,882 446 Non-owner occupied 1,548 1,548 68 Commercial 1,444 1,429 272 Residential real estate 1-4 family residential 944 928 85 Home equity lines of credit 90 90 3 Subtotal 6,908 6,877 874 Total $ 13,360 $ 12,597 $ 874 The following tables present the average recorded investment in impaired loans by class and interest income recognized by loan class for the three and six month periods ended June 30, 2015 and 2014: Average Recorded Investment Interest Income Recognized For Three Months Ended June 30, For Three Months Ended June 30, (In Thousands of Dollars) 2015 2014 2015 2014 With no related allowance recorded: Commercial real estate Owner occupied $ 2,226 $ 1,614 $ 29 $ 6 Non-owner occupied 380 405 7 9 Commercial 409 2,072 5 4 Residential real estate 1-4 family residential 2,108 1,659 38 14 Home equity lines of credit 275 329 4 2 Consumer 81 178 3 0 Subtotal 5,479 6,257 86 35 With an allowance recorded: Commercial real estate Owner occupied 2,680 2,225 24 25 Non-owner occupied 1,520 1,580 20 20 Commercial 457 91 1 1 Residential real estate 1-4 family residential 908 1,380 11 11 Home equity lines of credit 89 126 1 1 Subtotal 5,654 5,402 57 58 Total $ 11,133 $ 11,659 $ 143 $ 93 Average Recorded Investment Interest Income Recognized For Six Months Ended June 30, For Six Months Ended June 30, (In Thousands of Dollars) 2015 2014 2015 2014 With no related allowance recorded: Commercial real estate Owner occupied $ 2,268 $ 2,095 $ 45 $ 11 Non-owner occupied 383 398 13 9 Commercial 436 1,502 11 9 Residential real estate 1-4 family residential 2,116 1,495 69 28 Home equity lines of credit 263 222 7 4 Consumer 86 209 7 0 Subtotal 5,552 5,921 152 61 With an allowance recorded: Commercial real estate Owner occupied 1,818 1,939 48 50 Non-owner occupied 1,528 1,583 40 40 Commercial 787 741 2 2 Residential real estate 1-4 family residential 945 1,385 20 22 Home equity lines of credit 89 136 2 2 Subtotal 5,167 5,784 112 116 Total $ 10,719 $ 11,705 $ 264 $ 177 Cash basis interest recognized during the three and six month periods ended June 30, 2015 and 2014 was materially equal to interest income recognized. Nonaccrual loans and loans past due 90 days or more still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The following table presents the recorded investment in nonaccrual and loans past due 90 days or more still on accrual by class of loans as of June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 (In Thousands of Dollars) Nonaccrual Loans Past Due 90 Days or More Still Accruing Nonaccrual Loans Past Due 90 Days or More Still Accruing Commercial real estate Owner occupied $ 2,832 $ 0 $ 3,315 $ 44 Non-owner occupied 47 0 41 0 Other 175 0 0 0 Commercial 836 0 1,645 0 Residential real estate 1-4 family residential 2,764 637 2,742 195 Home equity lines of credit 210 62 139 40 Consumer Indirect 78 150 90 193 Direct 80 106 36 0 Other 0 8 0 1 Total $ 7,022 $ 963 $ 8,008 $ 473 The following table presents the aging of the recorded investment in past due loans as of June 30, 2015 and December 31, 2014 by class of loans: (In Thousands of Dollars) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due and Nonaccrual Total Past Due Loans Not Past Due Total June 30, 2015 Commercial real estate Owner occupied $ 170 $ 96 $ 2,832 $ 3,098 $ 189,756 $ 192,854 Non-owner occupied 23 0 47 70 162,533 162,603 Other 0 0 175 175 70,676 70,851 Commercial 550 291 836 1,677 200,331 202,008 Residential real estate 1-4 family residential 2,784 540 3,401 6,725 237,073 243,798 Home equity lines of credit 187 63 272 522 74,622 75,144 Consumer Indirect 1,735 247 228 2,210 123,058 125,268 Direct 369 58 186 613 57,585 58,198 Other 30 3 8 41 4,073 4,114 Total $ 5,848 $ 1,298 $ 7,985 $ 15,131 $ 1,119,707 $ 1,134,838 (In Thousands of Dollars) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due and Nonaccrual Total Past Due Loans Not Past Due Total December 31, 2014 Commercial real estate Owner occupied $ 0 $ 0 $ 3,359 $ 3,359 $ 71,272 $ 74,631 Non-owner occupied 0 0 41 41 121,872 121,913 Other 0 0 0 0 26,029 26,029 Commercial 0 0 1,645 1,645 118,505 120,150 Residential real estate 1-4 family residential 1,892 546 2,937 5,375 147,223 152,598 Home equity lines of credit 205 92 179 476 30,779 31,255 Consumer Indirect 2,136 406 283 2,825 121,754 124,579 Direct 108 18 36 162 8,909 9,071 Other 17 6 1 24 3,602 3,626 Total $ 4,358 $ 1,068 $ 8,481 $ 13,907 $ 649,945 $ 663,852 Acquired Loans: The following table presents financing receivables purchased during the three and six month periods ended June 30, 2015 by portfolio segment: (In Thousands of Dollars) June 30, 2015 Commercial Real Estate Commercial Residential Real Estate Consumer Total Purchases $ 178,680 $ 69,544 $ 132,585 $ 48,432 $ 429,241 Purchased Credit Impaired Loans: The Company has purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payment would not be collected. The carrying amount of those loans is as follows: (In Thousands of Dollars) June 30, 2015 Commercial real estate Owner occupied $ 1,267 Non-owner occupied 1,854 Other 672 Commercial 1,571 Residential real estate 1-4 family residential 200 Home equity lines of credit 84 Consumer Direct 52 Outstanding Balance $ 5,700 Carrying Amount, net of allowance of $0 $ 5,700 Income recognized based on the accretable yield of these loans during the period ended June 30, 2015 was immaterial. Purchased credit impaired loans purchased during the six months ended June 30, 2015, for which it was probable at acquisition that all contractually required payments would not be collected are as follows: (In Thousands of Dollars) Contractually required payments receivable of loans purchased during the year: June 30, 2015 Commercial real estate Owner occupied $ 1,521 Non-owner occupied 2,148 Other 672 Commercial 1,975 Residential real estate 1-4 family residential 206 Home equity lines of credit 88 Consumer Direct 54 $ 6,664 Cash flows expected to be collected at acquisition $ 6,337 Fair value of acquired loans at acquisition $ 5,700 |
Troubled Debt Restructurings
Troubled Debt Restructurings | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Troubled Debt Restructurings | Troubled Debt Restructurings: Total troubled debt restructurings were $8.5 million and $8.1 million at June 30, 2015 and December 31, 2014, respectively. The Company has allocated $215 thousand and $242 thousand of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of June 30, 2015 and December 31, 2014. There were $0 thousand and $25 thousand in commitments to lend additional amounts to borrowers with loans that were classified as troubled debt restructurings at June, 30, 2015 and December 31, 2014. During the three and six month periods ended June 30, 2015 and 2014, the terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; a deferral of principal payments; or a legal concession. Troubled debt restructuring modifications involved a reduction of the notes stated interest rate in the range of 0.87% and 2.75%. There were also extensions of the maturity dates on these and other troubled debt restructurings in the range of 9 months to 120 months. The following table presents loans by class modified as troubled debt restructurings that occurred during the three and six month periods ended June 30, 2015 and 2014: Pre-Modification Post-Modification Three Months Ended June 30, 2015 Number of Outstanding Recorded Outstanding Recorded (In Thousands of Dollars) Loans Investment Investment Troubled Debt Restructurings: Commercial real estate Owner occupied 2 $ 801 $ 801 Residential real estate 1-4 family residential 2 193 193 Total 4 $ 994 $ 994 Pre-Modification Post-Modification Six Months Ended June 30, 2015 Number of Outstanding Recorded Outstanding Recorded (In Thousands of Dollars) Loans Investment Investment Troubled Debt Restructurings: Commercial real estate Owner occupied 2 $ 801 $ 801 Commercial 1 8 8 Residential real estate 1-4 family residential 5 547 547 Home equity lines of credit 1 50 50 Indirect 2 36 36 Total 11 $ 1,442 $ 1,442 Pre-Modification Post-Modification Three Months Ended June 30, 2014 Number of Outstanding Outstanding Recorded (In Thousands of Dollars) Loans Investment Investment Troubled Debt Restructurings: Non-owner occupied 1 $ 373 $ 373 Residential real estate 1-4 family residential 5 389 405 Home equity lines of credit 1 36 36 Total 7 $ 798 $ 814 Pre-Modification Post-Modification Six Months Ended June 30, 2014 Number of Outstanding Recorded Outstanding Recorded (In Thousands of Dollars) Loans Investment Investment Troubled Debt Restructurings: Commercial real estate Non-owner occupied 2 $ 408 $ 408 Residential real estate 1-4 family residential 14 782 799 Home equity lines of credit 3 88 88 Total 19 $ 1,278 $ 1,295 There were $87 thousand in charge offs and a $62 thousand increase to the provision for loan losses during the three and six month periods ended June 30, 2015, as a result of troubled debt restructurings. There were $32 thousand charge offs and an $11 thousand increase to the provision for loan losses during the three and six month periods ended June 30, 2014. There was one commercial real estate loan for which there were payment defaults within twelve months following the modification of the troubled debt restructuring during the three and six month periods ended June 30, 2015. This loan was past due at June 30, 2015. There was no provision recorded as a result of this default during 2015. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. There were five indirect loans and the residential real estate loans modified as troubled debt restructuring for which there were payments defaults within twelve months following the modification during the three and six month period ended June 30, 2014. Five of the eight loans were past due at June 30, 2014. There were two loans charged off during the three and six month period ended June 30, 2014. There was an $11 thousand decrease to the provision to the allowance for loan losses associated with these loans for the three and six month periods ended June 30, 2014. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. |
Credit Quality Indicators
Credit Quality Indicators | 6 Months Ended |
Jun. 30, 2015 | |
Risks And Uncertainties [Abstract] | |
Credit Quality Indicators | Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company establishes a risk rating at origination for all commercial loan and commercial real estate relationships. For relationships over $750 thousand, management monitors the loans on an ongoing basis for any changes in the borrower’s ability to service their debt. Management also affirms the risk ratings for the loans and leases in their respective portfolios on an annual basis. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. As of June 30, 2015 and December 31, 2014, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: (In Thousands of Dollars) Pass Special Mention Sub standard Doubtful Not Rated Total June 30, 2015 Commercial real estate Owner occupied $ 185,630 $ 1,007 $ 6,217 $ 0 $ 0 $ 192,854 Non-owner occupied 157,296 1,830 3,477 0 0 162,603 Other 69,871 498 482 0 0 70,851 Commercial 193,608 5,187 3,213 0 0 202,008 Total $ 606,405 $ 8,522 $ 13,389 $ 0 $ 0 $ 628,316 (In Thousands of Dollars) Pass Special Mention Sub standard Doubtful Not Rated Total December 31, 2014 Commercial real estate Owner occupied $ 66,036 $ 2,534 $ 6,061 $ 0 $ 0 $ 74,631 Non-owner occupied 115,159 3,760 2,994 0 0 121,913 Other 25,710 0 319 0 0 26,029 Commercial 114,409 1,566 4,175 0 0 120,150 Total $ 321,314 $ 7,860 $ 13,549 $ 0 $ 0 $ 342,723 The Company considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential, consumer indirect and direct loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in residential, consumer indirect and direct auto loans based on payment activity as of June 30, 2015 and December 31, 2014. Nonperforming loans are loans past due 90 days or more and still accruing interest and nonaccrual loans. Residential Real Estate Consumer (In Thousands of Dollars) 1-4 Family Residential Home Equity Lines of Credit Indirect Direct Other June 30, 2015 Performing $ 240,397 $ 74,872 $ 125,040 $ 58,012 $ 4,106 Nonperforming 3,401 272 228 186 8 Total $ 243,798 $ 75,144 $ 125,268 $ 58,198 $ 4,114 Residential Real Estate Consumer (In Thousands of Dollars) 1-4 Family Residential Home Equity Lines of Credit Indirect Direct Other December 31, 2014 Performing $ 149,661 $ 31,076 $ 124,296 $ 9,035 $ 3,625 Nonperforming 2,937 179 283 36 1 Total $ 152,598 $ 31,255 $ 124,579 $ 9,071 $ 3,626 |
Interest-Rate Swaps
Interest-Rate Swaps | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Interest-Rate Swaps | Interest-Rate Swaps: The Company uses a program that utilizes interest-rate swaps as part of its asset/liability management strategy. The interest-rate swaps are used to help manage the Company’s interest rate risk position and not as derivatives for trading purposes. The notional amount of the interest-rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest-rate swap agreements. The objective of the interest-rate swaps is to protect the related fixed rate commercial real estate loans from changes in fair value due to changes in interest rates. The Company has a program whereby it lends to its borrowers at a fixed rate with the loan agreement containing a two-way yield maintenance provision, which will be invoked in the event of prepayment of the loan, and is expected to exactly offset the fair value of unwinding the swap. The yield maintenance provision represents an embedded derivative which is bifurcated from the host loan contract and, as such, the swaps and embedded derivatives are not designated as hedges. Accordingly, both instruments are carried at fair value and changes in fair value are reported in current period earnings. Summary information about these interest-rate swaps at periods ended June 30, 2015 and December 31, 2014 is as follows: June 30, 2015 December 31, 2014 Notional amounts (In thousands) $ 34,396 $ 31,459 Weighted average pay rate on interest-rate swaps 4.24 % 4.26 % Weighted average receive rate on interest-rate swaps 2.63 % 2.67 % Weighted average maturity (years) 5.9 5.9 Fair value of combined interest-rate swaps (In thousands) $ 625 $ 638 The fair value of the yield maintenance provisions and interest-rate swaps is recorded in other assets and other liabilities, respectively, in the consolidated balance sheets. Changes in the fair value of the yield maintenance provisions and interest-rate swaps are reported in earnings, as other noninterest income in the consolidated statements of income. For the three and six month periods ended June 30, 2015 and 2014 there were no net gains or losses recognized in earnings. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share: The computation of basic and diluted earnings per share is shown in the following table: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic EPS Net income (In thousands) $ 812 $ 2,351 $ 3,023 $ 4,542 Weighted average shares outstanding 19,394,342 18,780,980 18,913,772 18,780,041 Basic earnings per share $ 0.04 $ 0.13 $ 0.16 $ 0.24 Diluted EPS Net income (In thousands) $ 812 $ 2,351 $ 3,023 $ 4,542 Weighted average shares out-standing for basic earnings per share 19,394,342 18,780,980 18,913,772 18,780,041 Dilutive effect of restricted stock awards 3,524 0 2,577 0 Weighted average shares for diluted earnings per share 19,397,866 18,780,980 18,916,349 18,780,041 Diluted earnings per share $ 0.04 $ 0.13 $ 0.16 $ 0.24 There were no restricted stock awards that were considered anti-dilutive for the three and six month periods ended June 30, 2015. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Stock Based Compensation: During 2012, the Company, with the approval of shareholders, created the 2012 Equity Incentive Plan (the “Plan”). The Plan permits the award of up to 500 thousand shares to the Company’s directors and employees to promote the Company’s long-term financial success by motivating performance through long-term incentive compensation and to better align the interests of its employees with those of its shareholders. There were 80,918 additional net shares awarded under the Plan during February 2015. Expense recognized for the Plan was $82 thousand and $140 thousand for the three month and six month periods ended June 30, 2015. As of June 30, 2015, there was $721 thousand of total unrecognized compensation expense related to the nonvested shares granted under the Plan. The remaining cost is expected to be recognized over 2.7 years. There were 46,957 shares awarded and $29 thousand and $59 thousand of expense recognized for the Plan for the three and six month periods ended June 30, 2014. The following is the activity under the Plan during the three months ended June 30, 2015: Restricted Stock Units Units Weighted Average Grant Value Nonvested at January 1, 2015 46,957 $ 7.39 Granted 85,918 7.88 Vested 0 0 Forfeited (5,000 ) 7.88 Nonvested at June 30, 2015 127,875 $ 7.70 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2015 | |
Comprehensive Income Net Of Tax [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss): The following table represents the detail of other comprehensive income for the three and six month periods ended June 30, 2015 and 2014. Three Months Ended June 30, 2015 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains (losses) on available-for-sale securities during the period $ (5,447 ) $ 1,907 $ (3,540 ) Reclassification adjustment for (gains) losses included in net income (1) (35 ) 12 (23 ) Net unrealized gains (losses) on available-for-sale securities $ (5,482 ) $ 1,919 $ (3,563 ) Six Months Ended June 30, 2015 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains (losses) on available-for-sale securities during the period $ (3,136 ) $ 1,097 $ (2,039 ) Reclassification adjustment for (gains) losses included in net income (1) (45 ) 16 (29 ) Net unrealized gains (losses) on available-for-sale securities $ (3,181 ) $ 1,113 $ (2,068 ) Three Months Ended June 30, 2014 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains on available-for-sale securities during the period $ 2,934 $ (1,026 ) $ 1,908 Reclassification adjustment for (gains) losses included in net income (1) (84 ) 29 (55 ) Net unrealized gains on available-for-sale securities $ 2,850 $ (997 ) $ 1,854 Six Months Ended June 30, 2014 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains on available-for-sale securities during the period $ 7,021 $ (2,458 ) $ 4,563 Reclassification adjustment for (gains) losses included in net income (1) (84 ) 29 (55 ) Net unrealized gains on available-for-sale securities $ 6,937 $ (2,429 ) $ 4,508 (1) Pre-tax reclassification adjustments relating to available-for-sale securities are reported in security gains and the tax impact is included in income tax expense on the consolidated statements of income. |
Regulatory Capital Matters
Regulatory Capital Matters | 6 Months Ended |
Jun. 30, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Matters | Regulatory Capital Matters Banks and bank holding companies are subject to various regulatory capital requirements administered by the federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action by regulators that, if undertaken, could have a direct material effect on the financial statements. Management believes as of June 30, 2015, the Company and Bank meet all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If only adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At June 30, 2015 and December 31, 2014, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. Actual and required capital amounts and ratios are presented below at June 30, 2015 and December 31, 2014: Actual Requirement For To be Well Capitalized Under Prompt Corrective Action Provisions: Amount Ratio Amount Ratio Amount Ratio June 30, 2015 Common equity tier 1 capital ratio Consolidated $ 158,239 12.61 % $ 56,466 4.50 % N/A N/A Bank 146,581 11.72 % 56,304 4.50 % $ 81,328 6.50 % Total risk based capital ratio Consolidated 165,577 13.20 % 100,385 8.00 % N/A N/A Bank 153,867 12.30 % 100,096 8.00 % 125,120 10.00 % Tier 1 risk based capital ratio Consolidated 158,239 12.61 % 75,289 6.00 % N/A N/A Bank 146,581 11.72 % 75,072 6.00 % 100,096 8.00 % Tier 1 leverage ratio Consolidated 158,239 9.27 % 69,293 4.00 % N/A N/A Bank 146,581 8.63 % 67,936 4.00 % 84,920 5.00 % December 31, 2014 Total Capital to risk weighted assets Consolidated $ 121,340 16.48 % $ 58,523 8.00 % N/A N/A Bank 114,321 15.56 % 58,773 8.00 % $ 73,466 10.00 % Tier 1 Capital to risk weighted assets Consolidated 113,654 15.43 % 29,262 4.00 % N/A N/A Bank 106,689 14.52 % 29,386 4.00 % 44,079 6.00 % Tier 1 Capital to average assets Consolidated 113,654 10.03 % 45,313 4.00 % N/A N/A Bank 106,689 9.37 % 45,565 4.00 % 56,956 5.00 % |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value: Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Investment Securities: The Company uses a third party service to estimate fair value on available for sale securities on a monthly basis. This service provider is considered a leading evaluation pricing service for U.S. domestic fixed income securities. They subscribe to multiple third-party pricing vendors, and supplement that information with matrix pricing methods. The fair values for investment securities are determined by quoted market prices in active markets, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on quoted prices for similar assets in active markets, quoted prices for similar assets in markets that are not active or inputs other than quoted prices, which provide a reasonable basis for fair value determination. Such inputs may include interest rates and yield curves, volatilities, prepayment speeds, credit risks and default rates. Inputs used are derived principally from observable market data (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). The fair values of Level 3 investment securities are determined by using unobservable inputs to measure fair value of assets for which there is little, if any market activity at the measurement date, using reasonable inputs and assumptions based on the best information at the time, to the extent that inputs are available without undue cost and effort. For the period ended June 30, 2015 and for the year ended December 31, 2014, the fair value of Level 3 investment securities was immaterial. Derivative Instruments: The fair values of derivative instruments are based on valuation models using observable market data as of the measurement date (Level 2). Impaired Loans: At the time loans are considered impaired, collateral dependent impaired loans are valued at the lower of cost or fair value and non-collateral dependent loans are valued based on discounted cash flows. Impaired loans carried at fair value generally receive specific allocations of the allowance for loan losses. For collateral dependent loans fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Other Real Estate Owned: Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair values are commonly based on recent real estate appraisals. These appraisals may use a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial and commercial real estate properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the Appraisal Department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. On an annual basis, the Company compares the actual selling price of collateral that has been sold to the most recent appraised value to determine what adjustments should be made to appraisals to arrive at fair value. Assets measured at fair value on a recurring basis are summarized below: Fair Value Measurements at June 30, 2015 Using: (In Thousands of Dollars) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Investment securities available-for sale U.S. Treasury and U.S. government sponsored entities $ 19,022 $ 0 $ 19,022 $ 0 State and political subdivisions 124,257 0 124,257 0 Corporate bonds 934 0 934 0 Mortgage-backed securities-residential 206,259 0 206,243 16 Collateralized mortgage obligations 15,374 0 15,374 0 Small Business Administration 20,234 0 20,234 0 Equity securities 239 239 0 0 Total investment securities $ 386,319 $ 239 $ 386,064 $ 16 Yield maintenance provisions $ 625 $ 0 $ 625 $ 0 Financial Liabilities Interest rate swaps $ 625 $ 0 $ 625 $ 0 Fair Value Measurements at December 31, 2014 Using: (In Thousands of Dollars) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Investment securities available-for sale U.S. Treasury and U.S. government sponsored entities $ 24,821 $ 0 $ 24,821 $ 0 State and political subdivisions 91,881 0 91,881 0 Corporate bonds 931 0 931 0 Mortgage-backed securities-residential 224,362 0 224,352 10 Collateralized mortgage obligations 25,175 0 25,175 0 Small Business Administration 22,419 0 22,419 0 Equity securities 240 240 0 0 Total investment securities $ 389,829 $ 240 $ 389,579 $ 10 Yield maintenance provisions $ 638 $ 0 $ 638 $ 0 Financial Liabilities Interest rate swaps $ 638 $ 0 $ 638 $ 0 There were no significant transfers between Level 1 and Level 2 during the three and six month periods ended June 30, 2015 and 2014. The table below presents a reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): (In Thousands of Dollars) Three Months ended June 30, Six Months ended June 30, 2015 2014 2015 2014 Beginning Balance $ 10 $ 10 $ 10 $ 10 Total unrealized gains or losses: Included in other comprehensive income 0 0 0 0 Repayments 0 0 0 0 Acquired and/or purchased 6 0 6 0 Ending Balance $ 16 $ 10 $ 16 $ 10 Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2015 Using: (In Thousands of Dollars) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Impaired loans Commercial real estate Owner occupied $ 683 $ 0 $ 0 $ 683 Commercial 231 0 0 231 1–4 family residential 118 0 0 118 Fair Value Measurements at December 31, 2014 Using: (In Thousands of Dollars) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Impaired loans Commercial $ 807 $ 0 $ 0 $ 807 1–4 family residential 63 0 0 63 Other real estate owned Commercial real estate 45 0 0 45 Impaired loans that are measured for impairment using the fair value of the collateral for collateral dependent loans, had a principal balance of $1.1 million with a valuation allowance of $98 thousand at June 30, 2015, resulting in an additional provision for loan losses of $209 thousand for the three and six month periods. At December 31, 2014, impaired loans had a principal balance of $988 thousand, with a valuation allowance of $117 thousand. Loans measured at fair value at June 30, 2014 resulted in an additional provision for loan losses of $227 thousand during the three and six month periods ended June 30, 2014. Excluded from the fair value of impaired loans, at June 30, 2015 and December 31, 2014, discussed above are $4.1 million and $4.2 million of loans classified as troubled debt restructurings and measured using the present value of cash flows, which are not carried at fair value. Impaired commercial real estate loans, both owner-occupied and non-owner occupied are valued by independent external appraisals. These external appraisals are prepared using the sales comparison approach and income approach valuation techniques. Management makes subsequent unobservable adjustments to the impaired loan appraisals. Impaired loans other than commercial real estate and other real estate owned are not considered material. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the periods ended June 30, 2015 and December 31, 2014: June 30, 2015 Fair value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans Commercial real estate $ 683 Quoted price for loan relationship Adjustment for differences between earning multiplier 1.01% (1.01%) Commercial 231 Quoted price for loan relationship Adjustment for differences between earning multiplier -3.01% (-3.01%) Residential 118 Sales comparison Adjustment for differences between comparable sales -26.81%-20.94% (-11.05%) December 31, 2014 Fair value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans Commercial $ 807 Sales comparison Adjustment for differences between comparable sales -27.43% - 32.86% (9.96%) Residential 63 Sales comparison Adjustment for differences between comparable sales -18.32% - 24.16% (-14.02%) Other real estate owned 45 Sales comparison Adjustment for differences between comparable sales -12.86% - 11.97% (-5.79%) The carrying amounts and estimated fair values of financial instruments not previously disclosed at June 30, 2015 and December 31, 2014 are as follows: Fair Value Measurements at June 30, 2015 Using: (In Thousands of Dollars) Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 37,028 $ 18,204 $ 18,824 $ 0 $ 37,028 Restricted stock 7,456 n/a n/a n/a n/a Loans held for sale 399 0 410 0 410 Loans, net 1,127,552 0 0 1,110,641 1,110,641 Accrued interest receivable 4,710 0 1,827 2,883 4,710 Financial liabilities Deposits 1,320,569 1,056,018 263,115 0 1,319,133 Short-term borrowings 85,704 0 85,704 0 85,704 Long-term borrowings 69,887 0 70,299 0 70,299 Accrued interest payable 553 29 524 0 553 Fair Value Measurements at December 31, 2014 Using: (In Thousands of Dollars) Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 27,428 $ 11,410 $ 16,018 $ 0 $ 27,428 Restricted stock 4,224 n/a n/a n/a n/a Loans held for sale 511 0 523 0 523 Loans, net 656,220 0 0 658,993 658,993 Accrued interest receivable 3,237 0 1,645 1,592 3,237 Financial liabilities Deposits 915,703 708,752 206,708 0 915,460 Short-term borrowings 59,136 0 59,136 0 59,136 Long-term borrowings 28,381 0 28,837 0 28,837 Accrued interest payable 402 2 400 0 402 The methods and assumptions used to estimate fair value, not previously described, are described as follows: Cash and Cash Equivalents: The carrying amounts of cash and short-term instruments approximate fair values and are classified as either Level 1 or Level 2. The Company has determined that cash on hand and non-interest bearing due from bank accounts are Level 1 whereas interest bearing federal funds sold and other are Level 2. Restricted Stock: It is not practical to determine the fair value of restricted stock due to restrictions placed on its transferability. Loans: Fair values of loans, excluding loans held for sale, are estimated as follows: For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values resulting in a Level 3 classification. Fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 classification. Impaired loans are valued at the lower of cost or fair value as described previously. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. Loans held for sale: The fair value of loans held for sale is estimated based upon binding contracts and quotes from third party investors resulting in a Level 2 classification. Accrued Interest Receivable/Payable: The carrying amounts of accrued interest receivable and payable approximate fair value resulting in a Level 1, Level 2 or Level 3 classification. The classification is the result of the association with securities, loans and deposits. Deposits: The fair values disclosed for demand deposits – interest and non-interest checking, passbook savings, and money market accounts – are, by definition, equal to the amount payable on demand at the reporting date resulting in a Level 1 classification. The carrying amounts of variable rate certificates of deposit approximate their fair values at the reporting date resulting in a Level 2 classification. Fair value for fixed rate certificates of deposit are estimated using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. Short-term Borrowings: The carrying amounts of federal funds purchased, borrowings under repurchase agreements, and other short-term borrowings, generally maturing within ninety days, approximate their fair values resulting in a Level 2 classification. Long-term Borrowings: The fair values of the Company’s long-term borrowings are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. Off-balance Sheet Instruments: The fair value of commitments is not considered material. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information: The reportable segments are determined by the products and services offered, primarily distinguished between banking, trust and retirement consulting operations. They are also distinguished by the level of information provided to the chief operating decision makers in the Company, who use such information to review performance of various components of the business, which are then aggregated. Loans, investments, and deposits provide the revenues in the banking operation. All operations are domestic. Significant segment totals are reconciled to the financial statements as follows: (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals June 30, 2015 Goodwill and other intangibles $ 5,126 $ 31,090 $ 3,353 $ 0 $ 39,569 Total assets $ 11,291 $ 1,656,042 $ 4,653 $ 417 $ 1,672,403 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals December 31, 2014 Goodwill and other intangibles $ 5,285 $ 0 $ 3,528 $ 0 $ 8,813 Total assets $ 10,643 $ 1,121,505 $ 4,356 $ 463 $ 1,136,967 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals For Three Months Ended June 30, 2015 Net interest income $ 15 $ 9,738 $ 0 $ (4 ) $ 9,749 Provision for loan losses 0 850 0 0 850 Service fees, security gains and other noninterest income 1,531 2,166 779 (67 ) 4,409 Noninterest expense 1,241 7,657 427 2,182 11,507 Amortization and depreciation expense 86 404 90 0 580 Income (loss) before taxes 219 2,993 262 (2,253 ) 1,221 Income taxes 74 613 89 (367 ) 409 Net Income (Loss) $ 145 $ 2,380 $ 173 $ (1,886 ) $ 812 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals For Six Months Ended June 30, 2015 Net interest income $ 30 $ 18,718 $ 0 $ (7 ) $ 18,741 Provision for loan losses 0 1,300 0 0 1,300 Service fees, security gains and other noninterest income 3,203 4,093 1,282 (132 ) 8,446 Noninterest expense 2,437 15,015 762 2,577 20,791 Amortization and depreciation expense 171 696 180 0 1,047 Income before taxes 625 5,800 340 (2,716 ) 4,049 Income taxes 212 1,222 116 (524 ) 1,026 Net Income $ 413 $ 4,578 $ 224 $ (2,192 ) $ 3,023 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals For Three Months Ended June 30, 2014 Net interest income $ 14 $ 8,941 $ 0 $ (3 ) $ 8,952 Provision for loan losses 0 300 0 0 300 Service fees, security gains and other noninterest income 1,574 1,756 555 (88 ) 3,797 Noninterest expense 1,193 7,471 407 307 9,378 Income before taxes 395 2,926 148 (398 ) 3,071 Income taxes 135 662 50 (127 ) 720 Net Income $ 260 $ 2,264 $ 98 $ (271 ) $ 2,351 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals For Six Months Ended June 30, 2014 Net interest income $ 26 $ 17,789 $ 0 $ (7 ) $ 17,808 Provision for loan losses 0 630 0 0 630 Service fees, security gains and other noninterest income 3,091 3,294 998 (153 ) 7,230 Noninterest expense 2,380 14,734 824 581 18,519 Income before taxes 737 5,719 174 (741 ) 5,889 Income taxes 253 1,279 59 (244 ) 1,347 Net Income $ 484 $ 4,440 $ 115 $ (497 ) $ 4,542 The Bank segment includes Farmers National Insurance and Farmers of Canfield Investment Co. |
Business Acquisitions
Business Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Acquisitions | Business Acquisitions: On June 23, 2015, Tri-State 1 st st Farmers National Banc Corp. (the “Company”), the parent company of The Farmers National Bank of Canfield (“Farmers Bank”), and FMNB Merger Subsidiary, LLC, a newly-formed wholly-owned subsidiary of the Company (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which Tri-State will merge with and into Merger Sub (the “Merger”). Promptly following consummation of the Merger, it is expected that Merger Sub will be dissolved and liquidated, and FNCB will merge with and into Farmers Bank. Pursuant to the terms of the Merger Agreement, common shareholders of Tri-State will be entitled to receive 1.747 common shares, without par value, of the Company (the “Company Common Shares”), or $14.20 in cash, for each common share, without par value, of Tri-State (the “Tri-State Common Shares”), subject to proration provisions specified in the Merger Agreement that provide for a targeted aggregate split of total consideration consisting of 75% Company Common Shares and 25% cash. Preferred shareholders of Tri-State will be entitled to receive $13.60 in cash for each share of Series A Preferred Stock, without par value, of Tri-State. On June 19, 2015, the Company completed the acquisition of all outstanding stock of National Bancshares Corporation (“NBOH”), the parent company of First National Bank of Orrville (“First National Bank”) First National Bank of Orrville branches became branches of Farmers National Bank of Canfield. Goodwill of $26.7 million, which is recorded on the balance sheet of the Bank, arising from the acquisition consisted largely of synergies and the cost savings resulting from the combining of the companies. The goodwill is not expected to be deductible for income tax purposes. The fair value of other intangible assets of $4.4 million is related to core deposits. The following table summarizes the consideration paid for NBOH and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition. (In Thousands of Dollars) Consideration Cash $ 15,732 Stock 59,048 Fair value of total consideration transferred $ 74,780 Assets acquired and liabilities assumed Cash and due from financial institutions $ 37,035 Securities available for sale 51,340 Net loans 430,035 Premises and equipment 6,105 Bank owned life insurance 2,891 Core deposit intangible 4,409 Other assets 7,996 Total assets 539,811 Fair value of liabilities assumed Deposits 423,661 Short-term borrowings 13,531 Long-term borrowings 52,006 Accrued interest payable and other liabilities 2,514 Total liabilities 491,712 Net assets acquired $ 48,099 Goodwill created 26,681 Total net assets acquired $ 74,780 Valuation of some assets acquired or created including but not limited to net loans and goodwill are preliminary and could be subject to change. The following table presents pro forma information as if the acquisition had occurred at the beginning of 2014. The pro forma information includes adjustments for amortization of intangibles arising from the transaction and the related income tax effects. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effective on the assumed dates. For Three Months Ended June 30, For Six Months Ended June 30, (In thousands of dollars except per share results) 2015 2014 2015 2014 Net interest income $ 14,598 $ 13,235 $ 28,278 $ 26,217 Net income $ 3,390 $ 3,734 $ 7,216 $ 7,125 Basic and diluted earnings per share $ 0.13 $ 0.15 $ 0.28 $ 0.28 On July 1, 2013, the Company completed the acquisition of all outstanding stock of the retirement planning consultancy National Associates, Inc. (“NAI”) of Rocky River, Ohio. The transaction involved both cash and stock totaling $4.4 million, including up to $1.5 million of future cash payments contingent upon NAI meeting income performance targets based on ending |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets: Goodwill associated with the Company’s purchase of First National Bank of Orrville in June of 2015, National Associates, Inc. in July of 2013 and Farmers Trust Company in 2009 totaled $32.2 million at June 30, 2015 and $5.6 million at December 31, 2014. The First National Bank acquisition is more fully described in Business Acquisitions footnote. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through a two-step impairment test. Management performs goodwill impairment testing on an annual basis in as of September 30. The fair value of the reporting unit is determined based on a discounted cash flow model. Acquired Intangible Assets Acquired intangible assets were as follows: For Three Months Ended June 30, 2015 For Six Months Ended June 30, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationship intangibles $ 5,970 $ (3,279 ) $ 5,970 $ (3,279 ) Non-compete contracts 370 (310 ) 370 (310 ) Trade name 190 (53 ) 190 (53 ) Core deposit intangible 4,409 0 4,409 0 Total $ 10,939 $ (3,642 ) $ 10,939 $ (3,642 ) For Three Months Ended June 30, 2014 For Six Months Ended June 30, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationship intangibles $ 5,970 $ (2,617 ) $ 5,970 $ (2,617 ) Non-compete contracts 370 (280 ) 370 (280 ) Trade name 190 (28 ) 190 (28 ) Total $ 6,530 $ (2,925 ) $ 6,530 $ (2,925 ) Aggregate amortization expense was $167 thousand and $334 thousand for the three and six month periods ended June 30, 2015. Amortization expense was $191 thousand and $383 thousand for the three and six months ended June 30, 2014. Estimated amortization expense for each of the next five periods and thereafter: 2015 (Six months) 610 2016 1,108 2017 1,022 2018 938 2019 862 Thereafter 2,757 TOTAL $ 7,297 |
Repurchase Agreement
Repurchase Agreement | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Repurchase Agreements [Abstract] | |
Repurchase Agreements | Repurchase agreements: The following table provides a disaggregation of the obligation by the class of collateral pledged for short-term financing obtained through the sales of repurchase agreements: (In Thousands of Dollars) June 30, 2015 Overnight and continuous repurchase agreements U.S. Treasury and U.S. government sponsored entities $ 6,246 State and political subdivisions 9,892 Mortgage-backed securities - residential 55,771 Collateralized mortgage obligations 5,245 Total borrowings $ 77,154 Management believes the risks associated with the agreements are minimal and in the case of collateral decline the company has additional investment securities available to adequately pledge as guarantees for the repurchase agreements. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: Farmers National Banc Corp. (“Company”) is a one-bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Company provides full banking services through its nationally chartered subsidiary, The Farmers National Bank of Canfield (“Bank”). The Company provides trust services through its subsidiary, Farmers Trust Company (“Trust”), retirement consulting services through National Associates, Inc. (“NAI”) and insurance services through the Bank’s subsidiary, Farmers National Insurance (“Insurance”). In addition to the Insurance subsidiary, the Bank has created Farmers of Canfield Investment Co. (“Investments”), with the primary purpose of investing in municipal securities. The consolidated financial statements include the accounts of the Company, the Bank and its subsidiaries, along with the Trust and NAI. All significant intercompany balances and transactions have been eliminated in the consolidation. |
Basis of Presentation | Basis of Presentation: The unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2014 Annual Report to Shareholders included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The interim consolidated financial statements include all adjustments (consisting of only normal recurring items) that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods presented. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year. Certain items included in the prior period financial statements were reclassified to conform to the current period presentation. There was no effect on net income or total stockholders’ equity. |
Estimates | Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Segments | Segments: The Company provides a broad range of financial services to individuals and companies in northeastern Ohio. Operations are managed and financial performance is primarily aggregated and reported in three lines of business, the Bank segment, the Trust segment and the Retirement Consulting segment. |
Comprehensive Income | Comprehensive Income: Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of unrealized gains and losses on securities available for sale and changes in the funded status of the post-retirement health plan, which are recognized as separate components of equity, net of tax effects. For the six month period ended June 30, 2015, there was no change in the funded status of the post-retirement health plan. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of the Amortized Cost and Fair Value of Available-for-Sale Investment Securities Corresponding Amounts of Unrealized Gains and Losses | The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolio at June 30, 2015 and December 31, 2014 Gross Gross (In Thousands of Dollars) Amortized Unrealized Unrealized Cost Gains Losses Fair Value June 30, 2015 U.S. Treasury and U.S. government sponsored entities $ 18,719 $ 475 $ (172 ) $ 19,022 State and political subdivisions 124,516 1,783 (2,042 ) 124,257 Corporate bonds 934 5 (5 ) 934 Mortgage-backed securities - residential 206,714 1,760 (2,215 ) 206,259 Collateralized mortgage obligations 16,067 0 (693 ) 15,374 Small Business Administration 20,935 1 (702 ) 20,234 Equity securities 123 118 (2 ) 239 Totals $ 388,008 $ 4,142 $ (5,831 ) $ 386,319 Gross Gross (In Thousands of Dollars) Amortized Unrealized Unrealized Cost Gains Losses Fair Value December 31, 2014 U.S. Treasury and U.S. government sponsored entities $ 24,515 $ 418 $ (112 ) $ 24,821 State and political subdivisions 90,369 2,183 (671 ) 91,881 Corporate bonds 936 3 (8 ) 931 Mortgage-backed securities - residential 223,216 2,395 (1,249 ) 224,362 Collateralized mortgage obligations 25,988 98 (911 ) 25,175 Small Business Administration 23,193 1 (775 ) 22,419 Equity securities 120 121 (1 ) 240 Totals $ 388,337 $ 5,219 $ (3,727 ) $ 389,829 |
Amortized Cost and Fair Value of the Debt Securities Maturity | The amortized cost and fair value of the debt securities portfolio are shown by expected maturity. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. June 30, 2015 (In Thousands of Dollars) Amortized Cost Fair Value Maturity Within one year $ 18,524 $ 18,704 One to five years 68,339 68,651 Five to ten years 48,694 48,425 Beyond ten years 8,612 8,433 Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities 243,716 241,867 Total $ 387,885 $ 386,080 |
Investment Securities with Unrealized Losses | The following table summarizes the investment securities with unrealized losses at June 30, 2015 and December 31, 2014, aggregated by major security type and length of time in a continuous unrealized loss position. Less than 12 Months 12 Months or Longer Total (In Thousands of Dollars) Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss June 30, 2015 Available-for-sale U.S. Treasury and U.S. government sponsored entities $ 5,635 $ (172 ) $ 200 $ 0 $ 5,835 $ (172 ) State and political subdivisions 48,992 (783 ) 14,587 (1,259 ) 63,579 (2,042 ) Corporate bonds 0 0 478 (5 ) 478 (5 ) Mortgage-backed securities - residential 73,736 (871 ) 43,634 (1,344 ) 117,370 (2,215 ) Collateralized mortgage obligations 1,392 (1 ) 13,642 (692 ) 15,034 (693 ) Small Business Administration 0 0 20,145 (702 ) 20,145 (702 ) Equity securities 25 (2 ) 0 0 25 (2 ) Total $ 129,780 $ (1,829 ) $ 92,686 $ (4,002 ) $ 222,466 $ (5,831 ) Less than 12 Months 12 Months or Longer Total (In Thousands of Dollars) Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2014 Available-for-sale U.S. Treasury and U.S. government sponsored entities $ 498 $ (2 ) $ 10,159 $ (110 ) $ 10,657 $ (112 ) State and political subdivisions 987 (11 ) 24,063 (660 ) 25,050 (671 ) Corporate bonds 0 0 476 (8 ) 476 (8 ) Mortgage-backed securities - residential 25,770 (202 ) 55,576 (1,047 ) 81,346 (1,249 ) Collateralized mortgage obligations 0 0 19,541 (911 ) 19,541 (911 ) Small Business Administration 0 0 22,319 (775 ) 22,319 (775 ) Equity securities 26 (1 ) 0 0 26 (1 ) Total $ 27,281 $ (216 ) $ 132,134 $ (3,511 ) $ 159,415 $ (3,727 ) |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Loan Balances | Loan balances were as follows: (In Thousands of Dollars) June 30, 2015 December 31, 2014 Commercial real estate Owner occupied $ 193,080 $ 74,829 Non-owner occupied 162,932 122,228 Other 71,016 26,137 Commercial 202,552 120,493 Residential real estate 1-4 family residential 244,676 153,055 Home equity lines of credit 75,144 31,255 Consumer Indirect 121,474 120,931 Direct 58,197 9,071 Other 4,114 3,626 Subtotal $ 1,133,185 $ 661,625 Net deferred loan costs 1,653 2,227 Allowance for loan losses (7,286 ) (7,632 ) Net loans $ 1,127,552 $ 656,220 |
Activity in the Allowance for Loan Losses by Portfolio Segment | The following tables present the activity in the allowance for loan losses by portfolio segment for the three and six month periods ended June 30, 2015 and 2014: Three Months Ended June 30, 2015 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses Beginning balance $ 2,917 $ 1,351 $ 1,640 $ 1,705 $ 110 $ 7,723 Provision for loan losses 223 183 49 505 (110 ) 850 Loans charged off (516 ) (254 ) (160 ) (566 ) 0 (1,496 ) Recoveries 9 0 19 181 0 209 Total ending allowance balance $ 2,633 $ 1,280 $ 1,548 $ 1,825 $ 0 $ 7,286 Six Months Ended June 30, 2015 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses Beginning balance $ 2,676 $ 1,420 $ 1,689 $ 1,663 $ 184 $ 7,632 Provision for loan losses 455 113 59 857 (184 ) 1,300 Loans charged off (520 ) (254 ) (241 ) (1,099 ) 0 (2,114 ) Recoveries 22 1 41 404 0 468 Total ending allowance balance $ 2,633 $ 1,280 $ 1,548 $ 1,825 $ 0 $ 7,286 Three Months Ended June 30, 2014 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses Beginning balance $ 2,751 $ 1,065 $ 1,681 $ 1,496 $ 394 $ 7,387 Provision for loan losses (36 ) 25 305 144 (138 ) 300 Loans charged off (33 ) (19 ) (210 ) (388 ) 0 (650 ) Recoveries 40 5 8 266 0 319 Total ending allowance balance $ 2,722 $ 1,076 $ 1,784 $ 1,518 $ 256 $ 7,356 Six Months Ended June 30, 2014 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses Beginning balance $ 2,752 $ 1,219 $ 1,964 $ 1,419 $ 214 $ 7,568 Provision for loan losses (14 ) (137 ) 77 662 42 630 Loans charged off (90 ) (19 ) (280 ) (1,097 ) 0 $ (1,486 ) Recoveries 74 13 23 534 0 644 Total ending allowance balance $ 2,722 $ 1,076 $ 1,784 $ 1,518 $ 256 $ 7,356 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2015 and December 31, 2014. The recorded investment in loans includes the unpaid principal balance and unamortized loan origination fees and costs, but excludes accrued interest receivable, which is not considered to be material: June 30, 2015 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 195 $ 27 $ 78 $ 0 $ 0 $ 300 Collectively evaluated for impairment 2,438 1,253 1,470 1,825 0 6,986 Acquired with deteriorated credit quality 0 0 0 0 0 0 Total ending allowance balance $ 2,633 $ 1,280 $ 1,548 $ 1,825 $ 0 $ 7,286 Loans: Loans individually evaluated for impairment $ 6,228 $ 741 $ 3,515 $ 61 $ 0 $ 10,545 Loans collectively evaluated for impairment 416,287 199,696 315,143 187,467 0 1,118,593 Loans acquired with deteriorated credit quality 3,793 1,571 284 52 0 5,700 Total ending loans balance $ 426,308 $ 202,008 $ 318,942 $ 187,580 $ 0 $ 1,134,838 December 31, 2014 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 514 $ 272 $ 88 $ 0 $ 0 $ 874 Collectively evaluated for impairment 2,162 1,148 1,601 1,663 184 6,758 Total ending allowance balance $ 2,676 $ 1,420 $ 1,689 $ 1,663 $ 184 $ 7,632 Loans: Loans individually evaluated for impairment $ 7,139 $ 1,940 $ 3,425 $ 93 $ 0 $ 12,597 Loans collectively evaluated for impairment 215,434 118,210 180,428 137,183 0 651,255 Total ending loans balance $ 222,573 $ 120,150 $ 183,853 $ 137,276 $ 0 $ 663,852 |
Loans Individually Evaluated for Impairment by Class of Loans | The following tables present information related to impaired loans by class of loans as of June 30, 2015 and December 31, 2014: (In Thousands of Dollars) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated June 30, 2015 With no related allowance recorded: Commercial real estate Owner occupied $ 2,137 $ 2,003 $ 0 Non-owner occupied 380 379 0 Commercial 425 404 0 Residential real estate 1-4 family residential 2,481 2,226 0 Home equity lines of credit 289 275 0 Consumer 129 61 0 Subtotal 5,841 5,348 0 With an allowance recorded: Commercial real estate Owner occupied 2,851 2,332 136 Non-owner occupied 1,515 1,514 59 Commercial 518 337 27 Residential real estate 1-4 family residential 952 925 76 Home equity lines of credit 89 89 2 Subtotal 5,925 5,197 300 Total $ 11,766 $ 10,545 $ 300 (In Thousands of Dollars) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated December 31, 2014 With no related allowance recorded: Commercial real estate Owner occupied $ 2,448 $ 2,318 $ 0 Non-owner occupied 391 391 0 Commercial 531 511 0 Residential real estate 1-4 family residential 2,421 2,156 0 Home equity lines of credit 476 251 0 Consumer 185 93 0 Subtotal 6,452 5,720 0 With an allowance recorded: Commercial real estate Owner occupied 2,882 2,882 446 Non-owner occupied 1,548 1,548 68 Commercial 1,444 1,429 272 Residential real estate 1-4 family residential 944 928 85 Home equity lines of credit 90 90 3 Subtotal 6,908 6,877 874 Total $ 13,360 $ 12,597 $ 874 |
Average Recorded Investment By Class | The following tables present the average recorded investment in impaired loans by class and interest income recognized by loan class for the three and six month periods ended June 30, 2015 and 2014: Average Recorded Investment Interest Income Recognized For Three Months Ended June 30, For Three Months Ended June 30, (In Thousands of Dollars) 2015 2014 2015 2014 With no related allowance recorded: Commercial real estate Owner occupied $ 2,226 $ 1,614 $ 29 $ 6 Non-owner occupied 380 405 7 9 Commercial 409 2,072 5 4 Residential real estate 1-4 family residential 2,108 1,659 38 14 Home equity lines of credit 275 329 4 2 Consumer 81 178 3 0 Subtotal 5,479 6,257 86 35 With an allowance recorded: Commercial real estate Owner occupied 2,680 2,225 24 25 Non-owner occupied 1,520 1,580 20 20 Commercial 457 91 1 1 Residential real estate 1-4 family residential 908 1,380 11 11 Home equity lines of credit 89 126 1 1 Subtotal 5,654 5,402 57 58 Total $ 11,133 $ 11,659 $ 143 $ 93 Average Recorded Investment Interest Income Recognized For Six Months Ended June 30, For Six Months Ended June 30, (In Thousands of Dollars) 2015 2014 2015 2014 With no related allowance recorded: Commercial real estate Owner occupied $ 2,268 $ 2,095 $ 45 $ 11 Non-owner occupied 383 398 13 9 Commercial 436 1,502 11 9 Residential real estate 1-4 family residential 2,116 1,495 69 28 Home equity lines of credit 263 222 7 4 Consumer 86 209 7 0 Subtotal 5,552 5,921 152 61 With an allowance recorded: Commercial real estate Owner occupied 1,818 1,939 48 50 Non-owner occupied 1,528 1,583 40 40 Commercial 787 741 2 2 Residential real estate 1-4 family residential 945 1,385 20 22 Home equity lines of credit 89 136 2 2 Subtotal 5,167 5,784 112 116 Total $ 10,719 $ 11,705 $ 264 $ 177 |
Schedule of Investment in Nonaccrual and Loans Past Due 90 Days or More Still on Accrual by Class of Loans | The following table presents the recorded investment in nonaccrual and loans past due 90 days or more still on accrual by class of loans as of June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 (In Thousands of Dollars) Nonaccrual Loans Past Due 90 Days or More Still Accruing Nonaccrual Loans Past Due 90 Days or More Still Accruing Commercial real estate Owner occupied $ 2,832 $ 0 $ 3,315 $ 44 Non-owner occupied 47 0 41 0 Other 175 0 0 0 Commercial 836 0 1,645 0 Residential real estate 1-4 family residential 2,764 637 2,742 195 Home equity lines of credit 210 62 139 40 Consumer Indirect 78 150 90 193 Direct 80 106 36 0 Other 0 8 0 1 Total $ 7,022 $ 963 $ 8,008 $ 473 |
Schedule of Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans as of June 30, 2015 and December 31, 2014 by class of loans: (In Thousands of Dollars) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due and Nonaccrual Total Past Due Loans Not Past Due Total June 30, 2015 Commercial real estate Owner occupied $ 170 $ 96 $ 2,832 $ 3,098 $ 189,756 $ 192,854 Non-owner occupied 23 0 47 70 162,533 162,603 Other 0 0 175 175 70,676 70,851 Commercial 550 291 836 1,677 200,331 202,008 Residential real estate 1-4 family residential 2,784 540 3,401 6,725 237,073 243,798 Home equity lines of credit 187 63 272 522 74,622 75,144 Consumer Indirect 1,735 247 228 2,210 123,058 125,268 Direct 369 58 186 613 57,585 58,198 Other 30 3 8 41 4,073 4,114 Total $ 5,848 $ 1,298 $ 7,985 $ 15,131 $ 1,119,707 $ 1,134,838 (In Thousands of Dollars) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due and Nonaccrual Total Past Due Loans Not Past Due Total December 31, 2014 Commercial real estate Owner occupied $ 0 $ 0 $ 3,359 $ 3,359 $ 71,272 $ 74,631 Non-owner occupied 0 0 41 41 121,872 121,913 Other 0 0 0 0 26,029 26,029 Commercial 0 0 1,645 1,645 118,505 120,150 Residential real estate 1-4 family residential 1,892 546 2,937 5,375 147,223 152,598 Home equity lines of credit 205 92 179 476 30,779 31,255 Consumer Indirect 2,136 406 283 2,825 121,754 124,579 Direct 108 18 36 162 8,909 9,071 Other 17 6 1 24 3,602 3,626 Total $ 4,358 $ 1,068 $ 8,481 $ 13,907 $ 649,945 $ 663,852 |
Acquired loans | The following table presents financing receivables purchased during the three and six month periods ended June 30, 2015 by portfolio segment: (In Thousands of Dollars) June 30, 2015 Commercial Real Estate Commercial Residential Real Estate Consumer Total Purchases $ 178,680 $ 69,544 $ 132,585 $ 48,432 $ 429,241 |
Purchased Credit Impaired Loans | The Company has purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payment would not be collected. The carrying amount of those loans is as follows: (In Thousands of Dollars) June 30, 2015 Commercial real estate Owner occupied $ 1,267 Non-owner occupied 1,854 Other 672 Commercial 1,571 Residential real estate 1-4 family residential 200 Home equity lines of credit 84 Consumer Direct 52 Outstanding Balance $ 5,700 Carrying Amount, net of allowance of $0 $ 5,700 |
Schedule of Receivables for which Contractually Required Payments would not be Collected | Purchased credit impaired loans purchased during the six months ended June 30, 2015, for which it was probable at acquisition that all contractually required payments would not be collected are as follows: (In Thousands of Dollars) Contractually required payments receivable of loans purchased during the year: June 30, 2015 Commercial real estate Owner occupied $ 1,521 Non-owner occupied 2,148 Other 672 Commercial 1,975 Residential real estate 1-4 family residential 206 Home equity lines of credit 88 Consumer Direct 54 $ 6,664 Cash flows expected to be collected at acquisition $ 6,337 Fair value of acquired loans at acquisition $ 5,700 |
Troubled Debt Restructurings (T
Troubled Debt Restructurings (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Loans By Class Modified as Troubled Debt Restructurings | The following table presents loans by class modified as troubled debt restructurings that occurred during the three and six month periods ended June 30, 2015 and 2014: Pre-Modification Post-Modification Three Months Ended June 30, 2015 Number of Outstanding Recorded Outstanding Recorded (In Thousands of Dollars) Loans Investment Investment Troubled Debt Restructurings: Commercial real estate Owner occupied 2 $ 801 $ 801 Residential real estate 1-4 family residential 2 193 193 Total 4 $ 994 $ 994 Pre-Modification Post-Modification Six Months Ended June 30, 2015 Number of Outstanding Recorded Outstanding Recorded (In Thousands of Dollars) Loans Investment Investment Troubled Debt Restructurings: Commercial real estate Owner occupied 2 $ 801 $ 801 Commercial 1 8 8 Residential real estate 1-4 family residential 5 547 547 Home equity lines of credit 1 50 50 Indirect 2 36 36 Total 11 $ 1,442 $ 1,442 Pre-Modification Post-Modification Three Months Ended June 30, 2014 Number of Outstanding Outstanding Recorded (In Thousands of Dollars) Loans Investment Investment Troubled Debt Restructurings: Non-owner occupied 1 $ 373 $ 373 Residential real estate 1-4 family residential 5 389 405 Home equity lines of credit 1 36 36 Total 7 $ 798 $ 814 Pre-Modification Post-Modification Six Months Ended June 30, 2014 Number of Outstanding Recorded Outstanding Recorded (In Thousands of Dollars) Loans Investment Investment Troubled Debt Restructurings: Commercial real estate Non-owner occupied 2 $ 408 $ 408 Residential real estate 1-4 family residential 14 782 799 Home equity lines of credit 3 88 88 Total 19 $ 1,278 $ 1,295 |
Credit Quality Indicators (Tabl
Credit Quality Indicators (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Risks And Uncertainties [Abstract] | |
Risk Category of Loans by Class of Loans | As of June 30, 2015 and December 31, 2014, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: (In Thousands of Dollars) Pass Special Mention Sub standard Doubtful Not Rated Total June 30, 2015 Commercial real estate Owner occupied $ 185,630 $ 1,007 $ 6,217 $ 0 $ 0 $ 192,854 Non-owner occupied 157,296 1,830 3,477 0 0 162,603 Other 69,871 498 482 0 0 70,851 Commercial 193,608 5,187 3,213 0 0 202,008 Total $ 606,405 $ 8,522 $ 13,389 $ 0 $ 0 $ 628,316 (In Thousands of Dollars) Pass Special Mention Sub standard Doubtful Not Rated Total December 31, 2014 Commercial real estate Owner occupied $ 66,036 $ 2,534 $ 6,061 $ 0 $ 0 $ 74,631 Non-owner occupied 115,159 3,760 2,994 0 0 121,913 Other 25,710 0 319 0 0 26,029 Commercial 114,409 1,566 4,175 0 0 120,150 Total $ 321,314 $ 7,860 $ 13,549 $ 0 $ 0 $ 342,723 |
Investment in Residential, Consumer and Indirect Auto Loans Based on Payment Activity | The following table presents the recorded investment in residential, consumer indirect and direct auto loans based on payment activity as of June 30, 2015 and December 31, 2014. Nonperforming loans are loans past due 90 days or more and still accruing interest and nonaccrual loans. Residential Real Estate Consumer (In Thousands of Dollars) 1-4 Family Residential Home Equity Lines of Credit Indirect Direct Other June 30, 2015 Performing $ 240,397 $ 74,872 $ 125,040 $ 58,012 $ 4,106 Nonperforming 3,401 272 228 186 8 Total $ 243,798 $ 75,144 $ 125,268 $ 58,198 $ 4,114 Residential Real Estate Consumer (In Thousands of Dollars) 1-4 Family Residential Home Equity Lines of Credit Indirect Direct Other December 31, 2014 Performing $ 149,661 $ 31,076 $ 124,296 $ 9,035 $ 3,625 Nonperforming 2,937 179 283 36 1 Total $ 152,598 $ 31,255 $ 124,579 $ 9,071 $ 3,626 |
Interest-Rate Swaps (Tables)
Interest-Rate Swaps (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary Information about Interest-Rate Swaps | Summary information about these interest-rate swaps at periods ended June 30, 2015 and December 31, 2014 is as follows: June 30, 2015 December 31, 2014 Notional amounts (In thousands) $ 34,396 $ 31,459 Weighted average pay rate on interest-rate swaps 4.24 % 4.26 % Weighted average receive rate on interest-rate swaps 2.63 % 2.67 % Weighted average maturity (years) 5.9 5.9 Fair value of combined interest-rate swaps (In thousands) $ 625 $ 638 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The computation of basic and diluted earnings per share is shown in the following table: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic EPS Net income (In thousands) $ 812 $ 2,351 $ 3,023 $ 4,542 Weighted average shares outstanding 19,394,342 18,780,980 18,913,772 18,780,041 Basic earnings per share $ 0.04 $ 0.13 $ 0.16 $ 0.24 Diluted EPS Net income (In thousands) $ 812 $ 2,351 $ 3,023 $ 4,542 Weighted average shares out-standing for basic earnings per share 19,394,342 18,780,980 18,913,772 18,780,041 Dilutive effect of restricted stock awards 3,524 0 2,577 0 Weighted average shares for diluted earnings per share 19,397,866 18,780,980 18,916,349 18,780,041 Diluted earnings per share $ 0.04 $ 0.13 $ 0.16 $ 0.24 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Plan | The following is the activity under the Plan during the three months ended June 30, 2015: Restricted Stock Units Units Weighted Average Grant Value Nonvested at January 1, 2015 46,957 $ 7.39 Granted 85,918 7.88 Vested 0 0 Forfeited (5,000 ) 7.88 Nonvested at June 30, 2015 127,875 $ 7.70 |
Other Comprehensive Income (L32
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Comprehensive Income Net Of Tax [Abstract] | |
Schedule of Other Comprehensive Income (Loss) | The following table represents the detail of other comprehensive income for the three and six month periods ended June 30, 2015 and 2014. Three Months Ended June 30, 2015 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains (losses) on available-for-sale securities during the period $ (5,447 ) $ 1,907 $ (3,540 ) Reclassification adjustment for (gains) losses included in net income (1) (35 ) 12 (23 ) Net unrealized gains (losses) on available-for-sale securities $ (5,482 ) $ 1,919 $ (3,563 ) Six Months Ended June 30, 2015 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains (losses) on available-for-sale securities during the period $ (3,136 ) $ 1,097 $ (2,039 ) Reclassification adjustment for (gains) losses included in net income (1) (45 ) 16 (29 ) Net unrealized gains (losses) on available-for-sale securities $ (3,181 ) $ 1,113 $ (2,068 ) Three Months Ended June 30, 2014 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains on available-for-sale securities during the period $ 2,934 $ (1,026 ) $ 1,908 Reclassification adjustment for (gains) losses included in net income (1) (84 ) 29 (55 ) Net unrealized gains on available-for-sale securities $ 2,850 $ (997 ) $ 1,854 Six Months Ended June 30, 2014 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains on available-for-sale securities during the period $ 7,021 $ (2,458 ) $ 4,563 Reclassification adjustment for (gains) losses included in net income (1) (84 ) 29 (55 ) Net unrealized gains on available-for-sale securities $ 6,937 $ (2,429 ) $ 4,508 (1) Pre-tax reclassification adjustments relating to available-for-sale securities are reported in security gains and the tax impact is included in income tax expense on the consolidated statements of income. |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Actual and Required Capital Amounts and Ratios | Actual and required capital amounts and ratios are presented below at June 30, 2015 and December 31, 2014: Actual Requirement For To be Well Capitalized Under Prompt Corrective Action Provisions: Amount Ratio Amount Ratio Amount Ratio June 30, 2015 Common equity tier 1 capital ratio Consolidated $ 158,239 12.61 % $ 56,466 4.50 % N/A N/A Bank 146,581 11.72 % 56,304 4.50 % $ 81,328 6.50 % Total risk based capital ratio Consolidated 165,577 13.20 % 100,385 8.00 % N/A N/A Bank 153,867 12.30 % 100,096 8.00 % 125,120 10.00 % Tier 1 risk based capital ratio Consolidated 158,239 12.61 % 75,289 6.00 % N/A N/A Bank 146,581 11.72 % 75,072 6.00 % 100,096 8.00 % Tier 1 leverage ratio Consolidated 158,239 9.27 % 69,293 4.00 % N/A N/A Bank 146,581 8.63 % 67,936 4.00 % 84,920 5.00 % December 31, 2014 Total Capital to risk weighted assets Consolidated $ 121,340 16.48 % $ 58,523 8.00 % N/A N/A Bank 114,321 15.56 % 58,773 8.00 % $ 73,466 10.00 % Tier 1 Capital to risk weighted assets Consolidated 113,654 15.43 % 29,262 4.00 % N/A N/A Bank 106,689 14.52 % 29,386 4.00 % 44,079 6.00 % Tier 1 Capital to average assets Consolidated 113,654 10.03 % 45,313 4.00 % N/A N/A Bank 106,689 9.37 % 45,565 4.00 % 56,956 5.00 % |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis are summarized below: Fair Value Measurements at June 30, 2015 Using: (In Thousands of Dollars) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Investment securities available-for sale U.S. Treasury and U.S. government sponsored entities $ 19,022 $ 0 $ 19,022 $ 0 State and political subdivisions 124,257 0 124,257 0 Corporate bonds 934 0 934 0 Mortgage-backed securities-residential 206,259 0 206,243 16 Collateralized mortgage obligations 15,374 0 15,374 0 Small Business Administration 20,234 0 20,234 0 Equity securities 239 239 0 0 Total investment securities $ 386,319 $ 239 $ 386,064 $ 16 Yield maintenance provisions $ 625 $ 0 $ 625 $ 0 Financial Liabilities Interest rate swaps $ 625 $ 0 $ 625 $ 0 Fair Value Measurements at December 31, 2014 Using: (In Thousands of Dollars) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Investment securities available-for sale U.S. Treasury and U.S. government sponsored entities $ 24,821 $ 0 $ 24,821 $ 0 State and political subdivisions 91,881 0 91,881 0 Corporate bonds 931 0 931 0 Mortgage-backed securities-residential 224,362 0 224,352 10 Collateralized mortgage obligations 25,175 0 25,175 0 Small Business Administration 22,419 0 22,419 0 Equity securities 240 240 0 0 Total investment securities $ 389,829 $ 240 $ 389,579 $ 10 Yield maintenance provisions $ 638 $ 0 $ 638 $ 0 Financial Liabilities Interest rate swaps $ 638 $ 0 $ 638 $ 0 |
Reconciliation for All Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The table below presents a reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): (In Thousands of Dollars) Three Months ended June 30, Six Months ended June 30, 2015 2014 2015 2014 Beginning Balance $ 10 $ 10 $ 10 $ 10 Total unrealized gains or losses: Included in other comprehensive income 0 0 0 0 Repayments 0 0 0 0 Acquired and/or purchased 6 0 6 0 Ending Balance $ 16 $ 10 $ 16 $ 10 |
Assets Measured at Fair Value on Non-Recurring Basis | Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2015 Using: (In Thousands of Dollars) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Impaired loans Commercial real estate Owner occupied $ 683 $ 0 $ 0 $ 683 Commercial 231 0 0 231 1–4 family residential 118 0 0 118 Fair Value Measurements at December 31, 2014 Using: (In Thousands of Dollars) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Impaired loans Commercial $ 807 $ 0 $ 0 $ 807 1–4 family residential 63 0 0 63 Other real estate owned Commercial real estate 45 0 0 45 |
Fair Value Measurements for Financial Instruments | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the periods ended June 30, 2015 and December 31, 2014: June 30, 2015 Fair value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans Commercial real estate $ 683 Quoted price for loan relationship Adjustment for differences between earning multiplier 1.01% (1.01%) Commercial 231 Quoted price for loan relationship Adjustment for differences between earning multiplier -3.01% (-3.01%) Residential 118 Sales comparison Adjustment for differences between comparable sales -26.81%-20.94% (-11.05%) December 31, 2014 Fair value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans Commercial $ 807 Sales comparison Adjustment for differences between comparable sales -27.43% - 32.86% (9.96%) Residential 63 Sales comparison Adjustment for differences between comparable sales -18.32% - 24.16% (-14.02%) Other real estate owned 45 Sales comparison Adjustment for differences between comparable sales -12.86% - 11.97% (-5.79%) |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments not previously disclosed at June 30, 2015 and December 31, 2014 are as follows: Fair Value Measurements at June 30, 2015 Using: (In Thousands of Dollars) Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 37,028 $ 18,204 $ 18,824 $ 0 $ 37,028 Restricted stock 7,456 n/a n/a n/a n/a Loans held for sale 399 0 410 0 410 Loans, net 1,127,552 0 0 1,110,641 1,110,641 Accrued interest receivable 4,710 0 1,827 2,883 4,710 Financial liabilities Deposits 1,320,569 1,056,018 263,115 0 1,319,133 Short-term borrowings 85,704 0 85,704 0 85,704 Long-term borrowings 69,887 0 70,299 0 70,299 Accrued interest payable 553 29 524 0 553 Fair Value Measurements at December 31, 2014 Using: (In Thousands of Dollars) Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 27,428 $ 11,410 $ 16,018 $ 0 $ 27,428 Restricted stock 4,224 n/a n/a n/a n/a Loans held for sale 511 0 523 0 523 Loans, net 656,220 0 0 658,993 658,993 Accrued interest receivable 3,237 0 1,645 1,592 3,237 Financial liabilities Deposits 915,703 708,752 206,708 0 915,460 Short-term borrowings 59,136 0 59,136 0 59,136 Long-term borrowings 28,381 0 28,837 0 28,837 Accrued interest payable 402 2 400 0 402 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Significant segment totals are reconciled to the financial statements as follows: (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals June 30, 2015 Goodwill and other intangibles $ 5,126 $ 31,090 $ 3,353 $ 0 $ 39,569 Total assets $ 11,291 $ 1,656,042 $ 4,653 $ 417 $ 1,672,403 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals December 31, 2014 Goodwill and other intangibles $ 5,285 $ 0 $ 3,528 $ 0 $ 8,813 Total assets $ 10,643 $ 1,121,505 $ 4,356 $ 463 $ 1,136,967 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals For Three Months Ended June 30, 2015 Net interest income $ 15 $ 9,738 $ 0 $ (4 ) $ 9,749 Provision for loan losses 0 850 0 0 850 Service fees, security gains and other noninterest income 1,531 2,166 779 (67 ) 4,409 Noninterest expense 1,241 7,657 427 2,182 11,507 Amortization and depreciation expense 86 404 90 0 580 Income (loss) before taxes 219 2,993 262 (2,253 ) 1,221 Income taxes 74 613 89 (367 ) 409 Net Income (Loss) $ 145 $ 2,380 $ 173 $ (1,886 ) $ 812 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals For Six Months Ended June 30, 2015 Net interest income $ 30 $ 18,718 $ 0 $ (7 ) $ 18,741 Provision for loan losses 0 1,300 0 0 1,300 Service fees, security gains and other noninterest income 3,203 4,093 1,282 (132 ) 8,446 Noninterest expense 2,437 15,015 762 2,577 20,791 Amortization and depreciation expense 171 696 180 0 1,047 Income before taxes 625 5,800 340 (2,716 ) 4,049 Income taxes 212 1,222 116 (524 ) 1,026 Net Income $ 413 $ 4,578 $ 224 $ (2,192 ) $ 3,023 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals For Three Months Ended June 30, 2014 Net interest income $ 14 $ 8,941 $ 0 $ (3 ) $ 8,952 Provision for loan losses 0 300 0 0 300 Service fees, security gains and other noninterest income 1,574 1,756 555 (88 ) 3,797 Noninterest expense 1,193 7,471 407 307 9,378 Income before taxes 395 2,926 148 (398 ) 3,071 Income taxes 135 662 50 (127 ) 720 Net Income $ 260 $ 2,264 $ 98 $ (271 ) $ 2,351 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals For Six Months Ended June 30, 2014 Net interest income $ 26 $ 17,789 $ 0 $ (7 ) $ 17,808 Provision for loan losses 0 630 0 0 630 Service fees, security gains and other noninterest income 3,091 3,294 998 (153 ) 7,230 Noninterest expense 2,380 14,734 824 581 18,519 Income before taxes 737 5,719 174 (741 ) 5,889 Income taxes 253 1,279 59 (244 ) 1,347 Net Income $ 484 $ 4,440 $ 115 $ (497 ) $ 4,542 |
Business Combination (Tables)
Business Combination (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Summary of Consideration Paid and Amounts of Assets and Liabilities Assumed | The following table summarizes the consideration paid for NBOH and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition. (In Thousands of Dollars) Consideration Cash $ 15,732 Stock 59,048 Fair value of total consideration transferred $ 74,780 Assets acquired and liabilities assumed Cash and due from financial institutions $ 37,035 Securities available for sale 51,340 Net loans 430,035 Premises and equipment 6,105 Bank owned life insurance 2,891 Core deposit intangible 4,409 Other assets 7,996 Total assets 539,811 Fair value of liabilities assumed Deposits 423,661 Short-term borrowings 13,531 Long-term borrowings 52,006 Accrued interest payable and other liabilities 2,514 Total liabilities 491,712 Net assets acquired $ 48,099 Goodwill created 26,681 Total net assets acquired $ 74,780 |
Pro Forma Information | The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effective on the assumed dates. For Three Months Ended June 30, For Six Months Ended June 30, (In thousands of dollars except per share results) 2015 2014 2015 2014 Net interest income $ 14,598 $ 13,235 $ 28,278 $ 26,217 Net income $ 3,390 $ 3,734 $ 7,216 $ 7,125 Basic and diluted earnings per share $ 0.13 $ 0.15 $ 0.28 $ 0.28 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Acquired Intangible Assets | Acquired intangible assets were as follows: For Three Months Ended June 30, 2015 For Six Months Ended June 30, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationship intangibles $ 5,970 $ (3,279 ) $ 5,970 $ (3,279 ) Non-compete contracts 370 (310 ) 370 (310 ) Trade name 190 (53 ) 190 (53 ) Core deposit intangible 4,409 0 4,409 0 Total $ 10,939 $ (3,642 ) $ 10,939 $ (3,642 ) For Three Months Ended June 30, 2014 For Six Months Ended June 30, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationship intangibles $ 5,970 $ (2,617 ) $ 5,970 $ (2,617 ) Non-compete contracts 370 (280 ) 370 (280 ) Trade name 190 (28 ) 190 (28 ) Total $ 6,530 $ (2,925 ) $ 6,530 $ (2,925 ) |
Estimated Amortization Expense | Estimated amortization expense for each of the next five periods and thereafter: 2015 (Six months) 610 2016 1,108 2017 1,022 2018 938 2019 862 Thereafter 2,757 TOTAL $ 7,297 |
Repurchase Agreement (Tables)
Repurchase Agreement (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Repurchase Agreements [Abstract] | |
Schedule Disaggregation of the Obligation by the Class of Collateral Pledged for Short-Term Financing Obtained Through the Sales of Repurchase Agreements | The following table provides a disaggregation of the obligation by the class of collateral pledged for short-term financing obtained through the sales of repurchase agreements: (In Thousands of Dollars) June 30, 2015 Overnight and continuous repurchase agreements U.S. Treasury and U.S. government sponsored entities $ 6,246 State and political subdivisions 9,892 Mortgage-backed securities - residential 55,771 Collateralized mortgage obligations 5,245 Total borrowings $ 77,154 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Details Textual) | 6 Months Ended |
Jun. 30, 2015Segment | |
Accounting Policies [Abstract] | |
Operating segments of business | 3 |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 388,008 | $ 388,337 |
Gross Unrealized Gains | 4,142 | 5,219 |
Gross Unrealized Losses | (5,831) | (3,727) |
Fair Value | 386,319 | 389,829 |
Corporate bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 934 | 936 |
Gross Unrealized Gains | 5 | 3 |
Gross Unrealized Losses | (5) | (8) |
Fair Value | 934 | 931 |
Small Business Administration | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 20,935 | 23,193 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (702) | (775) |
Fair Value | 20,234 | 22,419 |
U.S. Treasury and U.S. government sponsored entities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 18,719 | 24,515 |
Gross Unrealized Gains | 475 | 418 |
Gross Unrealized Losses | (172) | (112) |
Fair Value | 19,022 | 24,821 |
State and political subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 124,516 | 90,369 |
Gross Unrealized Gains | 1,783 | 2,183 |
Gross Unrealized Losses | (2,042) | (671) |
Fair Value | 124,257 | 91,881 |
Mortgage-backed securities - residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 206,714 | 223,216 |
Gross Unrealized Gains | 1,760 | 2,395 |
Gross Unrealized Losses | (2,215) | (1,249) |
Fair Value | 206,259 | 224,362 |
Collateralized mortgage obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 16,067 | 25,988 |
Gross Unrealized Gains | 0 | 98 |
Gross Unrealized Losses | (693) | (911) |
Fair Value | 15,374 | 25,175 |
Equity securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 123 | 120 |
Gross Unrealized Gains | 118 | 121 |
Gross Unrealized Losses | (2) | (1) |
Fair Value | $ 239 | $ 240 |
Securities (Details Textual)
Securities (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)Securities | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Securities | Jun. 30, 2014USD ($) | |
Investments Debt And Equity Securities [Abstract] | ||||
Proceeds from sales of securities available for sale | $ 19,400 | $ 54,957 | $ 33,254 | |
Gross gains realized | 36 | $ 333 | 109 | 333 |
Gross Losses realized | $ 1 | $ 249 | $ 64 | $ 249 |
Number of securities | Securities | 427 | 427 | ||
Number of securities on unrealized loss position | Securities | 191 | 191 |
Securities (Details 1)
Securities (Details 1) $ in Thousands | Jun. 30, 2015USD ($) |
Amortized cost and fair value of the debt securities maturity | |
Amortized Cost, Within one year | $ 18,524 |
Amortized Cost, One to five years | 68,339 |
Amortized Cost, Five to ten years | 48,694 |
Amortized Cost, Beyond ten years | 8,612 |
Amortized Cost, Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities | 243,716 |
Amortized Cost, Total | 387,885 |
Fair Value, Within one year | 18,704 |
Fair Value, One to five years | 68,651 |
Fair Value, Five to ten years | 48,425 |
Fair Value, Beyond ten years | 8,433 |
Fair Value, Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities | 241,867 |
Fair Value, Total | $ 386,080 |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | $ 129,780 | $ 27,281 |
Unrealized Losses, Less Than 12 Months | (1,829) | (216) |
Fair Value, 12 Months or Longer | 92,686 | 132,134 |
Unrealized Losses, 12 Months or Longer | (4,002) | (3,511) |
Fair Value, Total | 222,466 | 159,415 |
Unrealized Losses, Total | (5,831) | (3,727) |
Corporate bonds | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 0 | 0 |
Unrealized Losses, Less Than 12 Months | 0 | 0 |
Fair Value, 12 Months or Longer | 478 | 476 |
Unrealized Losses, 12 Months or Longer | (5) | (8) |
Fair Value, Total | 478 | 476 |
Unrealized Losses, Total | (5) | (8) |
Small Business Administration | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 0 | 0 |
Unrealized Losses, Less Than 12 Months | 0 | 0 |
Fair Value, 12 Months or Longer | 20,145 | 22,319 |
Unrealized Losses, 12 Months or Longer | (702) | (775) |
Fair Value, Total | 20,145 | 22,319 |
Unrealized Losses, Total | (702) | (775) |
U.S. Treasury and U.S. government sponsored entities | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 5,635 | 498 |
Unrealized Losses, Less Than 12 Months | (172) | (2) |
Fair Value, 12 Months or Longer | 200 | 10,159 |
Unrealized Losses, 12 Months or Longer | 0 | (110) |
Fair Value, Total | 5,835 | 10,657 |
Unrealized Losses, Total | (172) | (112) |
State and political subdivisions | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 48,992 | 987 |
Unrealized Losses, Less Than 12 Months | (783) | (11) |
Fair Value, 12 Months or Longer | 14,587 | 24,063 |
Unrealized Losses, 12 Months or Longer | (1,259) | (660) |
Fair Value, Total | 63,579 | 25,050 |
Unrealized Losses, Total | (2,042) | (671) |
Mortgage-backed securities - residential | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 73,736 | 25,770 |
Unrealized Losses, Less Than 12 Months | (871) | (202) |
Fair Value, 12 Months or Longer | 43,634 | 55,576 |
Unrealized Losses, 12 Months or Longer | (1,344) | (1,047) |
Fair Value, Total | 117,370 | 81,346 |
Unrealized Losses, Total | (2,215) | (1,249) |
Collateralized mortgage obligations | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 1,392 | 0 |
Unrealized Losses, Less Than 12 Months | (1) | 0 |
Fair Value, 12 Months or Longer | 13,642 | 19,541 |
Unrealized Losses, 12 Months or Longer | (692) | (911) |
Fair Value, Total | 15,034 | 19,541 |
Unrealized Losses, Total | (693) | (911) |
Equity securities | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 25 | 26 |
Unrealized Losses, Less Than 12 Months | (2) | (1) |
Fair Value, 12 Months or Longer | 0 | 0 |
Unrealized Losses, 12 Months or Longer | 0 | 0 |
Fair Value, Total | 25 | 26 |
Unrealized Losses, Total | $ (2) | $ (1) |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of loan balances | ||||||
Subtotal | $ 1,133,185 | $ 661,625 | ||||
Net deferred loan costs | 1,653 | 2,227 | ||||
Allowance for loan losses | (7,286) | $ (7,723) | (7,632) | $ (7,356) | $ (7,387) | $ (7,568) |
NET LOANS | 1,127,552 | 656,220 | ||||
Commercial real estate, Owner occupied | ||||||
Schedule of loan balances | ||||||
Commercial real estate | 193,080 | 74,829 | ||||
Commercial real estate, Non-owner occupied | ||||||
Schedule of loan balances | ||||||
Commercial real estate | 162,932 | 122,228 | ||||
Commercial real estate, Other | ||||||
Schedule of loan balances | ||||||
Commercial real estate | 71,016 | 26,137 | ||||
Commercial | ||||||
Schedule of loan balances | ||||||
Commercial | 202,552 | 120,493 | ||||
Allowance for loan losses | (1,280) | $ (1,351) | (1,420) | $ (1,076) | $ (1,065) | $ (1,219) |
Residential real estate, 1-4 family residential | ||||||
Schedule of loan balances | ||||||
Residential real estate | 244,676 | 153,055 | ||||
Residential real estate, Home equity lines of credit | ||||||
Schedule of loan balances | ||||||
Residential real estate | 75,144 | 31,255 | ||||
Consumer, Indirect | ||||||
Schedule of loan balances | ||||||
Consumer | 121,474 | 120,931 | ||||
Consumer, Direct | ||||||
Schedule of loan balances | ||||||
Consumer | 58,197 | 9,071 | ||||
Consumer, Other | ||||||
Schedule of loan balances | ||||||
Consumer | $ 4,114 | $ 3,626 |
Loans (Details 1)
Loans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Allowance for loan losses | ||||
Beginning balance | $ 7,723 | $ 7,387 | $ 7,632 | $ 7,568 |
Provision for loan losses | 850 | 300 | 1,300 | 630 |
Loans charged off | (1,496) | (650) | (2,114) | (1,486) |
Recoveries | 209 | 319 | 468 | 644 |
Ending balance | 7,286 | 7,356 | 7,286 | 7,356 |
Commercial Real Estate | ||||
Allowance for loan losses | ||||
Beginning balance | 2,917 | 2,751 | 2,676 | 2,752 |
Provision for loan losses | 223 | (36) | 455 | (14) |
Loans charged off | (516) | (33) | (520) | (90) |
Recoveries | 9 | 40 | 22 | 74 |
Ending balance | 2,633 | 2,722 | 2,633 | 2,722 |
Commercial | ||||
Allowance for loan losses | ||||
Beginning balance | 1,351 | 1,065 | 1,420 | 1,219 |
Provision for loan losses | 183 | 25 | 113 | (137) |
Loans charged off | (254) | (19) | (254) | (19) |
Recoveries | 0 | 5 | 1 | 13 |
Ending balance | 1,280 | 1,076 | 1,280 | 1,076 |
Residential Real Estate | ||||
Allowance for loan losses | ||||
Beginning balance | 1,640 | 1,681 | 1,689 | 1,964 |
Provision for loan losses | 49 | 305 | 59 | 77 |
Loans charged off | (160) | (210) | (241) | (280) |
Recoveries | 19 | 8 | 41 | 23 |
Ending balance | 1,548 | 1,784 | 1,548 | 1,784 |
Consumer | ||||
Allowance for loan losses | ||||
Beginning balance | 1,705 | 1,496 | 1,663 | 1,419 |
Provision for loan losses | 505 | 144 | 857 | 662 |
Loans charged off | (566) | (388) | (1,099) | (1,097) |
Recoveries | 181 | 266 | 404 | 534 |
Ending balance | 1,825 | 1,518 | 1,825 | 1,518 |
Unallocated | ||||
Allowance for loan losses | ||||
Beginning balance | 110 | 394 | 184 | 214 |
Provision for loan losses | (110) | (138) | (184) | 42 |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | $ 0 | $ 256 | $ 0 | $ 256 |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | $ 300 | $ 874 | ||||
Collectively evaluated for impairment | 6,986 | 6,758 | ||||
Acquired with deteriorated credit quality | 0 | |||||
Total ending allowance balance | 7,286 | $ 7,723 | 7,632 | $ 7,356 | $ 7,387 | $ 7,568 |
Loans: | ||||||
Loans individually evaluated for impairment | 10,545 | 12,597 | ||||
Loans collectively evaluated for impairment | 1,118,593 | 651,255 | ||||
Loans acquired with deteriorated credit quality | 5,700 | |||||
Loans | 1,134,838 | 663,852 | ||||
Commercial Real Estate | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 195 | 514 | ||||
Collectively evaluated for impairment | 2,438 | 2,162 | ||||
Acquired with deteriorated credit quality | 0 | |||||
Total ending allowance balance | 2,633 | 2,917 | 2,676 | 2,722 | 2,751 | 2,752 |
Loans: | ||||||
Loans individually evaluated for impairment | 6,228 | 7,139 | ||||
Loans collectively evaluated for impairment | 416,287 | 215,434 | ||||
Loans acquired with deteriorated credit quality | 3,793 | |||||
Loans | 426,308 | 222,573 | ||||
Commercial | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 27 | 272 | ||||
Collectively evaluated for impairment | 1,253 | 1,148 | ||||
Acquired with deteriorated credit quality | 0 | |||||
Total ending allowance balance | 1,280 | 1,351 | 1,420 | 1,076 | 1,065 | 1,219 |
Loans: | ||||||
Loans individually evaluated for impairment | 741 | 1,940 | ||||
Loans collectively evaluated for impairment | 199,696 | 118,210 | ||||
Loans acquired with deteriorated credit quality | 1,571 | |||||
Loans | 202,008 | 120,150 | ||||
Residential Real Estate | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 78 | 88 | ||||
Collectively evaluated for impairment | 1,470 | 1,601 | ||||
Acquired with deteriorated credit quality | 0 | |||||
Total ending allowance balance | 1,548 | 1,640 | 1,689 | 1,784 | 1,681 | 1,964 |
Loans: | ||||||
Loans individually evaluated for impairment | 3,515 | 3,425 | ||||
Loans collectively evaluated for impairment | 315,143 | 180,428 | ||||
Loans acquired with deteriorated credit quality | 284 | |||||
Loans | 318,942 | 183,853 | ||||
Consumer | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,825 | 1,663 | ||||
Acquired with deteriorated credit quality | 0 | |||||
Total ending allowance balance | 1,825 | 1,705 | 1,663 | 1,518 | 1,496 | 1,419 |
Loans: | ||||||
Loans individually evaluated for impairment | 61 | 93 | ||||
Loans collectively evaluated for impairment | 187,467 | 137,183 | ||||
Loans acquired with deteriorated credit quality | 52 | |||||
Loans | 187,580 | 137,276 | ||||
Unallocated | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 0 | 184 | ||||
Acquired with deteriorated credit quality | 0 | |||||
Total ending allowance balance | 0 | $ 110 | 184 | $ 256 | $ 394 | $ 214 |
Loans: | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | 0 | |||||
Loans | $ 0 | $ 0 |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | $ 5,841 | $ 6,452 |
Unpaid Principal Balance, With an allowance recorded | 5,925 | 6,908 |
Unpaid Principal Balance | 11,766 | 13,360 |
Recorded Investment, With no related allowance recorded | 5,348 | 5,720 |
Recorded Investment, With an allowance recorded | 5,197 | 6,877 |
Recorded Investment | 10,545 | 12,597 |
Allowance for Loan Losses Allocated | 300 | 874 |
Commercial real estate, Owner occupied | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | 2,137 | 2,448 |
Unpaid Principal Balance, With an allowance recorded | 2,851 | 2,882 |
Recorded Investment, With no related allowance recorded | 2,003 | 2,318 |
Recorded Investment, With an allowance recorded | 2,332 | 2,882 |
Allowance for Loan Losses Allocated | 136 | 446 |
Commercial real estate, Non-owner occupied | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | 380 | 391 |
Unpaid Principal Balance, With an allowance recorded | 1,515 | 1,548 |
Recorded Investment, With no related allowance recorded | 379 | 391 |
Recorded Investment, With an allowance recorded | 1,514 | 1,548 |
Allowance for Loan Losses Allocated | 59 | 68 |
Commercial | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | 425 | 531 |
Unpaid Principal Balance, With an allowance recorded | 518 | 1,444 |
Recorded Investment, With no related allowance recorded | 404 | 511 |
Recorded Investment, With an allowance recorded | 337 | 1,429 |
Allowance for Loan Losses Allocated | 27 | 272 |
Residential real estate, 1-4 family residential | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | 2,481 | 2,421 |
Unpaid Principal Balance, With an allowance recorded | 952 | 944 |
Recorded Investment, With no related allowance recorded | 2,226 | 2,156 |
Recorded Investment, With an allowance recorded | 925 | 928 |
Allowance for Loan Losses Allocated | 76 | 85 |
Residential real estate, Home equity lines of credit | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | 289 | 476 |
Unpaid Principal Balance, With an allowance recorded | 89 | 90 |
Recorded Investment, With no related allowance recorded | 275 | 251 |
Recorded Investment, With an allowance recorded | 89 | 90 |
Allowance for Loan Losses Allocated | 2 | 3 |
Consumer | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | 129 | 185 |
Recorded Investment, With no related allowance recorded | $ 61 | $ 93 |
Loans (Details 4)
Loans (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable Impaired [Line Items] | ||||
Average Recorded Investment, With no related allowance recorded | $ 5,479 | $ 6,257 | $ 5,552 | $ 5,921 |
Average Recorded Investment, With an allowance recorded | 5,654 | 5,402 | 5,167 | 5,784 |
Average Recorded Investment | 11,133 | 11,659 | 10,719 | 11,705 |
Interest Income Recognized, With no related allowance recorded | 86 | 35 | 152 | 61 |
Interest Income Recognized, With related allowance recorded | 57 | 58 | 112 | 116 |
Interest Income Recognized | 143 | 93 | 264 | 177 |
Commercial real estate, Owner occupied | ||||
Financing Receivable Impaired [Line Items] | ||||
Average Recorded Investment, With no related allowance recorded | 2,226 | 1,614 | 2,268 | 2,095 |
Average Recorded Investment, With an allowance recorded | 2,680 | 2,225 | 1,818 | 1,939 |
Interest Income Recognized, With no related allowance recorded | 29 | 6 | 45 | 11 |
Interest Income Recognized, With related allowance recorded | 24 | 25 | 48 | 50 |
Commercial real estate, Non-owner occupied | ||||
Financing Receivable Impaired [Line Items] | ||||
Average Recorded Investment, With no related allowance recorded | 380 | 405 | 383 | 398 |
Average Recorded Investment, With an allowance recorded | 1,520 | 1,580 | 1,528 | 1,583 |
Interest Income Recognized, With no related allowance recorded | 7 | 9 | 13 | 9 |
Interest Income Recognized, With related allowance recorded | 20 | 20 | 40 | 40 |
Commercial | ||||
Financing Receivable Impaired [Line Items] | ||||
Average Recorded Investment, With no related allowance recorded | 409 | 2,072 | 436 | 1,502 |
Average Recorded Investment, With an allowance recorded | 457 | 91 | 787 | 741 |
Interest Income Recognized, With no related allowance recorded | 5 | 4 | 11 | 9 |
Interest Income Recognized, With related allowance recorded | 1 | 1 | 2 | 2 |
Residential real estate, 1-4 family residential | ||||
Financing Receivable Impaired [Line Items] | ||||
Average Recorded Investment, With no related allowance recorded | 2,108 | 1,659 | 2,116 | 1,495 |
Average Recorded Investment, With an allowance recorded | 908 | 1,380 | 945 | 1,385 |
Interest Income Recognized, With no related allowance recorded | 38 | 14 | 69 | 28 |
Interest Income Recognized, With related allowance recorded | 11 | 11 | 20 | 22 |
Residential real estate, Home equity lines of credit | ||||
Financing Receivable Impaired [Line Items] | ||||
Average Recorded Investment, With no related allowance recorded | 275 | 329 | 263 | 222 |
Average Recorded Investment, With an allowance recorded | 89 | 126 | 89 | 136 |
Interest Income Recognized, With no related allowance recorded | 4 | 2 | 7 | 4 |
Interest Income Recognized, With related allowance recorded | 1 | 1 | 2 | 2 |
Consumer | ||||
Financing Receivable Impaired [Line Items] | ||||
Average Recorded Investment, With no related allowance recorded | 81 | 178 | 86 | 209 |
Interest Income Recognized, With no related allowance recorded | $ 3 | $ 0 | $ 7 | $ 0 |
Loans (Details 5)
Loans (Details 5) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | $ 7,022 | $ 8,008 |
Loans Past Due 90 Days or More Still Accruing | 963 | 473 |
Commercial real estate, Owner occupied | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 2,832 | 3,315 |
Loans Past Due 90 Days or More Still Accruing | 0 | 44 |
Commercial real estate, Non-owner occupied | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 47 | 41 |
Loans Past Due 90 Days or More Still Accruing | 0 | 0 |
Commercial real estate, Other | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 175 | 0 |
Loans Past Due 90 Days or More Still Accruing | 0 | 0 |
Commercial | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 836 | 1,645 |
Loans Past Due 90 Days or More Still Accruing | 0 | 0 |
Residential real estate, 1-4 family residential | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 2,764 | 2,742 |
Loans Past Due 90 Days or More Still Accruing | 637 | 195 |
Residential real estate, Home equity lines of credit | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 210 | 139 |
Loans Past Due 90 Days or More Still Accruing | 62 | 40 |
Consumer, Indirect | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 78 | 90 |
Loans Past Due 90 Days or More Still Accruing | 150 | 193 |
Consumer, Direct | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 80 | 36 |
Loans Past Due 90 Days or More Still Accruing | 106 | 0 |
Consumer, Other | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 0 | 0 |
Loans Past Due 90 Days or More Still Accruing | $ 8 | $ 1 |
Loans (Details 6)
Loans (Details 6) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of investment in past due loans | ||
30-59 Days Past Due | $ 5,848 | $ 4,358 |
60-89 Days Past Due | 1,298 | 1,068 |
90 Days or More Past Due and Nonaccrual | 7,985 | 8,481 |
Total Past Due | 15,131 | 13,907 |
Loans Not Past Due | 1,119,707 | 649,945 |
Loans | 1,134,838 | 663,852 |
Commercial real estate, Owner occupied | ||
Schedule of investment in past due loans | ||
30-59 Days Past Due | 170 | 0 |
60-89 Days Past Due | 96 | 0 |
90 Days or More Past Due and Nonaccrual | 2,832 | 3,359 |
Total Past Due | 3,098 | 3,359 |
Loans Not Past Due | 189,756 | 71,272 |
Loans | 192,854 | 74,631 |
Commercial real estate, Non-owner occupied | ||
Schedule of investment in past due loans | ||
30-59 Days Past Due | 23 | 0 |
60-89 Days Past Due | 0 | 0 |
90 Days or More Past Due and Nonaccrual | 47 | 41 |
Total Past Due | 70 | 41 |
Loans Not Past Due | 162,533 | 121,872 |
Loans | 162,603 | 121,913 |
Commercial real estate, Other | ||
Schedule of investment in past due loans | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
90 Days or More Past Due and Nonaccrual | 175 | 0 |
Total Past Due | 175 | 0 |
Loans Not Past Due | 70,676 | 26,029 |
Loans | 70,851 | 26,029 |
Commercial | ||
Schedule of investment in past due loans | ||
30-59 Days Past Due | 550 | 0 |
60-89 Days Past Due | 291 | 0 |
90 Days or More Past Due and Nonaccrual | 836 | 1,645 |
Total Past Due | 1,677 | 1,645 |
Loans Not Past Due | 200,331 | 118,505 |
Loans | 202,008 | 120,150 |
Residential real estate, 1-4 family residential | ||
Schedule of investment in past due loans | ||
30-59 Days Past Due | 2,784 | 1,892 |
60-89 Days Past Due | 540 | 546 |
90 Days or More Past Due and Nonaccrual | 3,401 | 2,937 |
Total Past Due | 6,725 | 5,375 |
Loans Not Past Due | 237,073 | 147,223 |
Loans | 243,798 | 152,598 |
Residential real estate, Home equity lines of credit | ||
Schedule of investment in past due loans | ||
30-59 Days Past Due | 187 | 205 |
60-89 Days Past Due | 63 | 92 |
90 Days or More Past Due and Nonaccrual | 272 | 179 |
Total Past Due | 522 | 476 |
Loans Not Past Due | 74,622 | 30,779 |
Loans | 75,144 | 31,255 |
Consumer, Indirect | ||
Schedule of investment in past due loans | ||
30-59 Days Past Due | 1,735 | 2,136 |
60-89 Days Past Due | 247 | 406 |
90 Days or More Past Due and Nonaccrual | 228 | 283 |
Total Past Due | 2,210 | 2,825 |
Loans Not Past Due | 123,058 | 121,754 |
Loans | 125,268 | 124,579 |
Consumer, Direct | ||
Schedule of investment in past due loans | ||
30-59 Days Past Due | 369 | 108 |
60-89 Days Past Due | 58 | 18 |
90 Days or More Past Due and Nonaccrual | 186 | 36 |
Total Past Due | 613 | 162 |
Loans Not Past Due | 57,585 | 8,909 |
Loans | 58,198 | 9,071 |
Consumer, Other | ||
Schedule of investment in past due loans | ||
30-59 Days Past Due | 30 | 17 |
60-89 Days Past Due | 3 | 6 |
90 Days or More Past Due and Nonaccrual | 8 | 1 |
Total Past Due | 41 | 24 |
Loans Not Past Due | 4,073 | 3,602 |
Loans | $ 4,114 | $ 3,626 |
Loans (Details 7)
Loans (Details 7) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Acquired Loans, Purchases | $ 429,241 | $ 429,241 |
Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Acquired Loans, Purchases | 178,680 | 178,680 |
Commercial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Acquired Loans, Purchases | 69,544 | 69,544 |
Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Acquired Loans, Purchases | 132,585 | 132,585 |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Acquired Loans, Purchases | $ 48,432 | $ 48,432 |
Loans (Details 8)
Loans (Details 8) $ in Thousands | Jun. 30, 2015USD ($) |
Financing Receivable Impaired [Line Items] | |
Loans acquired with deteriorated credit quality | $ 5,700 |
Commercial real estate, Owner occupied | |
Financing Receivable Impaired [Line Items] | |
Loans acquired with deteriorated credit quality | 1,267 |
Commercial real estate, Non-owner occupied | |
Financing Receivable Impaired [Line Items] | |
Loans acquired with deteriorated credit quality | 1,854 |
Commercial real estate, Other | |
Financing Receivable Impaired [Line Items] | |
Loans acquired with deteriorated credit quality | 672 |
Commercial | |
Financing Receivable Impaired [Line Items] | |
Loans acquired with deteriorated credit quality | 1,571 |
Residential real estate, 1-4 family residential | |
Financing Receivable Impaired [Line Items] | |
Loans acquired with deteriorated credit quality | 200 |
Residential real estate, Home equity lines of credit | |
Financing Receivable Impaired [Line Items] | |
Loans acquired with deteriorated credit quality | 84 |
Consumer, Direct | |
Financing Receivable Impaired [Line Items] | |
Loans acquired with deteriorated credit quality | $ 52 |
Loans (Details 8) (Parenthetica
Loans (Details 8) (Parenthetical) $ in Thousands | Jun. 30, 2015USD ($) |
Receivables [Abstract] | |
Acquired with deteriorated credit quality, allowances | $ 0 |
Loans (Details 9)
Loans (Details 9) $ in Thousands | Jun. 30, 2015USD ($) |
Financing Receivable Impaired [Line Items] | |
Contractually required payments | $ 6,664 |
Cash flows expected to be collected at acquisition | 6,337 |
Fair value of acquired loans at acquisition | 5,700 |
Commercial real estate, Owner occupied | |
Financing Receivable Impaired [Line Items] | |
Contractually required payments | 1,521 |
Commercial real estate, Non-owner occupied | |
Financing Receivable Impaired [Line Items] | |
Contractually required payments | 2,148 |
Commercial real estate, Other | |
Financing Receivable Impaired [Line Items] | |
Contractually required payments | 672 |
Commercial | |
Financing Receivable Impaired [Line Items] | |
Contractually required payments | 1,975 |
Residential real estate, 1-4 family residential | |
Financing Receivable Impaired [Line Items] | |
Contractually required payments | 206 |
Residential real estate, Home equity lines of credit | |
Financing Receivable Impaired [Line Items] | |
Contractually required payments | 88 |
Consumer, Direct | |
Financing Receivable Impaired [Line Items] | |
Contractually required payments | $ 54 |
Troubled Debt Restructurings (D
Troubled Debt Restructurings (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($) | Mar. 31, 2015Loans | Jun. 30, 2014USD ($)Loans | Jun. 30, 2015USD ($)Loans | Jun. 30, 2014USD ($)Loans | Dec. 31, 2014USD ($) | |
Financing Receivable Modifications [Line Items] | ||||||
Total troubled debt restructurings | $ 8,500,000 | $ 8,100,000 | ||||
Specific reserves to customers | $ 215,000 | 215,000 | 242,000 | |||
Commitments to lend additional amounts to borrowers classified as troubled debt restructurings | 0 | 0 | $ 25,000 | |||
Allowance adjustment charge offs | 87,000 | 62,000 | ||||
Increase in the allowance for loan losses as a result of the allowance | $ 32,000 | $ 11,000 | ||||
Provision for loan losses | $ 850,000 | $ 300,000 | $ 1,300,000 | $ 630,000 | ||
Commercial real estate loan | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Loans modified as trouble debt restructuring loan | Loans | 1 | 1 | ||||
Payment default loan period | 12 months | 12 months | ||||
Additional provision impact to allowances for loan losses | $ 0 | |||||
Loans default payment past due period | 30 days | |||||
Residential real estate indirect | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Loans modified as trouble debt restructuring loan | Loans | 5 | 5 | ||||
Payment default loan period | 12 months | 12 months | ||||
Loans default payment past due period | 30 days | |||||
Provision for loan losses | $ 11,000 | $ 11,000 | ||||
Loan charged off | Loans | 2 | 2 | ||||
Minimum | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Reduction of the notes stated interest rate | 0.87% | 0.87% | ||||
Maturity period loans | 9 months | |||||
Maximum | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Reduction of the notes stated interest rate | 2.75% | 2.75% | ||||
Maturity period loans | 120 months |
Troubled Debt Restructurings 56
Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)Loan | Jun. 30, 2014USD ($)Loan | Jun. 30, 2015USD ($)Loan | Jun. 30, 2014USD ($)Loan | |
Financing Receivable Recorded Investment [Line Items] | ||||
Number of Loans | Loan | 4 | 7 | 11 | 19 |
Pre-Modification Outstanding Recorded Investment | $ 994 | $ 798 | $ 1,442 | $ 1,278 |
Post-Modification Outstanding Recorded Investment | $ 994 | $ 814 | $ 1,442 | $ 1,295 |
Residential real estate, 1-4 family residential | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Number of Loans | Loan | 2 | 5 | 5 | 14 |
Pre-Modification Outstanding Recorded Investment | $ 193 | $ 389 | $ 547 | $ 782 |
Post-Modification Outstanding Recorded Investment | $ 193 | $ 405 | $ 547 | $ 799 |
Commercial real estate, Owner occupied | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Number of Loans | Loan | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 801 | |||
Post-Modification Outstanding Recorded Investment | $ 801 | |||
Commercial | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Number of Loans | Loan | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 8 | |||
Post-Modification Outstanding Recorded Investment | $ 8 | |||
Residential real estate, Home equity lines of credit | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Number of Loans | Loan | 1 | 1 | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 36 | $ 50 | $ 88 | |
Post-Modification Outstanding Recorded Investment | $ 36 | $ 50 | $ 88 | |
Consumer, Indirect | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Number of Loans | Loan | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 36 | |||
Post-Modification Outstanding Recorded Investment | $ 36 | |||
Commercial real estate, Non-owner occupied | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Number of Loans | Loan | 1 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 373 | $ 408 | ||
Post-Modification Outstanding Recorded Investment | $ 373 | $ 408 | ||
Commercial real estate, Owner occupied | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Number of Loans | Loan | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 801 | |||
Post-Modification Outstanding Recorded Investment | $ 801 |
Credit Quality Indicators (Deta
Credit Quality Indicators (Details Textual) | Jun. 30, 2015USD ($) |
Credit Quality Indicators [Abstract] | |
Maximum commercial loan and commercial real estate relationships | $ 750,000 |
Credit Quality Indicators (De58
Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | $ 628,316 | $ 342,723 |
Commercial real estate, Owner occupied | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 192,854 | 74,631 |
Commercial real estate, Non-owner occupied | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 162,603 | 121,913 |
Commercial real estate, Other | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 70,851 | 26,029 |
Commercial | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 202,008 | 120,150 |
Pass | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 606,405 | 321,314 |
Pass | Commercial real estate, Owner occupied | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 185,630 | 66,036 |
Pass | Commercial real estate, Non-owner occupied | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 157,296 | 115,159 |
Pass | Commercial real estate, Other | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 69,871 | 25,710 |
Pass | Commercial | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 193,608 | 114,409 |
Special Mention | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 8,522 | 7,860 |
Special Mention | Commercial real estate, Owner occupied | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 1,007 | 2,534 |
Special Mention | Commercial real estate, Non-owner occupied | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 1,830 | 3,760 |
Special Mention | Commercial real estate, Other | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 498 | 0 |
Special Mention | Commercial | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 5,187 | 1,566 |
Substandard | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 13,389 | 13,549 |
Substandard | Commercial real estate, Owner occupied | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 6,217 | 6,061 |
Substandard | Commercial real estate, Non-owner occupied | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 3,477 | 2,994 |
Substandard | Commercial real estate, Other | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 482 | 319 |
Substandard | Commercial | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 3,213 | 4,175 |
Doubtful | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Commercial real estate, Owner occupied | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Commercial real estate, Non-owner occupied | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Commercial real estate, Other | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Commercial | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 0 | 0 |
Not Rated | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 0 | 0 |
Not Rated | Commercial real estate, Owner occupied | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 0 | 0 |
Not Rated | Commercial real estate, Non-owner occupied | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 0 | 0 |
Not Rated | Commercial real estate, Other | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | 0 | 0 |
Not Rated | Commercial | ||
Risk category of loans by class of loans | ||
Total risk category of loans by class of loans | $ 0 | $ 0 |
Credit Quality Indicators (De59
Credit Quality Indicators (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | $ 1,134,838 | $ 663,852 |
Residential real estate, 1-4 family residential | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 243,798 | 152,598 |
Residential real estate, 1-4 family residential | Performing | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 240,397 | 149,661 |
Residential real estate, 1-4 family residential | Nonperforming | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 3,401 | 2,937 |
Residential real estate, Home equity lines of credit | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 75,144 | 31,255 |
Residential real estate, Home equity lines of credit | Performing | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 74,872 | 31,076 |
Residential real estate, Home equity lines of credit | Nonperforming | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 272 | 179 |
Consumer, Indirect | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 125,268 | 124,579 |
Consumer, Indirect | Performing | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 125,040 | 124,296 |
Consumer, Indirect | Nonperforming | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 228 | 283 |
Consumer, Direct | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 58,198 | 9,071 |
Consumer, Direct | Performing | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 58,012 | 9,035 |
Consumer, Direct | Nonperforming | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 186 | 36 |
Consumer, Other | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 4,114 | 3,626 |
Consumer, Other | Performing | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | 4,106 | 3,625 |
Consumer, Other | Nonperforming | ||
Investment in residential, consumer and indirect auto loans based on payment activity | ||
Loans | $ 8 | $ 1 |
Interest-Rate Swaps (Details)
Interest-Rate Swaps (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Summary information about interest-rate swaps | ||
Weighted average pay rate on interest-rate swaps | 4.24% | 4.26% |
Weighted average receive rate on interest-rate swaps | 2.63% | 2.67% |
Weighted average maturity (years) | 5 years 10 months 24 days | 5 years 10 months 24 days |
Fair value of combined interest-rate swaps | $ 625 | $ 638 |
Interest rate swaps | ||
Summary information about interest-rate swaps | ||
Notional amounts | $ 34,396 | $ 31,459 |
Interest-Rate Swaps (Details Te
Interest-Rate Swaps (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest rate swaps | ||||
Derivative [Line Items] | ||||
Net Gain or Loss recognized in earnings | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Basic EPS | ||||
Net income | $ 812 | $ 2,351 | $ 3,023 | $ 4,542 |
Weighted average shares outstanding | 19,394,342 | 18,780,980 | 18,913,772 | 18,780,041 |
Basic earnings per share | $ 0.04 | $ 0.13 | $ 0.16 | $ 0.24 |
Diluted EPS | ||||
Net income | $ 812 | $ 2,351 | $ 3,023 | $ 4,542 |
Weighted average shares outstanding | 19,394,342 | 18,780,980 | 18,913,772 | 18,780,041 |
Dilutive effect of restricted stock awards | 3,524 | 0 | 2,577 | 0 |
Weighted average shares for diluted earnings per share | 19,397,866 | 18,780,980 | 18,916,349 | 18,780,041 |
Diluted earnings per share | $ 0.04 | $ 0.13 | $ 0.16 | $ 0.24 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - Jun. 30, 2015 - shares | Total | Total |
Restricted Stock Awards | ||
Earnings Per Share Basic [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share | 0 | 0 |
Stock Based Compensation (Detai
Stock Based Compensation (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Feb. 28, 2015 | Jun. 30, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Expense recognized | $ 116 | $ 0 | ||||
Restricted Stock Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Award of shares Plan permits to directors and employees | 85,918 | |||||
Restricted Stock Awards | 2012 Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Award of shares Plan permits to directors and employees | 80,918 | 46,957 | 500,000 | |||
Expense recognized | $ 82 | $ 59 | $ 140 | |||
Unrecognized compensation expense | $ 721 | $ 721 | ||||
Compensation cost not yet recognized, period for recognition | 2 years 8 months 12 days |
Stock Based Compensation (Det65
Stock Based Compensation (Details) - 6 months ended Jun. 30, 2015 - Restricted Stock Awards - $ / shares | Total |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Units | 46,957 |
Granted, Units | 85,918 |
Vested, Units | 0 |
Forfeited, Units | (5,000) |
Ending balance, Units | 127,875 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 7.39 |
Granted, Weighted Average Grant Date Fair Value | 7.88 |
Vested, Weighted Average Grant Date Fair Value | 0 |
Forfeited, Weighted Average Grant Date Fair Value | 7.88 |
Ending balance, Weighted Average Grant Date Fair Value | $ 7.70 |
Other Comprehensive Income (L66
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Comprehensive Income Net Of Tax [Abstract] | |||||
Unrealized holding gains (losses) on available-for-sale securities during the period, pre-tax | $ (5,447) | $ 2,934 | $ (3,136) | $ 7,021 | |
Reclassification adjustment for (gains) losses included in net income, pre-tax | [1] | (35) | (84) | (45) | (84) |
Net unrealized gains (losses) on available-for-sale securities, pre-tax | (5,482) | 2,850 | (3,181) | 6,937 | |
Unrealized holding gains (losses) on available-for-sale securities during the period, tax | 1,907 | (1,026) | 1,097 | (2,458) | |
Reclassification adjustment for (gains) losses included in net income, tax | [1] | 12 | 29 | 16 | 29 |
Net unrealized gains (losses) on available-for-sale securities, tax | 1,919 | (997) | 1,113 | (2,429) | |
Unrealized holding gains (losses) on available-for-sale securities during the period, after-tax | (3,540) | 1,908 | (2,039) | 4,563 | |
Reclassification adjustment for (gains) losses included in net income, after-tax | [1] | (23) | (55) | (29) | (55) |
Net unrealized gains (losses) on available-for-sale securities, after-tax | $ (3,563) | $ 1,854 | $ (2,068) | $ 4,508 | |
[1] | Pre-tax reclassification adjustments relating to available-for-sale securities are reported in security gains and the tax impact is included in income tax expense on the consolidated statements of income. |
Regulatory Capital Matters (Det
Regulatory Capital Matters (Details Textual) | 6 Months Ended |
Jun. 30, 2015Classification | |
Regulatory Capital Requirements [Abstract] | |
Number of classifications | 5 |
Regulatory Capital Matters (D68
Regulatory Capital Matters (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Common equity tier 1 capital ratio | ||
Actual, Amount | $ 158,239 | |
Actual, Ratio | 12.61% | |
Requirement for Capital Adequacy Purposes, Amount | $ 56,466 | |
Requirement for Capital Adequacy Purposes, Ratio | 4.50% | |
Total risk based capital ratio | ||
Actual, Amount | $ 165,577 | $ 121,340 |
Actual, Ratio | 13.20% | 16.48% |
Requirement for Capital Adequacy Purposes, Amount | $ 100,385 | $ 58,523 |
Requirement for Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 risk based capital ratio | ||
Actual, Amount | $ 158,239 | $ 113,654 |
Actual, Ratio | 12.61% | 15.43% |
Requirement for Capital Adequacy Purposes, Amount | $ 75,289 | $ 29,262 |
Requirement for Capital Adequacy Purposes, Ratio | 6.00% | 4.00% |
Tier 1 leverage ratio | ||
Actual, Amount | $ 158,239 | $ 113,654 |
Actual, Ratio | 9.27% | 10.03% |
Requirement for Capital Adequacy Purposes, Amount | $ 69,293 | $ 45,313 |
Requirement for Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Farmers National Banc Corp | ||
Common equity tier 1 capital ratio | ||
Actual, Amount | $ 146,581 | |
Actual, Ratio | 11.72% | |
Requirement for Capital Adequacy Purposes, Amount | $ 56,304 | |
Requirement for Capital Adequacy Purposes, Ratio | 4.50% | |
To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 81,328 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | |
Total risk based capital ratio | ||
Actual, Amount | $ 153,867 | $ 114,321 |
Actual, Ratio | 12.30% | 15.56% |
Requirement for Capital Adequacy Purposes, Amount | $ 100,096 | $ 58,773 |
Requirement for Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 125,120 | $ 73,466 |
To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 risk based capital ratio | ||
Actual, Amount | $ 146,581 | $ 106,689 |
Actual, Ratio | 11.72% | 14.52% |
Requirement for Capital Adequacy Purposes, Amount | $ 75,072 | $ 29,386 |
Requirement for Capital Adequacy Purposes, Ratio | 6.00% | 4.00% |
To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 100,096 | $ 44,079 |
To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 6.00% |
Tier 1 leverage ratio | ||
Actual, Amount | $ 146,581 | $ 106,689 |
Actual, Ratio | 8.63% | 9.37% |
Requirement for Capital Adequacy Purposes, Amount | $ 67,936 | $ 45,565 |
Requirement for Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 84,920 | $ 56,956 |
To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets measured at fair value on a recurring basis | ||
Securities available for sale | $ 386,319 | $ 389,829 |
Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 386,319 | 389,829 |
Yield maintenance provisions | 625 | 638 |
Corporate bonds | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 934 | 931 |
Corporate bonds | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 934 | 931 |
Small Business Administration | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 20,234 | 22,419 |
Small Business Administration | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 20,234 | 22,419 |
U.S. Treasury and U.S. government sponsored entities | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 19,022 | 24,821 |
U.S. Treasury and U.S. government sponsored entities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 19,022 | 24,821 |
State and political subdivisions | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 124,257 | 91,881 |
State and political subdivisions | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 124,257 | 91,881 |
Mortgage-backed securities - residential | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 206,259 | 224,362 |
Mortgage-backed securities - residential | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 206,259 | 224,362 |
Collateralized mortgage obligations | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 15,374 | 25,175 |
Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 15,374 | 25,175 |
Equity securities | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 239 | 240 |
Equity securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 239 | 240 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 239 | 240 |
Yield maintenance provisions | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Small Business Administration | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury and U.S. government sponsored entities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | State and political subdivisions | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities - residential | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 239 | 240 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 386,064 | 389,579 |
Yield maintenance provisions | 625 | 638 |
Significant Other Observable Inputs (Level 2) | Corporate bonds | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 934 | 931 |
Significant Other Observable Inputs (Level 2) | Small Business Administration | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 20,234 | 22,419 |
Significant Other Observable Inputs (Level 2) | U.S. Treasury and U.S. government sponsored entities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 19,022 | 24,821 |
Significant Other Observable Inputs (Level 2) | State and political subdivisions | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 124,257 | 91,881 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities - residential | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 206,243 | 224,352 |
Significant Other Observable Inputs (Level 2) | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 15,374 | 25,175 |
Significant Other Observable Inputs (Level 2) | Equity securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 16 | 10 |
Yield maintenance provisions | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate bonds | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Small Business Administration | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. Treasury and U.S. government sponsored entities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | State and political subdivisions | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed securities - residential | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 16 | 10 |
Significant Unobservable Inputs (Level 3) | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Equity securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Interest rate swaps | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Derivative assets | 625 | 638 |
Interest rate swaps | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate swaps | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Derivative assets | 625 | 638 |
Interest rate swaps | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Derivative assets | $ 0 | $ 0 |
Fair Value (Details 1)
Fair Value (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs | ||||
Beginning Balance | $ 10 | $ 10 | $ 10 | $ 10 |
Total unrealized gains or losses: | ||||
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Repayments | 0 | 0 | 0 | 0 |
Acquired and/or purchased | 6 | 0 | 6 | 0 |
Ending Balance | $ 16 | $ 10 | $ 16 | $ 10 |
Fair Value (Details 2)
Fair Value (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair value assets measured on non-recurring basis | ||
Recorded Investment | $ 10,545 | $ 12,597 |
Commercial real estate, Owner occupied | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 683 | |
Commercial real estate, Owner occupied | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 0 | |
Commercial real estate, Owner occupied | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 0 | |
Commercial real estate, Owner occupied | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 683 | |
Commercial | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 231 | 807 |
Commercial | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 0 | 0 |
Commercial | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 0 | 0 |
Commercial | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 231 | 807 |
Residential real estate loan | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 118 | 63 |
Residential real estate loan | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 0 | 0 |
Residential real estate loan | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 0 | 0 |
Residential real estate loan | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | $ 118 | 63 |
Other real estate owned, Commercial real estate | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 45 | |
Other real estate owned, Commercial real estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 0 | |
Other real estate owned, Commercial real estate | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | 0 | |
Other real estate owned, Commercial real estate | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair value assets measured on non-recurring basis | ||
Recorded Investment | $ 45 |
Fair Value (Details Textual)
Fair Value (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |||||
Impaired loans carried at fair value | $ 1,100 | $ 1,100 | $ 988 | ||
Impaired loans collateral dependent loans valuation allowance | 98 | 98 | 117 | ||
Additional provision for loan losses | 209 | $ 227 | 209 | $ 227 | |
Troubled debt restructurings not carried at fair value | $ 4,100 | $ 4,100 | $ 4,200 | ||
Maximum maturity period of short term borrowings | 90 days |
Fair Value (Details 3)
Fair Value (Details 3) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Quoted Price for Loan Relationship (Market Approach Valuation) | Commercial real estate loan | ||
Fair value measurements for financial instruments | ||
Fair value | $ 683 | |
Fair Value Measurements Valuation Technique(s) Description | Quoted price for loan relationship | |
Quoted Price for Loan Relationship (Market Approach Valuation) | Commercial real estate loan | Weighted Average | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 1.01% | |
Quoted Price for Loan Relationship (Market Approach Valuation) | Commercial | ||
Fair value measurements for financial instruments | ||
Fair value | $ 231 | |
Fair Value Measurements Valuation Technique(s) Description | Quoted price for loan relationship | |
Quoted Price for Loan Relationship (Market Approach Valuation) | Commercial | Weighted Average | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (3.01%) | |
Sales Comparison Valuation | Commercial | ||
Fair value measurements for financial instruments | ||
Fair value | $ 807 | |
Fair Value Measurements Valuation Technique(s) Description | Sales comparison | |
Sales Comparison Valuation | Commercial | Minimum | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (27.43%) | |
Sales Comparison Valuation | Commercial | Maximum | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 32.86% | |
Sales Comparison Valuation | Commercial | Weighted Average | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 9.96% | |
Sales Comparison Valuation | Residential real estate loan | ||
Fair value measurements for financial instruments | ||
Fair value | $ 118 | $ 63 |
Fair Value Measurements Valuation Technique(s) Description | Sales comparison | Sales comparison |
Sales Comparison Valuation | Residential real estate loan | Minimum | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (26.81%) | (18.32%) |
Sales Comparison Valuation | Residential real estate loan | Maximum | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 20.94% | 24.16% |
Sales Comparison Valuation | Residential real estate loan | Weighted Average | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (11.05%) | (14.02%) |
Sales Comparison Valuation | Other real estate owned | ||
Fair value measurements for financial instruments | ||
Fair value | $ 45 | |
Fair Value Measurements Valuation Technique(s) Description | Sales comparison | |
Sales Comparison Valuation | Other real estate owned | Minimum | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (12.86%) | |
Sales Comparison Valuation | Other real estate owned | Maximum | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 11.97% | |
Sales Comparison Valuation | Other real estate owned | Weighted Average | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (5.79%) |
Fair Value (Details 4)
Fair Value (Details 4) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financial assets | ||||
Cash and cash equivalents, Carrying Amount | $ 37,028 | $ 27,428 | $ 28,070 | $ 27,513 |
Restricted stock, Carrying Amount | 7,456 | 4,224 | ||
Loans held for sale, Carrying Amount | 399 | 511 | ||
Loans, net, Carrying Amount | 1,127,552 | 656,220 | ||
Accrued interest receivable, Carrying Amount | 4,710 | 3,237 | ||
Financial liabilities | ||||
Deposits, Carrying Amount | 1,320,569 | 915,703 | ||
Short-term borrowings, Carrying Amount | 85,704 | 59,136 | ||
Long-term borrowings | 69,887 | 28,381 | ||
Accrued interest payable, Carrying Amount | 553 | 402 | ||
Fair Value, Measurements, Recurring | ||||
Financial assets | ||||
Cash and cash equivalents, Fair Value | 37,028 | 27,428 | ||
Loans held for sale, Fair Value | 410 | 523 | ||
Loans, net, Fair Value | 1,110,641 | 658,993 | ||
Accrued interest receivable, Fair Value | 4,710 | 3,237 | ||
Financial liabilities | ||||
Deposits, Fair Value | 1,319,133 | 915,460 | ||
Short-term borrowings, Fair Value | 85,704 | 59,136 | ||
Long-term borrowings, Fair Value | 70,299 | 28,837 | ||
Accrued interest payable, Fair value | 553 | 402 | ||
Fair Value, Measurements, Recurring | Level 1 | ||||
Financial assets | ||||
Cash and cash equivalents, Fair Value | 18,204 | 11,410 | ||
Loans held for sale, Fair Value | 0 | 0 | ||
Loans, net, Fair Value | 0 | 0 | ||
Accrued interest receivable, Fair Value | 0 | 0 | ||
Financial liabilities | ||||
Deposits, Fair Value | 1,056,018 | 708,752 | ||
Short-term borrowings, Fair Value | 0 | 0 | ||
Long-term borrowings, Fair Value | 0 | 0 | ||
Accrued interest payable, Fair value | 29 | 2 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Financial assets | ||||
Cash and cash equivalents, Fair Value | 18,824 | 16,018 | ||
Loans held for sale, Fair Value | 410 | 523 | ||
Loans, net, Fair Value | 0 | 0 | ||
Accrued interest receivable, Fair Value | 1,827 | 1,645 | ||
Financial liabilities | ||||
Deposits, Fair Value | 263,115 | 206,708 | ||
Short-term borrowings, Fair Value | 85,704 | 59,136 | ||
Long-term borrowings, Fair Value | 70,299 | 28,837 | ||
Accrued interest payable, Fair value | 524 | 400 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Financial assets | ||||
Cash and cash equivalents, Fair Value | 0 | 0 | ||
Loans held for sale, Fair Value | 0 | 0 | ||
Loans, net, Fair Value | 1,110,641 | 658,993 | ||
Accrued interest receivable, Fair Value | 2,883 | 1,592 | ||
Financial liabilities | ||||
Deposits, Fair Value | 0 | 0 | ||
Short-term borrowings, Fair Value | 0 | 0 | ||
Long-term borrowings, Fair Value | 0 | 0 | ||
Accrued interest payable, Fair value | $ 0 | $ 0 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Goodwill and other intangibles | $ 39,569 | $ 39,569 | $ 8,813 | ||
Total assets | 1,672,403 | 1,672,403 | 1,136,967 | ||
Net interest income | 9,749 | $ 8,952 | 18,741 | $ 17,808 | |
Provision for loan losses | 850 | 300 | 1,300 | 630 | |
Service fees, security gains and other noninterest income | 4,409 | 3,797 | 8,446 | 7,230 | |
Noninterest expense | 11,507 | 9,378 | 20,791 | 18,519 | |
Amortization and depreciation expense | 580 | 1,047 | |||
INCOME BEFORE INCOME TAXES | 1,221 | 3,071 | 4,049 | 5,889 | |
Income taxes | 409 | 720 | 1,026 | 1,347 | |
NET INCOME | 812 | 2,351 | 3,023 | 4,542 | |
Eliminations And Others | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill and other intangibles | 0 | 0 | 0 | ||
Total assets | 417 | 417 | 463 | ||
Net interest income | (4) | (3) | (7) | (7) | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Service fees, security gains and other noninterest income | (67) | (88) | (132) | (153) | |
Noninterest expense | 2,182 | 307 | 2,577 | 581 | |
Amortization and depreciation expense | 0 | 0 | |||
INCOME BEFORE INCOME TAXES | (2,253) | (398) | (2,716) | (741) | |
Income taxes | (367) | (127) | (524) | (244) | |
NET INCOME | (1,886) | (271) | (2,192) | (497) | |
Trust Segment | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill and other intangibles | 5,126 | 5,126 | 5,285 | ||
Total assets | 11,291 | 11,291 | 10,643 | ||
Net interest income | 15 | 14 | 30 | 26 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Service fees, security gains and other noninterest income | 1,531 | 1,574 | 3,203 | 3,091 | |
Noninterest expense | 1,241 | 1,193 | 2,437 | 2,380 | |
Amortization and depreciation expense | 86 | 171 | |||
INCOME BEFORE INCOME TAXES | 219 | 395 | 625 | 737 | |
Income taxes | 74 | 135 | 212 | 253 | |
NET INCOME | 145 | 260 | 413 | 484 | |
Bank Segment | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill and other intangibles | 31,090 | 31,090 | 0 | ||
Total assets | 1,656,042 | 1,656,042 | 1,121,505 | ||
Net interest income | 9,738 | 8,941 | 18,718 | 17,789 | |
Provision for loan losses | 850 | 300 | 1,300 | 630 | |
Service fees, security gains and other noninterest income | 2,166 | 1,756 | 4,093 | 3,294 | |
Noninterest expense | 7,657 | 7,471 | 15,015 | 14,734 | |
Amortization and depreciation expense | 404 | 696 | |||
INCOME BEFORE INCOME TAXES | 2,993 | 2,926 | 5,800 | 5,719 | |
Income taxes | 613 | 662 | 1,222 | 1,279 | |
NET INCOME | 2,380 | 2,264 | 4,578 | 4,440 | |
Retirement Consulting Segment | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill and other intangibles | 3,353 | 3,353 | 3,528 | ||
Total assets | 4,653 | 4,653 | $ 4,356 | ||
Net interest income | 0 | 0 | 0 | 0 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Service fees, security gains and other noninterest income | 779 | 555 | 1,282 | 998 | |
Noninterest expense | 427 | 407 | 762 | 824 | |
Amortization and depreciation expense | 90 | 180 | |||
INCOME BEFORE INCOME TAXES | 262 | 148 | 340 | 174 | |
Income taxes | 89 | 50 | 116 | 59 | |
NET INCOME | $ 173 | $ 98 | $ 224 | $ 115 |
Business Acquisitions (Details
Business Acquisitions (Details Textual) - USD ($) | Jun. 23, 2015 | Jun. 19, 2015 | Jul. 01, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 32,272,000 | $ 32,272,000 | $ 5,591,000 | |||||
Business acquisition additional transaction expenses | 1,912,000 | $ 0 | $ 2,157,000 | $ 0 | ||||
Tri-State 1st Banc Incorporation | ||||||||
Business Acquisition [Line Items] | ||||||||
Shares shareholders are entitled to elect to receive per shares | 174.70% | |||||||
Cash shareholders are entitled to elect to receive per share | $ 14.20 | |||||||
Business Acquisition Shares Being Exchanged for Stock | 75.00% | |||||||
Business Acquisition Shares Being Exchanged for Cash | 25.00% | |||||||
Tri-State 1st Banc Incorporation | Series A Preferred Stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash shareholders are entitled to elect to receive per share | $ 13.60 | |||||||
National Bancshares Corporation | ||||||||
Business Acquisition [Line Items] | ||||||||
Shares shareholders are entitled to elect to receive per shares | 403.40% | |||||||
Cash shareholders are entitled to elect to receive per share | $ 32.15 | |||||||
Business Acquisition, Effective Date of Acquisition | Jun. 19, 2015 | |||||||
Shares of stock issued for acquisition | 7,262,955 | |||||||
Fair value of total consideration transferred | $ 74,780,000 | |||||||
Maximum shares exchanged for stock | 80.00% | |||||||
Maximum shares exchanged for cash | 20.00% | |||||||
Goodwill | $ 26,681,000 | |||||||
Fair value of other intangible assets | 4,409,000 | |||||||
National Bancshares Corporation | Core Deposits | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of other intangible assets | $ 4,400,000 | |||||||
National Associates Incorporated | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Effective Date of Acquisition | Jul. 1, 2013 | |||||||
Fair value of total consideration transferred | $ 4,400,000 | |||||||
Time to due date once final contingent consideration amount is determined | 5 days | |||||||
EBITDA measurement start date | Aug. 1, 2014 | |||||||
EBITDA measurement end date | Jul. 31, 2015 | |||||||
Business acquisition additional transaction expenses | $ 849,000 | |||||||
Contingent consideration liability | 1,000,000 | 1,000,000 | ||||||
National Associates Incorporated | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Contingent future payments | $ 1,500,000 | $ 1,500,000 |
Business Acquisitions (Details)
Business Acquisitions (Details) - USD ($) $ in Thousands | Jun. 19, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Assets acquired and liabilities assumed | |||
Bank owned life insurance | $ 25,562 | $ 16,367 | |
Fair value of liabilities assumed | |||
Goodwill created | $ 32,272 | $ 5,591 | |
National Bancshares Corporation | |||
Consideration | |||
Cash | $ 15,732 | ||
Stock | 59,048 | ||
Fair value of total consideration transferred | 74,780 | ||
Assets acquired and liabilities assumed | |||
Cash and due from financial institutions | 37,035 | ||
Securities available for sale | 51,340 | ||
Net loans | 430,035 | ||
Premises and equipment | 6,105 | ||
Bank owned life insurance | 2,891 | ||
Core deposit intangible | 4,409 | ||
Other assets | 7,996 | ||
Total assets | 539,811 | ||
Fair value of liabilities assumed | |||
Deposits | 423,661 | ||
Short-term borrowings | 13,531 | ||
Long-term borrowings | 52,006 | ||
Accrued interest payable and other liabilities | 2,514 | ||
Total liabilities | 491,712 | ||
Net assets acquired | 48,099 | ||
Goodwill created | 26,681 | ||
Total net assets acquired | $ 74,780 |
Business Acquisitions (Detail78
Business Acquisitions (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Combinations [Abstract] | ||||
Net interest income | $ 14,598 | $ 13,235 | $ 28,278 | $ 26,217 |
Net income | $ 3,390 | $ 3,734 | $ 7,216 | $ 7,125 |
Basic and diluted earnings per share | $ 0.13 | $ 0.15 | $ 0.28 | $ 0.28 |
Goodwill and Intangible Asset79
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Goodwill and Intangible Assets (Textual) [Abstract] | |||||
Goodwill created | $ 32,272 | $ 32,272 | $ 5,591 | ||
Aggregate amortization expense | $ 167 | $ 191 | $ 334 | $ 383 |
Goodwill and Intangible Asset80
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Acquired intangible assets | ||
Gross Carrying Amount | $ 10,939 | $ 6,530 |
Accumulated Amortization | (3,642) | (2,925) |
Customer Relationships | ||
Acquired intangible assets | ||
Gross Carrying Amount | 5,970 | 5,970 |
Accumulated Amortization | (3,279) | (2,617) |
Non-compete contracts | ||
Acquired intangible assets | ||
Gross Carrying Amount | 370 | 370 |
Accumulated Amortization | (310) | (280) |
Trade name | ||
Acquired intangible assets | ||
Gross Carrying Amount | 190 | 190 |
Accumulated Amortization | (53) | $ (28) |
Core Deposits | ||
Acquired intangible assets | ||
Gross Carrying Amount | 4,409 | |
Accumulated Amortization | $ 0 |
Goodwill and Intangible Asset81
Goodwill and Intangible Assets (Details 1) $ in Thousands | Jun. 30, 2015USD ($) |
Estimated amortization expense | |
2015 (Six months) | $ 610 |
2,016 | 1,108 |
2,017 | 1,022 |
2,018 | 938 |
2,019 | 862 |
Thereafter | 2,757 |
TOTAL | $ 7,297 |
Repurchase Agreement (Details)
Repurchase Agreement (Details) - Repurchase agreement $ in Thousands | Jun. 30, 2015USD ($) |
Sale of repurchase agreement [Line items] | |
Total borrowings | $ 77,154 |
U.S. Treasury and U.S. government sponsored entities | |
Sale of repurchase agreement [Line items] | |
Total borrowings | 6,246 |
State and political subdivisions | |
Sale of repurchase agreement [Line items] | |
Total borrowings | 9,892 |
Mortgage-backed securities - residential | |
Sale of repurchase agreement [Line items] | |
Total borrowings | 55,771 |
Collateralized mortgage obligations | |
Sale of repurchase agreement [Line items] | |
Total borrowings | $ 5,245 |