Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 31, 2016 | |
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, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 27,047,664 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 20,399 | $ 22,500 |
Federal funds sold and other | 41,785 | 33,514 |
TOTAL CASH AND CASH EQUIVALENTS | 62,184 | 56,014 |
Securities available for sale | 378,432 | 394,312 |
Loans held for sale | 1,737 | 1,769 |
Loans | 1,358,484 | 1,296,865 |
Less allowance for loan losses | 9,720 | 8,978 |
NET LOANS | 1,348,764 | 1,287,887 |
Premises and equipment, net | 24,105 | 24,190 |
Goodwill | 36,939 | 35,090 |
Other intangibles | 8,779 | 7,821 |
Bank owned life insurance | 29,648 | 29,234 |
Other assets | 34,531 | 33,585 |
TOTAL ASSETS | 1,925,119 | 1,869,902 |
Deposits: | ||
Noninterest-bearing | 339,364 | 314,650 |
Interest-bearing | 1,108,078 | 1,094,397 |
TOTAL DEPOSITS | 1,447,442 | 1,409,047 |
Short-term borrowings | 228,176 | 225,832 |
Long-term borrowings | 19,758 | 22,153 |
Other liabilities | 17,252 | 14,823 |
TOTAL LIABILITIES | 1,712,628 | 1,671,855 |
Commitments and contingent liabilities | ||
Stockholders' Equity: | ||
Common Stock - Authorized 35,000,000 shares; issued 27,713,811 in 2016 and 27,590,531 in 2015 | 177,826 | 176,287 |
Retained earnings | 33,973 | 26,316 |
Accumulated other comprehensive income | 5,549 | 133 |
Treasury stock, at cost; 666,147 shares in 2016 and 646,247 in 2015 | (4,857) | (4,689) |
TOTAL STOCKHOLDERS' EQUITY | 212,491 | 198,047 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,925,119 | $ 1,869,902 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - shares | Jun. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Common stock, shares authorized | 35,000,000 | 35,000,000 |
Common stock, shares issued | 27,713,811 | 27,590,531 |
Treasury stock, shares | 666,147 | 646,247 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans, including fees | $ 15,623 | $ 8,634 | $ 30,893 | $ 16,318 |
Taxable securities | 1,288 | 1,405 | 2,725 | 3,052 |
Tax exempt securities | 899 | 662 | 1,788 | 1,277 |
Dividends | 113 | 46 | 226 | 94 |
Federal funds sold and other interest income | 27 | 6 | 65 | 11 |
TOTAL INTEREST AND DIVIDEND INCOME | 17,950 | 10,753 | 35,697 | 20,752 |
INTEREST EXPENSE | ||||
Deposits | 793 | 879 | 1,500 | 1,766 |
Short-term borrowings | 144 | 16 | 319 | 27 |
Long-term borrowings | 124 | 109 | 242 | 218 |
TOTAL INTEREST EXPENSE | 1,061 | 1,004 | 2,061 | 2,011 |
NET INTEREST INCOME | 16,889 | 9,749 | 33,636 | 18,741 |
Provision for loan losses | 990 | 850 | 1,770 | 1,300 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 15,899 | 8,899 | 31,866 | 17,441 |
NONINTEREST INCOME | ||||
Service charges on deposit accounts | 987 | 672 | 1,922 | 1,275 |
Bank owned life insurance income | 202 | 165 | 414 | 304 |
Trust fees | 1,564 | 1,509 | 3,060 | 3,156 |
Insurance agency commissions | 293 | 118 | 432 | 264 |
Security gains | 41 | 35 | 41 | 45 |
Retirement plan consulting fees | 496 | 778 | 985 | 1,282 |
Investment commissions | 356 | 256 | 592 | 554 |
Net gains on sale of loans | 540 | 156 | 942 | 279 |
Debit card interchange fees | 657 | 312 | 1,283 | 593 |
Other operating income | 601 | 408 | 1,012 | 694 |
TOTAL NONINTEREST INCOME | 5,737 | 4,409 | 10,683 | 8,446 |
NONINTEREST EXPENSES | ||||
Salaries and employee benefits | 7,740 | 5,663 | 15,294 | 11,205 |
Occupancy and equipment | 1,616 | 1,201 | 3,280 | 2,312 |
State and local taxes | 394 | 243 | 787 | 488 |
Professional fees | 754 | 546 | 1,283 | 1,022 |
Merger related costs | 224 | 1,912 | 513 | 2,157 |
Advertising | 363 | 282 | 708 | 499 |
FDIC insurance | 286 | 178 | 569 | 355 |
Intangible amortization | 335 | 167 | 672 | 334 |
Core processing charges | 580 | 382 | 1,218 | 763 |
Other operating expenses | 2,491 | 1,513 | 4,903 | 2,703 |
TOTAL NONINTEREST EXPENSES | 14,783 | 12,087 | 29,227 | 21,838 |
INCOME BEFORE INCOME TAXES | 6,853 | 1,221 | 13,322 | 4,049 |
INCOME TAXES | 1,833 | 409 | 3,504 | 1,026 |
NET INCOME | $ 5,020 | $ 812 | $ 9,818 | $ 3,023 |
EARNINGS PER SHARE - basic and diluted | $ 0.19 | $ 0.04 | $ 0.36 | $ 0.16 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
NET INCOME | $ 5,020 | $ 812 | $ 9,818 | $ 3,023 | |
Other comprehensive income (loss): | |||||
Net unrealized holding gains (losses) on available for sale securities | 5,020 | (5,447) | 8,377 | (3,136) | |
Reclassification adjustment for (gains) realized in income | [1] | (41) | (35) | (41) | (45) |
Net unrealized holding gains (losses) | 4,979 | (5,482) | 8,336 | (3,181) | |
Income tax effect | (1,745) | 1,919 | (2,920) | 1,113 | |
Other comprehensive income (loss), net of tax | 3,234 | (3,563) | 5,416 | (2,068) | |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 8,254 | $ (2,751) | $ 15,234 | $ 955 | |
[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 (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands | Total | COMMON STOCK | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME | TREASURY STOCK, AT COST |
Balance at beginning of year at Dec. 31, 2015 | $ 198,047 | $ 176,287 | $ 26,316 | $ 133 | $ (4,689) |
Issued 123,280 shares as part of business combination | 1,138 | ||||
Stock compensation expense for 383,222 unvested shares | 401 | ||||
Net income | 9,818 | 9,818 | |||
Dividends declared at $.04 per share | (2,161) | ||||
Other comprehensive income | 5,416 | 5,416 | |||
Purchased 19,900 shares | (168) | ||||
Balance at end of year at Jun. 30, 2016 | $ 212,491 | $ 177,826 | $ 33,973 | $ 5,549 | $ (4,857) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Parenthetical) (Unaudited) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Common stock, shares issued | 27,713,811 |
COMMON STOCK | |
Common stock, shares issued | 123,280 |
Stock compensation expense, unvested shares | 383,222 |
RETAINED EARNINGS | |
Cash dividend declared per share of common stock | $ / shares | $ 0.04 |
TREASURY STOCK, AT COST | |
Treasury stock repurchased | 19,900 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
NET INCOME | $ 9,818 | $ 3,023 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for loan losses | 1,770 | 1,300 |
Depreciation and amortization | 1,787 | 938 |
Net amortization of securities | 1,100 | 859 |
Security gains | (41) | (45) |
Gain on asset sale | (262) | 0 |
Stock compensation expense | 401 | 116 |
Loss on sale of other real estate owned | 221 | 14 |
Earnings on bank owned life insurance | (414) | (304) |
Origination of loans held for sale | (29,698) | (8,442) |
Proceeds from loans held for sale | 30,672 | 8,833 |
Net gains on sale of loans | (942) | (279) |
Net change in other assets and liabilities | (6,807) | (2,780) |
NET CASH FROM OPERATING ACTIVITIES | 7,605 | 3,233 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from maturities and repayments of securities available for sale | 29,331 | 32,279 |
Proceeds from sales of securities available for sale | 9,191 | 54,957 |
Purchases of securities available for sale | (12,252) | (35,745) |
Loan originations and payments, net | (62,905) | (42,577) |
Proceeds from sale of other real estate owned | 407 | 199 |
Purchase of bank owned life insurance | 0 | (6,000) |
Proceeds from sale of real estate | 352 | 0 |
Additions to premises and equipment | (464) | (687) |
Net cash (paid) received in business combinations | (1,073) | 21,303 |
NET CASH FROM INVESTING ACTIVITIES | (37,413) | 23,729 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in deposits | 38,395 | (18,795) |
Net change in short-term borrowings | 2,344 | 13,037 |
Repayment of long-term borrowings | (2,432) | (55,500) |
New advances for long-term borrowings | 0 | 45,000 |
Cash dividends paid | (2,161) | (1,104) |
Repurchase of common shares | (168) | 0 |
NET CASH FROM FINANCING ACTIVITIES | 35,978 | (17,362) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 6,170 | 9,600 |
Beginning cash and cash equivalents | 56,014 | 27,428 |
Ending cash and cash equivalents | 62,184 | 37,028 |
Supplemental cash flow information: | ||
Interest paid | 2,001 | 1,861 |
Income taxes paid | 4,300 | 1,490 |
Supplemental noncash disclosures: | ||
Transfer of loans to other real estate | 258 | 453 |
Security purchases not settled | 3,105 | 527 |
Issuance of stock for business combinations | $ 1,138 | $ 59,048 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
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 Bank acquired Bowers Insurance Agency, Inc. (the “Bowers Group”) and the Bowers Group with during 2016. st st 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 2015 Annual Report to Shareholders included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. 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. Other comprehensive income 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 all periods presented there was no change in the funded status of the post-retirement health plan. New Accounting Standards: In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations: On June 1, 2016, the Bank completed the acquisition of the Bowers Insurance Agency, Inc., and merged all activity of the Bowers Group with Insurance, the Bank’s wholly-owned insurance agency subsidiary. The Bowers Group is engage in selling insurance including commercial, farm, home, and auto property/casualty insurance and will help to meet the needs of all the Company’s customers. The transaction involved both cash and 123,280 shares of stock totaling $3.2 million, including up to $1.2 million of future payments, contingent upon Bowers Group meeting performance targets, with an estimated fair value at the acquisition date of $880 thousand. The acquisition is part of the Company’s plan to increase the levels of noninterest income and to complement the existing insurance services currently being offered. Goodwill of $1.8 million, which is recorded on the balance sheet, arising from the acquisition consisted largely of synergies and the cost savings resulting from the combining of the companies. The goodwill was determined not to be deductible for income tax purposes. The fair value of other intangible assets of $1.6 million is related to client relationships, company name and noncompetition agreements. The following table summarizes the consideration paid for Bowers Group and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition. (In Thousands of Dollars) Consideration Cash $ 1,137 Stock 1,138 Contingent consideration 880 Fair value of total consideration transferred $ 3,155 Fair value of assets acquired Cash $ 64 Premises and equipment 290 Other assets 34 Total assets acquired 388 Fair value of liabilities assumed 124 Net assets acquired $ 264 Assets and liabilities arising from acquisition Identified intangible assets 1,630 Deferred tax liabilty (588 ) Goodwill created 1,849 Total net assets acquired $ 3,155 Valuation of some assets acquired or created including intangible assets and goodwill are preliminary and could be subject to change. On October 1, 2015, the Company completed the acquisition of Tri-State, the parent company of FNCB. The transaction involved both cash and 1,296,517 shares of stock totaling $14.3 million. Pursuant to the terms of the merger agreement, common shareholders of Tri-State received 1.747 common shares, without par value, of the Company or $14.20 in cash, for each common share of Tri-State, subject to proration provisions specified in the merger agreement that provide for a targeted aggregate split of total consideration consisting of 75% shares of Farmers’ common stock and 25% cash. Preferred shareholders of Tri-State received $13.60 in cash for each share of Series A Preferred Stock, without par value, of Tri-State. Goodwill of $2.8 million, which is recorded on the balance sheet, arising from the acquisition consisted largely of synergies and the cost savings resulting from the combining of the companies. The goodwill was determined not to be deductible for income tax purposes. The fair value of other intangible assets of $1.2 million is related to core deposits. On June 19, 2015, the Company completed the acquisition of all outstanding stock of NBOH, the parent company of First National Bank of Orrville 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, arising from the acquisition consisted largely of synergies and the cost savings resulting from the combining of the companies. The goodwill was determined not to be deductible for income tax purposes. The fair value of other intangible assets of $4.4 million is related to core deposits. The acquisitions provide an attractive mix of additional loans and deposits and helps the Company achieve additional operating scale that will drive earnings per share growth. In addition to the financial benefits, the merger is a significant step in the Company’s strategy to expand its footprint. The following table summarizes the consideration paid for Tri-State and NBOH and the amounts of the assets acquired and liabilities assumed on the closing date of each acquisition. (In Thousands of Dollars) Tri-State NBOH Consideration Cash $ 3,607 $ 15,732 Stock 10,733 59,048 Fair value of total consideration transferred $ 14,340 $ 74,780 Fair value of assets acquired Cash and due from financial institutions $ 13,553 $ 37,035 Securities available for sale 48,300 51,340 Loans, net 66,374 430,035 Premises and equipment 1,935 6,105 Bank owned life insurance 3,274 2,891 Core deposit intangible 1,173 4,409 Other assets 1,329 7,996 Total assets 135,938 539,811 Fair value of liabilities assumed Deposits 114,342 423,661 Short-term borrowings 0 65,537 Long-term borrowings 2,002 0 Accrued interest payable and other liabilities 8,072 2,514 Total liabilities 124,416 491,712 Net assets acquired $ 11,522 $ 48,099 Goodwill created 2,818 26,681 Total net assets acquired $ 14,340 $ 74,780 The fair value of net assets acquired includes fair value adjustments to certain receivables that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, the Company believes that all contractual cash flows related to the financial instruments acquired from Tri-State will be collected. As such, these receivables were not considered impaired at the acquisition date and were not subject to the guidance relating to purchased credit impaired loans. Purchase credit impaired loans would have shown evidence of credit deterioration since origination. The following table presents pro forma information as if the above three acquisitions that occurred during 2015 and 2016 actually took place at the beginning of 2015. The pro forma information includes adjustments for merger related costs, 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 date. For Three Months Ended June 30, For Six Months Ended June 30, (In thousands of dollars except per share results) 2016 2015 2016 2015 Net interest income $ 16,889 $ 15,681 $ 33,636 $ 30,444 Net income $ 5,054 $ 3,604 $ 9,904 $ 7,644 Basic and diluted earnings per share $ 0.19 $ 0.14 $ 0.37 $ 0.30 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 and December 31, 2015 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income: Gross Gross (In Thousands of Dollars) Amortized Unrealized Unrealized Cost Gains Losses Fair Value June 30, 2016 U.S. Treasury and U.S. government sponsored entities $ 6,323 $ 111 $ (1 ) $ 6,433 State and political subdivisions 138,751 4,972 (14 ) 143,709 Corporate bonds 1,240 20 0 1,260 Mortgage-backed securities - residential 181,730 3,514 (302 ) 184,942 Collateralized mortgage obligations - residential 23,413 109 (259 ) 23,263 Small Business Administration 18,505 100 (34 ) 18,571 Equity securities 139 119 (4 ) 254 Totals $ 370,101 $ 8,945 $ (614 ) $ 378,432 Gross Gross (In Thousands of Dollars) Amortized Unrealized Unrealized Cost Gains Losses Fair Value December 31, 2015 U.S. Treasury and U.S. government sponsored entities $ 11,120 $ 38 $ (52 ) $ 11,106 State and political subdivisions 136,781 2,354 (412 ) 138,723 Corporate bonds 1,134 5 (5 ) 1,134 Mortgage-backed securities - residential 197,289 1,433 (2,135 ) 196,587 Collateralized mortgage obligations - residential 28,035 0 (870 ) 27,165 Small Business Administration 19,755 1 (457 ) 19,299 Equity securities 203 127 (32 ) 298 Totals $ 394,317 $ 3,958 $ (3,963 ) $ 394,312 Proceeds from the sale of portfolio securities were $9.2 million during the three and six month periods ended June 31, 2016. Gross gains of $193 thousand and gross losses of $152 thousand were realized on these sales during the three and six month periods ended June 30, 2016. 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 were $36 thousand and $109 thousand along with gross losses of $1 thousand and $64 thousand during the same three and six month periods ended June 30, 2015. 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, 2016 (In Thousands of Dollars) Amortized Cost Fair Value Maturity Within one year $ 10,669 $ 10,732 One to five years 61,633 63,293 Five to ten years 59,524 62,631 Beyond ten years 14,488 14,746 Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities 223,648 226,776 Total $ 369,962 $ 378,178 The following table summarizes the investment securities with unrealized losses at June 30, 2016 and December 31, 2015, 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, 2016 Available-for-sale U.S. Treasury and U.S. government sponsored entities $ 514 $ (1 ) $ 0 $ 0 $ 514 $ (1 ) State and political subdivisions 1,694 (14 ) 0 0 1,694 (14 ) Mortgage-backed securities - residential 6,802 (16 ) 28,141 (286 ) 34,943 (302 ) Collateralized mortgage obligations - residential 0 0 12,187 (259 ) 12,187 (259 ) Small Business Administration 0 0 8,699 (34 ) 8,699 (34 ) Equity securities 119 (4 ) 0 0 119 (4 ) Total $ 9,129 $ (35 ) $ 49,027 $ (579 ) $ 58,156 $ (614 ) 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, 2015 Available-for-sale U.S. Treasury and U.S. government sponsored entities $ 6,044 $ (51 ) $ 199 $ (1 ) $ 6,243 $ (52 ) State and political subdivisions 22,016 (167 ) 12,635 (245 ) 34,651 (412 ) Corporate bonds 102 (1 ) 478 (4 ) 580 (5 ) Mortgage-backed securities - residential 79,301 (1,044 ) 40,794 (1,091 ) 120,095 (2,135 ) Collateralized mortgage obligations - residential 14,342 (169 ) 12,695 (701 ) 27,037 (870 ) Small Business Administration 0 0 19,237 (457 ) 19,237 (457 ) Equity securities 88 (32 ) 0 0 88 (32 ) Total $ 121,893 $ (1,464 ) $ 86,038 $ (2,499 ) $ 207,931 $ (3,963 ) 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, 2016, the Company’s security portfolio consisted of 470 securities, 46 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 and does not anticipate that it will be required 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, 2016 | |
Receivables [Abstract] | |
Loans | Loans: Loan balances were as follows: (In Thousands of Dollars) June 30, 2016 December 31, 2015 Originated loans: Commercial real estate Owner occupied $ 127,504 $ 113,160 Non-owner occupied 146,959 139,502 Other 57,568 50,855 Commercial 179,963 157,447 Residential real estate 1-4 family residential 206,121 179,657 Home equity lines of credit 50,290 41,171 Consumer Indirect 139,424 127,335 Direct 21,193 17,325 Other 5,359 4,508 Subtotal $ 934,381 $ 830,960 Net deferred loan costs 2,943 2,731 Allowance for loan losses (9,717 ) (8,947 ) Total originated loans $ 927,607 $ 824,744 Acquired loans: Commercial real estate Owner occupied $ 128,009 $ 131,673 Non-owner occupied 25,513 28,045 Other 17,542 23,536 Commercial 61,077 73,621 Residential real estate 1-4 family residential 124,389 133,701 Home equity lines of credit 38,374 40,929 Consumer Direct 26,017 31,465 Other 239 204 Subtotal $ 421,160 $ 463,174 Allowance for loan losses (3 ) (31 ) Total acquired loans 421,157 463,143 Net loans $ 1,348,764 $ 1,287,887 Purchased credit impaired loans As part of the NBOH acquisition the Company acquired various loans that displayed evidence of deterioration of credit quality since origination and which was probable that all contractually required payments would not be collected. The carrying amounts and contractually required payments of these loans which are included in the loan balances above are summarized in the following tables: (In Thousands of Dollars) June 30, 2016 December 31, 2015 Commercial real estate Owner occupied $ 822 $ 986 Non-owner occupied 460 501 Commercial 1,260 1,576 Total outstanding balance $ 2,542 $ 3,063 Carrying amount, net of allowance of $3 in 2016 and $31 in 2015 $ 2,028 $ 2,184 Accretable yield, or income expected to be collected, is shown in the table below: (In Thousands of Dollars) Six Months Ended June 30, 2016 Beginning balance $ 323 New loans purchased 0 Accretion of income (38 ) Ending balance $ 285 The key assumptions considered include probability of default and the amount of actual prepayments after the acquisition date. Prepayments affect the estimated life of the loans and could change the amount of interest income and principal expected to be collected. In reforecasting future estimated cash flows, credit loss expectations are adjusted as necessary. There were no adjustments to forecasted cash flows that impacted the allowance for loan losses for the six months ended June 30, 2016. 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, 2016 and 2015: Three Months Ended June 30, 2016 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses Beginning balance $ 3,181 $ 1,452 $ 1,914 $ 2,218 $ 625 $ 9,390 Provision for loan losses 335 212 196 521 (274 ) 990 Loans charged off (307 ) (37 ) (44 ) (431 ) 0 (819 ) Recoveries 1 7 15 136 0 159 Total ending allowance balance $ 3,210 $ 1,634 $ 2,081 $ 2,444 $ 351 $ 9,720 Six Months Ended June 30, 2016 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses Beginning balance $ 3,127 $ 1,373 $ 1,845 $ 2,160 $ 473 $ 8,978 Provision for loan losses 378 276 271 967 (122 ) 1,770 Loans charged off (307 ) (37 ) (78 ) (975 ) 0 (1,397 ) Recoveries 12 22 43 292 0 369 Total ending allowance balance $ 3,210 $ 1,634 $ 2,081 $ 2,444 $ 351 $ 9,720 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 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, 2016 and December 31, 2015. 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, 2016 (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 $ 70 $ 5 $ 76 $ 0 $ 0 $ 151 Collectively evaluated for impairment 3,140 1,626 2,005 2,444 351 9,566 Acquired loans 0 0 0 0 0 0 Acquired with deteriorated credit quality 0 3 0 0 0 3 Total ending allowance balance $ 3,210 $ 1,634 $ 2,081 $ 2,444 $ 351 $ 9,720 Loans: Loans individually evaluated for impairment $ 3,452 $ 405 $ 3,428 $ 79 $ 0 $ 7,364 Loans collectively evaluated for impairment 327,707 179,190 252,521 170,542 0 929,960 Acquired loans 169,962 60,148 162,763 26,256 0 419,129 Acquired with deteriorated credit quality 1,102 929 0 0 0 2,031 Total ending loans balance $ 502,223 $ 240,672 $ 418,712 $ 196,877 $ 0 $ 1,358,484 December 31, 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 $ 429 $ 5 $ 63 $ 0 $ 0 $ 497 Collectively evaluated for impairment 2,698 1,337 1,782 2,160 473 8,450 Acquired loans 0 0 0 0 0 0 Acquired with deteriorated credit quality 0 31 0 0 0 31 Total ending allowance balance $ 3,127 $ 1,373 $ 1,845 $ 2,160 $ 473 $ 8,978 Loans: Loans individually evaluated for impairment $ 5,853 $ 712 $ 3,414 $ 103 $ 0 $ 10,082 Loans collectively evaluated for impairment 296,866 156,415 217,023 153,305 0 823,609 Acquired loans 181,987 72,673 174,630 31,669 0 460,959 Acquired with deteriorated credit quality 1,267 948 0 0 0 2,215 Total ending loans balance $ 485,973 $ 230,748 $ 395,067 $ 185,077 $ 0 $ 1,296,865 The following tables present information related to impaired loans by class of loans as of June 30, 2016 and December 31, 2015: (In Thousands of Dollars) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated June 30, 2016 With no related allowance recorded: Commercial real estate Owner occupied $ 1,772 $ 1,253 $ 0 Non-owner occupied 335 334 0 Commercial 349 327 0 Residential real estate 1-4 family residential 2,495 2,207 0 Home equity lines of credit 240 225 0 Consumer 157 79 0 Subtotal 5,348 4,425 0 With an allowance recorded: Commercial real estate Owner occupied 572 570 31 Non-owner occupied 1,295 1,295 39 Commercial 78 78 5 Residential real estate 1-4 family residential 927 910 75 Home equity lines of credit 86 86 1 Subtotal 2,958 2,939 151 Total $ 8,306 $ 7,364 $ 151 (In Thousands of Dollars) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated December 31, 2015 With no related allowance recorded: Commercial real estate Owner occupied $ 2,956 $ 2,436 $ 0 Non-owner occupied 343 342 0 Commercial 834 631 0 Residential real estate 1-4 family residential 2,575 2,310 0 Home equity lines of credit 283 268 0 Consumer 214 103 0 Subtotal 7,205 6,090 0 With an allowance recorded: Commercial real estate Owner occupied 1,597 1,595 379 Non-owner occupied 1,480 1,480 50 Commercial 81 81 5 Residential real estate 1-4 family residential 769 749 61 Home equity lines of credit 87 87 2 Subtotal 4,014 3,992 497 Total $ 11,219 $ 10,082 $ 497 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, 2016 and 2015: Average Recorded Investment Interest Income Recognized For Three Months Ended June 30, For Three Months Ended June 30, (In Thousands of Dollars) 2016 2015 2016 2015 With no related allowance recorded: Commercial real estate Owner occupied $ 1,266 $ 2,226 $ 28 $ 29 Non-owner occupied 334 380 0 7 Commercial 331 409 5 5 Residential real estate 1-4 family residential 2,249 2,108 33 38 Home equity lines of credit 227 275 3 4 Consumer 86 81 3 3 Subtotal 4,493 5,479 72 86 With an allowance recorded: Commercial real estate Owner occupied 908 2,680 9 24 Non-owner occupied 1,401 1,520 19 20 Commercial 78 457 1 1 Residential real estate 1-4 family residential 845 908 11 11 Home equity lines of credit 86 89 1 1 Subtotal 3,318 5,654 41 57 Total $ 7,811 $ 11,133 $ 113 $ 143 Average Recorded Investment Interest Income Recognized For Six Months Ended June 30, For Six Months Ended June 30, (In Thousands of Dollars) 2016 2015 2016 2015 With no related allowance recorded: Commercial real estate Owner occupied $ 1,786 $ 2,268 $ 38 $ 45 Non-owner occupied 335 383 4 13 Commercial 472 436 10 11 Residential real estate 1-4 family residential 2,270 2,116 71 69 Home equity lines of credit 234 263 6 7 Consumer 101 86 6 7 Subtotal 5,198 5,552 135 152 With an allowance recorded: Commercial real estate Owner occupied 1,248 1,818 18 48 Non-owner occupied 1,435 1,528 38 40 Commercial 79 787 2 2 Residential real estate 1-4 family residential 797 945 20 20 Home equity lines of credit 86 89 2 2 Consumer 0 0 0 0 Subtotal 3,645 5,167 80 112 Total $ 8,843 $ 10,719 $ 215 $ 264 Cash basis interest recognized during the three and six month periods ended June 30, 2016 and 2015 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, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 (In Thousands of Dollars) Nonaccrual Loans Past Due 90 Days or More Still Accruing Nonaccrual Loans Past Due 90 Days or More Still Accruing Originated loans: Commercial real estate Owner occupied $ 1,104 $ 0 $ 3,313 $ 0 Non-owner occupied 334 0 345 0 Commercial 346 0 541 73 Residential real estate 1-4 family residential 2,294 399 2,406 336 Home equity lines of credit 172 13 127 112 Consumer Indirect 200 49 266 297 Direct 12 118 30 3 Other 0 1 0 24 Total originated loans $ 4,462 $ 580 $ 7,028 $ 845 Acquired loans: Commercial real estate Owner occupied $ 492 $ 232 $ 126 $ 18 Other 58 0 92 0 Commercial 1,240 173 1,068 0 Residential real estate 1-4 family residential 402 480 458 467 Home equity lines of credit 122 32 125 7 Consumer Direct 86 1 161 50 Total acquired loans $ 2,400 $ 918 $ 2,030 $ 542 Total loans $ 6,862 $ 1,498 $ 9,058 $ 1,387 The following table presents the aging of the recorded investment in past due loans as of June 30, 2016 and December 31, 2015 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, 2016 Originated loans: Commercial real estate Owner occupied $ 422 $ 0 $ 1,104 $ 1,526 $ 125,673 $ 127,199 Non-owner occupied 0 0 334 334 146,247 146,581 Other 0 0 0 0 57,379 57,379 Commercial 108 0 346 454 179,141 179,595 Residential real estate 1-4 family residential 2,857 907 2,693 6,457 199,155 205,612 Home equity lines of credit 211 51 185 447 49,890 50,337 Consumer Indirect 2,070 417 249 2,736 141,134 143,870 Direct 289 51 130 470 20,922 21,392 Other 26 10 1 37 5,322 5,359 Total originated loans: $ 5,983 $ 1,436 $ 5,042 $ 12,461 $ 924,863 $ 937,324 Acquired loans: Commercial real estate Owner occupied $ 518 $ 24 $ 724 $ 1,266 $ 126,743 $ 128,009 Non-owner occupied 0 28 0 28 25,485 25,513 Other 0 0 58 58 17,484 17,542 Commercial 559 100 1,413 2,072 59,005 61,077 Residential real estate 1-4 family residential 1,316 625 882 2,823 121,566 124,389 Home equity lines of credit 4 10 154 168 38,206 38,374 Consumer Direct 747 20 87 854 25,164 26,018 Other 0 1 0 1 237 238 Total acquired loans $ 3,144 $ 808 $ 3,318 $ 7,270 $ 413,890 $ 421,160 Total loans $ 9,127 $ 2,244 $ 8,360 $ 19,731 $ 1,338,753 $ 1,358,484 (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, 2015 Originated loans: Commercial real estate Owner occupied $ 34 $ 0 $ 3,313 $ 3,347 $ 109,532 $ 112,879 Non-owner occupied 0 0 345 345 138,824 139,169 Other 112 0 0 112 50,559 50,671 Commercial 0 0 614 614 156,513 157,127 Residential real estate 1-4 family residential 1,694 402 2,742 4,838 174,376 179,214 Home equity lines of credit 62 5 239 306 40,917 41,223 Consumer Indirect 2,059 525 563 3,147 128,280 131,427 Direct 311 5 33 349 17,124 17,473 Other 13 10 24 47 4,461 4,508 Total originated loans $ 4,285 $ 947 $ 7,873 $ 13,105 $ 820,586 $ 833,691 Acquired loans: Commercial real estate Owner occupied $ 669 $ 0 $ 144 $ 813 $ 130,860 $ 131,673 Non-owner occupied 0 0 0 0 28,045 28,045 Other 0 0 92 92 23,444 23,536 Commercial 276 2 1,068 1,346 72,275 73,621 Residential real estate 1-4 family residential 1,994 244 925 3,163 130,538 133,701 Home equity lines of credit 78 11 132 221 40,708 40,929 Consumer Direct 567 56 211 834 30,631 31,465 Other 0 0 0 0 204 204 Total acquired loans $ 3,584 $ 313 $ 2,572 $ 6,469 $ 456,705 $ 463,174 Total loans $ 7,869 $ 1,260 $ 10,445 $ 19,574 $ 1,277,291 $ 1,296,865 |
Troubled Debt Restructurings
Troubled Debt Restructurings | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Troubled Debt Restructurings | Troubled Debt Restructurings: Total troubled debt restructurings were $7.8 million and $9.3 million at June 30, 2016 and December 31, 2015, respectively. The Company has allocated $154 thousand and $528 thousand of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of June 30, 2016 and December 31, 2015. There were no commitments to lend additional amounts to borrowers with loans that were classified as troubled debt restructurings at June 30, 2016 and at December 31, 2015. During the three and six month periods ended June 30, 2016 and 2015, 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. During the quarter ended June 30, 2016 only legal concessions where made to certain loans. During the six month period ended June 30, 2016, the terms of such loans included a reduction of the stated interest rate of the loan by 1.24% and an extension of the maturity date by 120 months. During the same six month period in 2015, loans modified as trouble debt restructurings had an extension of the maturity dates by 9 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, 2016 and 2015: Pre-Modification Post-Modification Three Months Ended June 30, 2016 Number of Outstanding Recorded Outstanding Recorded (In thousands of Dollars) Loans Investment Investment Originated loans: Residential real estate 1-4 family residential 3 $ 188 $ 188 Indirect 5 37 37 Total originated loans 8 225 225 Acquired loans: 1-4 family residential 2 68 68 Total loans 10 $ 293 $ 293 Pre-Modification Post-Modification Six Months Ended June 30, 2016 Number of Outstanding Recorded Outstanding Recorded (In Thousands of Dollars) Loans Investment Investment Originated loans: Residential real estate 1-4 family residential 6 $ 235 $ 236 Indirect 13 114 114 Total originated loans 19 $ 349 $ 350 Acquired loans: Residential real estate 1-4 family residential 2 68 68 Consumer 1 33 33 Total acquired loans 3 $ 101 $ 101 Total loans 22 $ 450 $ 451 Pre-Modification Post-Modification Three Months Ended June 30, 2015 Number of Outstanding Recorded Outstanding Recorded (In thousands of Dollars) Loans Investment Investment Originated loans: Commercial real estate Owner occupied 2 $ 801 $ 801 Residential real estate 1-4 family residential 2 193 193 Total originated loans 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 There were $316 thousand and $327 thousand in charge offs during the three and six month periods ended June 30, 2016, respectively. There was no increase to the provision for loan losses during the current three month period and an $11 thousand increase to the provision during the six month period ended June 30, 2016, as a result of troubled debt restructurings. There were $87 thousand in charge offs and a $62 thousand increase to the provision for loan losses during the three and six month period ended June 30, 2015, as a result of troubled debt restructurings. There were two commercial loans, one residential real estate loan and one home equity line of credit for which there was a payment default for all within twelve months following the modification of the troubled debt restructuring during the three month period and six month period ended June 30, 2016. The two commercial loans were past due at June 30, 2016. There was no provision recorded as a result of the defaults during 2016. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. There was one commercial real estate loan modified as a troubled debt restructuring for which there was a payment default within the twelve months following the modification during the three and six month period ended June 30, 2015. This loan was past due at June 30, 2015. There was no provision recorded as a result of the default during 2015. |
Credit Quality Indicators
Credit Quality Indicators | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 and December 31, 2015, 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 Total June 30, 2016 Originated loans: Commercial real estate Owner occupied $ 123,284 $ 1,456 $ 2,459 $ 0 $ 127,199 Non-owner occupied 143,516 553 2,512 0 146,581 Other 57,094 0 285 0 57,379 Commercial 177,568 644 1,383 0 179,595 Total originated loans $ 501,462 $ 2,653 $ 6,639 $ 0 $ 510,754 Acquired loans: Commercial real estate Owner occupied $ 124,728 $ 231 $ 3,050 $ 0 $ 128,009 Non-owner occupied 24,324 1,162 28 0 25,514 Other 16,888 474 179 0 17,541 Commercial 56,200 1,272 3,605 0 61,077 Total acquired loans $ 222,140 $ 3,139 $ 6,862 $ 0 $ 232,141 Total loans $ 723,602 $ 5,792 $ 13,501 $ 0 $ 742,895 (In Thousands of Dollars) Pass Special Mention Sub standard Doubtful Total December 31, 2015 Originated loans: Commercial real estate Owner occupied $ 107,222 $ 1,069 $ 4,588 $ 0 $ 112,879 Non-owner occupied 135,847 461 2,861 0 139,169 Other 50,376 0 295 0 50,671 Commercial 154,215 939 1,973 0 157,127 Total originated loans $ 447,660 $ 2,469 $ 9,717 $ 0 $ 459,846 Acquired loans: Commercial real estate Owner occupied $ 130,028 $ 0 $ 1,645 $ 0 $ 131,673 Non-owner occupied 26,141 1,340 564 0 28,045 Other 22,843 476 217 0 23,536 Commercial 69,674 635 3,312 0 73,621 Total acquired loans $ 248,686 $ 2,451 $ 5,738 $ 0 $ 256,875 Total loans $ 696,346 $ 4,920 $ 15,455 $ 0 $ 716,721 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. In the 1-4 family residential real estate portfolio at June 30, 2016 there were $430 thousand of other real estate owned properties and $791 thousand of properties in foreclosure. Other real estate owned and foreclosure properties were $328 thousand and $857 thousand at December 31, 2015, respectively. The following table presents the recorded investment in residential, consumer indirect and direct auto loans based on payment activity as of June 30, 2016 and December 31, 2015. 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, 2016 Originated loans: Performing $ 202,919 $ 50,152 $ 143,621 $ 21,262 $ 5,358 Nonperforming 2,693 185 249 130 1 Total originated loans $ 205,612 $ 50,337 $ 143,870 $ 21,392 $ 5,359 Acquired loans: Performing $ 123,507 $ 38,220 $ 26,018 $ 25,931 $ 238 Nonperforming 882 154 0 87 0 Total acquired loans 124,389 38,374 0 26,018 238 Total loans $ 330,001 $ 88,711 $ 143,870 $ 47,410 $ 5,597 Residential Real Estate Consumer (In Thousands of Dollars) 1-4 Family Residential Home Equity Lines of Credit Indirect Direct Other December 31, 2015 Originated loans: Performing $ 176,472 $ 40,984 $ 130,864 $ 17,440 $ 4,484 Nonperforming 2,742 239 563 33 24 Total originated loans $ 179,214 $ 41,223 $ 131,427 $ 17,473 $ 4,508 Acquired loans: Performing $ 132,776 $ 40,797 $ 0 $ 31,254 $ 204 Nonperforming 925 132 0 211 0 Total acquired loans 133,701 40,929 0 31,465 204 Total loans $ 312,915 $ 82,152 $ 131,427 $ 48,938 $ 4,712 |
Interest-Rate Swaps
Interest-Rate Swaps | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 and December 31, 2015 is as follows: June 30, 2016 December 31, 2015 Notional amounts (In thousands) $ 33,525 $ 30,763 Weighted average pay rate on interest-rate swaps 4.27 % 4.25 % Weighted average receive rate on interest-rate swaps 2.80 % 2.70 % Weighted average maturity (years) 3.9 4.1 Fair value of combined interest-rate swaps (In thousands) $ 1,901 $ 789 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 month and six month periods ended June 30, 2016 and 2015 there were no net gains or losses recognized in earnings. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 2015 2016 2015 Basic EPS Net income (In thousands) $ 5,020 $ 812 $ 9,818 $ 3,023 Weighted average shares outstanding 27,086,422 19,394,342 27,056,056 18,913,772 Basic earnings per share $ 0.19 $ 0.04 $ 0.36 $ 0.16 Diluted EPS Net income (In thousands) $ 5,020 $ 812 $ 9,818 $ 3,023 Weighted average shares outstanding for basic earnings per share 27,086,422 19,394,342 27,056,056 18,913,772 Dilutive effect of restricted stock awards 18,110 3,524 14,258 2,577 Weighted average shares for diluted earnings per share 27,104,532 19,397,866 27,070,314 18,916,349 Diluted earnings per share $ 0.19 $ 0.04 $ 0.36 $ 0.16 There were no restricted stock awards that were considered anti-dilutive for the three and six month periods ended June 30, 2016 and 2015. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
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 62,242 additional shares granted under the Plan during the six month period ended June 30, 2016 as detailed in the table below. Expense recognized for the Plan was $201 thousand and $401 thousand for the three and six month periods ended June 30, 2016, respectively. As of June 30, 2016, there was $1.8 million of total unrecognized compensation expense related to the nonvested shares granted under the Plan. The remaining cost is expected to be recognized over 2.5 years. There was $62 thousand and $116 thousand of expense recognized for the Plan for the three and six month periods ended June 30, 2015. Granted shares are earned upon meeting certain target performance metrics that are measured using extensive performance review scorecards. The main metrics used include earnings per share, return on average assets and the efficiency ratio. The shares have forfeitable dividend rights; as such the shares do not meet the definition of participating shares. The following is the activity under the Plan during the six month periods ended June 30, 2016 and 2015: Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Units Weighted Average Grant Value Units Weighted Average Grant Value Beginning balance 320,980 $ 7.88 46,957 $ 7.39 Granted 62,242 8.98 85,918 7.88 Vested 0 0 0 0 Forfeited 0 0 (5,000 ) 7.88 Ending balance 383,222 $ 8.06 127,875 $ 7.70 |
Other Comprehensive Income
Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2016 | |
Comprehensive Income Net Of Tax [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income: The following table represents the detail of other comprehensive income for the three and six month periods ended June 30, 2016 and 2015. Three Months Ended June 30, 2016 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains on available-for-sale securities during the period $ 5,020 $ (1,759 ) $ 3,261 Reclassification adjustment for (gains) losses included in net income (1) (41 ) 14 (27 ) Net unrealized gains on available-for-sale securities $ 4,979 $ (1,745 ) $ 3,234 Three Months Ended June 30, 2015 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains 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 on available-for-sale securities $ (5,482 ) $ 1,919 $ (3,563 ) Six Months Ended June, 2016 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains on available-for-sale securities during the period $ 8,377 $ (2,934 ) $ 5,443 Reclassification adjustment for (gains) losses included in net income (1) (41 ) 14 (27 ) Net unrealized gains on available-for-sale securities $ 8,336 $ (2,920 ) $ 5,416 Six Months Ended June 30, 2015 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains 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 on available-for-sale securities $ (3,181 ) $ 1,113 $ (2,068 ) (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, 2016 | |
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. The new minimum capital requirements associated with the Basel Committee on capital and liquidity regulation (Basel III) are being phased in and began on January 1, 2015 and will continue through January 1, 2019. 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, 2016, the Company and Bank meet all capital adequacy requirements to which they are subject. The FDIC and other federal banking regulators revised the risk-based capital requirements applicable to bank holding companies and insured depository institutions, including the Company and the Bank, to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision (“Basel III”). The common equity tier 1 capital, tier 1 capital and total capital ratios are calculated by dividing the respective capital amounts by risk-weighted assets. The leverage ratio is calculated by dividing tier 1 capital by adjusted average total assets. Basel III limits capital distributions and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer” consisting of 2.5% of common equity tier 1 capital, tier 1 capital and total capital to risk-weighted assets in addition to the amount necessary to meet minimum risk-based capital requirements. The capital conservation buffer phase in began January 1, 2016 and will increase each year until fully implemented at 2.5% on January 1, 2019. Currently Basel III requires the Company and Bank to maintain (i) a minimum ratio of common equity tier 1 capital to risk-weighted assets of at least 4.5%, (ii) a minimum ratio of tier 1 capital to risk-weighted assets of at least 6.0%, (iii) a minimum ratio of total capital to risk-weighted assets of at least 8.0% and (iv) a minimum leverage ratio of at least 4.0%. 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, 2016 and December 31, 2015, 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, 2016 and December 31, 2015: Actual Requirement For Capital Adequacy Purposes: To be Well Capitalized Under Prompt Corrective Action Provisions: Amount Ratio Amount Ratio Amount Ratio June 30, 2016 Common equity tier 1 capital ratio Consolidated $ 171,914 11.61 % $ 66,639 4.5 % N/A N/A Bank 163,392 11.06 % 66,473 4.5 % $ 96,017 6.5 % Total risk based capital ratio Consolidated 183,822 12.41 % 118,469 8.0 % N/A N/A Bank 173,112 11.72 % 118,175 8.0 % 147,719 10.0 % Tier I risk based capital ratio Consolidated 174,050 11.75 % 88,851 6.0 % N/A N/A Bank 163,392 11.06 % 88,631 6.0 % 118,175 8.0 % Tier I leverage ratio Consolidated 174,050 9.37 % 74,296 4.0 % N/A N/A Bank 163,392 8.85 % 73,840 4.0 % 92,300 5.0 % December 31, 2015 Common equity tier 1 capital ratio Consolidated $ 165,451 11.59 % $ 64,245 4.5 % N/A N/A Bank 157,396 11.08 % 63,938 4.5 % $ 92,354 6.5 % Total risk based capital ratio Consolidated 176,571 12.37 % 114,214 8.0 % N/A N/A Bank 166,374 11.71 % 113,667 8.0 % 142,084 10.0 % Tier I risk based capital ratio Consolidated 167,550 11.74 % 85,660 6.0 % N/A N/A Bank 157,396 11.08 % 85,250 6.0 % 113,667 8.0 % Tier I leverage ratio Consolidated 167,550 9.21 % 72,803 4.0 % N/A N/A Bank 157,396 8.65 % 72,770 4.0 % 90,963 5.0 % |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 and for the year ended December 31, 2015, 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, 2016 Using: (In Thousands of Dollars) Carrying Value Quoted Prices in Active Markets for (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 $ 6,433 $ 0 $ 6,433 $ 0 State and political subdivisions 143,709 0 141,903 1,806 Corporate bonds 1,260 0 1,260 0 Mortgage-backed securities-residential 184,942 0 184,928 14 Collateralized mortgage obligations 23,263 0 23,263 0 Small Business Administration 18,571 0 18,571 0 Equity securities 254 254 0 0 Total investment securities $ 378,432 $ 254 $ 376,358 $ 1,820 Yield maintenance provisions $ 1,901 $ 0 $ 1,901 $ 0 Financial Liabilities Interest rate swaps $ 1,901 $ 0 $ 1,901 $ 0 Fair Value Measurements at December 31, 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 $ 11,106 $ 0 $ 11,106 $ 0 State and political subdivisions 138,723 0 138,723 0 Corporate bonds 1,134 0 1,134 0 Mortgage-backed securities-residential 196,587 0 196,572 15 Collateralized mortgage obligations 27,165 0 27,165 0 Small Business Administration 19,299 0 19,299 0 Equity securities 298 298 0 0 Total investment securities $ 394,312 $ 298 $ 393,999 $ 15 Yield maintenance provisions $ 789 $ 0 $ 789 $ 0 Financial Liabilities Interest rate swaps $ 789 $ 0 $ 789 $ 0 There were no significant transfers between Level 1 and Level 2 during the three and six month periods ended June 30, 2016 and 2015. For additional information related to yield maintenance provisions and interest rate swaps see Interest –Rate Swaps note. The table below presents a reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Three Months ended June 30, Six Months ended June 30, (In Thousands of Dollars) 2016 2015 2016 2015 Beginning Balance $ 14 $ 10 $ 15 $ 10 Total unrealized gains or losses: Included in other comprehensive income 0 0 0 0 Transfers from level 2 1,806 0 1,806 0 Repayments 0 0 (1 ) 0 Acquired and/or purchased 0 6 0 6 Ending Balance $ 1,820 $ 16 $ 1,820 $ 16 Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2016 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 $ 31 $ 0 $ 0 $ 31 1–4 family residential 93 0 0 93 Fair Value Measurements at December 31, 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 $ 1,448 $ 0 $ 0 $ 1,448 Commercial 1,514 0 0 1,514 1–4 family residential 42 0 0 42 Consumer 13 0 0 13 Impaired loans that are measured for impairment using the fair value of the collateral for collateral dependent loans, had a principal balance of $138 thousand with a valuation allowance of $14 thousand at June 30, 2016, resulting in no additional provision for loan losses for the three and six month periods. At December 31, 2015, impaired loans had a principal balance of $3.4 million, with a valuation allowance of $383 thousand. Loans measured at fair value at June 30, 2015 resulted in an additional provision for loan losses of $209 thousand during the three and six month period ended June 30, 2015. Excluded from the fair value of impaired loans, at June 30, 2016 and December 31, 2015, discussed above are $2.8 million and $2.9 million of loans classified as troubled debt restructurings and measured using the present value of cash flows, which is not considered an exit price. 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, 2016 and December 31, 2015: June 30, 2016 Fair value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans Commercial real estate $ 31 Sales Comparison Adjustment for differences between comparable sales (24.02%) Residential 93 Sales comparison Adjustment for differences between comparable sales (12.97%) - 14.22% 0.60% December 31, 2015 Fair value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans Commercial real estate $ 701 Income approach Adjustment for differences between earning multiplier (49.42%) - 40.89% 35.33% 747 Quoted price for loan relationship Offer price 1.01% Commercial 252 Quoted price for loan relationship Offer price (3.01%) 1,262 Income approach Adjustment for differences between earning multiplier (29.77%) Residential 42 Sales comparison Adjustment for differences between comparable sales (18.32%) - 24.16% (14.02%) Consumer 13 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, 2016 and December 31, 2015 are as follows: Fair Value Measurements at June 30, 2016 Using: (In Thousands of Dollars) Carrying Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 62,184 $ 20,399 $ 41,785 $ 0 $ 62,184 Restricted stock 9,543 n/a n/a n/a n/a Loans held for sale 1,737 0 1,785 0 1,785 Loans, net 1,348,764 0 0 1,359,864 1,359,864 Mortgage servicing rights 553 0 553 0 553 Accrued interest receivable 4,705 0 1,374 3,331 4,705 Financial liabilities Deposits 1,447,442 1,194,871 253,245 0 1,448,116 Short-term borrowings 228,176 0 228,176 0 228,176 Long-term borrowings 19,758 0 20,013 0 20,013 Accrued interest payable 505 27 478 0 505 Fair Value Measurements at December 31, 2015 Using: (In Thousands of Dollars) Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 56,014 $ 22,500 $ 33,514 $ 0 $ 56,014 Restricted stock 9,384 n/a n/a n/a n/a Loans held for sale 1,769 0 1,813 0 1,813 Loans, net 1,287,887 0 0 1,296,075 1,296,075 Mortgage servicing rights 453 0 453 0 453 Accrued interest receivable 5,158 0 2,011 3,147 5,158 Financial liabilities Deposits 1,409,047 1,164,506 241,909 0 1,406,415 Short-term borrowings 225,832 0 225,832 0 225,832 Long-term borrowings 22,153 0 22,306 0 22,306 Accrued interest payable 445 26 419 0 445 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, 2016 | |
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, 2016 Goodwill and other intangibles $ 4,824 $ 38,534 $ 3,006 $ (646 ) $ 45,718 Total assets $ 11,572 $ 1,909,553 $ 3,780 $ 214 $ 1,925,119 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals December 31, 2015 Goodwill and other intangibles $ 4,967 $ 35,412 $ 3,178 $ (646 ) $ 42,911 Total assets $ 11,078 $ 1,854,306 $ 4,127 $ 391 $ 1,869,902 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals For Three Months Ended June 30, 2016 Net interest income $ 22 $ 16,895 $ 0 $ (28 ) $ 16,889 Provision for loan losses 0 990 0 0 990 Service fees, security gains and other noninterest income 1,592 3,783 496 (134 ) 5,737 Noninterest expense 1,161 12,063 353 599 14,176 Amortization and depreciation expense 76 465 90 (24 ) 607 Income before taxes 377 7,160 53 (737 ) 6,853 Income taxes 128 1,905 18 (218 ) 1,833 Net Income $ 249 $ 5,255 $ 35 $ (519 ) $ 5,020 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals For Six Months Ended June 30, 2016 Net interest income $ 42 $ 33,642 $ 0 $ (48 ) $ 33,636 Provision for loan losses 0 1,770 0 0 1,770 Service fees, security gains and other noninterest income 3,113 6,744 985 (159 ) 10,683 Noninterest expense 2,313 23,690 724 989 27,716 Amortization and depreciation expense 152 1,179 179 1 1,511 Income before taxes 690 13,747 82 (1,197 ) 13,322 Income taxes 235 3,601 28 (360 ) 3,504 Net Income $ 455 $ 10,146 $ 54 $ (837 ) $ 9,818 (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 before taxes 219 2,993 262 (2,253 ) 1,221 Income taxes 74 613 89 (367 ) 409 Net Income $ 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 The Bank segment includes Farmers National Insurance and Farmers of Canfield Investment Co. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets: Goodwill associated with the Bank’s purchase of the Bowers Group in June 2016 and the Company’s purchase of NBOH in June 2015, Tri-State in October 2015, NAI in July of 2013 and Trust in 2009 totaled $36.9 million at June 30, 2016 and $35.1 million at December 31, 2015. The Bowers Group, NBOH and Tri-State acquisitions are more fully described in the 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 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: June 30, 2016 December 31, 2015 (In Thousands of Dollars) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationship intangibles $ 7,210 $ (3,875 ) $ 5,970 $ (3,585 ) Non-compete contracts 430 (340 ) 370 (325 ) Trade name 520 (76 ) 190 (65 ) Core deposit intangible 5,582 (672 ) 5,582 (316 ) Total $ 13,742 $ (4,963 ) $ 12,112 $ (4,291 ) Aggregate amortization expense was $335 thousand and $672 thousand for the three and six month periods ended June 30, 2016. Amortization expense was $167 thousand and $334 for the three and six months ended June 30, 2015. Estimated amortization expense for each of the next five periods and thereafter: 2016 (Six months) $ 793 2017 1,467 2018 1,341 2019 1,231 2020 1,127 Thereafter 2,820 TOTAL $ 8,779 |
Short-term Borrowings
Short-term Borrowings | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings | Short-term borrowings: There were $145 million in short-term Federal Home Loan Bank Advances at June 30, 2016 with a weighted average interest rate of 0.47%. In addition, the Company had no Fed funds purchased and a $350 thousand balance on business lines of credit with one lending institutions at June 30, 2016. 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, 2016 December 31, 2015 Overnight and continuous repurchase agreements U.S. Treasury and U.S. government sponsored entities $ 7,637 $ 5,276 State and political subdivisions 6,048 2,640 Mortgage-backed securities - residential 61,499 60,391 Collateralized mortgage obligations - residential 7,642 7,175 Total repurchase agreements $ 82,826 $ 75,482 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, 2016 | |
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 Bank acquired Bowers Insurance Agency, Inc. (the “Bowers Group”) and the Bowers Group with during 2016. st st |
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 2015 Annual Report to Shareholders included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. 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. Other comprehensive income 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 all periods presented there was no change in the funded status of the post-retirement health plan. |
New Accounting Standards | New Accounting Standards: In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Summary of Consideration Paid and Amounts of Assets and Liabilities Assumed | The following table summarizes the consideration paid for Tri-State and NBOH and the amounts of the assets acquired and liabilities assumed on the closing date of each acquisition. (In Thousands of Dollars) Tri-State NBOH Consideration Cash $ 3,607 $ 15,732 Stock 10,733 59,048 Fair value of total consideration transferred $ 14,340 $ 74,780 Fair value of assets acquired Cash and due from financial institutions $ 13,553 $ 37,035 Securities available for sale 48,300 51,340 Loans, net 66,374 430,035 Premises and equipment 1,935 6,105 Bank owned life insurance 3,274 2,891 Core deposit intangible 1,173 4,409 Other assets 1,329 7,996 Total assets 135,938 539,811 Fair value of liabilities assumed Deposits 114,342 423,661 Short-term borrowings 0 65,537 Long-term borrowings 2,002 0 Accrued interest payable and other liabilities 8,072 2,514 Total liabilities 124,416 491,712 Net assets acquired $ 11,522 $ 48,099 Goodwill created 2,818 26,681 Total net assets acquired $ 14,340 $ 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 date. For Three Months Ended June 30, For Six Months Ended June 30, (In thousands of dollars except per share results) 2016 2015 2016 2015 Net interest income $ 16,889 $ 15,681 $ 33,636 $ 30,444 Net income $ 5,054 $ 3,604 $ 9,904 $ 7,644 Basic and diluted earnings per share $ 0.19 $ 0.14 $ 0.37 $ 0.30 |
Bowers Insurance Agency Inc [Member] | |
Summary of Consideration Paid and Amounts of Assets and Liabilities Assumed | The following table summarizes the consideration paid for Bowers Group and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition. (In Thousands of Dollars) Consideration Cash $ 1,137 Stock 1,138 Contingent consideration 880 Fair value of total consideration transferred $ 3,155 Fair value of assets acquired Cash $ 64 Premises and equipment 290 Other assets 34 Total assets acquired 388 Fair value of liabilities assumed 124 Net assets acquired $ 264 Assets and liabilities arising from acquisition Identified intangible assets 1,630 Deferred tax liabilty (588 ) Goodwill created 1,849 Total net assets acquired $ 3,155 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 and December 31, 2015 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income: Gross Gross (In Thousands of Dollars) Amortized Unrealized Unrealized Cost Gains Losses Fair Value June 30, 2016 U.S. Treasury and U.S. government sponsored entities $ 6,323 $ 111 $ (1 ) $ 6,433 State and political subdivisions 138,751 4,972 (14 ) 143,709 Corporate bonds 1,240 20 0 1,260 Mortgage-backed securities - residential 181,730 3,514 (302 ) 184,942 Collateralized mortgage obligations - residential 23,413 109 (259 ) 23,263 Small Business Administration 18,505 100 (34 ) 18,571 Equity securities 139 119 (4 ) 254 Totals $ 370,101 $ 8,945 $ (614 ) $ 378,432 Gross Gross (In Thousands of Dollars) Amortized Unrealized Unrealized Cost Gains Losses Fair Value December 31, 2015 U.S. Treasury and U.S. government sponsored entities $ 11,120 $ 38 $ (52 ) $ 11,106 State and political subdivisions 136,781 2,354 (412 ) 138,723 Corporate bonds 1,134 5 (5 ) 1,134 Mortgage-backed securities - residential 197,289 1,433 (2,135 ) 196,587 Collateralized mortgage obligations - residential 28,035 0 (870 ) 27,165 Small Business Administration 19,755 1 (457 ) 19,299 Equity securities 203 127 (32 ) 298 Totals $ 394,317 $ 3,958 $ (3,963 ) $ 394,312 |
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, 2016 (In Thousands of Dollars) Amortized Cost Fair Value Maturity Within one year $ 10,669 $ 10,732 One to five years 61,633 63,293 Five to ten years 59,524 62,631 Beyond ten years 14,488 14,746 Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities 223,648 226,776 Total $ 369,962 $ 378,178 |
Investment Securities with Unrealized Losses | The following table summarizes the investment securities with unrealized losses at June 30, 2016 and December 31, 2015, 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, 2016 Available-for-sale U.S. Treasury and U.S. government sponsored entities $ 514 $ (1 ) $ 0 $ 0 $ 514 $ (1 ) State and political subdivisions 1,694 (14 ) 0 0 1,694 (14 ) Mortgage-backed securities - residential 6,802 (16 ) 28,141 (286 ) 34,943 (302 ) Collateralized mortgage obligations - residential 0 0 12,187 (259 ) 12,187 (259 ) Small Business Administration 0 0 8,699 (34 ) 8,699 (34 ) Equity securities 119 (4 ) 0 0 119 (4 ) Total $ 9,129 $ (35 ) $ 49,027 $ (579 ) $ 58,156 $ (614 ) 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, 2015 Available-for-sale U.S. Treasury and U.S. government sponsored entities $ 6,044 $ (51 ) $ 199 $ (1 ) $ 6,243 $ (52 ) State and political subdivisions 22,016 (167 ) 12,635 (245 ) 34,651 (412 ) Corporate bonds 102 (1 ) 478 (4 ) 580 (5 ) Mortgage-backed securities - residential 79,301 (1,044 ) 40,794 (1,091 ) 120,095 (2,135 ) Collateralized mortgage obligations - residential 14,342 (169 ) 12,695 (701 ) 27,037 (870 ) Small Business Administration 0 0 19,237 (457 ) 19,237 (457 ) Equity securities 88 (32 ) 0 0 88 (32 ) Total $ 121,893 $ (1,464 ) $ 86,038 $ (2,499 ) $ 207,931 $ (3,963 ) |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Schedule of Loan Balances | Loan balances were as follows: (In Thousands of Dollars) June 30, 2016 December 31, 2015 Originated loans: Commercial real estate Owner occupied $ 127,504 $ 113,160 Non-owner occupied 146,959 139,502 Other 57,568 50,855 Commercial 179,963 157,447 Residential real estate 1-4 family residential 206,121 179,657 Home equity lines of credit 50,290 41,171 Consumer Indirect 139,424 127,335 Direct 21,193 17,325 Other 5,359 4,508 Subtotal $ 934,381 $ 830,960 Net deferred loan costs 2,943 2,731 Allowance for loan losses (9,717 ) (8,947 ) Total originated loans $ 927,607 $ 824,744 Acquired loans: Commercial real estate Owner occupied $ 128,009 $ 131,673 Non-owner occupied 25,513 28,045 Other 17,542 23,536 Commercial 61,077 73,621 Residential real estate 1-4 family residential 124,389 133,701 Home equity lines of credit 38,374 40,929 Consumer Direct 26,017 31,465 Other 239 204 Subtotal $ 421,160 $ 463,174 Allowance for loan losses (3 ) (31 ) Total acquired loans 421,157 463,143 Net loans $ 1,348,764 $ 1,287,887 |
Purchased Credit Impaired Loans | As part of the NBOH acquisition the Company acquired various loans that displayed evidence of deterioration of credit quality since origination and which was probable that all contractually required payments would not be collected. The carrying amounts and contractually required payments of these loans which are included in the loan balances above are summarized in the following tables: (In Thousands of Dollars) June 30, 2016 December 31, 2015 Commercial real estate Owner occupied $ 822 $ 986 Non-owner occupied 460 501 Commercial 1,260 1,576 Total outstanding balance $ 2,542 $ 3,063 Carrying amount, net of allowance of $3 in 2016 and $31 in 2015 $ 2,028 $ 2,184 |
Schedule of Accretable Yield or Income Expected to be Collected | Accretable yield, or income expected to be collected, is shown in the table below: (In Thousands of Dollars) Six Months Ended June 30, 2016 Beginning balance $ 323 New loans purchased 0 Accretion of income (38 ) Ending balance $ 285 |
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, 2016 and 2015: Three Months Ended June 30, 2016 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses Beginning balance $ 3,181 $ 1,452 $ 1,914 $ 2,218 $ 625 $ 9,390 Provision for loan losses 335 212 196 521 (274 ) 990 Loans charged off (307 ) (37 ) (44 ) (431 ) 0 (819 ) Recoveries 1 7 15 136 0 159 Total ending allowance balance $ 3,210 $ 1,634 $ 2,081 $ 2,444 $ 351 $ 9,720 Six Months Ended June 30, 2016 (In Thousands of Dollars) Commercial Real Estate Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses Beginning balance $ 3,127 $ 1,373 $ 1,845 $ 2,160 $ 473 $ 8,978 Provision for loan losses 378 276 271 967 (122 ) 1,770 Loans charged off (307 ) (37 ) (78 ) (975 ) 0 (1,397 ) Recoveries 12 22 43 292 0 369 Total ending allowance balance $ 3,210 $ 1,634 $ 2,081 $ 2,444 $ 351 $ 9,720 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 |
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, 2016 and December 31, 2015. 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, 2016 (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 $ 70 $ 5 $ 76 $ 0 $ 0 $ 151 Collectively evaluated for impairment 3,140 1,626 2,005 2,444 351 9,566 Acquired loans 0 0 0 0 0 0 Acquired with deteriorated credit quality 0 3 0 0 0 3 Total ending allowance balance $ 3,210 $ 1,634 $ 2,081 $ 2,444 $ 351 $ 9,720 Loans: Loans individually evaluated for impairment $ 3,452 $ 405 $ 3,428 $ 79 $ 0 $ 7,364 Loans collectively evaluated for impairment 327,707 179,190 252,521 170,542 0 929,960 Acquired loans 169,962 60,148 162,763 26,256 0 419,129 Acquired with deteriorated credit quality 1,102 929 0 0 0 2,031 Total ending loans balance $ 502,223 $ 240,672 $ 418,712 $ 196,877 $ 0 $ 1,358,484 December 31, 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 $ 429 $ 5 $ 63 $ 0 $ 0 $ 497 Collectively evaluated for impairment 2,698 1,337 1,782 2,160 473 8,450 Acquired loans 0 0 0 0 0 0 Acquired with deteriorated credit quality 0 31 0 0 0 31 Total ending allowance balance $ 3,127 $ 1,373 $ 1,845 $ 2,160 $ 473 $ 8,978 Loans: Loans individually evaluated for impairment $ 5,853 $ 712 $ 3,414 $ 103 $ 0 $ 10,082 Loans collectively evaluated for impairment 296,866 156,415 217,023 153,305 0 823,609 Acquired loans 181,987 72,673 174,630 31,669 0 460,959 Acquired with deteriorated credit quality 1,267 948 0 0 0 2,215 Total ending loans balance $ 485,973 $ 230,748 $ 395,067 $ 185,077 $ 0 $ 1,296,865 |
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, 2016 and December 31, 2015: (In Thousands of Dollars) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated June 30, 2016 With no related allowance recorded: Commercial real estate Owner occupied $ 1,772 $ 1,253 $ 0 Non-owner occupied 335 334 0 Commercial 349 327 0 Residential real estate 1-4 family residential 2,495 2,207 0 Home equity lines of credit 240 225 0 Consumer 157 79 0 Subtotal 5,348 4,425 0 With an allowance recorded: Commercial real estate Owner occupied 572 570 31 Non-owner occupied 1,295 1,295 39 Commercial 78 78 5 Residential real estate 1-4 family residential 927 910 75 Home equity lines of credit 86 86 1 Subtotal 2,958 2,939 151 Total $ 8,306 $ 7,364 $ 151 (In Thousands of Dollars) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated December 31, 2015 With no related allowance recorded: Commercial real estate Owner occupied $ 2,956 $ 2,436 $ 0 Non-owner occupied 343 342 0 Commercial 834 631 0 Residential real estate 1-4 family residential 2,575 2,310 0 Home equity lines of credit 283 268 0 Consumer 214 103 0 Subtotal 7,205 6,090 0 With an allowance recorded: Commercial real estate Owner occupied 1,597 1,595 379 Non-owner occupied 1,480 1,480 50 Commercial 81 81 5 Residential real estate 1-4 family residential 769 749 61 Home equity lines of credit 87 87 2 Subtotal 4,014 3,992 497 Total $ 11,219 $ 10,082 $ 497 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, 2016 and 2015: Average Recorded Investment Interest Income Recognized For Three Months Ended June 30, For Three Months Ended June 30, (In Thousands of Dollars) 2016 2015 2016 2015 With no related allowance recorded: Commercial real estate Owner occupied $ 1,266 $ 2,226 $ 28 $ 29 Non-owner occupied 334 380 0 7 Commercial 331 409 5 5 Residential real estate 1-4 family residential 2,249 2,108 33 38 Home equity lines of credit 227 275 3 4 Consumer 86 81 3 3 Subtotal 4,493 5,479 72 86 With an allowance recorded: Commercial real estate Owner occupied 908 2,680 9 24 Non-owner occupied 1,401 1,520 19 20 Commercial 78 457 1 1 Residential real estate 1-4 family residential 845 908 11 11 Home equity lines of credit 86 89 1 1 Subtotal 3,318 5,654 41 57 Total $ 7,811 $ 11,133 $ 113 $ 143 |
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, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 (In Thousands of Dollars) Nonaccrual Loans Past Due 90 Days or More Still Accruing Nonaccrual Loans Past Due 90 Days or More Still Accruing Originated loans: Commercial real estate Owner occupied $ 1,104 $ 0 $ 3,313 $ 0 Non-owner occupied 334 0 345 0 Commercial 346 0 541 73 Residential real estate 1-4 family residential 2,294 399 2,406 336 Home equity lines of credit 172 13 127 112 Consumer Indirect 200 49 266 297 Direct 12 118 30 3 Other 0 1 0 24 Total originated loans $ 4,462 $ 580 $ 7,028 $ 845 Acquired loans: Commercial real estate Owner occupied $ 492 $ 232 $ 126 $ 18 Other 58 0 92 0 Commercial 1,240 173 1,068 0 Residential real estate 1-4 family residential 402 480 458 467 Home equity lines of credit 122 32 125 7 Consumer Direct 86 1 161 50 Total acquired loans $ 2,400 $ 918 $ 2,030 $ 542 Total loans $ 6,862 $ 1,498 $ 9,058 $ 1,387 |
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, 2016 and December 31, 2015 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, 2016 Originated loans: Commercial real estate Owner occupied $ 422 $ 0 $ 1,104 $ 1,526 $ 125,673 $ 127,199 Non-owner occupied 0 0 334 334 146,247 146,581 Other 0 0 0 0 57,379 57,379 Commercial 108 0 346 454 179,141 179,595 Residential real estate 1-4 family residential 2,857 907 2,693 6,457 199,155 205,612 Home equity lines of credit 211 51 185 447 49,890 50,337 Consumer Indirect 2,070 417 249 2,736 141,134 143,870 Direct 289 51 130 470 20,922 21,392 Other 26 10 1 37 5,322 5,359 Total originated loans: $ 5,983 $ 1,436 $ 5,042 $ 12,461 $ 924,863 $ 937,324 Acquired loans: Commercial real estate Owner occupied $ 518 $ 24 $ 724 $ 1,266 $ 126,743 $ 128,009 Non-owner occupied 0 28 0 28 25,485 25,513 Other 0 0 58 58 17,484 17,542 Commercial 559 100 1,413 2,072 59,005 61,077 Residential real estate 1-4 family residential 1,316 625 882 2,823 121,566 124,389 Home equity lines of credit 4 10 154 168 38,206 38,374 Consumer Direct 747 20 87 854 25,164 26,018 Other 0 1 0 1 237 238 Total acquired loans $ 3,144 $ 808 $ 3,318 $ 7,270 $ 413,890 $ 421,160 Total loans $ 9,127 $ 2,244 $ 8,360 $ 19,731 $ 1,338,753 $ 1,358,484 (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, 2015 Originated loans: Commercial real estate Owner occupied $ 34 $ 0 $ 3,313 $ 3,347 $ 109,532 $ 112,879 Non-owner occupied 0 0 345 345 138,824 139,169 Other 112 0 0 112 50,559 50,671 Commercial 0 0 614 614 156,513 157,127 Residential real estate 1-4 family residential 1,694 402 2,742 4,838 174,376 179,214 Home equity lines of credit 62 5 239 306 40,917 41,223 Consumer Indirect 2,059 525 563 3,147 128,280 131,427 Direct 311 5 33 349 17,124 17,473 Other 13 10 24 47 4,461 4,508 Total originated loans $ 4,285 $ 947 $ 7,873 $ 13,105 $ 820,586 $ 833,691 Acquired loans: Commercial real estate Owner occupied $ 669 $ 0 $ 144 $ 813 $ 130,860 $ 131,673 Non-owner occupied 0 0 0 0 28,045 28,045 Other 0 0 92 92 23,444 23,536 Commercial 276 2 1,068 1,346 72,275 73,621 Residential real estate 1-4 family residential 1,994 244 925 3,163 130,538 133,701 Home equity lines of credit 78 11 132 221 40,708 40,929 Consumer Direct 567 56 211 834 30,631 31,465 Other 0 0 0 0 204 204 Total acquired loans $ 3,584 $ 313 $ 2,572 $ 6,469 $ 456,705 $ 463,174 Total loans $ 7,869 $ 1,260 $ 10,445 $ 19,574 $ 1,277,291 $ 1,296,865 |
Troubled Debt Restructurings (T
Troubled Debt Restructurings (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 and 2015: Pre-Modification Post-Modification Three Months Ended June 30, 2016 Number of Outstanding Recorded Outstanding Recorded (In thousands of Dollars) Loans Investment Investment Originated loans: Residential real estate 1-4 family residential 3 $ 188 $ 188 Indirect 5 37 37 Total originated loans 8 225 225 Acquired loans: 1-4 family residential 2 68 68 Total loans 10 $ 293 $ 293 Pre-Modification Post-Modification Six Months Ended June 30, 2016 Number of Outstanding Recorded Outstanding Recorded (In Thousands of Dollars) Loans Investment Investment Originated loans: Residential real estate 1-4 family residential 6 $ 235 $ 236 Indirect 13 114 114 Total originated loans 19 $ 349 $ 350 Acquired loans: Residential real estate 1-4 family residential 2 68 68 Consumer 1 33 33 Total acquired loans 3 $ 101 $ 101 Total loans 22 $ 450 $ 451 Pre-Modification Post-Modification Three Months Ended June 30, 2015 Number of Outstanding Recorded Outstanding Recorded (In thousands of Dollars) Loans Investment Investment Originated loans: Commercial real estate Owner occupied 2 $ 801 $ 801 Residential real estate 1-4 family residential 2 193 193 Total originated loans 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 |
Credit Quality Indicators (Tabl
Credit Quality Indicators (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Risks And Uncertainties [Abstract] | |
Risk Category of Loans by Class of Loans | As of June 30, 2016 and December 31, 2015, 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 Total June 30, 2016 Originated loans: Commercial real estate Owner occupied $ 123,284 $ 1,456 $ 2,459 $ 0 $ 127,199 Non-owner occupied 143,516 553 2,512 0 146,581 Other 57,094 0 285 0 57,379 Commercial 177,568 644 1,383 0 179,595 Total originated loans $ 501,462 $ 2,653 $ 6,639 $ 0 $ 510,754 Acquired loans: Commercial real estate Owner occupied $ 124,728 $ 231 $ 3,050 $ 0 $ 128,009 Non-owner occupied 24,324 1,162 28 0 25,514 Other 16,888 474 179 0 17,541 Commercial 56,200 1,272 3,605 0 61,077 Total acquired loans $ 222,140 $ 3,139 $ 6,862 $ 0 $ 232,141 Total loans $ 723,602 $ 5,792 $ 13,501 $ 0 $ 742,895 (In Thousands of Dollars) Pass Special Mention Sub standard Doubtful Total December 31, 2015 Originated loans: Commercial real estate Owner occupied $ 107,222 $ 1,069 $ 4,588 $ 0 $ 112,879 Non-owner occupied 135,847 461 2,861 0 139,169 Other 50,376 0 295 0 50,671 Commercial 154,215 939 1,973 0 157,127 Total originated loans $ 447,660 $ 2,469 $ 9,717 $ 0 $ 459,846 Acquired loans: Commercial real estate Owner occupied $ 130,028 $ 0 $ 1,645 $ 0 $ 131,673 Non-owner occupied 26,141 1,340 564 0 28,045 Other 22,843 476 217 0 23,536 Commercial 69,674 635 3,312 0 73,621 Total acquired loans $ 248,686 $ 2,451 $ 5,738 $ 0 $ 256,875 Total loans $ 696,346 $ 4,920 $ 15,455 $ 0 $ 716,721 |
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, 2016 and December 31, 2015. 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, 2016 Originated loans: Performing $ 202,919 $ 50,152 $ 143,621 $ 21,262 $ 5,358 Nonperforming 2,693 185 249 130 1 Total originated loans $ 205,612 $ 50,337 $ 143,870 $ 21,392 $ 5,359 Acquired loans: Performing $ 123,507 $ 38,220 $ 26,018 $ 25,931 $ 238 Nonperforming 882 154 0 87 0 Total acquired loans 124,389 38,374 0 26,018 238 Total loans $ 330,001 $ 88,711 $ 143,870 $ 47,410 $ 5,597 Residential Real Estate Consumer (In Thousands of Dollars) 1-4 Family Residential Home Equity Lines of Credit Indirect Direct Other December 31, 2015 Originated loans: Performing $ 176,472 $ 40,984 $ 130,864 $ 17,440 $ 4,484 Nonperforming 2,742 239 563 33 24 Total originated loans $ 179,214 $ 41,223 $ 131,427 $ 17,473 $ 4,508 Acquired loans: Performing $ 132,776 $ 40,797 $ 0 $ 31,254 $ 204 Nonperforming 925 132 0 211 0 Total acquired loans 133,701 40,929 0 31,465 204 Total loans $ 312,915 $ 82,152 $ 131,427 $ 48,938 $ 4,712 |
Interest-Rate Swaps (Tables)
Interest-Rate Swaps (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 and December 31, 2015 is as follows: June 30, 2016 December 31, 2015 Notional amounts (In thousands) $ 33,525 $ 30,763 Weighted average pay rate on interest-rate swaps 4.27 % 4.25 % Weighted average receive rate on interest-rate swaps 2.80 % 2.70 % Weighted average maturity (years) 3.9 4.1 Fair value of combined interest-rate swaps (In thousands) $ 1,901 $ 789 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 2015 2016 2015 Basic EPS Net income (In thousands) $ 5,020 $ 812 $ 9,818 $ 3,023 Weighted average shares outstanding 27,086,422 19,394,342 27,056,056 18,913,772 Basic earnings per share $ 0.19 $ 0.04 $ 0.36 $ 0.16 Diluted EPS Net income (In thousands) $ 5,020 $ 812 $ 9,818 $ 3,023 Weighted average shares outstanding for basic earnings per share 27,086,422 19,394,342 27,056,056 18,913,772 Dilutive effect of restricted stock awards 18,110 3,524 14,258 2,577 Weighted average shares for diluted earnings per share 27,104,532 19,397,866 27,070,314 18,916,349 Diluted earnings per share $ 0.19 $ 0.04 $ 0.36 $ 0.16 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Plan | The following is the activity under the Plan during the six month periods ended June 30, 2016 and 2015: Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Units Weighted Average Grant Value Units Weighted Average Grant Value Beginning balance 320,980 $ 7.88 46,957 $ 7.39 Granted 62,242 8.98 85,918 7.88 Vested 0 0 0 0 Forfeited 0 0 (5,000 ) 7.88 Ending balance 383,222 $ 8.06 127,875 $ 7.70 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Comprehensive Income Net Of Tax [Abstract] | |
Schedule of Other Comprehensive Income | The following table represents the detail of other comprehensive income for the three and six month periods ended June 30, 2016 and 2015. Three Months Ended June 30, 2016 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains on available-for-sale securities during the period $ 5,020 $ (1,759 ) $ 3,261 Reclassification adjustment for (gains) losses included in net income (1) (41 ) 14 (27 ) Net unrealized gains on available-for-sale securities $ 4,979 $ (1,745 ) $ 3,234 Three Months Ended June 30, 2015 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains 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 on available-for-sale securities $ (5,482 ) $ 1,919 $ (3,563 ) Six Months Ended June, 2016 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains on available-for-sale securities during the period $ 8,377 $ (2,934 ) $ 5,443 Reclassification adjustment for (gains) losses included in net income (1) (41 ) 14 (27 ) Net unrealized gains on available-for-sale securities $ 8,336 $ (2,920 ) $ 5,416 Six Months Ended June 30, 2015 (In Thousands of Dollars) Pre-tax Tax After-Tax Unrealized holding gains 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 on available-for-sale securities $ (3,181 ) $ 1,113 $ (2,068 ) (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, 2016 | |
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, 2016 and December 31, 2015: Actual Requirement For Capital Adequacy Purposes: To be Well Capitalized Under Prompt Corrective Action Provisions: Amount Ratio Amount Ratio Amount Ratio June 30, 2016 Common equity tier 1 capital ratio Consolidated $ 171,914 11.61 % $ 66,639 4.5 % N/A N/A Bank 163,392 11.06 % 66,473 4.5 % $ 96,017 6.5 % Total risk based capital ratio Consolidated 183,822 12.41 % 118,469 8.0 % N/A N/A Bank 173,112 11.72 % 118,175 8.0 % 147,719 10.0 % Tier I risk based capital ratio Consolidated 174,050 11.75 % 88,851 6.0 % N/A N/A Bank 163,392 11.06 % 88,631 6.0 % 118,175 8.0 % Tier I leverage ratio Consolidated 174,050 9.37 % 74,296 4.0 % N/A N/A Bank 163,392 8.85 % 73,840 4.0 % 92,300 5.0 % December 31, 2015 Common equity tier 1 capital ratio Consolidated $ 165,451 11.59 % $ 64,245 4.5 % N/A N/A Bank 157,396 11.08 % 63,938 4.5 % $ 92,354 6.5 % Total risk based capital ratio Consolidated 176,571 12.37 % 114,214 8.0 % N/A N/A Bank 166,374 11.71 % 113,667 8.0 % 142,084 10.0 % Tier I risk based capital ratio Consolidated 167,550 11.74 % 85,660 6.0 % N/A N/A Bank 157,396 11.08 % 85,250 6.0 % 113,667 8.0 % Tier I leverage ratio Consolidated 167,550 9.21 % 72,803 4.0 % N/A N/A Bank 157,396 8.65 % 72,770 4.0 % 90,963 5.0 % |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 Using: (In Thousands of Dollars) Carrying Value Quoted Prices in Active Markets for (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 $ 6,433 $ 0 $ 6,433 $ 0 State and political subdivisions 143,709 0 141,903 1,806 Corporate bonds 1,260 0 1,260 0 Mortgage-backed securities-residential 184,942 0 184,928 14 Collateralized mortgage obligations 23,263 0 23,263 0 Small Business Administration 18,571 0 18,571 0 Equity securities 254 254 0 0 Total investment securities $ 378,432 $ 254 $ 376,358 $ 1,820 Yield maintenance provisions $ 1,901 $ 0 $ 1,901 $ 0 Financial Liabilities Interest rate swaps $ 1,901 $ 0 $ 1,901 $ 0 Fair Value Measurements at December 31, 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 $ 11,106 $ 0 $ 11,106 $ 0 State and political subdivisions 138,723 0 138,723 0 Corporate bonds 1,134 0 1,134 0 Mortgage-backed securities-residential 196,587 0 196,572 15 Collateralized mortgage obligations 27,165 0 27,165 0 Small Business Administration 19,299 0 19,299 0 Equity securities 298 298 0 0 Total investment securities $ 394,312 $ 298 $ 393,999 $ 15 Yield maintenance provisions $ 789 $ 0 $ 789 $ 0 Financial Liabilities Interest rate swaps $ 789 $ 0 $ 789 $ 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): Three Months ended June 30, Six Months ended June 30, (In Thousands of Dollars) 2016 2015 2016 2015 Beginning Balance $ 14 $ 10 $ 15 $ 10 Total unrealized gains or losses: Included in other comprehensive income 0 0 0 0 Transfers from level 2 1,806 0 1,806 0 Repayments 0 0 (1 ) 0 Acquired and/or purchased 0 6 0 6 Ending Balance $ 1,820 $ 16 $ 1,820 $ 16 |
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, 2016 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 $ 31 $ 0 $ 0 $ 31 1–4 family residential 93 0 0 93 Fair Value Measurements at December 31, 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 $ 1,448 $ 0 $ 0 $ 1,448 Commercial 1,514 0 0 1,514 1–4 family residential 42 0 0 42 Consumer 13 0 0 13 |
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, 2016 and December 31, 2015: June 30, 2016 Fair value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans Commercial real estate $ 31 Sales Comparison Adjustment for differences between comparable sales (24.02%) Residential 93 Sales comparison Adjustment for differences between comparable sales (12.97%) - 14.22% 0.60% December 31, 2015 Fair value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans Commercial real estate $ 701 Income approach Adjustment for differences between earning multiplier (49.42%) - 40.89% 35.33% 747 Quoted price for loan relationship Offer price 1.01% Commercial 252 Quoted price for loan relationship Offer price (3.01%) 1,262 Income approach Adjustment for differences between earning multiplier (29.77%) Residential 42 Sales comparison Adjustment for differences between comparable sales (18.32%) - 24.16% (14.02%) Consumer 13 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, 2016 and December 31, 2015 are as follows: Fair Value Measurements at June 30, 2016 Using: (In Thousands of Dollars) Carrying Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 62,184 $ 20,399 $ 41,785 $ 0 $ 62,184 Restricted stock 9,543 n/a n/a n/a n/a Loans held for sale 1,737 0 1,785 0 1,785 Loans, net 1,348,764 0 0 1,359,864 1,359,864 Mortgage servicing rights 553 0 553 0 553 Accrued interest receivable 4,705 0 1,374 3,331 4,705 Financial liabilities Deposits 1,447,442 1,194,871 253,245 0 1,448,116 Short-term borrowings 228,176 0 228,176 0 228,176 Long-term borrowings 19,758 0 20,013 0 20,013 Accrued interest payable 505 27 478 0 505 Fair Value Measurements at December 31, 2015 Using: (In Thousands of Dollars) Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 56,014 $ 22,500 $ 33,514 $ 0 $ 56,014 Restricted stock 9,384 n/a n/a n/a n/a Loans held for sale 1,769 0 1,813 0 1,813 Loans, net 1,287,887 0 0 1,296,075 1,296,075 Mortgage servicing rights 453 0 453 0 453 Accrued interest receivable 5,158 0 2,011 3,147 5,158 Financial liabilities Deposits 1,409,047 1,164,506 241,909 0 1,406,415 Short-term borrowings 225,832 0 225,832 0 225,832 Long-term borrowings 22,153 0 22,306 0 22,306 Accrued interest payable 445 26 419 0 445 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 Goodwill and other intangibles $ 4,824 $ 38,534 $ 3,006 $ (646 ) $ 45,718 Total assets $ 11,572 $ 1,909,553 $ 3,780 $ 214 $ 1,925,119 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals December 31, 2015 Goodwill and other intangibles $ 4,967 $ 35,412 $ 3,178 $ (646 ) $ 42,911 Total assets $ 11,078 $ 1,854,306 $ 4,127 $ 391 $ 1,869,902 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals For Three Months Ended June 30, 2016 Net interest income $ 22 $ 16,895 $ 0 $ (28 ) $ 16,889 Provision for loan losses 0 990 0 0 990 Service fees, security gains and other noninterest income 1,592 3,783 496 (134 ) 5,737 Noninterest expense 1,161 12,063 353 599 14,176 Amortization and depreciation expense 76 465 90 (24 ) 607 Income before taxes 377 7,160 53 (737 ) 6,853 Income taxes 128 1,905 18 (218 ) 1,833 Net Income $ 249 $ 5,255 $ 35 $ (519 ) $ 5,020 (In Thousands of Dollars) Trust Segment Bank Segment Retirement Consulting Segment Eliminations and Others Consolidated Totals For Six Months Ended June 30, 2016 Net interest income $ 42 $ 33,642 $ 0 $ (48 ) $ 33,636 Provision for loan losses 0 1,770 0 0 1,770 Service fees, security gains and other noninterest income 3,113 6,744 985 (159 ) 10,683 Noninterest expense 2,313 23,690 724 989 27,716 Amortization and depreciation expense 152 1,179 179 1 1,511 Income before taxes 690 13,747 82 (1,197 ) 13,322 Income taxes 235 3,601 28 (360 ) 3,504 Net Income $ 455 $ 10,146 $ 54 $ (837 ) $ 9,818 (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 before taxes 219 2,993 262 (2,253 ) 1,221 Income taxes 74 613 89 (367 ) 409 Net Income $ 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 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Acquired Intangible Assets | Acquired intangible assets were as follows: June 30, 2016 December 31, 2015 (In Thousands of Dollars) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationship intangibles $ 7,210 $ (3,875 ) $ 5,970 $ (3,585 ) Non-compete contracts 430 (340 ) 370 (325 ) Trade name 520 (76 ) 190 (65 ) Core deposit intangible 5,582 (672 ) 5,582 (316 ) Total $ 13,742 $ (4,963 ) $ 12,112 $ (4,291 ) |
Estimated Amortization Expense | Estimated amortization expense for each of the next five periods and thereafter: 2016 (Six months) $ 793 2017 1,467 2018 1,341 2019 1,231 2020 1,127 Thereafter 2,820 TOTAL $ 8,779 |
Short-term Borrowings (Tables)
Short-term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [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, 2016 December 31, 2015 Overnight and continuous repurchase agreements U.S. Treasury and U.S. government sponsored entities $ 7,637 $ 5,276 State and political subdivisions 6,048 2,640 Mortgage-backed securities - residential 61,499 60,391 Collateralized mortgage obligations - residential 7,642 7,175 Total repurchase agreements $ 82,826 $ 75,482 |
Interest-Rate Swaps (Details)
Interest-Rate Swaps (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Weighted average pay rate on interest-rate swaps | 4.27% | 4.25% |
Weighted average receive rate on interest-rate swaps | 2.80% | 2.70% |
Weighted average maturity (years) | 3 years 10 months 24 days | 4 years 1 month 6 days |
Fair value of combined interest-rate swaps | $ 1,901 | $ 789 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amounts | $ 33,525 | $ 30,763 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - Restricted Stock Awards - 2012 Incentive Plan - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Beginning balance, Units | 383,222 | 127,875 | 320,980 | 46,957 |
Granted, Units | 0 | 0 | 62,242 | 85,918 |
Vested, Units | 0 | 0 | 0 | 0 |
Forfeited, Units | 0 | 0 | 0 | (5,000) |
Ending balance, Units | 383,222 | 127,875 | 383,222 | 127,875 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 8.06 | $ 7.70 | $ 7.88 | $ 7.39 |
Granted, Weighted Average Grant Date Fair Value | 0 | 0 | 8.98 | 7.88 |
Vested, Weighted Average Grant Date Fair Value | 0 | 0 | 0 | 0 |
Forfeited, Weighted Average Grant Date Fair Value | 0 | 0 | 0 | 7.88 |
Ending balance, Weighted Average Grant Date Fair Value | $ 8.06 | $ 7.70 | $ 8.06 | $ 7.70 |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Comprehensive Income Net Of Tax [Abstract] | |||||
Unrealized holding gains on available-for-sale securities during the period, pre-tax | $ 5,020 | $ (5,447) | $ 8,377 | $ (3,136) | |
Reclassification adjustment for (gains) losses included in net income, pre-tax | [1] | (41) | (35) | (41) | (45) |
Net unrealized holding gains (losses) | 4,979 | (5,482) | 8,336 | (3,181) | |
Unrealized holding gains on available-for-sale securities during the period, tax | (1,759) | 1,907 | (2,934) | 1,097 | |
Reclassification adjustment for (gains) losses included in net income, tax | [1] | 14 | 12 | 14 | 16 |
Net unrealized gains on available-for-sale securities, tax | (1,745) | 1,919 | (2,920) | 1,113 | |
Unrealized holding gains on available-for-sale securities during the period, after-tax | 3,261 | (3,540) | 5,443 | (2,039) | |
Reclassification adjustment for (gains) losses included in net income, after-tax | [1] | (27) | (23) | (27) | (29) |
Net unrealized gains on available-for-sale securities, after-tax | $ 3,234 | $ (3,563) | $ 5,416 | $ (2,068) | |
[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. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Goodwill and other intangibles | $ 45,718 | $ 45,718 | $ 42,911 | ||
Total assets | 1,925,119 | 1,925,119 | 1,869,902 | ||
Net interest income | 16,889 | $ 9,749 | 33,636 | $ 18,741 | |
Provision for loan losses | 990 | 850 | 1,770 | 1,300 | |
Service fees, security gains and other noninterest income | 5,737 | 4,409 | 10,683 | 8,446 | |
Noninterest expense | 14,176 | 11,507 | 27,716 | 20,791 | |
Amortization and depreciation expense | 607 | 580 | 1,511 | 1,047 | |
INCOME BEFORE INCOME TAXES | 6,853 | 1,221 | 13,322 | 4,049 | |
Income taxes | 1,833 | 409 | 3,504 | 1,026 | |
NET INCOME | 5,020 | 812 | 9,818 | 3,023 | |
Eliminations And Others | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill and other intangibles | (646) | (646) | (646) | ||
Total assets | 214 | 214 | 391 | ||
Net interest income | (28) | (4) | (48) | (7) | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Service fees, security gains and other noninterest income | (134) | (67) | (159) | (132) | |
Noninterest expense | 599 | 2,182 | 989 | 2,577 | |
Amortization and depreciation expense | (24) | 0 | 1 | 0 | |
INCOME BEFORE INCOME TAXES | (737) | (2,253) | (1,197) | (2,716) | |
Income taxes | (218) | (367) | (360) | (524) | |
NET INCOME | (519) | (1,886) | (837) | (2,192) | |
Trust Segment | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill and other intangibles | 4,824 | 4,824 | 4,967 | ||
Total assets | 11,572 | 11,572 | 11,078 | ||
Net interest income | 22 | 15 | 42 | 30 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Service fees, security gains and other noninterest income | 1,592 | 1,531 | 3,113 | 3,203 | |
Noninterest expense | 1,161 | 1,241 | 2,313 | 2,437 | |
Amortization and depreciation expense | 76 | 86 | 152 | 171 | |
INCOME BEFORE INCOME TAXES | 377 | 219 | 690 | 625 | |
Income taxes | 128 | 74 | 235 | 212 | |
NET INCOME | 249 | 145 | 455 | 413 | |
Bank Segment | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill and other intangibles | 38,534 | 38,534 | 35,412 | ||
Total assets | 1,909,553 | 1,909,553 | 1,854,306 | ||
Net interest income | 16,895 | 9,738 | 33,642 | 18,718 | |
Provision for loan losses | 990 | 850 | 1,770 | 1,300 | |
Service fees, security gains and other noninterest income | 3,783 | 2,166 | 6,744 | 4,093 | |
Noninterest expense | 12,063 | 7,657 | 23,690 | 15,015 | |
Amortization and depreciation expense | 465 | 404 | 1,179 | 696 | |
INCOME BEFORE INCOME TAXES | 7,160 | 2,993 | 13,747 | 5,800 | |
Income taxes | 1,905 | 613 | 3,601 | 1,222 | |
NET INCOME | 5,255 | 2,380 | 10,146 | 4,578 | |
Retirement Consulting Segment | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill and other intangibles | 3,006 | 3,006 | 3,178 | ||
Total assets | 3,780 | 3,780 | $ 4,127 | ||
Net interest income | 0 | 0 | 0 | 0 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Service fees, security gains and other noninterest income | 496 | 779 | 985 | 1,282 | |
Noninterest expense | 353 | 427 | 724 | 762 | |
Amortization and depreciation expense | 90 | 90 | 179 | 180 | |
INCOME BEFORE INCOME TAXES | 53 | 262 | 82 | 340 | |
Income taxes | 18 | 89 | 28 | 116 | |
NET INCOME | $ 35 | $ 173 | $ 54 | $ 224 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Details Textual) | 6 Months Ended |
Jun. 30, 2016Segment | |
Accounting Policies [Abstract] | |
Operating segments of business | 3 |
Business Combinations (Details
Business Combinations (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 01, 2016 | Oct. 01, 2015 | Jun. 19, 2015 | Jun. 30, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 36,939 | $ 35,090 | |||
Bowers Insurance Agency Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Effective Date of Acquisition | Jun. 1, 2016 | ||||
Shares of stock issued for acquisition | 123,280 | ||||
Fair value of total consideration transferred | $ 3,155 | ||||
Contingent future payments | 1,200 | ||||
Contingent consideration | 880 | ||||
Goodwill | 1,849 | ||||
Fair value of other intangible assets | $ 1,630 | ||||
Tri-State 1st Banc Incorporation | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Effective Date of Acquisition | Oct. 1, 2015 | ||||
Shares of stock issued for acquisition | 1,296,517 | ||||
Fair value of total consideration transferred | $ 14,340 | ||||
Goodwill | 2,818 | ||||
Fair value of other intangible assets | $ 1,173 | ||||
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 | Core Deposits | |||||
Business Acquisition [Line Items] | |||||
Fair value of other intangible assets | $ 1,200 | ||||
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] | |||||
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 | ||||
Goodwill | 26,681 | ||||
Fair value of other intangible assets | $ 4,409 | ||||
Shares shareholders are entitled to elect to receive per shares | 403.40% | ||||
Cash shareholders are entitled to elect to receive per share | $ 32.15 | ||||
Maximum shares exchanged for stock | 80.00% | ||||
Maximum shares exchanged for cash | 20.00% | ||||
National Bancshares Corporation | Core Deposits | |||||
Business Acquisition [Line Items] | |||||
Fair value of other intangible assets | $ 4,400 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | Jun. 01, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Fair value of assets and liabilities acquired | |||
Goodwill created | $ 36,939 | $ 35,090 | |
Bowers Insurance Agency Inc [Member] | |||
Consideration | |||
Cash | $ 1,137 | ||
Stock | 1,138 | ||
Contingent consideration | 880 | ||
Fair value of total consideration transferred | 3,155 | ||
Fair value of assets acquired | |||
Cash | 64 | ||
Premises and equipment | 290 | ||
Other assets | 34 | ||
Total assets acquired | 388 | ||
Fair value of liabilities assumed | 124 | ||
Net assets acquired | 264 | ||
Fair value of assets and liabilities acquired | |||
Fair value of other intangible assets | 1,630 | ||
Deferred tax liability | (588) | ||
Goodwill created | 1,849 | ||
Total net assets acquired | $ 3,155 |
Business Combinations (Detail46
Business Combinations (Details 1) - USD ($) $ in Thousands | Oct. 01, 2015 | Jun. 19, 2015 | Jun. 30, 2016 | Dec. 31, 2015 |
Fair value of assets acquired | ||||
Bank owned life insurance | $ 29,648 | $ 29,234 | ||
Fair value of assets and liabilities acquired | ||||
Goodwill created | $ 36,939 | $ 35,090 | ||
Tri-State 1st Banc Incorporation | ||||
Consideration | ||||
Cash | $ 3,607 | |||
Stock | 10,733 | |||
Fair value of total consideration transferred | 14,340 | |||
Fair value of assets acquired | ||||
Cash and due from financial institutions | 13,553 | |||
Securities available for sale | 48,300 | |||
Loans, net | 66,374 | |||
Premises and equipment | 1,935 | |||
Bank owned life insurance | 3,274 | |||
Core deposit intangible | 1,173 | |||
Other assets | 1,329 | |||
Total assets | 135,938 | |||
Fair value of liabilities assumed | ||||
Deposits | 114,342 | |||
Short-term borrowings | 0 | |||
Long-term borrowings | 2,002 | |||
Accrued interest payable and other liabilities | 8,072 | |||
Total liabilities | 124,416 | |||
Net assets acquired | 11,522 | |||
Fair value of assets and liabilities acquired | ||||
Goodwill created | 2,818 | |||
Total net assets acquired | $ 14,340 | |||
National Bancshares Corporation | ||||
Consideration | ||||
Cash | $ 15,732 | |||
Stock | 59,048 | |||
Fair value of total consideration transferred | 74,780 | |||
Fair value of assets acquired | ||||
Cash and due from financial institutions | 37,035 | |||
Securities available for sale | 51,340 | |||
Loans, net | 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 | 65,537 | |||
Long-term borrowings | 0 | |||
Accrued interest payable and other liabilities | 2,514 | |||
Total liabilities | 491,712 | |||
Net assets acquired | 48,099 | |||
Fair value of assets and liabilities acquired | ||||
Goodwill created | 26,681 | |||
Total net assets acquired | $ 74,780 |
Business Combinations (Detail47
Business Combinations (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Business Combinations [Abstract] | ||||
Net interest income | $ 16,889 | $ 15,681 | $ 33,636 | $ 30,444 |
Net income | $ 5,054 | $ 3,604 | $ 9,904 | $ 7,644 |
Basic and diluted earnings per share | $ 0.19 | $ 0.14 | $ 0.37 | $ 0.30 |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 370,101 | $ 394,317 |
Gross Unrealized Gains | 8,945 | 3,958 |
Gross Unrealized Losses | (614) | (3,963) |
Fair Value | 378,432 | 394,312 |
Corporate bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 1,240 | 1,134 |
Gross Unrealized Gains | 20 | 5 |
Gross Unrealized Losses | 0 | (5) |
Fair Value | 1,260 | 1,134 |
Small Business Administration | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 18,505 | 19,755 |
Gross Unrealized Gains | 100 | 1 |
Gross Unrealized Losses | (34) | (457) |
Fair Value | 18,571 | 19,299 |
U.S. Treasury and U.S. government sponsored entities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 6,323 | 11,120 |
Gross Unrealized Gains | 111 | 38 |
Gross Unrealized Losses | (1) | (52) |
Fair Value | 6,433 | 11,106 |
State and political subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 138,751 | 136,781 |
Gross Unrealized Gains | 4,972 | 2,354 |
Gross Unrealized Losses | (14) | (412) |
Fair Value | 143,709 | 138,723 |
Mortgage-backed securities - residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 181,730 | 197,289 |
Gross Unrealized Gains | 3,514 | 1,433 |
Gross Unrealized Losses | (302) | (2,135) |
Fair Value | 184,942 | 196,587 |
Collateralized mortgage obligations - residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 23,413 | 28,035 |
Gross Unrealized Gains | 109 | 0 |
Gross Unrealized Losses | (259) | (870) |
Fair Value | 23,263 | 27,165 |
Equity securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 139 | 203 |
Gross Unrealized Gains | 119 | 127 |
Gross Unrealized Losses | (4) | (32) |
Fair Value | $ 254 | $ 298 |
Securities (Details Textual)
Securities (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($)Securities | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Securities | Jun. 30, 2015USD ($) | |
Investments Debt And Equity Securities [Abstract] | ||||
Proceeds from sales of securities available for sale | $ 9,200 | $ 19,400 | $ 9,191 | $ 54,957 |
Gross gains realized | 193 | 36 | 193 | 109 |
Gross Losses realized | $ 152 | $ 1 | $ 152 | $ 64 |
Number of securities | Securities | 470 | 470 | ||
Number of securities on unrealized loss position | Securities | 46 | 46 |
Securities (Details 1)
Securities (Details 1) $ in Thousands | Jun. 30, 2016USD ($) |
Amortized cost and fair value of the debt securities maturity | |
Amortized Cost, Within one year | $ 10,669 |
Amortized Cost, One to five years | 61,633 |
Amortized Cost, Five to ten years | 59,524 |
Amortized Cost, Beyond ten years | 14,488 |
Amortized Cost, Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities | 223,648 |
Amortized Cost, Total | 369,962 |
Fair Value, Within one year | 10,732 |
Fair Value, One to five years | 63,293 |
Fair Value, Five to ten years | 62,631 |
Fair Value, Beyond ten years | 14,746 |
Fair Value, Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities | 226,776 |
Fair Value, Total | $ 378,178 |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | $ 9,129 | $ 121,893 |
Unrealized Losses, Less Than 12 Months | (35) | (1,464) |
Fair Value, 12 Months or Longer | 49,027 | 86,038 |
Unrealized Losses, 12 Months or Longer | (579) | (2,499) |
Fair Value, Total | 58,156 | 207,931 |
Unrealized Losses, Total | (614) | (3,963) |
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 | 8,699 | 19,237 |
Unrealized Losses, 12 Months or Longer | (34) | (457) |
Fair Value, Total | 8,699 | 19,237 |
Unrealized Losses, Total | (34) | (457) |
Corporate bonds | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 102 | |
Unrealized Losses, Less Than 12 Months | (1) | |
Fair Value, 12 Months or Longer | 478 | |
Unrealized Losses, 12 Months or Longer | (4) | |
Fair Value, Total | 580 | |
Unrealized Losses, Total | (5) | |
U.S. Treasury and U.S. government sponsored entities | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 514 | 6,044 |
Unrealized Losses, Less Than 12 Months | (1) | (51) |
Fair Value, 12 Months or Longer | 0 | 199 |
Unrealized Losses, 12 Months or Longer | 0 | (1) |
Fair Value, Total | 514 | 6,243 |
Unrealized Losses, Total | (1) | (52) |
State and political subdivisions | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 1,694 | 22,016 |
Unrealized Losses, Less Than 12 Months | (14) | (167) |
Fair Value, 12 Months or Longer | 0 | 12,635 |
Unrealized Losses, 12 Months or Longer | 0 | (245) |
Fair Value, Total | 1,694 | 34,651 |
Unrealized Losses, Total | (14) | (412) |
Mortgage-backed securities - residential | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 6,802 | 79,301 |
Unrealized Losses, Less Than 12 Months | (16) | (1,044) |
Fair Value, 12 Months or Longer | 28,141 | 40,794 |
Unrealized Losses, 12 Months or Longer | (286) | (1,091) |
Fair Value, Total | 34,943 | 120,095 |
Unrealized Losses, Total | (302) | (2,135) |
Collateralized mortgage obligations - residential | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 0 | 14,342 |
Unrealized Losses, Less Than 12 Months | 0 | (169) |
Fair Value, 12 Months or Longer | 12,187 | 12,695 |
Unrealized Losses, 12 Months or Longer | (259) | (701) |
Fair Value, Total | 12,187 | 27,037 |
Unrealized Losses, Total | (259) | (870) |
Equity securities | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 119 | 88 |
Unrealized Losses, Less Than 12 Months | (4) | (32) |
Fair Value, 12 Months or Longer | 0 | 0 |
Unrealized Losses, 12 Months or Longer | 0 | 0 |
Fair Value, Total | 119 | 88 |
Unrealized Losses, Total | $ (4) | $ (32) |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of loan balances | ||||||
Allowance for loan losses | $ (9,720) | $ (9,390) | $ (8,978) | $ (7,286) | $ (7,723) | $ (7,632) |
Total loans | 1,348,764 | 1,287,887 | ||||
Commercial real estate | ||||||
Schedule of loan balances | ||||||
Allowance for loan losses | (3,210) | (3,181) | (3,127) | (2,633) | (2,917) | (2,676) |
Commercial | ||||||
Schedule of loan balances | ||||||
Allowance for loan losses | (1,634) | (1,452) | (1,373) | (1,280) | (1,351) | (1,420) |
Residential real estate | ||||||
Schedule of loan balances | ||||||
Allowance for loan losses | (2,081) | (1,914) | (1,845) | (1,548) | (1,640) | (1,689) |
Consumer | ||||||
Schedule of loan balances | ||||||
Allowance for loan losses | (2,444) | $ (2,218) | (2,160) | $ (1,825) | $ (1,705) | $ (1,663) |
Originated Loans | ||||||
Schedule of loan balances | ||||||
Loan balances | 934,381 | 830,960 | ||||
Net deferred loan costs | 2,943 | 2,731 | ||||
Allowance for loan losses | (9,717) | (8,947) | ||||
Total loans | 927,607 | 824,744 | ||||
Originated Loans | Commercial | ||||||
Schedule of loan balances | ||||||
Loan balances | 179,963 | 157,447 | ||||
Originated Loans | Commercial real estate, Owner occupied | Commercial real estate | ||||||
Schedule of loan balances | ||||||
Loan balances | 127,504 | 113,160 | ||||
Originated Loans | Commercial real estate, Non-owner occupied | Commercial real estate | ||||||
Schedule of loan balances | ||||||
Loan balances | 146,959 | 139,502 | ||||
Originated Loans | Commercial real estate, Other | Commercial real estate | ||||||
Schedule of loan balances | ||||||
Loan balances | 57,568 | 50,855 | ||||
Originated Loans | Residential real estate, 1-4 family residential | Residential real estate | ||||||
Schedule of loan balances | ||||||
Loan balances | 206,121 | 179,657 | ||||
Originated Loans | Residential real estate, Home equity lines of credit | Residential real estate | ||||||
Schedule of loan balances | ||||||
Loan balances | 50,290 | 41,171 | ||||
Originated Loans | Consumer, Indirect | Consumer | ||||||
Schedule of loan balances | ||||||
Loan balances | 139,424 | 127,335 | ||||
Originated Loans | Consumer, Direct | Consumer | ||||||
Schedule of loan balances | ||||||
Loan balances | 21,193 | 17,325 | ||||
Originated Loans | Consumer, Other | Consumer | ||||||
Schedule of loan balances | ||||||
Loan balances | 5,359 | 4,508 | ||||
Acquired Loans | ||||||
Schedule of loan balances | ||||||
Loan balances | 421,160 | 463,174 | ||||
Allowance for loan losses | (3) | (31) | ||||
Total loans | 421,157 | 463,143 | ||||
Acquired Loans | Commercial | ||||||
Schedule of loan balances | ||||||
Loan balances | 61,077 | 73,621 | ||||
Acquired Loans | Commercial real estate, Owner occupied | Commercial real estate | ||||||
Schedule of loan balances | ||||||
Loan balances | 128,009 | 131,673 | ||||
Acquired Loans | Commercial real estate, Non-owner occupied | Commercial real estate | ||||||
Schedule of loan balances | ||||||
Loan balances | 25,513 | 28,045 | ||||
Acquired Loans | Commercial real estate, Other | Commercial real estate | ||||||
Schedule of loan balances | ||||||
Loan balances | 17,542 | 23,536 | ||||
Acquired Loans | Residential real estate, 1-4 family residential | Residential real estate | ||||||
Schedule of loan balances | ||||||
Loan balances | 124,389 | 133,701 | ||||
Acquired Loans | Residential real estate, Home equity lines of credit | Residential real estate | ||||||
Schedule of loan balances | ||||||
Loan balances | 38,374 | 40,929 | ||||
Acquired Loans | Consumer, Direct | Consumer | ||||||
Schedule of loan balances | ||||||
Loan balances | 26,017 | 31,465 | ||||
Acquired Loans | Consumer, Other | Consumer | ||||||
Schedule of loan balances | ||||||
Loan balances | $ 239 | $ 204 |
Loans (Details 1)
Loans (Details 1) - National Bancshares Corporation - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable Impaired [Line Items] | ||
Total outstanding balance | $ 2,542 | $ 3,063 |
Carrying amount, net of allowance | 2,028 | 2,184 |
Commercial | ||
Financing Receivable Impaired [Line Items] | ||
Loans acquired with deteriorated credit quality | 1,260 | 1,576 |
Commercial real estate, Owner occupied | Commercial real estate | ||
Financing Receivable Impaired [Line Items] | ||
Loans acquired with deteriorated credit quality | 822 | 986 |
Commercial real estate, Non-owner occupied | Commercial real estate | ||
Financing Receivable Impaired [Line Items] | ||
Loans acquired with deteriorated credit quality | $ 460 | $ 501 |
Loans (Details 1) (Parenthetica
Loans (Details 1) (Parenthetical) - Receivables Acquired with Deteriorated Credit Quality - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable Impaired [Line Items] | ||
Acquired with deteriorated credit quality, allowances | $ 0 | $ 0 |
National Bancshares Corporation | ||
Financing Receivable Impaired [Line Items] | ||
Acquired with deteriorated credit quality, allowances | $ 3 | $ 31 |
Loans (Details 2)
Loans (Details 2) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Receivables [Abstract] | |
Beginning balance | $ 323 |
New loans purchased | 0 |
Accretion of income | (38) |
Ending balance | $ 285 |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Allowance for loan losses | |||||
Beginning balance | $ 9,390 | $ 7,723 | $ 8,978 | $ 7,632 | $ 7,632 |
Provision for loan losses | 990 | 850 | 1,770 | 1,300 | |
Loans charged off | (819) | (1,496) | (1,397) | (2,114) | |
Recoveries | 159 | 209 | 369 | 468 | |
Ending balance | 9,720 | 7,286 | 9,720 | 7,286 | 8,978 |
Commercial real estate | |||||
Allowance for loan losses | |||||
Beginning balance | 3,181 | 2,917 | 3,127 | 2,676 | 2,676 |
Provision for loan losses | 335 | 223 | 378 | 455 | |
Loans charged off | (307) | (516) | (307) | (520) | |
Recoveries | 1 | 9 | 12 | 22 | |
Ending balance | 3,210 | 2,633 | 3,210 | 2,633 | 3,127 |
Commercial | |||||
Allowance for loan losses | |||||
Beginning balance | 1,452 | 1,351 | 1,373 | 1,420 | 1,420 |
Provision for loan losses | 212 | 183 | 276 | 113 | |
Loans charged off | (37) | (254) | (37) | (254) | |
Recoveries | 7 | 0 | 22 | 1 | |
Ending balance | 1,634 | 1,280 | 1,634 | 1,280 | 1,373 |
Residential real estate | |||||
Allowance for loan losses | |||||
Beginning balance | 1,914 | 1,640 | 1,845 | 1,689 | 1,689 |
Provision for loan losses | 196 | 49 | 271 | 59 | |
Loans charged off | (44) | (160) | (78) | (241) | |
Recoveries | 15 | 19 | 43 | 41 | |
Ending balance | 2,081 | 1,548 | 2,081 | 1,548 | 1,845 |
Consumer | |||||
Allowance for loan losses | |||||
Beginning balance | 2,218 | 1,705 | 2,160 | 1,663 | 1,663 |
Provision for loan losses | 521 | 505 | 967 | 857 | |
Loans charged off | (431) | (566) | (975) | (1,099) | |
Recoveries | 136 | 181 | 292 | 404 | |
Ending balance | 2,444 | 1,825 | 2,444 | 1,825 | 2,160 |
Unallocated | |||||
Allowance for loan losses | |||||
Beginning balance | 625 | 110 | 473 | 184 | 184 |
Provision for loan losses | (274) | (110) | (122) | (184) | |
Loans charged off | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | $ 351 | $ 0 | $ 351 | $ 0 | $ 473 |
Loans (Details 4)
Loans (Details 4) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | $ 151 | $ 497 | ||||
Collectively evaluated for impairment | 9,566 | 8,450 | ||||
Acquired with deteriorated credit quality | 3 | 31 | ||||
Total ending allowance balance | 9,720 | $ 9,390 | 8,978 | $ 7,286 | $ 7,723 | $ 7,632 |
Loans: | ||||||
Loans individually evaluated for impairment | 7,364 | 10,082 | ||||
Loans collectively evaluated for impairment | 929,960 | 823,609 | ||||
Acquired loans | 419,129 | 460,959 | ||||
Acquired with deteriorated credit quality | 742,895 | 716,721 | ||||
Loans | 1,358,484 | 1,296,865 | ||||
Receivables Acquired with Deteriorated Credit Quality | ||||||
Ending allowance balance attributable to loans: | ||||||
Acquired loans | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 2,031 | 2,215 | ||||
Commercial real estate | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 70 | 429 | ||||
Collectively evaluated for impairment | 3,140 | 2,698 | ||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Total ending allowance balance | 3,210 | 3,181 | 3,127 | 2,633 | 2,917 | 2,676 |
Loans: | ||||||
Loans individually evaluated for impairment | 3,452 | 5,853 | ||||
Loans collectively evaluated for impairment | 327,707 | 296,866 | ||||
Acquired loans | 169,962 | 181,987 | ||||
Loans | 502,223 | 485,973 | ||||
Commercial real estate | Receivables Acquired with Deteriorated Credit Quality | ||||||
Ending allowance balance attributable to loans: | ||||||
Acquired loans | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 1,102 | 1,267 | ||||
Commercial | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 5 | 5 | ||||
Collectively evaluated for impairment | 1,626 | 1,337 | ||||
Acquired with deteriorated credit quality | 3 | 31 | ||||
Total ending allowance balance | 1,634 | 1,452 | 1,373 | 1,280 | 1,351 | 1,420 |
Loans: | ||||||
Loans individually evaluated for impairment | 405 | 712 | ||||
Loans collectively evaluated for impairment | 179,190 | 156,415 | ||||
Acquired loans | 60,148 | 72,673 | ||||
Loans | 240,672 | 230,748 | ||||
Commercial | Receivables Acquired with Deteriorated Credit Quality | ||||||
Ending allowance balance attributable to loans: | ||||||
Acquired loans | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 929 | 948 | ||||
Residential real estate | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 76 | 63 | ||||
Collectively evaluated for impairment | 2,005 | 1,782 | ||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Total ending allowance balance | 2,081 | 1,914 | 1,845 | 1,548 | 1,640 | 1,689 |
Loans: | ||||||
Loans individually evaluated for impairment | 3,428 | 3,414 | ||||
Loans collectively evaluated for impairment | 252,521 | 217,023 | ||||
Acquired loans | 162,763 | 174,630 | ||||
Loans | 418,712 | 395,067 | ||||
Residential real estate | Receivables Acquired with Deteriorated Credit Quality | ||||||
Ending allowance balance attributable to loans: | ||||||
Acquired loans | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Consumer | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 2,444 | 2,160 | ||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Total ending allowance balance | 2,444 | 2,218 | 2,160 | 1,825 | 1,705 | 1,663 |
Loans: | ||||||
Loans individually evaluated for impairment | 79 | 103 | ||||
Loans collectively evaluated for impairment | 170,542 | 153,305 | ||||
Acquired loans | 26,256 | 31,669 | ||||
Loans | 196,877 | 185,077 | ||||
Consumer | Receivables Acquired with Deteriorated Credit Quality | ||||||
Ending allowance balance attributable to loans: | ||||||
Acquired loans | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Unallocated | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 351 | 473 | ||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Total ending allowance balance | 351 | $ 625 | 473 | $ 0 | $ 110 | $ 184 |
Loans: | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 0 | 0 | ||||
Acquired loans | 0 | 0 | ||||
Loans | 0 | 0 | ||||
Unallocated | Receivables Acquired with Deteriorated Credit Quality | ||||||
Ending allowance balance attributable to loans: | ||||||
Acquired loans | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | $ 0 | $ 0 |
Loans (Details 5)
Loans (Details 5) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | $ 5,348 | $ 7,205 |
Unpaid Principal Balance, With an allowance recorded | 2,958 | 4,014 |
Unpaid Principal Balance | 8,306 | 11,219 |
Recorded Investment, With no related allowance recorded | 4,425 | 6,090 |
Recorded Investment, With an allowance recorded | 2,939 | 3,992 |
Recorded Investment | 7,364 | 10,082 |
Allowance for Loan Losses Allocated | 151 | 497 |
Commercial | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | 349 | 834 |
Unpaid Principal Balance, With an allowance recorded | 78 | 81 |
Recorded Investment, With no related allowance recorded | 327 | 631 |
Recorded Investment, With an allowance recorded | 78 | 81 |
Allowance for Loan Losses Allocated | 5 | 5 |
Consumer | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | 157 | 214 |
Recorded Investment, With no related allowance recorded | 79 | 103 |
Commercial real estate, Owner occupied | Commercial real estate | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | 1,772 | 2,956 |
Unpaid Principal Balance, With an allowance recorded | 572 | 1,597 |
Recorded Investment, With no related allowance recorded | 1,253 | 2,436 |
Recorded Investment, With an allowance recorded | 570 | 1,595 |
Allowance for Loan Losses Allocated | 31 | 379 |
Commercial real estate, Non-owner occupied | Commercial real estate | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | 335 | 343 |
Unpaid Principal Balance, With an allowance recorded | 1,295 | 1,480 |
Recorded Investment, With no related allowance recorded | 334 | 342 |
Recorded Investment, With an allowance recorded | 1,295 | 1,480 |
Allowance for Loan Losses Allocated | 39 | 50 |
Residential real estate, 1-4 family residential | Residential real estate | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | 2,495 | 2,575 |
Unpaid Principal Balance, With an allowance recorded | 927 | 769 |
Recorded Investment, With no related allowance recorded | 2,207 | 2,310 |
Recorded Investment, With an allowance recorded | 910 | 749 |
Allowance for Loan Losses Allocated | 75 | 61 |
Residential real estate, Home equity lines of credit | Residential real estate | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance, With no related allowance recorded | 240 | 283 |
Unpaid Principal Balance, With an allowance recorded | 86 | 87 |
Recorded Investment, With no related allowance recorded | 225 | 268 |
Recorded Investment, With an allowance recorded | 86 | 87 |
Allowance for Loan Losses Allocated | $ 1 | $ 2 |
Loans (Details 6)
Loans (Details 6) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Financing Receivable Impaired [Line Items] | ||||
Average Recorded Investment, With no related allowance recorded | $ 4,493 | $ 5,479 | $ 5,198 | $ 5,552 |
Average Recorded Investment, With an allowance recorded | 3,318 | 5,654 | 3,645 | 5,167 |
Average Recorded Investment | 7,811 | 11,133 | 8,843 | 10,719 |
Interest Income Recognized, With no related allowance recorded | 72 | 86 | 135 | 152 |
Interest Income Recognized, With related allowance recorded | 41 | 57 | 80 | 112 |
Interest Income Recognized | 113 | 143 | 215 | 264 |
Commercial | ||||
Financing Receivable Impaired [Line Items] | ||||
Average Recorded Investment, With no related allowance recorded | 331 | 409 | 472 | 436 |
Average Recorded Investment, With an allowance recorded | 78 | 457 | 79 | 787 |
Interest Income Recognized, With no related allowance recorded | 5 | 5 | 10 | 11 |
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 | 86 | 81 | 101 | 86 |
Average Recorded Investment, With an allowance recorded | 0 | 0 | ||
Interest Income Recognized, With no related allowance recorded | 3 | 3 | 6 | 7 |
Interest Income Recognized, With related allowance recorded | 0 | 0 | ||
Commercial real estate, Owner occupied | Commercial real estate | ||||
Financing Receivable Impaired [Line Items] | ||||
Average Recorded Investment, With no related allowance recorded | 1,266 | 2,226 | 1,786 | 2,268 |
Average Recorded Investment, With an allowance recorded | 908 | 2,680 | 1,248 | 1,818 |
Interest Income Recognized, With no related allowance recorded | 28 | 29 | 38 | 45 |
Interest Income Recognized, With related allowance recorded | 9 | 24 | 18 | 48 |
Commercial real estate, Non-owner occupied | Commercial real estate | ||||
Financing Receivable Impaired [Line Items] | ||||
Average Recorded Investment, With no related allowance recorded | 334 | 380 | 335 | 383 |
Average Recorded Investment, With an allowance recorded | 1,401 | 1,520 | 1,435 | 1,528 |
Interest Income Recognized, With no related allowance recorded | 0 | 7 | 4 | 13 |
Interest Income Recognized, With related allowance recorded | 19 | 20 | 38 | 40 |
Residential real estate, 1-4 family residential | Residential real estate | ||||
Financing Receivable Impaired [Line Items] | ||||
Average Recorded Investment, With no related allowance recorded | 2,249 | 2,108 | 2,270 | 2,116 |
Average Recorded Investment, With an allowance recorded | 845 | 908 | 797 | 945 |
Interest Income Recognized, With no related allowance recorded | 33 | 38 | 71 | 69 |
Interest Income Recognized, With related allowance recorded | 11 | 11 | 20 | 20 |
Residential real estate, Home equity lines of credit | Residential real estate | ||||
Financing Receivable Impaired [Line Items] | ||||
Average Recorded Investment, With no related allowance recorded | 227 | 275 | 234 | 263 |
Average Recorded Investment, With an allowance recorded | 86 | 89 | 86 | 89 |
Interest Income Recognized, With no related allowance recorded | 3 | 4 | 6 | 7 |
Interest Income Recognized, With related allowance recorded | $ 1 | $ 1 | $ 2 | $ 2 |
Loans (Details 7)
Loans (Details 7) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | $ 6,862 | $ 9,058 |
Loans Past Due 90 Days or More Still Accruing | 1,498 | 1,387 |
Originated Loans | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 4,462 | 7,028 |
Loans Past Due 90 Days or More Still Accruing | 580 | 845 |
Originated Loans | Commercial | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 346 | 541 |
Loans Past Due 90 Days or More Still Accruing | 0 | 73 |
Originated Loans | Commercial real estate, Owner occupied | Commercial real estate | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 1,104 | 3,313 |
Loans Past Due 90 Days or More Still Accruing | 0 | 0 |
Originated Loans | Commercial real estate, Non-owner occupied | Commercial real estate | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 334 | 345 |
Loans Past Due 90 Days or More Still Accruing | 0 | 0 |
Originated Loans | Residential real estate, 1-4 family residential | Residential real estate | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 2,294 | 2,406 |
Loans Past Due 90 Days or More Still Accruing | 399 | 336 |
Originated Loans | Residential real estate, Home equity lines of credit | Residential real estate | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 172 | 127 |
Loans Past Due 90 Days or More Still Accruing | 13 | 112 |
Originated Loans | Consumer, Indirect | Consumer | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 200 | 266 |
Loans Past Due 90 Days or More Still Accruing | 49 | 297 |
Originated Loans | Consumer, Direct | Consumer | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 12 | 30 |
Loans Past Due 90 Days or More Still Accruing | 118 | 3 |
Originated Loans | Consumer, Other | Consumer | ||
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 | 1 | 24 |
Acquired Loans | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 2,400 | 2,030 |
Loans Past Due 90 Days or More Still Accruing | 918 | 542 |
Acquired Loans | Commercial | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 1,240 | 1,068 |
Loans Past Due 90 Days or More Still Accruing | 173 | 0 |
Acquired Loans | Commercial real estate, Owner occupied | Commercial real estate | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 492 | 126 |
Loans Past Due 90 Days or More Still Accruing | 232 | 18 |
Acquired Loans | Residential real estate, 1-4 family residential | Residential real estate | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 402 | 458 |
Loans Past Due 90 Days or More Still Accruing | 480 | 467 |
Acquired Loans | Residential real estate, Home equity lines of credit | Residential real estate | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 122 | 125 |
Loans Past Due 90 Days or More Still Accruing | 32 | 7 |
Acquired Loans | Consumer, Direct | Consumer | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 86 | 161 |
Loans Past Due 90 Days or More Still Accruing | 1 | 50 |
Acquired Loans | Commercial real estate, Other | Commercial real estate | ||
Schedule of investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ||
Nonaccrual | 58 | 92 |
Loans Past Due 90 Days or More Still Accruing | $ 0 | $ 0 |
Loans (Details 8)
Loans (Details 8) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of investment in past due loans | ||
Total Past Due | $ 19,731 | $ 19,574 |
Loans Not Past Due | 1,338,753 | 1,277,291 |
Loans | 1,358,484 | 1,296,865 |
Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 9,127 | 7,869 |
Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 2,244 | 1,260 |
Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 8,360 | 10,445 |
Commercial real estate | ||
Schedule of investment in past due loans | ||
Loans | 502,223 | 485,973 |
Commercial | ||
Schedule of investment in past due loans | ||
Loans | 240,672 | 230,748 |
Residential real estate | ||
Schedule of investment in past due loans | ||
Loans | 418,712 | 395,067 |
Consumer | ||
Schedule of investment in past due loans | ||
Loans | 196,877 | 185,077 |
Residential real estate, 1-4 family residential | Residential real estate | ||
Schedule of investment in past due loans | ||
Loans | 330,001 | 312,915 |
Residential real estate, Home equity lines of credit | Residential real estate | ||
Schedule of investment in past due loans | ||
Loans | 88,711 | 82,152 |
Consumer, Indirect | Consumer | ||
Schedule of investment in past due loans | ||
Loans | 143,870 | 131,427 |
Consumer, Direct | Consumer | ||
Schedule of investment in past due loans | ||
Loans | 47,410 | 48,938 |
Consumer, Other | Consumer | ||
Schedule of investment in past due loans | ||
Loans | 5,597 | 4,712 |
Originated Loans | ||
Schedule of investment in past due loans | ||
Total Past Due | 12,461 | 13,105 |
Loans Not Past Due | 924,863 | 820,586 |
Loans | 937,324 | 833,691 |
Originated Loans | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 5,983 | 4,285 |
Originated Loans | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 1,436 | 947 |
Originated Loans | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 5,042 | 7,873 |
Originated Loans | Commercial | ||
Schedule of investment in past due loans | ||
Total Past Due | 454 | 614 |
Loans Not Past Due | 179,141 | 156,513 |
Loans | 179,595 | 157,127 |
Originated Loans | Commercial | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 108 | 0 |
Originated Loans | Commercial | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | 0 |
Originated Loans | Commercial | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 346 | 614 |
Originated Loans | Commercial real estate, Owner occupied | Commercial real estate | ||
Schedule of investment in past due loans | ||
Total Past Due | 1,526 | 3,347 |
Loans Not Past Due | 125,673 | 109,532 |
Loans | 127,199 | 112,879 |
Originated Loans | Commercial real estate, Owner occupied | Commercial real estate | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 422 | 34 |
Originated Loans | Commercial real estate, Owner occupied | Commercial real estate | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | 0 |
Originated Loans | Commercial real estate, Owner occupied | Commercial real estate | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 1,104 | 3,313 |
Originated Loans | Commercial real estate, Non-owner occupied | Commercial real estate | ||
Schedule of investment in past due loans | ||
Total Past Due | 334 | 345 |
Loans Not Past Due | 146,247 | 138,824 |
Loans | 146,581 | 139,169 |
Originated Loans | Commercial real estate, Non-owner occupied | Commercial real estate | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | 0 |
Originated Loans | Commercial real estate, Non-owner occupied | Commercial real estate | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | 0 |
Originated Loans | Commercial real estate, Non-owner occupied | Commercial real estate | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 334 | 345 |
Originated Loans | Commercial real estate, Other | Commercial real estate | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | 112 |
Loans Not Past Due | 57,379 | 50,559 |
Loans | 57,379 | 50,671 |
Originated Loans | Commercial real estate, Other | Commercial real estate | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | 112 |
Originated Loans | Commercial real estate, Other | Commercial real estate | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | 0 |
Originated Loans | Commercial real estate, Other | Commercial real estate | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | 0 |
Originated Loans | Residential real estate, 1-4 family residential | Residential real estate | ||
Schedule of investment in past due loans | ||
Total Past Due | 6,457 | 4,838 |
Loans Not Past Due | 199,155 | 174,376 |
Loans | 205,612 | 179,214 |
Originated Loans | Residential real estate, 1-4 family residential | Residential real estate | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 2,857 | 1,694 |
Originated Loans | Residential real estate, 1-4 family residential | Residential real estate | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 907 | 402 |
Originated Loans | Residential real estate, 1-4 family residential | Residential real estate | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 2,693 | 2,742 |
Originated Loans | Residential real estate, Home equity lines of credit | Residential real estate | ||
Schedule of investment in past due loans | ||
Total Past Due | 447 | 306 |
Loans Not Past Due | 49,890 | 40,917 |
Loans | 50,337 | 41,223 |
Originated Loans | Residential real estate, Home equity lines of credit | Residential real estate | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 211 | 62 |
Originated Loans | Residential real estate, Home equity lines of credit | Residential real estate | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 51 | 5 |
Originated Loans | Residential real estate, Home equity lines of credit | Residential real estate | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 185 | 239 |
Originated Loans | Consumer, Indirect | Consumer | ||
Schedule of investment in past due loans | ||
Total Past Due | 2,736 | 3,147 |
Loans Not Past Due | 141,134 | 128,280 |
Loans | 143,870 | 131,427 |
Originated Loans | Consumer, Indirect | Consumer | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 2,070 | 2,059 |
Originated Loans | Consumer, Indirect | Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 417 | 525 |
Originated Loans | Consumer, Indirect | Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 249 | 563 |
Originated Loans | Consumer, Direct | Consumer | ||
Schedule of investment in past due loans | ||
Total Past Due | 470 | 349 |
Loans Not Past Due | 20,922 | 17,124 |
Loans | 21,392 | 17,473 |
Originated Loans | Consumer, Direct | Consumer | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 289 | 311 |
Originated Loans | Consumer, Direct | Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 51 | 5 |
Originated Loans | Consumer, Direct | Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 130 | 33 |
Originated Loans | Consumer, Other | Consumer | ||
Schedule of investment in past due loans | ||
Total Past Due | 37 | 47 |
Loans Not Past Due | 5,322 | 4,461 |
Loans | 5,359 | 4,508 |
Originated Loans | Consumer, Other | Consumer | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 26 | 13 |
Originated Loans | Consumer, Other | Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 10 | 10 |
Originated Loans | Consumer, Other | Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 1 | 24 |
Acquired Loans | ||
Schedule of investment in past due loans | ||
Total Past Due | 7,270 | 6,469 |
Loans Not Past Due | 413,890 | 456,705 |
Loans | 421,160 | 463,174 |
Acquired Loans | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 3,144 | 3,584 |
Acquired Loans | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 808 | 313 |
Acquired Loans | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 3,318 | 2,572 |
Acquired Loans | Commercial | ||
Schedule of investment in past due loans | ||
Total Past Due | 2,072 | 1,346 |
Loans Not Past Due | 59,005 | 72,275 |
Loans | 61,077 | 73,621 |
Acquired Loans | Commercial | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 559 | 276 |
Acquired Loans | Commercial | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 100 | 2 |
Acquired Loans | Commercial | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 1,413 | 1,068 |
Acquired Loans | Commercial real estate, Owner occupied | Commercial real estate | ||
Schedule of investment in past due loans | ||
Total Past Due | 1,266 | 813 |
Loans Not Past Due | 126,743 | 130,860 |
Loans | 128,009 | 131,673 |
Acquired Loans | Commercial real estate, Owner occupied | Commercial real estate | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 518 | 669 |
Acquired Loans | Commercial real estate, Owner occupied | Commercial real estate | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 24 | 0 |
Acquired Loans | Commercial real estate, Owner occupied | Commercial real estate | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 724 | 144 |
Acquired Loans | Commercial real estate, Non-owner occupied | Commercial real estate | ||
Schedule of investment in past due loans | ||
Total Past Due | 28 | 0 |
Loans Not Past Due | 25,485 | 28,045 |
Loans | 25,513 | 28,045 |
Acquired Loans | Commercial real estate, Non-owner occupied | Commercial real estate | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | 0 |
Acquired Loans | Commercial real estate, Non-owner occupied | Commercial real estate | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 28 | 0 |
Acquired Loans | Commercial real estate, Non-owner occupied | Commercial real estate | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | 0 |
Acquired Loans | Commercial real estate, Other | Commercial real estate | ||
Schedule of investment in past due loans | ||
Total Past Due | 58 | 92 |
Loans Not Past Due | 17,484 | 23,444 |
Loans | 17,542 | 23,536 |
Acquired Loans | Commercial real estate, Other | Commercial real estate | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | 0 |
Acquired Loans | Commercial real estate, Other | Commercial real estate | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | 0 |
Acquired Loans | Commercial real estate, Other | Commercial real estate | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 58 | 92 |
Acquired Loans | Commercial real estate, Other | Consumer | ||
Schedule of investment in past due loans | ||
Total Past Due | 1 | |
Loans Not Past Due | 237 | |
Loans | 238 | |
Acquired Loans | Commercial real estate, Other | Consumer | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | |
Acquired Loans | Commercial real estate, Other | Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 1 | |
Acquired Loans | Commercial real estate, Other | Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | |
Acquired Loans | Residential real estate, 1-4 family residential | Residential real estate | ||
Schedule of investment in past due loans | ||
Total Past Due | 2,823 | 3,163 |
Loans Not Past Due | 121,566 | 130,538 |
Loans | 124,389 | 133,701 |
Acquired Loans | Residential real estate, 1-4 family residential | Residential real estate | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 1,316 | 1,994 |
Acquired Loans | Residential real estate, 1-4 family residential | Residential real estate | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 625 | 244 |
Acquired Loans | Residential real estate, 1-4 family residential | Residential real estate | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 882 | 925 |
Acquired Loans | Residential real estate, Home equity lines of credit | Residential real estate | ||
Schedule of investment in past due loans | ||
Total Past Due | 168 | 221 |
Loans Not Past Due | 38,206 | 40,708 |
Loans | 38,374 | 40,929 |
Acquired Loans | Residential real estate, Home equity lines of credit | Residential real estate | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 4 | 78 |
Acquired Loans | Residential real estate, Home equity lines of credit | Residential real estate | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 10 | 11 |
Acquired Loans | Residential real estate, Home equity lines of credit | Residential real estate | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 154 | 132 |
Acquired Loans | Consumer, Indirect | Consumer | ||
Schedule of investment in past due loans | ||
Loans | 0 | 0 |
Acquired Loans | Consumer, Direct | Consumer | ||
Schedule of investment in past due loans | ||
Total Past Due | 854 | 834 |
Loans Not Past Due | 25,164 | 30,631 |
Loans | 26,018 | 31,465 |
Acquired Loans | Consumer, Direct | Consumer | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 747 | 567 |
Acquired Loans | Consumer, Direct | Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 20 | 56 |
Acquired Loans | Consumer, Direct | Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 87 | 211 |
Acquired Loans | Consumer, Other | Consumer | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | |
Loans Not Past Due | 204 | |
Loans | $ 238 | 204 |
Acquired Loans | Consumer, Other | Consumer | Financing Receivables, 30 to 59 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | |
Acquired Loans | Consumer, Other | Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | 0 | |
Acquired Loans | Consumer, Other | Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Schedule of investment in past due loans | ||
Total Past Due | $ 0 |
Troubled Debt Restructurings (D
Troubled Debt Restructurings (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($)Loans | Jun. 30, 2016USD ($)Loans | Jun. 30, 2015USD ($)Loans | Dec. 31, 2015USD ($) | |
Financing Receivable Modifications [Line Items] | |||||
Total troubled debt restructurings | $ 7,800,000 | $ 7,800,000 | $ 9,300,000 | ||
Specific reserves to customers | 151,000 | 151,000 | 497,000 | ||
Commitments to lend additional amounts to borrowers classified as troubled debt restructurings | 0 | 0 | 0 | ||
Provision for loan losses | 990,000 | $ 850,000 | $ 1,770,000 | $ 1,300,000 | |
Residential real estate, Home equity lines of credit | |||||
Financing Receivable Modifications [Line Items] | |||||
Troubled debt restructured loans with subsequent payment defaults | Loans | Loans | 1 | ||||
Residential real estate loan and home equity line of credit | |||||
Financing Receivable Modifications [Line Items] | |||||
Loans default payment past due period | 30 days | ||||
Commercial real estate | |||||
Financing Receivable Modifications [Line Items] | |||||
Provision for loan losses | 0 | ||||
Troubled debt restructured loans with subsequent payment defaults | Loans | Loans | 1 | 2 | 1 | ||
Residential real estate indirect | |||||
Financing Receivable Modifications [Line Items] | |||||
Troubled debt restructured loans with subsequent payment defaults | Loans | Loans | 1 | ||||
Troubled debt restructurings | |||||
Financing Receivable Modifications [Line Items] | |||||
Specific reserves to customers | 154,000 | $ 154,000 | $ 528,000 | ||
Allowance adjustment charge offs | 316,000 | $ 87,000 | 327,000 | $ 87,000 | |
Provision for loan losses | $ 0 | $ 62,000 | $ 11,000 | $ 62,000 | |
Contractual Interest Rate Reduction | |||||
Financing Receivable Modifications [Line Items] | |||||
Reduction of the notes stated interest rate | 1.24% | 1.24% | |||
Extended Maturity | |||||
Financing Receivable Modifications [Line Items] | |||||
Maturity period loans | 120 months | 9 months | |||
Troubled debt restructurings subsequent | Residential real estate loan and home equity line of credit | |||||
Financing Receivable Modifications [Line Items] | |||||
Provision for loan losses | $ 0 |
Troubled Debt Restructurings 63
Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($)Loan | Jun. 30, 2015USD ($)Loan | Jun. 30, 2016USD ($)Loan | Jun. 30, 2015USD ($)Loan | |
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Loan | 10 | 22 | 11 | |
Pre-Modification Outstanding Recorded Investment | $ 293 | $ 450 | $ 1,442 | |
Post-Modification Outstanding Recorded Investment | $ 293 | $ 451 | $ 1,442 | |
Residential real estate, 1-4 family residential | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Loan | 5 | |||
Pre-Modification Outstanding Recorded Investment | $ 547 | |||
Post-Modification Outstanding Recorded Investment | $ 547 | |||
Consumer, Indirect | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Loan | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 36 | |||
Post-Modification Outstanding Recorded Investment | $ 36 | |||
Commercial real estate, Owner occupied | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Loan | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 801 | |||
Post-Modification Outstanding Recorded Investment | $ 801 | |||
Commercial real estate, commercial | ||||
Financing Receivable Modifications [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 Modifications [Line Items] | ||||
Number of Loans | Loan | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 50 | |||
Post-Modification Outstanding Recorded Investment | $ 50 | |||
Originated Loans | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Loan | 8 | 4 | 19 | |
Pre-Modification Outstanding Recorded Investment | $ 225 | $ 994 | $ 349 | |
Post-Modification Outstanding Recorded Investment | $ 225 | $ 994 | $ 350 | |
Originated Loans | Residential real estate, 1-4 family residential | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Loan | 3 | 2 | 6 | |
Pre-Modification Outstanding Recorded Investment | $ 188 | $ 193 | $ 235 | |
Post-Modification Outstanding Recorded Investment | $ 188 | $ 193 | $ 236 | |
Originated Loans | Consumer, Indirect | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Loan | 5 | 13 | ||
Pre-Modification Outstanding Recorded Investment | $ 37 | $ 114 | ||
Post-Modification Outstanding Recorded Investment | $ 37 | $ 114 | ||
Originated Loans | Commercial real estate, Owner occupied | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Loan | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 801 | |||
Post-Modification Outstanding Recorded Investment | $ 801 | |||
Acquired Loans | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Loan | 3 | |||
Pre-Modification Outstanding Recorded Investment | $ 101 | |||
Post-Modification Outstanding Recorded Investment | $ 101 | |||
Acquired Loans | Consumer | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Loan | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 33 | |||
Post-Modification Outstanding Recorded Investment | $ 33 | |||
Acquired Loans | Residential real estate, 1-4 family residential | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Loan | 2 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 68 | $ 68 | ||
Post-Modification Outstanding Recorded Investment | $ 68 | $ 68 |
Credit Quality Indicators (Deta
Credit Quality Indicators (Details Textual) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment [Line Items] | ||
Minimum commercial loan and commercial real estate relationships | $ 750,000 | |
Residential real estate, 1-4 family residential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Other real estate owned properties | 430,000 | $ 328,000 |
Other real estate properties in foreclosure | $ 791,000 | $ 857,000 |
Credit Quality Indicators (De65
Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | $ 742,895 | $ 716,721 |
Originated Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 510,754 | 459,846 |
Originated Loans | Commercial real estate | Commercial real estate, Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 127,199 | 112,879 |
Originated Loans | Commercial real estate | Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 146,581 | 139,169 |
Originated Loans | Commercial real estate | Commercial real estate, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 57,379 | 50,671 |
Originated Loans | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 179,595 | 157,127 |
Acquired Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 232,141 | 256,875 |
Acquired Loans | Commercial real estate | Commercial real estate, Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 128,009 | 131,673 |
Acquired Loans | Commercial real estate | Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 25,514 | 28,045 |
Acquired Loans | Commercial real estate | Commercial real estate, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 17,541 | 23,536 |
Acquired Loans | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 61,077 | 73,621 |
Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 723,602 | 696,346 |
Pass | Originated Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 501,462 | 447,660 |
Pass | Originated Loans | Commercial real estate | Commercial real estate, Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 123,284 | 107,222 |
Pass | Originated Loans | Commercial real estate | Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 143,516 | 135,847 |
Pass | Originated Loans | Commercial real estate | Commercial real estate, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 57,094 | 50,376 |
Pass | Originated Loans | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 177,568 | 154,215 |
Pass | Acquired Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 222,140 | 248,686 |
Pass | Acquired Loans | Commercial real estate | Commercial real estate, Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 124,728 | 130,028 |
Pass | Acquired Loans | Commercial real estate | Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 24,324 | 26,141 |
Pass | Acquired Loans | Commercial real estate | Commercial real estate, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 16,888 | 22,843 |
Pass | Acquired Loans | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 56,200 | 69,674 |
Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 5,792 | 4,920 |
Special Mention | Originated Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 2,653 | 2,469 |
Special Mention | Originated Loans | Commercial real estate | Commercial real estate, Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 1,456 | 1,069 |
Special Mention | Originated Loans | Commercial real estate | Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 553 | 461 |
Special Mention | Originated Loans | Commercial real estate | Commercial real estate, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 0 |
Special Mention | Originated Loans | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 644 | 939 |
Special Mention | Acquired Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 3,139 | 2,451 |
Special Mention | Acquired Loans | Commercial real estate | Commercial real estate, Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 231 | 0 |
Special Mention | Acquired Loans | Commercial real estate | Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 1,162 | 1,340 |
Special Mention | Acquired Loans | Commercial real estate | Commercial real estate, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 474 | 476 |
Special Mention | Acquired Loans | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 1,272 | 635 |
Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 13,501 | 15,455 |
Substandard | Originated Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 6,639 | 9,717 |
Substandard | Originated Loans | Commercial real estate | Commercial real estate, Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 2,459 | 4,588 |
Substandard | Originated Loans | Commercial real estate | Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 2,512 | 2,861 |
Substandard | Originated Loans | Commercial real estate | Commercial real estate, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 285 | 295 |
Substandard | Originated Loans | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 1,383 | 1,973 |
Substandard | Acquired Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 6,862 | 5,738 |
Substandard | Acquired Loans | Commercial real estate | Commercial real estate, Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 3,050 | 1,645 |
Substandard | Acquired Loans | Commercial real estate | Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 28 | 564 |
Substandard | Acquired Loans | Commercial real estate | Commercial real estate, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 179 | 217 |
Substandard | Acquired Loans | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 3,605 | 3,312 |
Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Originated Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Originated Loans | Commercial real estate | Commercial real estate, Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Originated Loans | Commercial real estate | Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Originated Loans | Commercial real estate | Commercial real estate, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Originated Loans | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Acquired Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Acquired Loans | Commercial real estate | Commercial real estate, Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Acquired Loans | Commercial real estate | Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Acquired Loans | Commercial real estate | Commercial real estate, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 0 |
Doubtful | Acquired Loans | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | $ 0 | $ 0 |
Credit Quality Indicators (De66
Credit Quality Indicators (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 1,358,484 | $ 1,296,865 |
Residential real estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 418,712 | 395,067 |
Residential real estate | Residential real estate, 1-4 family residential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 330,001 | 312,915 |
Residential real estate | Residential real estate, Home equity lines of credit | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 88,711 | 82,152 |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 196,877 | 185,077 |
Consumer | Consumer, Indirect | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 143,870 | 131,427 |
Consumer | Consumer, Direct | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 47,410 | 48,938 |
Consumer | Consumer, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 5,597 | 4,712 |
Originated Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 937,324 | 833,691 |
Originated Loans | Residential real estate | Residential real estate, 1-4 family residential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 205,612 | 179,214 |
Originated Loans | Residential real estate | Residential real estate, 1-4 family residential | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 202,919 | 176,472 |
Originated Loans | Residential real estate | Residential real estate, 1-4 family residential | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 2,693 | 2,742 |
Originated Loans | Residential real estate | Residential real estate, Home equity lines of credit | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 50,337 | 41,223 |
Originated Loans | Residential real estate | Residential real estate, Home equity lines of credit | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 50,152 | 40,984 |
Originated Loans | Residential real estate | Residential real estate, Home equity lines of credit | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 185 | 239 |
Originated Loans | Consumer | Consumer, Indirect | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 143,870 | 131,427 |
Originated Loans | Consumer | Consumer, Indirect | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 143,621 | 130,864 |
Originated Loans | Consumer | Consumer, Indirect | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 249 | 563 |
Originated Loans | Consumer | Consumer, Direct | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 21,392 | 17,473 |
Originated Loans | Consumer | Consumer, Direct | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 21,262 | 17,440 |
Originated Loans | Consumer | Consumer, Direct | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 130 | 33 |
Originated Loans | Consumer | Consumer, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 5,359 | 4,508 |
Originated Loans | Consumer | Consumer, Other | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 5,358 | 4,484 |
Originated Loans | Consumer | Consumer, Other | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1 | 24 |
Acquired Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 421,160 | 463,174 |
Acquired Loans | Residential real estate | Residential real estate, 1-4 family residential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 124,389 | 133,701 |
Acquired Loans | Residential real estate | Residential real estate, 1-4 family residential | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 123,507 | 132,776 |
Acquired Loans | Residential real estate | Residential real estate, 1-4 family residential | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 882 | 925 |
Acquired Loans | Residential real estate | Residential real estate, Home equity lines of credit | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 38,374 | 40,929 |
Acquired Loans | Residential real estate | Residential real estate, Home equity lines of credit | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 38,220 | 40,797 |
Acquired Loans | Residential real estate | Residential real estate, Home equity lines of credit | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 154 | 132 |
Acquired Loans | Consumer | Consumer, Indirect | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Acquired Loans | Consumer | Consumer, Indirect | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 26,018 | 0 |
Acquired Loans | Consumer | Consumer, Indirect | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Acquired Loans | Consumer | Consumer, Direct | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 26,018 | 31,465 |
Acquired Loans | Consumer | Consumer, Direct | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 25,931 | 31,254 |
Acquired Loans | Consumer | Consumer, Direct | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 87 | 211 |
Acquired Loans | Consumer | Consumer, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 238 | 204 |
Acquired Loans | Consumer | Consumer, Other | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 238 | 204 |
Acquired Loans | Consumer | Consumer, Other | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 0 | $ 0 |
Interest-Rate Swaps (Details Te
Interest-Rate Swaps (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Basic EPS | ||||
Net income | $ 5,020 | $ 812 | $ 9,818 | $ 3,023 |
Weighted average shares outstanding | 27,086,422 | 19,394,342 | 27,056,056 | 18,913,772 |
Basic earnings per share | $ 0.19 | $ 0.04 | $ 0.36 | $ 0.16 |
Diluted EPS | ||||
Net income | $ 5,020 | $ 812 | $ 9,818 | $ 3,023 |
Weighted average shares outstanding | 27,086,422 | 19,394,342 | 27,056,056 | 18,913,772 |
Dilutive effect of restricted stock awards | 18,110 | 3,524 | 14,258 | 2,577 |
Weighted average shares for diluted earnings per share | 27,104,532 | 19,397,866 | 27,070,314 | 18,916,349 |
Diluted earnings per share | $ 0.19 | $ 0.04 | $ 0.36 | $ 0.16 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restricted Stock Awards | ||||
Earnings Per Share Basic [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share | 0 | 0 | 0 | 0 |
Stock Based Compensation (Det70
Stock Based Compensation (Details Textual) - Restricted Stock Awards - 2012 Incentive Plan - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Maximum shares available under equity incentive plan | 500,000 | ||||
Shares awarded under equity incentive plan | 0 | 0 | 62,242 | 85,918 | |
Stock based compensation expense | $ 201 | $ 62 | $ 401 | $ 116 | |
Unrecognized compensation expense | $ 1,800 | $ 1,800 | |||
Compensation cost not yet recognized, period for recognition | 2 years 6 months |
Regulatory Capital Matters (Det
Regulatory Capital Matters (Details Textual) | Jun. 30, 2016 | Dec. 31, 2015 |
Regulatory Matters (Additional Textual) [Abstract] | ||
Common equity tier 1 capital to risk-weighted assets, capital conservation buffer ratio | 2.50% | |
Tier 1 capital to risk-weighted assets, capital conservation buffer ratio | 2.50% | |
Total capital to risk-weighted assets, capital conservation buffer ratio | 2.50% | |
Minimum ratio of common equity tier 1 capital to risk-weighted assets | 4.50% | 4.50% |
Minimum ratio of tier 1 capital to risk-weighted assets | 6.00% | 6.00% |
Minimum ratio of total capital to risk-weighted assets | 8.00% | 8.00% |
Minimum leverage ratio | 4.00% | 4.00% |
Farmers National Banc Corp | ||
Regulatory Matters (Additional Textual) [Abstract] | ||
Minimum ratio of common equity tier 1 capital to risk-weighted assets | 4.50% | 4.50% |
Minimum ratio of tier 1 capital to risk-weighted assets | 6.00% | 6.00% |
Minimum ratio of total capital to risk-weighted assets | 8.00% | 8.00% |
Minimum leverage ratio | 4.00% | 4.00% |
Regulatory Capital Matters (D72
Regulatory Capital Matters (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Common equity tier 1 capital ratio | ||
Actual, Amount | $ 171,914 | $ 165,451 |
Actual, Ratio | 11.61% | 11.59% |
Requirement for Capital Adequacy Purposes, Amount | $ 66,639 | $ 64,245 |
Requirement for Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Total risk based capital ratio | ||
Actual, Amount | $ 183,822 | $ 176,571 |
Actual, Ratio | 12.41% | 12.37% |
Requirement for Capital Adequacy Purposes, Amount | $ 118,469 | $ 114,214 |
Requirement for Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 risk based capital ratio | ||
Actual, Amount | $ 174,050 | $ 167,550 |
Actual, Ratio | 11.75% | 11.74% |
Requirement for Capital Adequacy Purposes, Amount | $ 88,851 | $ 85,660 |
Requirement for Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 leverage ratio | ||
Actual, Amount | $ 174,050 | $ 167,550 |
Actual, Ratio | 9.37% | 9.21% |
Requirement for Capital Adequacy Purposes, Amount | $ 74,296 | $ 72,803 |
Requirement for Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Farmers National Banc Corp | ||
Common equity tier 1 capital ratio | ||
Actual, Amount | $ 163,392 | $ 157,396 |
Actual, Ratio | 11.06% | 11.08% |
Requirement for Capital Adequacy Purposes, Amount | $ 66,473 | $ 63,938 |
Requirement for Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 96,017 | $ 92,354 |
To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Total risk based capital ratio | ||
Actual, Amount | $ 173,112 | $ 166,374 |
Actual, Ratio | 11.72% | 11.71% |
Requirement for Capital Adequacy Purposes, Amount | $ 118,175 | $ 113,667 |
Requirement for Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 147,719 | $ 142,084 |
To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 risk based capital ratio | ||
Actual, Amount | $ 163,392 | $ 157,396 |
Actual, Ratio | 11.06% | 11.08% |
Requirement for Capital Adequacy Purposes, Amount | $ 88,631 | $ 85,250 |
Requirement for Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 118,175 | $ 113,667 |
To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier 1 leverage ratio | ||
Actual, Amount | $ 163,392 | $ 157,396 |
Actual, Ratio | 8.85% | 8.65% |
Requirement for Capital Adequacy Purposes, Amount | $ 73,840 | $ 72,770 |
Requirement for Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 92,300 | $ 90,963 |
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, 2016 | Dec. 31, 2015 |
Financial Assets | ||
Securities available for sale | $ 378,432 | $ 394,312 |
Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 378,432 | 394,312 |
Yield maintenance provisions | 1,901 | 789 |
Corporate bonds | ||
Financial Assets | ||
Securities available for sale | 1,260 | 1,134 |
Corporate bonds | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 1,260 | 1,134 |
Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 23,263 | 27,165 |
Small Business Administration | ||
Financial Assets | ||
Securities available for sale | 18,571 | 19,299 |
Small Business Administration | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 18,571 | 19,299 |
U.S. Treasury and U.S. government sponsored entities | ||
Financial Assets | ||
Securities available for sale | 6,433 | 11,106 |
U.S. Treasury and U.S. government sponsored entities | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 6,433 | 11,106 |
State and political subdivisions | ||
Financial Assets | ||
Securities available for sale | 143,709 | 138,723 |
State and political subdivisions | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 143,709 | 138,723 |
Mortgage-backed securities - residential | ||
Financial Assets | ||
Securities available for sale | 184,942 | 196,587 |
Mortgage-backed securities - residential | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 184,942 | 196,587 |
Equity securities | ||
Financial Assets | ||
Securities available for sale | 254 | 298 |
Equity securities | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 254 | 298 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 254 | 298 |
Yield maintenance provisions | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Small Business Administration | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
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 | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | State and political subdivisions | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities - residential | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 254 | 298 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 376,358 | 393,999 |
Yield maintenance provisions | 1,901 | 789 |
Significant Other Observable Inputs (Level 2) | Corporate bonds | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 1,260 | 1,134 |
Significant Other Observable Inputs (Level 2) | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 23,263 | 27,165 |
Significant Other Observable Inputs (Level 2) | Small Business Administration | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 18,571 | 19,299 |
Significant Other Observable Inputs (Level 2) | U.S. Treasury and U.S. government sponsored entities | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 6,433 | 11,106 |
Significant Other Observable Inputs (Level 2) | State and political subdivisions | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 141,903 | 138,723 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities - residential | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 184,928 | 196,572 |
Significant Other Observable Inputs (Level 2) | Equity securities | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 1,820 | 15 |
Yield maintenance provisions | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate bonds | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Small Business Administration | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. Treasury and U.S. government sponsored entities | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | State and political subdivisions | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 1,806 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed securities - residential | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 14 | 15 |
Significant Unobservable Inputs (Level 3) | Equity securities | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Interest rate swaps | Fair Value, Measurements, Recurring | ||
Financial Liabilities | ||
Derivative liabilities | 1,901 | 789 |
Interest rate swaps | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Financial Liabilities | ||
Derivative liabilities | 0 | 0 |
Interest rate swaps | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Financial Liabilities | ||
Derivative liabilities | 1,901 | 789 |
Interest rate swaps | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Financial Liabilities | ||
Derivative liabilities | $ 0 | $ 0 |
Fair Value (Details Textual)
Fair Value (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value assets liabilities transfers amount between level 1 and level 2 | $ 0 | $ 0 | $ 0 | $ 0 | |
Impaired loans, unpaid principal balance with allowance recorded | 2,958,000 | 2,958,000 | $ 4,014,000 | ||
Impaired loans, allowance | 151,000 | 151,000 | 497,000 | ||
Provision for loan losses | 990,000 | 850,000 | 1,770,000 | 1,300,000 | |
Troubled debt restructurings | 7,800,000 | $ 7,800,000 | 9,300,000 | ||
Maximum maturity period of short term borrowings | 90 days | ||||
Measured Using Present Value of Cash Flows | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Troubled debt restructurings | 2,800,000 | $ 2,800,000 | 2,900,000 | ||
Collateral Dependent Impaired Loans | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impaired loans, unpaid principal balance with allowance recorded | 138,000 | 138,000 | 3,400,000 | ||
Impaired loans, allowance | 14,000 | 14,000 | $ 383,000 | ||
Provision for loan losses | $ 0 | $ 209,000 | $ 0 | $ 209,000 |
Fair Value (Details 1)
Fair Value (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs | ||||
Beginning Balance | $ 14 | $ 10 | $ 15 | $ 10 |
Total unrealized gains or losses: | ||||
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Transfers from level 2 | 1,806 | 0 | 1,806 | 0 |
Repayments | 0 | 0 | (1) | 0 |
Acquired and/or purchased | 0 | 6 | 0 | 6 |
Ending Balance | $ 1,820 | $ 16 | $ 1,820 | $ 16 |
Fair Value (Details 2)
Fair Value (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | $ 7,364 | $ 10,082 |
Commercial real estate, Owner occupied | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 31 | 1,448 |
Commercial real estate, Owner occupied | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | 0 |
Commercial real estate, Owner occupied | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | 0 |
Commercial real estate, Owner occupied | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 31 | 1,448 |
Residential Real Estate | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 93 | 42 |
Residential Real Estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | 0 |
Residential Real Estate | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | 0 |
Residential Real Estate | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | $ 93 | 42 |
Commercial | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 1,514 | |
Commercial | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | |
Commercial | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | |
Commercial | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 1,514 | |
Consumer | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 13 | |
Consumer | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | |
Consumer | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | |
Consumer | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | $ 13 |
Fair Value (Details 3)
Fair Value (Details 3) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Fair value measurements for financial instruments | ||
Recorded Investment | $ 7,364 | $ 10,082 |
Fair Value, Measurements, Nonrecurring | Residential Real Estate | ||
Fair value measurements for financial instruments | ||
Recorded Investment | $ 93 | 42 |
Fair Value, Measurements, Nonrecurring | Commercial | ||
Fair value measurements for financial instruments | ||
Recorded Investment | 1,514 | |
Fair Value, Measurements, Nonrecurring | Consumer | ||
Fair value measurements for financial instruments | ||
Recorded Investment | 13 | |
Fair Value, Measurements, Nonrecurring | Sales Comparison Valuation | Weighted Average | Commercial real estate loan | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (24.02%) | |
Fair Value, Measurements, Nonrecurring | Sales Comparison Valuation | Commercial real estate | ||
Fair value measurements for financial instruments | ||
Recorded Investment | $ 31 | |
Fair Value Measurements Valuation Technique(s) Description | Sales Comparison | |
Fair Value, Measurements, Nonrecurring | Sales Comparison Valuation | Residential Real Estate | ||
Fair value measurements for financial instruments | ||
Recorded Investment | $ 93 | $ 42 |
Fair Value Measurements Valuation Technique(s) Description | Sales comparison | Sales comparison |
Fair Value, Measurements, Nonrecurring | Sales Comparison Valuation | Residential Real Estate | Minimum | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (12.97%) | (18.32%) |
Fair Value, Measurements, Nonrecurring | Sales Comparison Valuation | Residential Real Estate | Maximum | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 14.22% | 24.16% |
Fair Value, Measurements, Nonrecurring | Sales Comparison Valuation | Residential Real Estate | Weighted Average | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 0.60% | (14.02%) |
Fair Value, Measurements, Nonrecurring | Sales Comparison Valuation | Consumer | ||
Fair value measurements for financial instruments | ||
Recorded Investment | $ 13 | |
Fair Value Measurements Valuation Technique(s) Description | Sales comparison | |
Fair Value, Measurements, Nonrecurring | Sales Comparison Valuation | Consumer | Minimum | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (12.86%) | |
Fair Value, Measurements, Nonrecurring | Sales Comparison Valuation | Consumer | Maximum | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 11.97% | |
Fair Value, Measurements, Nonrecurring | Sales Comparison Valuation | Consumer | Weighted Average | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (5.79%) | |
Fair Value, Measurements, Nonrecurring | Income Approach Valuation | Commercial real estate | ||
Fair value measurements for financial instruments | ||
Recorded Investment | $ 701 | |
Fair Value Measurements Valuation Technique(s) Description | Income approach | |
Fair Value, Measurements, Nonrecurring | Income Approach Valuation | Commercial real estate | Minimum | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (49.42%) | |
Fair Value, Measurements, Nonrecurring | Income Approach Valuation | Commercial real estate | Maximum | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 40.89% | |
Fair Value, Measurements, Nonrecurring | Income Approach Valuation | Commercial real estate | Weighted Average | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 35.33% | |
Fair Value, Measurements, Nonrecurring | Income Approach Valuation | Commercial | ||
Fair value measurements for financial instruments | ||
Recorded Investment | $ 1,262 | |
Fair Value Measurements Valuation Technique(s) Description | Income approach | |
Fair Value, Measurements, Nonrecurring | Income Approach Valuation | Commercial | Weighted Average | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (29.77%) | |
Fair Value, Measurements, Nonrecurring | Quoted price for loan relationship | Commercial real estate | ||
Fair value measurements for financial instruments | ||
Recorded Investment | $ 747 | |
Fair Value Measurements Valuation Technique(s) Description | Quoted price for loan relationship | |
Fair Value, Measurements, Nonrecurring | Quoted price for loan relationship | Commercial real estate | Weighted Average | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 1.01% | |
Fair Value, Measurements, Nonrecurring | Quoted price for loan relationship | Commercial | ||
Fair value measurements for financial instruments | ||
Recorded Investment | $ 252 | |
Fair Value Measurements Valuation Technique(s) Description | Quoted price for loan relationship | |
Fair Value, Measurements, Nonrecurring | Quoted price for loan relationship | Commercial | Weighted Average | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (3.01%) |
Fair Value (Details 4)
Fair Value (Details 4) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Financial assets | ||||
Cash and cash equivalents, Carrying Amount | $ 62,184 | $ 56,014 | $ 37,028 | $ 27,428 |
Restricted stock, Carrying Amount | 9,543 | 9,384 | ||
Loans held for sale, Carrying Amount | 1,737 | 1,769 | ||
Loans, net, Carrying Amount | 1,348,764 | 1,287,887 | ||
Mortgage servicing rights, Carrying Amount | 553 | 453 | ||
Accrued interest receivable, Carrying Amount | 4,705 | 5,158 | ||
Financial liabilities | ||||
Deposits, Carrying Amount | 1,447,442 | 1,409,047 | ||
Short-term borrowings, Carrying Amount | 228,176 | 225,832 | ||
Long-term borrowings | 19,758 | 22,153 | ||
Accrued interest payable, Carrying Amount | 505 | 445 | ||
Fair Value, Measurements, Recurring | ||||
Financial assets | ||||
Cash and cash equivalents, Fair Value | 62,184 | 56,014 | ||
Loans held for sale, Fair Value | 1,785 | 1,813 | ||
Loans, net, Fair Value | 1,359,864 | 1,296,075 | ||
Mortgage servicing rights, Fair Value | 553 | 453 | ||
Accrued interest receivable, Fair Value | 4,705 | 5,158 | ||
Financial liabilities | ||||
Deposits, Fair Value | 1,448,116 | 1,406,415 | ||
Short-term borrowings, Fair Value | 228,176 | 225,832 | ||
Long-term borrowings, Fair Value | 20,013 | 22,306 | ||
Accrued interest payable, Fair value | 505 | 445 | ||
Fair Value, Measurements, Recurring | Level 1 | ||||
Financial assets | ||||
Cash and cash equivalents, Fair Value | 20,399 | 22,500 | ||
Loans held for sale, Fair Value | 0 | 0 | ||
Loans, net, Fair Value | 0 | 0 | ||
Mortgage servicing rights, Fair Value | 0 | 0 | ||
Accrued interest receivable, Fair Value | 0 | 0 | ||
Financial liabilities | ||||
Deposits, Fair Value | 1,194,871 | 1,164,506 | ||
Short-term borrowings, Fair Value | 0 | 0 | ||
Long-term borrowings, Fair Value | 0 | 0 | ||
Accrued interest payable, Fair value | 27 | 26 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Financial assets | ||||
Cash and cash equivalents, Fair Value | 41,785 | 33,514 | ||
Loans held for sale, Fair Value | 1,785 | 1,813 | ||
Loans, net, Fair Value | 0 | 0 | ||
Mortgage servicing rights, Fair Value | 553 | 453 | ||
Accrued interest receivable, Fair Value | 1,374 | 2,011 | ||
Financial liabilities | ||||
Deposits, Fair Value | 253,245 | 241,909 | ||
Short-term borrowings, Fair Value | 228,176 | 225,832 | ||
Long-term borrowings, Fair Value | 20,013 | 22,306 | ||
Accrued interest payable, Fair value | 478 | 419 | ||
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 | 1,359,864 | 1,296,075 | ||
Mortgage servicing rights, Fair Value | 0 | 0 | ||
Accrued interest receivable, Fair Value | 3,331 | 3,147 | ||
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 |
Goodwill and Intangible Asset79
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||||
Goodwill associated with the Company's purchase of National Associates, Inc. and Farmers Trust Company | $ 36,939 | $ 36,939 | $ 35,090 | ||
Aggregate amortization expense | $ 335 | $ 167 | $ 672 | $ 334 |
Goodwill and Intangible Asset80
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Acquired intangible assets | ||
Gross Carrying Amount | $ 13,742 | $ 12,112 |
Accumulated Amortization | (4,963) | (4,291) |
Customer Relationships | ||
Acquired intangible assets | ||
Gross Carrying Amount | 7,210 | 5,970 |
Accumulated Amortization | (3,875) | (3,585) |
Non-compete contracts | ||
Acquired intangible assets | ||
Gross Carrying Amount | 430 | 370 |
Accumulated Amortization | (340) | (325) |
Trade name | ||
Acquired intangible assets | ||
Gross Carrying Amount | 520 | 190 |
Accumulated Amortization | (76) | (65) |
Core Deposits | ||
Acquired intangible assets | ||
Gross Carrying Amount | 5,582 | 5,582 |
Accumulated Amortization | $ (672) | $ (316) |
Goodwill and Intangible Asset81
Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2016 (Six months) | $ 793 | |
2,017 | 1,467 | |
2,018 | 1,341 | |
2,019 | 1,231 | |
2,020 | 1,127 | |
Thereafter | 2,820 | |
TOTAL | $ 8,779 | $ 7,821 |
Short-term borrowings (Details
Short-term borrowings (Details Textual) | Jun. 30, 2016USD ($)Institution |
Short Term Debt [Line Items] | |
Short-term Federal Home Loan Banks advances | $ 145,000,000 |
Fed funds purchased | 0 |
Business line of credit | $ 350,000 |
Number of lending institutions | Institution | 1 |
Weighted Average | |
Short Term Debt [Line Items] | |
Weighted average interest rate | 0.47% |
Short-term borrowings (Details)
Short-term borrowings (Details) - Repurchase agreement - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Sale of repurchase agreement [Line items] | ||
Total repurchase agreements | $ 82,826 | $ 75,482 |
U.S. Treasury and U.S. government sponsored entities | ||
Sale of repurchase agreement [Line items] | ||
Total repurchase agreements | 7,637 | 5,276 |
State and political subdivisions | ||
Sale of repurchase agreement [Line items] | ||
Total repurchase agreements | 6,048 | 2,640 |
Mortgage-backed securities - residential | ||
Sale of repurchase agreement [Line items] | ||
Total repurchase agreements | 61,499 | 60,391 |
Collateralized mortgage obligations - residential | ||
Sale of repurchase agreement [Line items] | ||
Total repurchase agreements | $ 7,642 | $ 7,175 |