Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FIRST MERCHANTS CORP | |
Entity Central Index Key | 712,534 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FRME | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 37,874,522 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 84,677 | $ 118,616 |
Interest-bearing time deposits | 27,111 | 47,520 |
Investment securities available for sale | 597,839 | 549,543 |
Investment securities held to maturity (fair value of $627,848 and $647,723) | 610,954 | 631,088 |
Loans held for sale | 1,943 | 7,235 |
Loans, net of allowance for loan losses of $62,861 and $63,964 | 4,258,854 | 3,860,901 |
Premises and equipment | 83,457 | 77,691 |
Federal Reserve and Federal Home Loan Bank stock | 34,498 | 41,353 |
Interest receivable | 22,048 | 19,984 |
Core deposit intangibles | 14,127 | 16,031 |
Goodwill | 205,376 | 202,724 |
Cash surrender value of life insurance | 171,530 | 169,424 |
Other real estate owned | 14,809 | 19,293 |
Tax asset, deferred and receivable | 38,339 | 41,960 |
Other assets | 24,235 | 20,764 |
TOTAL ASSETS | 6,189,797 | 5,824,127 |
Deposits: | ||
Noninterest-bearing | 1,110,905 | 1,070,859 |
Interest-bearing | 3,703,684 | 3,569,835 |
Total Deposits | 4,814,589 | 4,640,694 |
Borrowings: | ||
Federal funds purchased | 52,896 | 15,381 |
Securities sold under repurchase agreements | 153,822 | 124,539 |
Federal Home Loan Bank advances | 237,856 | 145,264 |
Subordinated debentures and term loans | 121,936 | 126,810 |
Total Borrowings | 566,510 | 411,994 |
Interest payable | 3,710 | 3,201 |
Other liabilities | 38,004 | 41,411 |
Total Liabilities | $ 5,422,813 | $ 5,097,300 |
COMMITMENTS AND CONTINGENT LIABILITIES | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock, $1,000 par value, $1,000 liquidation value: Authorized - 600 shares Issued and outstanding - 125 shares | $ 125 | $ 125 |
Common Stock, $.125 stated value: Authorized - 50,000,000 shares Issued and outstanding - 37,873,921 and 37,669,948 shares | 4,734 | 4,709 |
Additional paid-in capital | 433,577 | 431,220 |
Retained earnings | 332,162 | 292,403 |
Accumulated other comprehensive loss | (3,614) | (1,630) |
Total Stockholders' Equity | 766,984 | 726,827 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 6,189,797 | $ 5,824,127 |
CONSOLIDATED CONDENSED BALANCE3
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity - fair value | $ 627,848 | $ 647,723 |
Loans - allowance for loan losses | $ 62,861 | $ 63,964 |
Common Stock, stated value (in dollars per share) | $ 0.125 | $ 0.125 |
Common Stock, Authorized (in shares) | 50,000,000 | 50,000,000 |
Common Stock, Issued (in shares) | 37,873,921 | 37,669,948 |
Common Stock, Outstanding (in shares) | 37,873,921 | 37,669,948 |
Preferred Stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred Stock, liquidation value per share (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred Stock, Authorized (in shares) | 600 | 600 |
Preferred Stock, Issued (in shares) | 125 | 125 |
Preferred Stock, Outstanding (in shares) | 125 | 125 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Loans receivable: | ||||
Taxable | $ 46,037 | $ 43,981 | $ 134,908 | $ 128,329 |
Tax exempt | 1,190 | 61 | 2,174 | 180 |
Investment securities: | ||||
Taxable | 4,374 | 5,046 | 13,522 | 14,902 |
Tax exempt | 4,412 | 3,683 | 12,478 | 10,691 |
Deposits with financial institutions | 25 | 18 | 93 | 76 |
Federal Reserve and Federal Home Loan Bank stock | 500 | 501 | 1,509 | 1,648 |
Total Interest Income | 56,538 | 53,290 | 164,684 | 155,826 |
INTEREST EXPENSE | ||||
Deposits | 3,715 | 2,853 | 10,917 | 8,276 |
Federal funds purchased | 27 | 102 | 69 | 174 |
Securities sold under repurchase agreements | 96 | 74 | 264 | 457 |
Federal Home Loan Bank advances | 711 | 734 | 2,108 | 2,092 |
Subordinated debentures and term loans | 1,666 | 1,661 | 4,996 | 4,950 |
Total Interest Expense | 6,215 | 5,424 | 18,354 | 15,949 |
NET INTEREST INCOME | $ 50,323 | 47,866 | 146,330 | 139,877 |
Provision for loan losses | 1,600 | 417 | 1,600 | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $ 50,323 | 46,266 | 145,913 | 138,277 |
OTHER INCOME | ||||
Service charges on deposit accounts | 4,445 | 4,119 | 12,083 | 11,768 |
Fiduciary activities | 2,242 | 2,152 | 7,058 | 6,724 |
Other customer fees | 4,156 | 3,991 | 12,425 | 11,773 |
Commission income | 4 | 1,723 | 4,147 | 5,877 |
Earnings on cash surrender value of life insurance | 710 | 1,524 | 2,097 | 2,925 |
Net gains and fees on sales of loans | 1,905 | 1,458 | 5,175 | 3,340 |
Net realized gains on sales of available for sale securities | $ 1,115 | $ 910 | 2,047 | $ 2,335 |
Gain on sale of insurance subsidiary | 8,265 | |||
Other income | $ 2,322 | $ 2,535 | 4,467 | $ 5,283 |
Total Other Income | 16,899 | 18,412 | 57,764 | 50,025 |
OTHER EXPENSES | ||||
Salaries and employee benefits | 25,137 | 24,173 | 76,112 | 72,904 |
Net occupancy | 3,726 | 3,401 | 11,019 | 10,543 |
Equipment | 2,698 | 2,187 | 8,104 | 7,022 |
Marketing | 847 | 1,070 | 2,578 | 2,628 |
Outside data processing fees | 1,992 | 1,853 | 5,477 | 5,723 |
Printing and office supplies | 343 | 350 | 1,010 | 1,201 |
Core deposit amortization | 693 | 592 | 2,143 | 1,776 |
FDIC assessments | 958 | 920 | 2,716 | 2,843 |
Other real estate owned and foreclosure expenses | 1,835 | 2,618 | 4,436 | 6,988 |
Professional and other outside services | 1,686 | 1,573 | 6,311 | 4,483 |
Other expenses | 3,683 | 3,839 | 11,317 | 10,804 |
Total Other Expenses | 43,598 | 42,576 | 131,223 | 126,915 |
INCOME BEFORE INCOME TAX | 23,624 | 22,102 | 72,454 | 61,387 |
Income tax expense | 6,557 | 5,980 | 21,247 | 16,485 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ 17,067 | $ 16,122 | $ 51,207 | $ 44,902 |
Per Share Data: | ||||
Basic Net Income Available to Common Stockholders (in dollars per share) | $ 0.46 | $ 0.45 | $ 1.36 | $ 1.25 |
Diluted Net Income Available to Common Stockholders (in dollars per share) | 0.45 | 0.45 | 1.35 | 1.24 |
Cash Dividends Paid (in dollars per share) | $ 0.11 | $ 0.08 | $ 0.3 | $ 0.21 |
Average Diluted Shares Outstanding (in shares) | 38,118,199 | 36,328,981 | 38,053,986 | 36,295,386 |
CONSOLIDATED CONDENSED STATEME5
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 17,067 | $ 16,122 | $ 51,207 | $ 44,902 |
Other comprehensive income net of tax: | ||||
Unrealized holding gain on securities available for sale arising during the period, net of tax of $2,439, $152, $63 and $6,105 | $ 4,530 | 283 | $ 117 | 11,338 |
Unrealized gain (loss) on securities available for sale for which a portion of an other than temporary impairment has been recognized in income, net of tax of $916 | (1) | 1,701 | ||
Unrealized gain (loss) on cash flow hedges arising during the period, net of tax of $627, $10, $792 and $885 | $ (1,164) | 18 | $ (1,468) | (1,645) |
Reclassification adjustment for losses included in net income, net of tax of $263, $194, $340 and $450 | (490) | (360) | (633) | (834) |
Period change | 2,876 | (60) | (1,984) | 10,560 |
Comprehensive income | $ 19,943 | $ 16,062 | $ 49,223 | $ 55,462 |
CONSOLIDATED CONDENSED STATEME6
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized holding gain on securities available for sale arising during the period, tax | $ 2,439 | $ 152 | $ 63 | $ 6,105 |
Unrealized gain (loss) on securities available for sale for which a portion of an other than temporary impairment has been recognized in income, tax | (916) | |||
Unrealized gain (loss) on cash flow hedges arising during the period, tax | (627) | 10 | (792) | (885) |
Reclassification adjustment for losses included in net income, tax | $ 263 | $ 194 | $ 340 | $ 450 |
CONSOLIDATED CONDENSED STATEME7
CONSOLIDATED CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | Preferred | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2014 | 125 | 37,669,948 | ||||
Beginning balance at Dec. 31, 2014 | $ 726,827 | $ 125 | $ 4,709 | $ 431,220 | $ 292,403 | $ (1,630) |
Comprehensive Income | ||||||
Net income | 51,207 | 51,207 | ||||
Other comprehensive income, net of tax | (1,984) | (1,984) | ||||
Cash dividends on common stock ($.30 per share) | (11,448) | (11,448) | ||||
Share-based compensation (in shares) | 145,697 | |||||
Share-based compensation | 1,687 | $ 18 | 1,669 | |||
Stock issued under employee benefit plans (in shares) | 17,228 | |||||
Stock issued under employee benefit plans | 351 | $ 2 | 349 | |||
Stock issued under dividend reinvestment and stock purchase plan (in shares) | 19,647 | |||||
Stock issued under dividend reinvestment and stock purchase plan | $ 487 | $ 2 | 485 | |||
Stock options exercised (in shares) | 90,566 | 90,566 | ||||
Stock options exercised | $ 1,492 | $ 11 | 1,481 | |||
Stock redeemed (in shares) | (69,165) | |||||
Stock redeemed | (1,635) | $ (8) | (1,627) | |||
Ending balance (in shares) at Sep. 30, 2015 | 125 | 37,873,921 | ||||
Ending balance at Sep. 30, 2015 | $ 766,984 | $ 125 | $ 4,734 | $ 433,577 | $ 332,162 | $ (3,614) |
CONSOLIDATED CONDENSED STATEME8
CONSOLIDATED CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends on common stock (in dollars per share) | $ 0.11 | $ 0.08 | $ 0.3 | $ 0.21 |
CONSOLIDATED CONDENSED STATEME9
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flow From Operating Activities: | ||
Net income | $ 51,207 | $ 44,902 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 417 | 1,600 |
Depreciation and amortization | 4,707 | 4,505 |
Change in deferred taxes | 19,282 | 17,026 |
Share-based compensation | 1,687 | 1,611 |
Tax benefit from stock options exercised | (70) | (60) |
Loans originated for sale | (286,414) | (149,001) |
Proceeds from sales of loans | 291,706 | $ 147,909 |
Gain on sale of insurance subsidiary | (8,265) | |
Gain on cancellation of subordinated debentures | (1,250) | |
Gains on sales of securities available for sale | (2,047) | $ (2,335) |
Change in interest receivable | (1,772) | (783) |
Change in interest payable | 480 | 2,048 |
Other adjustments | (15,618) | (15,009) |
Net cash provided by operating activities | 54,050 | 52,413 |
Cash Flows from Investing Activities: | ||
Net change in interest-bearing deposits | 21,331 | 30,898 |
Purchases of: | ||
Securities available for sale | (166,645) | (114,563) |
Securities held to maturity | (55,415) | (114,821) |
Proceeds from sales of securities available for sale | 70,114 | 47,722 |
Proceeds from maturities of: | ||
Securities available for sale | 47,664 | 47,096 |
Securities held to maturity | 69,629 | 51,029 |
Change in Federal Reserve and Federal Home Loan Bank stock | 7,710 | (4,137) |
Net change in loans | (296,602) | $ (159,559) |
Net cash and cash equivalents paid in acquisition | (12,004) | |
Net cash received from sale of insurance subsidiary | 15,155 | |
Proceeds from the sale of other real estate owned | 8,294 | $ 11,860 |
Other adjustments | 1,264 | 7,367 |
Net cash used in investing activities | (289,505) | (197,108) |
Net change in : | ||
Demand and savings deposits | 106,597 | (47,610) |
Certificates of deposit and other time deposits | (38,028) | 126,265 |
Borrowings | 414,197 | 386,643 |
Repayment of borrowings | (270,497) | (348,357) |
Cash dividends on common stock | (11,448) | (7,650) |
Stock issued under employee benefit plans | 351 | 376 |
Stock issued under dividend reinvestment and stock purchase plans | 487 | 380 |
Stock options exercised | 1,422 | 450 |
Tax benefit from stock options exercised | 70 | 60 |
Stock redeemed | (1,635) | (1,059) |
Net cash provided by financing activities | 201,516 | 109,498 |
Net Change in Cash and Cash Equivalents | (33,939) | (35,197) |
Cash and Cash Equivalents, January 1 | 118,616 | 109,434 |
Cash and Cash Equivalents, September 30 | 84,677 | 74,237 |
Additional cash flow information: | ||
Interest paid | 17,845 | 13,901 |
Income tax paid | 15,000 | 4,409 |
Loans transferred to other real estate owned | 3,244 | 3,807 |
Fixed assets transferred to other real estate owned | 1,166 | 297 |
Non-cash investing activities using trade date accounting | 3,332 | 6,502 |
In conjunction with the acquisition, liabilities were assumed as follows: | ||
Fair value of assets acquired | 141,724 | |
Cash received (paid) in acquisition | (14,500) | |
Less: Common stock issued | 0 | |
Liabilities assumed | $ 127,224 | $ 0 |
General
General | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | GENERAL Financial Statement Preparation The significant accounting policies followed by First Merchants Corporation (the “Corporation”) and its wholly owned subsidiaries for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. All adjustments, which are of a normal recurring nature and are in the opinion of management necessary for a fair statement of the results for the periods reported, have been included in the accompanying consolidated condensed financial statements. The consolidated condensed balance sheet of the Corporation as of December 31, 2014 , has been derived from the audited consolidated balance sheet of the Corporation as of that date. Certain information and note disclosures normally included in the Corporation’s annual financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission. The results of operations for the three and nine months ended September 30, 2015 , are not necessarily indicative of the results to be expected for the year. Reclassifications have been made to prior financial statements to conform to the current financial statement presentation. These reclassifications had no effect on net income. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | ACQUISITIONS AND DIVESTITURES Consummation of Merger Ameriana Bancorp On June 26, 2015, the Corporation and Ameriana Bancorp, an Indiana corporation (“Ameriana Bancorp”), entered into an Agreement and Plan of Reorganization and Merger (the “Ameriana Merger Agreement”), pursuant to which, Ameriana Bancorp will, subject to the terms and conditions of the Ameriana Merger Agreement, merge with and into the Corporation (the “Ameriana Merger”), whereupon the separate corporate existence of Ameriana Bancorp will cease and the Corporation will survive. Immediately following the Ameriana Merger, Ameriana Bank, an Indiana state commercial bank and wholly-owned subsidiary of Ameriana Bancorp, will be merged with and into the Bank, with the Bank, as the surviving bank. Based on the closing price of the Corporation's common stock on June 26, 2015 of $25.13 per share, the transaction value is estimated at approximately $68.8 million . The transaction is expected to be a tax-free stock exchange for Ameriana Bancorp’s shareholders who will be receiving the Corporation's common stock pursuant to the Ameriana Merger. Subject to Ameriana Bancorp’s shareholders’ approval of the Ameriana Merger, regulatory approvals and other customary closing conditions, the parties anticipate completing the Ameriana Merger in the fourth quarter of 2015. Acquisitions C Financial Corporation On April 17, 2015, the Corporation acquired 100 percent of C Financial Corporation, ("C Financial"). C Financial merged with and into the Corporation (the “C Financial Merger”) whereupon the separate corporate existence of C Financial ceased and the Corporation survived. Immediately following the C Financial Merger, Cooper State Bank, an Ohio state bank and wholly-owned subsidiary of C Financial, merged with and into First Merchants Bank, National Association, a national bank and wholly-owned subsidiary of the Corporation (the "Bank"), with the Bank continuing as the surviving bank. C Financial was headquartered in Columbus, Ohio and had 6 full service banking centers serving the Columbus, Ohio market. As part of the $14.5 million C Financial Merger, shareholders of C Financial received $6.738 in cash for each share of C Financial common stock held. The Corporation expects the transaction to be accretive to income and expand the existing footprint in Columbus, Ohio. Goodwill resulted from this transaction due to the synergies and economies of scale that are expected. Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the C Financial acquisition is detailed in the following table. Prior to the end of the one year measurement period for finalizing the purchase price allocation, if information becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation retrospectively. Fair Value Cash and cash equivalents $ 2,496 Federal Funds sold 7,018 Interest-bearing time deposits 922 Loans 110,625 Premises and equipment 7,290 Federal Home Loan Bank stock 855 Interest receivable 292 Other assets 119 Deposits (105,326 ) Interest payable (29 ) Federal Home Loan Bank Advances (18,958 ) Other liabilities (2,911 ) Net tangible assets acquired 2,393 Core deposit intangible 981 Goodwill 11,126 Purchase price $ 14,500 Of the total purchase price, $981,000 has been allocated to a core deposit intangible that will be amortized over its estimated life of 10 years. The remaining purchase price has been allocated to goodwill, which is deductible for tax purposes because the transaction was considered a taxable exchange. Community Bancshares, Inc. On November 7, 2014, the Corporation acquired 100 percent of Community Bancshares, Inc. ("Community"), pursuant to which, Community merged with and into the Corporation (the "Community Merger") whereupon the separate corporate existence of Community ceased and the Corporation survived. Immediately following the Community Merger, Community Bank, an Indiana state bank and wholly-owned subsidiary of Community, merged with and into the Bank, with the Bank continuing as the surviving bank. Community was headquartered in Noblesville, Indiana and had 10 full-service banking centers serving central Indiana. Pursuant to the merger agreement, each outstanding share of common stock of Community was converted into the right to receive either (a) 4.0926 shares of the Corporation's common stock, plus cash in lieu of fractional shares; or (b) $85.94 in cash, based upon shareholder elections. The Corporation paid $14.2 million in cash and issued approximately 1.6 million shares of common stock, valued at approximately $35.0 million , for a total purchase price of approximately $49.2 million . The Corporation expects the transaction to be accretive to income and expand the existing footprint in central Indiana. Goodwill resulted from this transaction due to the synergies and economies of scale that are expected. Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the Community acquisition is detailed in the following table. Prior to the end of the one year measurement period for finalizing the purchase price allocation, if information becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation retrospectively. Fair Value Cash and cash equivalents $ 4,124 Interest-bearing time deposits 16,526 Investment Securities, available for sale 76,807 Loans 145,064 Premises and equipment 3,610 Federal Home Loan Bank stock 1,950 Interest receivable 767 Cash surrender value of life insurance 3,266 Other real estate owned 6,662 Taxes, deferred and receivable 3,348 Other assets 167 Deposits (228,424 ) Interest payable (98 ) Other liabilities (3,014 ) Net tangible assets acquired 30,755 Core deposit intangible 4,658 Goodwill 13,776 Purchase price $ 49,189 Of the total purchase price, $4,658,000 has been allocated to a core deposit intangible that will be amortized over its estimated life of 10 years. The remaining purchase price has been allocated to goodwill, which is not deductible for tax purposes due to the merger being accounted for as a tax-free exchange. The tax-free exchange resulted in a carryover of tax attributes and tax basis to the Corporation's subsequent income tax filings and was adjusted for any fair value adjustments required in accounting for the acquisition. Pro Forma Financial Information The Corporation acquired CFS Bancorp ("CFS") on November 12, 2013 and Community on November 7, 2014. The results of operations of CFS and Community have been included in the Corporation's consolidated financial statements since the acquisition dates. The following schedule includes pro forma results for the periods ended December 31, 2014 and 2013 as if the CFS and Community acquisitions had occurred as of the beginning of the comparable prior annual reporting period. Pro forma financial information for the C Financial acquisition is not included in the table below as it is deemed immaterial. 2014 2013 Total revenue (net interest income plus other income) $ 263,070 $ 253,668 Net income $ 61,572 $ 39,979 Net income available to common shareholders $ 61,572 $ 37,599 Earnings per share: Basic $ 1.63 $ 0.98 Diluted $ 1.61 $ 0.97 The pro forma information includes adjustments for interest income on loans, amortization of intangibles arising from the transaction, interest expense on deposits acquired, premises expense for the banking centers acquired and the related income tax effects. The pro forma information for the year ended December 31, 2014 includes $1.6 million of operating revenue from Community since the acquisition and approximately $1.8 million , net of tax, of non-recurring expenses directly attributable to the Community acquisition. The pro forma information for the year ended December 31, 2013 includes $4.9 million of operating revenue from CFS since the acquisition and approximately $9.5 million , net of tax, of non-recurring expenses directly attributable to the CFS acquisition. The pro forma financial information is presented for information purposes only and is not indicative of the results of operations that actually would have been achieved had the acquisition been consummated as of that time, nor is it intended to be a projection of future results. Subsidiary Divestiture On June 12, 2015, the Corporation sold all of its stock in First Merchants Insurance Services, Inc., an Indiana corporation ("FMIG"), to USI Insurance LLC, a Delaware limited liability company ("USI"). The sale price was $18 million , of which $16 million was paid at closing with the remaining $2 million paid through a two -year promissory note. The sale of FMIG generated a gain on sale of $8.3 million . |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The amortized cost, gross unrealized gains and losses and approximate fair value of the investment securities portfolio at the dates indicated were: Amortized Gross Gross Fair Available for sale at September 30, 2015 U.S. Government-sponsored agency securities $ 100 $ 5 $ 105 State and municipal 289,998 11,617 $ 497 301,118 U.S. Government-sponsored mortgage-backed securities 287,317 7,635 73 294,879 Corporate obligations 31 31 Equity securities 1,706 1,706 Total available for sale 579,152 19,257 570 597,839 Held to maturity at September 30, 2015 State and municipal 218,794 5,707 166 224,335 U.S. Government-sponsored mortgage-backed securities 392,160 11,566 213 403,513 Total held to maturity 610,954 17,273 379 627,848 Total Investment Securities $ 1,190,106 $ 36,530 $ 949 $ 1,225,687 Amortized Gross Gross Fair Available for sale at December 31, 2014 U.S. Government-sponsored agency securities $ 100 $ 9 $ 109 State and municipal 216,915 11,801 $ 123 228,593 U.S. Government-sponsored mortgage-backed securities 310,460 8,771 127 319,104 Corporate obligations 31 31 Equity securities 1,706 1,706 Total available for sale 529,212 20,581 250 549,543 Held to maturity at December 31, 2014 State and municipal 204,443 5,716 96 210,063 U.S. Government-sponsored mortgage-backed securities 426,645 11,527 512 437,660 Total held to maturity 631,088 17,243 608 647,723 Total Investment Securities $ 1,160,300 $ 37,824 $ 858 $ 1,197,266 The amortized cost and fair value of available for sale and held to maturity securities at September 30, 2015 , by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value Maturity Distribution at September 30, 2015: Due in one year or less $ 3,661 $ 3,715 $ 5,521 $ 5,533 Due after one through five years 13,265 13,854 24,076 25,086 Due after five through ten years 51,070 53,347 81,286 83,355 Due after ten years 222,133 230,338 107,911 110,361 $ 290,129 $ 301,254 $ 218,794 $ 224,335 U.S. Government-sponsored mortgage-backed securities 287,317 294,879 392,160 403,513 Equity securities 1,706 1,706 Total Investment Securities $ 579,152 $ 597,839 $ 610,954 $ 627,848 Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value Maturity Distribution at December 31, 2014 Due in one year or less $ 3,127 $ 3,153 $ 6,258 $ 6,329 Due after one through five years 9,565 9,840 18,440 18,930 Due after five through ten years 48,675 50,889 85,997 87,903 Due after ten years 155,679 164,851 93,748 96,901 $ 217,046 $ 228,733 $ 204,443 $ 210,063 U.S. Government-sponsored mortgage-backed securities 310,460 319,104 426,645 437,660 Equity securities 1,706 1,706 Total Investment Securities $ 529,212 $ 549,543 $ 631,088 $ 647,723 The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $646,124,000 at September 30, 2015 , and $449,408,000 at December 31, 2014 . The book value of securities sold under agreements to repurchase amounted to $149,014,000 at September 30, 2015 , and $120,027,000 at December 31, 2014 . Gross gains on the sales and redemptions of available for sale securities for the three and nine months ended September 30, 2015 , and 2014 are shown below. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Sales and Redemptions of Available for Sale Securities: Gross gains $ 1,115 $ 910 $ 2,147 $ 2,335 Gross losses 100 Other-than-temporary impairment losses The following table shows investments securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2015 , and December 31, 2014 : Less than 12 Months Total Fair Gross Fair Gross Fair Gross Temporarily Impaired Available for Sale Securities at September 30, 2015 State and municipal $ 36,702 $ 497 $ 36,702 $ 497 U.S. Government-sponsored mortgage-backed securities 6,482 8 $ 2,125 $ 65 8,607 73 Total Temporarily Impaired Available for Sale Securities 43,184 505 2,125 65 45,309 570 Temporarily Impaired Held to Maturity Securities at September 30, 2015 State and municipal 13,711 144 1,716 22 15,427 166 U.S. Government-sponsored mortgage-backed securities 20,752 40 13,491 173 34,243 213 Total Temporarily Impaired Held to Maturity Securities 34,463 184 15,207 195 49,670 379 Total Temporarily Impaired Investment Securities $ 77,647 $ 689 $ 17,332 $ 260 $ 94,979 $ 949 Less than 12 Months Total Fair Gross Fair Gross Fair Gross Temporarily Impaired Available for Sale Securities at December 31, 2014 State and municipal $ 1,256 $ 7 $ 9,850 $ 116 $ 11,106 $ 123 U.S. Government-sponsored mortgage-backed securities 2,186 13 5,447 114 7,633 127 Total Temporarily Impaired Available for Sale Securities 3,442 20 15,297 230 18,739 250 Temporarily Impaired Held to Maturity Securities at December 31, 2014 State and municipal 5,119 96 250 5,369 96 U.S. Government-sponsored mortgage-backed securities 9,791 82 38,491 430 48,282 512 Total Temporarily Impaired Held to Maturity Securities 14,910 178 38,741 430 53,651 608 Total Temporarily Impaired Investment Securities $ 18,352 $ 198 $ 54,038 $ 660 $ 72,390 $ 858 Certain investments in debt and equity securities are reported in the financial statements at an amount less than their historical cost as indicated in the table below. September 30, 2015 December 31, 2014 Investments reported at less than historical cost: Historical cost $ 95,928 $ 73,249 Fair value $ 94,979 $ 72,390 Percent of the Corporation's available for sale and held to maturity portfolio 7.9 % 6.1 % Management believes the decline in fair value for these securities was temporary. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income during the period the other-than-temporary ("OTTI") is identified. The Corporation’s management has evaluated all securities with unrealized losses for OTTI as of September 30, 2015 . The evaluations are based on the nature of the securities, the extent and duration of the loss and the intent and ability of the Corporation to hold these securities either to maturity or through the expected recovery period. In determining the fair value of the investment securities portfolio, the Corporation utilizes a third party for portfolio accounting services, including market value input, for those securities classified as Level 1 and Level 2 in the fair value hierarchy. The Corporation has obtained an understanding of what inputs are being used by the vendor in pricing the portfolio and how the vendor was classifying these securities based upon these inputs. From these discussions, the Corporation’s management is comfortable that the classifications are proper. The Corporation has gained trust in the data for two reasons: (a) independent spot testing of the data is conducted by the Corporation through obtaining market quotes from various brokers on a periodic basis and (b) actual gains or loss resulting from the sale of certain securities has proven the data to be accurate over time. Fair value of securities classified as Level 3 in the valuation hierarchy was determined using a discounted cash flow model that incorporated market estimates of interest rates and volatility in markets that have not been active. State and Municipal The unrealized losses on the Corporation’s investments in securities of state and political subdivisions were caused by changes in interest rates. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Corporation does not intend to sell the investment and it is not more likely than not that the Corporation will be required to sell the investment before recovery of its new, lower amortized cost basis, which may be maturity. The Corporation does not consider the investment securities to be other-than-temporarily impaired at September 30, 2015 . U.S. Government-Sponsored Mortgage-Backed Securities The unrealized losses on the Corporation’s investment in U.S. Government-sponsored mortgage-backed securities were a result of changes in interest rates. The Corporation expects to recover the amortized cost basis over the term of the securities as the decline in market value is attributable to changes in interest rates and not credit quality. The Corporation does not intend to sell the investment and it is not more likely than not that the Corporation will be required to sell the investment before recovery of its new, lower amortized cost basis, which may be maturity. The Corporation does not consider the investment securities to be other-than-temporarily impaired at September 30, 2015 . Credit Losses Recognized on Investments Certain corporate obligations experienced fair value deterioration due to credit losses and other market factors. The following table provides information about those securities for which only a credit loss was recognized in income and other losses were recorded in other comprehensive income. Accumulated Accumulated Credit losses on debt securities held: Balance, January 1 $ 500 $ 11,355 Reductions for previous other-than-temporary losses realized on securities sold during the year (500 ) — Balance, September 30 $ — $ 11,355 In the first quarter of 2015, the Corporation sold its remaining trust preferred security which had no remaining book value as a result of OTTI of approximately $500,000 taken in 2009. The sale of this security resulted in a gain of $45,000 , which is included in the Consolidated Condensed Statement of Income for the nine months ended September 30, 2015 . |
Loans and Allowance
Loans and Allowance | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans and Allowance | 90 Days Non-Accrual Total Past Due Total Commercial and industrial loans $ 992,529 $ 1,106 $ 1,035 $ 65 $ 4,460 $ 6,666 $ 999,195 Agriculture production financing and other loans to farmers 86,997 2,647 500 1,210 4,357 91,354 Real estate Loans: Construction 296,978 504 23 745 1,272 298,250 Commercial and farmland 1,673,750 5,935 1,426 1,086 13,506 21,953 1,695,703 Residential 661,884 3,128 1,531 475 10,749 15,883 677,767 Home equity 315,250 793 861 262 1,783 3,699 318,949 Individuals' loans for household and other personal expenditures 71,375 284 31 59 144 518 71,893 Lease financing receivables, net of unearned income 614 614 Other commercial loans 167,990 167,990 Loans $ 4,267,367 $ 14,397 $ 5,407 $ 1,947 $ 32,597 $ 54,348 $ 4,321,715 December 31, 2014 Current 30-59 Days 60-89 Days Loans > 90 Days Non-Accrual Total Past Due Total Commercial and industrial loans $ 882,596 $ 4,006 $ 53 $ 2,985 $ 7,048 $ 14,092 $ 896,688 Agriculture production financing and other loans to farmers 98,236 891 5,800 6,691 104,927 Real estate Loans: Construction 204,683 1,017 82 1,439 2,538 207,221 Commercial and farmland 1,642,016 9,846 778 671 19,350 30,645 1,672,661 Residential 626,821 4,876 1,831 854 12,933 20,494 647,315 Home equity 282,828 1,213 352 148 1,988 3,701 286,529 Individuals' loans for household and other personal expenditures 72,853 258 53 5 231 547 73,400 Lease financing receivables, net of unearned income 1,106 1,106 Other commercial loans 35,018 35,018 Loans $ 3,846,157 $ 22,107 $ 3,149 $ 4,663 $ 48,789 $ 78,708 $ 3,924,865 See the information regarding the analysis of loan loss experience in the "LOAN QUALITY/PROVISION FOR LOAN LOSSES" section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included as ITEM 2 of this Quarterly Report on Form 10-Q. On occasion, borrowers experience declines in income and cash flow. As a result, these borrowers seek to reduce contractual cash outlays including debt payments. Concurrently, in an effort to preserve and protect its earning assets, specifically troubled loans, the Corporation works to maintain its relationship with certain customers who are experiencing financial difficulty by contractually modifying the borrower's debt agreement with the Corporation. In certain loan restructuring situations, the Corporation may grant a concession to a debtor experiencing financial difficulty, resulting in a trouble debt restructuring. A concession is deemed to be granted when, as a result of the restructuring, the Corporation does not expect to collect all amounts due, including interest accrued at the original contract rate. If the payment of principal at original maturity is primarily dependent on the value of collateral, the current value of the collateral is considered in determining whether the principal will be paid. The following tables summarize troubled debt restructurings in the Corporation's loan portfolio that occurred during the periods indicated: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Pre-Modification Post-Modification Number Pre-Modification Post-Modification Number Commercial and industrial loans $ 363 $ 218 2 $ 4,111 $ 2,115 7 Real estate Loans: Construction 79 80 1 Commercial and farmland 744 744 1 1,281 3,025 3 Residential 11 13 1 55 908 4 Home Equity 239 242 1 239 242 1 Total $ 1,357 $ 1,217 5 $ 5,765 $ 6,370 16 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Pre-Modification Post-Modification Number Pre-Modification Post-Modification Number Real estate Loans: Commercial and farmland $ 259 $ 259 1 Residential $ 256 $ 245 5 448 428 7 Home Equity 229 247 7 314 343 10 Individuals' loans for household and other personal expenditures 26 26 2 Total $ 485 $ 492 12 $ 1,047 $ 1,056 20 The following tables show the recorded investment of troubled debt restructurings, by modification type, that occurred during the periods indicated: Three Months Ended September 30, 2015 Term Rate Combination Total Commercial and industrial loans $ 138 $ 75 $ 213 Real estate Loans: Commercial and farmland 744 744 Residential $ 13 13 Home Equity 242 242 Total $ 138 $ 255 $ 819 $ 1,212 Nine Months Ended September 30, 2015 Term Rate Combination Total Commercial and industrial loans $ 806 $ 1,080 $ 1,886 Real estate Loans: Commercial and farmland 1,337 1,004 2,341 Residential 850 $ 59 909 Home Equity 242 242 Total $ 2,993 $ 301 $ 2,084 $ 5,378 Three Months Ended September 30, 2014 Term Rate Combination Total Real estate Loans: Residential $ 241 $ 241 Home Equity 245 245 Total $ 486 $ 486 Nine Months Ended September 30, 2014 Term Rate Combination Total Real estate Loans: Commercial and farmland $ 283 $ 283 Residential $ 60 $ 361 421 Home Equity 95 245 340 Individuals' loans for household and other personal expenditures 24 24 Total $ 283 $ 155 $ 630 $ 1,068 Loans secured by commercial and farm real estate made up 47 percent of the post-modification balance of troubled debt restructured loans made in the nine months ended September 30, 2015 . The following tables show troubled debt restructures that occurred during the twelve months ended September 30, 2015 and September 30, 2014 , that subsequently defaulted during the period indicated and remained in default at period end. For purposes of this discussion, a loan is considered in default if it is 30 or more days past due. Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Number of Recorded Number of Recorded Real estate Loans: Residential 1 $ 21 1 $ 21 Total 1 $ 21 1 $ 21 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Number of Recorded Number of Recorded Real estate Loans: Residential 1 $ 71 1 $ 71 Total 1 $ 71 1 $ 71 For potential consumer loan restructures, impairment evaluation occurs prior to modification. Any subsequent impairment is typically addressed through the charge off process, or may be addressed through a specific reserve. Consumer troubled debt restructurings are generally included in the general historical allowance for loan loss at the post modification balance. Consumer non-accrual and delinquent troubled debt restructurings are also considered in the calculation of the non-accrual and delinquency trend environmental allowance allocation. Commercial troubled debt restructured loans risk graded special mention, substandard, doubtful and loss are individually evaluated for impairment under ASC 310. Any resulting specific reserves are included in the allowance for loan losses. Commercial 30 - 89 day delinquent troubled debt restructurings are included in the calculation of the delinquency trend environmental allowance allocation. All commercial non-impaired loans, including non-accrual and 90+ day delinquents, are included in the ASC 450 loss migration analysis." id="sjs-B4">LOANS AND ALLOWANCE The Corporation’s primary lending focus is small business and middle market commercial, commercial real estate, residential real estate and consumer lending, which results in portfolio diversification. The following tables show the composition of the loan portfolio, the allowance for loan losses and certain credit quality elements, all excluding loans held for sale. Loans held for sale as of September 30, 2015 , and December 31, 2014 , were $1,943,000 and $7,235,000 , respectively. The following table shows the composition of the Corporation’s loan portfolio by loan class for the periods indicated: September 30, 2015 December 31, 2014 Commercial and industrial loans $ 999,195 $ 896,688 Agricultural production financing and other loans to farmers 91,354 104,927 Real estate loans: Construction 298,250 207,221 Commercial and farmland 1,695,703 1,672,661 Residential 677,767 647,315 Home Equity 318,949 286,529 Individuals' loans for household and other personal expenditures 71,893 73,400 Lease financing receivables, net of unearned income 614 1,106 Other commercial loans 167,990 35,018 Loans $ 4,321,715 $ 3,924,865 Allowance for loan losses (62,861 ) (63,964 ) Net Loans $ 4,258,854 $ 3,860,901 At September 30, 2015, Other commercial loans totaled $167,990,000 , an increase of $132,972,000 from December 31, 2014. This increase was primarily a result of organic growth in the obligations of the state and political subdivisions sector of the portfolio. Allowance, Credit Quality and Loan Portfolio The Corporation maintains an allowance for loan losses to cover probable credit losses identified during its loan review process. Management believes the allowance for loan losses is appropriate to cover probable losses inherent in the loan portfolio at September 30, 2015. The process for determining the adequacy of the allowance for loan losses is critical to the Corporation’s financial results. It requires management to make difficult, subjective and complex judgments, to estimate the effect of uncertain matters. The allowance for loan losses considers current factors, including economic conditions and ongoing internal and external examinations, and will increase or decrease as deemed necessary to ensure the allowance remains adequate. In addition, the allowance as a percentage of charge offs and nonperforming loans will change at different points in time based on credit performance, loan mix and collateral values. The allowance is increased by the provision for loan losses and decreased by charge offs less recoveries. The Bank charges off a loan when a determination is made that all or a portion of the loan is uncollectible. The allowance for loan losses is maintained through the provision for loan losses, which is a charge against earnings. The amount provided for loan losses in a given period may be greater than or less than net loan losses experienced during the period, and is based on management’s judgment as to the appropriate level of the allowance for loan losses. The determination of the provision amount in a given period is based on management’s ongoing review and evaluation of the loan portfolio, including an internally administered loan "watch" list and independent loan reviews. The evaluation takes into consideration identified credit problems, the possibility of losses inherent in the loan portfolio that are not specifically identified and management’s judgment as to the impact of the current environment and economic conditions on the portfolio. In conformance with ASC 805 and ASC 820, loans purchased after December 31, 2008, are recorded at the acquisition date fair value. Such loans are only included in the allowance when deemed impaired in accordance with ASC 310-30. The allowance consists of specific impairment reserves as required by ASC 310-10-35, a component for historical losses in accordance with ASC 450 and the consideration of current environmental factors in accordance with ASC 450. A loan is deemed impaired when, based on current information or events, it is probable that all amounts due of principal and interest according to the contractual terms of the loan agreement will not be collected. The historical loss allocation for loans not deemed impaired, according to ASC 310, is the product of the volume of loans within the non-impaired criticized and non-criticized risk grade classifications, each segmented by call code, and the historical loss factor for each respective classification and call code segment. The historical loss factors are based upon actual loss experience within each risk and call code classification. The historical look back period for non-criticized loans looks to the most recent rolling-four-quarter average and aligns with the look back period for non-impaired criticized loans. Each of the rolling four quarter periods used to obtain the average, include all charge offs for the previous twelve-month period, therefore the historical look back period includes seven quarters. The resulting allocation is reflective of current conditions. Criticized loans are grouped based on the risk grade assigned to the loan. Loans with a special mention grade are assigned a loss factor, and loans with a classified grade but not impaired are assigned a separate loss factor. The loss factor computation for this allocation includes a segmented historical loss migration analysis of criticized risk grades to charge off. In addition to the specific reserves and historical loss components of the allowance, consideration is given to various environmental factors to help ensure that losses inherent in the portfolio are reflected in the allowance for loan losses. The environmental component adjusts the historical loss allocations for commercial and consumer loans to reflect relevant current conditions that, in management's opinion, have an impact on loss recognition. Environmental factors that management reviews in the analysis include: national and local economic trends and conditions; trends in growth in the loan portfolio and growth in higher risk areas; levels of, and trends in, delinquencies and non-accruals; experience and depth of lending management and staff; adequacy of, and adherence to, lending policies and procedures including those for underwriting; industry concentrations of credit; and adequacy of risk identification systems and controls through the internal loan review and internal audit processes. The following tables summarize changes in the allowance for loan losses by loan segment for the three and nine months ended September 30, 2015 , and September 30, 2014 : Three Months Ended September 30, 2015 Commercial Commercial Consumer Residential Finance Total Allowance for loan losses: Balances, July 1 $ 31,479 $ 15,828 $ 2,927 $ 12,311 $ 5 $ 62,550 Provision for losses 3,202 (2,966 ) (102 ) (132 ) (2 ) Recoveries on loans 281 1,510 67 513 2,371 Loans charged off (1,026 ) (386 ) (169 ) (479 ) (2,060 ) Balances, September 30, 2015 $ 33,936 $ 13,986 $ 2,723 $ 12,213 $ 3 $ 62,861 Nine Months Ended September 30, 2015 Commercial Commercial Consumer Residential Finance Total Allowance for loan losses: Balances, January 1 $ 28,824 $ 19,327 $ 2,658 $ 13,152 $ 3 $ 63,964 Provision for losses 6,226 (6,364 ) 225 330 417 Recoveries on loans 1,168 2,069 246 1,392 4,875 Loans charged off (2,282 ) (1,046 ) (406 ) (2,661 ) (6,395 ) Balances, September 30, 2015 $ 33,936 $ 13,986 $ 2,723 $ 12,213 $ 3 $ 62,861 Three Months Ended September 30, 2014 Commercial Commercial Consumer Residential Finance Total Allowance for loan losses: Balances, July 1 $ 28,614 $ 22,582 $ 2,243 $ 14,928 $ 68,367 Provision for losses 1,385 528 113 (424 ) $ (2 ) 1,600 Recoveries on loans 1,987 1,215 86 431 3 3,722 Loans charged off (4,444 ) (2,707 ) (214 ) (728 ) (8,093 ) Balances, September 30, 2014 $ 27,542 $ 21,618 $ 2,228 $ 14,207 $ 1 $ 65,596 Nine Months Ended September 30, 2014 Commercial Commercial Consumer Residential Finance Total Allowance for loan losses: Balances, January 1 $ 27,176 $ 23,102 $ 2,515 $ 15,077 $ 67,870 Provision for losses 1,736 (177 ) (39 ) 100 $ (20 ) 1,600 Recoveries on loans 4,485 2,356 303 1,360 23 8,527 Loans charged off (5,855 ) (3,663 ) (551 ) (2,330 ) (2 ) (12,401 ) Balances, September 30, 2014 $ 27,542 $ 21,618 $ 2,228 $ 14,207 $ 1 $ 65,596 The following tables show the Corporation’s allowance for credit losses and loan portfolio by loan segment as of the periods indicated: September 30, 2015 Commercial Commercial Consumer Residential Finance Total Allowance Balances: Individually evaluated for impairment $ 1,268 $ 304 $ 73 $ 1,645 Collectively evaluated for impairment 32,668 13,480 $ 2,723 12,031 $ 3 60,905 Loans Acquired with Deteriorated Credit Quality 202 109 311 Total Allowance for Loan Losses $ 33,936 $ 13,986 $ 2,723 $ 12,213 $ 3 $ 62,861 Loan Balances: Individually evaluated for impairment $ 8,192 $ 19,466 $ 4,867 $ 32,525 Collectively evaluated for impairment 1,243,032 1,924,902 $ 71,893 986,759 $ 614 4,227,200 Loans Acquired with Deteriorated Credit Quality 7,315 49,585 5,090 61,990 Loans $ 1,258,539 $ 1,993,953 $ 71,893 $ 996,716 $ 614 $ 4,321,715 December 31, 2014 Commercial Commercial Consumer Residential Finance Total Allowance Balances: Individually evaluated for impairment $ 1,455 $ 470 $ 194 $ 2,119 Collectively evaluated for impairment 27,369 18,207 $ 2,658 12,958 $ 3 61,195 Loans Acquired with Deteriorated Credit Quality 650 650 Total Allowance for Loan Losses $ 28,824 $ 19,327 $ 2,658 $ 13,152 $ 3 $ 63,964 Loan Balances: Individually evaluated for impairment $ 16,108 $ 23,963 $ 4,022 $ 44,093 Collectively evaluated for impairment 1,011,122 1,796,797 $ 73,400 925,282 $ 1,106 3,807,707 Loans Acquired with Deteriorated Credit Quality 9,403 59,122 4,540 73,065 Loans $ 1,036,633 $ 1,879,882 $ 73,400 $ 933,844 $ 1,106 $ 3,924,865 The risk characteristics of the Corporation’s material portfolio segments are as follows: Commercial Commercial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Commercial real estate These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. Management monitors and evaluates commercial real estate loans based on collateral and risk grade criteria. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied loans. Residential and Consumer With respect to residential loans that are secured by 1-4 family residences and are generally owner occupied, the Corporation generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1-4 family residences, and consumer loans are secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans are unsecured such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Loans are reclassified to a non-accruing status when, in management’s judgment, the collateral value and financial condition of the borrower do not justify accruing interest. Interest previously recorded, but not deemed collectible, is reversed and charged against current income. Payments subsequently received on non-accrual loans are applied to principal. A loan is returned to accrual status when principal and interest are no longer past due and collectability is probable, typically after a minimum of six consecutive months of performance. Payments received on impaired accruing or delinquent loans are applied to interest income as accrued. The following table summarizes the Corporation’s non-accrual loans by loan class as of the periods indicated: September 30, 2015 December 31, 2014 Commercial and industrial loans $ 4,460 $ 7,048 Agriculture production financing and other loans to farmers 1,210 5,800 Real estate Loans: Construction 745 1,439 Commercial and farmland 13,506 19,350 Residential 10,749 12,933 Home Equity 1,783 1,988 Individuals' loans for household and other personal expenditures 144 231 Total $ 32,597 $ 48,789 Commercial impaired loans include non-accrual loans, loans accounted for under ASC 310-30, as well as substandard, doubtful and loss grade loans that were still accruing but deemed impaired according to guidance set forth in ASC 310. Also included in impaired loans are accruing loans that are contractually past due 90 days or more and troubled debt restructurings. Allowable methods for determining the amount of impairment include estimating fair value using the fair value of the collateral for collateral dependent loans. If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. The fair value of real estate is generally based on appraisals by qualified licensed appraisers. The appraisers typically determine the value of the real estate by utilizing an income or market valuation approach. If an appraisal is not available, the fair value may be determined by using a cash flow analysis. Fair value on other collateral such as business assets is typically ascertained by assessing, either singularly or some combination of, asset appraisals, accounts receivable aging reports, inventory listings and or customer financial statements. Both appraised values and values based on borrower’s financial information are discounted as considered appropriate based on age and quality of the information and current market conditions. The following tables show the composition of the Corporation’s commercial impaired loans by loan class as of the periods indicated: September 30, 2015 Unpaid Recorded Related Impaired loans with no related allowance: Commercial and industrial loans $ 22,117 $ 11,580 Agriculture production financing and other loans to farmers 669 663 Real estate Loans: Construction 5,559 2,708 Commercial and farmland 85,001 63,620 Residential 12,737 8,795 Home equity 250 194 Other commercial loans 23 Total $ 126,356 $ 87,560 Impaired loans with related allowance: Commercial and industrial loans $ 3,058 $ 2,716 $ 1,234 Agriculture production financing and other loans to farmers 547 547 34 Real estate Loans: Commercial and farmland 2,707 2,441 506 Residential 721 622 182 Total $ 7,033 $ 6,326 $ 1,956 Total Impaired Loans $ 133,389 $ 93,886 $ 1,956 December 31, 2014 Unpaid Recorded Related Impaired loans with no related allowance: Commercial and industrial loans $ 35,514 $ 18,029 Agriculture production financing and other loans to farmers 26 22 Real estate Loans: Construction 12,956 9,318 Commercial and farmland 95,856 68,187 Residential 10,591 6,839 Home equity 3,590 398 Other commercial loans 30 Total $ 158,563 $ 102,793 Impaired loans with related allowance: Commercial and industrial loans $ 1,766 $ 1,684 $ 1,055 Agriculture production financing and other loans to farmers 6,777 5,777 400 Real estate Loans: Commercial and farmland 7,159 4,971 1,120 Residential 1,001 998 194 Total $ 16,703 $ 13,430 $ 2,769 Total Impaired Loans $ 175,266 $ 116,223 $ 2,769 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Average Interest Average Interest Impaired loans with no related allowance: Commercial and industrial loans $ 11,863 $ 137 $ 12,676 $ 368 Agriculture production financing and other loans to farmers 675 699 Real estate Loans: Construction 2,855 41 3,407 123 Commercial and farmland 64,186 932 65,310 2,661 Residential 9,028 47 9,272 177 Home equity 194 197 Total $ 88,801 $ 1,157 $ 91,561 $ 3,329 Impaired loans with related allowance: Commercial and industrial loans $ 2,731 $ 10 $ 2,774 $ 29 Agriculture production financing and other loans to farmers 547 547 Real estate Loans: Commercial and farmland 2,459 2,613 Residential 625 626 Total $ 6,362 $ 10 $ 6,560 $ 29 Total Impaired Loans $ 95,163 $ 1,167 $ 98,121 $ 3,358 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Average Interest Average Interest Impaired loans with no related allowance: Commercial and industrial loans $ 13,406 $ 86 $ 13,820 $ 263 Agriculture production financing and other loans to farmers 25 27 Real estate Loans: Construction 8,026 112 8,197 331 Commercial and farmland 61,356 895 62,367 2,663 Residential 3,018 40 3,164 93 Home equity 118 147 Total $ 85,949 $ 1,133 $ 87,722 $ 3,350 Impaired loans with related allowance: Commercial and industrial loans $ 1,814 $ 10 $ 1,864 $ 30 Agriculture production financing and other loans to farmers 10,645 10,645 Real estate Loans: Commercial and farmland 4,484 4,528 23 Residential 1,460 1,460 Total $ 18,403 $ 10 $ 18,497 $ 53 Total Impaired Loans $ 104,352 $ 1,143 $ 106,219 $ 3,403 As part of the ongoing monitoring of the credit quality of the Corporation's loan portfolio, management tracks certain credit quality indicators including trends related to: (i) the level of criticized commercial loans, (ii) net charge offs, (iii) non-performing loans and (iv) the general national and local economic conditions. The Corporation utilizes a risk grading of pass, special mention, substandard, doubtful and loss to assess the overall credit quality of large commercial loans. All large commercial credit grades are reviewed at a minimum of once a year for pass grade loans. Loans with grades below pass are reviewed more frequently depending on the grade. A description of the general characteristics of these grades is as follows: • Pass - Loans that are considered to be of acceptable credit quality. • Special Mention - Loans which possess some credit deficiency or potential weakness, which deserves close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Corporation's credit position at some future date. Special mention assets are not adversely classified and do not expose the Corporation to sufficient risk to warrant adverse classification. The key distinctions of this category's classification are that it is indicative of an unwarranted level of risk; and weaknesses are considered “potential”, not “defined”, impairments to the primary source of repayment. Examples include businesses that may be suffering from inadequate management, loss of key personnel or significant customer or litigation. • Substandard - A substandard loan is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have a well-defined weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. Other characteristics may include: o the likelihood that a loan will be paid from the primary source of repayment is uncertain or financial deterioration is underway and very close attention is warranted to ensure that the loan is collected without loss, o the primary source of repayment is gone, and the Corporation is forced to rely on a secondary source of repayment, such as collateral liquidation or guarantees, o loans have a distinct possibility that the Corporation will sustain some loss if deficiencies are not corrected, o unusual courses of action are needed to maintain a high probability of repayment, o the borrower is not generating enough cash flow to repay loan principal; however, it continues to make interest payments, o the Corporation is forced into a subordinated or unsecured position due to flaws in documentation, o loans have been restructured so that payment schedules, terms and collateral represent concessions to the borrower when compared to the normal loan terms, o the Corporation is seriously contemplating foreclosure or legal action due to the apparent deterioration of the loan, and o there is significant deterioration in market conditions to which the borrower is highly vulnerable. • Doubtful - Loans that have all of the weaknesses of those classified as Substandard. However, based on currently existing facts, conditions and values, these weaknesses make full collection of principal highly questionable and improbable. Other credit characteristics may include the primary source of repayment is gone or there is considerable doubt as to the quality of the secondary sources of repayment. The possibility of loss is high, but because of certain important pending factors that may strengthen the loan, loss classification is deferred until the exact status of repayment is known. • Loss – Loans that are considered uncollectible and of such little value that continuing to carry them as an asset is not warranted. Loans will be classified as Loss when it is neither practical not desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be possible at some time in the future. The following tables summarize the credit quality of the Corporation’s loan portfolio, by loan class for the periods indicated. Consumer non-performing loans include accruing consumer loans 90 plus days delinquent and consumer non-accrual loans. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified date. Loans that evidenced deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected are included in the applicable categories below. September 30, 2015 Commercial Commercial Commercial Substandard Commercial Commercial Loss Consumer Performing Consumer Total Commercial and industrial loans $ 927,042 $ 30,679 $ 41,444 $ 30 $ 999,195 Agriculture production financing and other loans to farmers 73,793 4,750 12,811 91,354 Real estate Loans: Construction 280,673 1,151 1,230 $ 15,114 $ 82 298,250 Commercial and farmland 1,588,797 40,199 66,705 2 1,695,703 Residential 168,287 2,265 11,325 490,657 5,233 677,767 Home equity 7,195 16 484 309,403 1,851 318,949 Individuals' loans for household and other personal expenditures 71,691 202 71,893 Lease financing receivables, net of unearned income 520 94 614 Other commercial loans 167,990 167,990 Loans $ 3,214,297 $ 79,060 $ 134,093 $ 30 $ 886,865 $ 7,370 $ 4,321,715 December 31, 2014 Commercial Commercial Commercial Substandard Commercial Commercial Loss Consumer Performing Consumer Total Commercial and industrial loans $ 823,732 $ 24,455 $ 48,226 $ 275 $ 896,688 Agriculture production financing and other loans to farmers 96,155 1,195 7,577 104,927 Real estate Loans: Construction 185,394 3,164 2,928 $ 15,588 $ 147 207,221 Commercial and farmland 1,552,781 29,484 90,161 235 1,672,661 Residential 149,430 6,321 10,918 470,972 9,674 647,315 Home equity 6,368 12 690 277,571 1,888 286,529 Individuals' loans for household and other personal expenditures 73,165 235 73,400 Lease financing receivables, net of unearned income 998 108 1,106 Other commercial loans 35,018 35,018 Loans $ 2,849,876 $ 64,631 $ 160,608 $ 275 $ 837,296 $ 12,179 $ 3,924,865 The following table shows a past due aging of the Corporation’s loan portfolio, by loan class as of September 30, 2015 , and December 31, 2014 : September 30, 2015 Current 30-59 Days 60-89 Days Loans > 90 Days Non-Accrual Total Past Due Total Commercial and industrial loans $ 992,529 $ 1,106 $ 1,035 $ 65 $ 4,460 $ 6,666 $ 999,195 Agriculture production financing and other loans to farmers 86,997 2,647 500 1,210 4,357 91,354 Real estate Loans: Construction 296,978 504 23 745 1,272 298,250 Commercial and farmland 1,673,750 5,935 1,426 1,086 13,506 21,953 1,695,703 Residential 661,884 3,128 1,531 475 10,749 15,883 677,767 Home equity 315,250 793 861 262 1,783 3,699 318,949 Individuals' loans for household and other personal expenditures 71,375 284 31 59 144 518 71,893 Lease financing receivables, net of unearned income 614 614 Other commercial loans 167,990 167,990 Loans $ 4,267,367 $ 14,397 $ 5,407 $ 1,947 $ 32,597 $ 54,348 $ 4,321,715 December 31, 2014 Current 30-59 Days 60-89 Days Loans > 90 Days Non-Accrual Total Past Due Total Commercial and industrial loans $ 882,596 $ 4,006 $ 53 $ 2,985 $ 7,048 $ 14,092 $ 896,688 Agriculture production financing and other loans to farmers 98,236 891 5,800 6,691 104,927 Real estate Loans: Construction 204,683 1,017 82 1,439 2,538 207,221 Commercial and farmland 1,642,016 9,846 778 671 19,350 30,645 1,672,661 Residential 626,821 4,876 1,831 854 12,933 20,494 647,315 Home equity 282,828 1,213 352 148 1,988 3,701 286,529 Individuals' loans for household and other personal expenditures 72,853 258 53 5 231 547 73,400 Lease financing receivables, net of unearned income 1,106 1,106 Other commercial loans 35,018 35,018 Loans $ 3,846,157 $ 22,107 $ 3,149 $ 4,663 $ 48,789 $ 78,708 $ 3,924,865 See the information regarding the analysis of loan loss experience in the "LOAN QUALITY/PROVISION FOR LOAN LOSSES" section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included as ITEM 2 of this Quarterly Report on Form 10-Q. On occasion, borrowers experience declines in income and cash flow. As a result, these borrowers seek to reduce contractual cash outlays including debt payments. Concurrently, in an effort to preserve and protect its earning assets, specifically troubled loans, the Corporation works to maintain its relationship with certain customers who are experiencing financial difficulty by contractually modifying the borrower's debt agreement with the Corporation. In certain loan restructuring situations, the Corporation may grant a concession to a debtor experiencing financial difficulty, resulting in a trouble debt restructuring. A concession is deemed to be granted when, as a result of the restructuring, the Corporation does not expect to collect all amounts due, including interest accrued at the original contract rate. If the payment of principal at original maturity is primarily dependent on the value of collateral, the current value of the collateral is considered in determining whether the principal will be paid. The following tables summarize troubled debt restructurings in the Corporation's loan portfolio that occurred during the periods indicated: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Pre-Modification Post-Modification Number Pre-Modification Post-Modification Number Commercial and industrial loans $ 363 $ 218 2 $ 4,111 $ 2,115 7 Real estate Loans: Construction 79 80 1 Commercial and farmland 744 744 1 1,281 3,025 3 Residential 11 13 1 55 908 4 Home Equity 239 242 1 239 242 1 Total $ 1,357 $ 1,217 5 $ 5,765 $ 6,370 16 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Pre-Modification Post-Modification Number Pre-Modification Post-Modification Number Real estate Loans: Commercial and farmland $ 259 $ 259 1 Residential $ 256 $ 245 5 448 428 7 Home Equity 229 247 7 314 343 10 Individuals' loans for household and other personal expenditures 26 26 2 Total $ 485 $ 492 12 $ 1,047 $ 1,056 20 The following tables show the recorded investment of troubled debt restructurings, by modification type, that occurred during the periods indicated: Three Months Ended September 30, 2015 Term Rate Combination Total Commercial and industrial loans $ 138 $ 75 $ 213 Real estate Loans: Commercial and farmland 744 744 Residential $ 13 13 Home Equity 242 242 Total $ 138 $ 255 $ 819 $ 1,212 Nine Months Ended September 30, 2015 Term Rate Combination Total Commercial and industrial loans $ 806 $ 1,080 $ 1,886 Real estate Loans: Commercial and farmland 1,337 1,004 2,341 Residential 850 $ 59 909 Home Equity 242 242 Total $ 2,993 $ 301 $ 2,084 $ 5,378 Three Months Ended September 30, 2014 Term Rate Combination Total Real estate Loans: Residential $ 241 $ 241 Home Equity 245 245 Total $ 486 $ 486 Nine Months Ended September 30, 2014 Term Rate Combination Total Real estate Loans: Commercial and farmland $ 283 $ 283 Residential $ 60 $ 361 421 Home Equity 95 245 340 Individuals' loans for household and other personal expenditures 24 24 Total $ 283 $ 155 $ 630 $ 1,068 Loans secured by commercial and farm real estate made up 47 percent of the post-modification balance of troubled debt restructured loans made in the nine months ended September 30, 2015 . The following tables show troubled debt restructures that occurred during the twelve months ended September 30, 2015 and September 30, 2014 , that subsequently defaulted during the period indicated and remained in default at period end. For purposes of this discussion, a loan is considered in default if it is 30 or more days past due. Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Number of Recorded Number of Recorded Real estate Loans: Residential 1 $ 21 1 $ 21 Total 1 $ 21 1 $ 21 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Number of Recorded Number of Recorded Real estate Loans: Residential 1 $ 71 1 $ 71 Total 1 $ 71 1 $ 71 For potential consumer loan restructures, impairment evaluation occurs prior to modification. Any subsequent impairment is typically addressed through the charge off process, or may be addressed through a specific reserve. Consumer troubled debt restructurings are generally included in the general historical allowance for loan loss at the post modification balance. Consumer non-accrual and delinquent troubled debt restructurings are also considered in the calculation of the non-accrual and delinquency trend environmental allowance allocation. Commercial troubled debt restructured loans risk graded special mention, substandard, doubtful and loss are individually evaluated for impairment under ASC 310. Any resulting specific reserves are included in the allowance for loan losses. Commercial 30 - 89 day delinquent troubled debt restructurings are included in the calculation of the delinquency trend environmental allowance allocation. All commercial non-impaired loans, including non-accrual and 90+ day delinquents, are included in the ASC 450 loss migration analysis. |
Accounting for Certain Loans Ac
Accounting for Certain Loans Acquired in a Purchase | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Accounting for Certain Loans Acquired in a Purchase | ACCOUNTING FOR CERTAIN LOANS ACQUIRED IN A PURCHASE The acquired loans detailed in the tables below are included in Note 4. LOANS AND ALLOWANCE, in the Notes to Consolidated Condensed Financial Statements of this Quarterly Report on Form 10-Q. As described in Note 4, loans purchased after December 31, 2008 are recorded at the acquisition date fair value, which could result in a fair value discount or premium. Purchased loans with evidence of credit deterioration since origination and for which it is probable at the date of acquisition that the acquirer will not collect all contractually required principal and interest payments are accounted for under ASC 310-30, Loans Acquired with Deteriorated Credit Quality . The difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the nonaccretable portion of the fair value discount or premium. The accretable portion of the fair value discount or premium is the difference between the expected cash flows and the net present value of expected cash flows, with such difference accreted into earnings over the term of the loans. All other loans not accounted for under ASC 310-30 are accounted for under ASC 310-20. The following table includes the outstanding balance and carrying amount of loans acquired during the years 2012, 2013, 2014 and 2015, which are included in the balance sheet amounts of loans receivable at September 30, 2015 , and December 31, 2014 as applicable. September 30, 2015 C Financial Community CFS SCB Total Commercial and industrial loans $ 109 $ 6,628 $ 55,927 $ 5,008 $ 67,672 Agricultural production financing and other loans to farmers 2,024 1,456 3,480 Real estate loans: Construction 6,209 8,959 1,660 16,828 Commercial and farmland 28,094 56,148 207,197 13,981 305,420 Residential 58,096 23,465 122,369 6,449 210,379 Home Equity 9,861 8,147 34,404 13,799 66,211 Individuals' loans for household and other personal expenditures 12 577 531 56 1,176 Other commercial loans 73 73 Total $ 102,381 $ 105,948 $ 422,161 $ 40,749 $ 671,239 Carrying Amount $ 100,001 $ 99,467 $ 401,497 $ 35,617 $ 636,582 Allowance 109 202 311 Carrying Amount Net of Allowance $ 100,001 $ 99,358 $ 401,295 $ 35,617 $ 636,271 December 31, 2014 Community CFS SCB Total Commercial and industrial loans $ 8,168 $ 64,897 $ 6,059 $ 79,124 Agricultural production financing and other loans to farmers 1,100 893 1,993 Real estate loans: Construction 19,063 9,113 28,176 Commercial and farmland 74,600 251,002 15,593 341,195 Residential 28,863 144,396 7,384 180,643 Home Equity 9,881 39,244 15,758 64,883 Individuals' loans for household and other personal expenditures 1,314 922 121 2,357 Other commercial loans 86 86 Total $ 142,989 $ 509,660 $ 45,808 $ 698,457 Carrying Amount $ 134,198 $ 484,949 $ 39,324 $ 658,471 Allowance 650 650 Carrying Amount Net of Allowance $ 134,198 $ 484,299 $ 39,324 $ 657,821 The outstanding balance and related carrying amount of loans acquired and accounted for under ASC 310-30 as of September 30, 2015 were $82.9 million and $62.0 million , respectively. Additionally, the outstanding balance and related carrying amount of those loans as of December 31, 2014 were $99.0 million and $73.1 million , respectively. As customer cash flow expectations improve, nonaccretable yield can be reclassified to accretable yield. The accretable yield, or income expected to be collected, and reclassifications from nonaccretable yield, are identified in the table below. The table reflects only purchased loans accounted for under ASC 310-30 and not the entire portfolio of purchased loans. Three Months Ended September 30, 2015 C Financial Community CFS SCB Total Beginning balance $ 133 $ 1,818 $ 1,732 $ 758 $ 4,441 Additions Accretion (8 ) (139 ) (1,058 ) (285 ) (1,490 ) Reclassification from nonaccretable 21 704 235 960 Disposals (140 ) (3 ) (143 ) Ending balance $ 125 $ 1,560 $ 1,375 $ 708 $ 3,768 Nine Months Ended September 30, 2015 C Financial Community CFS SCB Total Beginning balance $ 2,122 $ 2,400 $ 868 $ 5,390 Additions $ 145 145 Accretion (20 ) (671 ) (2,977 ) (774 ) (4,442 ) Reclassification from nonaccretable 249 1,963 614 2,826 Disposals (140 ) (11 ) (151 ) Ending balance $ 125 $ 1,560 $ 1,375 $ 708 $ 3,768 Three Months Ended September 30, 2014 CFS SCB Total Beginning balance $ 3,488 $ 1,170 $ 4,658 Additions Accretion (2,156 ) (518 ) (2,674 ) Reclassification from nonaccretable 1,428 311 1,739 Disposals (136 ) (35 ) (171 ) Ending balance $ 2,624 $ 928 $ 3,552 Nine Months Ended September 30, 2014 CFS SCB Total Beginning balance $ 4,164 $ 1,388 $ 5,552 Additions Accretion (3,699 ) (920 ) (4,619 ) Reclassification from nonaccretable 2,330 495 2,825 Disposals (171 ) (35 ) (206 ) Ending balance $ 2,624 $ 928 $ 3,552 The following table presents loans acquired, as of their respective acquisition dates, during the periods ended September 30, 2015 and 2014, for which it was probable that all contractually required payments would not be collected: C Financial - 2015 Community - 2014 Contractually required payments receivable at acquisition date 2,632 26,032 Nonaccretable difference 393 3,498 Expected cash flows at acquisition date 2,239 22,534 Accretable difference 145 2,234 Basis in loans at acquisition date 2,094 20,300 |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL On April 17, 2015, the C Financial acquisition resulted in goodwill of $11,126,000 . Additionally, on June 12, 2015, the sale of FMIG resulted in a goodwill reduction of $8,474,000 . Additional details of these transactions can be found in NOTE 2. ACQUISITIONS AND DIVESTITURES, included within the Notes to Consolidated Condensed Financial Statements of this Quarterly Report on Form 10-Q. 2015 2014 Balance, January 1 $ 202,724 $ 188,948 Goodwill acquired 11,126 Goodwill reduction (8,474 ) Balance, September 30 $ 205,376 $ 188,948 |
Core Deposit and Other Intangib
Core Deposit and Other Intangibles | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Core Deposit and Other Intangibles | CORE DEPOSIT AND OTHER INTANGIBLES On April 17, 2015, the C Financial acquisition resulted in a core deposit intangible of $981,000 . Additionally, on June 12, 2015, the sale of FMIG resulted in an other intangible reduction of $742,000 . Additional details of these transactions can be found in NOTE 2. ACQUISITIONS AND DIVESTITURES, included within the Notes to Consolidated Condensed Financial Statements of this Quarterly Report on Form 10-Q. The carrying basis and accumulated amortization of recognized core deposit and other intangibles are noted below. September 30, 2015 September 30, 2014 Gross Carrying Amount $ 58,360 $ 53,702 Core deposit and other intangibles acquired 981 Accumulated amortization (44,472 ) (41,659 ) Core deposit and other intangibles reduction (742 ) Core deposit and other intangibles $ 14,127 $ 12,043 Estimated future amortization expense is summarized as follows: Amortization Expense 2015 $ 693 2016 2,734 2017 2,697 2018 1,584 2019 1,356 After 2019 5,063 $ 14,127 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS Risk Management Objective of Using Derivatives The Corporation is exposed to certain risks arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and through the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Corporation’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation’s known or expected cash payments principally related to certain variable-rate liabilities. The Corporation also has derivatives that are a result of a service the Corporation provides to certain qualifying customers, and, therefore, are not used to manage interest rate risk in the Corporation’s assets or liabilities. The Corporation manages a matched book with respect to its derivative instruments offered as a part of this service to its customers in order to minimize its net risk exposure resulting from such transactions. Cash Flow Hedges of Interest Rate Risk The Corporation’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Corporation primarily uses interest rate swaps and interest rate caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the payment of fixed amounts to a counterparty in exchange for the Corporation receiving variable payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. As of September 30, 2015 and 2014, the Corporation had five interest rate swaps with a notional amount of $56.0 million and one interest rate cap with a notional amount of $13.0 million that were designated as cash flow hedges. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2015 , $26.0 million of the interest rate swaps and the $13.0 million interest rate cap were used to hedge the variable cash outflows (LIBOR-based) associated with existing trust preferred securities when the outflows converted from a fixed rate to variable rate in September of 2012. In addition, the remaining $30.0 million of interest rate swaps were used to hedge the variable cash outflows (LIBOR-based) associated with three Federal Home Loan Bank advances. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and nine months ended September 30, 2015 , and 2014 , the Corporation did not recognize any ineffectiveness. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Corporation’s variable-rate liabilities. During the next twelve months, the Corporation expects to reclassify $1,345,000 from accumulated other comprehensive income to interest expense. Non-designated Hedges The Corporation does not use derivatives for trading or speculative purposes. Derivatives not designated as hedges are not speculative and result from a service the Corporation provides to certain customers. The Corporation executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Corporation executes with a third party, such that the Corporation minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. As of September 30, 2015 , the notional amount of customer-facing swaps was approximately $175,435,000 . This amount is offset with third party counterparties, as described above. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the fair value of the Corporation’s derivative financial instruments, as well as their classification on the Balance Sheet, as of September 30, 2015 , and December 31, 2014 . Asset Derivatives Liability Derivatives September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Balance Fair Balance Fair Balance Fair Balance Fair Derivatives designated as hedging instruments: Interest rate contracts Other Assets $ 39 Other Assets $ 137 Other Liabilities $ 3,822 Other Liabilities $ 2,650 Derivatives not designated as hedging instruments: Interest rate contracts Other Assets $ 6,505 Other Assets $ 3,730 Other Liabilities $ 6,801 Other Liabilities $ 3,887 Effect of Derivative Instruments on the Income Statement The tables below present the effect of the Corporation’s derivative financial instruments on the Income Statement for the three and nine months ended September 30, 2015 , and 2014 . Derivatives Not Designated as Location of Gain (Loss) Amount of Gain (Loss) Amount of Gain (Loss) Three Months Ended Three Months Ended Interest rate contracts Other income $ (194 ) $ 43 Derivatives Not Designated as Location of Gain (Loss) Amount of Gain (Loss) Amount of Gain (Loss) Nine Months Ended Nine Months Ended Interest rate contracts Other income $ (139 ) $ 31 The amount of gain (loss) recognized in other comprehensive income is included in the table below for the periods indicated. Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative Three Months Ended Nine Months ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Interest Rate Products $ (1,791 ) $ 28 $ (2,260 ) $ (2,530 ) The amount of gain (loss) reclassified from other comprehensive income into income is included in the table below for the periods indicated. Location of Loss Reclassified from Accumulated Other Comprehensive Income (Effective Portion) Amount of Gain (Loss) Reclassified from Other Comprehensive Income into Income Three Months Ended Nine Months ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Interest Expense $ (362 ) $ (356 ) $ (1,074 ) (1,051 ) The Corporation’s exposure to credit risk occurs because of nonperformance by its counterparties. The counterparties approved by the Corporation are usually financial institutions, which are well capitalized and have credit ratings through Moody’s and/or Standard & Poor’s, at or above investment grade. The Corporation’s control of such risk is through quarterly financial reviews, comparing mark-to-mark values with policy limitations, credit ratings and collateral pledging. Credit-risk-related Contingent Features The Corporation has agreements with certain of its derivative counterparties that contain a provision where if the Corporation fails to maintain its status as a well or adequate capitalized institution, then the Corporation could be required to terminate or fully collateralize all outstanding derivative contracts. The Corporation also has agreements with certain of its derivative counterparties that contain a provision where if the Corporation defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Corporation could also be declared in default on its derivative obligations. As of September 30, 2015 , the termination value of derivatives in a net liability position related to these agreements was $10,893,000 . As of September 30, 2015 , the Corporation had minimum collateral posting thresholds with certain of its derivative counterparties and had posted collateral of $10,681,000 . If the Corporation had breached any of these provisions at September 30, 2015 , it could have been required to settle its obligations under the agreements at their termination value. |
Disclosures About Fair Value of
Disclosures About Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Disclosures About Fair Value of Assets and Liabilities | DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES The Corporation used fair value measurements to record fair value adjustments, to certain assets, and liabilities and to determine fair value disclosures. The accounting guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 applies only when other guidance requires or permits assets or liabilities to be measured at fair value; it does not expand the use of fair value in any new circumstances. As defined in ASC 820, fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants. It represents an exit price at the measurement date. Market participants are buyers and sellers, who are independent, knowledgeable, and willing and able to transact in the principal (or most advantageous) market for the asset or liability being measured. Current market conditions, including imbalances between supply and demand, are considered in determining fair value. The Corporation values its assets and liabilities in the principal market where it sells the particular asset or transfers the liability with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market for the asset or liability (i.e., the market where the asset could be sold or the liability transferred at a price that maximizes the amount to be received for the asset or minimizes the amount to be paid to transfer the liability). Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability. Inputs can be observable or unobservable. Observable inputs are those assumptions which market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from a source independent of the Corporation. Unobservable inputs are assumptions based on the Corporation’s own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy which gives the highest ranking to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs for which there is little or no market activity (Level 3). Fair values for assets or liabilities classified as Level 2 are based on one or a combination of the following factors: (i) quoted prices for similar assets; (ii) observable inputs for the asset or liability, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Corporation considers an input to be significant if it drives 10 percent or more of the total fair value of a particular asset or liability. Recurring Measurements Following is a description of the valuation methodologies and inputs used for instruments measured at fair value on a recurring basis and recognized in the accompanying Consolidated Condensed Balance Sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques as of September 30, 2015 . Available for Sale Investment Securities Where quoted, market prices are available in an active market and securities are classified within Level 1 of the valuation hierarchy. There are no securities classified within Level 1 of the hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Level 2 securities include agencies, mortgage backs, state and municipal, and equity securities. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Level 3 fair value, including corporate obligations, state and municipal and equity securities, was determined using a discounted cash flow model that incorporated market estimates of interest rates and volatility in markets that have not been active. Third party vendors compile prices from various sources and may apply such techniques as matrix pricing to determine the value of identical or similar investment securities classified within Level 2. Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. Any investment security not valued based upon the methods above are considered Level 3. Interest Rate Derivative Agreements See information regarding the Corporation's interest rate derivative products in NOTE 8. DERIVATIVE FINANCIAL INSTRUMENTS, included within the Notes to Consolidated Condensed Financial Statements of this Quarterly Report on Form 10-Q. The following table presents the fair value measurements of assets and liabilities recognized in the Consolidated Condensed Balance Sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2015 , and December 31, 2014 . Fair Value Measurements Using: September 30, 2015 Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Significant Available for sale securities: U.S. Government-sponsored agency securities $ 105 $ 105 State and municipal 301,118 295,257 $ 5,861 U.S. Government-sponsored mortgage-backed securities 294,879 294,879 Corporate obligations 31 31 Equity securities 1,706 1,702 4 Interest rate swap asset 6,505 6,505 Interest rate cap 39 39 Interest rate swap liability 10,623 10,623 Fair Value Measurements Using: December 31, 2014 Fair Value Quoted Prices in Significant Other Observable Inputs Significant Available for sale securities: U.S. Government-sponsored agency securities $ 109 $ 109 State and municipal 228,593 221,982 $ 6,611 U.S. Government-sponsored mortgage-backed securities 319,104 319,104 Corporate obligations 31 31 Equity securities 1,706 1,702 4 Interest rate swap asset 3,730 3,730 Interest rate cap 137 137 Interest rate swap liability 6,537 6,537 Level 3 Reconciliation The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the Consolidated Condensed Balance Sheets using significant unobservable (Level 3) inputs for three and nine months ended September 30, 2015 , and 2014 . Available for Sale Securities Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Balance at beginning of the period $ 6,028 $ 7,533 $ 6,646 $ 9,977 Total realized and unrealized gains and losses: Included in net income Included in other comprehensive income 24 68 165 2,960 Purchases, issuances and settlements Transfers in/(out) of Level 3 Principal payments (156 ) (114 ) (915 ) (5,450 ) Ending balance $ 5,896 $ 7,487 $ 5,896 $ 7,487 There were no gains or losses for the period included in earnings that were attributable to the changes in unrealized gains or losses related to assets or liabilities held at September 30, 2015 or December 31, 2014 . Transfers Between Levels There were no transfers between Levels 1, 2 and 3 for the three and nine months ended September 30, 2015 and 2014 . Nonrecurring Measurements The following table presents the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2015 , and December 31, 2014 . Fair Value Measurements Using September 30, 2015 Fair Value Quoted Prices in Significant Other Significant Unobservable Impaired loans (collateral dependent) $ 8,816 $ 8,816 Other real estate owned 5,621 5,621 Fair Value Measurements Using December 31, 2014 Fair Value Quoted Prices in Significant Other Significant Unobservable Impaired loans (collateral dependent) $ 17,134 $ 17,134 Other real estate owned 5,155 5,155 Following is a description of valuation methodologies used for instruments measured at fair value on a nonrecurring basis and recognized in the Consolidated Condensed Balance Sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy. Impaired Loans (collateral dependent) Loans for which it is probable that the Corporation will not collect all principal and interest due according to contractual terms are measured for impairment. Allowable methods for determining the amount of impairment include estimating fair value of the collateral for collateral dependent loans. If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. If these allocations cause the allowance for loan losses to increase, such increase is reported as a component of the provision for loan losses. Loan losses are charged against the allowance when management believes the uncollectability of the loan is confirmed. During 2015 , certain impaired loans were partially charged off or re-evaluated. Impaired loans that are collateral dependent are classified within Level 3 of the fair value hierarchy when impairment is determined using the fair value method. Other Real Estate Owned The fair value for impaired loans and other real estate owned is measured based on the value of the collateral securing those loans or real estate and is determined using several methods. The fair value of real estate is generally determined based on appraisals by qualified licensed appraisers. The appraisers typically determine the value of the real estate by utilizing an income or market valuation approach. If an appraisal is not available, the fair value may be determined by using a cash flow analysis. Fair value on other collateral such as business assets is typically ascertained by assessing, either singularly or some combination of, asset appraisals, accounts receivable aging reports, inventory listings and/or customer financial statements. Both appraised values and values based on borrower’s financial information are discounted as considered appropriate based on age and quality of the information and current market conditions. Unobservable (Level 3) Inputs The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at September 30, 2015 and December 31, 2014 . September 30, 2015 Fair Value Valuation Technique Unobservable Inputs Range (Weighted-Average) State and municipal securities $ 5,861 Discounted cash flow Maturity/Call date 1 month to 15 yrs Blend of US Muni BQ curve A- to BBB- Discount rate .90% - 5% Corporate obligations and Equity securities $ 35 Discounted cash flow Risk free rate 3 month LIBOR plus Premium for illiquidity plus 200bps Impaired loans (collateral dependent) $ 8,816 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 0% - 50% (1%) Other real estate owned $ 5,621 Appraisals Discount to reflect current market conditions 0% - 20% (2%) December 31, 2014 Fair Value Valuation Technique Unobservable Inputs Range (Weighted-Average) State and municipal securities $ 6,611 Discounted cash flow Maturity/Call date 1 month to 15 yrs Blend of US Muni BQ curve A- to BBB- Discount rate .90% - 5% Corporate obligations and Equity securities $ 35 Discounted cash flow Risk free rate 3 month LIBOR plus Premium for illiquidity plus 200bps Impaired loans (collateral dependent) $ 17,134 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 0% - 50% (3%) Other real estate owned $ 5,155 Appraisals Discount to reflect current market conditions 0% - 20% (7%) Sensitivity of Significant Unobservable Inputs The following is a discussion of the sensitivity of significant unobservable inputs, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement and how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement. State and Municipal Securities, Corporate Obligations and Equity Securities The significant unobservable inputs used in the fair value measurement of the Corporation’s state and municipal securities, corporate obligations and equity securities are premiums for unrated securities and marketability discounts. Significant increases or decreases in either of those inputs in isolation would result in a significantly lower or higher fair value measurement. Generally, changes in either of those inputs will not affect the other input. Fair Value of Financial Instruments The following table presents estimated fair values of the Corporation’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2015 , and December 31, 2014 . September 30, 2015 Carrying Quoted Prices in Active Markets Significant Significant Unobservable (Level 1) (Level 2) (Level 3) Assets: Cash and cash equivalents $ 84,677 $ 84,677 Interest-bearing time deposits 27,111 27,111 Investment securities available for sale 597,839 $ 591,943 $ 5,896 Investment securities held to maturity 610,954 599,054 28,794 Loans held for sale 1,943 1,943 Loans 4,258,854 4,199,947 Federal Reserve Bank and Federal Home Loan Bank stock 34,498 34,498 Interest rate swap and cap asset 6,544 6,544 Interest receivable 22,048 22,048 Liabilities: Deposits $ 4,814,589 $ 3,705,092 $ 1,097,905 Borrowings: Federal funds purchased 52,896 52,896 Securities sold under repurchase agreements 153,822 153,822 Federal Home Loan Bank advances 237,856 239,629 Subordinated debentures and term loans 121,936 97,873 Interest rate swap liability 10,623 10,623 Interest payable 3,710 3,710 December 31, 2014 Carrying Quoted Prices in Active Markets Significant Significant Unobservable (Level 1) (Level 2) (Level 3) Assets: Cash and cash equivalents $ 118,616 $ 118,616 Interest-bearing time deposits 47,520 47,520 Investment securities available for sale 549,543 $ 542,897 $ 6,646 Investment securities held to maturity 631,088 614,457 33,266 Loans held for sale 7,235 7,235 Loans 3,860,901 3,810,912 Federal Reserve Bank and Federal Home Loan Bank stock 41,353 41,353 Interest rate swap and cap asset 3,867 3,867 Interest receivable 19,984 19,984 Liabilities: Deposits $ 4,640,694 $ 3,523,199 $ 1,099,610 Borrowings: Federal funds purchased 15,381 15,381 Securities sold under repurchase agreements 124,539 124,539 Federal Home Loan Bank advances 145,264 146,669 Subordinated debentures and term loans 126,810 92,802 Interest rate swap liability 6,537 6,537 Interest payable 3,201 3,201 The following methods were used to estimate the fair value of all other financial instruments recognized in the Consolidated Condensed Balance Sheets at amounts other than fair value. Cash and cash equivalents : The fair value of cash and cash equivalents approximates carrying value. Interest-bearing time deposits : The fair value of interest-bearing time deposits approximates carrying value. Investment securities : Fair value is based on quoted market prices, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. The fair value of certain Level III securities is estimated using discounted cash flow analysis, using interest rates currently being offered on investments with similar maturities and investment quality. Loans Held For Sale: The carrying amount approximates fair value due to the short duration between origination and date of sale. Loans: The fair value for loans is estimated using discounted cash flow analysis, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. See Impaired Loans above. Federal Reserve and Federal Home Loan Bank stock : The fair value of Federal Reserve Bank and Federal Home Loan Bank stock is based on the price which it may be resold to the Federal Reserve and Federal Home Loan Bank. Derivative instruments : The fair value of the interest rate swaps reflects the estimated amounts that would have been received to terminate these contracts at the reporting date based upon pricing or valuation models applied to current market information. Interest rate caps are valued using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rose above the strike rate of the caps. The projected cash receipts on the caps are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities. Interest Receivable and Interest Payable : The fair value of interest receivables/payable approximates the carrying amount. Deposits: The fair values of noninterest-bearing and interest-bearing demand accounts and savings deposits are equal to the amount payable on demand at the balance sheet date. The carrying amounts for variable rate, fixed-term certificates of deposit approximate their fair values at the balance sheet date. Fair values for fixed-rate certificates of deposit and other time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered to a schedule of aggregated expected monthly maturities on such time deposits. Federal funds purchased : The fair value of Federal Funds purchased approximates the carrying amount. Borrowings: The fair value of borrowings is estimated using a discounted cash flow calculation, based on current rates for similar debt. |
Transfers Accounted for as Secu
Transfers Accounted for as Secured Borrowings | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Transfers Accounted for as Secured Borrowings | TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS The collateral pledged for all repurchase agreements that are accounted for as secured borrowings as of September 30, 2015 were: Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater Than 90 Days Total U.S. Government-sponsored mortgage-backed securities $ 126,043 $ 1,333 $ 18,888 $ 7,558 $ 153,822 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, as of September 30, 2015 and 2014 : Accumulated Other Comprehensive Income (Loss) Unrealized Gains (Losses) on Securities Available for Sale Unrealized Gains (Losses) on Securities Available for Sale for which a Portion of Other-Than-Temporary Impairment has been Recognized in Income Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Defined Benefit Plans Total Balance at December 31, 2014 $ 14,098 $ (2,182 ) $ (13,546 ) $ (1,630 ) Other comprehensive income before reclassifications 117 (1,468 ) (1,351 ) Amounts reclassified from accumulated other comprehensive income (1,331 ) 698 (633 ) Period change (1,214 ) — (770 ) — (1,984 ) Balance at September 30, 2015 $ 12,884 $ — $ (2,952 ) $ (13,546 ) $ (3,614 ) Balance at December 31, 2013 $ 1,566 $ (1,847 ) $ (501 ) $ (5,628 ) $ (6,410 ) Other comprehensive income before reclassifications 11,338 1,701 (1,645 ) 11,394 Amounts reclassified from accumulated other comprehensive income (1,518 ) 684 (834 ) Period change 9,820 1,701 (961 ) — 10,560 Balance at September 30, 2014 $ 11,386 $ (146 ) $ (1,462 ) $ (5,628 ) $ 4,150 The following table presents the reclassification adjustments out of accumulated other comprehensive income (loss) that were included in net income in the Consolidated Condensed Statements of Income for the three and nine months ended September 30, 2015 and 2014 : Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Three Months Ended September 30, Details about Accumulated Other Comprehensive Income (Loss)Components 2015 2014 Affected Line Item in the Statements of Income Unrealized gains (losses) on available for sale securities (1) Realized securities gains (losses) reclassified into income $ 1,115 $ 910 Other income - net realized gains on sales of available for sale securities Related income tax expense (390 ) (318 ) Income tax expense $ 725 $ 592 Unrealized gains (losses) on cash flow hedges (2) Interest rate contracts $ (362 ) $ (356 ) Interest expense - subordinated debentures and term loans Related income tax benefit 127 124 Income tax expense $ (235 ) $ (232 ) Total reclassifications for the period, net of tax $ 490 $ 360 Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Nine Months Ended September 30, Details about Accumulated Other Comprehensive Income (Loss)Components 2015 2014 Affected Line Item in the Statements of Income Unrealized gains (losses) on available for sale securities (1) Realized securities gains reclassified into income $ 2,047 $ 2,335 Other income - net realized gains on sales of available for sale securities Related income tax expense (716 ) (817 ) Income tax expense $ 1,331 $ 1,518 Unrealized gains (losses) on cash flow hedges (2) Interest rate contracts $ (1,074 ) $ (1,051 ) Interest expense - subordinated debentures and term loans Related income tax benefit 376 367 Income tax expense $ (698 ) $ (684 ) Total reclassifications for the period, net of tax $ 633 $ 834 (1) For additional detail related to unrealized gains (losses) on available for sale securities and related amounts reclassified from accumulated other comprehensive income see NOTE 3. INVESTMENT SECURITIES. (2) For additional detail related to unrealized gains (losses) on cash flow hedges and related amounts reclassified from accumulated other comprehensive income see NOTE 8. DERIVATIVE FINANCIAL INSTRUMENTS. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION Stock options and restricted stock awards ("RSAs") have been issued to directors, officers and other management employees under the Corporation's 1999 Long-term Equity Incentive Plan and the 2009 Long-term Equity Incentive Plan. The stock options, which have a ten year life, become 100 percent vested ranging from six months to two years and are fully exercisable when vested. Option exercise prices equal the Corporation's common stock closing price on NASDAQ on the date of grant. RSAs issued to employees and non-employee directors provide for the issuance of shares of the Corporation's common stock at no cost to the holder and generally vest after three years. The RSAs vest only if the employee is actively employed by the Corporation on the vesting date and, therefore, any unvested shares are forfeited. For non-employee directors, the RSAs vest only if the non-employee director remains as an active board member on the vesting date and, therefore, any unvested shares are forfeited. RSAs for employees and non-employee directors retired from the Corporation are either immediately vested at retirement or continue to vest after retirement, depending on the plan under which the shares were granted. Deferred stock units ("DSUs") can be credited to non-employee directors who have elected to defer payment of compensation under the Corporation's 2008 Equity Compensation Plan for Non-employee Directors. DSUs credited are equal to the restricted shares that the non-employee director would have received under the plan. As of September 30, 2015 , there were no outstanding DSUs. The Corporation’s 2009 Employee Stock Purchase Plan (“ESPP”) provides eligible employees of the Corporation and its subsidiaries an opportunity to purchase shares of common stock of the Corporation through quarterly offerings financed by payroll deductions. The price of the stock to be paid by the employees shall be equal to 85 percent of the average of the closing price of the Corporation’s common stock on each trading day during the offering period. However, in no event shall such purchase price be less than the lesser of an amount equal to 85 percent of the market price of the Corporation’s stock on the offering date or an amount equal to 85 percent of the market value on the date of purchase. Common stock purchases are made quarterly and are paid through advance payroll deductions up to a calendar year maximum of $25,000 . Compensation expense related to unvested share-based awards is recorded by recognizing the unamortized grant date fair value of these awards over the remaining service periods of those awards, with no change in historical reported fair values and earnings. Awards are valued at fair value in accordance with provisions of share-based compensation guidance and are recognized on a straight-line basis over the service periods of each award. To complete the exercise of vested stock options, RSA’s and ESPP options, the Corporation generally issues new shares from its authorized but unissued share pool. Share-based compensation for the three and nine months ended September 30, 2015 was $556,000 and $1,687,000 , respectively, compared to $552,000 and $1,611,000 , respectively, for the three and nine months ended September 30, 2014 . Share-based compensation has been recognized as a component of salaries and benefits expense in the accompanying CONSOLIDATED CONDENSED STATEMENTS OF INCOME. The estimated fair value of the stock options granted during 2014 and in prior years was calculated using a Black Scholes option pricing model. There have been no stock options granted in 2015. The Black Scholes model incorporates assumptions to value share-based awards. The risk-free rate of interest, for periods equal to the expected life of the option, is based on a U.S. government instrument over a similar contractual term of the equity instrument. Expected price volatility is based on historical volatility of the Corporation’s common stock. In addition, the Corporation generally uses historical information to determine the dividend yield and weighted-average expected life of the options until exercise. Separate groups of employees that have similar historical exercise behavior with regard to option exercise timing and forfeiture rates are considered separately for valuation and attribution purposes. Share-based compensation expense recognized in the CONSOLIDATED CONDENSED STATEMENTS OF INCOME is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Share-based compensation guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. Pre-vesting forfeitures were estimated to be approximately 4.9 percent for the nine months ended September 30, 2015 , based on historical experience. The following table summarizes the components of the Corporation's share-based compensation awards recorded as expense: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Stock and ESPP Options Pre-tax compensation expense $ 23 $ 81 $ 78 $ 156 Income tax expense (benefit) 5 (21 ) 4 (26 ) Stock and ESPP option expense, net of income taxes $ 28 $ 60 $ 82 $ 130 Restricted Stock Awards Pre-tax compensation expense $ 533 $ 471 $ 1,609 $ 1,455 Income tax benefit (187 ) (165 ) (552 ) (509 ) Restricted stock awards expense, net of income taxes $ 346 $ 306 $ 1,057 $ 946 Total Share-Based Compensation Pre-tax compensation expense $ 556 $ 552 $ 1,687 $ 1,611 Income tax benefit (182 ) (186 ) (548 ) (535 ) Total share-based compensation expense, net of income taxes $ 374 $ 366 $ 1,139 $ 1,076 As of September 30, 2015 , unrecognized compensation expense related to RSAs was $3,488,000 and is expected to be recognized over a weighted-average period of 1.41 years. The Corporation did not have any unrecognized compensation expense related to stock options as of September 30, 2015 . Stock option activity under the Corporation's stock option plans as of September 30, 2015 and changes during the nine months ended September 30, 2015 , were as follows: Number of Weighted-Average Exercise Price Weighted Average Remaining Aggregate Outstanding at January 1, 2015 737,931 $ 20.99 Granted — Exercised (90,566 ) $ 15.70 Canceled (189,853 ) $ 26.00 Outstanding September 30, 2015 457,512 $ 19.96 3.31 2,976,604 Vested and Expected to Vest at September 30, 2015 457,512 $ 19.96 3.31 2,976,604 Exercisable at September 30, 2015 457,512 $ 19.96 3.31 2,976,604 There were no options granted during the nine months ended September 30, 2015 . The weighted-average grant date fair value was $8.13 for stock options granted during the nine months ended September 30, 2014 . The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Corporation's closing stock price on the last trading day of the first nine months of 2015 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their stock options on September 30, 2015 . The amount of aggregate intrinsic value will change based on the fair market value of the Corporation's common stock. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2015 and 2014 was $812,000 and $388,000 , respectively. Cash receipts of stock options exercised during this same period were $1,422,000 and $450,000 , respectively. The following table summarizes information on unvested RSAs outstanding as of September 30, 2015 : Number of Shares Weighted-Average Unvested RSAs at January 1, 2015 385,450 $ 15.65 Granted 111,124 $ 23.16 Vested (145,697 ) $ 11.81 Forfeited (5,742 ) $ 17.95 Unvested RSAs at September 30, 2015 345,135 $ 19.65 The grant date fair value of ESPP options was estimated at the beginning of the July 1, 2015 quarterly offering period of approximately $23,000 . The ESPP options vested during the three months ending September 30, 2015 , leaving no unrecognized compensation expense related to unvested ESPP options at September 30, 2015 . |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax Three Months Ended Nine Months Ended 2015 2014 2015 2014 Income Tax Expense : Currently Payable: Federal $ (5,723 ) $ (969 ) $ 1,965 $ (541 ) Deferred: Federal 12,149 6,812 18,899 16,644 State 131 137 383 382 Total Income Tax Expense $ 6,557 $ 5,980 $ 21,247 $ 16,485 Reconciliation of Federal Statutory to Actual Tax Expense: Federal statutory income tax at 35% $ 8,268 $ 7,736 $ 25,359 $ 21,486 Tax-exempt interest income (1,949 ) (1,310 ) (5,116 ) (3,805 ) Basis difference on sale of insurance subsidiary 2,252 Stock compensation 8 8 26 29 Earnings on life insurance (249 ) (534 ) (734 ) (1,024 ) Tax credits (145 ) (158 ) (437 ) (753 ) Other 624 238 (103 ) 552 Actual Tax Expense $ 6,557 $ 5,980 $ 21,247 $ 16,485 |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share Basic net income per share is computed by dividing net income by the weighted-average shares outstanding during the reporting period. Diluted net income per share is computed by dividing net income by the combination of all dilutive common share equivalents, comprised of shares issuable under the Corporation’s share-based compensation plans, and the weighted-average shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the exercise price of share-based awards, the amount of compensation expense, if any, for future service that the Corporation has not yet recognized, and the amount of estimated tax benefits that would be recorded in additional paid-in capital when share-based awards are exercised, are assumed to be used to repurchase common stock in the current period. The following table reconciles basic and diluted net income per share for the three and nine months ended September 30, 2015 and 2014 . Three Months Ended September 30, 2015 2014 Net Income Weighted-Average Shares Per Share Net Income Weighted-Average Shares Per Share Net income available to common stockholders 17,067 37,850,827 $ 0.46 16,122 36,054,867 $ 0.45 Effect of dilutive stock options and warrants 267,372 274,114 Diluted net income per share $ 17,067 38,118,199 $ 0.45 $ 16,122 36,328,981 $ 0.45 Nine Months Ended September 30, 2015 2014 Net Income Weighted-Average Shares Per Share Net Income Weighted-Average Shares Per Share Net income available to common stockholders 51,207 37,785,236 $ 1.36 44,902 36,013,049 $ 1.25 Effect of dilutive stock options and warrants 268,750 282,337 Diluted net income per share $ 51,207 38,053,986 $ 1.35 $ 44,902 36,295,386 $ 1.24 Stock options to purchase 225,180 and 531,872 shares for the three months ended September 30, 2015 and 2014 , respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price. Stock options to purchase 335,550 and 569,061 shares for the nine months ended September 30, 2015 and 2014 , respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price. |
Impact of Accounting Changes
Impact of Accounting Changes | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of Accounting Changes | IMPACT OF ACCOUNTING CHANGES FASB ASU 2015-09, Financial Services-Insurance (Topic 944): Disclosures about Short-Duration Contracts In May 2015, FASB issued 2015-09, Disclosures about Short-Duration Contracts. This update increases the transparency of significant estimates made in measuring the liability for unpaid claims and claim adjustment expenses, improve comparability through consistently disclosed information, and provide financial statements users with information to facilitate analysis of the amount, timing, and uncertainty of cash flows arising from contracts issued by insurance entities and the development of loss reserve estimates. The amendments in this update are effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016. Adoption of this ASU is not expected to have a significant effect on the Corporation’s consolidated financial statements. FASB Accounting Standards Update No. 2015-15, Interest-Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements The FASB has issued Accounting Standards Update (ASU) No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting. This ASU adds SEC paragraphs pursuant to the SEC Staff Announcement at the June 18, 2015, Emerging Issues Task Force meeting about the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires the presentation of debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Adoption of this ASU is not expected to have a significant effect on the Corporation’s consolidated financial statements. FASB Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In September 2015, FASB issued Accounting Standards Update (ASU) No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments eliminate the requirement to retrospectively account for those adjustments. U.S. GAAP currently requires that during the measurement period, the acquirer retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. Those adjustments are required when new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts initially recognized or would have resulted in the recognition of additional assets or liabilities. The acquirer also must revise comparative information for prior periods presented in financial statements as needed, including revising depreciation, amortization, or other income effects as a result of changes made to provisional amounts. The amendments require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The only disclosures required at transition should be the nature of and reason for the change in accounting principle. An entity should disclose that information in the first annual period of adoption and in the interim periods within the first annual period if there is a measurement-period adjustment during the first annual period in which the changes are effective. The Corporation is evaluating the effect of this ASU on its consolidated financial statements. |
General Litigation and Regulato
General Litigation and Regulatory Examinations | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
General Litigation and Regulatory Examinations | GENERAL LITIGATION AND REGULATORY EXAMINATIONS On July 8, 2015, a purported shareholder of Ameriana Bancorp filed a putative class action lawsuit captioned Shiva Stein, individually and on behalf of other similarly situated vs. Ameriana Bancorp et al., Cause No. 49D10-1507-PL-022566 in the Marion County, Indiana Superior Court 10 against Ameriana Bancorp, its Board of Directors and First Merchants Corporation. Plaintiff amended the complaint on September 23, 2015. The amended complaint alleges direct and derivative claims for breach of fiduciary duties by the members of the Board of Directors regarding the proposed Merger and claims against First Merchants Corporation for allegedly aiding and abetting those alleged breaches. The plaintiff seeks (1) class certification, (2) to enjoin the merger, (3) a declaration that the Merger Agreement is unlawful and unenforceable, (4) an order directing the members of Ameriana Bancorp's Board of Directors to commence a new sales process, (5) an order rescinding the Merger Agreement, and (6) compensatory damages, expert fees, attorneys' fees, and costs in an unspecified amount. At this early stage of the litigation, it is not possible to assess the probability of a material adverse outcome or reasonably estimate any potential financial impact of the lawsuit on Ameriana Bancorp. Ameriana Bancorp, its Board of Directors and First Merchants Corporation believe the claims against them are without merit and intend to contest the matter vigorously. On September 22, 2015, a purported shareholder of Ameriana Bancorp filed a putative class action lawsuit captioned Darrell F. Ewing v. Ameriana, et al., No. 1:15-CV-01491 in U.S. District Court in the Southern District of Indiana against Ameriana Bancorp, its Board of Directors and First Merchants Corporation. The complaint generally alleges various claims of federal securities law violations and that the Directors of Ameriana Bancorp breached their fiduciary duties by providing materially inadequate disclosures and material disclosure omissions with respect to the proposed Merger. The plaintiff seeks (1) class certification, (2) to enjoin the Merger or, in the event the Merger is completed before entry of an injunction, to rescind the Merger or be awarded an unspecified amount of rescissory damages, (3) compensatory damages in an unspecified amount, and (4) costs and expenses, including attorneys' and expert fees. At this early stage of the litigation, it is not possible to assess the probability of a material adverse outcome or reasonably estimate any potential financial impact of the lawsuit on Ameriana Bancorp. Ameriana Bancorp, its Board of Directors and First Merchants Corporation believe the claims against them are without merit and intend to contest the matter vigorously. The Corporation is also subject to other claims and lawsuits that arise primarily in the ordinary course of business. Additionally, the Corporation is subject to periodic examinations by various regulatory agencies. It is the opinion of management that the disposition or ultimate resolution of such claims, lawsuits, and examinations will not have a material adverse effect on the consolidated financial position, results of operations and cash flow of the Corporation. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Acquisition [Line Items] | |
Schedule of pro forma information from acquisition | Pro forma financial information for the C Financial acquisition is not included in the table below as it is deemed immaterial. 2014 2013 Total revenue (net interest income plus other income) $ 263,070 $ 253,668 Net income $ 61,572 $ 39,979 Net income available to common shareholders $ 61,572 $ 37,599 Earnings per share: Basic $ 1.63 $ 0.98 Diluted $ 1.61 $ 0.97 |
Merger with C Financial Corporation | |
Business Acquisition [Line Items] | |
Schedule of preliminary valuations of the fair value of assets acquired and liabilities assumed | Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the C Financial acquisition is detailed in the following table. Prior to the end of the one year measurement period for finalizing the purchase price allocation, if information becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation retrospectively. Fair Value Cash and cash equivalents $ 2,496 Federal Funds sold 7,018 Interest-bearing time deposits 922 Loans 110,625 Premises and equipment 7,290 Federal Home Loan Bank stock 855 Interest receivable 292 Other assets 119 Deposits (105,326 ) Interest payable (29 ) Federal Home Loan Bank Advances (18,958 ) Other liabilities (2,911 ) Net tangible assets acquired 2,393 Core deposit intangible 981 Goodwill 11,126 Purchase price $ 14,500 |
Merger with Community Bancshares, Inc. | |
Business Acquisition [Line Items] | |
Schedule of preliminary valuations of the fair value of assets acquired and liabilities assumed | Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the Community acquisition is detailed in the following table. Prior to the end of the one year measurement period for finalizing the purchase price allocation, if information becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation retrospectively. Fair Value Cash and cash equivalents $ 4,124 Interest-bearing time deposits 16,526 Investment Securities, available for sale 76,807 Loans 145,064 Premises and equipment 3,610 Federal Home Loan Bank stock 1,950 Interest receivable 767 Cash surrender value of life insurance 3,266 Other real estate owned 6,662 Taxes, deferred and receivable 3,348 Other assets 167 Deposits (228,424 ) Interest payable (98 ) Other liabilities (3,014 ) Net tangible assets acquired 30,755 Core deposit intangible 4,658 Goodwill 13,776 Purchase price $ 49,189 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of investment securities | The amortized cost, gross unrealized gains and losses and approximate fair value of the investment securities portfolio at the dates indicated were: Amortized Gross Gross Fair Available for sale at September 30, 2015 U.S. Government-sponsored agency securities $ 100 $ 5 $ 105 State and municipal 289,998 11,617 $ 497 301,118 U.S. Government-sponsored mortgage-backed securities 287,317 7,635 73 294,879 Corporate obligations 31 31 Equity securities 1,706 1,706 Total available for sale 579,152 19,257 570 597,839 Held to maturity at September 30, 2015 State and municipal 218,794 5,707 166 224,335 U.S. Government-sponsored mortgage-backed securities 392,160 11,566 213 403,513 Total held to maturity 610,954 17,273 379 627,848 Total Investment Securities $ 1,190,106 $ 36,530 $ 949 $ 1,225,687 Amortized Gross Gross Fair Available for sale at December 31, 2014 U.S. Government-sponsored agency securities $ 100 $ 9 $ 109 State and municipal 216,915 11,801 $ 123 228,593 U.S. Government-sponsored mortgage-backed securities 310,460 8,771 127 319,104 Corporate obligations 31 31 Equity securities 1,706 1,706 Total available for sale 529,212 20,581 250 549,543 Held to maturity at December 31, 2014 State and municipal 204,443 5,716 96 210,063 U.S. Government-sponsored mortgage-backed securities 426,645 11,527 512 437,660 Total held to maturity 631,088 17,243 608 647,723 Total Investment Securities $ 1,160,300 $ 37,824 $ 858 $ 1,197,266 |
Schedule of amortized cost and fair value of available for sale securities and held to maturity securities | The amortized cost and fair value of available for sale and held to maturity securities at September 30, 2015 , by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value Maturity Distribution at September 30, 2015: Due in one year or less $ 3,661 $ 3,715 $ 5,521 $ 5,533 Due after one through five years 13,265 13,854 24,076 25,086 Due after five through ten years 51,070 53,347 81,286 83,355 Due after ten years 222,133 230,338 107,911 110,361 $ 290,129 $ 301,254 $ 218,794 $ 224,335 U.S. Government-sponsored mortgage-backed securities 287,317 294,879 392,160 403,513 Equity securities 1,706 1,706 Total Investment Securities $ 579,152 $ 597,839 $ 610,954 $ 627,848 Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value Maturity Distribution at December 31, 2014 Due in one year or less $ 3,127 $ 3,153 $ 6,258 $ 6,329 Due after one through five years 9,565 9,840 18,440 18,930 Due after five through ten years 48,675 50,889 85,997 87,903 Due after ten years 155,679 164,851 93,748 96,901 $ 217,046 $ 228,733 $ 204,443 $ 210,063 U.S. Government-sponsored mortgage-backed securities 310,460 319,104 426,645 437,660 Equity securities 1,706 1,706 Total Investment Securities $ 529,212 $ 549,543 $ 631,088 $ 647,723 |
Schedule of gross gains on sales and redemptions of available for sale securities | Gross gains on the sales and redemptions of available for sale securities for the three and nine months ended September 30, 2015 , and 2014 are shown below. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Sales and Redemptions of Available for Sale Securities: Gross gains $ 1,115 $ 910 $ 2,147 $ 2,335 Gross losses 100 Other-than-temporary impairment losses |
Schedule of investment securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position | The following table shows investments securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2015 , and December 31, 2014 : Less than 12 Months Total Fair Gross Fair Gross Fair Gross Temporarily Impaired Available for Sale Securities at September 30, 2015 State and municipal $ 36,702 $ 497 $ 36,702 $ 497 U.S. Government-sponsored mortgage-backed securities 6,482 8 $ 2,125 $ 65 8,607 73 Total Temporarily Impaired Available for Sale Securities 43,184 505 2,125 65 45,309 570 Temporarily Impaired Held to Maturity Securities at September 30, 2015 State and municipal 13,711 144 1,716 22 15,427 166 U.S. Government-sponsored mortgage-backed securities 20,752 40 13,491 173 34,243 213 Total Temporarily Impaired Held to Maturity Securities 34,463 184 15,207 195 49,670 379 Total Temporarily Impaired Investment Securities $ 77,647 $ 689 $ 17,332 $ 260 $ 94,979 $ 949 Less than 12 Months Total Fair Gross Fair Gross Fair Gross Temporarily Impaired Available for Sale Securities at December 31, 2014 State and municipal $ 1,256 $ 7 $ 9,850 $ 116 $ 11,106 $ 123 U.S. Government-sponsored mortgage-backed securities 2,186 13 5,447 114 7,633 127 Total Temporarily Impaired Available for Sale Securities 3,442 20 15,297 230 18,739 250 Temporarily Impaired Held to Maturity Securities at December 31, 2014 State and municipal 5,119 96 250 5,369 96 U.S. Government-sponsored mortgage-backed securities 9,791 82 38,491 430 48,282 512 Total Temporarily Impaired Held to Maturity Securities 14,910 178 38,741 430 53,651 608 Total Temporarily Impaired Investment Securities $ 18,352 $ 198 $ 54,038 $ 660 $ 72,390 $ 858 |
Schedule of investments in debt and equity securities reported in the financial statements at an amount less than their historical cost | Certain investments in debt and equity securities are reported in the financial statements at an amount less than their historical cost as indicated in the table below. September 30, 2015 December 31, 2014 Investments reported at less than historical cost: Historical cost $ 95,928 $ 73,249 Fair value $ 94,979 $ 72,390 Percent of the Corporation's available for sale and held to maturity portfolio 7.9 % 6.1 % |
Schedule of securities for which only a credit loss was recognized in income and other losses were recorded in other comprehensive income | The following table provides information about those securities for which only a credit loss was recognized in income and other losses were recorded in other comprehensive income. Accumulated Accumulated Credit losses on debt securities held: Balance, January 1 $ 500 $ 11,355 Reductions for previous other-than-temporary losses realized on securities sold during the year (500 ) — Balance, September 30 $ — $ 11,355 |
Loans and Allowance (Tables)
Loans and Allowance (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Composition of loan portfolio by loan class | The following table shows the composition of the Corporation’s loan portfolio by loan class for the periods indicated: September 30, 2015 December 31, 2014 Commercial and industrial loans $ 999,195 $ 896,688 Agricultural production financing and other loans to farmers 91,354 104,927 Real estate loans: Construction 298,250 207,221 Commercial and farmland 1,695,703 1,672,661 Residential 677,767 647,315 Home Equity 318,949 286,529 Individuals' loans for household and other personal expenditures 71,893 73,400 Lease financing receivables, net of unearned income 614 1,106 Other commercial loans 167,990 35,018 Loans $ 4,321,715 $ 3,924,865 Allowance for loan losses (62,861 ) (63,964 ) Net Loans $ 4,258,854 $ 3,860,901 |
Changes in allowance for loan losses | The following tables summarize changes in the allowance for loan losses by loan segment for the three and nine months ended September 30, 2015 , and September 30, 2014 : Three Months Ended September 30, 2015 Commercial Commercial Consumer Residential Finance Total Allowance for loan losses: Balances, July 1 $ 31,479 $ 15,828 $ 2,927 $ 12,311 $ 5 $ 62,550 Provision for losses 3,202 (2,966 ) (102 ) (132 ) (2 ) Recoveries on loans 281 1,510 67 513 2,371 Loans charged off (1,026 ) (386 ) (169 ) (479 ) (2,060 ) Balances, September 30, 2015 $ 33,936 $ 13,986 $ 2,723 $ 12,213 $ 3 $ 62,861 Nine Months Ended September 30, 2015 Commercial Commercial Consumer Residential Finance Total Allowance for loan losses: Balances, January 1 $ 28,824 $ 19,327 $ 2,658 $ 13,152 $ 3 $ 63,964 Provision for losses 6,226 (6,364 ) 225 330 417 Recoveries on loans 1,168 2,069 246 1,392 4,875 Loans charged off (2,282 ) (1,046 ) (406 ) (2,661 ) (6,395 ) Balances, September 30, 2015 $ 33,936 $ 13,986 $ 2,723 $ 12,213 $ 3 $ 62,861 Three Months Ended September 30, 2014 Commercial Commercial Consumer Residential Finance Total Allowance for loan losses: Balances, July 1 $ 28,614 $ 22,582 $ 2,243 $ 14,928 $ 68,367 Provision for losses 1,385 528 113 (424 ) $ (2 ) 1,600 Recoveries on loans 1,987 1,215 86 431 3 3,722 Loans charged off (4,444 ) (2,707 ) (214 ) (728 ) (8,093 ) Balances, September 30, 2014 $ 27,542 $ 21,618 $ 2,228 $ 14,207 $ 1 $ 65,596 Nine Months Ended September 30, 2014 Commercial Commercial Consumer Residential Finance Total Allowance for loan losses: Balances, January 1 $ 27,176 $ 23,102 $ 2,515 $ 15,077 $ 67,870 Provision for losses 1,736 (177 ) (39 ) 100 $ (20 ) 1,600 Recoveries on loans 4,485 2,356 303 1,360 23 8,527 Loans charged off (5,855 ) (3,663 ) (551 ) (2,330 ) (2 ) (12,401 ) Balances, September 30, 2014 $ 27,542 $ 21,618 $ 2,228 $ 14,207 $ 1 $ 65,596 |
Allowance for credit losses and loan portfolio by loan segment | The following tables show the Corporation’s allowance for credit losses and loan portfolio by loan segment as of the periods indicated: September 30, 2015 Commercial Commercial Consumer Residential Finance Total Allowance Balances: Individually evaluated for impairment $ 1,268 $ 304 $ 73 $ 1,645 Collectively evaluated for impairment 32,668 13,480 $ 2,723 12,031 $ 3 60,905 Loans Acquired with Deteriorated Credit Quality 202 109 311 Total Allowance for Loan Losses $ 33,936 $ 13,986 $ 2,723 $ 12,213 $ 3 $ 62,861 Loan Balances: Individually evaluated for impairment $ 8,192 $ 19,466 $ 4,867 $ 32,525 Collectively evaluated for impairment 1,243,032 1,924,902 $ 71,893 986,759 $ 614 4,227,200 Loans Acquired with Deteriorated Credit Quality 7,315 49,585 5,090 61,990 Loans $ 1,258,539 $ 1,993,953 $ 71,893 $ 996,716 $ 614 $ 4,321,715 December 31, 2014 Commercial Commercial Consumer Residential Finance Total Allowance Balances: Individually evaluated for impairment $ 1,455 $ 470 $ 194 $ 2,119 Collectively evaluated for impairment 27,369 18,207 $ 2,658 12,958 $ 3 61,195 Loans Acquired with Deteriorated Credit Quality 650 650 Total Allowance for Loan Losses $ 28,824 $ 19,327 $ 2,658 $ 13,152 $ 3 $ 63,964 Loan Balances: Individually evaluated for impairment $ 16,108 $ 23,963 $ 4,022 $ 44,093 Collectively evaluated for impairment 1,011,122 1,796,797 $ 73,400 925,282 $ 1,106 3,807,707 Loans Acquired with Deteriorated Credit Quality 9,403 59,122 4,540 73,065 Loans $ 1,036,633 $ 1,879,882 $ 73,400 $ 933,844 $ 1,106 $ 3,924,865 |
Summary of non-accrual loans by loan class | The following table summarizes the Corporation’s non-accrual loans by loan class as of the periods indicated: September 30, 2015 December 31, 2014 Commercial and industrial loans $ 4,460 $ 7,048 Agriculture production financing and other loans to farmers 1,210 5,800 Real estate Loans: Construction 745 1,439 Commercial and farmland 13,506 19,350 Residential 10,749 12,933 Home Equity 1,783 1,988 Individuals' loans for household and other personal expenditures 144 231 Total $ 32,597 $ 48,789 |
Composition of impaired loans by loan class | The following tables show the composition of the Corporation’s commercial impaired loans by loan class as of the periods indicated: September 30, 2015 Unpaid Recorded Related Impaired loans with no related allowance: Commercial and industrial loans $ 22,117 $ 11,580 Agriculture production financing and other loans to farmers 669 663 Real estate Loans: Construction 5,559 2,708 Commercial and farmland 85,001 63,620 Residential 12,737 8,795 Home equity 250 194 Other commercial loans 23 Total $ 126,356 $ 87,560 Impaired loans with related allowance: Commercial and industrial loans $ 3,058 $ 2,716 $ 1,234 Agriculture production financing and other loans to farmers 547 547 34 Real estate Loans: Commercial and farmland 2,707 2,441 506 Residential 721 622 182 Total $ 7,033 $ 6,326 $ 1,956 Total Impaired Loans $ 133,389 $ 93,886 $ 1,956 December 31, 2014 Unpaid Recorded Related Impaired loans with no related allowance: Commercial and industrial loans $ 35,514 $ 18,029 Agriculture production financing and other loans to farmers 26 22 Real estate Loans: Construction 12,956 9,318 Commercial and farmland 95,856 68,187 Residential 10,591 6,839 Home equity 3,590 398 Other commercial loans 30 Total $ 158,563 $ 102,793 Impaired loans with related allowance: Commercial and industrial loans $ 1,766 $ 1,684 $ 1,055 Agriculture production financing and other loans to farmers 6,777 5,777 400 Real estate Loans: Commercial and farmland 7,159 4,971 1,120 Residential 1,001 998 194 Total $ 16,703 $ 13,430 $ 2,769 Total Impaired Loans $ 175,266 $ 116,223 $ 2,769 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Average Interest Average Interest Impaired loans with no related allowance: Commercial and industrial loans $ 11,863 $ 137 $ 12,676 $ 368 Agriculture production financing and other loans to farmers 675 699 Real estate Loans: Construction 2,855 41 3,407 123 Commercial and farmland 64,186 932 65,310 2,661 Residential 9,028 47 9,272 177 Home equity 194 197 Total $ 88,801 $ 1,157 $ 91,561 $ 3,329 Impaired loans with related allowance: Commercial and industrial loans $ 2,731 $ 10 $ 2,774 $ 29 Agriculture production financing and other loans to farmers 547 547 Real estate Loans: Commercial and farmland 2,459 2,613 Residential 625 626 Total $ 6,362 $ 10 $ 6,560 $ 29 Total Impaired Loans $ 95,163 $ 1,167 $ 98,121 $ 3,358 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Average Interest Average Interest Impaired loans with no related allowance: Commercial and industrial loans $ 13,406 $ 86 $ 13,820 $ 263 Agriculture production financing and other loans to farmers 25 27 Real estate Loans: Construction 8,026 112 8,197 331 Commercial and farmland 61,356 895 62,367 2,663 Residential 3,018 40 3,164 93 Home equity 118 147 Total $ 85,949 $ 1,133 $ 87,722 $ 3,350 Impaired loans with related allowance: Commercial and industrial loans $ 1,814 $ 10 $ 1,864 $ 30 Agriculture production financing and other loans to farmers 10,645 10,645 Real estate Loans: Commercial and farmland 4,484 4,528 23 Residential 1,460 1,460 Total $ 18,403 $ 10 $ 18,497 $ 53 Total Impaired Loans $ 104,352 $ 1,143 $ 106,219 $ 3,403 |
Credit quality of loan portfolio by loan class | The following tables summarize the credit quality of the Corporation’s loan portfolio, by loan class for the periods indicated. Consumer non-performing loans include accruing consumer loans 90 plus days delinquent and consumer non-accrual loans. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified date. Loans that evidenced deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected are included in the applicable categories below. September 30, 2015 Commercial Commercial Commercial Substandard Commercial Commercial Loss Consumer Performing Consumer Total Commercial and industrial loans $ 927,042 $ 30,679 $ 41,444 $ 30 $ 999,195 Agriculture production financing and other loans to farmers 73,793 4,750 12,811 91,354 Real estate Loans: Construction 280,673 1,151 1,230 $ 15,114 $ 82 298,250 Commercial and farmland 1,588,797 40,199 66,705 2 1,695,703 Residential 168,287 2,265 11,325 490,657 5,233 677,767 Home equity 7,195 16 484 309,403 1,851 318,949 Individuals' loans for household and other personal expenditures 71,691 202 71,893 Lease financing receivables, net of unearned income 520 94 614 Other commercial loans 167,990 167,990 Loans $ 3,214,297 $ 79,060 $ 134,093 $ 30 $ 886,865 $ 7,370 $ 4,321,715 December 31, 2014 Commercial Commercial Commercial Substandard Commercial Commercial Loss Consumer Performing Consumer Total Commercial and industrial loans $ 823,732 $ 24,455 $ 48,226 $ 275 $ 896,688 Agriculture production financing and other loans to farmers 96,155 1,195 7,577 104,927 Real estate Loans: Construction 185,394 3,164 2,928 $ 15,588 $ 147 207,221 Commercial and farmland 1,552,781 29,484 90,161 235 1,672,661 Residential 149,430 6,321 10,918 470,972 9,674 647,315 Home equity 6,368 12 690 277,571 1,888 286,529 Individuals' loans for household and other personal expenditures 73,165 235 73,400 Lease financing receivables, net of unearned income 998 108 1,106 Other commercial loans 35,018 35,018 Loans $ 2,849,876 $ 64,631 $ 160,608 $ 275 $ 837,296 $ 12,179 $ 3,924,865 |
Past due aging of loan portfolio by loan class | The following table shows a past due aging of the Corporation’s loan portfolio, by loan class as of September 30, 2015 , and December 31, 2014 : September 30, 2015 Current 30-59 Days 60-89 Days Loans > 90 Days Non-Accrual Total Past Due Total Commercial and industrial loans $ 992,529 $ 1,106 $ 1,035 $ 65 $ 4,460 $ 6,666 $ 999,195 Agriculture production financing and other loans to farmers 86,997 2,647 500 1,210 4,357 91,354 Real estate Loans: Construction 296,978 504 23 745 1,272 298,250 Commercial and farmland 1,673,750 5,935 1,426 1,086 13,506 21,953 1,695,703 Residential 661,884 3,128 1,531 475 10,749 15,883 677,767 Home equity 315,250 793 861 262 1,783 3,699 318,949 Individuals' loans for household and other personal expenditures 71,375 284 31 59 144 518 71,893 Lease financing receivables, net of unearned income 614 614 Other commercial loans 167,990 167,990 Loans $ 4,267,367 $ 14,397 $ 5,407 $ 1,947 $ 32,597 $ 54,348 $ 4,321,715 December 31, 2014 Current 30-59 Days 60-89 Days Loans > 90 Days Non-Accrual Total Past Due Total Commercial and industrial loans $ 882,596 $ 4,006 $ 53 $ 2,985 $ 7,048 $ 14,092 $ 896,688 Agriculture production financing and other loans to farmers 98,236 891 5,800 6,691 104,927 Real estate Loans: Construction 204,683 1,017 82 1,439 2,538 207,221 Commercial and farmland 1,642,016 9,846 778 671 19,350 30,645 1,672,661 Residential 626,821 4,876 1,831 854 12,933 20,494 647,315 Home equity 282,828 1,213 352 148 1,988 3,701 286,529 Individuals' loans for household and other personal expenditures 72,853 258 53 5 231 547 73,400 Lease financing receivables, net of unearned income 1,106 1,106 Other commercial loans 35,018 35,018 Loans $ 3,846,157 $ 22,107 $ 3,149 $ 4,663 $ 48,789 $ 78,708 $ 3,924,865 |
Schedules of troubled debt restructurings | The following tables summarize troubled debt restructurings in the Corporation's loan portfolio that occurred during the periods indicated: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Pre-Modification Post-Modification Number Pre-Modification Post-Modification Number Commercial and industrial loans $ 363 $ 218 2 $ 4,111 $ 2,115 7 Real estate Loans: Construction 79 80 1 Commercial and farmland 744 744 1 1,281 3,025 3 Residential 11 13 1 55 908 4 Home Equity 239 242 1 239 242 1 Total $ 1,357 $ 1,217 5 $ 5,765 $ 6,370 16 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Pre-Modification Post-Modification Number Pre-Modification Post-Modification Number Real estate Loans: Commercial and farmland $ 259 $ 259 1 Residential $ 256 $ 245 5 448 428 7 Home Equity 229 247 7 314 343 10 Individuals' loans for household and other personal expenditures 26 26 2 Total $ 485 $ 492 12 $ 1,047 $ 1,056 20 The following tables show the recorded investment of troubled debt restructurings, by modification type, that occurred during the periods indicated: Three Months Ended September 30, 2015 Term Rate Combination Total Commercial and industrial loans $ 138 $ 75 $ 213 Real estate Loans: Commercial and farmland 744 744 Residential $ 13 13 Home Equity 242 242 Total $ 138 $ 255 $ 819 $ 1,212 Nine Months Ended September 30, 2015 Term Rate Combination Total Commercial and industrial loans $ 806 $ 1,080 $ 1,886 Real estate Loans: Commercial and farmland 1,337 1,004 2,341 Residential 850 $ 59 909 Home Equity 242 242 Total $ 2,993 $ 301 $ 2,084 $ 5,378 Three Months Ended September 30, 2014 Term Rate Combination Total Real estate Loans: Residential $ 241 $ 241 Home Equity 245 245 Total $ 486 $ 486 Nine Months Ended September 30, 2014 Term Rate Combination Total Real estate Loans: Commercial and farmland $ 283 $ 283 Residential $ 60 $ 361 421 Home Equity 95 245 340 Individuals' loans for household and other personal expenditures 24 24 Total $ 283 $ 155 $ 630 $ 1,068 |
Troubled debt restructurings that subsequently defaulted | The following tables show troubled debt restructures that occurred during the twelve months ended September 30, 2015 and September 30, 2014 , that subsequently defaulted during the period indicated and remained in default at period end. For purposes of this discussion, a loan is considered in default if it is 30 or more days past due. Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Number of Recorded Number of Recorded Real estate Loans: Residential 1 $ 21 1 $ 21 Total 1 $ 21 1 $ 21 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Number of Recorded Number of Recorded Real estate Loans: Residential 1 $ 71 1 $ 71 Total 1 $ 71 1 $ 71 |
Accounting for Certain Loans 29
Accounting for Certain Loans Acquired in a Purchase (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of outstanding balance and carrying amount of loans acquired during the period | The following table includes the outstanding balance and carrying amount of loans acquired during the years 2012, 2013, 2014 and 2015, which are included in the balance sheet amounts of loans receivable at September 30, 2015 , and December 31, 2014 as applicable. September 30, 2015 C Financial Community CFS SCB Total Commercial and industrial loans $ 109 $ 6,628 $ 55,927 $ 5,008 $ 67,672 Agricultural production financing and other loans to farmers 2,024 1,456 3,480 Real estate loans: Construction 6,209 8,959 1,660 16,828 Commercial and farmland 28,094 56,148 207,197 13,981 305,420 Residential 58,096 23,465 122,369 6,449 210,379 Home Equity 9,861 8,147 34,404 13,799 66,211 Individuals' loans for household and other personal expenditures 12 577 531 56 1,176 Other commercial loans 73 73 Total $ 102,381 $ 105,948 $ 422,161 $ 40,749 $ 671,239 Carrying Amount $ 100,001 $ 99,467 $ 401,497 $ 35,617 $ 636,582 Allowance 109 202 311 Carrying Amount Net of Allowance $ 100,001 $ 99,358 $ 401,295 $ 35,617 $ 636,271 December 31, 2014 Community CFS SCB Total Commercial and industrial loans $ 8,168 $ 64,897 $ 6,059 $ 79,124 Agricultural production financing and other loans to farmers 1,100 893 1,993 Real estate loans: Construction 19,063 9,113 28,176 Commercial and farmland 74,600 251,002 15,593 341,195 Residential 28,863 144,396 7,384 180,643 Home Equity 9,881 39,244 15,758 64,883 Individuals' loans for household and other personal expenditures 1,314 922 121 2,357 Other commercial loans 86 86 Total $ 142,989 $ 509,660 $ 45,808 $ 698,457 Carrying Amount $ 134,198 $ 484,949 $ 39,324 $ 658,471 Allowance 650 650 Carrying Amount Net of Allowance $ 134,198 $ 484,299 $ 39,324 $ 657,821 |
Schedule of accretable yield, or income expected to be collected, and reclassifications from nonaccretable yield | The accretable yield, or income expected to be collected, and reclassifications from nonaccretable yield, are identified in the table below. The table reflects only purchased loans accounted for under ASC 310-30 and not the entire portfolio of purchased loans. Three Months Ended September 30, 2015 C Financial Community CFS SCB Total Beginning balance $ 133 $ 1,818 $ 1,732 $ 758 $ 4,441 Additions Accretion (8 ) (139 ) (1,058 ) (285 ) (1,490 ) Reclassification from nonaccretable 21 704 235 960 Disposals (140 ) (3 ) (143 ) Ending balance $ 125 $ 1,560 $ 1,375 $ 708 $ 3,768 Nine Months Ended September 30, 2015 C Financial Community CFS SCB Total Beginning balance $ 2,122 $ 2,400 $ 868 $ 5,390 Additions $ 145 145 Accretion (20 ) (671 ) (2,977 ) (774 ) (4,442 ) Reclassification from nonaccretable 249 1,963 614 2,826 Disposals (140 ) (11 ) (151 ) Ending balance $ 125 $ 1,560 $ 1,375 $ 708 $ 3,768 Three Months Ended September 30, 2014 CFS SCB Total Beginning balance $ 3,488 $ 1,170 $ 4,658 Additions Accretion (2,156 ) (518 ) (2,674 ) Reclassification from nonaccretable 1,428 311 1,739 Disposals (136 ) (35 ) (171 ) Ending balance $ 2,624 $ 928 $ 3,552 Nine Months Ended September 30, 2014 CFS SCB Total Beginning balance $ 4,164 $ 1,388 $ 5,552 Additions Accretion (3,699 ) (920 ) (4,619 ) Reclassification from nonaccretable 2,330 495 2,825 Disposals (171 ) (35 ) (206 ) Ending balance $ 2,624 $ 928 $ 3,552 The following table presents loans acquired, as of their respective acquisition dates, during the periods ended September 30, 2015 and 2014, for which it was probable that all contractually required payments would not be collected: C Financial - 2015 Community - 2014 Contractually required payments receivable at acquisition date 2,632 26,032 Nonaccretable difference 393 3,498 Expected cash flows at acquisition date 2,239 22,534 Accretable difference 145 2,234 Basis in loans at acquisition date 2,094 20,300 |
Schedule of loans acquired for which contractually required payments would not be collected | The following table presents loans acquired, as of their respective acquisition dates, during the periods ended September 30, 2015 and 2014, for which it was probable that all contractually required payments would not be collected: C Financial - 2015 Community - 2014 Contractually required payments receivable at acquisition date 2,632 26,032 Nonaccretable difference 393 3,498 Expected cash flows at acquisition date 2,239 22,534 Accretable difference 145 2,234 Basis in loans at acquisition date 2,094 20,300 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | 2015 2014 Balance, January 1 $ 202,724 $ 188,948 Goodwill acquired 11,126 Goodwill reduction (8,474 ) Balance, September 30 $ 205,376 $ 188,948 |
Core Deposit and Other Intang31
Core Deposit and Other Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of core deposit and other intangibles | The carrying basis and accumulated amortization of recognized core deposit and other intangibles are noted below. September 30, 2015 September 30, 2014 Gross Carrying Amount $ 58,360 $ 53,702 Core deposit and other intangibles acquired 981 Accumulated amortization (44,472 ) (41,659 ) Core deposit and other intangibles reduction (742 ) Core deposit and other intangibles $ 14,127 $ 12,043 |
Schedule of estimated future amortization expense | Estimated future amortization expense is summarized as follows: Amortization Expense 2015 $ 693 2016 2,734 2017 2,697 2018 1,584 2019 1,356 After 2019 5,063 $ 14,127 |
Derivative Financial Instrume32
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of derivative financial instruments and their classification on Balance Sheet | The table below presents the fair value of the Corporation’s derivative financial instruments, as well as their classification on the Balance Sheet, as of September 30, 2015 , and December 31, 2014 . Asset Derivatives Liability Derivatives September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Balance Fair Balance Fair Balance Fair Balance Fair Derivatives designated as hedging instruments: Interest rate contracts Other Assets $ 39 Other Assets $ 137 Other Liabilities $ 3,822 Other Liabilities $ 2,650 Derivatives not designated as hedging instruments: Interest rate contracts Other Assets $ 6,505 Other Assets $ 3,730 Other Liabilities $ 6,801 Other Liabilities $ 3,887 |
Schedule of derivative instruments, gain (loss) in Income Statement | The tables below present the effect of the Corporation’s derivative financial instruments on the Income Statement for the three and nine months ended September 30, 2015 , and 2014 . Derivatives Not Designated as Location of Gain (Loss) Amount of Gain (Loss) Amount of Gain (Loss) Three Months Ended Three Months Ended Interest rate contracts Other income $ (194 ) $ 43 Derivatives Not Designated as Location of Gain (Loss) Amount of Gain (Loss) Amount of Gain (Loss) Nine Months Ended Nine Months Ended Interest rate contracts Other income $ (139 ) $ 31 The amount of gain (loss) recognized in other comprehensive income is included in the table below for the periods indicated. Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative Three Months Ended Nine Months ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Interest Rate Products $ (1,791 ) $ 28 $ (2,260 ) $ (2,530 ) The amount of gain (loss) reclassified from other comprehensive income into income is included in the table below for the periods indicated. Location of Loss Reclassified from Accumulated Other Comprehensive Income (Effective Portion) Amount of Gain (Loss) Reclassified from Other Comprehensive Income into Income Three Months Ended Nine Months ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Interest Expense $ (362 ) $ (356 ) $ (1,074 ) (1,051 ) |
Disclosures About Fair Value 33
Disclosures About Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements of assets and liabilities recognized in Consolidated Condensed Balance Sheets measured at fair value | The following table presents the fair value measurements of assets and liabilities recognized in the Consolidated Condensed Balance Sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2015 , and December 31, 2014 . Fair Value Measurements Using: September 30, 2015 Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Significant Available for sale securities: U.S. Government-sponsored agency securities $ 105 $ 105 State and municipal 301,118 295,257 $ 5,861 U.S. Government-sponsored mortgage-backed securities 294,879 294,879 Corporate obligations 31 31 Equity securities 1,706 1,702 4 Interest rate swap asset 6,505 6,505 Interest rate cap 39 39 Interest rate swap liability 10,623 10,623 Fair Value Measurements Using: December 31, 2014 Fair Value Quoted Prices in Significant Other Observable Inputs Significant Available for sale securities: U.S. Government-sponsored agency securities $ 109 $ 109 State and municipal 228,593 221,982 $ 6,611 U.S. Government-sponsored mortgage-backed securities 319,104 319,104 Corporate obligations 31 31 Equity securities 1,706 1,702 4 Interest rate swap asset 3,730 3,730 Interest rate cap 137 137 Interest rate swap liability 6,537 6,537 |
Reconciliation of beginning and ending balances of recurring fair value measurements recognized in Consolidated Condensed Balance Sheets using significant unobservable Level 3 inputs | The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the Consolidated Condensed Balance Sheets using significant unobservable (Level 3) inputs for three and nine months ended September 30, 2015 , and 2014 . Available for Sale Securities Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Balance at beginning of the period $ 6,028 $ 7,533 $ 6,646 $ 9,977 Total realized and unrealized gains and losses: Included in net income Included in other comprehensive income 24 68 165 2,960 Purchases, issuances and settlements Transfers in/(out) of Level 3 Principal payments (156 ) (114 ) (915 ) (5,450 ) Ending balance $ 5,896 $ 7,487 $ 5,896 $ 7,487 |
Description of valuation methodologies used for instruments measured at fair value on a non-recurring basis and recognized in Consolidated Condensed Balance Sheets | The following table presents the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2015 , and December 31, 2014 . Fair Value Measurements Using September 30, 2015 Fair Value Quoted Prices in Significant Other Significant Unobservable Impaired loans (collateral dependent) $ 8,816 $ 8,816 Other real estate owned 5,621 5,621 Fair Value Measurements Using December 31, 2014 Fair Value Quoted Prices in Significant Other Significant Unobservable Impaired loans (collateral dependent) $ 17,134 $ 17,134 Other real estate owned 5,155 5,155 |
Unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill | The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at September 30, 2015 and December 31, 2014 . September 30, 2015 Fair Value Valuation Technique Unobservable Inputs Range (Weighted-Average) State and municipal securities $ 5,861 Discounted cash flow Maturity/Call date 1 month to 15 yrs Blend of US Muni BQ curve A- to BBB- Discount rate .90% - 5% Corporate obligations and Equity securities $ 35 Discounted cash flow Risk free rate 3 month LIBOR plus Premium for illiquidity plus 200bps Impaired loans (collateral dependent) $ 8,816 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 0% - 50% (1%) Other real estate owned $ 5,621 Appraisals Discount to reflect current market conditions 0% - 20% (2%) December 31, 2014 Fair Value Valuation Technique Unobservable Inputs Range (Weighted-Average) State and municipal securities $ 6,611 Discounted cash flow Maturity/Call date 1 month to 15 yrs Blend of US Muni BQ curve A- to BBB- Discount rate .90% - 5% Corporate obligations and Equity securities $ 35 Discounted cash flow Risk free rate 3 month LIBOR plus Premium for illiquidity plus 200bps Impaired loans (collateral dependent) $ 17,134 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 0% - 50% (3%) Other real estate owned $ 5,155 Appraisals Discount to reflect current market conditions 0% - 20% (7%) |
Estimated fair values of financial instruments | The following table presents estimated fair values of the Corporation’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2015 , and December 31, 2014 . September 30, 2015 Carrying Quoted Prices in Active Markets Significant Significant Unobservable (Level 1) (Level 2) (Level 3) Assets: Cash and cash equivalents $ 84,677 $ 84,677 Interest-bearing time deposits 27,111 27,111 Investment securities available for sale 597,839 $ 591,943 $ 5,896 Investment securities held to maturity 610,954 599,054 28,794 Loans held for sale 1,943 1,943 Loans 4,258,854 4,199,947 Federal Reserve Bank and Federal Home Loan Bank stock 34,498 34,498 Interest rate swap and cap asset 6,544 6,544 Interest receivable 22,048 22,048 Liabilities: Deposits $ 4,814,589 $ 3,705,092 $ 1,097,905 Borrowings: Federal funds purchased 52,896 52,896 Securities sold under repurchase agreements 153,822 153,822 Federal Home Loan Bank advances 237,856 239,629 Subordinated debentures and term loans 121,936 97,873 Interest rate swap liability 10,623 10,623 Interest payable 3,710 3,710 December 31, 2014 Carrying Quoted Prices in Active Markets Significant Significant Unobservable (Level 1) (Level 2) (Level 3) Assets: Cash and cash equivalents $ 118,616 $ 118,616 Interest-bearing time deposits 47,520 47,520 Investment securities available for sale 549,543 $ 542,897 $ 6,646 Investment securities held to maturity 631,088 614,457 33,266 Loans held for sale 7,235 7,235 Loans 3,860,901 3,810,912 Federal Reserve Bank and Federal Home Loan Bank stock 41,353 41,353 Interest rate swap and cap asset 3,867 3,867 Interest receivable 19,984 19,984 Liabilities: Deposits $ 4,640,694 $ 3,523,199 $ 1,099,610 Borrowings: Federal funds purchased 15,381 15,381 Securities sold under repurchase agreements 124,539 124,539 Federal Home Loan Bank advances 145,264 146,669 Subordinated debentures and term loans 126,810 92,802 Interest rate swap liability 6,537 6,537 Interest payable 3,201 3,201 |
Transfers Accounted for as Se34
Transfers Accounted for as Secured Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of collateral pledged for all repurchase agreements accounted for as secured borrowings | The collateral pledged for all repurchase agreements that are accounted for as secured borrowings as of September 30, 2015 were: Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater Than 90 Days Total U.S. Government-sponsored mortgage-backed securities $ 126,043 $ 1,333 $ 18,888 $ 7,558 $ 153,822 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | The following table summarizes the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, as of September 30, 2015 and 2014 : Accumulated Other Comprehensive Income (Loss) Unrealized Gains (Losses) on Securities Available for Sale Unrealized Gains (Losses) on Securities Available for Sale for which a Portion of Other-Than-Temporary Impairment has been Recognized in Income Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Defined Benefit Plans Total Balance at December 31, 2014 $ 14,098 $ (2,182 ) $ (13,546 ) $ (1,630 ) Other comprehensive income before reclassifications 117 (1,468 ) (1,351 ) Amounts reclassified from accumulated other comprehensive income (1,331 ) 698 (633 ) Period change (1,214 ) — (770 ) — (1,984 ) Balance at September 30, 2015 $ 12,884 $ — $ (2,952 ) $ (13,546 ) $ (3,614 ) Balance at December 31, 2013 $ 1,566 $ (1,847 ) $ (501 ) $ (5,628 ) $ (6,410 ) Other comprehensive income before reclassifications 11,338 1,701 (1,645 ) 11,394 Amounts reclassified from accumulated other comprehensive income (1,518 ) 684 (834 ) Period change 9,820 1,701 (961 ) — 10,560 Balance at September 30, 2014 $ 11,386 $ (146 ) $ (1,462 ) $ (5,628 ) $ 4,150 |
Reclassification out of accumulated other comprehensive income (loss) | The following table presents the reclassification adjustments out of accumulated other comprehensive income (loss) that were included in net income in the Consolidated Condensed Statements of Income for the three and nine months ended September 30, 2015 and 2014 : Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Three Months Ended September 30, Details about Accumulated Other Comprehensive Income (Loss)Components 2015 2014 Affected Line Item in the Statements of Income Unrealized gains (losses) on available for sale securities (1) Realized securities gains (losses) reclassified into income $ 1,115 $ 910 Other income - net realized gains on sales of available for sale securities Related income tax expense (390 ) (318 ) Income tax expense $ 725 $ 592 Unrealized gains (losses) on cash flow hedges (2) Interest rate contracts $ (362 ) $ (356 ) Interest expense - subordinated debentures and term loans Related income tax benefit 127 124 Income tax expense $ (235 ) $ (232 ) Total reclassifications for the period, net of tax $ 490 $ 360 Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Nine Months Ended September 30, Details about Accumulated Other Comprehensive Income (Loss)Components 2015 2014 Affected Line Item in the Statements of Income Unrealized gains (losses) on available for sale securities (1) Realized securities gains reclassified into income $ 2,047 $ 2,335 Other income - net realized gains on sales of available for sale securities Related income tax expense (716 ) (817 ) Income tax expense $ 1,331 $ 1,518 Unrealized gains (losses) on cash flow hedges (2) Interest rate contracts $ (1,074 ) $ (1,051 ) Interest expense - subordinated debentures and term loans Related income tax benefit 376 367 Income tax expense $ (698 ) $ (684 ) Total reclassifications for the period, net of tax $ 633 $ 834 (1) For additional detail related to unrealized gains (losses) on available for sale securities and related amounts reclassified from accumulated other comprehensive income see NOTE 3. INVESTMENT SECURITIES. (2) For additional detail related to unrealized gains (losses) on cash flow hedges and related amounts reclassified from accumulated other comprehensive income see NOTE 8. DERIVATIVE FINANCIAL INSTRUMENTS. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Components of share-based compensation awards | The following table summarizes the components of the Corporation's share-based compensation awards recorded as expense: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Stock and ESPP Options Pre-tax compensation expense $ 23 $ 81 $ 78 $ 156 Income tax expense (benefit) 5 (21 ) 4 (26 ) Stock and ESPP option expense, net of income taxes $ 28 $ 60 $ 82 $ 130 Restricted Stock Awards Pre-tax compensation expense $ 533 $ 471 $ 1,609 $ 1,455 Income tax benefit (187 ) (165 ) (552 ) (509 ) Restricted stock awards expense, net of income taxes $ 346 $ 306 $ 1,057 $ 946 Total Share-Based Compensation Pre-tax compensation expense $ 556 $ 552 $ 1,687 $ 1,611 Income tax benefit (182 ) (186 ) (548 ) (535 ) Total share-based compensation expense, net of income taxes $ 374 $ 366 $ 1,139 $ 1,076 |
Stock option activity under stock option plans | Stock option activity under the Corporation's stock option plans as of September 30, 2015 and changes during the nine months ended September 30, 2015 , were as follows: Number of Weighted-Average Exercise Price Weighted Average Remaining Aggregate Outstanding at January 1, 2015 737,931 $ 20.99 Granted — Exercised (90,566 ) $ 15.70 Canceled (189,853 ) $ 26.00 Outstanding September 30, 2015 457,512 $ 19.96 3.31 2,976,604 Vested and Expected to Vest at September 30, 2015 457,512 $ 19.96 3.31 2,976,604 Exercisable at September 30, 2015 457,512 $ 19.96 3.31 2,976,604 |
Unvested RSAs outstanding | The following table summarizes information on unvested RSAs outstanding as of September 30, 2015 : Number of Shares Weighted-Average Unvested RSAs at January 1, 2015 385,450 $ 15.65 Granted 111,124 $ 23.16 Vested (145,697 ) $ 11.81 Forfeited (5,742 ) $ 17.95 Unvested RSAs at September 30, 2015 345,135 $ 19.65 |
Income Tax (Tables)
Income Tax (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Three Months Ended Nine Months Ended 2015 2014 2015 2014 Income Tax Expense : Currently Payable: Federal $ (5,723 ) $ (969 ) $ 1,965 $ (541 ) Deferred: Federal 12,149 6,812 18,899 16,644 State 131 137 383 382 Total Income Tax Expense $ 6,557 $ 5,980 $ 21,247 $ 16,485 Reconciliation of Federal Statutory to Actual Tax Expense: Federal statutory income tax at 35% $ 8,268 $ 7,736 $ 25,359 $ 21,486 Tax-exempt interest income (1,949 ) (1,310 ) (5,116 ) (3,805 ) Basis difference on sale of insurance subsidiary 2,252 Stock compensation 8 8 26 29 Earnings on life insurance (249 ) (534 ) (734 ) (1,024 ) Tax credits (145 ) (158 ) (437 ) (753 ) Other 624 238 (103 ) 552 Actual Tax Expense $ 6,557 $ 5,980 $ 21,247 $ 16,485 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | The following table reconciles basic and diluted net income per share for the three and nine months ended September 30, 2015 and 2014 . Three Months Ended September 30, 2015 2014 Net Income Weighted-Average Shares Per Share Net Income Weighted-Average Shares Per Share Net income available to common stockholders 17,067 37,850,827 $ 0.46 16,122 36,054,867 $ 0.45 Effect of dilutive stock options and warrants 267,372 274,114 Diluted net income per share $ 17,067 38,118,199 $ 0.45 $ 16,122 36,328,981 $ 0.45 Nine Months Ended September 30, 2015 2014 Net Income Weighted-Average Shares Per Share Net Income Weighted-Average Shares Per Share Net income available to common stockholders 51,207 37,785,236 $ 1.36 44,902 36,013,049 $ 1.25 Effect of dilutive stock options and warrants 268,750 282,337 Diluted net income per share $ 51,207 38,053,986 $ 1.35 $ 44,902 36,295,386 $ 1.24 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions | Apr. 17, 2015USD ($)bank$ / shares | Nov. 07, 2014USD ($)bank$ / sharesshares | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 26, 2015$ / shares |
Business Acquisition [Line Items] | |||||||
Cash paid in acquisition | $ 14,500 | ||||||
Common stock issued, value | $ 0 | ||||||
Ameriana Bancorp | |||||||
Business Acquisition [Line Items] | |||||||
Share price (in dollars per share) | $ / shares | $ 25.13 | ||||||
Merger with C Financial Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of interest acquired | 100.00% | ||||||
Number of banking centers acquired | bank | 6 | ||||||
Purchase price | $ 14,500 | ||||||
Cash received by shareholders for each share of common stock held (usd per share) | $ / shares | $ 6.738 | ||||||
Core deposit intangible | $ 981 | ||||||
Acquired intangible asset, expected useful life | 10 years | ||||||
Merger with Community Bancshares, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Share price (in dollars per share) | $ / shares | $ 85.94 | ||||||
Percentage of interest acquired | 100.00% | ||||||
Number of banking centers acquired | bank | 10 | ||||||
Purchase price | $ 49,189 | ||||||
Core deposit intangible | $ 4,658 | ||||||
Acquired intangible asset, expected useful life | 10 years | ||||||
Cash paid in acquisition | $ 14,200 | ||||||
Stock issued as a part of acquisition (in shares) | shares | 1.6 | ||||||
Common stock issued, value | $ 35,000 | ||||||
Pro forma operating revenue | $ 1,600 | ||||||
Pro forma nonrecurring expense | $ 1,800 | ||||||
Merger with Community Bancshares, Inc. | Common Stock | |||||||
Business Acquisition [Line Items] | |||||||
Number of shares of common stock | 4.0926 | ||||||
Merger with CFS Bancorp, Inc. (Citizens) | |||||||
Business Acquisition [Line Items] | |||||||
Pro forma operating revenue | $ 4,900 | ||||||
Pro forma nonrecurring expense | $ 9,500 | ||||||
Ameriana Bancorp | Forecast | |||||||
Business Acquisition [Line Items] | |||||||
Estimated transaction value | $ 68,800 |
Acquisitions and Divestitures40
Acquisitions and Divestitures - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Apr. 17, 2015 | Dec. 31, 2014 | Nov. 07, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 205,376 | $ 202,724 | $ 188,948 | $ 188,948 | ||
Merger with C Financial Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 2,496 | |||||
Federal Funds sold | 7,018 | |||||
Interest-bearing time deposits | 922 | |||||
Loans | 110,625 | |||||
Premises and equipment | 7,290 | |||||
Federal Home Loan Bank stock | 855 | |||||
Interest receivable | 292 | |||||
Other assets | 119 | |||||
Deposits | (105,326) | |||||
Interest payable | (29) | |||||
Federal Home Loan Bank Advances | (18,958) | |||||
Other liabilities | (2,911) | |||||
Net tangible assets acquired | 2,393 | |||||
Core deposit intangible | 981 | |||||
Goodwill | 11,126 | |||||
Purchase price | $ 14,500 | |||||
Merger with Community Bancshares, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 4,124 | |||||
Interest-bearing time deposits | 16,526 | |||||
Investment Securities, available for sale | 76,807 | |||||
Loans | 145,064 | |||||
Premises and equipment | 3,610 | |||||
Federal Home Loan Bank stock | 1,950 | |||||
Interest receivable | 767 | |||||
Cash surrender value of life insurance | 3,266 | |||||
Other real estate owned | 6,662 | |||||
Tax asset, deferred and receivable | 3,348 | |||||
Other assets | 167 | |||||
Deposits | (228,424) | |||||
Interest payable | (98) | |||||
Other liabilities | (3,014) | |||||
Net tangible assets acquired | 30,755 | |||||
Core deposit intangible | 4,658 | |||||
Goodwill | 13,776 | |||||
Purchase price | $ 49,189 |
Acquisitions and Divestitures41
Acquisitions and Divestitures - Proforma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | ||
Total revenue (net interest income plus other income) | $ 263,070 | $ 253,668 |
Net income | 61,572 | 39,979 |
Net income available to common shareholders | $ 61,572 | $ 37,599 |
Earnings per share: | ||
Basic (in dollars per share) | $ 1.63 | $ 0.98 |
Diluted (in dollars per share) | $ 1.61 | $ 0.97 |
Acquisitions and Divestitures42
Acquisitions and Divestitures - Subsidiary Divestiture Narrative (Details) - USD ($) $ in Thousands | Jun. 12, 2015 | Sep. 30, 2015 | Sep. 30, 2014 |
Noncash or Part Noncash Divestitures [Line Items] | |||
Gain on sale of subsidiary | $ 8,265 | ||
FMIG | |||
Noncash or Part Noncash Divestitures [Line Items] | |||
Purchase price | $ 18,000 | ||
Amount paid at closing | 16,000 | ||
Promissory note | $ 2,000 | ||
Term of promissory note (in years) | 2 years | ||
Gain on sale of subsidiary | $ 8,300 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Approximate Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available for sale securities | ||
Amortized Cost | $ 579,152 | $ 529,212 |
Gross Unrealized Gains | 19,257 | 20,581 |
Gross Unrealized Losses | 570 | 250 |
Fair Value | 597,839 | 549,543 |
Held to maturity securities | ||
Amortized Cost | 610,954 | 631,088 |
Gross Unrealized Gains | 17,273 | 17,243 |
Gross Unrealized Losses | 379 | 608 |
Fair Value | 627,848 | 647,723 |
Amortized Cost | 1,190,106 | 1,160,300 |
Gross Unrealized Gains | 36,530 | 37,824 |
Gross Unrealized Losses | 949 | 858 |
Fair Value | 1,225,687 | 1,197,266 |
U.S. Government-sponsored agency securities | ||
Available for sale securities | ||
Amortized Cost | 100 | 100 |
Gross Unrealized Gains | $ 5 | $ 9 |
Gross Unrealized Losses | ||
Fair Value | $ 105 | $ 109 |
State and municipal | ||
Available for sale securities | ||
Amortized Cost | 289,998 | 216,915 |
Gross Unrealized Gains | 11,617 | 11,801 |
Gross Unrealized Losses | 497 | 123 |
Fair Value | 301,118 | 228,593 |
Held to maturity securities | ||
Amortized Cost | 218,794 | 204,443 |
Gross Unrealized Gains | 5,707 | 5,716 |
Gross Unrealized Losses | 166 | 96 |
Fair Value | 224,335 | 210,063 |
U.S. Government-sponsored mortgage-backed securities | ||
Available for sale securities | ||
Amortized Cost | 287,317 | 310,460 |
Gross Unrealized Gains | 7,635 | 8,771 |
Gross Unrealized Losses | 73 | 127 |
Fair Value | 294,879 | 319,104 |
Held to maturity securities | ||
Amortized Cost | 392,160 | 426,645 |
Gross Unrealized Gains | 11,566 | 11,527 |
Gross Unrealized Losses | 213 | 512 |
Fair Value | 403,513 | 437,660 |
Corporate obligations | ||
Available for sale securities | ||
Amortized Cost | $ 31 | $ 31 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 31 | $ 31 |
Equity securities | ||
Available for sale securities | ||
Amortized Cost | $ 1,706 | 1,706 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 1,706 | $ 1,706 |
Investment Securities - Amort44
Investment Securities - Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Amortized Cost | ||
Due in one year or less - Amortized Cost | $ 3,661 | $ 3,127 |
Due after one through five years - Amortized Cost | 13,265 | 9,565 |
Due after five through ten years - Amortized Cost | 51,070 | 48,675 |
Due after ten years - Amortized Cost | 222,133 | 155,679 |
Total debt securities with a single maturity date - Amortized Cost | 290,129 | 217,046 |
Total Investment Securities - Amortized Cost | 579,152 | 529,212 |
Fair Value | ||
Due in one year or less - Fair Value | 3,715 | 3,153 |
Due after one through five years - Fair Value | 13,854 | 9,840 |
Due after five through ten years - Fair Value | 53,347 | 50,889 |
Due after ten years - Fair Value | 230,338 | 164,851 |
Total debt securities with a single maturity date - Fair Value | 301,254 | 228,733 |
Total Investment Securities - Fair Value | 597,839 | 549,543 |
Amortized Cost | ||
Due in one year or less - Amortized Cost | 5,521 | 6,258 |
Due after one through five years - Amortized Cost | 24,076 | 18,440 |
Due after five through ten years - Amortized Cost | 81,286 | 85,997 |
Due after ten years - Amortized Cost | 107,911 | 93,748 |
Total debt securities with a single maturity date - Amortized Cost | 218,794 | 204,443 |
Fair Value | ||
Due in one year or less - Fair Value | 5,533 | 6,329 |
Due after one through five years - Fair Value | 25,086 | 18,930 |
Due after five through ten years - Fair Value | 83,355 | 87,903 |
Due after ten years - Fair Value | 110,361 | 96,901 |
Total debt securities with a single maturity date - Fair Value | 224,335 | 210,063 |
Investment securities held to maturity - fair value | 627,848 | 647,723 |
U.S. Government-sponsored mortgage-backed securities | ||
Amortized Cost | ||
Without single maturity date - Amortized Cost | 287,317 | 310,460 |
Fair Value | ||
Without single maturity date - Fair Value | 294,879 | 319,104 |
Amortized Cost | ||
Without single maturity date - Amortized Cost | 392,160 | 426,645 |
Fair Value | ||
Without single maturity date - Fair Value | 403,513 | 437,660 |
Investment securities held to maturity - fair value | 403,513 | 437,660 |
Equity securities | ||
Amortized Cost | ||
Without single maturity date - Amortized Cost | 1,706 | 1,706 |
Fair Value | ||
Without single maturity date - Fair Value | $ 1,706 | $ 1,706 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2009 | Dec. 31, 2014 | |
Schedule of Available for sale Securities and Held to maturity Securities [Line Items] | ||||||
Carrying value of securities pledged as collateral | $ 646,124 | $ 646,124 | $ 449,408 | |||
Book value of securities sold under agreements to repurchase | 149,014 | 149,014 | $ 120,027 | |||
Net realized gains on sales of available for sale securities | $ 1,115 | $ 910 | 2,047 | $ 2,335 | ||
Corporate obligations | ||||||
Schedule of Available for sale Securities and Held to maturity Securities [Line Items] | ||||||
Net impairment losses recognized in earnings | $ 500 | |||||
Net realized gains on sales of available for sale securities | $ 45 |
Investment Securities - Gross G
Investment Securities - Gross Gains on Sales and Redemptions of Available for Sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Sales and Redemptions of Available for Sale Securities: | ||||
Gross gains | $ 1,115 | $ 910 | $ 2,147 | $ 2,335 |
Gross losses | $ 100 | |||
Other-than-temporary impairment losses |
Investment Securities - Investm
Investment Securities - Investments' Gross Unrealized Losses and Fair Value Aggregated by Investment Category and Length of Time in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value | ||
Less than 12 Months | $ 43,184 | $ 3,442 |
12 Months or Longer | 2,125 | 15,297 |
Total | 45,309 | 18,739 |
Gross Unrealized Losses | ||
Less than 12 Months | 505 | 20 |
12 Months or Longer | 65 | 230 |
Total | 570 | 250 |
Fair Value | ||
Less than 12 Months | 34,463 | 14,910 |
12 Months or Longer | 15,207 | 38,741 |
Total | 49,670 | 53,651 |
Gross Unrealized Losses | ||
Less than 12 Months | 184 | 178 |
12 Months or Longer | 195 | 430 |
Total | 379 | 608 |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] | ||
Less than 12 Months, Fair Value | 77,647 | 18,352 |
12 Months or Longer, Fair Value | 17,332 | 54,038 |
Total, Fair Value | 94,979 | 72,390 |
Less than 12 Months, Gross Unrealized Losses | 689 | 198 |
12 Months or Longer, Gross Unrealized Losses | 260 | 660 |
Total, Gross Unrealized Losses | 949 | 858 |
State and municipal | ||
Fair Value | ||
Less than 12 Months | $ 36,702 | 1,256 |
12 Months or Longer | 9,850 | |
Total | $ 36,702 | 11,106 |
Gross Unrealized Losses | ||
Less than 12 Months | $ 497 | 7 |
12 Months or Longer | 116 | |
Total | $ 497 | 123 |
U.S. Government-sponsored mortgage-backed securities | ||
Fair Value | ||
Less than 12 Months | 6,482 | 2,186 |
12 Months or Longer | 2,125 | 5,447 |
Total | 8,607 | 7,633 |
Gross Unrealized Losses | ||
Less than 12 Months | 8 | 13 |
12 Months or Longer | 65 | 114 |
Total | 73 | 127 |
State and municipal | ||
Fair Value | ||
Less than 12 Months | 13,711 | 5,119 |
12 Months or Longer | 1,716 | 250 |
Total | 15,427 | 5,369 |
Gross Unrealized Losses | ||
Less than 12 Months | 144 | $ 96 |
12 Months or Longer | 22 | |
Total | 166 | $ 96 |
U.S. Government-sponsored mortgage-backed securities | ||
Fair Value | ||
Less than 12 Months | 20,752 | 9,791 |
12 Months or Longer | 13,491 | 38,491 |
Total | 34,243 | 48,282 |
Gross Unrealized Losses | ||
Less than 12 Months | 40 | 82 |
12 Months or Longer | 173 | 430 |
Total | $ 213 | $ 512 |
Investment Securities - Inves48
Investment Securities - Investments in Debt and Equity Securities Reported Less than Historical Cost (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Fair value | $ 94,979 | $ 72,390 |
Investments reported at less than historical cost: | ||
Schedule of Investments [Line Items] | ||
Historical cost | 95,928 | 73,249 |
Fair value | $ 94,979 | $ 72,390 |
Percent of the Corporation's available for sale and held to maturity portfolio | 7.90% | 6.10% |
Investment Securities - Debt Se
Investment Securities - Debt Securities Credit Loss Recognized in Income, and Other Losses Recorded in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Credit losses on debt securities held: | ||
Beginning balance | $ 500 | $ 11,355 |
Reductions for previous other-than-temporary losses realized on securities sold during the year | (500) | 0 |
Ending balance | $ 0 | $ 11,355 |
Loans and Allowance - Additiona
Loans and Allowance - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 1,943 | $ 7,235 |
Loans | 4,321,715 | 3,924,865 |
Other commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 167,990 | 35,018 |
Increase in loans | 132,972 | |
Real estate loans - Commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,695,703 | $ 1,672,661 |
Percentage of troubled debt restructured loans | 47.00% |
Loans and Allowance - Compositi
Loans and Allowance - Composition of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Loans: | ||||||
Loans | $ 4,321,715 | $ 3,924,865 | ||||
Allowance for loan losses | (62,861) | $ (62,550) | (63,964) | $ (65,596) | $ (68,367) | $ (67,870) |
Net Loans | 4,258,854 | 3,860,901 | ||||
Commercial and industrial loans | ||||||
Loans: | ||||||
Loans | 999,195 | 896,688 | ||||
Agricultural production financing and other loans to farmers | ||||||
Loans: | ||||||
Loans | 91,354 | 104,927 | ||||
Real estate loans - Construction | ||||||
Loans: | ||||||
Loans | 298,250 | 207,221 | ||||
Real estate loans - Commercial and farmland | ||||||
Loans: | ||||||
Loans | 1,695,703 | 1,672,661 | ||||
Real estate loans - Residential | ||||||
Loans: | ||||||
Loans | 677,767 | 647,315 | ||||
Allowance for loan losses | (12,213) | (12,311) | (13,152) | (14,207) | (14,928) | (15,077) |
Real estate loans - Home Equity | ||||||
Loans: | ||||||
Loans | 318,949 | 286,529 | ||||
Individuals' loans for household and other personal expenditures | ||||||
Loans: | ||||||
Loans | 71,893 | 73,400 | ||||
Allowance for loan losses | (2,723) | (2,927) | (2,658) | (2,228) | $ (2,243) | $ (2,515) |
Lease financing receivables, net of unearned income | ||||||
Loans: | ||||||
Loans | 614 | 1,106 | ||||
Allowance for loan losses | (3) | $ (5) | (3) | $ (1) | ||
Other commercial loans | ||||||
Loans: | ||||||
Loans | $ 167,990 | $ 35,018 |
Loans and Allowance - Changes i
Loans and Allowance - Changes in Allowance for Loan Losses by Loan Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Allowance for loan losses: | ||||
Beginning balance | $ 62,550 | $ 68,367 | $ 63,964 | $ 67,870 |
Provision for losses | 1,600 | 417 | 1,600 | |
Recoveries on loans | $ 2,371 | 3,722 | 4,875 | 8,527 |
Loans charged off | (2,060) | (8,093) | (6,395) | (12,401) |
Ending balance | 62,861 | 65,596 | 62,861 | 65,596 |
Commercial | ||||
Allowance for loan losses: | ||||
Beginning balance | 31,479 | 28,614 | 28,824 | 27,176 |
Provision for losses | 3,202 | 1,385 | 6,226 | 1,736 |
Recoveries on loans | 281 | 1,987 | 1,168 | 4,485 |
Loans charged off | (1,026) | (4,444) | (2,282) | (5,855) |
Ending balance | 33,936 | 27,542 | 33,936 | 27,542 |
Commercial Real Estate | ||||
Allowance for loan losses: | ||||
Beginning balance | 15,828 | 22,582 | 19,327 | 23,102 |
Provision for losses | (2,966) | 528 | (6,364) | (177) |
Recoveries on loans | 1,510 | 1,215 | 2,069 | 2,356 |
Loans charged off | (386) | (2,707) | (1,046) | (3,663) |
Ending balance | 13,986 | 21,618 | 13,986 | 21,618 |
Consumer | ||||
Allowance for loan losses: | ||||
Beginning balance | 2,927 | 2,243 | 2,658 | 2,515 |
Provision for losses | (102) | 113 | 225 | (39) |
Recoveries on loans | 67 | 86 | 246 | 303 |
Loans charged off | (169) | (214) | (406) | (551) |
Ending balance | 2,723 | 2,228 | 2,723 | 2,228 |
Residential | ||||
Allowance for loan losses: | ||||
Beginning balance | 12,311 | 14,928 | 13,152 | 15,077 |
Provision for losses | (132) | (424) | 330 | 100 |
Recoveries on loans | 513 | 431 | 1,392 | 1,360 |
Loans charged off | (479) | (728) | (2,661) | (2,330) |
Ending balance | 12,213 | $ 14,207 | 12,213 | $ 14,207 |
Finance Leases | ||||
Allowance for loan losses: | ||||
Beginning balance | 5 | $ 3 | ||
Provision for losses | $ (2) | $ (2) | $ (20) | |
Recoveries on loans | $ 3 | 23 | ||
Loans charged off | (2) | |||
Ending balance | $ 3 | $ 1 | $ 3 | $ 1 |
Loans and Allowance - Allowance
Loans and Allowance - Allowance for Credit Losses and Loan Portfolio by Loan Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance balances - Individually evaluated for impairment | $ 1,645 | $ 2,119 | ||||
Allowance balances - Collectively evaluated for impairment | 60,905 | 61,195 | ||||
Total Allowance for Loan Losses | 62,861 | $ 62,550 | 63,964 | $ 65,596 | $ 68,367 | $ 67,870 |
Loan balances - Individually evaluated for impairment | 32,525 | 44,093 | ||||
Loan balances - Collectively evaluated for impairment | 4,227,200 | 3,807,707 | ||||
Loans | 4,321,715 | 3,924,865 | ||||
Loans Acquired with Deteriorated Credit Quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total Allowance for Loan Losses | 311 | 650 | ||||
Loans | 61,990 | 73,065 | ||||
Commercial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance balances - Individually evaluated for impairment | 1,268 | 1,455 | ||||
Allowance balances - Collectively evaluated for impairment | 32,668 | 27,369 | ||||
Total Allowance for Loan Losses | 33,936 | 31,479 | 28,824 | 27,542 | 28,614 | 27,176 |
Loan balances - Individually evaluated for impairment | 8,192 | 16,108 | ||||
Loan balances - Collectively evaluated for impairment | 1,243,032 | 1,011,122 | ||||
Loans | $ 1,258,539 | $ 1,036,633 | ||||
Commercial | Loans Acquired with Deteriorated Credit Quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total Allowance for Loan Losses | ||||||
Loans | $ 7,315 | $ 9,403 | ||||
Commercial Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance balances - Individually evaluated for impairment | 304 | 470 | ||||
Allowance balances - Collectively evaluated for impairment | 13,480 | 18,207 | ||||
Total Allowance for Loan Losses | 13,986 | 15,828 | 19,327 | 21,618 | 22,582 | 23,102 |
Loan balances - Individually evaluated for impairment | 19,466 | 23,963 | ||||
Loan balances - Collectively evaluated for impairment | 1,924,902 | 1,796,797 | ||||
Loans | 1,993,953 | 1,879,882 | ||||
Commercial Real Estate | Loans Acquired with Deteriorated Credit Quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total Allowance for Loan Losses | 202 | 650 | ||||
Loans | $ 49,585 | 59,122 | ||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance balances - Individually evaluated for impairment | ||||||
Allowance balances - Collectively evaluated for impairment | $ 2,723 | 2,658 | ||||
Total Allowance for Loan Losses | 2,723 | 2,927 | 2,658 | 2,228 | 2,243 | 2,515 |
Loan balances - Collectively evaluated for impairment | 71,893 | 73,400 | ||||
Loans | $ 71,893 | $ 73,400 | ||||
Consumer | Loans Acquired with Deteriorated Credit Quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total Allowance for Loan Losses | ||||||
Loans | ||||||
Residential | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance balances - Individually evaluated for impairment | $ 73 | $ 194 | ||||
Allowance balances - Collectively evaluated for impairment | 12,031 | 12,958 | ||||
Total Allowance for Loan Losses | 12,213 | 12,311 | 13,152 | 14,207 | $ 14,928 | $ 15,077 |
Loan balances - Individually evaluated for impairment | 4,867 | 4,022 | ||||
Loan balances - Collectively evaluated for impairment | 986,759 | 925,282 | ||||
Loans | 996,716 | $ 933,844 | ||||
Residential | Loans Acquired with Deteriorated Credit Quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total Allowance for Loan Losses | 109 | |||||
Loans | 5,090 | $ 4,540 | ||||
Finance Leases | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance balances - Collectively evaluated for impairment | 3 | 3 | ||||
Total Allowance for Loan Losses | 3 | $ 5 | 3 | $ 1 | ||
Loan balances - Collectively evaluated for impairment | 614 | 1,106 | ||||
Loans | $ 614 | $ 1,106 | ||||
Finance Leases | Loans Acquired with Deteriorated Credit Quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total Allowance for Loan Losses | ||||||
Loans |
Loans and Allowance - Summary o
Loans and Allowance - Summary of Non-Accrual Loans by Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 32,597 | $ 48,789 |
Commercial and industrial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 4,460 | 7,048 |
Agricultural production financing and other loans to farmers | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,210 | 5,800 |
Real estate loans - Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 745 | 1,439 |
Real estate loans - Commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 13,506 | 19,350 |
Real estate loans - Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 10,749 | 12,933 |
Real estate loans - Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,783 | 1,988 |
Individuals' loans for household and other personal expenditures | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 144 | $ 231 |
Loans and Allowance - Composi55
Loans and Allowance - Composition of Impaired Loans by Loan Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 126,356 | $ 126,356 | $ 158,563 | ||
Impaired loans with related allowance - Unpaid Principal Balance | 7,033 | 7,033 | 16,703 | ||
Unpaid Principal Balance | 133,389 | 133,389 | 175,266 | ||
Impaired loans with no related allowance - Recorded Investment | 87,560 | 87,560 | 102,793 | ||
Impaired loans with related allowance - Recorded Investment | 6,326 | 6,326 | 13,430 | ||
Recorded Investment | 93,886 | 93,886 | 116,223 | ||
Impaired financing receivable, allowance | 1,956 | 1,956 | 2,769 | ||
Impaired loans with no related allowance - Average Recorded Investment | 88,801 | $ 85,949 | 91,561 | $ 87,722 | |
Impaired loans with related allowance - Average Recorded Investment | 6,362 | 18,403 | 6,560 | 18,497 | |
Average Recorded Investment | 95,163 | 104,352 | 98,121 | 106,219 | |
Impaired loans with no related allowance - Interest Income Recognized | 1,157 | 1,133 | 3,329 | 3,350 | |
Impaired loans with related allowance - Interest Income Recognized | 10 | 10 | 29 | 53 | |
Interest Income Recognized | 1,167 | 1,143 | 3,358 | 3,403 | |
Commercial and industrial loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | 22,117 | 22,117 | 35,514 | ||
Impaired loans with related allowance - Unpaid Principal Balance | 3,058 | 3,058 | 1,766 | ||
Impaired loans with no related allowance - Recorded Investment | 11,580 | 11,580 | 18,029 | ||
Impaired loans with related allowance - Recorded Investment | 2,716 | 2,716 | 1,684 | ||
Impaired financing receivable, allowance | 1,234 | 1,234 | 1,055 | ||
Impaired loans with no related allowance - Average Recorded Investment | 11,863 | 13,406 | 12,676 | 13,820 | |
Impaired loans with related allowance - Average Recorded Investment | 2,731 | 1,814 | 2,774 | 1,864 | |
Impaired loans with no related allowance - Interest Income Recognized | 137 | 86 | 368 | 263 | |
Impaired loans with related allowance - Interest Income Recognized | 10 | 10 | 29 | 30 | |
Agricultural production financing and other loans to farmers | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | 669 | 669 | 26 | ||
Impaired loans with related allowance - Unpaid Principal Balance | 547 | 547 | 6,777 | ||
Impaired loans with no related allowance - Recorded Investment | 663 | 663 | 22 | ||
Impaired loans with related allowance - Recorded Investment | 547 | 547 | 5,777 | ||
Impaired financing receivable, allowance | 34 | 34 | 400 | ||
Impaired loans with no related allowance - Average Recorded Investment | 675 | 25 | 699 | 27 | |
Impaired loans with related allowance - Average Recorded Investment | 547 | $ 10,645 | 547 | $ 10,645 | |
Impaired loans with related allowance - Interest Income Recognized | |||||
Real estate loans - Construction | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | 5,559 | 5,559 | 12,956 | ||
Impaired loans with no related allowance - Recorded Investment | 2,708 | 2,708 | 9,318 | ||
Impaired loans with no related allowance - Average Recorded Investment | 2,855 | $ 8,026 | 3,407 | $ 8,197 | |
Impaired loans with no related allowance - Interest Income Recognized | 41 | 112 | 123 | 331 | |
Real estate loans - Commercial and farmland | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | 85,001 | 85,001 | 95,856 | ||
Impaired loans with related allowance - Unpaid Principal Balance | 2,707 | 2,707 | 7,159 | ||
Impaired loans with no related allowance - Recorded Investment | 63,620 | 63,620 | 68,187 | ||
Impaired loans with related allowance - Recorded Investment | 2,441 | 2,441 | 4,971 | ||
Impaired financing receivable, allowance | 506 | 506 | 1,120 | ||
Impaired loans with no related allowance - Average Recorded Investment | 64,186 | 61,356 | 65,310 | 62,367 | |
Impaired loans with related allowance - Average Recorded Investment | 2,459 | 4,484 | 2,613 | 4,528 | |
Impaired loans with no related allowance - Interest Income Recognized | $ 932 | $ 895 | $ 2,661 | 2,663 | |
Impaired loans with related allowance - Interest Income Recognized | 23 | ||||
Real estate loans - Residential | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 12,737 | $ 12,737 | 10,591 | ||
Impaired loans with related allowance - Unpaid Principal Balance | 721 | 721 | 1,001 | ||
Impaired loans with no related allowance - Recorded Investment | 8,795 | 8,795 | 6,839 | ||
Impaired loans with related allowance - Recorded Investment | 622 | 622 | 998 | ||
Impaired financing receivable, allowance | 182 | 182 | 194 | ||
Impaired loans with no related allowance - Average Recorded Investment | 9,028 | $ 3,018 | 9,272 | 3,164 | |
Impaired loans with related allowance - Average Recorded Investment | 625 | 1,460 | 626 | 1,460 | |
Impaired loans with no related allowance - Interest Income Recognized | $ 47 | 40 | $ 177 | 93 | |
Impaired loans with related allowance - Interest Income Recognized | |||||
Real estate loans - Home equity | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 250 | $ 250 | 3,590 | ||
Impaired loans with no related allowance - Recorded Investment | 194 | 194 | 398 | ||
Impaired loans with no related allowance - Average Recorded Investment | $ 194 | $ 118 | 197 | $ 147 | |
Impaired loans with no related allowance - Interest Income Recognized | |||||
Other commercial loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 23 | $ 23 | $ 30 | ||
Impaired loans with no related allowance - Recorded Investment |
Loans and Allowance - Credit Qu
Loans and Allowance - Credit Quality of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 4,321,715 | $ 3,924,865 |
Commercial and industrial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 999,195 | 896,688 |
Agricultural production financing and other loans to farmers | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 91,354 | 104,927 |
Real estate loans - Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 298,250 | 207,221 |
Real estate loans - Commercial and farmland | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,695,703 | 1,672,661 |
Real estate loans - Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 677,767 | 647,315 |
Real estate loans - Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 318,949 | 286,529 |
Individuals' loans for household and other personal expenditures | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 71,893 | 73,400 |
Lease financing receivables, net of unearned income | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 614 | 1,106 |
Other commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 167,990 | 35,018 |
Commercial Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,214,297 | 2,849,876 |
Commercial Pass | Commercial and industrial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 927,042 | 823,732 |
Commercial Pass | Agricultural production financing and other loans to farmers | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 73,793 | 96,155 |
Commercial Pass | Real estate loans - Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 280,673 | 185,394 |
Commercial Pass | Real estate loans - Commercial and farmland | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,588,797 | 1,552,781 |
Commercial Pass | Real estate loans - Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 168,287 | 149,430 |
Commercial Pass | Real estate loans - Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,195 | 6,368 |
Commercial Pass | Lease financing receivables, net of unearned income | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 520 | 998 |
Commercial Pass | Other commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 167,990 | 35,018 |
Commercial Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 79,060 | 64,631 |
Commercial Special Mention | Commercial and industrial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 30,679 | 24,455 |
Commercial Special Mention | Agricultural production financing and other loans to farmers | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,750 | 1,195 |
Commercial Special Mention | Real estate loans - Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,151 | 3,164 |
Commercial Special Mention | Real estate loans - Commercial and farmland | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 40,199 | 29,484 |
Commercial Special Mention | Real estate loans - Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,265 | 6,321 |
Commercial Special Mention | Real estate loans - Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 16 | 12 |
Commercial Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 134,093 | 160,608 |
Commercial Substandard | Commercial and industrial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 41,444 | 48,226 |
Commercial Substandard | Agricultural production financing and other loans to farmers | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 12,811 | 7,577 |
Commercial Substandard | Real estate loans - Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,230 | 2,928 |
Commercial Substandard | Real estate loans - Commercial and farmland | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 66,705 | 90,161 |
Commercial Substandard | Real estate loans - Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,325 | 10,918 |
Commercial Substandard | Real estate loans - Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 484 | 690 |
Commercial Substandard | Lease financing receivables, net of unearned income | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 94 | 108 |
Commercial Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 275 | |
Commercial Doubtful | Commercial and industrial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 275 | |
Commercial Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 30 | |
Commercial Loss | Commercial and industrial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 30 | |
Consumer Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 886,865 | 837,296 |
Consumer Performing | Real estate loans - Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15,114 | 15,588 |
Consumer Performing | Real estate loans - Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 490,657 | 470,972 |
Consumer Performing | Real estate loans - Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 309,403 | 277,571 |
Consumer Performing | Individuals' loans for household and other personal expenditures | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 71,691 | 73,165 |
Consumer Non-Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,370 | 12,179 |
Consumer Non-Performing | Real estate loans - Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 82 | 147 |
Consumer Non-Performing | Real estate loans - Commercial and farmland | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2 | 235 |
Consumer Non-Performing | Real estate loans - Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,233 | 9,674 |
Consumer Non-Performing | Real estate loans - Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,851 | 1,888 |
Consumer Non-Performing | Individuals' loans for household and other personal expenditures | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 202 | $ 235 |
Loans and Allowance - Past Due
Loans and Allowance - Past Due Aging of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 4,267,367 | $ 3,846,157 |
Non-Accrual | 32,597 | 48,789 |
Total Past Due & Non-Accrual | 54,348 | 78,708 |
Total | 4,321,715 | 3,924,865 |
Commercial and industrial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 992,529 | 882,596 |
Non-Accrual | 4,460 | 7,048 |
Total Past Due & Non-Accrual | 6,666 | 14,092 |
Total | 999,195 | 896,688 |
Agricultural production financing and other loans to farmers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 86,997 | 98,236 |
Non-Accrual | 1,210 | 5,800 |
Total Past Due & Non-Accrual | 4,357 | 6,691 |
Total | 91,354 | 104,927 |
Real estate loans - Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 296,978 | 204,683 |
Non-Accrual | 745 | 1,439 |
Total Past Due & Non-Accrual | 1,272 | 2,538 |
Total | 298,250 | 207,221 |
Real estate loans - Commercial and farmland | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,673,750 | 1,642,016 |
Non-Accrual | 13,506 | 19,350 |
Total Past Due & Non-Accrual | 21,953 | 30,645 |
Total | 1,695,703 | 1,672,661 |
Real estate loans - Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 661,884 | 626,821 |
Non-Accrual | 10,749 | 12,933 |
Total Past Due & Non-Accrual | 15,883 | 20,494 |
Total | 677,767 | 647,315 |
Real estate loans - Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 315,250 | 282,828 |
Non-Accrual | 1,783 | 1,988 |
Total Past Due & Non-Accrual | 3,699 | 3,701 |
Total | 318,949 | 286,529 |
Individuals' loans for household and other personal expenditures | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 71,375 | 72,853 |
Non-Accrual | 144 | 231 |
Total Past Due & Non-Accrual | 518 | 547 |
Total | 71,893 | 73,400 |
Lease financing receivables, net of unearned income | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 614 | $ 1,106 |
Total Past Due & Non-Accrual | ||
Total | $ 614 | $ 1,106 |
Other commercial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 167,990 | $ 35,018 |
Total Past Due & Non-Accrual | ||
Total | $ 167,990 | $ 35,018 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 14,397 | 22,107 |
30-59 Days Past Due | Commercial and industrial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,106 | 4,006 |
30-59 Days Past Due | Agricultural production financing and other loans to farmers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,647 | 891 |
30-59 Days Past Due | Real estate loans - Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 504 | 1,017 |
30-59 Days Past Due | Real estate loans - Commercial and farmland | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 5,935 | 9,846 |
30-59 Days Past Due | Real estate loans - Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3,128 | 4,876 |
30-59 Days Past Due | Real estate loans - Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 793 | 1,213 |
30-59 Days Past Due | Individuals' loans for household and other personal expenditures | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 284 | 258 |
30-59 Days Past Due | Lease financing receivables, net of unearned income | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | ||
30-59 Days Past Due | Other commercial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | ||
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 5,407 | 3,149 |
60-89 Days Past Due | Commercial and industrial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,035 | $ 53 |
60-89 Days Past Due | Agricultural production financing and other loans to farmers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 500 | |
60-89 Days Past Due | Real estate loans - Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 23 | $ 82 |
60-89 Days Past Due | Real estate loans - Commercial and farmland | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,426 | 778 |
60-89 Days Past Due | Real estate loans - Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,531 | 1,831 |
60-89 Days Past Due | Real estate loans - Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 861 | 352 |
60-89 Days Past Due | Individuals' loans for household and other personal expenditures | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 31 | 53 |
Loans 90 Days And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,947 | 4,663 |
Loans 90 Days And Accruing | Commercial and industrial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 65 | $ 2,985 |
Loans 90 Days And Accruing | Agricultural production financing and other loans to farmers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | ||
Loans 90 Days And Accruing | Real estate loans - Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | ||
Loans 90 Days And Accruing | Real estate loans - Commercial and farmland | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 1,086 | $ 671 |
Loans 90 Days And Accruing | Real estate loans - Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 475 | 854 |
Loans 90 Days And Accruing | Real estate loans - Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 262 | 148 |
Loans 90 Days And Accruing | Individuals' loans for household and other personal expenditures | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 59 | $ 5 |
Loans and Allowance - Summary58
Loans and Allowance - Summary of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
Pre-Modification Recorded Balance | $ 1,357 | $ 485 | $ 5,765 | $ 1,047 |
Post-Modification Recorded Balance | $ 1,217 | $ 492 | $ 6,370 | $ 1,056 |
Number of Loans | loan | 5 | 12 | 16 | 20 |
Commercial and industrial loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-Modification Recorded Balance | $ 363 | $ 4,111 | ||
Post-Modification Recorded Balance | $ 218 | $ 2,115 | ||
Number of Loans | loan | 2 | 7 | ||
Real estate loans - Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-Modification Recorded Balance | $ 79 | |||
Post-Modification Recorded Balance | $ 80 | |||
Number of Loans | loan | 1 | |||
Real estate loans - Commercial and farmland | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-Modification Recorded Balance | $ 744 | $ 1,281 | $ 259 | |
Post-Modification Recorded Balance | $ 744 | $ 3,025 | $ 259 | |
Number of Loans | loan | 1 | 3 | 1 | |
Real estate loans - Residential | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-Modification Recorded Balance | $ 11 | $ 256 | $ 55 | $ 448 |
Post-Modification Recorded Balance | $ 13 | $ 245 | $ 908 | $ 428 |
Number of Loans | loan | 1 | 5 | 4 | 7 |
Real estate loans - Home Equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-Modification Recorded Balance | $ 239 | $ 229 | $ 239 | $ 314 |
Post-Modification Recorded Balance | $ 242 | $ 247 | $ 242 | $ 343 |
Number of Loans | loan | 1 | 7 | 1 | 10 |
Individuals' loans for household and other personal expenditures | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-Modification Recorded Balance | $ 26 | |||
Post-Modification Recorded Balance | $ 26 | |||
Number of Loans | loan | 2 |
Loans and Allowance - Summary59
Loans and Allowance - Summary of Troubled Debt Restructurings by Modification Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 1,212 | $ 486 | $ 5,378 | $ 1,068 |
Term Modification | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | 138 | 2,993 | 283 | |
Rate Modification | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | 255 | 301 | 155 | |
Combination | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | 819 | $ 486 | 2,084 | 630 |
Commercial and industrial loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | 213 | 1,886 | ||
Commercial and industrial loans | Term Modification | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 138 | $ 806 | ||
Commercial and industrial loans | Rate Modification | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | ||||
Commercial and industrial loans | Combination | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 75 | $ 1,080 | ||
Real estate loans - Commercial and farmland | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 744 | 2,341 | 283 | |
Real estate loans - Commercial and farmland | Term Modification | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 1,337 | $ 283 | ||
Real estate loans - Commercial and farmland | Rate Modification | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | ||||
Real estate loans - Commercial and farmland | Combination | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 744 | $ 1,004 | ||
Real estate loans - Residential | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 13 | $ 241 | 909 | $ 421 |
Real estate loans - Residential | Term Modification | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | 850 | |||
Real estate loans - Residential | Rate Modification | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 13 | $ 59 | $ 60 | |
Real estate loans - Residential | Combination | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 241 | 361 | ||
Real estate loans - Home Equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 242 | $ 245 | $ 242 | $ 340 |
Real estate loans - Home Equity | Term Modification | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | ||||
Real estate loans - Home Equity | Rate Modification | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 242 | $ 242 | $ 95 | |
Real estate loans - Home Equity | Combination | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 245 | 245 | ||
Individuals' loans for household and other personal expenditures | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 24 | |||
Individuals' loans for household and other personal expenditures | Rate Modification | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | ||||
Individuals' loans for household and other personal expenditures | Combination | ||||
Financing Receivable, Modifications [Line Items] | ||||
Modification | $ 24 |
Loans and Allowance - Subsequen
Loans and Allowance - Subsequent Default (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 1 | 1 | 1 | 1 |
Recorded Balance | $ 21 | $ 71 | $ 21 | $ 71 |
Nonimpaired Loans | Real estate loans - Residential | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 1 | 1 | 1 | 1 |
Recorded Balance | $ 21 | $ 71 | $ 21 | $ 71 |
Accounting for Certain Loans 61
Accounting for Certain Loans Acquired in a Purchase - Carrying Amount of Loans Included in Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | $ 671,239 | $ 698,457 |
Carrying Amount | 636,582 | 658,471 |
Allowance | 311 | 650 |
Carrying Amount Net of Allowance | 636,271 | 657,821 |
Loans acquired and accounted for under ASC 310-30, outstanding balance | 82,900 | 99,000 |
Loans acquired and accounted for under ASC 310-30, carrying amount | 62,000 | 73,100 |
Commercial and industrial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 67,672 | 79,124 |
Agricultural production financing and other loans to farmers | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 3,480 | 1,993 |
Real estate loans - Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 16,828 | 28,176 |
Real estate loans - Commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 305,420 | 341,195 |
Real estate loans - Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 210,379 | 180,643 |
Real estate loans - Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 66,211 | 64,883 |
Individuals' loans for household and other personal expenditures | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 1,176 | 2,357 |
Other commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 73 | 86 |
C Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 102,381 | |
Carrying Amount | $ 100,001 | |
Allowance | ||
Carrying Amount Net of Allowance | $ 100,001 | |
C Financial | Commercial and industrial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | $ 109 | |
C Financial | Agricultural production financing and other loans to farmers | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | ||
C Financial | Real estate loans - Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | $ 6,209 | |
C Financial | Real estate loans - Commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 28,094 | |
C Financial | Real estate loans - Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 58,096 | |
C Financial | Real estate loans - Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 9,861 | |
C Financial | Individuals' loans for household and other personal expenditures | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | $ 12 | |
C Financial | Other commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | ||
Community | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | $ 105,948 | 142,989 |
Carrying Amount | 99,467 | $ 134,198 |
Allowance | 109 | |
Carrying Amount Net of Allowance | 99,358 | $ 134,198 |
Community | Commercial and industrial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 6,628 | 8,168 |
Community | Agricultural production financing and other loans to farmers | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 2,024 | 1,100 |
Community | Real estate loans - Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 8,959 | 19,063 |
Community | Real estate loans - Commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 56,148 | 74,600 |
Community | Real estate loans - Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 23,465 | 28,863 |
Community | Real estate loans - Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 8,147 | 9,881 |
Community | Individuals' loans for household and other personal expenditures | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | $ 577 | $ 1,314 |
Community | Other commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | ||
CFS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | $ 422,161 | $ 509,660 |
Carrying Amount | 401,497 | 484,949 |
Allowance | 202 | 650 |
Carrying Amount Net of Allowance | 401,295 | 484,299 |
CFS | Commercial and industrial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | $ 55,927 | 64,897 |
CFS | Agricultural production financing and other loans to farmers | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | ||
CFS | Real estate loans - Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | $ 1,660 | 9,113 |
CFS | Real estate loans - Commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 207,197 | 251,002 |
CFS | Real estate loans - Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 122,369 | 144,396 |
CFS | Real estate loans - Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 34,404 | 39,244 |
CFS | Individuals' loans for household and other personal expenditures | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 531 | 922 |
CFS | Other commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 73 | 86 |
SCB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 40,749 | 45,808 |
Carrying Amount | $ 35,617 | $ 39,324 |
Allowance | ||
Carrying Amount Net of Allowance | $ 35,617 | $ 39,324 |
SCB | Commercial and industrial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 5,008 | 6,059 |
SCB | Agricultural production financing and other loans to farmers | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 1,456 | 893 |
SCB | Real estate loans - Commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 13,981 | 15,593 |
SCB | Real estate loans - Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 6,449 | 7,384 |
SCB | Real estate loans - Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | 13,799 | 15,758 |
SCB | Individuals' loans for household and other personal expenditures | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired | $ 56 | $ 121 |
SCB | Other commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Acquired |
Accounting for Certain Loans 62
Accounting for Certain Loans Acquired in a Purchase - Accretable Yield or Income Expected to be Collected (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Beginning balance | $ 4,441 | $ 4,658 | $ 5,390 | $ 5,552 |
Additions | 145 | |||
Accretion | $ (1,490) | $ (2,674) | (4,442) | $ (4,619) |
Reclassification from nonaccretable | 960 | 1,739 | 2,826 | 2,825 |
Disposals | (143) | (171) | (151) | (206) |
Ending balance | 3,768 | 3,552 | $ 3,768 | 3,552 |
C Financial | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Beginning balance | $ 133 | |||
Additions | $ 145 | |||
Accretion | $ (8) | $ (20) | ||
Reclassification from nonaccretable | ||||
Disposals | ||||
Ending balance | $ 125 | $ 125 | ||
Community | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Beginning balance | $ 1,818 | $ 2,122 | ||
Additions | ||||
Accretion | $ (139) | $ (671) | ||
Reclassification from nonaccretable | 21 | 249 | ||
Disposals | (140) | (140) | ||
Ending balance | 1,560 | 1,560 | ||
CFS | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Beginning balance | $ 1,732 | $ 3,488 | $ 2,400 | $ 4,164 |
Additions | ||||
Accretion | $ (1,058) | $ (2,156) | $ (2,977) | $ (3,699) |
Reclassification from nonaccretable | 704 | 1,428 | 1,963 | 2,330 |
Disposals | (3) | (136) | (11) | (171) |
Ending balance | 1,375 | 2,624 | 1,375 | 2,624 |
SCB | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Beginning balance | 758 | 1,170 | 868 | 1,388 |
Accretion | (285) | (518) | (774) | (920) |
Reclassification from nonaccretable | $ 235 | 311 | $ 614 | 495 |
Disposals | (35) | (35) | ||
Ending balance | $ 708 | $ 928 | $ 708 | $ 928 |
Accounting for Certain Loans 63
Accounting for Certain Loans Acquired in a Purchase - Contractually Required Payments (Details) - USD ($) $ in Thousands | Apr. 17, 2015 | Nov. 07, 2014 |
C Financial | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required payments receivable at acquisition date | $ 2,632 | |
Nonaccretable difference | 393 | |
Expected cash flows at acquisition date | 2,239 | |
Accretable difference | 145 | |
Basis in loans at acquisition date | $ 2,094 | |
Community | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required payments receivable at acquisition date | $ 26,032 | |
Nonaccretable difference | 3,498 | |
Expected cash flows at acquisition date | 22,534 | |
Accretable difference | 2,234 | |
Basis in loans at acquisition date | $ 20,300 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) - USD ($) $ in Thousands | Jun. 12, 2015 | Sep. 30, 2015 | Apr. 17, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||||||
Goodwill | $ 205,376 | $ 202,724 | $ 188,948 | $ 188,948 | ||
Goodwill reduction | $ 8,474 | |||||
FMIG | ||||||
Goodwill [Line Items] | ||||||
Goodwill reduction | $ 8,474 | |||||
Merger with C Financial Corporation | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 11,126 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 202,724 |
Goodwill acquired | 11,126 |
Goodwill reduction | (8,474) |
Goodwill, ending balance | $ 205,376 |
Core Deposit and Other Intang66
Core Deposit and Other Intangibles - Narrative (Details) - USD ($) $ in Thousands | Jun. 12, 2015 | Sep. 30, 2015 | Apr. 17, 2015 |
Finite-Lived Intangible Assets [Line Items] | |||
Core deposit and other intangibles reduction | $ (742) | ||
FMIG | |||
Finite-Lived Intangible Assets [Line Items] | |||
Core deposit and other intangibles reduction | $ 742 | ||
Merger with C Financial Corporation | |||
Finite-Lived Intangible Assets [Line Items] | |||
Core deposit intangible | $ 981 |
Core Deposit and Other Intang67
Core Deposit and Other Intangibles - Schedule of Core Deposit and Other Intangibles (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross Carrying Amount | $ 58,360 | $ 53,702 |
Core deposit and other intangibles acquired | 981 | |
Accumulated amortization | (44,472) | (41,659) |
Core deposit and other intangibles reduction | (742) | |
Core deposit and other intangibles | $ 14,127 | $ 12,043 |
Core Deposit and Other Intang68
Core Deposit and Other Intangibles - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,015 | $ 693 | |
2,016 | 2,734 | |
2,017 | 2,697 | |
2,018 | 1,584 | |
2,019 | 1,356 | |
After 2,019 | 5,063 | |
Finite-Lived Intangible Assets, Net | $ 14,127 | $ 12,043 |
Derivative Financial Instrume69
Derivative Financial Instruments - Additional Information (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($)InterestRateSwapInterestRateCapinstrument | Sep. 30, 2014USD ($)InterestRateSwapInterestRateCap | |
Derivative [Line Items] | ||
Estimated amount to be transferred from OCI to earnings | $ 1,345 | |
Termination value of derivatives in a net liability position | 10,893 | |
Derivative collateral posted | 10,681 | |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount of interest rate derivatives | $ 175,435 | |
Federal Home Loan Bank advances | ||
Derivative [Line Items] | ||
Number of debt instruments held | instrument | 3 | |
Cash Flow Hedging | Interest Rate Swap | ||
Derivative [Line Items] | ||
Number of interest rate derivatives held | InterestRateSwap | 5 | 5 |
Notional amount of interest rate derivatives | $ 56,000 | $ 56,000 |
Cash Flow Hedging | Interest Rate Swap | Federal Home Loan Bank advances | ||
Derivative [Line Items] | ||
Notional amount of interest rate derivatives | 30,000 | |
Cash Flow Hedging | Interest Rate Swap | Trust Preferred Securities | ||
Derivative [Line Items] | ||
Notional amount of interest rate derivatives | $ 26,000 | |
Cash Flow Hedging | Interest rate cap | ||
Derivative [Line Items] | ||
Number of interest rate derivatives held | InterestRateCap | 1 | 1 |
Notional amount of interest rate derivatives | $ 13,000 | $ 13,000 |
Cash Flow Hedging | Interest rate cap | Trust Preferred Securities | ||
Derivative [Line Items] | ||
Notional amount of interest rate derivatives | $ 13,000 |
Derivative Financial Instrume70
Derivative Financial Instruments - Fair Value of Derivative Financial Instruments and Their Classification on Balance Sheet (Details) - Interest rate contracts - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 39 | $ 137 |
Designated as Hedging Instrument | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 3,822 | 2,650 |
Not Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 6,505 | 3,730 |
Not Designated as Hedging Instrument | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 6,801 | $ 3,887 |
Derivative Financial Instrume71
Derivative Financial Instruments - Effect of Derivative Financial Instruments on Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Designated as Hedging Instrument | Cash Flow Hedging | Interest Expense | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Reclassified from Other Comprehensive Income into Income (Effective Portion) | $ (362) | $ (356) | $ (1,074) | $ (1,051) |
Interest rate contracts | Not Designated as Hedging Instrument | Other income | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized Income on Derivative | (194) | 43 | (139) | 31 |
Interest rate contracts | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) | $ (1,791) | $ 28 | $ (2,260) | $ (2,530) |
Disclosures About Fair Value 72
Disclosures About Fair Value of Assets and Liabilities - Fair Value Measurements of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | $ 597,839 | $ 549,543 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 591,943 | 542,897 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 5,896 | 6,646 |
Fair Value, Measurements, Recurring | Interest rate swap liability | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liability Derivatives | 10,623 | 6,537 |
Fair Value, Measurements, Recurring | Interest rate swap liability | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liability Derivatives | 10,623 | 6,537 |
Fair Value, Measurements, Recurring | U.S. Government-sponsored agency securities | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 105 | 109 |
Fair Value, Measurements, Recurring | U.S. Government-sponsored agency securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 105 | 109 |
Fair Value, Measurements, Recurring | State and municipal | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 301,118 | 228,593 |
Fair Value, Measurements, Recurring | State and municipal | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 295,257 | 221,982 |
Fair Value, Measurements, Recurring | State and municipal | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 5,861 | 6,611 |
Fair Value, Measurements, Recurring | U.S. Government-sponsored mortgage-backed securities | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 294,879 | 319,104 |
Fair Value, Measurements, Recurring | U.S. Government-sponsored mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 294,879 | 319,104 |
Fair Value, Measurements, Recurring | Corporate obligations | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 31 | 31 |
Fair Value, Measurements, Recurring | Corporate obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 31 | 31 |
Fair Value, Measurements, Recurring | Equity securities | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 1,706 | 1,706 |
Fair Value, Measurements, Recurring | Equity securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 1,702 | 1,702 |
Fair Value, Measurements, Recurring | Equity securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 4 | 4 |
Fair Value, Measurements, Recurring | Interest rate swap asset | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Asset derivatives | 6,505 | 3,730 |
Fair Value, Measurements, Recurring | Interest rate swap asset | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Asset derivatives | 6,505 | 3,730 |
Fair Value, Measurements, Recurring | Interest rate cap | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Asset derivatives | 39 | 137 |
Fair Value, Measurements, Recurring | Interest rate cap | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Asset derivatives | $ 39 | $ 137 |
Disclosures About Fair Value 73
Disclosures About Fair Value of Assets and Liabilities - Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements using Significant Unobservable Level 3 Inputs (Details) - Fair Value, Measurements, Recurring - Available for Sale Securities - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of the period | $ 6,028 | $ 7,533 | $ 6,646 | $ 9,977 |
Included in net income | ||||
Included in other comprehensive income | $ 24 | $ 68 | $ 165 | $ 2,960 |
Purchases, issuances and settlements | ||||
Transfers in/(out) of Level 3 | ||||
Principal payments | $ (156) | $ (114) | $ (915) | $ (5,450) |
Ending balance | $ 5,896 | $ 7,487 | $ 5,896 | $ 7,487 |
Disclosures About Fair Value 74
Disclosures About Fair Value of Assets and Liabilities - Valuation Methodologies Used for Instruments Measured at Fair Value on Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Impaired loans (collateral dependent) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 8,816 | $ 17,134 |
Impaired loans (collateral dependent) | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 8,816 | 17,134 |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 5,621 | 5,155 |
Other real estate owned | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 5,621 | $ 5,155 |
Disclosures About Fair Value 75
Disclosures About Fair Value of Assets and Liabilities - Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Other Than Goodwill (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
State and municipal | Discounted cash flow | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 5,861 | $ 6,611 |
State and municipal | Discounted cash flow | Minimum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Maturity/Call date | 1 month | 1 month |
Blend of US Muni BQ curve | A- | A- |
Discount rate | 0.90% | 0.90% |
State and municipal | Discounted cash flow | Maximum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Maturity/Call date | 15 years | 15 years |
Blend of US Muni BQ curve | BBB- | BBB- |
Discount rate | 5.00% | 5.00% |
Corporate obligations and Equity securities | Discounted cash flow | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 35 | $ 35 |
Risk free rate | 3 month LIBOR | 3 month LIBOR |
Discount to reflect current market conditions | 2.00% | 2.00% |
Impaired loans (collateral dependent) | Collateral based measurements | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 8,816 | $ 17,134 |
Impaired loans (collateral dependent) | Collateral based measurements | Minimum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 0.00% | 0.00% |
Impaired loans (collateral dependent) | Collateral based measurements | Maximum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 50.00% | 50.00% |
Impaired loans (collateral dependent) | Collateral based measurements | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 1.00% | 3.00% |
Other real estate owned | Appraisals | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 5,621 | $ 5,155 |
Other real estate owned | Appraisals | Minimum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions | 0.00% | 0.00% |
Other real estate owned | Appraisals | Maximum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions | 20.00% | 20.00% |
Other real estate owned | Appraisals | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions | 2.00% | 7.00% |
Disclosures About Fair Value 76
Disclosures About Fair Value of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Investment securities available for sale | $ 597,839 | $ 549,543 |
Investment securities held to maturity | 627,848 | 647,723 |
Loans held for sale | 1,943 | 7,235 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash and cash equivalents | 84,677 | 118,616 |
Interest-bearing time deposits | 27,111 | 47,520 |
Liabilities: | ||
Deposits | 3,705,092 | 3,523,199 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investment securities available for sale | 591,943 | 542,897 |
Investment securities held to maturity | 599,054 | 614,457 |
Loans held for sale | 1,943 | 7,235 |
Federal Reserve Bank and Federal Home Loan Bank stock | 34,498 | 41,353 |
Interest rate swap and cap asset | 6,544 | 3,867 |
Interest receivable | 22,048 | 19,984 |
Liabilities: | ||
Deposits | 1,097,905 | 1,099,610 |
Borrowings: | ||
Federal funds purchased | 52,896 | 15,381 |
Securities sold under repurchase agreements | 153,822 | 124,539 |
Federal Home Loan Bank advances | 239,629 | 146,669 |
Subordinated debentures and term loans | 97,873 | 92,802 |
Interest rate swap liability | 10,623 | 6,537 |
Interest payable | 3,710 | 3,201 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investment securities available for sale | 5,896 | 6,646 |
Investment securities held to maturity | 28,794 | 33,266 |
Loans | 4,199,947 | 3,810,912 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | 84,677 | 118,616 |
Interest-bearing time deposits | 27,111 | 47,520 |
Investment securities available for sale | 597,839 | 549,543 |
Investment securities held to maturity | 610,954 | 631,088 |
Loans held for sale | 1,943 | 7,235 |
Loans | 4,258,854 | 3,860,901 |
Federal Reserve Bank and Federal Home Loan Bank stock | 34,498 | 41,353 |
Interest rate swap and cap asset | 6,544 | 3,867 |
Interest receivable | 22,048 | 19,984 |
Liabilities: | ||
Deposits | 4,814,589 | 4,640,694 |
Borrowings: | ||
Federal funds purchased | 52,896 | 15,381 |
Securities sold under repurchase agreements | 153,822 | 124,539 |
Federal Home Loan Bank advances | 237,856 | 145,264 |
Subordinated debentures and term loans | 121,936 | 126,810 |
Interest rate swap liability | 10,623 | 6,537 |
Interest payable | $ 3,710 | $ 3,201 |
Transfers Accounted for as Se77
Transfers Accounted for as Secured Borrowings (Details) - U.S. Government-sponsored mortgage-backed securities $ in Thousands | Sep. 30, 2015USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Collateral pledged for all repurchase agreements accounted for as secured borrowings | $ 153,822 |
Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Collateral pledged for all repurchase agreements accounted for as secured borrowings | 126,043 |
Up to 30 Days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Collateral pledged for all repurchase agreements accounted for as secured borrowings | 1,333 |
30-90 Days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Collateral pledged for all repurchase agreements accounted for as secured borrowings | 18,888 |
Greater Than 90 Days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Collateral pledged for all repurchase agreements accounted for as secured borrowings | $ 7,558 |
Accumulated Other Comprehensi78
Accumulated Other Comprehensive Income (Loss) - Changes in Balances of Each Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
AOCI - beginning balance | $ (1,630) | $ (6,410) | ||
Other comprehensive income before reclassifications | (1,351) | 11,394 | ||
Amounts reclassified from accumulated other comprehensive income | (633) | (834) | ||
Period change | $ 2,876 | $ (60) | (1,984) | 10,560 |
AOCI - ending balance | (3,614) | 4,150 | (3,614) | 4,150 |
Unrealized Gains (Losses) on Securities Available for Sale | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
AOCI - beginning balance | 14,098 | 1,566 | ||
Other comprehensive income before reclassifications | 117 | 11,338 | ||
Amounts reclassified from accumulated other comprehensive income | (1,331) | (1,518) | ||
Period change | (1,214) | 9,820 | ||
AOCI - ending balance | 12,884 | 11,386 | $ 12,884 | 11,386 |
Unrealized Gains (Losses) on Securities Available for Sale for which a Portion of Other-Than-Temporary Impairment has been Recognized in Income | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
AOCI - beginning balance | (1,847) | |||
Other comprehensive income before reclassifications | $ 1,701 | |||
Amounts reclassified from accumulated other comprehensive income | ||||
Period change | $ 0 | $ 1,701 | ||
AOCI - ending balance | 0 | (146) | 0 | (146) |
Unrealized Gains (Losses) on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
AOCI - beginning balance | (2,182) | (501) | ||
Other comprehensive income before reclassifications | (1,468) | (1,645) | ||
Amounts reclassified from accumulated other comprehensive income | 698 | 684 | ||
Period change | (770) | (961) | ||
AOCI - ending balance | (2,952) | (1,462) | (2,952) | (1,462) |
Unrealized Gains (Losses) on Defined Benefit Plans | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
AOCI - beginning balance | $ (13,546) | $ (5,628) | ||
Other comprehensive income before reclassifications | ||||
Amounts reclassified from accumulated other comprehensive income | ||||
Period change | $ 0 | $ 0 | ||
AOCI - ending balance | $ (13,546) | $ (5,628) | $ (13,546) | $ (5,628) |
Accumulated Other Comprehensi79
Accumulated Other Comprehensive Income (Loss) - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income - net realized gains on sales of available for sale securities | $ 1,115 | $ 910 | $ 2,047 | $ 2,335 |
Interest expense - subordinated debentures and term loans | (1,666) | (1,661) | (4,996) | (4,950) |
Income tax expense | (6,557) | (5,980) | (21,247) | (16,485) |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | 17,067 | 16,122 | 51,207 | 44,902 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the Period | ||||
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | 490 | 360 | 633 | 834 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the Period | Unrealized gains (losses) on available for sale securities | ||||
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income - net realized gains on sales of available for sale securities | 1,115 | 910 | 2,047 | 2,335 |
Income tax expense | (390) | (318) | (716) | (817) |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | 725 | 592 | 1,331 | 1,518 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the Period | Unrealized gains (losses) on cash flow hedges | ||||
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense - subordinated debentures and term loans | (362) | (356) | (1,074) | (1,051) |
Income tax expense | 127 | 124 | 376 | 367 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ (235) | $ (232) | $ (698) | $ (684) |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of average closing price to be paid by employees | 85.00% | ||||
Maximum common stock purchases through advance payroll deductions in a calendar year | $ 25,000 | ||||
Share-based compensation | $ 556,000 | $ 552,000 | $ 1,687,000 | $ 1,611,000 | |
Options granted (in shares) | 0 | ||||
Forfeiture rate | 4.90% | ||||
Weighted-average grant date fair value (in dollars per share) | $ 8.13 | ||||
Aggregate intrinsic value of stock options exercised | $ 812,000 | $ 388,000 | |||
Cash receipts of stock options exercised | $ 1,422,000 | $ 450,000 | |||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option term | 10 years | ||||
Stock options vesting percentage | 100.00% | ||||
Stock Options | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested period | 6 months | ||||
Stock Options | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested period | 2 years | ||||
RSAs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested period | 3 years | ||||
Outstanding DSUs (in shares) | 345,135 | 345,135 | 385,450 | ||
Unrecognized compensation expense | $ 3,488,000 | $ 3,488,000 | |||
Unrecognized compensation expense expected recognition period | 1 year 4 months 28 days | ||||
DSUs | Non-employee Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding DSUs (in shares) | 0 | 0 | |||
ESPP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 0 | $ 0 | |||
Grant date fair value of ESPP options | $ 23,000 |
Share-Based Compensation - Comp
Share-Based Compensation - Components of Share-Based Compensation Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | $ 556 | $ 552 | $ 1,687 | $ 1,611 |
Income tax expense (benefit) | (182) | (186) | (548) | (535) |
Total share-based compensation expense, net of income taxes | 374 | 366 | 1,139 | 1,076 |
Stock and ESPP Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | 23 | 81 | 78 | 156 |
Income tax expense (benefit) | 5 | (21) | 4 | (26) |
Total share-based compensation expense, net of income taxes | 28 | 60 | 82 | 130 |
Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | 533 | 471 | 1,609 | 1,455 |
Income tax expense (benefit) | (187) | (165) | (552) | (509) |
Total share-based compensation expense, net of income taxes | $ 346 | $ 306 | $ 1,057 | $ 946 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Option Activity under Stock Option Plans (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Number of Shares | ||
Beginning balance (in shares) | 737,931 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (90,566) | |
Cancelled (in shares) | (189,853) | |
Ending balance (in shares) | 457,512 | |
Vested and Expected to Vest (in shares) | 457,512 | |
Exercisable (in shares) | 457,512 | |
Weighted-Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 20.99 | |
Granted (in dollars per share) | $ 8.13 | |
Exercised (in dollars per share) | $ 15.70 | |
Cancelled (in dollars per share) | 26 | |
Ending balance (in dollars per share) | 19.96 | |
Vested and Expected to Vest (in dollars per share) | 19.96 | |
Exercisable (in dollars per share) | $ 19.96 | |
Weighted Average Remaining Contractual Term | ||
Outstanding | 3 years 3 months 22 days | |
Vested and Expected to Vest | 3 years 3 months 22 days | |
Exercisable | 3 years 3 months 22 days | |
Aggregate Intrinsic Value | ||
Outstanding | $ 2,976,604 | |
Vested and Expected to Vest | 2,976,604 | |
Exercisable | $ 2,976,604 |
Share-Based Compensation - Unve
Share-Based Compensation - Unvested RSAs Outstanding (Details) - RSAs | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Number of Shares | |
Unvested RSAs, Beginning Balance (in shares) | 385,450 |
Granted (in shares) | 111,124 |
Vested (in shares) | (145,697) |
Forfeited (in shares) | (5,742) |
Unvested RSAs, Ending Balance (in shares) | 345,135 |
Weighted-Average Grant Date Fair Value | |
Unvested RSAs, Beginning Balance (in dollars per share) | $ / shares | $ 15.65 |
Granted (in dollars per share) | $ / shares | 23.16 |
Vested (in dollars per share) | $ / shares | 11.81 |
Forfeited (in dollars per share) | $ / shares | 17.95 |
Unvested RSAs, Ending Balance (in dollars per share) | $ / shares | $ 19.65 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Currently Payable: | ||||
Federal | $ (5,723) | $ (969) | $ 1,965 | $ (541) |
Deferred: | ||||
Federal | 12,149 | 6,812 | 18,899 | 16,644 |
State | 131 | 137 | 383 | 382 |
Total Income Tax Expense | 6,557 | 5,980 | 21,247 | 16,485 |
Reconciliation of Federal Statutory to Actual Tax Expense: | ||||
Federal statutory income tax at 35% | 8,268 | 7,736 | 25,359 | 21,486 |
Tax-exempt interest income | $ (1,949) | (1,310) | (5,116) | (3,805) |
Basis difference on sale of insurance subsidiary | 2,252 | |||
Stock compensation | $ 8 | 8 | 26 | 29 |
Earnings on life insurance | (249) | (534) | (734) | (1,024) |
Tax credits | (145) | (158) | (437) | (753) |
Other | 624 | 238 | (103) | 552 |
Total Income Tax Expense | $ 6,557 | $ 5,980 | $ 21,247 | $ 16,485 |
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Net Income Per Share - Reconcil
Net Income Per Share - Reconciliation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net Income | $ 17,067 | $ 16,122 | $ 51,207 | $ 44,902 |
Diluted net income per share | $ 17,067 | $ 16,122 | $ 51,207 | $ 44,902 |
Net income available to common stockholders (in shares) | 37,850,827 | 36,054,867 | 37,785,236 | 36,013,049 |
Effect of dilutive stock options and warrants (in shares) | 267,372 | 274,114 | 268,750 | 282,337 |
Net income available to common stockholders (in shares) | 38,118,199 | 36,328,981 | 38,053,986 | 36,295,386 |
Net income available to common stockholders (in dollars per share) | $ 0.46 | $ 0.45 | $ 1.36 | $ 1.25 |
Net income available to common stockholders (in dollars per share) | $ 0.45 | $ 0.45 | $ 1.35 | $ 1.24 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options not included in the earnings per share calculation (in shares) | 225,180 | 531,872 | 335,550 | 569,061 |