Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Entity Registrant Name | 'CENTER BANCORP INC | ' |
Trading Symbol | 'CNBC | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Central Index Key | '0000712771 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Common Stock, Shares Outstanding | ' | 16,369,012 |
Consolidated_Statements_of_Con
Consolidated Statements of Condition (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $33,557 | $104,134 |
Interest bearing deposits with banks | 0 | 2,004 |
Total cash and cash equivalents | 33,557 | 106,138 |
Investment securities: Available-for-sale | 413,147 | 496,815 |
Investment securities: Held-to-maturity (fair value of $152,008 and $62,431) | 153,486 | 58,064 |
Loans held-for-sale | 101 | 1,491 |
Loans | 957,492 | 889,672 |
Less: Allowance for loan losses | 10,194 | 10,237 |
Net loans | 947,298 | 879,435 |
Restricted investment in bank stocks, at cost | 8,986 | 8,964 |
Premises and equipment, net | 13,472 | 13,563 |
Accrued interest receivable | 6,570 | 6,849 |
Bank-owned life insurance | 35,474 | 34,961 |
Goodwill and other intangible assets | 16,833 | 16,858 |
Prepaid FDIC assessments | 0 | 811 |
Other real estate owned | 220 | 1,300 |
Due from brokers for investment securities | 2,983 | 0 |
Other assets | 12,289 | 4,516 |
Total assets | 1,644,416 | 1,629,765 |
LIABILITIES | ' | ' |
Deposits: Non-interest bearing | 238,214 | 215,071 |
Deposits: Interest-bearing: Time deposits $100 and over | 104,398 | 110,835 |
Deposits: Interest-bearing transaction, savings and time deposits less than $100 | 971,705 | 981,016 |
Total deposits | 1,314,317 | 1,306,922 |
Long-term borrowings | 146,000 | 146,000 |
Subordinated debentures | 5,155 | 5,155 |
Accounts payable and accrued liabilities | 13,806 | 10,997 |
Total liabilities | 1,479,278 | 1,469,074 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, $1,000 liquidation value per share, authorized 5,000,000 shares; issued and outstanding 11,250 shares of Series B preferred stock at September 30, 2013 and December 31, 2012; total liquidation value of $11,250 at September 30, 2013 and December 31, 2012 | 11,250 | 11,250 |
Common stock, no par value, authorized 25,000,000 shares; issued 18,477,412 shares at September 30, 2013 and December 31, 2012; outstanding 16,369,012 shares at September 30, 2013 and 16,347,915 shares at December 31, 2012 | 110,056 | 110,056 |
Additional paid-in capital | 4,952 | 4,801 |
Retained earnings | 58,191 | 46,753 |
Treasury stock, at cost (2,108,400 common shares at September 30, 2013 and 2,129,497 common shares at December 31, 2012) | -17,078 | -17,232 |
Accumulated other comprehensive (loss) income | -2,233 | 5,063 |
Total stockholders' equity | 165,138 | 160,691 |
Total liabilities and stockholders' equity | $1,644,416 | $1,629,765 |
Consolidated_Statements_of_Con1
Consolidated Statements of Condition (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Held-to-maturity Securities, Fair Value | $152,008 | $62,431 |
Perferred Stock, Liquidation Value Per Share | $1,000 | $1,000 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Liquidation Preference, Value | $11,250 | $11,250 |
Common Stock, No Par Value | $0 | $0 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares, Issued | 18,477,412 | 18,477,412 |
Common Stock, Shares, Outstanding | 16,369,012 | 16,347,915 |
Treasury Stock, Shares | 2,108,400 | 2,129,497 |
Series B Preferred Stock [Member] | ' | ' |
Preferred Stock, Shares Issued | 11,250 | 11,250 |
Preferred Stock, Shares Outstanding | 11,250 | 11,250 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest income | ' | ' | ' | ' |
Interest and fees on loans | $10,148 | $10,039 | $29,963 | $28,838 |
Interest and dividends on investment securities: | ' | ' | ' | ' |
Taxable | 3,116 | 3,047 | 8,973 | 9,247 |
Tax-exempt | 1,151 | 892 | 3,308 | 2,491 |
Dividends | 126 | 137 | 378 | 426 |
Interest on federal funds sold and other short-term investment | 0 | 3 | 2 | 7 |
Total interest income | 14,541 | 14,118 | 42,624 | 41,009 |
Interest expense | ' | ' | ' | ' |
Interest on certificates of deposit $100 or more | 206 | 203 | 665 | 637 |
Interest on other deposits | 1,124 | 1,124 | 3,232 | 3,406 |
Interest on borrowings | 1,489 | 1,608 | 4,407 | 4,892 |
Total interest expense | 2,819 | 2,935 | 8,304 | 8,935 |
Net interest income | 11,722 | 11,183 | 34,320 | 32,074 |
Provision for loan losses | 0 | 225 | 0 | 225 |
Net interest income after provision for loan losses | 11,722 | 10,958 | 34,320 | 31,849 |
Other income | ' | ' | ' | ' |
Service charges, commissions and fees | 483 | 459 | 1,340 | 1,326 |
Annuities and insurance commissions | 92 | 45 | 338 | 137 |
Bank-owned life insurance | 265 | 239 | 1,104 | 736 |
Loan related fees | 297 | 89 | 550 | 291 |
Net gains on sale of loans held for sale | 26 | 84 | 255 | 313 |
Bargain gain on acquisition | 0 | 899 | 0 | 899 |
Other | 37 | 57 | 246 | 279 |
Other-than-temporary impairment losses on investment securities | 0 | -134 | -24 | -332 |
Net gains on sale of investment securities | 343 | 897 | 1,286 | 2,545 |
Net investment securities gains | 343 | 763 | 1,262 | 2,213 |
Total other income | 1,543 | 2,635 | 5,095 | 6,194 |
Other expense | ' | ' | ' | ' |
Salaries and employee benefits | 3,247 | 3,193 | 10,072 | 9,366 |
Occupancy and equipment | 839 | 739 | 2,556 | 2,045 |
FDIC insurance | 283 | 292 | 804 | 861 |
Professional and consulting | 352 | 277 | 801 | 817 |
Stationery and printing | 62 | 69 | 225 | 249 |
Marketing and advertising | 94 | 64 | 257 | 151 |
Computer expense | 362 | 366 | 1,058 | 1,081 |
Other real estate owned, net | 7 | 65 | 133 | 149 |
Repurchase agreement prepayment and termination fees | 0 | 1,012 | 0 | 1,012 |
Acquisition cost | 0 | 472 | 0 | 472 |
All other | 959 | 958 | 2,913 | 2,801 |
Total other expense | 6,205 | 7,507 | 18,819 | 19,004 |
Income before income tax expense | 7,060 | 6,086 | 20,596 | 19,039 |
Income tax expense | 1,966 | 1,632 | 5,655 | 6,001 |
Net Income | 5,094 | 4,454 | 14,941 | 13,038 |
Preferred stock dividends | 28 | 28 | 112 | 253 |
Net income available to common stockholders | $5,066 | $4,426 | $14,829 | $12,785 |
Earnings per common share | ' | ' | ' | ' |
Basic | $0.31 | $0.27 | $0.91 | $0.78 |
Diluted | $0.31 | $0.27 | $0.91 | $0.78 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic | 16,349,480 | 16,347,088 | 16,348,875 | 16,337,724 |
Diluted | 16,385,155 | 16,362,635 | 16,380,970 | 16,346,739 |
Dividend paid per common share | $0.08 | $0.06 | $0.19 | $0.12 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $5,094 | $4,454 | $14,941 | $13,038 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Unrealized holding gains (losses) on available-for-sale securities | 383 | 10,019 | -10,771 | 19,391 |
Tax effect | -118 | -3,796 | 4,371 | -7,259 |
Net of tax amount | 265 | 6,223 | -6,400 | 12,132 |
Reclassification adjustment of OTTI losses included in net investment securities gains | 0 | 134 | 24 | 332 |
Tax effect included in income tax expense | 0 | -38 | -6 | -105 |
Net of tax amount | 0 | 96 | 18 | 227 |
Reclassification adjustment for net gains arising during the period included in net investment securities gains | -343 | -897 | -1,286 | -2,545 |
Tax effect included in income tax expense | 96 | 246 | 353 | 802 |
Net of tax amount | -247 | -651 | -933 | -1,743 |
Amortization of unrealized holding (losses) gains on securities transferred from available-for-sale to held-to-maturity included in interest income on investment securities | -42 | -2 | 32 | 4 |
Tax effect included in income tax expense | 15 | 1 | -13 | -1 |
Net of tax amount | -27 | -1 | 19 | 3 |
Total other comprehensive (loss) income | -9 | 5,667 | -7,296 | 10,619 |
Total comprehensive income | $5,085 | $10,121 | $7,645 | $23,657 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | |||||||
Balance at Dec. 31, 2011 | $135,916 | $11,250 | $110,056 | $4,715 | $32,695 | ($17,354) | ($5,446) |
Net income | 13,038 | ' | ' | ' | 13,038 | ' | ' |
Other comprehensive loss, net of tax | 10,619 | ' | ' | ' | ' | ' | 10,619 |
Dividend on series B preferred stock | -253 | ' | ' | ' | -253 | ' | ' |
Issuance cost of common stock | -6 | ' | ' | ' | -6 | ' | ' |
Cash dividends declared on common stock | -2,288 | ' | ' | ' | -2,288 | ' | ' |
Stock issued for options exercise | 132 | ' | ' | 12 | ' | 120 | ' |
Stock-based compensation expense | 27 | ' | ' | 27 | ' | ' | ' |
Balance at Sep. 30, 2012 | 157,185 | 11,250 | 110,056 | 4,754 | 43,186 | -17,234 | 5,173 |
Balance at Dec. 31, 2012 | 160,691 | 11,250 | 110,056 | 4,801 | 46,753 | -17,232 | 5,063 |
Net income | 14,941 | ' | ' | ' | 14,941 | ' | ' |
Other comprehensive loss, net of tax | -7,296 | ' | ' | ' | ' | ' | -7,296 |
Dividend on series B preferred stock | -141 | ' | ' | ' | -141 | ' | ' |
Issuance cost of common stock | -9 | ' | ' | ' | -9 | ' | ' |
Cash dividends declared on common stock | -3,352 | ' | ' | ' | -3,352 | ' | ' |
Dividend on restricted stocks declared | -1 | ' | ' | ' | -1 | ' | ' |
Issuance of restricted stock awards (18,829 shares) | 243 | ' | ' | 91 | ' | 152 | ' |
Stock issued for options exercise | 21 | ' | ' | 19 | ' | 2 | ' |
Stock-based compensation expense | 41 | ' | ' | 41 | ' | ' | ' |
Balance at Sep. 30, 2013 | $165,138 | $11,250 | $110,056 | $4,952 | $58,191 | ($17,078) | ($2,233) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Common Stock, Dividends, Per Share, Declared | $0.21 | $0.14 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 18,829 | 0 |
Exercise of Stock Options, Shares | 2,268 | 14,761 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $14,941 | $13,038 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of premiums and accretion of discounts on investment securities, net | 2,665 | 3,539 |
Depreciation and amortization | 650 | 656 |
Stock-based compensation | 41 | 27 |
Provision for loan losses | 0 | 225 |
Net other-than-temporary impairment losses on investment securities | 24 | 332 |
Gains on sales of investment securities, net | -1,286 | -2,545 |
Net loss on sale of other real estate owned | 75 | 9 |
Loans originated for resale | -14,045 | -14,578 |
Proceeds from sale of loans held for sale | 15,690 | 14,871 |
Gains on sale of loans held for sale | -255 | -313 |
Decrease in accrued interest receivable | 277 | 180 |
Decrease in prepaid FDIC insurance assessments | 811 | 777 |
Increase in cash surrender value of bank-owned life insurance | -813 | -736 |
Life insurance death benefit | -291 | 0 |
Increase in other assets | -3,162 | -2,005 |
Increase in other liabilities | 2,446 | 890 |
Net cash provided by operating activities | 17,768 | 14,367 |
Cash flows from investing activities: | ' | ' |
Investment securities available-for-sale: Purchases | -137,152 | -184,562 |
Investment securities available-for-sale: Sales | 90,773 | 114,583 |
Investment securities available-for-sale: Maturities, calls and principal repayments | 38,634 | 28,324 |
Investment securities held-to-maturity: Purchases | -23,531 | -7,407 |
Investment securities held-to-maturity: Maturities and principal repayments | 3,248 | 22,685 |
Net (purchases) redemption of restricted investment in bank stocks | -22 | 319 |
Net increase in loans | -68,099 | -62,418 |
Purchases of premises and equipment | -535 | -596 |
Proceeds from bank-owned life insurance death benefits | 592 | 500 |
Proceeds from sale of other real estate owned | 1,230 | 0 |
Cash and cash equivalent acquired in acquisition | 0 | 6,195 |
Cash consideration paid in acquisition | 0 | -10,251 |
Net cash used in investing activities | -94,862 | -92,628 |
Cash flows from financing activities: | ' | ' |
Net increase in deposits | 7,395 | 86,362 |
Net decrease in short-term borrowings | 0 | 50 |
Repayment of long-term borrowings | 0 | -15,000 |
Cash dividends on preferred stock | -112 | -391 |
Cash dividends on common stock | -3,025 | -1,879 |
Issuance of restricted stock awards | 243 | 0 |
Issuance cost of common stock | -9 | -6 |
Proceeds from exercise of stock options | 21 | 132 |
Net cash provided by financing activities | 4,513 | 69,268 |
Net decrease in cash and cash equivalents | -72,581 | -8,993 |
Cash and cash equivalents at beginning of period | 106,138 | 111,101 |
Cash and cash equivalents at end of period | 33,557 | 102,108 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash payments for: Interest paid on deposits and borrowings | 8,357 | 9,028 |
Cash payments for: Income taxes | 2,195 | 5,507 |
Supplemental disclosures of non-cash investing activities: | ' | ' |
Trade date accounting settlements for investments, net | 2,983 | 0 |
Transfer of loans to other real estate owned | 236 | 0 |
Transfer from investment securities available-for-sale to investment securities held-to-maturity | $75,694 | $0 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Note 1. Basis of Presentation | |
The consolidated financial statements of Center Bancorp, Inc. (the “Parent Corporation”) are prepared on the accrual basis and include the accounts of the Parent Corporation and its wholly-owned subsidiary, Union Center National Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s other direct and indirect subsidiaries, the “Corporation”). All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. | |
In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change in the near term relate to the determination of the allowance for loan losses, the other-than-temporary impairment evaluation of securities, the evaluation of the impairment of goodwill and the evaluation of deferred tax assets. | |
The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). | |
Earnings_per_Common_Share
Earnings per Common Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings per Common Share [Abstract] | ' | |||||||||||||
Earnings per Common Share | ' | |||||||||||||
Note 2. Earnings per Common Share | ||||||||||||||
Basic earnings per common share (“EPS”) is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS includes any additional common shares as if all potentially dilutive common shares were issued (e.g., stock options). The Corporation’s weighted average common shares outstanding for diluted EPS include the effect of stock options and restricted stock awards outstanding using the Treasury Stock Method, which are not included in the calculation of basic EPS. Anti-dilutive stock option and restricted stock award shares outstanding were 29,248 and 30,610, respectively, for the three and nine months ended September 30, 2013, and anti-dilutive stock option shares outstanding were 20,838 and 75,208, respectively, for the three and nine months ended September 30, 2012. | ||||||||||||||
Earnings per common share have been computed based on the following: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Net income | $ | 5,094 | $ | 4,454 | $ | 14,941 | $ | 13,038 | ||||||
Preferred stock dividends | -28 | -28 | -112 | -253 | ||||||||||
Net income available to common shareholders | $ | 5,066 | $ | 4,426 | $ | 14,829 | $ | 12,785 | ||||||
Basic weighted average common shares outstanding | 16,349 | 16,347 | 16,349 | 16,338 | ||||||||||
Plus: effect of dilutive options | 36 | 16 | 32 | 9 | ||||||||||
Diluted weighted average common shares outstanding | 16,385 | 16,363 | 16,381 | 16,347 | ||||||||||
Earnings per common share: | ||||||||||||||
Basic | $ | 0.31 | $ | 0.27 | $ | 0.91 | $ | 0.78 | ||||||
Diluted | $ | 0.31 | $ | 0.27 | $ | 0.91 | $ | 0.78 | ||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||
Stock-Based Compensation | ' | |||||||||||
Note 3. Stock-Based Compensation | ||||||||||||
The Corporation maintains two stock-based compensation plans from which new grants could be issued. The Corporation’s stock-based compensation plans permit Parent Corporation common stock to be issued to key employees and directors of the Corporation and its subsidiaries. The options granted under the plans are intended to be either incentive stock options or non-qualified options. Under the 2009 Equity Incentive Plan, a total of 363,081 shares are available for grant and issuance as of September 30, 2013. Under the 2003 Non-Employee Director Stock Option Plan, a total of 380,644 shares remain available for grant and issuance under the plan as of September 30, 2013. Such shares may be treasury shares, newly issued shares or a combination thereof. | ||||||||||||
Options have been granted to purchase common stock principally at the fair market value of the stock at the date of grant. Options are exercisable over a three year vesting period starting one year after the date of grant and generally expire ten years from the date of grant. | ||||||||||||
Stock-based compensation expense for share-based payment awards is based on the grant date fair value estimated on the date of grant. The Corporation recognizes compensation costs for those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of three years. The Corporation estimates the forfeiture rate based on its historical experience during the preceding seven fiscal years. | ||||||||||||
For the nine months ended September 30, 2013, the Corporation’s income before income taxes and net income were reduced by $54,000 and $32,000, respectively, as a result of the compensation expense related to stock options and restricted stock awards. For the nine months ended September 30, 2012, the Corporation’s income before income taxes and net income were reduced by $27,000 and $16,000, respectively, as a result of the compensation expense related to stock options. | ||||||||||||
Under the principal stock-based compensation plans, the Corporation may also grant stock awards to certain employees. Stock awards are independent of option grants and are generally subject to forfeiture if employment terminates prior to the release of any applicable restrictions. Unless fully vested at the time of grant, such awards generally vest within 30 days to five years from the date of grant. During that period, ownership of the shares cannot be transferred. Restricted stock and stock awards that are fully vested at the time of grant have the same cash dividend and voting rights as other common stock and are considered to be currently issued and outstanding. The Corporation expenses the cost of stock awards, which is determined to be the fair market value of the shares at the date of grant, ratably over the period during which any restrictions lapse. | ||||||||||||
There were 18,829 restricted stock awards outstanding at September 30, 2013 and none at September 30, 2012. These awards were issued with an award price equal to the market price of the Corporation’s common stock on the award date and with a five year vesting period. Forfeiture provisions exist for personnel that separate employment before vesting period expires. During the nine months of 2013, none of the shares of restricted stock were vested. | ||||||||||||
There were 41,639 and 27,784 shares of common stock underlying options that were granted during the nine months ended September 30, 2013 and 2012, respectively. The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values at the time the grants were awarded: | ||||||||||||
Nine Months Ended | ||||||||||||
September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Weighted average fair value of grants | $ | 3.34 | $ | 2.03 | ||||||||
Risk-free interest rate | 1.97 | % | 2.03 | % | ||||||||
Dividend yield | 1.32 | % | 1.24 | % | ||||||||
Expected volatility | 25.84 | % | 22.04 | % | ||||||||
Expected life in months | 74 | 68 | ||||||||||
Activity under the stock-based compensation plans as of September 30, 2013 and changes during the nine months ended September 30, 2013 were as follows: | ||||||||||||
Weighted- | ||||||||||||
Weighted- | Average | |||||||||||
Average | Remaining | Aggregate | ||||||||||
Exercise | Contractual | Intrinsic | ||||||||||
Shares | Price | Term (Years) | Value | |||||||||
Outstanding at December 31, 2012 | 183,574 | $ | 9.92 | |||||||||
Granted – options | 41,639 | 12.95 | ||||||||||
Exercised | -2,268 | 9.14 | ||||||||||
Canceled/expired | -25,883 | 10.88 | ||||||||||
Forfeited | -8,682 | 10.58 | ||||||||||
Outstanding at September 30, 2013 | 188,380 | 10.55 | 6.25 | $ | 705,001 | |||||||
Exercisable at September 30, 2013 | 119,827 | $ | 10.06 | 4.74 | $ | 510,991 | ||||||
The aggregate intrinsic value of options above represents the total pre-tax intrinsic value (the difference between the Corporation’s closing stock price on the last trading day of the third quarter of 2013 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 options on September 30, 2013. This amount changes based on the fair value of the Corporation’s stock. | ||||||||||||
As of September 30, 2013, there was approximately $161,000 of total unrecognized compensation expense relating to unvested stock options. These costs are expected to be recognized over a weighted average period of 3.02 years. As of September 30, 2013, there was approximately $231,000 of total unrecognized compensation expense relating to unvested restricted stock awards. These costs are expected to be recognized over a weighted average period of five years. | ||||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 4. Recent Accounting Pronouncements | |
In December 2012, the FASB issued an exposure draft of a proposed ASU of Topic 825-15, Credit Losses. The amendments of the proposed ASU would require all reporting entities, both public and nonpublic, to calculate impairment of existing financial assets on the basis of the current estimates of contractual cash flows not expected to be collected on the financial assets held at the reporting date. The proposed amendments would remove the existing “probable” threshold for recognizing credit losses and broaden the range of information that must be considered in measuring the allowance for expected credit losses. The estimate of expected credit losses would be based on relevant information about past events, including historical loss experience with similar assets, current conditions and reasonable and supportable forecasts that affect the future collectability of the assets’ remaining contractual cash flows. | |
As a result of the proposed amendments, financial assets carried at amortized cost less an allowance would reflect the current estimate of the cash flows expected to be collected at the reporting date, and the income statement would reflect credit deterioration (or improvement) that has taken place during the period. For financial assets measured at fair value with changes in fair value recognized through other comprehensive income, the balance sheet would reflect the fair value, but the income statement would reflect credit deterioration (or improvement) that has taken place during the period. An entity, however, may choose to not recognize expected credit losses on financial assets measured at fair value, with changes in fair value recognized through other comprehensive income, if both (1) the fair value of the financial asset is greater than (or equal to) the amortized cost basis and (2) expected credit losses on the financial asset are insignificant. Currently, when credit losses are measured, an entity only considers past events and current conditions; the proposed amendments would broaden the information entities are required to consider to include historical loss experience with similar assets and reasonable and supportable forecasts that affect the expected collectability of the assets’ remaining contractual cash flows. It is expected that entities will be able to leverage their current risk monitoring systems in implementing the proposed approach, however, for the inputs used to estimate the expected credit loss approach. An entity would apply the proposed amendments with a cumulative-effect adjustment to the statement of financial position beginning in the first reporting period in which the guidance is effective. | |
Both users and preparers of financial statements were requested to review and comment upon the exposure draft by April 30, 2013. The exposure draft does not include a proposed effective date of this guidance. | |
In January 2013, the FASB issued ASU No. 2013-01, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities,” which amended disclosures by requiring improved information about financial instruments and derivative instruments that are either offset on the balance sheet or subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset on the balance sheet. Reporting entities are required to provide both net and gross information for these assets and liabilities in order to enhance comparability between those entities that prepare their financial statements on the basis of international financial reporting standards ("IFRS"). Companies were required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those years. The adoption of this accounting standard did not have a material impact on the Corporation's results of operations, financial position, or liquidity. | |
In February 2013, the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," to improve the transparency of reporting these reclassifications. ASU No. 2013-02 does not amend any existing requirements for reporting net income or other comprehensive income in the financial statements. ASU No. 2013-02 requires an entity to disaggregate the total change of each component of other comprehensive income and separately present reclassification adjustments and current period other comprehensive income. The provisions of ASU No. 2013-02 also requires that entities present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line item affected by the reclassification. The Corporation adopted the provisions of ASU No. 2013-02 effective January 1, 2013. As the Corporation provided these required disclosures in the notes to the Consolidated Financial Statements, the adoption of ASU No. 2013-02 had no impact on the Corporation's consolidated statements of income and condition. | |
Comprehensive_Income
Comprehensive Income | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Comprehensive Income [Abstract] | ' | |||||||
Comprehensive Income | ' | |||||||
Note 5. Comprehensive Income | ||||||||
Total comprehensive income includes all changes in equity during a period arising from transactions and other events and circumstances from non-owner sources. The Corporation’s other comprehensive income is comprised of unrealized holding gains and losses on investment securities available-for-sale, and actuarial losses of defined benefit plans, net of taxes. | ||||||||
Disclosure of comprehensive income for the three and nine months ended September 30, 2013, and 2012 is presented in the Consolidated Statements of Comprehensive Income. | ||||||||
Accumulated other comprehensive income at September 30, 2013 and December 31, 2012 consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Net unrealized gain on investment securities available-for-sale, | $ | 1,466 | $ | 8,781 | ||||
net of tax | ||||||||
Unamortized component of securities transferred from available | 181 | 162 | ||||||
-for-sale to held-to-maturity, net of tax | ||||||||
Defined benefit pension and post-retirement plans, net of tax | -3,880 | -3,880 | ||||||
Total accumulated other comprehensive (loss) income | $ | -2,233 | $ | 5,063 | ||||
Investment_Securities
Investment Securities | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||
Note 6. Investment Securities | |||||||||||||||||||||||
The Corporation’s investment securities are classified as available-for-sale and held-to-maturity at September 30, 2013 and December 31, 2012. Investment securities available-for-sale are reported at fair value with unrealized gains or losses included in equity, net of tax. Accordingly, the carrying value of such securities reflects their fair value at the balance sheet date. Fair value is based upon either quoted market prices, or in certain cases where there is limited activity in the market for a particular instrument, assumptions are made to determine their fair value. See Note 8 of the Notes to Consolidated Financial Statements for a further discussion. | |||||||||||||||||||||||
Transfers of debt securities from the available-for-sale category to the held-to-maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the held-to-maturity investment security. Premiums or discounts on investment securities are amortized or accreted using the effective interest method over the life of the security as an adjustment of yield. Unrealized holding gains or losses that remain in accumulated other comprehensive income are amortized or accreted over the remaining life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount. | |||||||||||||||||||||||
The following tables present information related to the Corporation’s investment securities at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 43,490 | $ | — | $ | -1,795 | $ | 41,695 | |||||||||||||||
Federal agency obligations | 20,939 | 110 | -303 | 20,746 | |||||||||||||||||||
Residential mortgage pass-through securities | 50,070 | 1,022 | -150 | 50,942 | |||||||||||||||||||
Commercial mortgage pass-through securities | 9,700 | — | -182 | 9,518 | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 39,260 | 1,054 | -37 | 40,277 | |||||||||||||||||||
Trust preferred securities | 20,635 | 125 | -1,223 | 19,537 | |||||||||||||||||||
Corporate bonds and notes | 201,731 | 5,603 | -2,099 | 205,235 | |||||||||||||||||||
Asset-backed securities | 16,019 | 209 | — | 16,228 | |||||||||||||||||||
Certificates of deposit | 2,251 | 45 | -1 | 2,295 | |||||||||||||||||||
Equity securities | 376 | — | -89 | 287 | |||||||||||||||||||
Mutual funds and money market funds | 6,334 | 68 | -15 | 6,387 | |||||||||||||||||||
Total | $ | 410,805 | $ | 8,236 | $ | -5,894 | $ | 413,147 | |||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||
Federal agency obligations | $ | 10,892 | $ | 284 | $ | — | $ | 11,176 | |||||||||||||||
Commercial mortgage pass-through securities | 4,790 | 11 | -46 | 4,755 | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 127,725 | 1,727 | -3,561 | 125,891 | |||||||||||||||||||
Corporate bonds and notes | 10,079 | 128 | -21 | 10,186 | |||||||||||||||||||
Total | $ | 153,486 | $ | 2,150 | $ | -3,628 | $ | 152,008 | |||||||||||||||
Total investment securities | $ | 564,291 | $ | 10,386 | $ | -9,522 | $ | 565,155 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 11,870 | $ | 62 | $ | -23 | $ | 11,909 | |||||||||||||||
Federal agency obligations | 20,207 | 333 | -5 | 20,535 | |||||||||||||||||||
Residential mortgage pass-through securities | 52,400 | 1,385 | -1 | 53,784 | |||||||||||||||||||
Commercial mortgage pass-through securities | 9,725 | 244 | — | 9,969 | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 103,193 | 4,653 | -132 | 107,714 | |||||||||||||||||||
Trust preferred securities | 22,279 | 144 | -1,174 | 21,249 | |||||||||||||||||||
Corporate bonds and notes | 228,681 | 9,095 | -371 | 237,405 | |||||||||||||||||||
Collateralized mortgage obligations | 2,120 | — | — | 2,120 | |||||||||||||||||||
Asset-backed securities | 19,431 | 311 | — | 19,742 | |||||||||||||||||||
Certificates of deposit | 2,854 | 21 | -10 | 2,865 | |||||||||||||||||||
Equity securities | 535 | — | -210 | 325 | |||||||||||||||||||
Mutual funds and money market funds | 9,145 | 68 | -15 | 9,198 | |||||||||||||||||||
Total | $ | 482,440 | $ | 16,316 | $ | -1,941 | $ | 496,815 | |||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||
Federal agency obligations | $ | 4,178 | $ | 79 | $ | — | $ | 4,257 | |||||||||||||||
Commercial mortgage-backed securities | 5,501 | 154 | -5 | 5,650 | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 48,385 | 4,139 | — | 52,524 | |||||||||||||||||||
Total | $ | 58,064 | $ | 4,372 | $ | -5 | $ | 62,431 | |||||||||||||||
Total investment securities | $ | 540,504 | $ | 20,688 | $ | -1,946 | $ | 559,246 | |||||||||||||||
The following table presents information for investment securities available-for-sale at September 30, 2013, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. | |||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||
Amortized | |||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Investment Securities Available-for-Sale : | |||||||||||||||||||||||
Due in one year or less | $ | 9,690 | $ | 9,719 | |||||||||||||||||||
Due after one year through five years | 79,871 | 82,131 | |||||||||||||||||||||
Due after five years through ten years | 180,124 | 179,657 | |||||||||||||||||||||
Due after ten years | 74,640 | 74,506 | |||||||||||||||||||||
Residential mortgage pass-through securities | 50,070 | 50,942 | |||||||||||||||||||||
Commercial mortgage pass-through securities | 9,700 | 9,518 | |||||||||||||||||||||
Equity securities | 376 | 287 | |||||||||||||||||||||
Mutual funds and money market funds | 6,334 | 6,387 | |||||||||||||||||||||
Total | $ | 410,805 | $ | 413,147 | |||||||||||||||||||
Investment Securities Held-to-Maturity : | |||||||||||||||||||||||
Due after one year through five years | $ | 13,962 | $ | 14,041 | |||||||||||||||||||
Due after five years through ten years | 10,274 | 10,353 | |||||||||||||||||||||
Due after ten years | 124,460 | 122,859 | |||||||||||||||||||||
Commercial mortgage pass-through securities | 4,790 | 4,755 | |||||||||||||||||||||
Total | $ | 153,486 | $ | 152,008 | |||||||||||||||||||
Total investment securities | $ | 564,291 | $ | 565,155 | |||||||||||||||||||
During the nine months ended September 30, 2013, the Corporation reclassified at fair value approximately $75.7 million in available-for-sale investment securities to the held-to-maturity category. The net unrealized gains at date of transfer amounted to $63,000, remained in accumulated other comprehensive income and will be discounted over the remaining life of the securities as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount on the transferred securities. No gains or losses were recognized at the time of reclassification. Management considers the held-to-maturity classification of these investment securities to be appropriate as the Corporation has the positive intent and ability to hold these securities to maturity. | |||||||||||||||||||||||
For the nine months ended September 30, 2013, proceeds of available-for-sale investment securities sold amounted to approximately $90.8 million. | |||||||||||||||||||||||
The varying amount of sales from the available-for-sale portfolio over the past few years, and the significant volume of such sales in 2011, reflect the significant volatility present in the market. Given the historic low interest rates prevalent in the market, it is necessary for the Corporation to protect itself from interest rate exposure. Securities that once appeared to be sound investments can, after changes in the market, become securities that the Corporation has the flexibility to sell to avoid losses and mismatches of interest-earning assets and interest-bearing liabilities at a later time. | |||||||||||||||||||||||
Gross gains and losses from the sales of investment securities for the three and nine month periods ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Gross gains on sales of investment securities | $ | 343 | $ | 897 | $ | 1,375 | $ | 2,545 | |||||||||||||||
Gross losses on sales of investment securities | — | — | 89 | — | |||||||||||||||||||
Net gains on sales of investment securities | $ | 343 | $ | 897 | $ | 1,286 | $ | 2,545 | |||||||||||||||
The following summarizes OTTI charges for the periods indicated. | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Other than temporary impairment charges | $ | — | $ | 32 | $ | — | $ | 60 | |||||||||||||||
Principal losses on a variable rate CMO | — | 102 | 24 | 272 | |||||||||||||||||||
Total other-than-temporary impairment charges | $ | — | $ | 134 | $ | 24 | $ | 332 | |||||||||||||||
The Corporation performs regular analysis on all its investment securities to determine whether a decline in fair value indicates that an investment is other-than-temporarily impaired in accordance with FASB ASC 320-10. FASB ASC 320-10 requires companies to record OTTI charges, through earnings, if they have the intent to sell, or if it is more likely than not that they will be required to sell, an impaired debt security before recovery of its amortized cost basis. If the Corporation intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, the OTTI is recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its estimated fair value at the balance sheet date. If the Corporation does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, the OTTI is separated into the amount representing the credit loss and the amount related to all other factors. The amount of the OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment. | |||||||||||||||||||||||
The Corporation’s assessment of whether an impairment is other than temporary includes factors such as whether the issuer has defaulted on scheduled payments, announced a restructuring and/or filed for bankruptcy, has disclosed severe liquidity problems that cannot be resolved, disclosed a deteriorating financial condition or sustained significant losses. The Corporation maintains a watch list for the identification and monitoring of securities experiencing problems that require a heightened level of review. This could result from credit rating downgrades. | |||||||||||||||||||||||
The following table presents detailed information for each trust preferred security held by the Corporation at September 30, 2013 which has at least one rating below investment grade. | |||||||||||||||||||||||
Deal Name | Single | Class/ | Amortized | Fair | Gross | Lowest | Number of | Deferrals | Expected | ||||||||||||||
Issuer or | Tranche | Cost | Value | Unrealized | Credit | Banks | and Defaults | Deferral/Defaults | |||||||||||||||
Pooled | Gain (Loss) | Rating | Currently | as % of | as % of | ||||||||||||||||||
Assigned | Performing | Original | Remaining | ||||||||||||||||||||
Collateral | Performing | ||||||||||||||||||||||
Collateral | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Countrywide Capital IV | Single | — | $ | 1,771 | $ | 1,769 | $ | -2 | BB+ | 1 | None | None | |||||||||||
Countrywide Capital V | Single | — | 2,747 | 2,775 | 28 | BB+ | 1 | None | None | ||||||||||||||
Countrywide Capital V | Single | — | 250 | 253 | 3 | BB+ | 1 | None | None | ||||||||||||||
Citigroup Cap IX | Single | — | 992 | 1,002 | 10 | BB | 1 | None | None | ||||||||||||||
Citigroup Cap IX | Single | — | 1,906 | 1,934 | 28 | BB | 1 | None | None | ||||||||||||||
Citigroup Cap XI | Single | — | 246 | 248 | 2 | BB | 1 | None | None | ||||||||||||||
Nationsbank Cap Trust III | Single | — | 1,573 | 1,276 | -297 | BB+ | 1 | None | None | ||||||||||||||
Morgan Stanley Cap Trust IV | Single | — | 2,500 | 2,446 | -54 | BB+ | 1 | None | None | ||||||||||||||
Morgan Stanley Cap Trust IV | Single | — | 1,742 | 1,710 | -32 | BB+ | 1 | None | None | ||||||||||||||
Saturns — GS 2004-04 | Single | — | 535 | 509 | -26 | BB+ | 1 | None | None | ||||||||||||||
Goldman Sachs | Single | — | 1,000 | 967 | -33 | BB+ | 1 | None | None | ||||||||||||||
Stifel Financial | Single | — | 4,500 | 4,554 | 54 | BBB- | 1 | None | None | ||||||||||||||
ALESCO Preferred Funding VII | Pooled | C1 | 873 | 94 | -779 | Ca | 47 of 61 (1) | 34.90% | 33.50% | ||||||||||||||
Total | $ | 20,635 | $ | 19,537 | $ | -1,098 | |||||||||||||||||
-1 | Includes banks and insurance companies. | ||||||||||||||||||||||
The Corporation owns one pooled trust preferred security (“Pooled TRUP”), which consists of securities issued by financial institutions and insurances companies. The Corporation holds the mezzanine tranche of the Pooled TRUP. Senior tranches generally are protected from defaults by over-collateralization and cash flow default protection provided by subordinated tranches, with senior tranches having the greatest protection and mezzanine tranches subordinated to the senior tranches. The Corporation’s analysis of the Pooled TRUP falls within the scope of EITF 99-20, ASC 320-40 and uses a discounted cash flow model to determine the total OTTI loss. The model considers the structure, term and the financial condition of the underlying issuers. Specifically, the model details interest rates, principal balances of note classes and underlying issuers and the allocation of the payments to the note classes according to a priority of payments specified in the offering circular and indenture. The current estimate of expected cash flows is based on the most recent trustee reports and other relevant market information including announcements of interest payment deferrals or defaults of underlying trust preferred security. Assumptions used in the model include defaults rates, default rate timing profiles and recovery rates. We assume no prepayments, as the Pooled TRUP was issued at comparatively tight spreads and as such, there is little incentive, if any, to prepay. | |||||||||||||||||||||||
On September 25, 2013, the Pooled TRUP, ALESCO VII, incurred its sixteenth interruption of cash flow payments to date. Management reviewed the expected cash flow analysis and credit support to determine if it was probable that all principal and interest would be repaid, and recorded no other-than-temporary impairment charge for the nine months ended September 30, 2013 and September 30, 2012. | |||||||||||||||||||||||
At September 30, 2013, excess subordination as a percentage of remaining performing collateral for the ALESCO Preferred Funding VII investments was -46.3 percent. Excess subordination is the amount of performing collateral above the amount of outstanding collateral underlying each class of the security. The excess subordination as a percent of remaining performing collateral reflects the difference between the performing collateral and the collateral underlying each security divided by the performing collateral. A negative number results when the paying collateral is less than the collateral underlying each class of the security. A low or negative number decreases the likelihood of full repayment of principal and interest according to original contractual terms. | |||||||||||||||||||||||
Credit Loss Portion of OTTI Recognized in Earnings on Debt Securities | |||||||||||||||||||||||
Nine Months | Year | ||||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||
September 30, | December | ||||||||||||||||||||||
2013 | 31, 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Balance of credit-related OTTI at January 1, | $ | 4,450 | $ | 6,539 | |||||||||||||||||||
Addition: | |||||||||||||||||||||||
Credit losses on investment securities for which other-than-temporary impairment | 24 | 870 | |||||||||||||||||||||
was not previously recognized | |||||||||||||||||||||||
Reduction: | |||||||||||||||||||||||
Credit losses on investment securities sold during the period | -2,114 | -2,959 | |||||||||||||||||||||
Balance of credit-related OTTI at period end | $ | 2,360 | $ | 4,450 | |||||||||||||||||||
The Corporation did not record other-than-temporary impairment charges relating to equity holdings in bank stocks for the nine months ended September 30, 2013 and September 30, 2012. | |||||||||||||||||||||||
Temporarily Impaired Investments | |||||||||||||||||||||||
For all securities, the Corporation does not believe that the unrealized losses, which were comprised of 147 investment securities as of September 30, 2013, represent an other-than-temporary impairment. The gross unrealized losses of $8.3 million associated with federal agency obligations, mortgage-backed securities, corporate bonds and tax-exempt securities are not considered to be other than temporary because these unrealized losses are related to changes in interest rates and do not affect the expected cash flows of the underlying collateral or issuer. | |||||||||||||||||||||||
Factors affecting the market price include credit risk, market risk, interest rates, economic cycles, and liquidity risk. The magnitude of any unrealized loss may be affected by the relative concentration of the Corporation’s investment in any one issuer or industry. The Corporation has established policies to reduce exposure through diversification of concentration of the investment portfolio including limits on concentrations to any one issuer. The Corporation believes the investment portfolio is prudently diversified. | |||||||||||||||||||||||
The decline in value is related to a change in interest rates and subsequent change in credit spreads required for these issues affecting market price. All issues are performing and are expected to continue to perform in accordance with their respective contractual terms and conditions. Short to intermediate average durations and in certain cases monthly principal payments should reduce further market value exposure to increases in rates. | |||||||||||||||||||||||
The Corporation evaluates all securities with unrealized losses quarterly to determine whether the loss is other than temporary. Unrealized losses in the collateralized mortgage obligations category consist primarily of private issue collateralized mortgage obligations. Unrealized losses in the corporate debt securities category consist of losses on single issuer corporate trust preferred securities, pooled trust preferred securities and corporate debt securities issued by large financial institutions, insurance companies and other corporate issuers. The unrealized loss in equity securities consists of losses on other bank equities. The decline in fair value of $1.2 million is due in large part to the lack of an active trading market for these securities, changes in market credit spreads and rating agency downgrades. For collateralized mortgage obligations, management reviewed expected cash flows and credit support to determine if it was probable that all principal and interest would be repaid. None of the corporate issuers have defaulted on interest payments. Management concluded that these securities, other than the previously mentioned Pooled TRUP, were not other-than-temporarily impaired at September 30, 2013. Future deterioration in the cash flow on collateralized mortgage obligations or the credit quality of these large financial institution issuers of TRUP debt securities could result in impairment charges in the future. | |||||||||||||||||||||||
In determining that the securities giving rise to the previously mentioned unrealized losses were not other-than-temporary, the Corporation evaluated the factors cited above, which the Corporation considers when assessing whether a security is other-than-temporarily impaired. In making these evaluations the Corporation must exercise considerable judgment. Accordingly there can be no assurance that the actual results will not differ from the Corporation’s judgments and that such differences may not require the future recognition of other-than-temporary impairment charges that could have a material effect on the Corporation’s financial position and results of operations. In addition, the value of, and the realization of any loss on, an investment security are subject to numerous risks as cited above. | |||||||||||||||||||||||
The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 41,695 | $ | -1,795 | $ | 41,695 | $ | -1,795 | $ | — | $ | — | |||||||||||
Federal agency obligations | 13,391 | -303 | 13,391 | -303 | — | — | |||||||||||||||||
Residential mortgage pass-through securities | 7,695 | -150 | 7,695 | -150 | — | — | |||||||||||||||||
Commercial mortgage pass-through securities | 9,519 | -182 | 9,519 | -182 | — | — | |||||||||||||||||
Obligations of U.S. states and political subdivisions | 2,209 | -37 | 2,209 | -37 | — | — | |||||||||||||||||
Trust preferred securities | 8,772 | -1,223 | 7,401 | -147 | 1,371 | -1,076 | |||||||||||||||||
Corporate bonds and notes | 44,427 | -2,099 | 42,463 | -2,064 | 1,964 | -35 | |||||||||||||||||
Certificates of deposit | 194 | -1 | 194 | -1 | — | — | |||||||||||||||||
Equity securities | 287 | -89 | — | — | 287 | -89 | |||||||||||||||||
Mutual funds and money market funds | 985 | -15 | — | — | 985 | -15 | |||||||||||||||||
Total | 129,174 | -5,894 | 124,567 | -4,679 | 4,607 | -1,215 | |||||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||
Commercial mortgage pass-through securities | 1,762 | -46 | 1,428 | -44 | 334 | -2 | |||||||||||||||||
Obligations of U.S. states and political subdivisions | 63,559 | -3,561 | 63,559 | -3,561 | — | — | |||||||||||||||||
Corporate bonds and notes | 5,007 | -21 | 5,007 | -21 | — | — | |||||||||||||||||
Total | 70,328 | -3,628 | 69,994 | -3,626 | 334 | -2 | |||||||||||||||||
Total Temporarily Impaired Securities | $ | 199,502 | $ | -9,522 | $ | 194,561 | $ | -8,305 | $ | 4,941 | $ | -1,217 | |||||||||||
December 31, 2012 | |||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 4,460 | $ | -23 | $ | 4,460 | $ | -23 | $ | — | $ | — | |||||||||||
Federal agency obligation | 877 | -5 | 877 | -5 | — | — | |||||||||||||||||
Residential mortgage pass-through securities | 1,669 | -1 | 1,669 | -1 | — | — | |||||||||||||||||
Obligations of U.S. states and political subdivisions | 18,360 | -132 | 18,360 | -132 | — | — | |||||||||||||||||
Trust preferred securities | 11,740 | -1,174 | 10,494 | -18 | 1,246 | -1,156 | |||||||||||||||||
Corporate bonds and notes | 26,440 | -371 | 18,244 | -134 | 8,196 | -237 | |||||||||||||||||
Certificates of deposit | 388 | -10 | 388 | -10 | — | — | |||||||||||||||||
Equity securities | 325 | -210 | — | — | 325 | -210 | |||||||||||||||||
Mutual funds and money market funds | 985 | -15 | — | — | 985 | -15 | |||||||||||||||||
Total | 65,244 | -1,941 | 54,492 | -323 | 10,752 | -1,618 | |||||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||
Commercial mortgage-backed securities | 932 | -5 | 932 | -5 | — | — | |||||||||||||||||
Total | 932 | -5 | 932 | -5 | — | — | |||||||||||||||||
Total Temporarily Impaired Securities | $ | 66,176 | $ | -1,946 | $ | 55,424 | $ | -328 | $ | 10,752 | $ | -1,618 | |||||||||||
Investment securities having a carrying value of approximately $102.8 million and $96.1 million at September 30, 2013 and December 31, 2012, respectively, were pledged to secure public deposits, borrowings, and Federal Home Loan Bank advances and for other purposes required or permitted by law. | |||||||||||||||||||||||
Loans_and_the_Allowance_for_Lo
Loans and the Allowance for Loan Losses | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses [Abstract] | ' | |||||||||||||||||||||||||
Loans and the Allowance for Loan Losses | ' | |||||||||||||||||||||||||
Note 7. Loans and the Allowance for Loan Losses | ||||||||||||||||||||||||||
Loans are stated at their principal amounts inclusive of net deferred loan origination fees. Interest income is credited as earned except when a loan becomes past due 90 days or more and doubt exists as to the ultimate collection of interest or principal; in those cases the recognition of income is discontinued. Loans that are past due 90 days or more that are both well secured and in the process of collection will remain on an accruing basis. When a loan is placed on non-accrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current income. | ||||||||||||||||||||||||||
Portfolio segments are defined as the level at which an entity develops and documents a systematic methodology to determine its allowance. Management has determined that the Corporation has two portfolio segments of loans and leases (commercial and consumer) in determining the allowance. Both quantitative and qualitative factors are used by management at the portfolio segment level in determining the adequacy of the allowance for the Corporation. Classes of loans and leases are a disaggregation of the Corporation's portfolio segments. Classes are defined as a group of loans and leases which share similar initial measurement attributes, risk characteristics, and methods for monitoring and assessing credit risk. Management has determined that the Corporation has five classes of loans and leases: commercial and industrial (including lease financing), commercial – real estate, construction, residential mortgage (including home equity) and installment. | ||||||||||||||||||||||||||
Generally, all classes of commercial and consumer loans and leases are placed on non-accrual status upon becoming contractually past due 90 days or more as to principal or interest (unless loans and leases are adequately secured by collateral, are in the process of collection, and are reasonably expected to result in repayment), when terms are renegotiated below market levels, or where substantial doubt about full repayment of principal or interest is evident. For certain installment loans the entire outstanding balance on the loan is charged-off when the loan becomes 60 days past due. | ||||||||||||||||||||||||||
Payments received on non-accrual loans are applied against principal. A loan may only be restored to an accruing basis when it again becomes well secured and in the process of collection or all past due amounts have been collected and six months of payments have been received to demonstrate that the borrower can continue to meet the loan terms. Loan origination fees and certain direct loan origination costs are deferred and recognized over the life of the loan as an adjustment to the loan’s yield using the level yield method. | ||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||
The Corporation accounts for impaired loans in accordance with FASB ASC 310-10-35. The value of impaired loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or at the fair value of the collateral if the loan is collateral dependent. | ||||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Corporation will not be able to collect all amounts due from the borrower in accordance with the contractual terms of the loan, including scheduled interest payments. The Corporation has defined its population of impaired loans to include all classes of non-accrual and troubled debt restructuring (“TDR”) loans. As part of the evaluation of impaired loans, the Corporation individually reviews for impairment all non-homogeneous loans (in each instance, above an established dollar threshold of $200,000) internally classified as substandard or below. Generally, smaller impaired non-homogeneous loans and impaired homogeneous loans are collectively evaluated for impairment. | ||||||||||||||||||||||||||
When a loan has been identified as being impaired, the amount of impairment is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's observable market price, or the estimated fair value of the collateral, less any selling costs, if the loan is collateral-dependent. If the measurement of the impaired loan is less than the recorded investment in the loan (including accrued interest, net of deferred loan fees or costs and unamortized premiums or discounts), an impairment is recognized by creating or adjusting an existing allocation of the allowance, or by recording a partial charge-off of the loan to its fair value. Interest payments made on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest income may be accrued or recognized on a cash basis. | ||||||||||||||||||||||||||
Loans Modified in a Troubled Debt Restructuring | ||||||||||||||||||||||||||
Loans are considered to have been modified in a TDR when due to a borrower's financial difficulties, the Corporation makes certain concessions to the borrower that it would not otherwise consider. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. Generally, a non-accrual loan that has been modified in a TDR remains on non-accrual status for a period of six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower's ability to meet the revised payment schedule is uncertain, the loan remains on non-accrual status. | ||||||||||||||||||||||||||
Reserve for Credit Losses | ||||||||||||||||||||||||||
The Corporation's reserve for credit losses is comprised of two components, the allowance for loan losses and the reserve for unfunded commitments (the "Unfunded Commitments"). | ||||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||
The allowance for loan losses is maintained at a level determined adequate to provide for probable loan losses. The allowance is increased by provisions charged to operations and reduced by loan charge-offs, net of recoveries. The allowance is based on management’s evaluation of the loan portfolio considering economic conditions, the volume and nature of the loan portfolio, historical loan loss experience and individual credit situations. | ||||||||||||||||||||||||||
Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses. In connection with the determination of the allowance for loan losses, management obtains independent appraisals for significant properties. | ||||||||||||||||||||||||||
The ultimate collectability of a substantial portion of the Corporation’s loan portfolio is susceptible to changes in the real estate market and economic conditions in the State of New Jersey and the impact of such conditions on the creditworthiness of the borrowers. | ||||||||||||||||||||||||||
Management believes that the allowance for loan losses is adequate. Management uses available information to recognize loan losses; however, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Corporation’s allowance for loan losses. Such agencies may require the Corporation to recognize additions to the allowance based on their judgments about information available to them at the time of their examinations. | ||||||||||||||||||||||||||
Reserve for Unfunded Commitments | ||||||||||||||||||||||||||
The reserve for unfunded commitments is maintained at a level believed by management to be sufficient to absorb estimated probable losses related to unfunded credit facilities and is included in other liabilities in the consolidated statements of condition. The determination of the adequacy of the reserve is based upon an evaluation of the unfunded credit facilities, including an assessment of historical commitment utilization experience, and credit risk. Net adjustments to the reserve for unfunded commitments are included in other expense. | ||||||||||||||||||||||||||
Risk Related to Representation and Warranty Provisions | ||||||||||||||||||||||||||
The Corporation sells residential mortgage loans in the secondary market primarily to Fannie Mae. The Corporation sells residential mortgage loans to Fannie Mae that include various representations and warranties regarding the origination and characteristics of the residential mortgage loans. Although the specific representations and warranties vary, they typically cover ownership of the loan, validity of the lien securing the loan, the absence of delinquent taxes or liens against the property securing the loan, compliance with loan criteria set forth in the applicable agreement, compliance with applicable federal, state, and local laws, and other matters. | ||||||||||||||||||||||||||
As of September 30, 2013, the unpaid principal balance of the Corporation’s portfolio of residential mortgage loans sold to Fannie Mae was $8.5 million. These loans are generally sold on a non-recourse basis. The agreements under which the Corporation sells residential mortgage loans require the Corporation to deliver various documents to the investor or its document custodian. Although these loans are primarily sold on a non-recourse basis, the Corporation may be obligated to repurchase residential mortgage loans where required documents are not delivered or are defective. Investors may require the immediate repurchase of a mortgage loan when an early payment default discovered in an underwriting review reveals significant underwriting deficiencies, even if the mortgage loan has subsequently been brought current. As of September 30, 2013, there were no pending repurchase requests related to representation and warranty provisions. | ||||||||||||||||||||||||||
Composition of Loan Portfolio | ||||||||||||||||||||||||||
The following table sets forth the composition of the Corporation’s loan portfolio, including net deferred fees and costs, at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||
September | December | |||||||||||||||||||||||||
30, | 31, | |||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | 229,212 | $ | 181,682 | ||||||||||||||||||||||
Commercial real estate | 531,674 | 497,392 | ||||||||||||||||||||||||
Construction | 42,727 | 40,277 | ||||||||||||||||||||||||
Residential mortgage | 152,934 | 169,094 | ||||||||||||||||||||||||
Installment | 789 | 1,104 | ||||||||||||||||||||||||
Subtotal | 957,336 | 889,549 | ||||||||||||||||||||||||
Net deferred loan costs | 156 | 123 | ||||||||||||||||||||||||
Total loans | $ | 957,492 | $ | 889,672 | ||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, loans to executive officers and directors aggregated approximately $22,456,000 and $18,977,000, respectively. During the nine months ended September 30, 2013, the Corporation made new loans and advances to executive officers and directors in the amount of $11,322,000. Payments by such persons during the nine months ended September 30, 2013 aggregated $7,843,000. Management is of the opinion that the above loans were made on the same terms and conditions as those prevailing for comparable transactions with non-related borrowers. | ||||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, loan balances of approximately $538.1 million and $532.8 million, respectively, were pledged to secure borrowings from the Federal Reserve Bank of New York and the Federal Home Loan Bank of New York. | ||||||||||||||||||||||||||
The following table presents information about loan receivables on non-accrual status at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||
Loans Receivable on Non-Accrual Status | ||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | 85 | $ | 216 | ||||||||||||||||||||||
Commercial real estate | 175 | 354 | ||||||||||||||||||||||||
Construction | — | 319 | ||||||||||||||||||||||||
Residential mortgage | 1,772 | 2,729 | ||||||||||||||||||||||||
Total loans receivable on non-accrual status | $ | 2,032 | $ | 3,618 | ||||||||||||||||||||||
The amount of interest income that would have been recorded on non-accrual loans during the nine months ended September 30, 2013 and the year ended December 31, 2012, had payments remained in accordance with the original contractual terms, was $69,000 and $187,000, respectively. | ||||||||||||||||||||||||||
The Corporation continuously monitors the credit quality of its loans receivable. In addition to its internal staff, the Corporation utilizes the services of a third party loan review firm to rate the credit quality of its loans receivable. Credit quality is monitored by reviewing certain credit quality indicators. Assets classified “Pass” are deemed to possess average to superior credit quality, requiring no more than normal attention. Assets classified as “Special Mention” have generally acceptable credit quality yet possess higher risk characteristics/circumstances than satisfactory assets. Such conditions include strained liquidity, slow pay, stale financial statements, or other conditions that require more stringent attention from the lending staff. These conditions, if not corrected, may weaken the loan quality or inadequately protect the Corporation’s credit position at some future date. Assets are classified “Substandard” if the asset has a well defined weakness that requires management’s attention to a greater degree than for loans classified special mention. Such weakness, if left uncorrected, could possibly result in the compromised ability of the loan to perform to contractual requirements. An asset is classified as “Doubtful” if it is inadequately protected by the net worth and/or paying capacity of the obligor or of the collateral, if any, that secures the obligation. Assets classified as doubtful include assets for which there is a “distinct possibility” that a degree of loss will occur if the inadequacies are not corrected. All loans past due 90 days or more and all impaired loans are included in the appropriate category below. The following table presents information, excluding net deferred costs, about the Corporation’s loan credit quality at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | 225,081 | $ | 2,785 | $ | 1,346 | $ | — | $ | 229,212 | ||||||||||||||||
Commercial real estate | 508,679 | 12,457 | 10,538 | — | 531,674 | |||||||||||||||||||||
Construction | 41,640 | — | 1,087 | — | 42,727 | |||||||||||||||||||||
Residential mortgage | 149,572 | 981 | 2,381 | — | 152,934 | |||||||||||||||||||||
Installment | 665 | — | 124 | — | 789 | |||||||||||||||||||||
Total loans | $ | 925,637 | $ | 16,223 | $ | 15,476 | $ | — | $ | 957,336 | ||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | 176,818 | $ | 3,281 | $ | 1,583 | $ | — | $ | 181,682 | ||||||||||||||||
Commercial real estate | 462,266 | 18,945 | 16,181 | — | 497,392 | |||||||||||||||||||||
Construction | 38,303 | 810 | 1,164 | — | 40,277 | |||||||||||||||||||||
Residential mortgage | 163,769 | 993 | 4,332 | — | 169,094 | |||||||||||||||||||||
Installment | 967 | — | 137 | — | 1,104 | |||||||||||||||||||||
Total loans | $ | 842,123 | $ | 24,029 | $ | 23,397 | $ | — | $ | 889,549 | ||||||||||||||||
The following table provides an analysis of the impaired loans at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||
Recorded | Unpaid | Related | ||||||||||||||||||||||||
Investment | Principal | Allowance | ||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
No Related Allowance Recorded | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,275 | $ | 1,576 | $ | — | ||||||||||||||||||||
Total | $ | 1,275 | $ | 1,576 | $ | — | ||||||||||||||||||||
With An Allowance Recorded | ||||||||||||||||||||||||||
Commercial real estate | $ | 175 | $ | 374 | $ | 76 | ||||||||||||||||||||
Residential mortgage | 1,113 | 1,113 | 143 | |||||||||||||||||||||||
Total | $ | 1,288 | $ | 1,487 | $ | 219 | ||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,450 | $ | 1,950 | $ | 76 | ||||||||||||||||||||
Residential mortgage | 1,113 | 1,113 | 143 | |||||||||||||||||||||||
Total (including related allowance) | $ | 2,563 | $ | 3,063 | $ | 219 | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||
Recorded | Unpaid | Related | ||||||||||||||||||||||||
Investment | Principal | Allowance | ||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
No Related Allowance Recorded | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,500 | $ | 1,950 | $ | — | ||||||||||||||||||||
Total | $ | 1,500 | 1,950 | $ | — | |||||||||||||||||||||
With An Allowance Recorded | ||||||||||||||||||||||||||
Commercial real estate | $ | 4,180 | $ | 4,180 | $ | 493 | ||||||||||||||||||||
Residential mortgage | 1,255 | 1,255 | 152 | |||||||||||||||||||||||
Total | $ | 5,435 | $ | 5,435 | $ | 645 | ||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Commercial real estate | $ | 5,680 | $ | 6,130 | $ | 493 | ||||||||||||||||||||
Residential mortgage | 1,255 | 1,255 | 152 | |||||||||||||||||||||||
Total (including related allowance) | $ | 6,935 | $ | 7,385 | $ | 645 | ||||||||||||||||||||
The following table provides an analysis related to the average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | Recorded | Income | |||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||
Impaired loans with no related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,275 | $ | 19 | $ | 2,246 | $ | 28 | $ | 1,275 | $ | 57 | $ | 2,246 | $ | 86 | ||||||||||
Total | $ | 1,275 | $ | 19 | $ | 2,246 | $ | 28 | $ | 1,275 | $ | 57 | $ | 2,246 | $ | 86 | ||||||||||
Impaired loans with an allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 175 | $ | — | $ | 4,180 | $ | 34 | $ | 2,202 | $ | 68 | $ | 4,180 | $ | 103 | ||||||||||
Construction | — | — | — | — | — | — | 2,066 | 16 | ||||||||||||||||||
Residential mortgage | 1,226 | 10 | 4,304 | — | 1,226 | 31 | 3,876 | 26 | ||||||||||||||||||
Total | $ | 1,401 | $ | 10 | $ | 8,484 | $ | 34 | $ | 3,428 | $ | 99 | $ | 10,122 | $ | 145 | ||||||||||
Total impaired loans: | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,450 | $ | 19 | $ | 6,426 | $ | 62 | $ | 3,477 | $ | 125 | $ | 6,426 | $ | 189 | ||||||||||
Construction | — | — | — | — | — | — | 2,066 | 16 | ||||||||||||||||||
Residential mortgage | 1,226 | 10 | 4,304 | — | 1,226 | 31 | 3,876 | 26 | ||||||||||||||||||
Total | $ | 2,676 | $ | 29 | $ | 10,730 | $ | 62 | $ | 4,703 | $ | 156 | $ | 12,368 | $ | 231 | ||||||||||
Included in impaired loans at September 30, 2013 are loans that are deemed troubled debt restructurings. | ||||||||||||||||||||||||||
The following table provides an analysis of the aging of loans, excluding net deferred costs that are past due at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||
Aging Analysis | ||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Total Loans | Loans | ||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Receivable | Receivable > 90 | |||||||||||||||||||||
Days And | ||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commercial and Industrial | $ | 739 | $ | 4,567 | $ | 85 | $ | 5,391 | $ | 223,821 | $ | 229,212 | $ | — | ||||||||||||
Commercial Real Estate | 872 | 752 | 175 | 1,799 | 529,875 | 531,674 | — | |||||||||||||||||||
Construction | — | — | — | — | 42,727 | 42,727 | — | |||||||||||||||||||
Residential Mortgage | 1,326 | 39 | 1,772 | 3,137 | 149,797 | 152,934 | — | |||||||||||||||||||
Installment | 2 | — | — | 2 | 787 | 789 | — | |||||||||||||||||||
Total | $ | 2,939 | $ | 5,358 | $ | 2,032 | $ | 10,329 | $ | 947,007 | $ | 957,336 | $ | — | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Total Loans | Loans | ||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Receivable | Receivable > 90 | |||||||||||||||||||||
Days And | ||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commercial and Industrial | $ | 590 | $ | — | $ | 216 | $ | 806 | $ | 180,876 | $ | 181,682 | $ | — | ||||||||||||
Commercial Real Estate | 1,012 | 703 | 354 | 2,069 | 495,323 | 497,392 | — | |||||||||||||||||||
Construction | — | — | 319 | 319 | 39,958 | 40,277 | — | |||||||||||||||||||
Residential Mortgage | 2,017 | 628 | 2,784 | 5,429 | 163,665 | 169,094 | 55 | |||||||||||||||||||
Installment | 23 | — | — | 23 | 1,081 | 1,104 | — | |||||||||||||||||||
Total | $ | 3,642 | $ | 1,331 | $ | 3,673 | $ | 8,646 | $ | 880,903 | $ | 889,549 | $ | 55 | ||||||||||||
The following table details the amount of loans receivable that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan loss that is allocated to each loan portfolio segment: | ||||||||||||||||||||||||||
Allowance for loan and lease losses | ||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||
C & I | Comm | Construction | Res Mtge | Installment | Unallocated | Total | ||||||||||||||||||||
R/E | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 76 | $ | — | $ | 143 | $ | — | $ | — | $ | 219 | ||||||||||||
Collectively evaluated for impairment | 1,714 | 5,712 | 369 | 1,161 | 94 | 925 | 9,975 | |||||||||||||||||||
Total | $ | 1,714 | $ | 5,788 | $ | 369 | $ | 1,304 | $ | 94 | $ | 925 | $ | 10,194 | ||||||||||||
Loans Receivable | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 1,450 | $ | — | $ | 1,113 | $ | — | $ | — | $ | 2,563 | ||||||||||||
Collectively evaluated for impairment | 226,664 | 512,949 | 41,640 | 137,733 | 663 | — | 919,649 | |||||||||||||||||||
Loans acquired with discounts related to credit quality | 2,548 | 17,275 | 1,087 | 14,088 | 126 | — | 35,124 | |||||||||||||||||||
Total | $ | 229,212 | $ | 531,674 | $ | 42,727 | $ | 152,934 | $ | 789 | $ | — | $ | 957,336 | ||||||||||||
Allowance for loan and lease losses | ||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||
C & I | Comm | Construction | Res Mtge | Installment | Unallocated | Total | ||||||||||||||||||||
R/E | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 493 | $ | — | $ | 152 | $ | — | $ | — | $ | 645 | ||||||||||||
Collectively evaluated for impairment | 2,424 | 4,830 | 313 | 1,380 | 113 | 532 | 9,592 | |||||||||||||||||||
Total | $ | 2,424 | $ | 5,323 | $ | 313 | $ | 1,532 | $ | 113 | $ | 532 | $ | 10,237 | ||||||||||||
Loans Receivable | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 5,680 | $ | — | $ | 1,255 | $ | — | $ | — | $ | 6,935 | ||||||||||||
Collectively evaluated for impairment | 177,644 | 470,797 | 38,172 | 146,930 | 973 | — | 834,516 | |||||||||||||||||||
Loans acquired with discounts related to credit quality | 4,038 | 20,915 | 2,105 | 20,909 | 131 | — | 48,098 | |||||||||||||||||||
Total | $ | 181,682 | $ | 497,392 | $ | 40,277 | $ | 169,094 | $ | 1,104 | $ | — | $ | 889,549 | ||||||||||||
The Corporation’s allowance for loan losses is analyzed quarterly. Many factors are considered, including growth in the portfolio, delinquencies, nonaccrual loan levels, and other factors inherent in the extension of credit. There have been no material changes to the allowance for loan loss methodology as disclosed in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2012. | ||||||||||||||||||||||||||
A summary of the activity in the allowance for loan losses is as follows: | ||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||
C & I | Comm | Construction | Res Mtge | Installment | Unallocated | Total | ||||||||||||||||||||
R/E | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance at July 1, | $ | 2,422 | $ | 5,333 | $ | 318 | $ | 1,341 | $ | 29 | $ | 759 | $ | 10,202 | ||||||||||||
Charge offs | -6 | — | — | — | -4 | — | -10 | |||||||||||||||||||
Recoveries | — | — | — | — | 2 | — | 2 | |||||||||||||||||||
Provision | -702 | 455 | 51 | -37 | 67 | 166 | — | |||||||||||||||||||
Balance at September 30, | $ | 1,714 | $ | 5,788 | $ | 369 | $ | 1,304 | $ | 94 | $ | 925 | $ | 10,194 | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||
C & I | Comm | Construction | Res Mtge | Installment | Unallocated | Total | ||||||||||||||||||||
R/E | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance at January 1, | $ | 2,424 | $ | 5,323 | $ | 313 | $ | 1,532 | $ | 113 | $ | 532 | $ | 10,237 | ||||||||||||
Charge offs | -6 | -50 | — | — | -20 | — | -76 | |||||||||||||||||||
Recoveries | 21 | 8 | — | — | 4 | — | 33 | |||||||||||||||||||
Provision | -725 | 507 | 56 | -228 | -3 | 393 | — | |||||||||||||||||||
Balance at September 30, | $ | 1,714 | $ | 5,788 | $ | 369 | $ | 1,304 | $ | 94 | $ | 925 | $ | 10,194 | ||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||
C & I | Comm | Construction | Res Mtge | Installment | Unallocated | Total | ||||||||||||||||||||
R/E | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance at July 1, | $ | 1,747 | $ | 6,173 | $ | 449 | $ | 1,300 | $ | 59 | $ | 493 | $ | 10,221 | ||||||||||||
Charge offs | — | — | — | -207 | -3 | — | -210 | |||||||||||||||||||
Recoveries | — | — | — | — | 4 | — | 4 | |||||||||||||||||||
Provision | -55 | 103 | 43 | 71 | 4 | 59 | 225 | |||||||||||||||||||
Balance at September 30, | $ | 1,692 | $ | 6,276 | $ | 492 | $ | 1,164 | $ | 64 | $ | 552 | $ | 10,240 | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||
C & I | Comm | Construction | Res Mtge | Installment | Unallocated | Total | ||||||||||||||||||||
R/E | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance at January 1, | $ | 1,527 | $ | 5,972 | $ | 707 | $ | 1,263 | $ | 51 | $ | 82 | $ | 9,602 | ||||||||||||
Charge offs | — | — | — | -207 | -11 | — | -218 | |||||||||||||||||||
Recoveries | — | — | 540 | 85 | 6 | — | 631 | |||||||||||||||||||
Provision | 165 | 304 | -755 | 23 | 18 | 470 | 225 | |||||||||||||||||||
Balance at September 30, | $ | 1,692 | $ | 6,276 | $ | 492 | $ | 1,164 | $ | 64 | $ | 552 | $ | 10,240 | ||||||||||||
At September 30, 2013, there were no commitments to lend additional funds to borrowers whose loans were on non-accrual status or were contractually past due in excess of 90 days and still accruing interest, or whose terms have been modified in troubled debt restructurings. | ||||||||||||||||||||||||||
The policy of the Corporation generally is to grant commercial, mortgage and installment loans to New Jersey residents and businesses within its market area. The borrowers’ abilities to repay their obligations are dependent upon various factors, including the borrowers’ income and net worth, cash flows generated by the borrowers’ underlying collateral, value of the underlying collateral, and priority of the lender’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the control of the Corporation. The Corporation is therefore subject to risk of loss. The Corporation believes its lending policies and procedures adequately minimize the potential exposure to such risks and that adequate provisions for loan losses are provided for all known and inherent risks. Collateral and/or personal guarantees are required for virtually all loans. | ||||||||||||||||||||||||||
The Corporation added no new troubled debt restructurings during the three and nine months ended September 30, 2013. | ||||||||||||||||||||||||||
Loans modified in a troubled debt restructuring totaled $2.8 million at September 30, 2013, of which $1.1 million were on non-accrual status. The remaining loans modified were current at the time of the restructuring and have complied with the terms of their restructure agreement. At December 31, 2012, loans modified in a troubled debt restructuring totaled $8.3 million, of which $1.5 million were on non-accrual status. The remaining loans modified were current at the time of the restructuring and have complied with the terms of their restructure agreement. | ||||||||||||||||||||||||||
In an effort to proactively manage delinquent loans, the Corporation has selectively extended to certain borrowers concessions such as rate reductions, extension of maturity dates, principal or interest forgiveness, adjusted repayment terms, forbearance agreements, or combinations of two or more of these concessions. As of September 30, 2013, loans on which concessions were made with respect to adjusted repayment terms amounted to $1.5 million. Loans on which combinations of two or more concessions were made amounted to $1.3 million. The concessions granted included principal concessions, rate reduction, adjusted repayment, extended maturity and payment deferral. | ||||||||||||||||||||||||||
Fair_Value_Measurements_and_Fa
Fair Value Measurements and Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments | ' | ||||||||||||||||
Note 8. Fair Value Measurements and Fair Value of Financial Instruments | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Management uses its best judgment in estimating the fair value of the Corporation’s financial and non-financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial and non-financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Corporation could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of the respective period-end dates indicated herein and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial and non-financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. | |||||||||||||||||
U.S. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: | |||||||||||||||||
· | Level 1: Unadjusted exchange quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||||
· | Level 2: Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||||||||||||||||
· | Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (for example, supported with little or no market activity). | ||||||||||||||||
An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
The following information should not be interpreted as an estimate of the fair value of the entire Corporation since a fair value calculation is only provided for a limited portion of the Corporation’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Corporation’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Corporation’s assets measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012. | |||||||||||||||||
Investment Securities Available-for-Sale | |||||||||||||||||
Where quoted prices are available in an active market, investment securities are classified in Level 1 of the valuation hierarchy. Level 1 inputs include investment securities that have quoted prices in active markets for identical assets. 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. Examples of instruments, which would generally be classified within Level 2 of the valuation hierarchy, include municipal bonds and certain agency collateralized mortgage obligations. In certain cases where there is limited activity in the market for a particular instrument, assumptions must be made to determine their fair value and are classified as Level 3. Due to the inactive condition of the markets amidst the financial crisis, the Corporation treated certain investment securities as Level 3 assets in order to provide more appropriate valuations. For assets in an inactive market, the infrequent trades that do occur are not a true indication of fair value. When measuring fair value, the valuation techniques available under the market approach, income approach and/or cost approach are used. The Corporation’s evaluations are based on market data and the Corporation employs combinations of these approaches for its valuation methods depending on the asset class. In certain cases where there were limited or less transparent information provided by the Corporation’s third-party pricing service, fair value was estimated by the use of secondary pricing services or through the use of non-binding third-party broker quotes. | |||||||||||||||||
On a quarterly basis, management reviews the pricing information received from the Corporation’s third-party pricing service. This review process includes a comparison to non-binding third-party broker quotes, as well as a review of market-related conditions impacting the information provided by the Corporation’s third-party pricing service. | |||||||||||||||||
Management primarily identifies investment securities which may have traded in illiquid or inactive markets by identifying instances of a significant decrease in the volume and frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. Investment securities that are deemed to have been trading in illiquid or inactive markets may require the use of significant unobservable inputs. For example, management may use quoted prices for similar investment securities in the absence of a liquid and active market for the securities being valued. As of September 30, 2013 and December 31, 2012, management made adjustments to prices provided by the third-party pricing service as a result of illiquid or inactive markets. | |||||||||||||||||
At September 30, 2013 and December 31, 2012, the Corporation’s pooled trust preferred security, ALESCO VII, was classified as Level 3. Market pricing for the Level 3 security varied widely from one pricing service to another based on the lack of trading. As such, the security was not considered to have readily observable market data that was accurate to support a fair value as prescribed by FASB ASC 820-10-05. The Corporation determined that significant adjustments using unobservable inputs are required to determine fair value at the measurement date. | |||||||||||||||||
The Corporation determined that an income approach valuation technique (present value technique) that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs will be equally or more representative of fair value than the market approach valuation technique used at the prior measurement dates. As a result, the Corporation used the discount rate adjustment technique to determine fair value. | |||||||||||||||||
The fair value of private label CMO was determined by discounting the expected cash flows over the life of the security. The discount rate was determined by deriving a discount rate when the markets were considered more active for this type of security. To this estimated discount rate, additions were made for more liquid markets and increased credit risk as well as assessing the risks in the security, such as default risk and severity risk. However, the private label CMO had interruptions of its scheduled principal payments and the Corporation recorded a net settlement principal loss of $24,000 for the nine months ended September 30, 2013; this security was sold at its book value on January 4, 2013. | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||
For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
Reporting Date Using | |||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | September | Quoted | Significant | Significant | |||||||||||||
30, | Prices in | Other | Unobservable | ||||||||||||||
2013 | Active | Observable | Inputs | ||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
U.S. Treasury & agency securities | $ | 41,695 | $ | 41,695 | $ | — | $ | — | |||||||||
Federal agency obligations | 20,746 | — | 20,746 | — | |||||||||||||
Residential mortgage pass-through securities | 50,942 | — | 50,942 | — | |||||||||||||
Commercial mortgage pass-through securities | 9,518 | — | 9,518 | — | |||||||||||||
Obligations of U.S. states and political subdivisions | 40,277 | — | 40,277 | — | |||||||||||||
Trust preferred securities | 19,537 | — | 19,443 | 94 | |||||||||||||
Corporate bonds and notes | 205,235 | — | 205,235 | — | |||||||||||||
Asset-backed securities | 16,228 | — | 16,228 | — | |||||||||||||
Certificates of deposit | 2,295 | — | 2,295 | — | |||||||||||||
Equity securities | 287 | 287 | — | — | |||||||||||||
Mutual funds and money market funds | 6,387 | 6,387 | — | — | |||||||||||||
Investment securities available-for-sale | $ | 413,147 | $ | 48,369 | $ | 364,684 | $ | 94 | |||||||||
Fair Value Measurements at | |||||||||||||||||
Reporting Date Using | |||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | December | Quoted | Significant | Significant | |||||||||||||
31, | Prices in | Other | Unobservable | ||||||||||||||
2012 | Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
for | (Level 2) | ||||||||||||||||
Identical | |||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
U.S. treasury and agency securities | $ | 11,909 | $ | 11,909 | $ | — | $ | — | |||||||||
Federal agency obligations | 20,535 | — | 20,535 | — | |||||||||||||
Residential mortgage pass-through securities | 53,784 | — | 53,784 | — | |||||||||||||
Commercial mortgage pass-through securities | 9,969 | — | 9,969 | — | |||||||||||||
Obligations of U.S. states and political subdivisions | 107,714 | 469 | 107,245 | — | |||||||||||||
Trust preferred securities | 21,249 | — | 21,213 | 36 | |||||||||||||
Corporate bonds and notes | 237,405 | — | 237,405 | — | |||||||||||||
Collateralized mortgage obligations | 2,120 | — | 2,120 | — | |||||||||||||
Asset-backed securities | 19,742 | — | 19,742 | — | |||||||||||||
Certificates of deposit | 2,865 | — | 2,865 | — | |||||||||||||
Equity securities | 325 | 325 | — | — | |||||||||||||
Mutual funds and money market funds | 9,198 | 9,198 | — | — | |||||||||||||
Securities available-for-sale | $ | 496,815 | $ | 21,901 | $ | 474,878 | $ | 36 | |||||||||
The fair values used by the Corporation are obtained from an independent pricing service and represent either quoted market prices for the identical securities (Level 1 inputs) or fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatilities, LIBOR yield curve, credit spreads and prices from market makers and live trading systems (Level 2). The fair value of the obligations of states and political subdivisions securities was measured at fair value using Level 1 inputs at December 31, 2012 represented the purchase price of the securities since they were acquired near year-end 2012. | |||||||||||||||||
The following tables present the changes in investment securities available-for-sale with significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance, beginning of the period | $ | 72 | $ | 1,856 | $ | 36 | $ | 2,115 | |||||||||
Interest payment deferrals | 14 | 33 | 43 | 101 | |||||||||||||
Principal repayments | — | -102 | — | -272 | |||||||||||||
Total net losses included in net income | — | -32 | — | -60 | |||||||||||||
Total net unrealized gains | 8 | 296 | 15 | 167 | |||||||||||||
Balance, end of the period | $ | 94 | $ | 2,051 | $ | 94 | $ | 2,051 | |||||||||
For the nine months ended September 30, 2013, there were no transfers of investment securities available-for-sale into or out of Level 1, Level 2, or Level 3 assets, except for securities purchased at year end included in Level 1, representing purchase prices, which subsequently were evaluated and placed in the appropriate Level depending on the observable inputs. | |||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||
For assets measured at fair value on a non-recurring basis, the unobservable inputs used to derive fair value measurements at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Impaired Loans | Valuation Techniques | Range of Unobservable Inputs | |||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of comparable sales, generally a decline of 0-25% | |||||||||||||||
Commercial | Discounted cash flow model | Discount rate from 0% to 6% | |||||||||||||||
Commercial real estate | Appraisals of collateral value | Market capitalization rates between 8% to 12%. Market rental rates for similar properties | |||||||||||||||
Construction | Appraisals of collateral value | Adjustment for age comparable sales. Generally a decline of 5% to no change | |||||||||||||||
Other Real Estate Owned | |||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of comparable sales, generally a decline of 0-25% and estimated selling costs of 6-8% | |||||||||||||||
Commercial | Appraisals of collateral value | Adjustment for age of comparable sales, generally a decline of 15% to no change and estimated selling costs of 6-8% | |||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | September | Quoted | Significant | Significant | |||||||||||||
30, | Prices | Other | Unobservable | ||||||||||||||
2013 | in Active | Observable | Inputs | ||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Impaired loans | $ | 1,069 | $ | — | $ | — | $ | 1,069 | |||||||||
Other real estate owned | 220 | — | — | 220 | |||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | December | Quoted | Significant | Significant | |||||||||||||
31, | Prices | Other | Unobservable | ||||||||||||||
2012 | in Active | Observable | Inputs | ||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Impaired loans | $ | 4,790 | $ | — | $ | — | $ | 4,790 | |||||||||
Other real estate owned | 1,300 | — | — | 1,300 | |||||||||||||
The following methods and assumptions were used to estimate the fair values of the Corporation’s assets measured at fair value on a non-recurring basis at September 30, 2013 and December 31, 2012. | |||||||||||||||||
Impaired Loans. The value of an impaired loan is measured based upon the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral if the loan is collateral dependent. Smaller balance homogeneous loans that are collectively evaluated for impairment, such as residential mortgage loans and installment loans, are specifically excluded from the impaired loan portfolio. The Corporation’s impaired loans are primarily collateral dependent. Impaired loans are individually assessed to determine that each loan’s carrying value is not in excess of the fair value of the related collateral or the present value of the expected future cash flows. Impaired loans at September 30, 2013 that required a valuation allowance during 2013 were $1.3 million with a related valuation allowance of $219,000 compared to $5.4 million with a related valuation allowance of $645,000 at December 31, 2012. Impaired loans that required a valuation allowance were $6.9 million with a related valuation allowance of $758,000 during the nine months ended September 30, 2012. Impaired loans of $1.5 million had no recorded valuation allowance for December 31, 2012. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
Other Real Estate Owned. Other real estate owned (“OREO”) is measured at fair value less costs to sell, generally a decline of 0-25% for residential OREO and a decline of 15% to no change for commercial OREO. The Corporation believes that the fair value component in its valuation follows the provisions of FASB ASC 820-10-05. The fair value of OREO is determined by sales agreements or appraisals by qualified licensed appraisers approved and hired by the Corporation. Costs to sell associated with OREO is based on estimation per the terms and conditions of the sales agreements or appraisals. | |||||||||||||||||
FASB ASC 825-10 requires all entities to disclose the estimated fair value of their financial instrument assets and liabilities. For the Corporation, as for most financial institutions, the majority of its assets and liabilities are considered financial instruments as defined in FASB ASC 825-10. Many of the Corporation’s financial instruments, however, lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. It is also the Corporation’s general practice and intent to hold its financial instruments to maturity and not to engage in trading or sales activities except for loans held-for-sale and investment securities available-for-sale. Therefore, significant estimations and assumptions, as well as present value calculations, were used by the Corporation for the purposes of this disclosure. | |||||||||||||||||
Investment Securities Held-to-Maturity. The fair value of the Corporation’s investment securities held-to-maturity was primarily measured using information from a third-party pricing service. If quoted prices were not available, fair values were estimated primarily by obtaining quoted prices for similar assets in active markets or through the use of pricing models. In cases where there may be limited or less transparent information provided by the Corporation’s third-party pricing service, fair value may be estimated by the use of secondary pricing services or through the use of non-binding third-party broker quotes. | |||||||||||||||||
Loans Held-for-Sale. Fair value is estimated using the prices of the Corporation’s existing commitments to sell such loans and/or the quoted market price for commitments to sell similar loans. | |||||||||||||||||
Loans. The fair value of the Corporation’s loans was estimated by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans were segregated by types such as commercial, residential and consumer loans. Expected future cash flows were projected based on contractual cash flows, adjusted for estimated prepayments. | |||||||||||||||||
Non Interest-Bearing Deposits. The fair value for non interest-bearing deposits is equal to the amount payable on demand at the reporting date. | |||||||||||||||||
Interest-Bearing Deposits. The fair values of the Corporation’s interest-bearing deposits were estimated using discounted cash flow analyses. The discounted rates used were based on rates currently offered for deposits with similar remaining maturities. The fair values of the Corporation’s interest-bearing deposits do not take into consideration the value of the Corporation’s long-term relationships with depositors, which may have significant value. | |||||||||||||||||
Term Borrowings and Subordinated Debentures. The fair value of the Corporation’s long-term borrowings and subordinated debentures were calculated using a discounted cash flow approach and applying discount rates currently offered based on weighted remaining maturities. | |||||||||||||||||
Accrued Interest Receivable/Payable. The carrying amounts of accrued interest approximate fair value resulting in a Level 2 or Level 3 classification based on the level of the asset or liability with which the accrual is associated. | |||||||||||||||||
The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Corporation’s financial instruments as of September 30, 2013 and December 31, 2012. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Carrying | Fair Value | Quoted | Significant | Significant | |||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and due from banks | $ | 33,557 | $ | 33,557 | $ | 33,557 | $ | — | $ | — | |||||||
Investment securities available-for-sale | 413,147 | 413,147 | 48,369 | 364,684 | 94 | ||||||||||||
Investment securities held-to-maturity | 153,486 | 152,008 | — | 152,008 | — | ||||||||||||
Restricted investment in bank stocks | 8,986 | 8,986 | — | 8,986 | — | ||||||||||||
Loans held for sale | 101 | 101 | 101 | — | — | ||||||||||||
Net loans | 947,298 | 950,226 | — | — | 950,226 | ||||||||||||
Accrued interest receivable | 6,570 | 6,570 | — | 4,122 | 2,448 | ||||||||||||
Financial liabilities | |||||||||||||||||
Non interest-bearing deposits | 238,214 | 238,214 | — | 238,214 | — | ||||||||||||
Interest-bearing deposits | 1,076,103 | 1,076,997 | — | 1,076,997 | — | ||||||||||||
Long-term borrowings | 146,000 | 158,093 | — | 158,093 | — | ||||||||||||
Subordinated debentures | 5,155 | 5,145 | — | 5,145 | — | ||||||||||||
Accrued interest payable | 821 | 821 | — | 821 | — | ||||||||||||
31-Dec-12 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and due from banks | $ | 104,134 | $ | 104,134 | $ | 104,134 | $ | — | $ | — | |||||||
Interest bearing deposits with banks | 2,004 | 2,004 | 2,004 | — | — | ||||||||||||
Investment securities available-for-sale | 496,815 | 496,815 | 21,901 | 474,878 | 36 | ||||||||||||
Investment securities held-to-maturity | 58,064 | 62,431 | — | 62,431 | — | ||||||||||||
Restricted investment in bank stocks | 8,964 | 8,964 | — | 8,964 | — | ||||||||||||
Loans held for sale | 1,491 | 1,491 | 1,491 | — | — | ||||||||||||
Net loans | 879,435 | 897,030 | — | — | 897,030 | ||||||||||||
Accrued interest receivable | 6,849 | 6,849 | — | 4,465 | 2,384 | ||||||||||||
Financial liabilities | |||||||||||||||||
Non interest-bearing deposits | 215,071 | 215,071 | — | 215,071 | — | ||||||||||||
Interest-bearing deposits | 1,091,851 | 1,092,822 | — | 1,092,822 | — | ||||||||||||
Long-term borrowings | 146,000 | 162,992 | — | 162,992 | — | ||||||||||||
Subordinated debentures | 5,155 | 5,046 | — | 5,046 | — | ||||||||||||
Accrued interest payable | 874 | 874 | — | 874 | — | ||||||||||||
Net_Investment_in_Direct_Finan
Net Investment in Direct Financing Lease | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Net Investment in Direct Financing Lease [Abstract] | ' | ||||
Net Investment in Direct Financing Lease | ' | ||||
Note 9. Net Investment in Direct Financing Lease | |||||
During the second quarter of 2010, the Corporation entered into a lease of its former operations facility under a direct financing lease. The lease has a 15 year term with no renewal options. According to the terms of the lease, the lessee has an obligation to purchase the property underlying the lease in either year seven (7), ten (10) or fifteen (15) at predetermined prices for those years as provided in the lease. The structure of the minimum lease payments and the purchase prices as provided in the lease provide an inducement to the lessee to purchase the property in year seven (7). | |||||
At September 30, 2013 and December 31, 2012, the net investment in direct financing lease consists of a minimum lease receivable of $4,537,000 and $4,699,000, respectively, and unearned interest income of $781,000 and $928,000, respectively, for a net investment in direct financing lease of $3,756,000 and $3,771,000, respectively. The net investment in direct financing lease is carried as a component of loans in the Corporation’s consolidated statements of condition. | |||||
Minimum future lease receipts of the direct financing lease are as follows: | |||||
September 30, 2013 | |||||
For years ending December 31, | (in thousands) | ||||
2013 | $ | 54 | |||
2014 | 216 | ||||
2015 | 228 | ||||
2016 | 265 | ||||
2017 | 265 | ||||
Thereafter | 2,728 | ||||
Total minimum future lease receipts | $ | 3,756 | |||
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension Cost | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Components of Net Periodic Pension Cost [Abstract] | ' | |||||||||||||
Components of Net Periodic Pension Cost | ' | |||||||||||||
Note 10. Components of Net Periodic Pension Cost | ||||||||||||||
The Corporation maintained a non-contributory defined benefit pension plan for substantially all of its employees until September 30, 2007, at which time the Corporation froze the plan. The following table sets forth the net periodic pension cost of the Corporation’s pension plan for the periods indicated. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||||
Interest cost | $ | 133 | $ | 139 | $ | 397 | $ | 417 | ||||||
Net amortization and deferral | -29 | -21 | -85 | -63 | ||||||||||
Net periodic pension cost | $ | 104 | $ | 118 | $ | 312 | $ | 354 | ||||||
Contributions | ||||||||||||||
The Corporation has completed funding for the 2013 plan year, having contributed $3,500,000 to its Pension Trust. The trust is established to provide retirement and other benefits for eligible employees and their beneficiaries. No part of the trust assets may be applied to any purpose other than providing benefits under the plan and for defraying expenses of administering the plan and the trust. | ||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 11. Income Taxes | |
For the nine months ended September 30, 2013, the Corporation recorded income tax expense of $5.7 million, compared with a $6.0 million income tax expense for the nine months ended September 30, 2012. | |
Borrowed_Funds
Borrowed Funds | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Borrowed Funds [Abstract] | ' | ||||||||
Borrowed Funds | ' | ||||||||
Note 12. Borrowed Funds | |||||||||
Short-Term Borrowings | |||||||||
Short-term borrowings, which consist primarily of securities sold under agreements to repurchase, Federal Home Loan Bank (“FHLB”) advances and federal funds purchased, generally have maturities of less than one year. The details of these short-term borrowings are presented in the following table. | |||||||||
September 30, 2013 | September 30, 2012 | ||||||||
(dollars in thousands) | |||||||||
Interest rate: | |||||||||
At quarter end | — | % | 6 | % | |||||
Average for the quarter | 0.32 | % | 0.8 | % | |||||
Average amount outstanding during the quarter | $ | 598 | $ | 150 | |||||
Maximum amount outstanding at any month end in the quarter | $ | — | $ | 5,050 | |||||
Amount outstanding at quarter end | $ | — | $ | 50 | |||||
Long-Term Borrowings | |||||||||
Long-term borrowings, which consist primarily of FHLB advances and securities sold under agreements to repurchase, totaled $146.0 million at September 30, 2013 and mature within four to eight years. The FHLB advances are secured by pledges of certain collateral, including but not limited to U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgages and commercial real estate loans. | |||||||||
At September 30, 2013 and December 31, 2012, FHLB advances had a weighted average interest rate of 3.44 percent and are contractually scheduled for repayment as follows: | |||||||||
September 30, 2013 | |||||||||
(in thousands) | |||||||||
2016 | $ | 20,000 | |||||||
Thereafter | 95,000 | ||||||||
Total | $ | 115,000 | |||||||
The Corporation has entered into agreements under which it has sold securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability in the Corporation’s consolidated statement of condition, while the securities underlying the securities sold under agreements to repurchase remain in the respective asset accounts and are delivered to and held as collateral by third party trustees. At September 30, 2013 and December 31, 2012, securities sold under agreements to repurchase had a weighted average interest rate of 5.90 percent and 5.54 percent, respectively, and are contractually scheduled for repayment as follows: | |||||||||
September 30, 2013 | |||||||||
(in thousands) | |||||||||
After 2016 | $ | 31,000 | |||||||
Total | $ | 31,000 | |||||||
Subordinated_Debentures
Subordinated Debentures | 9 Months Ended |
Sep. 30, 2013 | |
Subordinated Debentures [Abstract] | ' |
Subordinated Debentures | ' |
Note 13. Subordinated Debentures | |
During 2003, the Corporation formed a statutory business trust, which exists for the exclusive purpose of (i) issuing trust securities representing undivided beneficial interests in the assets of the trust; (ii) investing the gross proceeds of the trust securities in junior subordinated deferrable interest debentures (subordinated debentures) of the Corporation; and (iii) engaging in only those activities necessary or incidental thereto. These subordinated debentures and the related income effects are not eliminated in the consolidated financial statements as the statutory business trust is not consolidated in accordance with FASB ASC 810-10. Distributions on the subordinated debentures owned by the subsidiary trusts below have been classified as interest expense in the Consolidated Statements of Income. | |
The characteristics of the business trust and capital securities have not changed with the deconsolidation of the trust. The capital securities provide an attractive source of funds since they constitute Tier 1 capital for regulatory purposes and have the same tax advantages as debt for Federal income tax purposes. | |
The subordinated debentures are redeemable in whole or part prior to maturity on January 23, 2034. The floating interest rate on the subordinated debentures is three-month LIBOR plus 2.85 percent and resets quarterly. The rate at September 30, 2013 was 3.12 percent. | |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity [Abstract] | ' |
Stockholders' Equity | ' |
Note 14. Stockholders’ Equity | |
On January 12, 2009, the Corporation issued $10 million in nonvoting fixed rate cumulative perpetual preferred stock, Series A to the U.S. Department of Treasury (“Treasury”) under its Capital Purchase Program. As part of the transaction, the Corporation also issued warrants to the Treasury to purchase 173,410 shares of common stock of the Corporation at an exercise price of $8.65 per share. As a result of the successful completion of the Corporation’s rights offering in October 2009, the number of shares underlying the warrants held by the U.S. Treasury was reduced to 86,705 shares, or 50 percent of the original 173,410 shares, as outlined by the provisions of the Capital Purchase Program. | |
On September 15, 2011, the Corporation issued $11.25 million in nonvoting senior preferred stock to the Treasury under the Small Business Lending Fund Program (“SBLF Program”). Under the Securities Purchase Agreement, the Corporation issued to the Treasury a total of 11,250 shares of the Corporation’s Senior non-cumulative perpetual preferred stock, Series B, having a liquidation value of $1,000 per share. Simultaneously, using the proceeds from the issuance of the Series B Preferred Stock, the Corporation redeemed from the Treasury, all 10,000 outstanding shares of its fixed rate cumulative perpetual preferred stock, Series A, liquidation amount $1,000 per share, for a redemption price of $10,041,667, including accrued but unpaid dividends up to the date of redemption. The investment in the SBLF program provided the Corporation with approximately $1.25 million additional Tier 1 capital. The capital received under the program enables the Corporation to continue to serve its small business clients through the commercial lending program. | |
On December 7, 2011, the Corporation repurchased the warrants issued on January 12, 2009 to the Treasury as part of its participation in the Treasury’s TARP Capital Purchase Program. In the repurchase, the Corporation paid the Treasury $245,000 for the warrants. | |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 15. Subsequent Events | |
On October 30 and 31, 2013, the Corporation modified the terms of $40 million in FHLB advances within its long-term borrowings. The modifications resulted in a reduction of the interest rates on these funds, extension of their maturity dates to seven years from the date of modifications, and conversion of the advances to non-putable for three years. After the modifications, the weighted average interest rate on these borrowings declined by 52 basis points to 3.43 percent. There were no gains, losses, penalties or fees incurred in the modification transactions. | |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
Consolidation | ' |
The consolidated financial statements of Center Bancorp, Inc. (the “Parent Corporation”) are prepared on the accrual basis and include the accounts of the Parent Corporation and its wholly-owned subsidiary, Union Center National Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s other direct and indirect subsidiaries, the “Corporation”). All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. | |
Use of Estimates | ' |
In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change in the near term relate to the determination of the allowance for loan losses, the other-than-temporary impairment evaluation of securities, the evaluation of the impairment of goodwill and the evaluation of deferred tax assets. | |
Basis of Accounting | ' |
The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). | |
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings per Common Share [Abstract] | ' | |||||||||||||
Schedule of computation of earnings per common share | ' | |||||||||||||
Earnings per common share have been computed based on the following: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Net income | $ | 5,094 | $ | 4,454 | $ | 14,941 | $ | 13,038 | ||||||
Preferred stock dividends | -28 | -28 | -112 | -253 | ||||||||||
Net income available to common shareholders | $ | 5,066 | $ | 4,426 | $ | 14,829 | $ | 12,785 | ||||||
Basic weighted average common shares outstanding | 16,349 | 16,347 | 16,349 | 16,338 | ||||||||||
Plus: effect of dilutive options | 36 | 16 | 32 | 9 | ||||||||||
Diluted weighted average common shares outstanding | 16,385 | 16,363 | 16,381 | 16,347 | ||||||||||
Earnings per common share: | ||||||||||||||
Basic | $ | 0.31 | $ | 0.27 | $ | 0.91 | $ | 0.78 | ||||||
Diluted | $ | 0.31 | $ | 0.27 | $ | 0.91 | $ | 0.78 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||
The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values at the time the grants were awarded: | ||||||||||||
Nine Months Ended | ||||||||||||
September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Weighted average fair value of grants | $ | 3.34 | $ | 2.03 | ||||||||
Risk-free interest rate | 1.97 | % | 2.03 | % | ||||||||
Dividend yield | 1.32 | % | 1.24 | % | ||||||||
Expected volatility | 25.84 | % | 22.04 | % | ||||||||
Expected life in months | 74 | 68 | ||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | ' | |||||||||||
Activity under the stock-based compensation plans as of September 30, 2013 and changes during the nine months ended September 30, 2013 were as follows: | ||||||||||||
Weighted- | ||||||||||||
Weighted- | Average | |||||||||||
Average | Remaining | Aggregate | ||||||||||
Exercise | Contractual | Intrinsic | ||||||||||
Shares | Price | Term (Years) | Value | |||||||||
Outstanding at December 31, 2012 | 183,574 | $ | 9.92 | |||||||||
Granted – options | 41,639 | 12.95 | ||||||||||
Exercised | -2,268 | 9.14 | ||||||||||
Canceled/expired | -25,883 | 10.88 | ||||||||||
Forfeited | -8,682 | 10.58 | ||||||||||
Outstanding at September 30, 2013 | 188,380 | 10.55 | 6.25 | $ | 705,001 | |||||||
Exercisable at September 30, 2013 | 119,827 | $ | 10.06 | 4.74 | $ | 510,991 | ||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Comprehensive Income [Abstract] | ' | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||
Accumulated other comprehensive income at September 30, 2013 and December 31, 2012 consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Net unrealized gain on investment securities available-for-sale, | $ | 1,466 | $ | 8,781 | ||||
net of tax | ||||||||
Unamortized component of securities transferred from available | 181 | 162 | ||||||
-for-sale to held-to-maturity, net of tax | ||||||||
Defined benefit pension and post-retirement plans, net of tax | -3,880 | -3,880 | ||||||
Total accumulated other comprehensive (loss) income | $ | -2,233 | $ | 5,063 | ||||
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||
Unrealized gains on investment securities | ' | ||||||||||||||||||||||
The following tables present information related to the Corporation’s investment securities at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 43,490 | $ | — | $ | -1,795 | $ | 41,695 | |||||||||||||||
Federal agency obligations | 20,939 | 110 | -303 | 20,746 | |||||||||||||||||||
Residential mortgage pass-through securities | 50,070 | 1,022 | -150 | 50,942 | |||||||||||||||||||
Commercial mortgage pass-through securities | 9,700 | — | -182 | 9,518 | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 39,260 | 1,054 | -37 | 40,277 | |||||||||||||||||||
Trust preferred securities | 20,635 | 125 | -1,223 | 19,537 | |||||||||||||||||||
Corporate bonds and notes | 201,731 | 5,603 | -2,099 | 205,235 | |||||||||||||||||||
Asset-backed securities | 16,019 | 209 | — | 16,228 | |||||||||||||||||||
Certificates of deposit | 2,251 | 45 | -1 | 2,295 | |||||||||||||||||||
Equity securities | 376 | — | -89 | 287 | |||||||||||||||||||
Mutual funds and money market funds | 6,334 | 68 | -15 | 6,387 | |||||||||||||||||||
Total | $ | 410,805 | $ | 8,236 | $ | -5,894 | $ | 413,147 | |||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||
Federal agency obligations | $ | 10,892 | $ | 284 | $ | — | $ | 11,176 | |||||||||||||||
Commercial mortgage pass-through securities | 4,790 | 11 | -46 | 4,755 | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 127,725 | 1,727 | -3,561 | 125,891 | |||||||||||||||||||
Corporate bonds and notes | 10,079 | 128 | -21 | 10,186 | |||||||||||||||||||
Total | $ | 153,486 | $ | 2,150 | $ | -3,628 | $ | 152,008 | |||||||||||||||
Total investment securities | $ | 564,291 | $ | 10,386 | $ | -9,522 | $ | 565,155 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 11,870 | $ | 62 | $ | -23 | $ | 11,909 | |||||||||||||||
Federal agency obligations | 20,207 | 333 | -5 | 20,535 | |||||||||||||||||||
Residential mortgage pass-through securities | 52,400 | 1,385 | -1 | 53,784 | |||||||||||||||||||
Commercial mortgage pass-through securities | 9,725 | 244 | — | 9,969 | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 103,193 | 4,653 | -132 | 107,714 | |||||||||||||||||||
Trust preferred securities | 22,279 | 144 | -1,174 | 21,249 | |||||||||||||||||||
Corporate bonds and notes | 228,681 | 9,095 | -371 | 237,405 | |||||||||||||||||||
Collateralized mortgage obligations | 2,120 | — | — | 2,120 | |||||||||||||||||||
Asset-backed securities | 19,431 | 311 | — | 19,742 | |||||||||||||||||||
Certificates of deposit | 2,854 | 21 | -10 | 2,865 | |||||||||||||||||||
Equity securities | 535 | — | -210 | 325 | |||||||||||||||||||
Mutual funds and money market funds | 9,145 | 68 | -15 | 9,198 | |||||||||||||||||||
Total | $ | 482,440 | $ | 16,316 | $ | -1,941 | $ | 496,815 | |||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||
Federal agency obligations | $ | 4,178 | $ | 79 | $ | — | $ | 4,257 | |||||||||||||||
Commercial mortgage-backed securities | 5,501 | 154 | -5 | 5,650 | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 48,385 | 4,139 | — | 52,524 | |||||||||||||||||||
Total | $ | 58,064 | $ | 4,372 | $ | -5 | $ | 62,431 | |||||||||||||||
Total investment securities | $ | 540,504 | $ | 20,688 | $ | -1,946 | $ | 559,246 | |||||||||||||||
Investments classified by maturity date | ' | ||||||||||||||||||||||
The following table presents information for investment securities available-for-sale at September 30, 2013, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. | |||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||
Amortized | |||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Investment Securities Available-for-Sale : | |||||||||||||||||||||||
Due in one year or less | $ | 9,690 | $ | 9,719 | |||||||||||||||||||
Due after one year through five years | 79,871 | 82,131 | |||||||||||||||||||||
Due after five years through ten years | 180,124 | 179,657 | |||||||||||||||||||||
Due after ten years | 74,640 | 74,506 | |||||||||||||||||||||
Residential mortgage pass-through securities | 50,070 | 50,942 | |||||||||||||||||||||
Commercial mortgage pass-through securities | 9,700 | 9,518 | |||||||||||||||||||||
Equity securities | 376 | 287 | |||||||||||||||||||||
Mutual funds and money market funds | 6,334 | 6,387 | |||||||||||||||||||||
Total | $ | 410,805 | $ | 413,147 | |||||||||||||||||||
Investment Securities Held-to-Maturity : | |||||||||||||||||||||||
Due after one year through five years | $ | 13,962 | $ | 14,041 | |||||||||||||||||||
Due after five years through ten years | 10,274 | 10,353 | |||||||||||||||||||||
Due after ten years | 124,460 | 122,859 | |||||||||||||||||||||
Commercial mortgage pass-through securities | 4,790 | 4,755 | |||||||||||||||||||||
Total | $ | 153,486 | $ | 152,008 | |||||||||||||||||||
Total investment securities | $ | 564,291 | $ | 565,155 | |||||||||||||||||||
Schedule of Realized Gains and Losses | ' | ||||||||||||||||||||||
Gross gains and losses from the sales of investment securities for the three and nine month periods ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Gross gains on sales of investment securities | $ | 343 | $ | 897 | $ | 1,375 | $ | 2,545 | |||||||||||||||
Gross losses on sales of investment securities | — | — | 89 | — | |||||||||||||||||||
Net gains on sales of investment securities | $ | 343 | $ | 897 | $ | 1,286 | $ | 2,545 | |||||||||||||||
Schedule of OTTI Charges for period | ' | ||||||||||||||||||||||
The following summarizes OTTI charges for the periods indicated. | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Other than temporary impairment charges | $ | — | $ | 32 | $ | — | $ | 60 | |||||||||||||||
Principal losses on a variable rate CMO | — | 102 | 24 | 272 | |||||||||||||||||||
Total other-than-temporary impairment charges | $ | — | $ | 134 | $ | 24 | $ | 332 | |||||||||||||||
Schedule of preferred security and associated ratings | ' | ||||||||||||||||||||||
The following table presents detailed information for each trust preferred security held by the Corporation at September 30, 2013 which has at least one rating below investment grade. | |||||||||||||||||||||||
Deal Name | Single | Class/ | Amortized | Fair | Gross | Lowest | Number of | Deferrals | Expected | ||||||||||||||
Issuer or | Tranche | Cost | Value | Unrealized | Credit | Banks | and Defaults | Deferral/Defaults | |||||||||||||||
Pooled | Gain (Loss) | Rating | Currently | as % of | as % of | ||||||||||||||||||
Assigned | Performing | Original | Remaining | ||||||||||||||||||||
Collateral | Performing | ||||||||||||||||||||||
Collateral | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Countrywide Capital IV | Single | — | $ | 1,771 | $ | 1,769 | $ | -2 | BB+ | 1 | None | None | |||||||||||
Countrywide Capital V | Single | — | 2,747 | 2,775 | 28 | BB+ | 1 | None | None | ||||||||||||||
Countrywide Capital V | Single | — | 250 | 253 | 3 | BB+ | 1 | None | None | ||||||||||||||
Citigroup Cap IX | Single | — | 992 | 1,002 | 10 | BB | 1 | None | None | ||||||||||||||
Citigroup Cap IX | Single | — | 1,906 | 1,934 | 28 | BB | 1 | None | None | ||||||||||||||
Citigroup Cap XI | Single | — | 246 | 248 | 2 | BB | 1 | None | None | ||||||||||||||
Nationsbank Cap Trust III | Single | — | 1,573 | 1,276 | -297 | BB+ | 1 | None | None | ||||||||||||||
Morgan Stanley Cap Trust IV | Single | — | 2,500 | 2,446 | -54 | BB+ | 1 | None | None | ||||||||||||||
Morgan Stanley Cap Trust IV | Single | — | 1,742 | 1,710 | -32 | BB+ | 1 | None | None | ||||||||||||||
Saturns — GS 2004-04 | Single | — | 535 | 509 | -26 | BB+ | 1 | None | None | ||||||||||||||
Goldman Sachs | Single | — | 1,000 | 967 | -33 | BB+ | 1 | None | None | ||||||||||||||
Stifel Financial | Single | — | 4,500 | 4,554 | 54 | BBB- | 1 | None | None | ||||||||||||||
ALESCO Preferred Funding VII | Pooled | C1 | 873 | 94 | -779 | Ca | 47 of 61 (1) | 34.90% | 33.50% | ||||||||||||||
Total | $ | 20,635 | $ | 19,537 | $ | -1,098 | |||||||||||||||||
-1 | Includes banks and insurance companies. | ||||||||||||||||||||||
Credit loss portion of OTTI recognized in earnings on debt securities | ' | ||||||||||||||||||||||
Credit Loss Portion of OTTI Recognized in Earnings on Debt Securities | |||||||||||||||||||||||
Nine Months | Year | ||||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||
September 30, | December | ||||||||||||||||||||||
2013 | 31, 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Balance of credit-related OTTI at January 1, | $ | 4,450 | $ | 6,539 | |||||||||||||||||||
Addition: | |||||||||||||||||||||||
Credit losses on investment securities for which other-than-temporary impairment | 24 | 870 | |||||||||||||||||||||
was not previously recognized | |||||||||||||||||||||||
Reduction: | |||||||||||||||||||||||
Credit losses on investment securities sold during the period | -2,114 | -2,959 | |||||||||||||||||||||
Balance of credit-related OTTI at period end | $ | 2,360 | $ | 4,450 | |||||||||||||||||||
Schedule of unrealized losses not recognized in income | ' | ||||||||||||||||||||||
The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 41,695 | $ | -1,795 | $ | 41,695 | $ | -1,795 | $ | — | $ | — | |||||||||||
Federal agency obligations | 13,391 | -303 | 13,391 | -303 | — | — | |||||||||||||||||
Residential mortgage pass-through securities | 7,695 | -150 | 7,695 | -150 | — | — | |||||||||||||||||
Commercial mortgage pass-through securities | 9,519 | -182 | 9,519 | -182 | — | — | |||||||||||||||||
Obligations of U.S. states and political subdivisions | 2,209 | -37 | 2,209 | -37 | — | — | |||||||||||||||||
Trust preferred securities | 8,772 | -1,223 | 7,401 | -147 | 1,371 | -1,076 | |||||||||||||||||
Corporate bonds and notes | 44,427 | -2,099 | 42,463 | -2,064 | 1,964 | -35 | |||||||||||||||||
Certificates of deposit | 194 | -1 | 194 | -1 | — | — | |||||||||||||||||
Equity securities | 287 | -89 | — | — | 287 | -89 | |||||||||||||||||
Mutual funds and money market funds | 985 | -15 | — | — | 985 | -15 | |||||||||||||||||
Total | 129,174 | -5,894 | 124,567 | -4,679 | 4,607 | -1,215 | |||||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||
Commercial mortgage pass-through securities | 1,762 | -46 | 1,428 | -44 | 334 | -2 | |||||||||||||||||
Obligations of U.S. states and political subdivisions | 63,559 | -3,561 | 63,559 | -3,561 | — | — | |||||||||||||||||
Corporate bonds and notes | 5,007 | -21 | 5,007 | -21 | — | — | |||||||||||||||||
Total | 70,328 | -3,628 | 69,994 | -3,626 | 334 | -2 | |||||||||||||||||
Total Temporarily Impaired Securities | $ | 199,502 | $ | -9,522 | $ | 194,561 | $ | -8,305 | $ | 4,941 | $ | -1,217 | |||||||||||
December 31, 2012 | |||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 4,460 | $ | -23 | $ | 4,460 | $ | -23 | $ | — | $ | — | |||||||||||
Federal agency obligation | 877 | -5 | 877 | -5 | — | — | |||||||||||||||||
Residential mortgage pass-through securities | 1,669 | -1 | 1,669 | -1 | — | — | |||||||||||||||||
Obligations of U.S. states and political subdivisions | 18,360 | -132 | 18,360 | -132 | — | — | |||||||||||||||||
Trust preferred securities | 11,740 | -1,174 | 10,494 | -18 | 1,246 | -1,156 | |||||||||||||||||
Corporate bonds and notes | 26,440 | -371 | 18,244 | -134 | 8,196 | -237 | |||||||||||||||||
Certificates of deposit | 388 | -10 | 388 | -10 | — | — | |||||||||||||||||
Equity securities | 325 | -210 | — | — | 325 | -210 | |||||||||||||||||
Mutual funds and money market funds | 985 | -15 | — | — | 985 | -15 | |||||||||||||||||
Total | 65,244 | -1,941 | 54,492 | -323 | 10,752 | -1,618 | |||||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||
Commercial mortgage-backed securities | 932 | -5 | 932 | -5 | — | — | |||||||||||||||||
Total | 932 | -5 | 932 | -5 | — | — | |||||||||||||||||
Total Temporarily Impaired Securities | $ | 66,176 | $ | -1,946 | $ | 55,424 | $ | -328 | $ | 10,752 | $ | -1,618 | |||||||||||
Loans_and_the_Allowance_for_Lo1
Loans and the Allowance for Loan Losses (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | |||||||||||||||||||||||||
September | December | |||||||||||||||||||||||||
30, | 31, | |||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | 229,212 | $ | 181,682 | ||||||||||||||||||||||
Commercial real estate | 531,674 | 497,392 | ||||||||||||||||||||||||
Construction | 42,727 | 40,277 | ||||||||||||||||||||||||
Residential mortgage | 152,934 | 169,094 | ||||||||||||||||||||||||
Installment | 789 | 1,104 | ||||||||||||||||||||||||
Subtotal | 957,336 | 889,549 | ||||||||||||||||||||||||
Net deferred loan costs | 156 | 123 | ||||||||||||||||||||||||
Total loans | $ | 957,492 | $ | 889,672 | ||||||||||||||||||||||
Loans Receivable on Non-Accrual Status | ' | |||||||||||||||||||||||||
Loans Receivable on Non-Accrual Status | ||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | 85 | $ | 216 | ||||||||||||||||||||||
Commercial real estate | 175 | 354 | ||||||||||||||||||||||||
Construction | — | 319 | ||||||||||||||||||||||||
Residential mortgage | 1,772 | 2,729 | ||||||||||||||||||||||||
Total loans receivable on non-accrual status | $ | 2,032 | $ | 3,618 | ||||||||||||||||||||||
Credit Quality Indicators | ' | |||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | 225,081 | $ | 2,785 | $ | 1,346 | $ | — | $ | 229,212 | ||||||||||||||||
Commercial real estate | 508,679 | 12,457 | 10,538 | — | 531,674 | |||||||||||||||||||||
Construction | 41,640 | — | 1,087 | — | 42,727 | |||||||||||||||||||||
Residential mortgage | 149,572 | 981 | 2,381 | — | 152,934 | |||||||||||||||||||||
Installment | 665 | — | 124 | — | 789 | |||||||||||||||||||||
Total loans | $ | 925,637 | $ | 16,223 | $ | 15,476 | $ | — | $ | 957,336 | ||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | 176,818 | $ | 3,281 | $ | 1,583 | $ | — | $ | 181,682 | ||||||||||||||||
Commercial real estate | 462,266 | 18,945 | 16,181 | — | 497,392 | |||||||||||||||||||||
Construction | 38,303 | 810 | 1,164 | — | 40,277 | |||||||||||||||||||||
Residential mortgage | 163,769 | 993 | 4,332 | — | 169,094 | |||||||||||||||||||||
Installment | 967 | — | 137 | — | 1,104 | |||||||||||||||||||||
Total loans | $ | 842,123 | $ | 24,029 | $ | 23,397 | $ | — | $ | 889,549 | ||||||||||||||||
Analysis of Impaired Loans | ' | |||||||||||||||||||||||||
The following table provides an analysis of the impaired loans at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||
Recorded | Unpaid | Related | ||||||||||||||||||||||||
Investment | Principal | Allowance | ||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
No Related Allowance Recorded | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,275 | $ | 1,576 | $ | — | ||||||||||||||||||||
Total | $ | 1,275 | $ | 1,576 | $ | — | ||||||||||||||||||||
With An Allowance Recorded | ||||||||||||||||||||||||||
Commercial real estate | $ | 175 | $ | 374 | $ | 76 | ||||||||||||||||||||
Residential mortgage | 1,113 | 1,113 | 143 | |||||||||||||||||||||||
Total | $ | 1,288 | $ | 1,487 | $ | 219 | ||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,450 | $ | 1,950 | $ | 76 | ||||||||||||||||||||
Residential mortgage | 1,113 | 1,113 | 143 | |||||||||||||||||||||||
Total (including related allowance) | $ | 2,563 | $ | 3,063 | $ | 219 | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||
Recorded | Unpaid | Related | ||||||||||||||||||||||||
Investment | Principal | Allowance | ||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
No Related Allowance Recorded | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,500 | $ | 1,950 | $ | — | ||||||||||||||||||||
Total | $ | 1,500 | 1,950 | $ | — | |||||||||||||||||||||
With An Allowance Recorded | ||||||||||||||||||||||||||
Commercial real estate | $ | 4,180 | $ | 4,180 | $ | 493 | ||||||||||||||||||||
Residential mortgage | 1,255 | 1,255 | 152 | |||||||||||||||||||||||
Total | $ | 5,435 | $ | 5,435 | $ | 645 | ||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Commercial real estate | $ | 5,680 | $ | 6,130 | $ | 493 | ||||||||||||||||||||
Residential mortgage | 1,255 | 1,255 | 152 | |||||||||||||||||||||||
Total (including related allowance) | $ | 6,935 | $ | 7,385 | $ | 645 | ||||||||||||||||||||
The following table provides an analysis related to the average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | Recorded | Income | |||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||
Impaired loans with no related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,275 | $ | 19 | $ | 2,246 | $ | 28 | $ | 1,275 | $ | 57 | $ | 2,246 | $ | 86 | ||||||||||
Total | $ | 1,275 | $ | 19 | $ | 2,246 | $ | 28 | $ | 1,275 | $ | 57 | $ | 2,246 | $ | 86 | ||||||||||
Impaired loans with an allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 175 | $ | — | $ | 4,180 | $ | 34 | $ | 2,202 | $ | 68 | $ | 4,180 | $ | 103 | ||||||||||
Construction | — | — | — | — | — | — | 2,066 | 16 | ||||||||||||||||||
Residential mortgage | 1,226 | 10 | 4,304 | — | 1,226 | 31 | 3,876 | 26 | ||||||||||||||||||
Total | $ | 1,401 | $ | 10 | $ | 8,484 | $ | 34 | $ | 3,428 | $ | 99 | $ | 10,122 | $ | 145 | ||||||||||
Total impaired loans: | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,450 | $ | 19 | $ | 6,426 | $ | 62 | $ | 3,477 | $ | 125 | $ | 6,426 | $ | 189 | ||||||||||
Construction | — | — | — | — | — | — | 2,066 | 16 | ||||||||||||||||||
Residential mortgage | 1,226 | 10 | 4,304 | — | 1,226 | 31 | 3,876 | 26 | ||||||||||||||||||
Total | $ | 2,676 | $ | 29 | $ | 10,730 | $ | 62 | $ | 4,703 | $ | 156 | $ | 12,368 | $ | 231 | ||||||||||
Aging Analysis | ' | |||||||||||||||||||||||||
Aging Analysis | ||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Total Loans | Loans | ||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Receivable | Receivable > 90 | |||||||||||||||||||||
Days And | ||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commercial and Industrial | $ | 739 | $ | 4,567 | $ | 85 | $ | 5,391 | $ | 223,821 | $ | 229,212 | $ | — | ||||||||||||
Commercial Real Estate | 872 | 752 | 175 | 1,799 | 529,875 | 531,674 | — | |||||||||||||||||||
Construction | — | — | — | — | 42,727 | 42,727 | — | |||||||||||||||||||
Residential Mortgage | 1,326 | 39 | 1,772 | 3,137 | 149,797 | 152,934 | — | |||||||||||||||||||
Installment | 2 | — | — | 2 | 787 | 789 | — | |||||||||||||||||||
Total | $ | 2,939 | $ | 5,358 | $ | 2,032 | $ | 10,329 | $ | 947,007 | $ | 957,336 | $ | — | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Total Loans | Loans | ||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Receivable | Receivable > 90 | |||||||||||||||||||||
Days And | ||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commercial and Industrial | $ | 590 | $ | — | $ | 216 | $ | 806 | $ | 180,876 | $ | 181,682 | $ | — | ||||||||||||
Commercial Real Estate | 1,012 | 703 | 354 | 2,069 | 495,323 | 497,392 | — | |||||||||||||||||||
Construction | — | — | 319 | 319 | 39,958 | 40,277 | — | |||||||||||||||||||
Residential Mortgage | 2,017 | 628 | 2,784 | 5,429 | 163,665 | 169,094 | 55 | |||||||||||||||||||
Installment | 23 | — | — | 23 | 1,081 | 1,104 | — | |||||||||||||||||||
Total | $ | 3,642 | $ | 1,331 | $ | 3,673 | $ | 8,646 | $ | 880,903 | $ | 889,549 | $ | 55 | ||||||||||||
Allowance for Loan and Lease Losses | ' | |||||||||||||||||||||||||
Allowance for loan and lease losses | ||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||
C & I | Comm | Construction | Res Mtge | Installment | Unallocated | Total | ||||||||||||||||||||
R/E | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 76 | $ | — | $ | 143 | $ | — | $ | — | $ | 219 | ||||||||||||
Collectively evaluated for impairment | 1,714 | 5,712 | 369 | 1,161 | 94 | 925 | 9,975 | |||||||||||||||||||
Total | $ | 1,714 | $ | 5,788 | $ | 369 | $ | 1,304 | $ | 94 | $ | 925 | $ | 10,194 | ||||||||||||
Loans Receivable | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 1,450 | $ | — | $ | 1,113 | $ | — | $ | — | $ | 2,563 | ||||||||||||
Collectively evaluated for impairment | 226,664 | 512,949 | 41,640 | 137,733 | 663 | — | 919,649 | |||||||||||||||||||
Loans acquired with discounts related to credit quality | 2,548 | 17,275 | 1,087 | 14,088 | 126 | — | 35,124 | |||||||||||||||||||
Total | $ | 229,212 | $ | 531,674 | $ | 42,727 | $ | 152,934 | $ | 789 | $ | — | $ | 957,336 | ||||||||||||
Allowance for loan and lease losses | ||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||
C & I | Comm | Construction | Res Mtge | Installment | Unallocated | Total | ||||||||||||||||||||
R/E | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 493 | $ | — | $ | 152 | $ | — | $ | — | $ | 645 | ||||||||||||
Collectively evaluated for impairment | 2,424 | 4,830 | 313 | 1,380 | 113 | 532 | 9,592 | |||||||||||||||||||
Total | $ | 2,424 | $ | 5,323 | $ | 313 | $ | 1,532 | $ | 113 | $ | 532 | $ | 10,237 | ||||||||||||
Loans Receivable | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 5,680 | $ | — | $ | 1,255 | $ | — | $ | — | $ | 6,935 | ||||||||||||
Collectively evaluated for impairment | 177,644 | 470,797 | 38,172 | 146,930 | 973 | — | 834,516 | |||||||||||||||||||
Loans acquired with discounts related to credit quality | 4,038 | 20,915 | 2,105 | 20,909 | 131 | — | 48,098 | |||||||||||||||||||
Total | $ | 181,682 | $ | 497,392 | $ | 40,277 | $ | 169,094 | $ | 1,104 | $ | — | $ | 889,549 | ||||||||||||
The Corporation’s allowance for loan losses is analyzed quarterly. Many factors are considered, including growth in the portfolio, delinquencies, nonaccrual loan levels, and other factors inherent in the extension of credit. There have been no material changes to the allowance for loan loss methodology as disclosed in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2012. | ||||||||||||||||||||||||||
A summary of the activity in the allowance for loan losses is as follows: | ||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||
C & I | Comm | Construction | Res Mtge | Installment | Unallocated | Total | ||||||||||||||||||||
R/E | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance at July 1, | $ | 2,422 | $ | 5,333 | $ | 318 | $ | 1,341 | $ | 29 | $ | 759 | $ | 10,202 | ||||||||||||
Charge offs | -6 | — | — | — | -4 | — | -10 | |||||||||||||||||||
Recoveries | — | — | — | — | 2 | — | 2 | |||||||||||||||||||
Provision | -702 | 455 | 51 | -37 | 67 | 166 | — | |||||||||||||||||||
Balance at September 30, | $ | 1,714 | $ | 5,788 | $ | 369 | $ | 1,304 | $ | 94 | $ | 925 | $ | 10,194 | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||
C & I | Comm | Construction | Res Mtge | Installment | Unallocated | Total | ||||||||||||||||||||
R/E | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance at January 1, | $ | 2,424 | $ | 5,323 | $ | 313 | $ | 1,532 | $ | 113 | $ | 532 | $ | 10,237 | ||||||||||||
Charge offs | -6 | -50 | — | — | -20 | — | -76 | |||||||||||||||||||
Recoveries | 21 | 8 | — | — | 4 | — | 33 | |||||||||||||||||||
Provision | -725 | 507 | 56 | -228 | -3 | 393 | — | |||||||||||||||||||
Balance at September 30, | $ | 1,714 | $ | 5,788 | $ | 369 | $ | 1,304 | $ | 94 | $ | 925 | $ | 10,194 | ||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||
C & I | Comm | Construction | Res Mtge | Installment | Unallocated | Total | ||||||||||||||||||||
R/E | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance at July 1, | $ | 1,747 | $ | 6,173 | $ | 449 | $ | 1,300 | $ | 59 | $ | 493 | $ | 10,221 | ||||||||||||
Charge offs | — | — | — | -207 | -3 | — | -210 | |||||||||||||||||||
Recoveries | — | — | — | — | 4 | — | 4 | |||||||||||||||||||
Provision | -55 | 103 | 43 | 71 | 4 | 59 | 225 | |||||||||||||||||||
Balance at September 30, | $ | 1,692 | $ | 6,276 | $ | 492 | $ | 1,164 | $ | 64 | $ | 552 | $ | 10,240 | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||
C & I | Comm | Construction | Res Mtge | Installment | Unallocated | Total | ||||||||||||||||||||
R/E | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance at January 1, | $ | 1,527 | $ | 5,972 | $ | 707 | $ | 1,263 | $ | 51 | $ | 82 | $ | 9,602 | ||||||||||||
Charge offs | — | — | — | -207 | -11 | — | -218 | |||||||||||||||||||
Recoveries | — | — | 540 | 85 | 6 | — | 631 | |||||||||||||||||||
Provision | 165 | 304 | -755 | 23 | 18 | 470 | 225 | |||||||||||||||||||
Balance at September 30, | $ | 1,692 | $ | 6,276 | $ | 492 | $ | 1,164 | $ | 64 | $ | 552 | $ | 10,240 | ||||||||||||
Fair_Value_Measurements_and_Fa1
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
Reporting Date Using | |||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | September | Quoted | Significant | Significant | |||||||||||||
30, | Prices in | Other | Unobservable | ||||||||||||||
2013 | Active | Observable | Inputs | ||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
U.S. Treasury & agency securities | $ | 41,695 | $ | 41,695 | $ | — | $ | — | |||||||||
Federal agency obligations | 20,746 | — | 20,746 | — | |||||||||||||
Residential mortgage pass-through securities | 50,942 | — | 50,942 | — | |||||||||||||
Commercial mortgage pass-through securities | 9,518 | — | 9,518 | — | |||||||||||||
Obligations of U.S. states and political subdivisions | 40,277 | — | 40,277 | — | |||||||||||||
Trust preferred securities | 19,537 | — | 19,443 | 94 | |||||||||||||
Corporate bonds and notes | 205,235 | — | 205,235 | — | |||||||||||||
Asset-backed securities | 16,228 | — | 16,228 | — | |||||||||||||
Certificates of deposit | 2,295 | — | 2,295 | — | |||||||||||||
Equity securities | 287 | 287 | — | — | |||||||||||||
Mutual funds and money market funds | 6,387 | 6,387 | — | — | |||||||||||||
Investment securities available-for-sale | $ | 413,147 | $ | 48,369 | $ | 364,684 | $ | 94 | |||||||||
Fair Value Measurements at | |||||||||||||||||
Reporting Date Using | |||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | December | Quoted | Significant | Significant | |||||||||||||
31, | Prices in | Other | Unobservable | ||||||||||||||
2012 | Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
for | (Level 2) | ||||||||||||||||
Identical | |||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
U.S. treasury and agency securities | $ | 11,909 | $ | 11,909 | $ | — | $ | — | |||||||||
Federal agency obligations | 20,535 | — | 20,535 | — | |||||||||||||
Residential mortgage pass-through securities | 53,784 | — | 53,784 | — | |||||||||||||
Commercial mortgage pass-through securities | 9,969 | — | 9,969 | — | |||||||||||||
Obligations of U.S. states and political subdivisions | 107,714 | 469 | 107,245 | — | |||||||||||||
Trust preferred securities | 21,249 | — | 21,213 | 36 | |||||||||||||
Corporate bonds and notes | 237,405 | — | 237,405 | — | |||||||||||||
Collateralized mortgage obligations | 2,120 | — | 2,120 | — | |||||||||||||
Asset-backed securities | 19,742 | — | 19,742 | — | |||||||||||||
Certificates of deposit | 2,865 | — | 2,865 | — | |||||||||||||
Equity securities | 325 | 325 | — | — | |||||||||||||
Mutual funds and money market funds | 9,198 | 9,198 | — | — | |||||||||||||
Securities available-for-sale | $ | 496,815 | $ | 21,901 | $ | 474,878 | $ | 36 | |||||||||
Schedule of Changes in Investment Securities Available-for-Sale | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance, beginning of the period | $ | 72 | $ | 1,856 | $ | 36 | $ | 2,115 | |||||||||
Interest payment deferrals | 14 | 33 | 43 | 101 | |||||||||||||
Principal repayments | — | -102 | — | -272 | |||||||||||||
Total net losses included in net income | — | -32 | — | -60 | |||||||||||||
Total net unrealized gains | 8 | 296 | 15 | 167 | |||||||||||||
Balance, end of the period | $ | 94 | $ | 2,051 | $ | 94 | $ | 2,051 | |||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | ' | ||||||||||||||||
For assets measured at fair value on a non-recurring basis, the unobservable inputs used to derive fair value measurements at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Impaired Loans | Valuation Techniques | Range of Unobservable Inputs | |||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of comparable sales, generally a decline of 0-25% | |||||||||||||||
Commercial | Discounted cash flow model | Discount rate from 0% to 6% | |||||||||||||||
Commercial real estate | Appraisals of collateral value | Market capitalization rates between 8% to 12%. Market rental rates for similar properties | |||||||||||||||
Construction | Appraisals of collateral value | Adjustment for age comparable sales. Generally a decline of 5% to no change | |||||||||||||||
Other Real Estate Owned | |||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of comparable sales, generally a decline of 0-25% and estimated selling costs of 6-8% | |||||||||||||||
Commercial | Appraisals of collateral value | Adjustment for age of comparable sales, generally a decline of 15% to no change and estimated selling costs of 6-8% | |||||||||||||||
Schedule of Assets at Fair Value on a Non-recurring Basis | ' | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | September | Quoted | Significant | Significant | |||||||||||||
30, | Prices | Other | Unobservable | ||||||||||||||
2013 | in Active | Observable | Inputs | ||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Impaired loans | $ | 1,069 | $ | — | $ | — | $ | 1,069 | |||||||||
Other real estate owned | 220 | — | — | 220 | |||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | December | Quoted | Significant | Significant | |||||||||||||
31, | Prices | Other | Unobservable | ||||||||||||||
2012 | in Active | Observable | Inputs | ||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Impaired loans | $ | 4,790 | $ | — | $ | — | $ | 4,790 | |||||||||
Other real estate owned | 1,300 | — | — | 1,300 | |||||||||||||
Schedule of Fair Value Hierarchy | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Carrying | Fair Value | Quoted | Significant | Significant | |||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and due from banks | $ | 33,557 | $ | 33,557 | $ | 33,557 | $ | — | $ | — | |||||||
Investment securities available-for-sale | 413,147 | 413,147 | 48,369 | 364,684 | 94 | ||||||||||||
Investment securities held-to-maturity | 153,486 | 152,008 | — | 152,008 | — | ||||||||||||
Restricted investment in bank stocks | 8,986 | 8,986 | — | 8,986 | — | ||||||||||||
Loans held for sale | 101 | 101 | 101 | — | — | ||||||||||||
Net loans | 947,298 | 950,226 | — | — | 950,226 | ||||||||||||
Accrued interest receivable | 6,570 | 6,570 | — | 4,122 | 2,448 | ||||||||||||
Financial liabilities | |||||||||||||||||
Non interest-bearing deposits | 238,214 | 238,214 | — | 238,214 | — | ||||||||||||
Interest-bearing deposits | 1,076,103 | 1,076,997 | — | 1,076,997 | — | ||||||||||||
Long-term borrowings | 146,000 | 158,093 | — | 158,093 | — | ||||||||||||
Subordinated debentures | 5,155 | 5,145 | — | 5,145 | — | ||||||||||||
Accrued interest payable | 821 | 821 | — | 821 | — | ||||||||||||
31-Dec-12 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and due from banks | $ | 104,134 | $ | 104,134 | $ | 104,134 | $ | — | $ | — | |||||||
Interest bearing deposits with banks | 2,004 | 2,004 | 2,004 | — | — | ||||||||||||
Investment securities available-for-sale | 496,815 | 496,815 | 21,901 | 474,878 | 36 | ||||||||||||
Investment securities held-to-maturity | 58,064 | 62,431 | — | 62,431 | — | ||||||||||||
Restricted investment in bank stocks | 8,964 | 8,964 | — | 8,964 | — | ||||||||||||
Loans held for sale | 1,491 | 1,491 | 1,491 | — | — | ||||||||||||
Net loans | 879,435 | 897,030 | — | — | 897,030 | ||||||||||||
Accrued interest receivable | 6,849 | 6,849 | — | 4,465 | 2,384 | ||||||||||||
Financial liabilities | |||||||||||||||||
Non interest-bearing deposits | 215,071 | 215,071 | — | 215,071 | — | ||||||||||||
Interest-bearing deposits | 1,091,851 | 1,092,822 | — | 1,092,822 | — | ||||||||||||
Long-term borrowings | 146,000 | 162,992 | — | 162,992 | — | ||||||||||||
Subordinated debentures | 5,155 | 5,046 | — | 5,046 | — | ||||||||||||
Accrued interest payable | 874 | 874 | — | 874 | — | ||||||||||||
Net_Investment_in_Direct_Finan1
Net Investment in Direct Financing Lease (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Net Investment in Direct Financing Lease [Abstract] | ' | ||||
Schedule of Minimum Future Lease Receipts of the Direct Financing Lease | ' | ||||
September 30, 2013 | |||||
For years ending December 31, | (in thousands) | ||||
2013 | $ | 54 | |||
2014 | 216 | ||||
2015 | 228 | ||||
2016 | 265 | ||||
2017 | 265 | ||||
Thereafter | 2,728 | ||||
Total minimum future lease receipts | $ | 3,756 | |||
Components_of_Net_Periodic_Pen1
Components of Net Periodic Pension Cost (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Components of Net Periodic Pension Cost [Abstract] | ' | |||||||||||||
Schedule of Net Periodic Pension Cost | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||||
Interest cost | $ | 133 | $ | 139 | $ | 397 | $ | 417 | ||||||
Net amortization and deferral | -29 | -21 | -85 | -63 | ||||||||||
Net periodic pension cost | $ | 104 | $ | 118 | $ | 312 | $ | 354 | ||||||
Borrowed_Funds_Tables
Borrowed Funds (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Borrowed Funds [Abstract] | ' | ||||||||
Schedule of Short-Term Borrowings | ' | ||||||||
September 30, 2013 | September 30, 2012 | ||||||||
(dollars in thousands) | |||||||||
Interest rate: | |||||||||
At quarter end | — | % | 6 | % | |||||
Average for the quarter | 0.32 | % | 0.8 | % | |||||
Average amount outstanding during the quarter | $ | 598 | $ | 150 | |||||
Maximum amount outstanding at any month end in the quarter | $ | — | $ | 5,050 | |||||
Amount outstanding at quarter end | $ | — | $ | 50 | |||||
Schedule of Long-Term Borrowings | ' | ||||||||
September 30, 2013 | |||||||||
(in thousands) | |||||||||
2016 | $ | 20,000 | |||||||
Thereafter | 95,000 | ||||||||
Total | $ | 115,000 | |||||||
Schedule of Securities Sold Under Agreement to Repurchase | ' | ||||||||
September 30, 2013 | |||||||||
(in thousands) | |||||||||
After 2016 | $ | 31,000 | |||||||
Total | $ | 31,000 | |||||||
Earnings_per_Common_Share_Sche
Earnings per Common Share (Schedule of Computation of Earnings per Common Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Net income | $5,094 | $4,454 | $14,941 | $13,038 |
Preferred stock dividends | -28 | -28 | -112 | -253 |
Net income available to common stockholders | $5,066 | $4,426 | $14,829 | $12,785 |
Basic weighted average common shares outstanding | 16,349,480 | 16,347,088 | 16,348,875 | 16,337,724 |
Plus: effect of dilutive options | 36 | 16 | 32 | 9 |
Diluted weighted average common shares outstanding | 16,385,155 | 16,362,635 | 16,380,970 | 16,346,739 |
Earnings per Common Share: Basic | $0.31 | $0.27 | $0.91 | $0.78 |
Earnings per Common Share: Diluted | $0.31 | $0.27 | $0.91 | $0.78 |
Earnings_per_Common_Share_Narr
Earnings per Common Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 29,248 | 20,838 | 30,610 | 75,208 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted average fair value of grants | $3.34 | $2.03 |
Risk-free interest rate | 1.97% | 2.03% |
Dividend yield | 1.32% | 1.24% |
Expected volatility | 25.84% | 22.04% |
Expected life in months | '74 months | '68 months |
StockBased_Compensation_Disclo
Stock-Based Compensation (Disclosure of Share-based Compensation Arrangements by Share-based Payment Award) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding Begninng Balance- shares | 183,574 |
Outstanding Beginning Balance- weighted average exercise price | $9.92 |
Granted- shares | 41,639 |
Granted - weighted average exercise price | $12.95 |
Exercised- shares | -2,268 |
Exercised- Weighted Average Exercise Price | $9.14 |
Canceled/expired-shares | -25,883 |
Canceled/expired - weighted average exercise price | $10.88 |
Forfeited - shares | -8,682 |
Forfeited- weighted average exercise price | $10.58 |
Outstaning Ending Balance- shares | 188,380 |
Outstanding Ending Balance- weighted average exercise price | $10.55 |
Outstanding Ending Balance- weighted average remaining contractual term (years) | '6 years 3 months |
Outstanding Ending Balance- aggregate intrinsic value | $705,001 |
Exercisable- shares | 119,827 |
Exercisable- weighted average exercise price | $10.06 |
Exercisable- weighed average remaining contractual term (years) | '4 years 8 months 26 days |
Exercisable- aggregate intrinsic value | $510,991 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years 7 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 'The Corporation maintains two stock-based compensation plans from which new grants could be issued. The Corporation’s stock-based compensation plans permit Parent Corporation common stock to be issued to key employees and directors of the Corporation and its subsidiaries. The options granted under the plans are intended to be either incentive stock options or non-qualified options. Under the 2009 Equity Incentive Plan, a total of 363,081 shares are available for grant and issuance as of September 30, 2013. Under the 2003 Non-Employee Director Stock Option Plan, a total of 380,644 shares remain available for grant and issuance under the plan as of September 30, 2013. Such shares may be treasury shares, newly issued shares or a combination thereof. Options have been granted to purchase common stock principally at the fair market value of the stock at the date of grant. Options are exercisable over a three year vesting period starting one year after the date of grant and generally expire ten years from the date of grant. Stock-based compensation expense for share-based payment awards is based on the grant date fair value estimated on the date of grant. The Corporation recognizes compensation costs for those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of three years. The Corporation estimates the forfeiture rate based on its historical experience during the preceding seven fiscal years. | ' |
Compensation expense related to stock options | $54,000 | $27,000 |
Compensation expense related to stock options, Net of tax | 32,000 | 16,000 |
Common Stock Underlying Grant Options | 41,639 | 27,784 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 161,000 | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 18,829 | 0 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '5 years | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $231,000 | ' |
Employee Director Stock Option Plan 2003 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 380,644 | ' |
2009 Equity Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 363,081 | ' |
Comprehensive_Income_Schedule_
Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Net unrealized gain on investment securities available-for-sale, net of tax | $1,466 | $8,781 |
Unamortized component of securities transferred from available-for-sale to held-to-maturity, net of tax | 181 | 162 |
Defined benefit pension and post-retirement plans, net of tax | -3,880 | -3,880 |
Total accumulated other comprehensive (loss) income | ($2,233) | $5,063 |
Investment_Securities_Unrealiz
Investment Securities (Unrealized Gains) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Amortized cost | $410,805 | $482,440 |
Investment Securities Available-for-Sale: Unrealized Gains | 8,236 | 16,316 |
Investment Securities Available-for-Sale: Unrealized Losses | -5,894 | -1,941 |
Investment securities: Available-for-sale | 413,147 | 496,815 |
Investment Securities Held-to-Maturity: Amortized Cost | 153,486 | 58,064 |
Investment Securities Held-to-Maturity: Unrealized Gains | 2,150 | 4,372 |
Investment Securities Held-to-Maturity: Unrealized Losses | -3,628 | -5 |
Investment Securities Held-to-Maturity: Fair Value | 152,008 | 62,431 |
Total investment securities, amortized cost | 564,291 | 540,504 |
Total investment securities, gross unrealized gains | 10,386 | 20,688 |
Total investment securities, gross unrealized losses | -9,522 | -1,946 |
Total investment securities, fair value | 565,155 | 559,246 |
U.S. treasury notes [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Amortized cost | 43,490 | 11,870 |
Investment Securities Available-for-Sale: Unrealized Gains | 0 | 62 |
Investment Securities Available-for-Sale: Unrealized Losses | -1,795 | -23 |
Investment securities: Available-for-sale | 41,695 | 11,909 |
Federal agency obligations [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Amortized cost | 20,939 | 20,207 |
Investment Securities Available-for-Sale: Unrealized Gains | 110 | 333 |
Investment Securities Available-for-Sale: Unrealized Losses | -303 | -5 |
Investment securities: Available-for-sale | 20,746 | 20,535 |
Investment Securities Held-to-Maturity: Amortized Cost | 10,892 | 4,178 |
Investment Securities Held-to-Maturity: Unrealized Gains | 284 | 79 |
Investment Securities Held-to-Maturity: Unrealized Losses | 0 | 0 |
Investment Securities Held-to-Maturity: Fair Value | 11,176 | 4,257 |
Residential mortgage-backed securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Amortized cost | 50,070 | 52,400 |
Investment Securities Available-for-Sale: Unrealized Gains | 1,022 | 1,385 |
Investment Securities Available-for-Sale: Unrealized Losses | -150 | -1 |
Investment securities: Available-for-sale | 50,942 | 53,784 |
Commercial mortgage-backed securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Amortized cost | 9,700 | 9,725 |
Investment Securities Available-for-Sale: Unrealized Gains | 0 | 244 |
Investment Securities Available-for-Sale: Unrealized Losses | -182 | 0 |
Investment securities: Available-for-sale | 9,518 | 9,969 |
Investment Securities Held-to-Maturity: Amortized Cost | 4,790 | 5,501 |
Investment Securities Held-to-Maturity: Unrealized Gains | 11 | 154 |
Investment Securities Held-to-Maturity: Unrealized Losses | -46 | -5 |
Investment Securities Held-to-Maturity: Fair Value | 4,755 | 5,650 |
Obligations of U.S. states and political subdivisions [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Amortized cost | 39,260 | 103,193 |
Investment Securities Available-for-Sale: Unrealized Gains | 1,054 | 4,653 |
Investment Securities Available-for-Sale: Unrealized Losses | -37 | -132 |
Investment securities: Available-for-sale | 40,277 | 107,714 |
Investment Securities Held-to-Maturity: Amortized Cost | 127,725 | 48,385 |
Investment Securities Held-to-Maturity: Unrealized Gains | 1,727 | 4,139 |
Investment Securities Held-to-Maturity: Unrealized Losses | -3,561 | 0 |
Investment Securities Held-to-Maturity: Fair Value | 125,891 | 52,524 |
Trust preferred securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Amortized cost | 20,635 | 22,279 |
Investment Securities Available-for-Sale: Unrealized Gains | 125 | 144 |
Investment Securities Available-for-Sale: Unrealized Losses | -1,223 | -1,174 |
Investment securities: Available-for-sale | 19,537 | 21,249 |
Corporate bonds and notes [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Amortized cost | 201,731 | 228,681 |
Investment Securities Available-for-Sale: Unrealized Gains | 5,603 | 9,095 |
Investment Securities Available-for-Sale: Unrealized Losses | -2,099 | -371 |
Investment securities: Available-for-sale | 205,235 | 237,405 |
Investment Securities Held-to-Maturity: Amortized Cost | 10,079 | ' |
Investment Securities Held-to-Maturity: Unrealized Gains | 128 | ' |
Investment Securities Held-to-Maturity: Unrealized Losses | -21 | ' |
Investment Securities Held-to-Maturity: Fair Value | 10,186 | ' |
Collateralized mortgage obligations [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Amortized cost | ' | 2,120 |
Investment Securities Available-for-Sale: Unrealized Gains | 24 | 0 |
Investment Securities Available-for-Sale: Unrealized Losses | ' | 0 |
Investment securities: Available-for-sale | ' | 2,120 |
Asset-backed securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Amortized cost | 16,019 | 19,431 |
Investment Securities Available-for-Sale: Unrealized Gains | 209 | 311 |
Investment Securities Available-for-Sale: Unrealized Losses | 0 | 0 |
Investment securities: Available-for-sale | 16,228 | 19,742 |
Certificates of Deposit [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Amortized cost | 2,251 | 2,854 |
Investment Securities Available-for-Sale: Unrealized Gains | 45 | 21 |
Investment Securities Available-for-Sale: Unrealized Losses | -1 | -10 |
Investment securities: Available-for-sale | 2,295 | 2,865 |
Equity securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Amortized cost | 376 | 535 |
Investment Securities Available-for-Sale: Unrealized Gains | 0 | 0 |
Investment Securities Available-for-Sale: Unrealized Losses | -89 | -210 |
Investment securities: Available-for-sale | 287 | 325 |
Mutual funds and money market funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Amortized cost | 6,334 | 9,145 |
Investment Securities Available-for-Sale: Unrealized Gains | 68 | 68 |
Investment Securities Available-for-Sale: Unrealized Losses | -15 | -15 |
Investment securities: Available-for-sale | $6,387 | $9,198 |
Investment_Securities_Investme
Investment Securities (Investments Classified by Maturity Date) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Due in one year or less, amortized cost | $9,690 | ' |
Investment Securities Available-for-Sale: Due in one year or less, fair value | 9,719 | ' |
Investment Securities Available-for-Sale: Due after one year through five years, amortized cost | 79,871 | ' |
Investment Securities Available-for-Sale: Due after on eyear through five years, fair value | 82,131 | ' |
Investment Securities Available-for-Sale: Due after five years through ten years, amortized cost | 180,124 | ' |
Investment Securities Available-for-Sale: Dur after five years through ten years, fair value | 179,657 | ' |
Investment Securities Available-for-Sale: Due after ten years, amortized cost | 74,640 | ' |
Investment Securities Available-for-Sale: Due after ten years, fair value | 74,506 | ' |
Investment Securities Available-for-Sale: Total, amortized cost | 410,805 | ' |
Investment securities: Available-for-sale | 413,147 | 496,815 |
Investment Securities Held-to-Maturity: Due after one year through five years, amortized cost | 13,962 | ' |
Investment Securities Held-to-Maturity: Due after one year through five years, fair value | 14,041 | ' |
Investment Securities Held-to-Maturity: Due after five years through ten years, amortized cost | 10,274 | ' |
Investment Securities Held-to-Maturity: Due after five years through ten years, fair value | 10,353 | ' |
Investment Securities Held-to-Maturity: Due after ten years, amortized cost | 124,460 | ' |
Investment Securities Held-to-Maturity: Due after ten years, fair value | 122,859 | ' |
Investment Securities Held-to-Maturity: Total, amortized cost | 153,486 | 58,064 |
Investment Securities Held-to-Maturity: Fair Value | 152,008 | 62,431 |
Investment Securities: Amortized Cost | 564,291 | ' |
Investment Securities: Fair Value | 565,155 | ' |
Residential mortgage-backed securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: amortized cost | 50,070 | ' |
Investment Securities Available-for-Sale: fair value | 50,942 | ' |
Investment securities: Available-for-sale | 50,942 | 53,784 |
Commercial mortgage-backed securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: amortized cost | 9,700 | ' |
Investment Securities Available-for-Sale: fair value | 9,518 | ' |
Investment securities: Available-for-sale | 9,518 | 9,969 |
Investment Securities Held-to-Maturity: amoritzed cost | 4,790 | ' |
Investment Securities Held-to-Maturity: fair value | 4,755 | ' |
Investment Securities Held-to-Maturity: Fair Value | 4,755 | 5,650 |
Equity securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: amortized cost | 376 | ' |
Investment Securities Available-for-Sale: fair value | 287 | ' |
Investment securities: Available-for-sale | 287 | 325 |
Mutual funds and money market funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: amortized cost | 6,334 | ' |
Investment Securities Available-for-Sale: fair value | 6,387 | ' |
Investment securities: Available-for-sale | $6,387 | $9,198 |
Investment_Securities_Schedule
Investment Securities (Schedule of Realized Gains and Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Investments [Line Items] | ' | ' | ' | ' |
Gross gains on sales of investment securities | $343 | $897 | $1,375 | $2,545 |
Gross losses on sales of investment securities | 0 | 0 | 89 | 0 |
Net gains on sales of investment securities | $343 | $897 | $1,286 | $2,545 |
Investment_Securities_Schedule1
Investment Securities (Schedule of OTTI Charges) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Investments [Line Items] | ' | ' | ' | ' |
Other than temporary impairment charges | $0 | $32 | $0 | $60 |
Principal losses on a variable rate CMO | 0 | 102 | 24 | 272 |
Total other-than-temporary impairment charges | $0 | $134 | $24 | $332 |
Investment_Securities_Schedule2
Investment Securities (Schedule of Preferred Security and Associated Ratings) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | $410,805 | $482,440 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 8,236 | 16,316 | |
Available-for-sale Securities, Fair Value | 413,147 | 496,815 | |
Trust Preferred Security [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 20,635 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | -1,098 | ' | |
Available-for-sale Securities, Fair Value | 19,537 | ' | |
Countrywide Capital IV [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 1,771 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | -2 | ' | |
Available-for-sale Securities, Fair Value | 1,769 | ' | |
Number Of Banks Currently Performing | 1 | ' | |
Countrywide Capital IV [Member] | Standard & Poor's, BB+ Rating [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Debt Instrument, Credit Rating | 'BB+ | ' | |
Countrywide Capital V [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 2,747 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 28 | ' | |
Available-for-sale Securities, Fair Value | 2,775 | ' | |
Number Of Banks Currently Performing | 1 | ' | |
Countrywide Capital V [Member] | Standard & Poor's, BB+ Rating [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Debt Instrument, Credit Rating | 'BB+ | ' | |
Countrywide Capital V [Member] | Additional Deal Value [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 250 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 3 | ' | |
Available-for-sale Securities, Fair Value | 253 | ' | |
Number Of Banks Currently Performing | 1 | ' | |
Countrywide Capital V [Member] | Additional Deal Value [Member] | Standard & Poor's, BB+ Rating [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Debt Instrument, Credit Rating | 'BB+ | ' | |
Citigroup Cap IX [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 992 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 10 | ' | |
Available-for-sale Securities, Fair Value | 1,002 | ' | |
Number Of Banks Currently Performing | 1 | ' | |
Citigroup Cap IX [Member] | Standard & Poor's, BB Rating [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Debt Instrument, Credit Rating | 'BB | ' | |
Citigroup Cap IX [Member] | Additional Deal Value [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 1,906 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 28 | ' | |
Available-for-sale Securities, Fair Value | 1,934 | ' | |
Number Of Banks Currently Performing | 1 | ' | |
Citigroup Cap IX [Member] | Additional Deal Value [Member] | Standard & Poor's, BB Rating [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Debt Instrument, Credit Rating | 'BB | ' | |
Citigroup Cap XI [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 246 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 2 | ' | |
Available-for-sale Securities, Fair Value | 248 | ' | |
Number Of Banks Currently Performing | 1 | ' | |
Citigroup Cap XI [Member] | Standard & Poor's, BB Rating [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Debt Instrument, Credit Rating | 'BB | ' | |
Nationsbank Cap Trust III [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 1,573 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | -297 | ' | |
Available-for-sale Securities, Fair Value | 1,276 | ' | |
Number Of Banks Currently Performing | 1 | ' | |
Nationsbank Cap Trust III [Member] | Standard & Poor's, BB+ Rating [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Debt Instrument, Credit Rating | 'BB+ | ' | |
Morgan Stanley Cap Trust IV [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 2,500 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | -54 | ' | |
Available-for-sale Securities, Fair Value | 2,446 | ' | |
Number Of Banks Currently Performing | 1 | ' | |
Morgan Stanley Cap Trust IV [Member] | Standard & Poor's, BB+ Rating [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Debt Instrument, Credit Rating | 'BB+ | ' | |
Morgan Stanley Cap Trust IV [Member] | Additional Deal Value [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 1,742 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | -32 | ' | |
Available-for-sale Securities, Fair Value | 1,710 | ' | |
Number Of Banks Currently Performing | 1 | ' | |
Morgan Stanley Cap Trust IV [Member] | Additional Deal Value [Member] | Standard & Poor's, BB+ Rating [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Debt Instrument, Credit Rating | 'BB+ | ' | |
Saturns - GS 2004-04 [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 535 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | -26 | ' | |
Available-for-sale Securities, Fair Value | 509 | ' | |
Number Of Banks Currently Performing | 1 | ' | |
Saturns - GS 2004-04 [Member] | Standard & Poor's, BB+ Rating [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Debt Instrument, Credit Rating | 'BB+ | ' | |
Goldman Sachs [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 1,000 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | -33 | ' | |
Available-for-sale Securities, Fair Value | 967 | ' | |
Number Of Banks Currently Performing | 1 | ' | |
Goldman Sachs [Member] | Standard & Poor's, BB+ Rating [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Debt Instrument, Credit Rating | 'BB+ | ' | |
Stifel Financial [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 4,500 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 54 | ' | |
Available-for-sale Securities, Fair Value | 4,554 | ' | |
Debt Instrument, Credit Rating | 'BBB- | ' | |
Number Of Banks Currently Performing | 1 | ' | |
ALESCO Preferred Funding VII [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 873 | ' | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | -779 | ' | |
Available-for-sale Securities, Fair Value | $94 | ' | |
Deferral And Defaults As A Percentage Of Collateral | 34.90% | ' | |
Expected Deferral Default As Percent Of Remaining Performing Collateral | 33.50% | ' | |
ALESCO Preferred Funding VII [Member] | Ca Rating [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Debt Instrument, Credit Rating | 'Ca | ' | |
ALESCO Preferred Funding VII [Member] | Maximum [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Number Of Banks Currently Performing | 61 | [1] | ' |
ALESCO Preferred Funding VII [Member] | Minimum [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Number Of Banks Currently Performing | 47 | [1] | ' |
[1] | Includes banks and insurance companies. |
Investment_Securities_Credit_L
Investment Securities (Credit Loss Portion of OTTI Recognized in Earnings on Debt Securities) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Investments [Line Items] | ' | ' |
Balance of credit-related OTTI at January 1 | $4,450 | $6,539 |
Addition: Credit losses on investment securities for which other-than-temporary impairment was not previously recognized | 24 | 870 |
Reduction: credit losses on investment securities sold during the period | -2,114 | -2,959 |
Balance of credit-related OTTI at period end | $2,360 | $4,450 |
Investment_Securities_Schedule3
Investment Securities (Schedule of Unrealized Losses Not Recognized in Income) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Less than 12 months, fair value | $124,567 | $54,492 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -4,679 | -323 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 4,607 | 10,752 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | -1,215 | -1,618 |
Investment Securities Available-for-Sale: Total, fair value | 129,174 | 65,244 |
Investment Securities Available-for-Sale: Total, unrealized losses | -5,894 | -1,941 |
Investment Securities Held-to-Maturity: Less than 12 months, fair value | 69,994 | 932 |
Investment Securities Held-to-Maturity: 12 months or less, unrealized losses | -3,626 | -5 |
Investment Securities Held-to-Maturity: 12 months or longer, fair value | 334 | 0 |
Investment Securities Held-to-Maturity: 12 months or longer, unrealized losses | -2 | 0 |
Investment Securities Held-to-Maturity: Total, fair value | 70,328 | 932 |
Investment Securities Held-to-Maturity: Total, unrealized losses | -3,628 | -5 |
Temporarily Impaired Securities, Total Fair Value | 199,502 | 66,176 |
Temporarily Impaired Securities, Total Unrealized Losses | -9,522 | -1,946 |
Temporarily Impaired Securities, Less than 12 Months, Fair Value | 194,561 | 55,424 |
Temporarily Impaired Securities, Less than 12 Months, unrealized losses | -8,305 | -328 |
Temporarily Impaired Securities, 12 months or longer, Fair Value | 4,941 | 10,752 |
Temporarily Impaired Securities, 12 months or longer, Aggregate losses | -1,217 | -1,618 |
U.S. treasury notes [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 41,695 | 4,460 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -1,795 | -23 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 0 | 0 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | 0 | 0 |
Investment Securities Available-for-Sale: Total, fair value | 41,695 | 4,460 |
Investment Securities Available-for-Sale: Total, unrealized losses | -1,795 | -23 |
Federal agency obligations [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 13,391 | 877 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -303 | -5 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 0 | 0 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | 0 | 0 |
Investment Securities Available-for-Sale: Total, fair value | 13,391 | 877 |
Investment Securities Available-for-Sale: Total, unrealized losses | -303 | -5 |
Commercial mortgage-backed securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 9,519 | ' |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -182 | ' |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 0 | ' |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | 0 | ' |
Investment Securities Available-for-Sale: Total, fair value | 9,519 | ' |
Investment Securities Available-for-Sale: Total, unrealized losses | -182 | ' |
Investment Securities Held-to-Maturity: Less than 12 months, fair value | 1,428 | 932 |
Investment Securities Held-to-Maturity: 12 months or less, unrealized losses | -44 | -5 |
Investment Securities Held-to-Maturity: 12 months or longer, fair value | 334 | 0 |
Investment Securities Held-to-Maturity: 12 months or longer, unrealized losses | -2 | 0 |
Investment Securities Held-to-Maturity: Total, fair value | 1,762 | 932 |
Investment Securities Held-to-Maturity: Total, unrealized losses | -46 | -5 |
Residential mortgage-backed securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 7,695 | 1,669 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -150 | -1 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 0 | 0 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | 0 | 0 |
Investment Securities Available-for-Sale: Total, fair value | 7,695 | 1,669 |
Investment Securities Available-for-Sale: Total, unrealized losses | -150 | -1 |
Obligations of U.S. states and political subdivisions [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 2,209 | 18,360 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -37 | -132 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 0 | 0 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | 0 | 0 |
Investment Securities Available-for-Sale: Total, fair value | 2,209 | 18,360 |
Investment Securities Available-for-Sale: Total, unrealized losses | -37 | -132 |
Investment Securities Held-to-Maturity: Less than 12 months, fair value | 63,559 | ' |
Investment Securities Held-to-Maturity: 12 months or less, unrealized losses | -3,561 | ' |
Investment Securities Held-to-Maturity: 12 months or longer, fair value | 0 | ' |
Investment Securities Held-to-Maturity: 12 months or longer, unrealized losses | 0 | ' |
Investment Securities Held-to-Maturity: Total, fair value | 63,559 | ' |
Investment Securities Held-to-Maturity: Total, unrealized losses | -3,561 | ' |
Trust preferred securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 7,401 | 10,494 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -147 | -18 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 1,371 | 1,246 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | -1,076 | -1,156 |
Investment Securities Available-for-Sale: Total, fair value | 8,772 | 11,740 |
Investment Securities Available-for-Sale: Total, unrealized losses | -1,223 | -1,174 |
Corporate bonds and notes [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 42,463 | 18,244 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -2,064 | -134 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 1,964 | 8,196 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | -35 | -237 |
Investment Securities Available-for-Sale: Total, fair value | 44,427 | 26,440 |
Investment Securities Available-for-Sale: Total, unrealized losses | -2,099 | -371 |
Investment Securities Held-to-Maturity: Less than 12 months, fair value | 5,007 | ' |
Investment Securities Held-to-Maturity: 12 months or less, unrealized losses | -21 | ' |
Investment Securities Held-to-Maturity: 12 months or longer, fair value | 0 | ' |
Investment Securities Held-to-Maturity: 12 months or longer, unrealized losses | 0 | ' |
Investment Securities Held-to-Maturity: Total, fair value | 5,007 | ' |
Investment Securities Held-to-Maturity: Total, unrealized losses | -21 | ' |
Certificates of Deposit [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 194 | 388 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -1 | -10 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 0 | 0 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | 0 | 0 |
Investment Securities Available-for-Sale: Total, fair value | 194 | 388 |
Investment Securities Available-for-Sale: Total, unrealized losses | -1 | -10 |
Equity securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 0 | 0 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | 0 | 0 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 287 | 325 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | -89 | -210 |
Investment Securities Available-for-Sale: Total, fair value | 287 | 325 |
Investment Securities Available-for-Sale: Total, unrealized losses | -89 | -210 |
Mutual funds and money market funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 0 | 0 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | 0 | 0 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 985 | 985 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | -15 | -15 |
Investment Securities Available-for-Sale: Total, fair value | 985 | 985 |
Investment Securities Available-for-Sale: Total, unrealized losses | ($15) | ($15) |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Schedule of Investments [Line Items] | ' | ' | ' |
Proceeds from Sale of Available-for-sale Securities, Total | $90,773,000 | $114,583,000 | ' |
Reclassification Of Available For Sale Investment Securities To Held To Maturity At Fair Value | 75,700,000 | ' | ' |
Available-for-sale Securities, Gross Unrealized Gain, Total | 63,000 | ' | ' |
Available-for-sale Securities Pledged as Collateral | 102,800,000 | ' | 96,100,000 |
Excess Subordination As Percentage Of Remaining Performing Collateral | -46.30% | ' | ' |
Decline in fair value of securities | 1,200,000 | ' | ' |
Gross unrealized losses | 8,236,000 | ' | 16,316,000 |
ALESCO Preferred Funding VII [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Gross unrealized losses | -779,000 | ' | ' |
Collateralized mortgage obligations [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Gross unrealized losses | $24,000 | ' | $0 |
Loans_and_the_Allowance_for_Lo2
Loans and the Allowance for Loan Losses (Composition of Loan Portfolio) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans | $957,336 | $889,549 |
Net deferred loan costs | 156 | 123 |
Total loans | 957,492 | 889,672 |
Commercial and industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans | 229,212 | 181,682 |
Commercial real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans | 531,674 | 497,392 |
Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans | 42,727 | 40,277 |
Residential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans | 152,934 | 169,094 |
Installment [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans | $789 | $1,104 |
Loans_and_the_Allowance_for_Lo3
Loans and the Allowance for Loan Losses (Loans Receivable on Non-Accrual Status) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | $2,032 | $3,618 |
Commercial and industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 85 | 216 |
Commercial real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 175 | 354 |
Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 319 |
Residential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | $1,772 | $2,729 |
Loans_and_the_Allowance_for_Lo4
Loans and the Allowance for Loan Losses (Credit Quality Indicators) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | $957,336 | $889,549 |
Commercial and industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 229,212 | 181,682 |
Commercial real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 531,674 | 497,392 |
Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 42,727 | 40,277 |
Residential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 152,934 | 169,094 |
Installment [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 789 | 1,104 |
Pass [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 925,637 | 842,123 |
Pass [Member] | Commercial and industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 225,081 | 176,818 |
Pass [Member] | Commercial real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 508,679 | 462,266 |
Pass [Member] | Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 41,640 | 38,303 |
Pass [Member] | Residential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 149,572 | 163,769 |
Pass [Member] | Installment [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 665 | 967 |
Special Mention [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 16,223 | 24,029 |
Special Mention [Member] | Commercial and industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 2,785 | 3,281 |
Special Mention [Member] | Commercial real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 12,457 | 18,945 |
Special Mention [Member] | Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 810 |
Special Mention [Member] | Residential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 981 | 993 |
Special Mention [Member] | Installment [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Substandard [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 15,476 | 23,397 |
Substandard [Member] | Commercial and industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 1,346 | 1,583 |
Substandard [Member] | Commercial real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 10,538 | 16,181 |
Substandard [Member] | Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 1,087 | 1,164 |
Substandard [Member] | Residential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 2,381 | 4,332 |
Substandard [Member] | Installment [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 124 | 137 |
Doubtful [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Doubtful [Member] | Commercial and industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Doubtful [Member] | Commercial real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Doubtful [Member] | Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Doubtful [Member] | Residential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Doubtful [Member] | Installment [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | $0 | $0 |
Loans_and_the_Allowance_for_Lo5
Loans and the Allowance for Loan Losses (Analysis of Impaired Loans) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
No Related Allowance: Recorded Invesment | $1,275 | ' | $1,275 | ' | $1,500 |
No Related Allowance: Unpaid Principal Balance | 1,576 | ' | 1,576 | ' | 1,950 |
With An Allowance Recorded: Recorded Investment | 1,288 | 6,900 | 1,288 | 6,900 | 5,435 |
With An Allowance Recorded: Unpaid Principal Balance | 1,487 | ' | 1,487 | ' | 5,435 |
With An Allowance Recorded: Related Allowance | 219 | 758 | 219 | 758 | 645 |
Total Impaired: Recorded Investment | 2,563 | ' | 2,563 | ' | 6,935 |
Total Impaired: Unpaid Principal Balance | 3,063 | ' | 3,063 | ' | 7,385 |
Total Impaired: Related Allowance | 219 | 758 | 219 | 758 | 645 |
No Related Allowance: Average Recorded Investment | 1,275 | 2,246 | 1,275 | 2,246 | ' |
No Related Allowance: Interest Income Recognized | 19 | 28 | 57 | 86 | ' |
With An Allowance Recorded: Average Recorded Investment | 1,401 | 8,484 | 3,428 | 10,122 | ' |
With An Allowance Recorded: Interest Income Recognized | 10 | 34 | 99 | 145 | ' |
Total Impaired: Average Recorded Investment | 2,676 | 10,730 | 4,703 | 12,368 | ' |
Total Impaired: Interest Income Recognized | 29 | 62 | 156 | 231 | ' |
Commercial real estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
No Related Allowance: Recorded Invesment | 1,275 | ' | 1,275 | ' | 1,500 |
No Related Allowance: Unpaid Principal Balance | 1,576 | ' | 1,576 | ' | 1,950 |
With An Allowance Recorded: Recorded Investment | 175 | ' | 175 | ' | 4,180 |
With An Allowance Recorded: Unpaid Principal Balance | 374 | ' | 374 | ' | 4,180 |
With An Allowance Recorded: Related Allowance | 76 | ' | 76 | ' | 493 |
Total Impaired: Recorded Investment | 1,450 | ' | 1,450 | ' | 5,680 |
Total Impaired: Unpaid Principal Balance | 1,950 | ' | 1,950 | ' | 6,130 |
Total Impaired: Related Allowance | 76 | ' | 76 | ' | 493 |
No Related Allowance: Average Recorded Investment | 1,275 | 2,246 | 1,275 | 2,246 | ' |
No Related Allowance: Interest Income Recognized | 19 | 28 | 57 | 86 | ' |
With An Allowance Recorded: Average Recorded Investment | 175 | 4,180 | 2,202 | 4,180 | ' |
With An Allowance Recorded: Interest Income Recognized | 0 | 34 | 68 | 103 | ' |
Total Impaired: Average Recorded Investment | 1,450 | 6,426 | 3,477 | 6,426 | ' |
Total Impaired: Interest Income Recognized | 19 | 62 | 125 | 189 | ' |
Construction [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
With An Allowance Recorded: Average Recorded Investment | 0 | 0 | 0 | 2,066 | ' |
With An Allowance Recorded: Interest Income Recognized | 0 | 0 | 0 | 16 | ' |
Total Impaired: Average Recorded Investment | 0 | 0 | 0 | 2,066 | ' |
Total Impaired: Interest Income Recognized | 0 | 0 | 0 | 16 | ' |
Residential mortgage [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
With An Allowance Recorded: Recorded Investment | 1,113 | ' | 1,113 | ' | 1,255 |
With An Allowance Recorded: Unpaid Principal Balance | 1,113 | ' | 1,113 | ' | 1,255 |
With An Allowance Recorded: Related Allowance | 143 | ' | 143 | ' | 152 |
Total Impaired: Recorded Investment | 1,113 | ' | 1,113 | ' | 1,255 |
Total Impaired: Unpaid Principal Balance | 1,113 | ' | 1,113 | ' | 1,255 |
Total Impaired: Related Allowance | 143 | ' | 143 | ' | 152 |
With An Allowance Recorded: Average Recorded Investment | 1,226 | 4,304 | 1,226 | 3,876 | ' |
With An Allowance Recorded: Interest Income Recognized | 10 | 0 | 31 | 26 | ' |
Total Impaired: Average Recorded Investment | 1,226 | 4,304 | 1,226 | 3,876 | ' |
Total Impaired: Interest Income Recognized | $10 | $0 | $31 | $26 | ' |
Loans_and_the_Allowance_for_Lo6
Loans and the Allowance for Loan Losses (Aging Analysis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | $2,939 | $3,642 |
60-89 Days Past Due | 5,358 | 1,331 |
Greater Than 90 Days | 2,032 | 3,673 |
Total Past Due | 10,329 | 8,646 |
Current | 947,007 | 880,903 |
Total Loans Receivable | 957,336 | 889,549 |
Loans Receivable >90 Days And Accruing | 0 | 55 |
Commercial and industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 739 | 590 |
60-89 Days Past Due | 4,567 | 0 |
Greater Than 90 Days | 85 | 216 |
Total Past Due | 5,391 | 806 |
Current | 223,821 | 180,876 |
Total Loans Receivable | 229,212 | 181,682 |
Loans Receivable >90 Days And Accruing | 0 | 0 |
Commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 872 | 1,012 |
60-89 Days Past Due | 752 | 703 |
Greater Than 90 Days | 175 | 354 |
Total Past Due | 1,799 | 2,069 |
Current | 529,875 | 495,323 |
Total Loans Receivable | 531,674 | 497,392 |
Loans Receivable >90 Days And Accruing | 0 | 0 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 0 | 319 |
Total Past Due | 0 | 319 |
Current | 42,727 | 39,958 |
Total Loans Receivable | 42,727 | 40,277 |
Loans Receivable >90 Days And Accruing | 0 | 0 |
Residential mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 1,326 | 2,017 |
60-89 Days Past Due | 39 | 628 |
Greater Than 90 Days | 1,772 | 2,784 |
Total Past Due | 3,137 | 5,429 |
Current | 149,797 | 163,665 |
Total Loans Receivable | 152,934 | 169,094 |
Loans Receivable >90 Days And Accruing | 0 | 55 |
Installment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 2 | 23 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 2 | 23 |
Current | 787 | 1,081 |
Total Loans Receivable | 789 | 1,104 |
Loans Receivable >90 Days And Accruing | $0 | $0 |
Loans_and_the_Allowance_for_Lo7
Loans and the Allowance for Loan Losses (Allowance for Loan and Lease Losses) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses: Individually evaluated for impairment | $219 | ' | $645 | ' | ' | ' |
Allowance for loan and lease losses: Collectively evaluated for impairment | 9,975 | ' | 9,592 | ' | ' | ' |
Allowance for loan and lease losses: Total | 10,194 | 10,202 | 10,237 | 10,240 | 10,221 | 9,602 |
Loans Receivable: Individually evaluated for impairment | 2,563 | ' | 6,935 | ' | ' | ' |
Loans Receivable: Collectively evaluated for impairment | 919,649 | ' | 834,516 | ' | ' | ' |
Loans receivable: Loans acquired with discounts related to credit quality | 35,124 | ' | 48,098 | ' | ' | ' |
Total Loans Receivable | 957,336 | ' | 889,549 | ' | ' | ' |
Commercial and industrial [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses: Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Allowance for loan and lease losses: Collectively evaluated for impairment | 1,714 | ' | 2,424 | ' | ' | ' |
Allowance for loan and lease losses: Total | 1,714 | 2,422 | 2,424 | 1,692 | 1,747 | 1,527 |
Loans Receivable: Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Loans Receivable: Collectively evaluated for impairment | 226,664 | ' | 177,644 | ' | ' | ' |
Loans receivable: Loans acquired with discounts related to credit quality | 2,548 | ' | 4,038 | ' | ' | ' |
Total Loans Receivable | 229,212 | ' | 181,682 | ' | ' | ' |
Commercial real estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses: Individually evaluated for impairment | 76 | ' | 493 | ' | ' | ' |
Allowance for loan and lease losses: Collectively evaluated for impairment | 5,712 | ' | 4,830 | ' | ' | ' |
Allowance for loan and lease losses: Total | 5,788 | 5,333 | 5,323 | 6,276 | 6,173 | 5,972 |
Loans Receivable: Individually evaluated for impairment | 1,450 | ' | 5,680 | ' | ' | ' |
Loans Receivable: Collectively evaluated for impairment | 512,949 | ' | 470,797 | ' | ' | ' |
Loans receivable: Loans acquired with discounts related to credit quality | 17,275 | ' | 20,915 | ' | ' | ' |
Total Loans Receivable | 531,674 | ' | 497,392 | ' | ' | ' |
Construction [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses: Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Allowance for loan and lease losses: Collectively evaluated for impairment | 369 | ' | 313 | ' | ' | ' |
Allowance for loan and lease losses: Total | 369 | 318 | 313 | 492 | 449 | 707 |
Loans Receivable: Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Loans Receivable: Collectively evaluated for impairment | 41,640 | ' | 38,172 | ' | ' | ' |
Loans receivable: Loans acquired with discounts related to credit quality | 1,087 | ' | 2,105 | ' | ' | ' |
Total Loans Receivable | 42,727 | ' | 40,277 | ' | ' | ' |
Residential mortgage [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses: Individually evaluated for impairment | 143 | ' | 152 | ' | ' | ' |
Allowance for loan and lease losses: Collectively evaluated for impairment | 1,161 | ' | 1,380 | ' | ' | ' |
Allowance for loan and lease losses: Total | 1,304 | 1,341 | 1,532 | 1,164 | 1,300 | 1,263 |
Loans Receivable: Individually evaluated for impairment | 1,113 | ' | 1,255 | ' | ' | ' |
Loans Receivable: Collectively evaluated for impairment | 137,733 | ' | 146,930 | ' | ' | ' |
Loans receivable: Loans acquired with discounts related to credit quality | 14,088 | ' | 20,909 | ' | ' | ' |
Total Loans Receivable | 152,934 | ' | 169,094 | ' | ' | ' |
Installment [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses: Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Allowance for loan and lease losses: Collectively evaluated for impairment | 94 | ' | 113 | ' | ' | ' |
Allowance for loan and lease losses: Total | 94 | 29 | 113 | 64 | 59 | 51 |
Loans Receivable: Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Loans Receivable: Collectively evaluated for impairment | 663 | ' | 973 | ' | ' | ' |
Loans receivable: Loans acquired with discounts related to credit quality | 126 | ' | 131 | ' | ' | ' |
Total Loans Receivable | 789 | ' | 1,104 | ' | ' | ' |
Unallocated [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses: Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Allowance for loan and lease losses: Collectively evaluated for impairment | 925 | ' | 532 | ' | ' | ' |
Allowance for loan and lease losses: Total | 925 | 759 | 532 | 552 | 493 | 82 |
Loans Receivable: Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Loans Receivable: Collectively evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Loans receivable: Loans acquired with discounts related to credit quality | 0 | ' | 0 | ' | ' | ' |
Total Loans Receivable | $0 | ' | $0 | ' | ' | ' |
Loans_and_the_Allowance_for_Lo8
Loans and the Allowance for Loan Losses (Summary of Activity in Allowance for Loan Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Beginning Balance | $10,202 | $10,221 | $10,237 | $9,602 |
Charge offs | -10 | -210 | -76 | -218 |
Recoveries | 2 | 4 | 33 | 631 |
Provision | 0 | 225 | 0 | 225 |
Ending Balance | 10,194 | 10,240 | 10,194 | 10,240 |
Commercial and industrial [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Beginning Balance | 2,422 | 1,747 | 2,424 | 1,527 |
Charge offs | -6 | 0 | -6 | 0 |
Recoveries | 0 | 0 | 21 | 0 |
Provision | -702 | -55 | -725 | 165 |
Ending Balance | 1,714 | 1,692 | 1,714 | 1,692 |
Commercial real estate [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Beginning Balance | 5,333 | 6,173 | 5,323 | 5,972 |
Charge offs | 0 | 0 | -50 | 0 |
Recoveries | 0 | 0 | 8 | 0 |
Provision | 455 | 103 | 507 | 304 |
Ending Balance | 5,788 | 6,276 | 5,788 | 6,276 |
Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Beginning Balance | 318 | 449 | 313 | 707 |
Charge offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 540 |
Provision | 51 | 43 | 56 | -755 |
Ending Balance | 369 | 492 | 369 | 492 |
Residential mortgage [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Beginning Balance | 1,341 | 1,300 | 1,532 | 1,263 |
Charge offs | 0 | -207 | 0 | -207 |
Recoveries | 0 | 0 | 0 | 85 |
Provision | -37 | 71 | -228 | 23 |
Ending Balance | 1,304 | 1,164 | 1,304 | 1,164 |
Installment [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Beginning Balance | 29 | 59 | 113 | 51 |
Charge offs | -4 | -3 | -20 | -11 |
Recoveries | 2 | 4 | 4 | 6 |
Provision | 67 | 4 | -3 | 18 |
Ending Balance | 94 | 64 | 94 | 64 |
Unallocated [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Beginning Balance | 759 | 493 | 532 | 82 |
Charge offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision | 166 | 59 | 393 | 470 |
Ending Balance | $925 | $552 | $925 | $552 |
Loans_and_the_Allowance_for_Lo9
Loans and the Allowance for Loan Losses (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Financing Receivable, Impaired [Line Items] | ' | ' |
Loans and Leases Receivable, Related Parties | $22,456,000 | $18,977,000 |
Loans and Leases Receivable, Related Parties, Additions | 11,322,000 | ' |
Loans and Leases Receivable, Related Parties, Collections | 7,843,000 | ' |
Loans Pledged as Collateral | 538,100,000 | 532,800,000 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 69,000 | 187,000 |
Financing Receivable, Modifications, Recorded Investment | 2,800,000 | 8,300,000 |
Loans modified in troubled debt restructuring on non-accrual status | 1,100,000 | 1,500,000 |
Loans on which concessions were made | 1,500,000 | ' |
Loans on which two or more concessions were made | 1,300,000 | ' |
Impairment Loans Threshold | 200,000 | ' |
Fannie Mae [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Loans Sold On Nonrecourse Basis | $8,500,000 | ' |
Fair_Value_Measurements_and_Fa2
Fair Value Measurements and Fair Value of Financial Instruments (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | $413,147 | $496,815 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 48,369 | 21,901 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 364,684 | 474,878 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 94 | 36 |
U.S. treasury notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 41,695 | 11,909 |
U.S. treasury notes [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 41,695 | 11,909 |
U.S. treasury notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
U.S. treasury notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Federal agency obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 20,746 | 20,535 |
Federal agency obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Federal agency obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 20,746 | 20,535 |
Federal agency obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Residential mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 50,942 | 53,784 |
Residential mortgage-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Residential mortgage-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 50,942 | 53,784 |
Residential mortgage-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Commercial mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 9,518 | 9,969 |
Commercial mortgage-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Commercial mortgage-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 9,518 | 9,969 |
Commercial mortgage-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Obligations of U.S. states and political subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 40,277 | 107,714 |
Obligations of U.S. states and political subdivisions [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 469 |
Obligations of U.S. states and political subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 40,277 | 107,245 |
Obligations of U.S. states and political subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Trust preferred securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 19,537 | 21,249 |
Trust preferred securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Trust preferred securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 19,443 | 21,213 |
Trust preferred securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 94 | 36 |
Corporate bonds and notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 205,235 | 237,405 |
Corporate bonds and notes [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Corporate bonds and notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 205,235 | 237,405 |
Corporate bonds and notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Collateralized mortgage obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | ' | 2,120 |
Collateralized mortgage obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | ' | 0 |
Collateralized mortgage obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | ' | 2,120 |
Collateralized mortgage obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | ' | 0 |
Asset-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 16,228 | 19,742 |
Asset-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Asset-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 16,228 | 19,742 |
Asset-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Certificates of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 2,295 | 2,865 |
Certificates of Deposit [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Certificates of Deposit [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 2,295 | 2,865 |
Certificates of Deposit [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 287 | 325 |
Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 287 | 325 |
Equity securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Mutual funds and money market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 6,387 | 9,198 |
Mutual funds and money market funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 6,387 | 9,198 |
Mutual funds and money market funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Mutual funds and money market funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | $0 | $0 |
Fair_Value_Measurements_and_Fa3
Fair Value Measurements and Fair Value of Financial Instruments (Schedule of Changes in Investment Securities Available-For-Sale) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Balance, beginning of the period | $72 | $1,856 | $36 | $2,115 |
Interest payment deferrals | 14 | 33 | 43 | 101 |
Principal repayments | 0 | -102 | 0 | -272 |
Total net losses included in net income | 0 | -32 | 0 | -60 |
Total net unrealized gains | 8 | 296 | 15 | 167 |
Balance, end of the period | $94 | $2,051 | $94 | $2,051 |
Fair_Value_Measurements_and_Fa4
Fair Value Measurements and Fair Value of Financial Instruments (Assets Measured at Fair Value on a Non-Recurring Basis) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Impaired Loans [Member] | Residential [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Valuation Techniques | 'Appraisals of collateral value |
Impaired Loans [Member] | Residential [Member] | Maximum [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Range of Unobservable Inputs | 25.00% |
Impaired Loans [Member] | Residential [Member] | Minimum [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Range of Unobservable Inputs | 0.00% |
Impaired Loans [Member] | Commercial [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Valuation Techniques | 'Discounted cash flow model |
Impaired Loans [Member] | Commercial [Member] | Maximum [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Range of Unobservable Inputs | 6.00% |
Impaired Loans [Member] | Commercial [Member] | Minimum [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Range of Unobservable Inputs | 0.00% |
Impaired Loans [Member] | Commercial real estate [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Valuation Techniques | 'Appraisals of collateral value |
Impaired Loans [Member] | Commercial real estate [Member] | Maximum [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Range of Unobservable Inputs | 12.00% |
Impaired Loans [Member] | Commercial real estate [Member] | Minimum [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Range of Unobservable Inputs | 8.00% |
Impaired Loans [Member] | Construction [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Valuation Techniques | 'Appraisals of collateral value |
Range of Unobservable Inputs | 5.00% |
Other Real Estate [Member] | Residential [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Valuation Techniques | 'Appraisals of collateral value |
Other Real Estate [Member] | Residential [Member] | Maximum [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Range of Unobservable Inputs | 25.00% |
Estimated Selling Cost Percentage | 8.00% |
Other Real Estate [Member] | Residential [Member] | Minimum [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Range of Unobservable Inputs | 0.00% |
Estimated Selling Cost Percentage | 6.00% |
Other Real Estate [Member] | Commercial [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Valuation Techniques | 'Appraisals of collateral value |
Range of Unobservable Inputs | 15.00% |
Other Real Estate [Member] | Commercial [Member] | Maximum [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Estimated Selling Cost Percentage | 8.00% |
Other Real Estate [Member] | Commercial [Member] | Minimum [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Estimated Selling Cost Percentage | 6.00% |
Fair_Value_Measurements_and_Fa5
Fair Value Measurements and Fair Value of Financial Instruments (Assets Measured at Fair Value on a Non-Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Impaired loans [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | $1,069 | $4,790 |
Other real estate owned [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 220 | 1,300 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired loans [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 1,069 | 4,790 |
Significant Unobservable Inputs (Level 3) [Member] | Other real estate owned [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | $220 | $1,300 |
Fair_Value_Measurements_and_Fa6
Fair Value Measurements and Fair Value of Financial Instruments (Schedule of Placement of Carrying Amount and Fair Value in Hierarchy) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and due from banks, Fair Value | $33,557 | $104,134 |
Cash and due from banks, Carrying Amount | 33,557 | 104,134 |
Interest bearing deposits with banks, Carrying Amount | 0 | 2,004 |
Interest bearing deposits with banks, Fair Value | ' | 2,004 |
Investment securities available-for-sale, Carrying Amount | 413,147 | 496,815 |
Investment securities: Available-for-sale | 413,147 | 496,815 |
Investment securities held-to-maturity, Carrying Amount | 153,486 | 58,064 |
Investment securities held-to-maturity, Fair Value | 152,008 | 62,431 |
Restricted investment in bank stocks, Carrying Amount | 8,986 | 8,964 |
Restricted investment in bank stocks, Fair Value | 8,986 | 8,964 |
Loans held for sale, Carrying Amount | 101 | 1,491 |
Loans held for sale, Fair Value | 101 | 1,491 |
Net loans, Carrying Amount | 947,298 | 879,435 |
Net Loans, Fair Value | 950,226 | 897,030 |
Accrued interest receivable, Carrying Amount | 6,570 | 6,849 |
Accrued interest receivable, Fair Value | 6,570 | 6,849 |
Non interest-bearing deposits, Carrying Amount | 238,214 | 215,071 |
Non interest-bearing deposits, Fair Value | 238,214 | 215,071 |
Interest-bearing deposits, Carrying Amount | 1,076,103 | 1,091,851 |
Interest-bearing deposits, Fair Value | 1,076,997 | 1,092,822 |
Long-term borrowings, Carrying Amount | 146,000 | 146,000 |
Long-term borrowings, Fair Value | 158,093 | 162,992 |
Subordinated debentures, Carrying Amount | 5,155 | 5,155 |
Subordinated debentures, Fair Value | 5,145 | 5,046 |
Accrued interest payable, Carrying Amount | 821 | 874 |
Accrued interest payable, Fair Value | 821 | 874 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and due from banks, Fair Value | 33,557 | 104,134 |
Interest bearing deposits with banks, Fair Value | ' | 2,004 |
Investment securities: Available-for-sale | 48,369 | 21,901 |
Investment securities held-to-maturity, Fair Value | 0 | 0 |
Restricted investment in bank stocks, Fair Value | 0 | 0 |
Loans held for sale, Fair Value | 101 | 1,491 |
Net Loans, Fair Value | 0 | 0 |
Accrued interest receivable, Fair Value | 0 | 0 |
Non interest-bearing deposits, Fair Value | 0 | 0 |
Interest-bearing deposits, Fair Value | 0 | 0 |
Long-term borrowings, Fair Value | 0 | 0 |
Subordinated debentures, Fair Value | 0 | 0 |
Accrued interest payable, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and due from banks, Fair Value | 0 | 0 |
Interest bearing deposits with banks, Fair Value | ' | 0 |
Investment securities: Available-for-sale | 364,684 | 474,878 |
Investment securities held-to-maturity, Fair Value | 152,008 | 62,431 |
Restricted investment in bank stocks, Fair Value | 8,986 | 8,964 |
Loans held for sale, Fair Value | 0 | 0 |
Net Loans, Fair Value | 0 | 0 |
Accrued interest receivable, Fair Value | 4,122 | 4,465 |
Non interest-bearing deposits, Fair Value | 238,214 | 215,071 |
Interest-bearing deposits, Fair Value | 1,076,997 | 1,092,822 |
Long-term borrowings, Fair Value | 158,093 | 162,992 |
Subordinated debentures, Fair Value | 5,145 | 5,046 |
Accrued interest payable, Fair Value | 821 | 874 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and due from banks, Fair Value | 0 | 0 |
Interest bearing deposits with banks, Fair Value | ' | 0 |
Investment securities: Available-for-sale | 94 | 36 |
Investment securities held-to-maturity, Fair Value | 0 | 0 |
Restricted investment in bank stocks, Fair Value | 0 | 0 |
Loans held for sale, Fair Value | 0 | 0 |
Net Loans, Fair Value | 950,226 | 897,030 |
Accrued interest receivable, Fair Value | 2,448 | 2,384 |
Non interest-bearing deposits, Fair Value | 0 | 0 |
Interest-bearing deposits, Fair Value | 0 | 0 |
Long-term borrowings, Fair Value | 0 | 0 |
Subordinated debentures, Fair Value | 0 | 0 |
Accrued interest payable, Fair Value | $0 | $0 |
Fair_Value_Measurement_and_Fai
Fair Value Measurement and Fair Value of Financial Instruments (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $1,288 | $5,435 | $6,900 |
Impaired Financing Receivable, Related Allowance | 219 | 645 | 758 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,275 | 1,500 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss), Total | 8,236 | 16,316 | ' |
Collateralized mortgage obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss), Total | $24 | $0 | ' |
Net_Investment_in_Direct_Finan2
Net Investment in Direct Financing Lease (Schedule of Minimum Future Direct Financing Lease Receipts) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Sale Leaseback Transaction [Line Items] | ' | ' |
2013 | $54 | ' |
2014 | 216 | ' |
2015 | 228 | ' |
2016 | 265 | ' |
2017 | 265 | ' |
Thereafter | 2,728 | ' |
Total minimum future lease receipts | $3,756 | $3,771 |
Net_Investment_in_Direct_Finan3
Net Investment in Direct Financing Lease (Narrative) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Sale Leaseback Transaction [Line Items] | ' | ' |
Sale Leaseback Transaction, Lease Terms | 'The lease has a 15 year term with no renewal options. According to the terms of the lease, the lessee has an obligation to purchase the property underlying the lease in either year seven (7), ten (10) or fifteen (15) at predetermined prices for those years as provided in the lease. The structure of the minimum lease payments and the purchase prices as provided in the lease provide an inducement to the lessee to purchase the property in year seven (7). | ' |
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $4,537,000 | $4,699,000 |
Interest Portion of Minimum Lease Payments, Sale Leaseback Transactions | 781,000 | 928,000 |
Minimum Lease Payments, Sale Leaseback Transactions | $3,756,000 | $3,771,000 |
Components_of_Net_Periodic_Pen2
Components of Net Periodic Pension Cost (Schedule Of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | $133 | $139 | $397 | $417 |
Net amortization and deferral | -29 | -21 | -85 | -63 |
Net periodic pension cost | $104 | $118 | $312 | $354 |
Components_of_Net_Periodic_Pen3
Components of Net Periodic Pension Cost (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $3,500,000 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Expense (Benefit) | $1,966 | $1,632 | $5,655 | $6,001 |
Borrowed_Funds_Schedule_of_Sho
Borrowed Funds (Schedule of Short-Term Borrowings) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Short-term Debt [Line Items] | ' | ' |
Average amount outstanding during the quarter | $598 | $150 |
Maximum amount outstanding at any month end in the quarter | 0 | 5,050 |
Amount outstanding at quarter end | $0 | $50 |
For The Quarter [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Average interest rate | 0.32% | 0.80% |
At Quarter End [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Average interest rate | 0.00% | 6.00% |
Borrowed_Funds_Schedule_Of_Rep
Borrowed Funds (Schedule Of Repayment For Federal Advances) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
2016 | $20,000 |
Thereafter | 95,000 |
Total | $115,000 |
Borrowed_Funds_Schedule_of_Sec
Borrowed Funds (Schedule of Securities Sold Under Agreement for Repurchase) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Short-term Debt [Line Items] | ' |
After 2016 | $31,000 |
Total | $31,000 |
Borrowed_Funds_Narrative_Detai
Borrowed Funds (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Maximum [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $146 | ' | ' | ' |
Long-term Debt, Weighted Average Interest Rate | 5.90% | 5.54% | ' | ' |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate | 3.44% | 3.44% | ' | ' |
FHLB Advance Maturity Range In Years | ' | ' | '8 years | '4 years |
Subordinated_Debentures_Narrat
Subordinated Debentures (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Debt Instrument [Line Items] | ' |
Subordinated Borrowing, Due Date | 23-Jan-34 |
Rate added to LIBOR | 2.85% |
Subordinated Borrowing, Interest Rate | 3.12% |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | |||
Dec. 07, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 15, 2011 | Jan. 12, 2009 | |
Nonvoting senior preferred stock issued, value | ' | ' | ' | $11,250,000 | $10,000,000 |
Warrants issued to treasury for purchase of common stock, shares | ' | ' | ' | ' | 173,410 |
Exercise price of warrants issued for common stock | ' | ' | ' | ' | $8.65 |
Number of shares underlying the warrants held by Treasury | ' | 86,705 | ' | ' | ' |
Percentage of original amount of warrants left | ' | 50 | ' | ' | ' |
Preferred Stock, Redemption Amount | ' | 10,041,667 | ' | ' | ' |
Tier One Leverage Capital | ' | 1,250,000 | ' | ' | ' |
Payments for Repurchase of Warrants | $245,000 | ' | ' | ' | ' |
Preferred Stock, Liquidation Preference Per Share | ' | $1,000 | $1,000 | ' | ' |
Series A [Member] | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion | ' | 10,000 | ' | ' | ' |
Preferred Stock, Redemption Price Per Share | ' | $1,000 | ' | ' | ' |
Series B [Member] | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion | ' | 11,250 | ' | ' | ' |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Oct. 31, 2013 |
Subsequent Event [Member] | ||
Long-term Federal Home Loan Bank Advances | ' | $40 |
Weighted Average Interest Rate Variable Description | 'weighted average interest rate on these borrowings declined by 52 basis points to 3.43 percent | ' |