Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 01, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | GABC | |
Entity Common Stock, Shares Outstanding | 15,253,503 | |
Entity Registrant Name | GERMAN AMERICAN BANCORP, INC. | |
Entity Central Index Key | 714,395 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and Due from Banks | $ 34,734 | $ 36,062 |
Federal Funds Sold and Other Short-term Investments | 14,312 | 15,947 |
Cash and Cash Equivalents | 49,046 | 52,009 |
Interest-bearing Time Deposits with Banks | 1,992 | 0 |
Securities Available-for-Sale, at Fair Value | 715,611 | 637,840 |
Securities Held-to-Maturity, at Cost (Fair value of $0 and $95 on March 31, 2016 and December 31, 2015, respectively) | 0 | 95 |
Loans Held-for-Sale, at Fair Value | 8,700 | 10,762 |
Loans | 1,918,638 | 1,568,075 |
Less: Unearned Income | (3,690) | (3,728) |
Allowance for Loan Losses | (15,161) | (14,438) |
Loans, Net | 1,899,787 | 1,549,909 |
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost | 13,048 | 8,571 |
Premises, Furniture and Equipment, Net | 47,617 | 37,817 |
Other Real Estate | 343 | 169 |
Goodwill | 53,671 | 20,536 |
Intangible Assets | 3,688 | 1,283 |
Company Owned Life Insurance | 45,809 | 32,732 |
Accrued Interest Receivable and Other Assets | 27,415 | 21,978 |
TOTAL ASSETS | 2,866,727 | 2,373,701 |
LIABILITIES | ||
Non-interest-bearing Demand Deposits | 507,567 | 465,357 |
Interest-bearing Demand, Savings, and Money Market Accounts | 1,310,089 | 1,054,983 |
Time Deposits | 422,958 | 306,036 |
Total Deposits | 2,240,614 | 1,826,376 |
FHLB Advances and Other Borrowings | 278,698 | 273,323 |
Accrued Interest Payable and Other Liabilities | 25,777 | 21,654 |
TOTAL LIABILITIES | 2,545,089 | 2,121,353 |
SHAREHOLDERS’ EQUITY | ||
Preferred Stock, no par value; 500,000 shares authorized, no shares issued | 0 | 0 |
Common Stock, no par value, $1 stated value; 30,000,000 shares authorized | 15,254 | 13,279 |
Additional Paid-in Capital | 170,676 | 110,145 |
Retained Earnings | 127,867 | 125,112 |
Accumulated Other Comprehensive Income | 7,841 | 3,812 |
TOTAL SHAREHOLDERS’ EQUITY | 321,638 | 252,348 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 2,866,727 | $ 2,373,701 |
End of period shares issued (shares) | 15,253,503 | 13,278,824 |
End of period shares outstanding (shares) | 15,253,503 | 13,278,824 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Securities Held-to-Maturity, Fair value | $ 0 | $ 95 |
Preferred Stock, shares authorized (shares) | 500,000 | 500,000 |
Preferred Stock, shares issued (shares) | 0 | 0 |
Common Stock, stated value (USD per share) | $ 1 | $ 1 |
Common Stock, shares authorized (shares) | 30,000,000 | 30,000,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INTEREST INCOME | ||
Interest and Fees on Loans | $ 18,664 | $ 16,299 |
Interest on Federal Funds Sold and Other Short-term Investments | 17 | 3 |
Interest and Dividends on Securities: | ||
Taxable | 2,277 | 2,435 |
Non-taxable | 1,722 | 1,263 |
TOTAL INTEREST INCOME | 22,680 | 20,000 |
INTEREST EXPENSE | ||
Interest on Deposits | 1,155 | 993 |
Interest on FHLB Advances and Other Borrowings | 741 | 458 |
TOTAL INTEREST EXPENSE | 1,896 | 1,451 |
NET INTEREST INCOME | 20,784 | 18,549 |
Provision for Loan Losses | 850 | 250 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 19,934 | 18,299 |
NON-INTEREST INCOME | ||
Trust and Investment Product Fees | 1,021 | 984 |
Service Charges on Deposit Accounts | 1,233 | 1,137 |
Insurance Revenues | 2,727 | 2,545 |
Company Owned Life Insurance | 215 | 205 |
Interchange Fee Income | 537 | 483 |
Other Operating Income | 764 | 576 |
Net Gains on Sales of Loans | 720 | 749 |
Net Gains on Securities | 0 | 463 |
TOTAL NON-INTEREST INCOME | 7,217 | 7,142 |
NON-INTEREST EXPENSE | ||
Salaries and Employee Benefits | 11,601 | 8,825 |
Occupancy Expense | 1,379 | 1,226 |
Furniture and Equipment Expense | 508 | 479 |
FDIC Premiums | 328 | 282 |
Data Processing Fees | 2,165 | 837 |
Professional Fees | 1,318 | 644 |
Advertising and Promotion | 544 | 443 |
Intangible Amortization | 208 | 245 |
Other Operating Expenses | 2,189 | 1,852 |
TOTAL NON-INTEREST EXPENSE | 20,240 | 14,833 |
Income before Income Taxes | 6,911 | 10,608 |
Income Tax Expense | 1,765 | 3,302 |
NET INCOME | $ 5,146 | $ 7,306 |
Basic Earnings Per Share (USD per share) | $ 0.37 | $ 0.55 |
Diluted Earnings Per Share (USD per share) | 0.37 | 0.55 |
Dividends Per Share (USD per share) | $ 0.18 | $ 0.17 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 5,146 | $ 7,306 |
Unrealized Gains (Losses) on Securities | ||
Unrealized Holding Gain (Loss) Arising During the Period | 6,209 | 5,868 |
Reclassification Adjustment for Losses (Gains) Included in Net Income | 0 | (463) |
Tax Effect | (2,180) | (1,908) |
Net of Tax | 4,029 | 3,497 |
Total Other Comprehensive Income (Loss) | 4,029 | 3,497 |
COMPREHENSIVE INCOME | $ 9,175 | $ 10,803 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
NET INCOME | $ 5,146 | $ 7,306 |
Adjustments to Reconcile Net Income to Net Cash from Operating Activities: | ||
Net Amortization on Securities | 823 | 565 |
Depreciation and Amortization | 1,048 | 1,121 |
Loans Originated for Sale | (21,731) | (32,640) |
Proceeds from Sales of Loans Held-for-Sale | 24,700 | 33,260 |
Provision for Loan Losses | 850 | 250 |
Gain on Sale of Loans, net | (720) | (749) |
Gain on Securities, net | 0 | (463) |
Loss on Sales of Other Real Estate and Repossessed Assets | 0 | 8 |
Loss on Disposition and Donation of Premises and Equipment | 2 | 0 |
Increase in Cash Surrender Value of Company Owned Life Insurance | (235) | (211) |
Equity Based Compensation | 261 | 234 |
Change in Assets and Liabilities: | ||
Interest Receivable and Other Assets | 1,462 | 2,245 |
Interest Payable and Other Liabilities | (407) | (967) |
Net Cash from Operating Activities | 11,199 | 9,959 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from Maturity of Other Short-term Investments | (1,000) | 0 |
Proceeds from Maturities, Calls, Redemptions of Securities Available-for-Sale | 20,743 | 18,811 |
Proceeds from Sales of Securities Available-for-Sale | 62,975 | 9,808 |
Purchase of Securities Available-for-Sale | (23,706) | (11,899) |
Proceeds from Maturities of Securities Held-to-Maturity | 95 | 89 |
Purchase of Federal Home Loan Bank Stock | (1,350) | (160) |
Purchase of Loans | (4,263) | 0 |
Loans Made to Customers, net of Payments Received | (29,023) | 832 |
Proceeds from Sales of Other Real Estate | 717 | 151 |
Property and Equipment Expenditures | (459) | (283) |
Acquisition of River Valley Bancorp | (793) | 0 |
Net Cash from Investing Activities | 23,936 | 17,349 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Change in Deposits | 8,826 | 20,642 |
Change in Short-term Borrowings | (29,463) | (27,212) |
Repayments of Long-term Debt | (15,070) | (64) |
Issuance of Common Stock | 0 | (7) |
Dividends Paid | (2,391) | (2,246) |
Net Cash from Financing Activities | (38,098) | (8,887) |
Net Change in Cash and Cash Equivalents | (2,963) | 18,421 |
Cash and Cash Equivalents at Beginning of Year | 52,009 | 42,446 |
Cash and Cash Equivalents at End of Period | 49,046 | 60,867 |
Cash Paid During the Year for | ||
Interest | 1,736 | 1,552 |
Income Taxes | 1,503 | 0 |
Supplemental Non Cash Disclosures | ||
Loans Transferred to Other Real Estate | $ 9 | $ 127 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation German American Bancorp, Inc. operates primarily in the banking industry. The accounting and reporting policies of German American Bancorp, Inc. and its subsidiaries (hereinafter collectively referred to as the "Company") conform to U.S. generally accepted accounting principles. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the periods reported have been included in the accompanying unaudited consolidated financial statements, and all such adjustments are of a normal recurring nature. It is suggested that these consolidated financial statements and notes be read in conjunction with the financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. Certain items included in the prior period financial statements were reclassified to conform to the current presentation. There was no effect on net income or total shareholders' equity based on these reclassifications. |
Per Share Data
Per Share Data | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Per Share Data | Per Share Data The computations of Basic Earnings per Share and Diluted Earnings per Share are as follows: Three Months Ended 2016 2015 Basic Earnings per Share: Net Income $ 5,146 $ 7,306 Weighted Average Shares Outstanding 13,924,856 13,221,455 Basic Earnings per Share $ 0.37 $ 0.55 Diluted Earnings per Share: Net Income $ 5,146 $ 7,306 Weighted Average Shares Outstanding 13,924,856 13,221,455 Potentially Dilutive Shares, Net 4,077 16,038 Diluted Weighted Average Shares Outstanding 13,928,933 13,237,493 Diluted Earnings per Share $ 0.37 $ 0.55 For the three months ended March 31, 2016 and 2015, there were no anti-dilutive shares. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of Securities Available-for-Sale at March 31, 2016 and December 31, 2015, were as follows: Securities Available-for-Sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2016 U.S. Treasury and Agency Securities $ 11,001 $ 8 $ — $ 11,009 Obligations of State and Political Subdivisions 227,294 9,295 (306 ) 236,283 Mortgage-backed Securities - Residential 464,714 4,606 (1,354 ) 467,966 Equity Securities 353 — — 353 Total $ 703,362 $ 13,909 $ (1,660 ) $ 715,611 December 31, 2015 U.S. Treasury and Agency Securities $ 10,000 $ — $ (102 ) $ 9,898 Obligations of State and Political Subdivisions 195,360 8,286 (18 ) 203,628 Mortgage-backed Securities - Residential 426,087 2,114 (4,240 ) 423,961 Equity Securities 353 — — 353 Total $ 631,800 $ 10,400 $ (4,360 ) $ 637,840 Equity securities that do not have readily determinable fair values are included in the above totals, are carried at historical cost and are evaluated for impairment on a periodic basis. All mortgage-backed securities in the above table are residential mortgage-backed securities and guaranteed by government sponsored entities. The carrying amount, unrecognized gains and losses and fair value of Securities Held-to-Maturity at March 31, 2016 and December 31, 2015, were as follows: Securities Held-to-Maturity: Carrying Amount Gross Unrecognized Gains Gross Unrecognized Losses Fair Value March 31, 2016 Obligations of State and Political Subdivisions $ — $ — $ — $ — December 31, 2015 Obligations of State and Political Subdivisions $ 95 $ — $ — $ 95 The amortized cost and fair value of securities at March 31, 2016 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed and Equity Securities are not due at a single maturity date and are shown separately in the table below. Securities Available-for-Sale: Amortized Cost Fair Value Due in one year or less $ 5,790 $ 5,840 Due after one year through five years 22,502 23,022 Due after five years through ten years 72,541 76,500 Due after ten years 137,462 141,930 Mortgage-backed Securities - Residential 464,714 467,966 Equity Securities 353 353 Total $ 703,362 $ 715,611 Proceeds from the Sales of Securities are summarized below: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Proceeds from Sales $ 62,975 $ 9,808 Gross Gains on Sales — 463 Income Taxes on Gross Gains — 162 The carrying value of securities pledged to secure repurchase agreements, public and trust deposits, and for other purposes as required by law was $186,726 and $154,628 as of March 31, 2016 and December 31, 2015, respectively. Below is a summary of securities with unrealized losses as of March 31, 2016 and December 31, 2015, presented by length of time the securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total March 31, 2016 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury and Agency Securities $ — $ — $ — $ — $ — $ — Obligations of State and Political Subdivisions 33,380 (299 ) 417 (7 ) 33,797 (306 ) Mortgage-backed Securities - Residential 57,048 (182 ) 80,937 (1,172 ) 137,985 (1,354 ) Equity Securities — — — — — — Total $ 90,428 $ (481 ) $ 81,354 $ (1,179 ) $ 171,782 $ (1,660 ) Less than 12 Months 12 Months or More Total December 31, 2015 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury and Agency Securities $ — $ — $ 9,898 $ (102 ) $ 9,898 $ (102 ) Obligations of State and Political Subdivisions 1,891 (15 ) 356 (3 ) 2,247 (18 ) Mortgage-backed Securities - Residential 150,427 (1,173 ) 129,040 (3,067 ) 279,467 (4,240 ) Equity Securities — — — — — — Total $ 152,318 $ (1,188 ) $ 139,294 $ (3,172 ) $ 291,612 $ (4,360 ) Securities are written down to fair value when a decline in fair value is not considered temporary. In estimating other-than-temporary losses, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The Company does not intend to sell or expect to be required to sell these securities, and the decline in fair value is largely due to changes in market interest rates. Therefore, the Company does not consider these securities to be other-than-temporarily impaired. All mortgage-backed securities in the Company’s portfolio are guaranteed by government sponsored entities, are investment grade, and are performing as expected. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. The notional amounts of these interest rate swaps and the offsetting counterparty derivative instruments were $44.0 million at March 31, 2016 and $36.8 million at December 31, 2015. These interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions with approved, reputable, independent counterparties with substantially matching terms. The agreements are considered stand alone derivatives and changes in the fair value of derivatives are reported in earnings as non-interest income. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. The Company’s exposure is limited to the replacement value of the contracts rather than the notional, principal or contract amounts. There are provisions in the agreements with the counterparties that allow for certain unsecured credit exposure up to an agreed threshold. Exposures in excess of the agreed thresholds are collateralized. In addition, the Company minimizes credit risk through credit approvals, limits, and monitoring procedures. The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of: March 31, 2016 December 31, 2015 Notional Amount Fair Value Notional Amount Fair Value Included in Other Assets: Interest Rate Swaps $ 44,048 $ 2,739 $ 36,781 $ 1,201 Included in Other Liabilities: Interest Rate Swaps $ 44,048 $ 2,905 $ 36,781 $ 1,232 The following tables present the effect of derivative instruments on the Consolidated Statements of Income for the periods presented: Three Months Ended 2016 2015 Interest Rate Swaps: Included in Other Income / (Expense) $ 54 $ 58 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans | Loans Loans were comprised of the following classifications at March 31, 2016 and December 31, 2015: March 31, December 31, Commercial: Commercial and Industrial Loans and Leases $ 448,569 $ 418,154 Commercial Real Estate Loans 812,565 618,788 Agricultural Loans 275,938 246,886 Retail: Home Equity Loans 119,006 97,902 Consumer Loans 54,999 50,029 Residential Mortgage Loans 207,561 136,316 Subtotal 1,918,638 1,568,075 Less: Unearned Income (3,690 ) (3,728 ) Allowance for Loan Losses (15,161 ) (14,438 ) Loans, Net $ 1,899,787 $ 1,549,909 The table above includes loans acquired during 2016 totaling $316,564 which is net of purchase discount on the acquired loans of $10,572 . The following table presents the activity in the allowance for loan losses by portfolio class for the three months ended March 31, 2016 and 2015: March 31, 2016 Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Total Beginning Balance $ 4,242 $ 6,342 $ 2,115 $ 383 $ 230 $ 414 $ 712 $ 14,438 Provision for Loan Losses 105 120 414 31 27 155 (2 ) 850 Recoveries 4 1 — 1 45 5 — 56 Loans Charged-off (5 ) — — (63 ) (72 ) (43 ) — (183 ) Ending Balance $ 4,346 $ 6,463 $ 2,529 $ 352 $ 230 $ 531 $ 710 $ 15,161 March 31, 2015 Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Total Beginning Balance $ 4,627 $ 7,273 $ 1,123 $ 246 $ 354 $ 622 $ 684 $ 14,929 Provision for Loan Losses 101 (52 ) 19 72 35 88 (13 ) 250 Recoveries 41 8 — — 100 2 — 151 Loans Charged-off (22 ) — — — (100 ) (39 ) — (161 ) Ending Balance $ 4,747 $ 7,229 $ 1,142 $ 318 $ 389 $ 673 $ 671 $ 15,169 In determining the adequacy of the allowance for loan loss, general allocations are made for other pools of loans, including non-classified loans, homogeneous portfolios of consumer and residential real estate loans, and loans within certain industry categories believed to present unique risk of loss. General allocations of the allowance are primarily made based on historical averages for loan losses for these portfolios, judgmentally adjusted for current economic factors and portfolio trends. When comparing to March 31, 2015, the overall allowance for loan and lease losses was increased in the agricultural sector as a result of qualitative considerations for current economic conditions and trends. Loan impairment is reported when full repayment under the terms of the loan is not expected. This methodology is used for all loans, including loans acquired with deteriorated credit quality. For purchased loans, the assessment is made at the time of acquisition as well as over the life of loan. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate, or at the fair value of collateral if repayment is expected solely from the collateral. Commercial and industrial loans, commercial real estate loans, and agricultural loans are evaluated individually for impairment. Smaller balance homogeneous loans are evaluated for impairment in total. Such loans include real estate loans secured by one-to-four family residences and loans to individuals for household, family and other personal expenditures. Individually evaluated loans on non-accrual are generally considered impaired. Impaired loans, or portions thereof, are charged off when deemed uncollectible. The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio class and based on impairment method as of March 31, 2016 and December 31, 2015: March 31, 2016 Total Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Allowance for Loan Losses: Ending Allowance Balance Attributable to Loans: Individually Evaluated for Impairment $ 1,168 $ 76 $ 1,092 $ — $ — $ — $ — $ — Collectively Evaluated for Impairment 13,993 4,270 5,371 2,529 352 230 531 710 Acquired with Deteriorated Credit Quality — — — — — — — — Total Ending Allowance Balance $ 15,161 $ 4,346 $ 6,463 $ 2,529 $ 352 $ 230 $ 531 $ 710 Loans: Loans Individually Evaluated for Impairment $ 2,942 $ 230 $ 2,593 $ 119 $ — $ — $ — n/m (2) Loans Collectively Evaluated for Impairment 1,909,011 448,482 801,411 278,961 119,369 55,122 205,666 n/m (2) Loans Acquired with Deteriorated Credit Quality 15,351 1,115 10,552 1,086 — 52 2,546 n/m (2) Total Ending Loans Balance (1) $ 1,927,304 $ 449,827 $ 814,556 $ 280,166 $ 119,369 $ 55,174 $ 208,212 n/m (2) (1) Total recorded investment in loans includes $8,666 in accrued interest. (2) n/m = not meaningful December 31, 2015 Total Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Allowance for Loan Losses: Ending Allowance Balance Attributable to Loans: Individually Evaluated for Impairment $ 1,202 $ 106 $ 1,096 $ — $ — $ — $ — $ — Collectively Evaluated for Impairment 13,236 4,136 5,246 2,115 383 230 414 712 Acquired with Deteriorated Credit Quality — — — — — — — — Total Ending Allowance Balance $ 14,438 $ 4,242 $ 6,342 $ 2,115 $ 383 $ 230 $ 414 $ 712 Loans: Loans Individually Evaluated for Impairment $ 4,435 $ 1,578 $ 2,845 $ 12 $ — $ — $ — n/m (2) Loans Collectively Evaluated for Impairment 1,562,037 416,273 611,955 249,687 98,167 50,169 135,786 n/m (2) Loans Acquired with Deteriorated Credit Quality 7,555 1,325 5,363 — — — 867 n/m (2) Total Ending Loans Balance (1) $ 1,574,027 $ 419,176 $ 620,163 $ 249,699 $ 98,167 $ 50,169 $ 136,653 n/m (2) (1) Total recorded investment in loans includes $5,952 in accrued interest. (2) n/m = not meaningful The following tables present loans individually evaluated for impairment by class of loans as of March 31, 2016 and December 31, 2015: March 31, 2016 Unpaid Principal Balance (1) Recorded Investment Allowance for Loan Losses Allocated With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 327 $ 196 $ — Commercial Real Estate Loans 4,486 2,564 — Agricultural Loans 972 1,003 — Subtotal 5,785 3,763 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 88 88 76 Commercial Real Estate Loans 2,345 2,218 1,092 Agricultural Loans — — — Subtotal 2,433 2,306 1,168 Total $ 8,218 $ 6,069 $ 1,168 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 4,967 $ 3,127 $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ — $ — $ — (1) Unpaid Principal Balance is the remaining contractual payments gross of partial charge-offs. December 31, 2015 Unpaid Principal Balance (1) Recorded Investment Allowance for Loan Losses Allocated With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 161 $ 161 $ — Commercial Real Estate Loans 1,292 768 — Agricultural Loans 12 12 — Subtotal 1,465 941 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 1,403 1,417 106 Commercial Real Estate Loans 2,207 2,077 1,096 Agricultural Loans — — — Subtotal 3,610 3,494 1,202 Total $ 5,075 $ 4,435 $ 1,202 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 528 $ — $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ — $ — $ — (1) Unpaid Principal Balance is the remaining contractual payments gross of partial charge-offs. The following tables present loans individually evaluated for impairment by class of loans for the three month period ended March 31, 2016 and 2015: March 31, 2016 Average Recorded Investment Interest Income Recognized Cash Basis Recognized With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 865 $ 23 $ 11 Commercial Real Estate Loans 3,190 18 3 Agricultural Loans 1,004 1 1 Subtotal 5,059 42 15 With An Allowance Recorded: Commercial and Industrial Loans and Leases 128 — — Commercial Real Estate Loans 2,218 1 — Agricultural Loans — — — Subtotal 2,346 1 — Total $ 7,405 $ 43 $ 15 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 3,199 $ 8 $ 1 Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ — $ — $ — March 31, 2015 Average Recorded Investment Interest Income Recognized Cash Basis Recognized With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 324 $ 3 $ 3 Commercial Real Estate Loans 1,484 11 11 Agricultural Loans — — — Subtotal 1,808 14 14 With An Allowance Recorded: Commercial and Industrial Loans and Leases 1,934 23 25 Commercial Real Estate Loans 3,033 4 2 Agricultural Loans — — — Subtotal 4,967 27 27 Total $ 6,775 $ 41 $ 41 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 204 $ — $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 298 $ — $ — All classes of loans, including loans acquired with deteriorated credit quality, are generally placed on non-accrual status when scheduled principal or interest payments are past due for 90 days or more or when the borrower’s ability to repay becomes doubtful. For purchased loans, the determination is made at the time of acquisition as well as over the life of the loan. Uncollected accrued interest for each class of loans is reversed against income at the time a loan is placed on non-accrual. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. All classes of loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loans are typically charged-off at 180 days past due, or earlier if deemed uncollectible. Exceptions to the non-accrual and charge-off policies are made when the loan is well secured and in the process of collection. The following tables present the recorded investment in non-accrual loans and loans past due 90 days or more still on accrual by class of loans as of March 31, 2016 and December 31, 2015: Non-Accrual Loans Past Due 90 Days or More & Still Accruing 2016 2015 2016 2015 Commercial and Industrial Loans and Leases $ 189 $ 134 $ — $ 98 Commercial Real Estate Loans 3,369 2,047 58 48 Agricultural Loans 808 — — — Home Equity Loans 135 204 19 — Consumer Loans 173 90 — — Residential Mortgage Loans 1,918 668 91 — Total $ 6,592 $ 3,143 $ 168 $ 146 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 2,132 $ 68 $ — $ — The following tables present the aging of the recorded investment in past due loans by class of loans as of March 31, 2016 and December 31, 2015: March 31, 2016 Total 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Loans Not Past Due Commercial and Industrial Loans and Leases $ 449,827 $ 555 $ 80 $ 25 $ 660 $ 449,167 Commercial Real Estate Loans 814,556 1,758 664 1,457 3,879 810,677 Agricultural Loans 280,166 1,227 387 840 2,454 277,712 Home Equity Loans 119,369 335 79 134 548 118,821 Consumer Loans 55,174 150 196 178 524 54,650 Residential Mortgage Loans 208,212 4,259 636 1,062 5,957 202,255 Total (1) $ 1,927,304 $ 8,284 $ 2,042 $ 3,696 $ 14,022 $ 1,913,282 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 15,351 $ 392 $ 568 $ 1,459 $ 2,419 $ 12,932 Loans Acquired in Current Year (Included in the Total Above) $ 318,882 $ 4,789 $ 1,195 $ 2,852 $ 8,836 $ 310,046 (1) Total recorded investment in loans includes $8,666 in accrued interest. December 31, 2015 Total 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Loans Not Past Due Commercial and Industrial Loans and Leases $ 419,176 $ 82 $ 117 $ 124 $ 323 $ 418,853 Commercial Real Estate Loans 620,163 136 163 104 403 619,760 Agricultural Loans 249,699 — — — — 249,699 Home Equity Loans 98,167 225 8 204 437 97,730 Consumer Loans 50,169 101 40 90 231 49,938 Residential Mortgage Loans 136,653 2,615 154 668 3,437 133,216 Total (1) $ 1,574,027 $ 3,159 $ 482 $ 1,190 $ 4,831 $ 1,569,196 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 7,555 $ — $ — $ — $ — $ 7,555 (1) Total recorded investment in loans includes $5,952 in accrued interest. Troubled Debt Restructurings: In certain instances, the Company may choose to restructure the contractual terms of loans. A troubled debt restructuring occurs when the Bank grants a concession to the borrower that it would not otherwise consider due to a borrower’s financial difficulty. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without modification. This evaluation is performed under the Company’s internal underwriting policy. The Company uses the same methodology for loans acquired with deteriorated credit quality as for all other loans when determining whether the loan is a troubled debt restructuring. During the three months ended March 31, 2016 and 2015, there were no loans modified as troubled debt restructurings. The following tables present the recorded investment of troubled debt restructurings by class of loans as of March 31, 2016 and December 31, 2015: March 31, 2016 Total Performing Non-Accrual (1) Commercial and Industrial Loans and Leases $ 98 $ 98 $ — Commercial Real Estate Loans 1,681 47 1,634 Total $ 1,779 $ 145 $ 1,634 December 31, 2015 Total Performing Non-Accrual (1) Commercial and Industrial Loans and Leases $ 1,446 $ 1,445 $ 1 Commercial Real Estate Loans 2,455 795 1,660 Total $ 3,901 $ 2,240 $ 1,661 (1) The non-accrual troubled debt restructurings are included in the Non-Accrual Loan table presented on a previous page. The Company had not committed to lending any additional amounts as of March 31, 2016 and December 31, 2015 to customers with outstanding loans that are classified as troubled debt restructurings. The following tables present loans by class modified as troubled debt restructurings that occurred during the three months ending March 31, 2016 and 2015: March 31, 2016 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial and Industrial Loans and Leases — $ — $ — Commercial Real Estate Loans — — — Total — $ — $ — The troubled debt restructurings described above increased the allowance for loan losses by $0 and resulted in charge-offs of $0 during the three months ending March 31, 2016. March 31, 2015 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial and Industrial Loans and Leases — $ — $ — Commercial Real Estate Loans — — — Total — $ — $ — The troubled debt restructurings described above increased the allowance for loan losses by $0 and resulted in charge-offs of $0 during the three months ending March 31, 2015. The following tables present loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the three months ending March 31, 2016 and 2015: Troubled Debt Restructurings That Subsequently Defaulted: Number of Loans Recorded Investment March 31, 2016 Commercial and Industrial Loans and Leases — $ — Commercial Real Estate Loans — — Total — $ — The troubled debt restructurings that subsequently defaulted described above resulted in no change to the allowance for loan losses and no charge-offs during the three months ending March 31, 2016. Troubled Debt Restructurings That Subsequently Defaulted: Number of Loans Recorded Investment March 31, 2015 Commercial and Industrial Loans and Leases — $ — Commercial Real Estate Loans 1 95 Total 1 $ 95 The troubled debt restructurings that subsequently defaulted described above resulted in no change to the allowance for loan losses and no charge-offs during the three months ending March 31, 2015. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company classifies loans as to credit risk by individually analyzing loans. This analysis includes commercial and industrial loans, commercial real estate loans, and agricultural loans with an outstanding balance greater than $100. This analysis is typically performed on at least an annual basis. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows: March 31, 2016 Pass Special Mention Substandard Doubtful Total Commercial and Industrial Loans and Leases $ 425,412 $ 13,772 $ 10,643 $ — $ 449,827 Commercial Real Estate Loans 763,617 36,345 14,594 — 814,556 Agricultural Loans 260,237 16,920 3,009 — 280,166 Total $ 1,449,266 $ 67,037 $ 28,246 $ — $ 1,544,549 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 1,265 $ 3,347 $ 8,141 $ — $ 12,753 Loans Acquired in Current Year (Included in the Total Above) $ 201,554 $ 17,759 $ 7,289 $ — $ 226,602 December 31, 2015 Pass Special Mention Substandard Doubtful Total Commercial and Industrial Loans and Leases $ 393,270 $ 13,675 $ 12,231 $ — $ 419,176 Commercial Real Estate Loans 586,247 25,341 8,575 — 620,163 Agricultural Loans 242,728 5,177 1,794 — 249,699 Total $ 1,222,245 $ 44,193 $ 22,600 $ — $ 1,289,038 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 1,572 $ 3,319 $ 1,797 $ — $ 6,688 The Company considers the performance of the loan portfolio and its impact on the allowance for loan losses. For home equity, consumer and residential mortgage loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in home equity, consumer and residential mortgage loans based on payment activity as of March 31, 2016 and December 31, 2015: March 31, 2016 Home Equity Loans Consumer Loans Residential Mortgage Loans Performing $ 119,234 $ 55,001 $ 206,294 Nonperforming 135 173 1,918 Total $ 119,369 $ 55,174 $ 208,212 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ — $ 52 $ 2,546 December 31, 2015 Home Equity Loans Consumer Loans Residential Mortgage Loans Performing $ 97,963 $ 50,079 $ 135,985 Nonperforming 204 90 668 Total $ 98,167 $ 50,169 $ 136,653 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ — $ — $ 867 The Company has purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The recorded investment of those loans is as follows: March 31, 2016 December 31, 2015 Commercial and Industrial Loans $ 1,115 $ 1,325 Commercial Real Estate Loans 10,552 5,363 Agricultural Loans 1,086 — Home Equity Loans — — Consumer Loans 52 — Residential Mortgage Loans 2,546 867 Total $ 15,351 $ 7,555 Carrying Amount, Net of Allowance $ 15,351 $ 7,555 Accretable yield, or income expected to be collected, is as follows: 2016 2015 Balance at January 1 $ 1,279 $ 1,685 New Loans Purchased 1,395 — Accretion of Income (61 ) (59 ) Reclassifications from Non-accretable Difference — — Charge-off of Accretable Yield — — Balance at March 31 $ 2,613 $ 1,626 For those purchased loans disclosed above, the Company did not increase the allowance for loan losses during the three months ended March 31, 2016 and 2015. No allowances for loan losses were reversed during the same period. Contractually required payments receivable of loans purchased with evidence of credit deterioration during the period ended March 31, 2016 are included in the table below. There were no such loans purchased during the year ended December 31, 2015. Commercial and Industrial Loans $ 220 Commercial Real Estate Loans 10,612 Agricultural Loans 896 Home Equity Loans — Consumer Loans 87 Residential Mortgage Loans 2,279 Total $ 14,094 Cash Flows Expected to be Collected at Acquisition $ 11,051 Fair Value of Acquired Loans at Acquisition $ 9,656 The carrying amount of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction totaled $154 as of March 31, 2016 and $169 as of December 31, 2015. |
Repurchase Agreements Accounted
Repurchase Agreements Accounted for as Secured Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Repurchase Agreements Accounted for as Secured Borrowings | Repurchase Agreements Accounted for as Secured Borrowings Repurchase agreements are short-term borrowings included in FHLB Advances and Other Borrowings and mature overnight and continuously. Repurchase agreements, which were secured by mortgage-backed securities, totaled $ 19,330 and $18,417 as of March 31, 2016 and December 31, 2015. Risk could arise when the collateral pledged to a repurchase agreement declines in fair value. The Company minimizes risk by consistently monitoring the value of the collateral pledged. At the point in time where the collateral has declined in fair value, the Company is required to provide additional collateral based on the value of the underlying securities. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s operations include three primary segments: core banking, trust and investment advisory services, and insurance operations. The core banking segment involves attracting deposits from the general public and using such funds to originate consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, primarily in the Company’s local markets. The core banking segment also involves the sale of residential mortgage loans in the secondary market. The trust and investment advisory services segment involves providing trust, investment advisory, and brokerage services to customers. The insurance segment offers a full range of personal and corporate property and casualty insurance products, primarily in the Company’s banking subsidiary’s local markets. The core banking segment is comprised by the Company’s banking subsidiary, German American Bancorp, which operated through 52 banking offices at March 31, 2016. Net interest income from loans and investments funded by deposits and borrowings is the primary revenue for the core-banking segment. The trust and investment advisory services segment’s revenues are comprised primarily of fees generated by the trust operations of the Company's banking subsidiary and by German American Investment Services, Inc. These fees are derived by providing trust, investment advisory, and brokerage services to its customers. The insurance segment primarily consists of German American Insurance, Inc., which provides a full line of personal and corporate insurance products. Commissions derived from the sale of insurance products are the primary source of revenue for the insurance segment. The following segment financial information has been derived from the internal financial statements of the Company which are used by management to monitor and manage financial performance. The accounting policies of the three segments are the same as those of the Company. The evaluation process for segments does not include holding company income and expense. Holding company amounts are the primary differences between segment amounts and consolidated totals, and are reflected in the column labeled “Other” below, along with amounts to eliminate transactions between segments. Core Banking Trust and Investment Advisory Services Insurance Other Consolidated Totals Three Months Ended March 31, 2016 Net Interest Income $ 20,898 $ (1 ) $ 2 $ (115 ) $ 20,784 Net Gains on Sales of Loans 720 — — — 720 Net Gains on Securities — — — — — Trust and Investment Product Fees 1 1,020 — — 1,021 Insurance Revenues 4 8 2,715 — 2,727 Noncash Items: Provision for Loan Losses 850 — — — 850 Depreciation and Amortization 975 1 26 46 1,048 Income Tax Expense (Benefit) 1,681 14 510 (440 ) 1,765 Segment Profit (Loss) 5,081 7 790 (732 ) 5,146 Segment Assets at March 31, 2016 2,856,970 1,554 8,088 115 2,866,727 Core Banking Trust and Investment Advisory Services Insurance Other Consolidated Totals Three Months Ended March 31, 2015 Net Interest Income $ 18,641 $ 4 $ 1 $ (97 ) $ 18,549 Net Gains on Sales of Loans 749 — — — 749 Net Gains on Securities 463 — — — 463 Trust and Investment Product Fees 1 983 — — 984 Insurance Revenues 10 17 2,518 — 2,545 Noncash Items: Provision for Loan Losses 250 — — — 250 Depreciation and Amortization 1,052 5 27 37 1,121 Income Tax Expense (Benefit) 3,063 (1 ) 420 (180 ) 3,302 Segment Profit (Loss) 6,680 (9 ) 629 6 7,306 Segment Assets at December 31, 2015 2,367,296 1,338 7,022 (1,955 ) 2,373,701 |
Stock Repurchase Plan
Stock Repurchase Plan | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stock Repurchase Plan | Stock Repurchase Plan On April 26, 2001, the Company announced that its Board of Directors approved a stock repurchase program for up to 607,754 of the outstanding shares of common stock of the Company. Shares may be purchased from time to time in the open market and in large block privately negotiated transactions. The Company is not obligated to purchase any shares under the program, and the program may be discontinued at any time before the maximum number of shares specified by the program are purchased. The Board of Directors established no expiration date for this program. As of March 31, 2016, the Company had purchased 334,965 shares under the program. No shares were purchased under the program during the three months ended March 31, 2016 and 2015. |
Equity Plans and Equity Based C
Equity Plans and Equity Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Plans and Equity Based Compensation | Equity Plans and Equity Based Compensation The Company maintains three equity incentive plans under which stock options, restricted stock, and other equity incentive awards can be granted. At March 31, 2016, the Company has reserved 314,393 shares of common stock (as adjusted for subsequent stock dividends and subject to further customary anti-dilution adjustments) for the purpose of issuance pursuant to outstanding and future grants of options, restricted stock, and other equity awards to officers, directors and other employees of the Company. For the three months ended March 31, 2016 and 2015, the Company granted no options. The Company recorded no stock compensation expense applicable to options during the three months ended March 31, 2016 and 2015 because all outstanding options were fully vested prior to 2007. In addition, there was no unrecognized option expense. During the periods presented, awards of long-term incentives were granted in the form of restricted stock. Awards that were granted to management under a management incentive plan were granted in tandem with cash credit entitlements (typically in the form of 60% restricted stock grants and 40% cash credit entitlements). The management and employee restricted stock grants and tandem cash credit entitlements awarded will vest in three equal installments of 33.3% with the first annual vesting on December 5th of the year of the grant and on December 5th of the next two succeeding years. Awards that were granted to directors as additional retainer for their services do not include any cash credit entitlement. These director restricted stock grants are subject to forfeiture in the event that the recipient of the grant does not continue in service as a director of the Company through December 5th of the year after grant or does not satisfy certain meeting attendance requirements, at which time they generally vest 100 percent . For measuring compensation costs, restricted stock awards are valued based upon the market value of the common shares on the date of grant. During the three months ended March 31, 2016 and 2015, the Company granted awards of 32,250 and 32,610 shares of restricted stock, respectively. The following table presents expense recorded for restricted stock and cash entitlements as well as the related tax information for the periods presented: Three Months Ended March 31, 2016 2015 Restricted Stock Expense $ 588 $ 234 Cash Entitlement Expense 142 162 Tax Effect (296 ) (160 ) Net of Tax $ 434 $ 236 Unrecognized expense associated with the restricted stock grants and cash entitlements totaled $1,785 and $2,615 as of March 31, 2016 and 2015, respectively. The Company maintains an Employee Stock Purchase Plan whereby eligible employees have the option to purchase the Company’s common stock at a discount. The purchase price of the shares under this Plan has been set at 95% of the fair market value of the Company’s common stock as of the last day of the plan year. The plan provided for the purchase of up to 500,000 shares of common stock, which the Company may obtain by purchases on the open market or from private sources, or by issuing authorized but unissued common shares. Funding for the purchase of common stock is from employee and Company contributions. The Employee Stock Purchase Plan is not considered compensatory. There was no expense recorded for the employee stock purchase plan during the three months ended March 31, 2016. There was no expense recorded for the employee stock purchase plan during the three months ended March 31, 2015. There was no unrecognized compensation expense as of March 31, 2016 and 2015 for the Employee Stock Purchase Plan. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Investment Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Level 3 pricing is obtained from a third-party based upon similar trades that are not traded frequently without adjustment by the Company. At March 31, 2016, the Company held $8.6 million in Level 3 securities which consist of $8.3 million of non-rated Obligations of State and Political Subdivisions and $353 thousand of equity securities that are not actively traded. Absent the credit rating, significant assumptions must be made such that the credit risk input becomes an unobservable input and thus these securities are reported by the Company in a Level 3 classification. Derivatives: The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). Impaired Loans: Fair values for impaired collateral dependent loans are generally based on appraisals obtained from licensed real estate appraisers and in certain circumstances consideration of offers obtained to purchase properties prior to foreclosure. Appraisals for commercial real estate generally use three methods to derive value: cost, sales or market comparison and income approach. The cost method bases value in the cost to replace the current property. Value of market comparison approach evaluates the sales price of similar properties in the same market area. The income approach considers net operating income generated by the property and an investor's required return. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Comparable sales adjustments are based on known sales prices of similar type and similar use properties and duration of time that the property has been on the market to sell. Such adjustments made in the appraisal process are typically significant and result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the Company’s Risk Management Area reviews the assumptions and approaches utilized in the appraisal. In determining the value of impaired collateral dependent loans and other real estate owned, significant unobservable inputs may be used which include: physical condition of comparable properties sold, net operating income generated by the property and investor rates of return. Other Real Estate: Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate (ORE) are measured at the lower of carrying amount or fair value, less costs to sell. Fair values are generally based on third party appraisals of the property utilizing similar techniques as discussed above for Impaired Loans, resulting in a Level 3 classification. In cases where the carrying amount exceeds the fair value, less costs to sell, impairment loss is recognized. Loans Held-for-Sale: The fair values of loans held for sale are determined by using quoted prices for similar assets, adjusted for specific attributes of that loan resulting in a Level 2 classification. Assets and Liabilities Measured on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: Fair Value Measurements at March 31, 2016 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: U.S. Treasury and Agency Securities $ — $ 11,009 $ — $ 11,009 Obligations of State and Political Subdivisions — 227,987 8,296 236,283 Mortgage-backed Securities-Residential — 467,966 — 467,966 Equity Securities — — 353 353 Total Securities $ — $ 706,962 $ 8,649 $ 715,611 Loans Held-for-Sale $ — $ 8,700 $ — $ 8,700 Derivative Assets $ — $ 2,739 $ — $ 2,739 Derivative Liabilities $ — $ 2,905 $ — $ 2,905 Fair Value Measurements at December 31, 2015 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: U.S. Treasury and Agency Securities $ — $ 9,898 $ — $ 9,898 Obligations of State and Political Subdivisions — 194,608 9,020 203,628 Mortgage-backed Securities-Residential — 423,961 — 423,961 Equity Securities — — 353 353 Total Securities $ — $ 628,467 $ 9,373 $ 637,840 Loans Held-for-Sale $ — $ 10,762 $ — $ 10,762 Derivative Assets $ — $ 1,201 $ — $ 1,201 Derivative Liabilities $ — $ 1,232 $ — $ 1,232 There were no transfers between Level 1 and Level 2 for the periods ended March 31, 2016 and December 31, 2015. At March 31, 2016, the aggregate fair value of the Loans Held-for-Sale was $8,700 , aggregate contractual principal balance was $8,498 with a difference of $202 . At December 31, 2015, the aggregate fair value of the Loans Held-for-Sale was $10,762 , aggregate contractual principal balance was $10,559 with a difference of $203 . The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2016 and 2015: Obligations of State and Political Subdivisions Equity Securities 2016 2015 2016 2015 Balance of Recurring Level 3 Assets at January 1 $ 9,020 $ 10,141 $ 353 $ 353 Total Gains or Losses (realized/unrealized) Included in Other Comprehensive Income 121 36 — — Maturities / Calls (845 ) (575 ) — — Purchases — — — — Balance of Recurring Level 3 Assets at March 31 $ 8,296 $ 9,602 $ 353 $ 353 Of the total gain/loss included in earnings for the three months ended March 31, 2016, $121 was attributable to other changes in fair value. Of the total gain/loss included in earnings for the three months ended March 31, 2015, $36 , was attributable to other changes in fair value. The three months ended March 31, 2016 and 2015 included no gain/loss attributable to interest income on securities. Assets and Liabilities Measured on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at March 31, 2016 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Impaired Loans Commercial and Industrial Loans $ — $ — $ 12 $ 12 Commercial Real Estate Loans — — 1,102 1,102 Other Real Estate Commercial Real Estate — — — — Fair Value Measurements at December 31, 2015 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Impaired Loans Commercial and Industrial Loans $ — $ — $ 15 $ 15 Commercial Real Estate Loans — — 960 960 Other Real Estate Commercial Real Estate — — — — Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a carrying amount of $2,282 with a valuation allowance of $1,168 , resulting in a decrease to the provision for loan losses of $5 for the period ended March 31, 2016. For the three months ended March 31, 2015, impaired loans resulted in an additional provision for loan losses of $37 . Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a carrying amount of $2,148 with a valuation allowance of $1,173 , resulting in a decrease to the provision for loan losses of $286 for the year ended December 31, 2015. There was no Other Real Estate carried at fair value less costs to sell at March 31, 2016. No charge to earnings was included in the three months ended March 31, 2016 and 2015. There was no Other Real Estate carried at fair value less costs to sell at December 31, 2015. No charge to earnings was included in the year ended December 31, 2015. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2016 and December 31, 2015: March 31, 2016 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired Loans - Commercial and Industrial Loans $ 12 Sales comparison approach Adjustment for physical condition of comparable properties sold 100%-82% (82%) Impaired Loans - Commercial Real Estate Loans $ 1,102 Sales comparison approach Adjustment for physical condition of comparable properties sold 86%-30% (73%) December 31, 2015 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired Loans - Commercial and Industrial Loans $ 15 Sales comparison approach Adjustment for physical condition of comparable properties sold 100%-82% (82%) Impaired Loans - Commercial Real Estate Loans $ 960 Sales comparison approach Adjustment for physical condition of comparable properties sold 86%-30% (75%) The carrying amounts and estimated fair values of the Company’s financial instruments not previously presented are provided in the tables below for the periods ending March 31, 2016 and December 31, 2015. Not all of the Company’s assets and liabilities are considered financial instruments, and therefore are not included in the table. Because no active market exists for a significant portion of the Company’s financial instruments, fair value estimates were based on subjective judgments, and therefore cannot be determined with precision. Fair Value Measurements at March 31, 2016 Using Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 51,038 $ 34,734 $ 16,304 $ — $ 51,038 Securities Held-to-Maturity N/A N/A N/A N/A N/A Loans, Net 1,898,673 — — 1,905,323 1,905,323 FHLB Stock and Other Restricted Stock 13,048 N/A N/A N/A N/A Accrued Interest Receivable 12,073 — 3,391 8,682 12,073 Financial Liabilities: Demand, Savings, and Money Market Deposits (1,817,656 ) (1,817,656 ) — — (1,817,656 ) Time Deposits (422,958 ) — (422,360 ) — (422,360 ) Short-term Borrowings (148,254 ) — (148,254 ) — (148,254 ) Long-term Debt (130,444 ) — (120,674 ) (10,601 ) (131,275 ) Accrued Interest Payable (836 ) — (828 ) (8 ) (836 ) Fair Value Measurements at December 31, 2015 Using Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 52,009 $ 36,062 $ 15,947 $ — $ 52,009 Securities Held-to-Maturity 95 — 95 — 95 Loans, Net 1,548,934 — — 1,551,497 1,551,497 FHLB Stock and Other Restricted Stock 8,571 N/A N/A N/A N/A Accrued Interest Receivable 8,803 — 2,722 6,081 8,803 Financial Liabilities: Demand, Savings, and Money Market Deposits (1,520,340 ) (1,520,340 ) — — (1,520,340 ) Time Deposits (306,036 ) — (305,965 ) — (305,965 ) Short-term Borrowings (177,717 ) — (177,717 ) — (177,717 ) Long-term Debt (95,606 ) — (90,473 ) (5,538 ) (96,011 ) Accrued Interest Payable (676 ) — (668 ) (8 ) (676 ) Cash and Short-term Investments: The carrying amount of cash and short-term investments approximate fair values and are classified as Level 1 or Level 2. Securities Held-to-Maturity: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). FHLB Stock and Other Restricted Stock: It is not practical to determine the fair values of FHLB stock and other restricted stock due to restrictions placed on their transferability. Loans: Fair values of loans, excluding loans held for sale and collateral dependent impaired loans carried at fair value, are estimated as follows: For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values resulting in a Level 3 classification. Fair values for other loans are estimated using discounted cash flow analysis, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 classification. Impaired loans are valued as described previously. The methods utilized to estimate fair value of loans do not necessarily represent an exit price. Accrued Interest Receivable: The carrying amount of accrued interest approximates fair value resulting in a Level 2 or Level 3 classification consistent with the asset they are associated with. Deposits: The fair values disclosed for demand deposits (e.g., interest and non-interest checking, savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount) resulting in a Level 1 classification. Fair values for fixed rate time deposits are estimated using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. Short-term Borrowings: The carrying amounts of federal funds purchased, borrowings under repurchase agreements, and other short-term borrowings, generally maturing within ninety days, approximate their fair values resulting in a Level 2 classification. Long-term Debt: The fair values of the Company’s long-term borrowings are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. The fair values of the Company’s subordinated debentures are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 3 classification. Accrued Interest Payable: The carrying amount of accrued interest approximates fair value resulting in a Level 2 or Level 3 classification consistent with the liability they are associated with. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The tables below summarize the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2016 and 2015, net of tax: March 31, 2016 Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Postretirement Benefit Items Total Beginning Balance at January 1, 2016 $ 3,890 $ — $ (78 ) $ 3,812 Other Comprehensive Income (Loss) Before Reclassification 4,029 — — 4,029 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — — — — Net Current Period Other Comprehensive Income (Loss) 4,029 — — 4,029 Ending Balance at March 31, 2016 $ 7,919 $ — $ (78 ) $ 7,841 March 31, 2015 Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Postretirement Benefit Items Total Beginning Balance at January 1, 2015 $ 2,958 $ — $ (68 ) $ 2,890 Other Comprehensive Income (Loss) Before Reclassification 3,798 — — 3,798 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (301 ) — — (301 ) Net Current Period Other Comprehensive Income (Loss) 3,497 — — 3,497 Ending Balance at March 31, 2015 $ 6,455 $ — $ (68 ) $ 6,387 The table below summarizes the classifications out of accumulated other comprehensive income (loss) by component for the three months ended March 31, 2016: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on Available-for-Sale Securities $ — Net Gain (Loss) on Securities — Income Tax Expense — Net of Tax Total Reclassifications for the Three Months Ended March 31, 2016 $ — The table below summarizes the classifications out of accumulated other comprehensive income (loss) by component for the three months ended March 31, 2015: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on Available-for-Sale Securities $ 463 Net Gain (Loss) on Securities (162 ) Income Tax Expense 301 Net of Tax Total Reclassifications for the Three Months Ended March 31, 2015 $ 301 |
Business Combination
Business Combination | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination | Business Combination Effective March 1, 2016, the Company acquired River Valley Bancorp ("River Valley") and its subsidiaries, including River Valley Financial Bank, pursuant to an Agreement and Plan of Reorganization dated October 26, 2015, as amended. The acquisition was accomplished by the merger of River Valley into German American Bancorp, Inc., immediately followed by the merger of River Valley Financial Bank into German American Bancorp, Inc.'s bank subsidiary, German American Bancorp. River Valley Financial Bank operated 14 banking offices in Southeast Indiana and 1 banking office in Northern Kentucky. River Valley's consolidated assets and equity (unaudited) as of February 29, 2016 totaled $516.3 million and $56.6 million , respectively. The Company accounted for the transaction under the acquisition method of accounting which means that the acquired assets and liabilities were recorded at fair value at the date of acquisition. The fair value estimates included in these financial statements are based on preliminary valuations. The Company does not expect material variances from these estimates and expects that final valuation estimates will be completed during the year ending December 31, 2016. In accordance with ASC 805, the Company has expensed approximately $3.9 million of direct acquisition costs and recorded $33.1 million of goodwill and $2.6 million of intangible assets. The intangible assets are related to core deposits and are being amortized over 8 years. For tax purposes, goodwill totaling $33.1 million is non-deductible but will be evaluated annually for impairment. The following table summarizes the fair value of the total consideration transferred as a part of the River Valley acquisition as well as the fair value of identifiable assets acquired and liabilities assumed as of the effective date of the transaction. March 31, 2016 Consideration Cash for Options and Fractional Shares $ 395 Cash Consideration 24,975 Equity Instruments 62,022 Fair Value of Total Consideration Transferred $ 87,392 Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: Cash $ 17,877 Federal Funds Sold and Other Short-term Investments 6,477 Interest-bearing Time Deposits with Banks 992 Securities 132,396 Loans 317,760 Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost 3,127 Premises, Furniture & Equipment 10,219 Other Real Estate 882 Intangible Assets 2,613 Company Owned Life Insurance 12,842 Accrued Interest Receivable and Other Assets 8,958 Deposits - Non Interest Bearing (9,584 ) Deposits - Interest Bearing (395,862 ) FHLB Advances and Other Borrowings (49,910 ) Accrued Interest Payable and Other Liabilities (4,530 ) Total Identifiable Net Assets $ 54,257 Goodwill $ 33,135 Under the terms of the merger agreement, the Company issued approximately 1,942,000 shares of its common stock to the former shareholders of River Valley. Each River Valley common shareholder of record at the effective time of the merger became entitled to receive 0.770 shares of common stock of the Company for each of their former shares of River Valley common stock. In connection with the closing of the merger, the Company paid to River Valley's shareholders of record at the close of business on February 29, 2016, cash consideration of $9.90 per River Valley share (an aggregate of $24,975 to shareholders) and the Company paid approximately $395 to persons who held options to purchase River Valley common stock (all of which rights were cancelled at the effective time of the merger and were not assumed by the Company). This acquisition was consistent with the Company’s strategy to build a regional presence in Southern Indiana. The acquisition offers the Company the opportunity to increase profitability by introducing existing products and services to the acquired customer base as well as add new customers in the expanded region. The fair value of net assets acquired includes fair value adjustments to certain receivables that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted cash flows. However, the Company believes that all contractual cash flows related to these financial instruments will be collected. As such, these receivables were not considered impaired at the acquisition date and were not subject to the guidance relating to purchased credit impaired loans, which are loans that have shown evidence of credit deterioration since origination. Receivables acquired that were not subject to these requirements include non-impaired loans and customer receivables with a fair value and gross contractual amounts receivable of $309.1 million and $405.1 million on the date of acquisition. The following table presents unaudited pro forma information as if the acquisition had occurred on January 1, 2015 after giving effect to certain adjustments. The unaudited pro forma information for the three months ended March 31, 2016 and March 31, 2015 includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, interest expense on deposits and borrowings acquired, and the related income tax effects. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date. Pro Forma Three Months Ended 3/31/2016 Pro Forma Three Months Ended 3/31/2015 Net Interest Income $ 23,676 $ 23,539 Non-interest Income 7,859 8,267 Total Revenue 31,535 31,806 Provision for Loan Losses Expense 850 250 Non-interest Expense 18,318 18,602 Income Before Income Taxes 12,367 12,954 Income Tax Expense 3,752 3,801 Net Income 8,615 9,153 Earnings Per Share and Diluted Earnings Per Share $ 0.57 $ 0.60 The above pro forma financial information includes approximately $1,276 of net income and $4,695 of total revenue related to the operations of the River Valley during the first quarter of 2016. The above pro forma financial information related to 2016 excludes non-recurring merger costs that totaled $3,884 on a pre-tax basis. The above pro forma financial information excludes the River Valley provision for loan loss recognized during the first quarter of 2015. Under acquisition accounting treatment, loans are recorded at fair value which includes a credit risk component, and therefore the provision for loan loss recognized during the first quarter of 2015 was presumed to not be necessary. |
Newly Issued Accounting Pronoun
Newly Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the "FASB") issued an update (ASU No. 2014-09 Revenue From Contracts With Customers) creating FASB Topic 606, Revenue from Contracts with Customers. The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides steps to follow to achieve the core principle. An entity should disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. In July 2015, the FASB approved the deferral of the amendments in this update for one year. The Company is currently evaluating the impact of this new accounting standard on the Company's consolidated results of operations and financial condition. In January 2016, the FASB issued update ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update are as follows: (1) require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (3) eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (4) require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (5) require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (6) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (7) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. These amendments are effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of this new accounting standard on the Company's consolidated financial statements. In February 2016, the FASB issued its new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize the following for all leases, with the exception of short-term leases, at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new accounting standard on the Company's consolidated financial statements. |
Newly Issued Accounting Prono20
Newly Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Newly Issued Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board (the "FASB") issued an update (ASU No. 2014-09 Revenue From Contracts With Customers) creating FASB Topic 606, Revenue from Contracts with Customers. The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides steps to follow to achieve the core principle. An entity should disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. In July 2015, the FASB approved the deferral of the amendments in this update for one year. The Company is currently evaluating the impact of this new accounting standard on the Company's consolidated results of operations and financial condition. In January 2016, the FASB issued update ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update are as follows: (1) require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (3) eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (4) require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (5) require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (6) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (7) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. These amendments are effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of this new accounting standard on the Company's consolidated financial statements. In February 2016, the FASB issued its new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize the following for all leases, with the exception of short-term leases, at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new accounting standard on the Company's consolidated financial statements. |
Per Share Data (Tables)
Per Share Data (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computations of Basic Earnings Per Share and Diluted Earnings Per Share | The computations of Basic Earnings per Share and Diluted Earnings per Share are as follows: Three Months Ended 2016 2015 Basic Earnings per Share: Net Income $ 5,146 $ 7,306 Weighted Average Shares Outstanding 13,924,856 13,221,455 Basic Earnings per Share $ 0.37 $ 0.55 Diluted Earnings per Share: Net Income $ 5,146 $ 7,306 Weighted Average Shares Outstanding 13,924,856 13,221,455 Potentially Dilutive Shares, Net 4,077 16,038 Diluted Weighted Average Shares Outstanding 13,928,933 13,237,493 Diluted Earnings per Share $ 0.37 $ 0.55 For the three months ended March 31, 2016 and 2015, there were no anti-dilutive shares. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Securities Available-for-Sale | The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of Securities Available-for-Sale at March 31, 2016 and December 31, 2015, were as follows: Securities Available-for-Sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2016 U.S. Treasury and Agency Securities $ 11,001 $ 8 $ — $ 11,009 Obligations of State and Political Subdivisions 227,294 9,295 (306 ) 236,283 Mortgage-backed Securities - Residential 464,714 4,606 (1,354 ) 467,966 Equity Securities 353 — — 353 Total $ 703,362 $ 13,909 $ (1,660 ) $ 715,611 December 31, 2015 U.S. Treasury and Agency Securities $ 10,000 $ — $ (102 ) $ 9,898 Obligations of State and Political Subdivisions 195,360 8,286 (18 ) 203,628 Mortgage-backed Securities - Residential 426,087 2,114 (4,240 ) 423,961 Equity Securities 353 — — 353 Total $ 631,800 $ 10,400 $ (4,360 ) $ 637,840 |
Schedule of Securities Held-to-Maturity | The carrying amount, unrecognized gains and losses and fair value of Securities Held-to-Maturity at March 31, 2016 and December 31, 2015, were as follows: Securities Held-to-Maturity: Carrying Amount Gross Unrecognized Gains Gross Unrecognized Losses Fair Value March 31, 2016 Obligations of State and Political Subdivisions $ — $ — $ — $ — December 31, 2015 Obligations of State and Political Subdivisions $ 95 $ — $ — $ 95 |
Schedule of Securities by Contractual Maturity | The amortized cost and fair value of securities at March 31, 2016 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed and Equity Securities are not due at a single maturity date and are shown separately in the table below. Securities Available-for-Sale: Amortized Cost Fair Value Due in one year or less $ 5,790 $ 5,840 Due after one year through five years 22,502 23,022 Due after five years through ten years 72,541 76,500 Due after ten years 137,462 141,930 Mortgage-backed Securities - Residential 464,714 467,966 Equity Securities 353 353 Total $ 703,362 $ 715,611 |
Schedule of Proceeds from the Sales of Securities | Proceeds from the Sales of Securities are summarized below: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Proceeds from Sales $ 62,975 $ 9,808 Gross Gains on Sales — 463 Income Taxes on Gross Gains — 162 |
Schedule of Securities with Unrealized Losses | Below is a summary of securities with unrealized losses as of March 31, 2016 and December 31, 2015, presented by length of time the securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total March 31, 2016 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury and Agency Securities $ — $ — $ — $ — $ — $ — Obligations of State and Political Subdivisions 33,380 (299 ) 417 (7 ) 33,797 (306 ) Mortgage-backed Securities - Residential 57,048 (182 ) 80,937 (1,172 ) 137,985 (1,354 ) Equity Securities — — — — — — Total $ 90,428 $ (481 ) $ 81,354 $ (1,179 ) $ 171,782 $ (1,660 ) Less than 12 Months 12 Months or More Total December 31, 2015 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury and Agency Securities $ — $ — $ 9,898 $ (102 ) $ 9,898 $ (102 ) Obligations of State and Political Subdivisions 1,891 (15 ) 356 (3 ) 2,247 (18 ) Mortgage-backed Securities - Residential 150,427 (1,173 ) 129,040 (3,067 ) 279,467 (4,240 ) Equity Securities — — — — — — Total $ 152,318 $ (1,188 ) $ 139,294 $ (3,172 ) $ 291,612 $ (4,360 ) |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments And Hedging Activities | The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of: March 31, 2016 December 31, 2015 Notional Amount Fair Value Notional Amount Fair Value Included in Other Assets: Interest Rate Swaps $ 44,048 $ 2,739 $ 36,781 $ 1,201 Included in Other Liabilities: Interest Rate Swaps $ 44,048 $ 2,905 $ 36,781 $ 1,232 |
Derivative Instruments Consolidated Statements of Income | The following tables present the effect of derivative instruments on the Consolidated Statements of Income for the periods presented: Three Months Ended 2016 2015 Interest Rate Swaps: Included in Other Income / (Expense) $ 54 $ 58 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Components of Loans | Loans were comprised of the following classifications at March 31, 2016 and December 31, 2015: March 31, December 31, Commercial: Commercial and Industrial Loans and Leases $ 448,569 $ 418,154 Commercial Real Estate Loans 812,565 618,788 Agricultural Loans 275,938 246,886 Retail: Home Equity Loans 119,006 97,902 Consumer Loans 54,999 50,029 Residential Mortgage Loans 207,561 136,316 Subtotal 1,918,638 1,568,075 Less: Unearned Income (3,690 ) (3,728 ) Allowance for Loan Losses (15,161 ) (14,438 ) Loans, Net $ 1,899,787 $ 1,549,909 |
Schedule of Allowance for Loan Losses | The following table presents the activity in the allowance for loan losses by portfolio class for the three months ended March 31, 2016 and 2015: March 31, 2016 Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Total Beginning Balance $ 4,242 $ 6,342 $ 2,115 $ 383 $ 230 $ 414 $ 712 $ 14,438 Provision for Loan Losses 105 120 414 31 27 155 (2 ) 850 Recoveries 4 1 — 1 45 5 — 56 Loans Charged-off (5 ) — — (63 ) (72 ) (43 ) — (183 ) Ending Balance $ 4,346 $ 6,463 $ 2,529 $ 352 $ 230 $ 531 $ 710 $ 15,161 March 31, 2015 Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Total Beginning Balance $ 4,627 $ 7,273 $ 1,123 $ 246 $ 354 $ 622 $ 684 $ 14,929 Provision for Loan Losses 101 (52 ) 19 72 35 88 (13 ) 250 Recoveries 41 8 — — 100 2 — 151 Loans Charged-off (22 ) — — — (100 ) (39 ) — (161 ) Ending Balance $ 4,747 $ 7,229 $ 1,142 $ 318 $ 389 $ 673 $ 671 $ 15,169 In determining the adequacy of the allowance for loan loss, general allocations are made for other pools of loans, including non-classified loans, homogeneous portfolios of consumer and residential real estate loans, and loans within certain industry categories believed to present unique risk of loss. General allocations of the allowance are primarily made based on historical averages for loan losses for these portfolios, judgmentally adjusted for current economic factors and portfolio trends. When comparing to March 31, 2015, the overall allowance for loan and lease losses was increased in the agricultural sector as a result of qualitative considerations for current economic conditions and trends. Loan impairment is reported when full repayment under the terms of the loan is not expected. This methodology is used for all loans, including loans acquired with deteriorated credit quality. For purchased loans, the assessment is made at the time of acquisition as well as over the life of loan. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate, or at the fair value of collateral if repayment is expected solely from the collateral. Commercial and industrial loans, commercial real estate loans, and agricultural loans are evaluated individually for impairment. Smaller balance homogeneous loans are evaluated for impairment in total. Such loans include real estate loans secured by one-to-four family residences and loans to individuals for household, family and other personal expenditures. Individually evaluated loans on non-accrual are generally considered impaired. Impaired loans, or portions thereof, are charged off when deemed uncollectible. |
Schedule of Allowance for Loan Losses and Recorded Investment in Loans | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio class and based on impairment method as of March 31, 2016 and December 31, 2015: March 31, 2016 Total Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Allowance for Loan Losses: Ending Allowance Balance Attributable to Loans: Individually Evaluated for Impairment $ 1,168 $ 76 $ 1,092 $ — $ — $ — $ — $ — Collectively Evaluated for Impairment 13,993 4,270 5,371 2,529 352 230 531 710 Acquired with Deteriorated Credit Quality — — — — — — — — Total Ending Allowance Balance $ 15,161 $ 4,346 $ 6,463 $ 2,529 $ 352 $ 230 $ 531 $ 710 Loans: Loans Individually Evaluated for Impairment $ 2,942 $ 230 $ 2,593 $ 119 $ — $ — $ — n/m (2) Loans Collectively Evaluated for Impairment 1,909,011 448,482 801,411 278,961 119,369 55,122 205,666 n/m (2) Loans Acquired with Deteriorated Credit Quality 15,351 1,115 10,552 1,086 — 52 2,546 n/m (2) Total Ending Loans Balance (1) $ 1,927,304 $ 449,827 $ 814,556 $ 280,166 $ 119,369 $ 55,174 $ 208,212 n/m (2) (1) Total recorded investment in loans includes $8,666 in accrued interest. (2) n/m = not meaningful December 31, 2015 Total Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Allowance for Loan Losses: Ending Allowance Balance Attributable to Loans: Individually Evaluated for Impairment $ 1,202 $ 106 $ 1,096 $ — $ — $ — $ — $ — Collectively Evaluated for Impairment 13,236 4,136 5,246 2,115 383 230 414 712 Acquired with Deteriorated Credit Quality — — — — — — — — Total Ending Allowance Balance $ 14,438 $ 4,242 $ 6,342 $ 2,115 $ 383 $ 230 $ 414 $ 712 Loans: Loans Individually Evaluated for Impairment $ 4,435 $ 1,578 $ 2,845 $ 12 $ — $ — $ — n/m (2) Loans Collectively Evaluated for Impairment 1,562,037 416,273 611,955 249,687 98,167 50,169 135,786 n/m (2) Loans Acquired with Deteriorated Credit Quality 7,555 1,325 5,363 — — — 867 n/m (2) Total Ending Loans Balance (1) $ 1,574,027 $ 419,176 $ 620,163 $ 249,699 $ 98,167 $ 50,169 $ 136,653 n/m (2) (1) Total recorded investment in loans includes $5,952 in accrued interest. (2) n/m = not meaningful |
Schedule for Loans Individually Evaluated for Impairment | The following tables present loans individually evaluated for impairment by class of loans as of March 31, 2016 and December 31, 2015: March 31, 2016 Unpaid Principal Balance (1) Recorded Investment Allowance for Loan Losses Allocated With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 327 $ 196 $ — Commercial Real Estate Loans 4,486 2,564 — Agricultural Loans 972 1,003 — Subtotal 5,785 3,763 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 88 88 76 Commercial Real Estate Loans 2,345 2,218 1,092 Agricultural Loans — — — Subtotal 2,433 2,306 1,168 Total $ 8,218 $ 6,069 $ 1,168 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 4,967 $ 3,127 $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ — $ — $ — (1) Unpaid Principal Balance is the remaining contractual payments gross of partial charge-offs. December 31, 2015 Unpaid Principal Balance (1) Recorded Investment Allowance for Loan Losses Allocated With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 161 $ 161 $ — Commercial Real Estate Loans 1,292 768 — Agricultural Loans 12 12 — Subtotal 1,465 941 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 1,403 1,417 106 Commercial Real Estate Loans 2,207 2,077 1,096 Agricultural Loans — — — Subtotal 3,610 3,494 1,202 Total $ 5,075 $ 4,435 $ 1,202 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 528 $ — $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ — $ — $ — (1) Unpaid Principal Balance is the remaining contractual payments gross of partial charge-offs. The following tables present loans individually evaluated for impairment by class of loans for the three month period ended March 31, 2016 and 2015: March 31, 2016 Average Recorded Investment Interest Income Recognized Cash Basis Recognized With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 865 $ 23 $ 11 Commercial Real Estate Loans 3,190 18 3 Agricultural Loans 1,004 1 1 Subtotal 5,059 42 15 With An Allowance Recorded: Commercial and Industrial Loans and Leases 128 — — Commercial Real Estate Loans 2,218 1 — Agricultural Loans — — — Subtotal 2,346 1 — Total $ 7,405 $ 43 $ 15 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 3,199 $ 8 $ 1 Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ — $ — $ — March 31, 2015 Average Recorded Investment Interest Income Recognized Cash Basis Recognized With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 324 $ 3 $ 3 Commercial Real Estate Loans 1,484 11 11 Agricultural Loans — — — Subtotal 1,808 14 14 With An Allowance Recorded: Commercial and Industrial Loans and Leases 1,934 23 25 Commercial Real Estate Loans 3,033 4 2 Agricultural Loans — — — Subtotal 4,967 27 27 Total $ 6,775 $ 41 $ 41 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 204 $ — $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 298 $ — $ — |
Schedule of Recorded Investment in Nonaccrual Loans | The following tables present the recorded investment in non-accrual loans and loans past due 90 days or more still on accrual by class of loans as of March 31, 2016 and December 31, 2015: Non-Accrual Loans Past Due 90 Days or More & Still Accruing 2016 2015 2016 2015 Commercial and Industrial Loans and Leases $ 189 $ 134 $ — $ 98 Commercial Real Estate Loans 3,369 2,047 58 48 Agricultural Loans 808 — — — Home Equity Loans 135 204 19 — Consumer Loans 173 90 — — Residential Mortgage Loans 1,918 668 91 — Total $ 6,592 $ 3,143 $ 168 $ 146 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 2,132 $ 68 $ — $ — |
Schedule of Aging of Recorded Investment in Past Due Loans | The following tables present the aging of the recorded investment in past due loans by class of loans as of March 31, 2016 and December 31, 2015: March 31, 2016 Total 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Loans Not Past Due Commercial and Industrial Loans and Leases $ 449,827 $ 555 $ 80 $ 25 $ 660 $ 449,167 Commercial Real Estate Loans 814,556 1,758 664 1,457 3,879 810,677 Agricultural Loans 280,166 1,227 387 840 2,454 277,712 Home Equity Loans 119,369 335 79 134 548 118,821 Consumer Loans 55,174 150 196 178 524 54,650 Residential Mortgage Loans 208,212 4,259 636 1,062 5,957 202,255 Total (1) $ 1,927,304 $ 8,284 $ 2,042 $ 3,696 $ 14,022 $ 1,913,282 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 15,351 $ 392 $ 568 $ 1,459 $ 2,419 $ 12,932 Loans Acquired in Current Year (Included in the Total Above) $ 318,882 $ 4,789 $ 1,195 $ 2,852 $ 8,836 $ 310,046 (1) Total recorded investment in loans includes $8,666 in accrued interest. December 31, 2015 Total 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Loans Not Past Due Commercial and Industrial Loans and Leases $ 419,176 $ 82 $ 117 $ 124 $ 323 $ 418,853 Commercial Real Estate Loans 620,163 136 163 104 403 619,760 Agricultural Loans 249,699 — — — — 249,699 Home Equity Loans 98,167 225 8 204 437 97,730 Consumer Loans 50,169 101 40 90 231 49,938 Residential Mortgage Loans 136,653 2,615 154 668 3,437 133,216 Total (1) $ 1,574,027 $ 3,159 $ 482 $ 1,190 $ 4,831 $ 1,569,196 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 7,555 $ — $ — $ — $ — $ 7,555 (1) Total recorded investment in loans includes $5,952 in accrued interest. |
Schedule of Recorded Investment of Troubled Debt Restructurings | The following tables present the recorded investment of troubled debt restructurings by class of loans as of March 31, 2016 and December 31, 2015: March 31, 2016 Total Performing Non-Accrual (1) Commercial and Industrial Loans and Leases $ 98 $ 98 $ — Commercial Real Estate Loans 1,681 47 1,634 Total $ 1,779 $ 145 $ 1,634 December 31, 2015 Total Performing Non-Accrual (1) Commercial and Industrial Loans and Leases $ 1,446 $ 1,445 $ 1 Commercial Real Estate Loans 2,455 795 1,660 Total $ 3,901 $ 2,240 $ 1,661 (1) The non-accrual troubled debt restructurings are included in the Non-Accrual Loan table presented on a previous page. |
Schedule of Loans Modified as Troubled Debt Restructuring | The following tables present loans by class modified as troubled debt restructurings that occurred during the three months ending March 31, 2016 and 2015: March 31, 2016 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial and Industrial Loans and Leases — $ — $ — Commercial Real Estate Loans — — — Total — $ — $ — The troubled debt restructurings described above increased the allowance for loan losses by $0 and resulted in charge-offs of $0 during the three months ending March 31, 2016. March 31, 2015 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial and Industrial Loans and Leases — $ — $ — Commercial Real Estate Loans — — — Total — $ — $ — The troubled debt restructurings described above increased the allowance for loan losses by $0 and resulted in charge-offs of $0 during the three months ending March 31, 2015. |
Schedule of Troubled Debt Restructuring, Subsequently Defaulted | The following tables present loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the three months ending March 31, 2016 and 2015: Troubled Debt Restructurings That Subsequently Defaulted: Number of Loans Recorded Investment March 31, 2016 Commercial and Industrial Loans and Leases — $ — Commercial Real Estate Loans — — Total — $ — The troubled debt restructurings that subsequently defaulted described above resulted in no change to the allowance for loan losses and no charge-offs during the three months ending March 31, 2016. Troubled Debt Restructurings That Subsequently Defaulted: Number of Loans Recorded Investment March 31, 2015 Commercial and Industrial Loans and Leases — $ — Commercial Real Estate Loans 1 95 Total 1 $ 95 The troubled debt restructurings that subsequently defaulted described above resulted in no change to the allowance for loan losses and no charge-offs during the three months ending March 31, 2015. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. |
Schedule of Risk Category of Loans | Based on the most recent analysis performed, the risk category of loans by class of loans is as follows: March 31, 2016 Pass Special Mention Substandard Doubtful Total Commercial and Industrial Loans and Leases $ 425,412 $ 13,772 $ 10,643 $ — $ 449,827 Commercial Real Estate Loans 763,617 36,345 14,594 — 814,556 Agricultural Loans 260,237 16,920 3,009 — 280,166 Total $ 1,449,266 $ 67,037 $ 28,246 $ — $ 1,544,549 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 1,265 $ 3,347 $ 8,141 $ — $ 12,753 Loans Acquired in Current Year (Included in the Total Above) $ 201,554 $ 17,759 $ 7,289 $ — $ 226,602 December 31, 2015 Pass Special Mention Substandard Doubtful Total Commercial and Industrial Loans and Leases $ 393,270 $ 13,675 $ 12,231 $ — $ 419,176 Commercial Real Estate Loans 586,247 25,341 8,575 — 620,163 Agricultural Loans 242,728 5,177 1,794 — 249,699 Total $ 1,222,245 $ 44,193 $ 22,600 $ — $ 1,289,038 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 1,572 $ 3,319 $ 1,797 $ — $ 6,688 |
Schedule of Recorded Investment in Home Equity, Consumer and Residential Mortgage Loans | The following table presents the recorded investment in home equity, consumer and residential mortgage loans based on payment activity as of March 31, 2016 and December 31, 2015: March 31, 2016 Home Equity Loans Consumer Loans Residential Mortgage Loans Performing $ 119,234 $ 55,001 $ 206,294 Nonperforming 135 173 1,918 Total $ 119,369 $ 55,174 $ 208,212 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ — $ 52 $ 2,546 December 31, 2015 Home Equity Loans Consumer Loans Residential Mortgage Loans Performing $ 97,963 $ 50,079 $ 135,985 Nonperforming 204 90 668 Total $ 98,167 $ 50,169 $ 136,653 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ — $ — $ 867 |
Schedule of Carrying Amount of Loans with Deterioration of Credit Quality | The Company has purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The recorded investment of those loans is as follows: March 31, 2016 December 31, 2015 Commercial and Industrial Loans $ 1,115 $ 1,325 Commercial Real Estate Loans 10,552 5,363 Agricultural Loans 1,086 — Home Equity Loans — — Consumer Loans 52 — Residential Mortgage Loans 2,546 867 Total $ 15,351 $ 7,555 Carrying Amount, Net of Allowance $ 15,351 $ 7,555 |
Schedule of Accretable Yield, or Income Expected to be Collected | Accretable yield, or income expected to be collected, is as follows: 2016 2015 Balance at January 1 $ 1,279 $ 1,685 New Loans Purchased 1,395 — Accretion of Income (61 ) (59 ) Reclassifications from Non-accretable Difference — — Charge-off of Accretable Yield — — Balance at March 31 $ 2,613 $ 1,626 |
Schedule of Contractually Required Payments Receivable of Purchased Loans with Deterioration of Credit Quality | Contractually required payments receivable of loans purchased with evidence of credit deterioration during the period ended March 31, 2016 are included in the table below. There were no such loans purchased during the year ended December 31, 2015. Commercial and Industrial Loans $ 220 Commercial Real Estate Loans 10,612 Agricultural Loans 896 Home Equity Loans — Consumer Loans 87 Residential Mortgage Loans 2,279 Total $ 14,094 Cash Flows Expected to be Collected at Acquisition $ 11,051 Fair Value of Acquired Loans at Acquisition $ 9,656 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Financial Information | The following segment financial information has been derived from the internal financial statements of the Company which are used by management to monitor and manage financial performance. The accounting policies of the three segments are the same as those of the Company. The evaluation process for segments does not include holding company income and expense. Holding company amounts are the primary differences between segment amounts and consolidated totals, and are reflected in the column labeled “Other” below, along with amounts to eliminate transactions between segments. Core Banking Trust and Investment Advisory Services Insurance Other Consolidated Totals Three Months Ended March 31, 2016 Net Interest Income $ 20,898 $ (1 ) $ 2 $ (115 ) $ 20,784 Net Gains on Sales of Loans 720 — — — 720 Net Gains on Securities — — — — — Trust and Investment Product Fees 1 1,020 — — 1,021 Insurance Revenues 4 8 2,715 — 2,727 Noncash Items: Provision for Loan Losses 850 — — — 850 Depreciation and Amortization 975 1 26 46 1,048 Income Tax Expense (Benefit) 1,681 14 510 (440 ) 1,765 Segment Profit (Loss) 5,081 7 790 (732 ) 5,146 Segment Assets at March 31, 2016 2,856,970 1,554 8,088 115 2,866,727 Core Banking Trust and Investment Advisory Services Insurance Other Consolidated Totals Three Months Ended March 31, 2015 Net Interest Income $ 18,641 $ 4 $ 1 $ (97 ) $ 18,549 Net Gains on Sales of Loans 749 — — — 749 Net Gains on Securities 463 — — — 463 Trust and Investment Product Fees 1 983 — — 984 Insurance Revenues 10 17 2,518 — 2,545 Noncash Items: Provision for Loan Losses 250 — — — 250 Depreciation and Amortization 1,052 5 27 37 1,121 Income Tax Expense (Benefit) 3,063 (1 ) 420 (180 ) 3,302 Segment Profit (Loss) 6,680 (9 ) 629 6 7,306 Segment Assets at December 31, 2015 2,367,296 1,338 7,022 (1,955 ) 2,373,701 |
Equity Plans and Equity Based26
Equity Plans and Equity Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Expense Recorded For Restricted Stock And Cash Entitlements | The following table presents expense recorded for restricted stock and cash entitlements as well as the related tax information for the periods presented: Three Months Ended March 31, 2016 2015 Restricted Stock Expense $ 588 $ 234 Cash Entitlement Expense 142 162 Tax Effect (296 ) (160 ) Net of Tax $ 434 $ 236 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: Fair Value Measurements at March 31, 2016 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: U.S. Treasury and Agency Securities $ — $ 11,009 $ — $ 11,009 Obligations of State and Political Subdivisions — 227,987 8,296 236,283 Mortgage-backed Securities-Residential — 467,966 — 467,966 Equity Securities — — 353 353 Total Securities $ — $ 706,962 $ 8,649 $ 715,611 Loans Held-for-Sale $ — $ 8,700 $ — $ 8,700 Derivative Assets $ — $ 2,739 $ — $ 2,739 Derivative Liabilities $ — $ 2,905 $ — $ 2,905 Fair Value Measurements at December 31, 2015 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: U.S. Treasury and Agency Securities $ — $ 9,898 $ — $ 9,898 Obligations of State and Political Subdivisions — 194,608 9,020 203,628 Mortgage-backed Securities-Residential — 423,961 — 423,961 Equity Securities — — 353 353 Total Securities $ — $ 628,467 $ 9,373 $ 637,840 Loans Held-for-Sale $ — $ 10,762 $ — $ 10,762 Derivative Assets $ — $ 1,201 $ — $ 1,201 Derivative Liabilities $ — $ 1,232 $ — $ 1,232 |
Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3) | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2016 and 2015: Obligations of State and Political Subdivisions Equity Securities 2016 2015 2016 2015 Balance of Recurring Level 3 Assets at January 1 $ 9,020 $ 10,141 $ 353 $ 353 Total Gains or Losses (realized/unrealized) Included in Other Comprehensive Income 121 36 — — Maturities / Calls (845 ) (575 ) — — Purchases — — — — Balance of Recurring Level 3 Assets at March 31 $ 8,296 $ 9,602 $ 353 $ 353 |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at March 31, 2016 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Impaired Loans Commercial and Industrial Loans $ — $ — $ 12 $ 12 Commercial Real Estate Loans — — 1,102 1,102 Other Real Estate Commercial Real Estate — — — — Fair Value Measurements at December 31, 2015 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Impaired Loans Commercial and Industrial Loans $ — $ — $ 15 $ 15 Commercial Real Estate Loans — — 960 960 Other Real Estate Commercial Real Estate — — — — |
Fair Value Assets and Liabilities Measured on Nonrecurring Basis Valuation Techniques | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2016 and December 31, 2015: March 31, 2016 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired Loans - Commercial and Industrial Loans $ 12 Sales comparison approach Adjustment for physical condition of comparable properties sold 100%-82% (82%) Impaired Loans - Commercial Real Estate Loans $ 1,102 Sales comparison approach Adjustment for physical condition of comparable properties sold 86%-30% (73%) December 31, 2015 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired Loans - Commercial and Industrial Loans $ 15 Sales comparison approach Adjustment for physical condition of comparable properties sold 100%-82% (82%) Impaired Loans - Commercial Real Estate Loans $ 960 Sales comparison approach Adjustment for physical condition of comparable properties sold 86%-30% (75%) |
Carrying Amounts and Estimated Fair Values of Company's Financial Instruments | The carrying amounts and estimated fair values of the Company’s financial instruments not previously presented are provided in the tables below for the periods ending March 31, 2016 and December 31, 2015. Not all of the Company’s assets and liabilities are considered financial instruments, and therefore are not included in the table. Because no active market exists for a significant portion of the Company’s financial instruments, fair value estimates were based on subjective judgments, and therefore cannot be determined with precision. Fair Value Measurements at March 31, 2016 Using Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 51,038 $ 34,734 $ 16,304 $ — $ 51,038 Securities Held-to-Maturity N/A N/A N/A N/A N/A Loans, Net 1,898,673 — — 1,905,323 1,905,323 FHLB Stock and Other Restricted Stock 13,048 N/A N/A N/A N/A Accrued Interest Receivable 12,073 — 3,391 8,682 12,073 Financial Liabilities: Demand, Savings, and Money Market Deposits (1,817,656 ) (1,817,656 ) — — (1,817,656 ) Time Deposits (422,958 ) — (422,360 ) — (422,360 ) Short-term Borrowings (148,254 ) — (148,254 ) — (148,254 ) Long-term Debt (130,444 ) — (120,674 ) (10,601 ) (131,275 ) Accrued Interest Payable (836 ) — (828 ) (8 ) (836 ) Fair Value Measurements at December 31, 2015 Using Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 52,009 $ 36,062 $ 15,947 $ — $ 52,009 Securities Held-to-Maturity 95 — 95 — 95 Loans, Net 1,548,934 — — 1,551,497 1,551,497 FHLB Stock and Other Restricted Stock 8,571 N/A N/A N/A N/A Accrued Interest Receivable 8,803 — 2,722 6,081 8,803 Financial Liabilities: Demand, Savings, and Money Market Deposits (1,520,340 ) (1,520,340 ) — — (1,520,340 ) Time Deposits (306,036 ) — (305,965 ) — (305,965 ) Short-term Borrowings (177,717 ) — (177,717 ) — (177,717 ) Long-term Debt (95,606 ) — (90,473 ) (5,538 ) (96,011 ) Accrued Interest Payable (676 ) — (668 ) (8 ) (676 ) |
Other Comprehensive Income (L28
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The tables below summarize the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2016 and 2015, net of tax: March 31, 2016 Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Postretirement Benefit Items Total Beginning Balance at January 1, 2016 $ 3,890 $ — $ (78 ) $ 3,812 Other Comprehensive Income (Loss) Before Reclassification 4,029 — — 4,029 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — — — — Net Current Period Other Comprehensive Income (Loss) 4,029 — — 4,029 Ending Balance at March 31, 2016 $ 7,919 $ — $ (78 ) $ 7,841 March 31, 2015 Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Postretirement Benefit Items Total Beginning Balance at January 1, 2015 $ 2,958 $ — $ (68 ) $ 2,890 Other Comprehensive Income (Loss) Before Reclassification 3,798 — — 3,798 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (301 ) — — (301 ) Net Current Period Other Comprehensive Income (Loss) 3,497 — — 3,497 Ending Balance at March 31, 2015 $ 6,455 $ — $ (68 ) $ 6,387 |
Classifications Out of Accumulated Other Comprehensive Income (Loss) | The table below summarizes the classifications out of accumulated other comprehensive income (loss) by component for the three months ended March 31, 2016: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on Available-for-Sale Securities $ — Net Gain (Loss) on Securities — Income Tax Expense — Net of Tax Total Reclassifications for the Three Months Ended March 31, 2016 $ — The table below summarizes the classifications out of accumulated other comprehensive income (loss) by component for the three months ended March 31, 2015: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on Available-for-Sale Securities $ 463 Net Gain (Loss) on Securities (162 ) Income Tax Expense 301 Net of Tax Total Reclassifications for the Three Months Ended March 31, 2015 $ 301 |
Business Combination (Tables)
Business Combination (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Total Consideration Transferred and Fair Value of Identifiable Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the total consideration transferred as a part of the River Valley acquisition as well as the fair value of identifiable assets acquired and liabilities assumed as of the effective date of the transaction. March 31, 2016 Consideration Cash for Options and Fractional Shares $ 395 Cash Consideration 24,975 Equity Instruments 62,022 Fair Value of Total Consideration Transferred $ 87,392 Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: Cash $ 17,877 Federal Funds Sold and Other Short-term Investments 6,477 Interest-bearing Time Deposits with Banks 992 Securities 132,396 Loans 317,760 Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost 3,127 Premises, Furniture & Equipment 10,219 Other Real Estate 882 Intangible Assets 2,613 Company Owned Life Insurance 12,842 Accrued Interest Receivable and Other Assets 8,958 Deposits - Non Interest Bearing (9,584 ) Deposits - Interest Bearing (395,862 ) FHLB Advances and Other Borrowings (49,910 ) Accrued Interest Payable and Other Liabilities (4,530 ) Total Identifiable Net Assets $ 54,257 Goodwill $ 33,135 |
Pro forma information | The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date. Pro Forma Three Months Ended 3/31/2016 Pro Forma Three Months Ended 3/31/2015 Net Interest Income $ 23,676 $ 23,539 Non-interest Income 7,859 8,267 Total Revenue 31,535 31,806 Provision for Loan Losses Expense 850 250 Non-interest Expense 18,318 18,602 Income Before Income Taxes 12,367 12,954 Income Tax Expense 3,752 3,801 Net Income 8,615 9,153 Earnings Per Share and Diluted Earnings Per Share $ 0.57 $ 0.60 |
Per Share Data (Computations of
Per Share Data (Computations of Basic Earnings Per Share and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic Earnings per Share: | ||
NET INCOME | $ 5,146 | $ 7,306 |
Weighted Average Shares Outstanding | 13,924,856 | 13,221,455 |
Basic Earnings per Share (USD per share) | $ 0.37 | $ 0.55 |
Diluted Earnings per Share: | ||
NET INCOME | $ 5,146 | $ 7,306 |
Weighted Average Shares Outstanding | 13,924,856 | 13,221,455 |
Potentially Dilutive Shares, Net | 4,077 | 16,038 |
Diluted Weighted Average Shares Outstanding | 13,928,933 | 13,237,493 |
Diluted Earnings per Share (USD per share) | $ 0.37 | $ 0.55 |
Per Share Data (Additional Info
Per Share Data (Additional Information) (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 0 | 0 |
Securities (Schedule of Securit
Securities (Schedule of Securities Available-for-Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 703,362 | $ 631,800 |
Gross Unrealized Gains | 13,909 | 10,400 |
Gross Unrealized Losses | (1,660) | (4,360) |
Total Fair Value | 715,611 | 637,840 |
U.S. Treasury and Agency Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 11,001 | 10,000 |
Gross Unrealized Gains | 8 | 0 |
Gross Unrealized Losses | 0 | (102) |
Total Fair Value | 11,009 | 9,898 |
Obligations of State and Political Subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 227,294 | 195,360 |
Gross Unrealized Gains | 9,295 | 8,286 |
Gross Unrealized Losses | (306) | (18) |
Total Fair Value | 236,283 | 203,628 |
Mortgage-backed Securities - Residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 464,714 | 426,087 |
Gross Unrealized Gains | 4,606 | 2,114 |
Gross Unrealized Losses | (1,354) | (4,240) |
Total Fair Value | 467,966 | 423,961 |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 353 | 353 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Total Fair Value | $ 353 | $ 353 |
Securities (Schedule of Secur33
Securities (Schedule of Securities Held-to-Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Total Carrying Amount | $ 0 | $ 95 |
Fair Value | 0 | 95 |
Obligations of State and Political Subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total Carrying Amount | 0 | 95 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 0 | 0 |
Fair Value | $ 0 | $ 95 |
Securities (Schedule of Secur34
Securities (Schedule of Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Securities Available-for-Sale: Amortized cost | ||
Due in one year or less | $ 5,790 | |
Due after one year through five years | 22,502 | |
Due after five years through ten years | 72,541 | |
Due after ten years | 137,462 | |
Total Amortized Cost | 703,362 | $ 631,800 |
Securities Available-for-Sale, Fair Value | ||
Due in one year or less | 5,840 | |
Due after one year through five years | 23,022 | |
Due after five years through ten years | 76,500 | |
Due after ten years | 141,930 | |
Total Fair Value | 715,611 | 637,840 |
Mortgage-backed Securities - Residential | ||
Securities Available-for-Sale: Amortized cost | ||
Amortized cost | 464,714 | |
Total Amortized Cost | 464,714 | 426,087 |
Securities Available-for-Sale, Fair Value | ||
Fair value | 467,966 | |
Total Fair Value | 467,966 | 423,961 |
Equity Securities | ||
Securities Available-for-Sale: Amortized cost | ||
Amortized cost | 353 | |
Total Amortized Cost | 353 | 353 |
Securities Available-for-Sale, Fair Value | ||
Fair value | 353 | |
Total Fair Value | $ 353 | $ 353 |
Securities (Schedule of Proceed
Securities (Schedule of Proceeds from Sales of Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Investments [Line Items] | ||
Proceeds from Sales | $ 62,975 | $ 9,808 |
Gross Gains on Sales | 0 | 463 |
Sale of Securities | ||
Schedule of Investments [Line Items] | ||
Proceeds from Sales | 62,975 | 9,808 |
Gross Gains on Sales | 0 | 463 |
Income Taxes on Gross Gains | $ 0 | $ 162 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of securities pledged to secure repurchase agreements, public and trust deposits and other by law | $ 186,726 | $ 154,628 |
Securities (Schedule of Secur37
Securities (Schedule of Securities with Unrealized Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | $ 90,428 | $ 152,318 |
Less than 12 Months Unrealized Loss | (481) | (1,188) |
12 Months or More Fair Value | 81,354 | 139,294 |
12 Months or More Unrealized Loss | (1,179) | (3,172) |
Total Fair Value | 171,782 | 291,612 |
Total Unrealized Loss | (1,660) | (4,360) |
U.S. Treasury and Agency Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 0 | 0 |
Less than 12 Months Unrealized Loss | 0 | 0 |
12 Months or More Fair Value | 0 | 9,898 |
12 Months or More Unrealized Loss | 0 | (102) |
Total Fair Value | 0 | 9,898 |
Total Unrealized Loss | 0 | (102) |
Obligations of State and Political Subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 33,380 | 1,891 |
Less than 12 Months Unrealized Loss | (299) | (15) |
12 Months or More Fair Value | 417 | 356 |
12 Months or More Unrealized Loss | (7) | (3) |
Total Fair Value | 33,797 | 2,247 |
Total Unrealized Loss | (306) | (18) |
Mortgage-backed Securities - Residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 57,048 | 150,427 |
Less than 12 Months Unrealized Loss | (182) | (1,173) |
12 Months or More Fair Value | 80,937 | 129,040 |
12 Months or More Unrealized Loss | (1,172) | (3,067) |
Total Fair Value | 137,985 | 279,467 |
Total Unrealized Loss | (1,354) | (4,240) |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 0 | 0 |
Less than 12 Months Unrealized Loss | 0 | 0 |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 0 | 0 |
Total Unrealized Loss | $ 0 | $ 0 |
Derivatives (Additional Informa
Derivatives (Additional Information) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 44 | $ 36.8 |
Derivatives (Derivative Instrum
Derivatives (Derivative Instruments And Hedging Activities) (Details) - Interest Rate Swap - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Other Assets, Notional Amount of Interest Rate Swaps | $ 44,048 | $ 36,781 |
Other Assets, Fair Value of Interest Rate Swaps | 2,739 | 1,201 |
Other Liabilities, Notional Amount of Interest Rate Swap | 44,048 | 36,781 |
Other Liabilities, Fair Value of Interest Rate Swap | $ 2,905 | $ 1,232 |
Derivatives (Derivative Instr40
Derivatives (Derivative Instruments Consolidated Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Included in Other Income / (Expense) | $ 54 | $ 58 |
Loans (Components of Loans) (De
Loans (Components of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Subtotal | $ 1,918,638 | $ 1,568,075 | ||
Less: Unearned Income | (3,690) | (3,728) | ||
Allowance for Loan Losses | (15,161) | (14,438) | $ (15,169) | $ (14,929) |
Loans, Net | 1,899,787 | 1,549,909 | ||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial and Industrial Loans and Leases | 448,569 | 418,154 | ||
Commercial Real Estate Loans | 812,565 | 618,788 | ||
Agricultural Loans | 275,938 | 246,886 | ||
Retail | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Home Equity Loans | 119,006 | 97,902 | ||
Consumer Loans | 54,999 | 50,029 | ||
Residential Mortgage Loans | $ 207,561 | $ 136,316 |
Loans (Schedule of Allowance fo
Loans (Schedule of Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 14,438 | $ 14,929 |
Provision for Loan Losses | 850 | 250 |
Recoveries | 56 | 151 |
Loans Charged-off | (183) | (161) |
Ending Balance | 15,161 | 15,169 |
Commercial and Industrial Loans and Leases | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 4,242 | 4,627 |
Provision for Loan Losses | 105 | 101 |
Recoveries | 4 | 41 |
Loans Charged-off | (5) | (22) |
Ending Balance | 4,346 | 4,747 |
Commercial Real Estate Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 6,342 | 7,273 |
Provision for Loan Losses | 120 | (52) |
Recoveries | 1 | 8 |
Loans Charged-off | 0 | 0 |
Ending Balance | 6,463 | 7,229 |
Agricultural Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 2,115 | 1,123 |
Provision for Loan Losses | 414 | 19 |
Recoveries | 0 | 0 |
Loans Charged-off | 0 | 0 |
Ending Balance | 2,529 | 1,142 |
Home Equity Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 383 | 246 |
Provision for Loan Losses | 31 | 72 |
Recoveries | 1 | 0 |
Loans Charged-off | (63) | 0 |
Ending Balance | 352 | 318 |
Consumer Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 230 | 354 |
Provision for Loan Losses | 27 | 35 |
Recoveries | 45 | 100 |
Loans Charged-off | (72) | (100) |
Ending Balance | 230 | 389 |
Residential Mortgage Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 414 | 622 |
Provision for Loan Losses | 155 | 88 |
Recoveries | 5 | 2 |
Loans Charged-off | (43) | (39) |
Ending Balance | 531 | 673 |
Unallocated | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 712 | 684 |
Provision for Loan Losses | (2) | (13) |
Recoveries | 0 | 0 |
Loans Charged-off | 0 | 0 |
Ending Balance | $ 710 | $ 671 |
Loans (Schedule of Allowance 43
Loans (Schedule of Allowance for Loan Losses and Recorded Investment in Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | ||
Allowance for Loan Losses: | ||||||
Individually Evaluated for Impairment | $ 1,168 | $ 1,202 | ||||
Collectively Evaluated for Impairment | 13,993 | 13,236 | ||||
Total Ending Allowance Balance | 15,161 | 14,438 | $ 15,169 | $ 14,929 | ||
Loans: | ||||||
Loans Individually Evaluated for Impairment | 2,942 | 4,435 | ||||
Loans Collectively Evaluated for Impairment | 1,909,011 | 1,562,037 | ||||
Total loans | 1,927,304 | [1],[2] | 1,574,027 | [3],[4] | ||
Accrued interest | 8,666 | 5,952 | ||||
Commercial and Industrial Loans and Leases | ||||||
Allowance for Loan Losses: | ||||||
Individually Evaluated for Impairment | 76 | 106 | ||||
Collectively Evaluated for Impairment | 4,270 | 4,136 | ||||
Total Ending Allowance Balance | 4,346 | 4,242 | 4,747 | 4,627 | ||
Loans: | ||||||
Loans Individually Evaluated for Impairment | 230 | 1,578 | ||||
Loans Collectively Evaluated for Impairment | 448,482 | 416,273 | ||||
Total loans | 449,827 | [1] | 419,176 | [4] | ||
Commercial Real Estate Loans | ||||||
Allowance for Loan Losses: | ||||||
Individually Evaluated for Impairment | 1,092 | 1,096 | ||||
Collectively Evaluated for Impairment | 5,371 | 5,246 | ||||
Total Ending Allowance Balance | 6,463 | 6,342 | 7,229 | 7,273 | ||
Loans: | ||||||
Loans Individually Evaluated for Impairment | 2,593 | 2,845 | ||||
Loans Collectively Evaluated for Impairment | 801,411 | 611,955 | ||||
Total loans | 814,556 | [1] | 620,163 | [4] | ||
Agricultural Loans | ||||||
Allowance for Loan Losses: | ||||||
Individually Evaluated for Impairment | 0 | 0 | ||||
Collectively Evaluated for Impairment | 2,529 | 2,115 | ||||
Total Ending Allowance Balance | 2,529 | 2,115 | 1,142 | 1,123 | ||
Loans: | ||||||
Loans Individually Evaluated for Impairment | 119 | 12 | ||||
Loans Collectively Evaluated for Impairment | 278,961 | 249,687 | ||||
Total loans | 280,166 | [1] | 249,699 | [4] | ||
Home Equity Loans | ||||||
Allowance for Loan Losses: | ||||||
Individually Evaluated for Impairment | 0 | 0 | ||||
Collectively Evaluated for Impairment | 352 | 383 | ||||
Total Ending Allowance Balance | 352 | 383 | 318 | 246 | ||
Loans: | ||||||
Loans Individually Evaluated for Impairment | 0 | 0 | ||||
Loans Collectively Evaluated for Impairment | 119,369 | 98,167 | ||||
Total loans | 119,369 | [1] | 98,167 | [4] | ||
Consumer Loans | ||||||
Allowance for Loan Losses: | ||||||
Individually Evaluated for Impairment | 0 | 0 | ||||
Collectively Evaluated for Impairment | 230 | 230 | ||||
Total Ending Allowance Balance | 230 | 230 | 389 | 354 | ||
Loans: | ||||||
Loans Individually Evaluated for Impairment | 0 | 0 | ||||
Loans Collectively Evaluated for Impairment | 55,122 | 50,169 | ||||
Total loans | 55,174 | [1] | 50,169 | [4] | ||
Residential Mortgage Loans | ||||||
Allowance for Loan Losses: | ||||||
Individually Evaluated for Impairment | 0 | 0 | ||||
Collectively Evaluated for Impairment | 531 | 414 | ||||
Total Ending Allowance Balance | 531 | 414 | 673 | 622 | ||
Loans: | ||||||
Loans Individually Evaluated for Impairment | 0 | 0 | ||||
Loans Collectively Evaluated for Impairment | 205,666 | 135,786 | ||||
Total loans | 208,212 | [1] | 136,653 | [4] | ||
Unallocated | ||||||
Allowance for Loan Losses: | ||||||
Individually Evaluated for Impairment | 0 | 0 | ||||
Collectively Evaluated for Impairment | 710 | 712 | ||||
Total Ending Allowance Balance | 710 | 712 | $ 671 | $ 684 | ||
Receivables Acquired with Deteriorated Credit Quality | ||||||
Allowance for Loan Losses: | ||||||
Acquired with Deteriorated Credit Quality | 0 | 0 | ||||
Loans: | ||||||
Loans Acquired with Deteriorated Credit Quality | 15,351 | 7,555 | ||||
Receivables Acquired with Deteriorated Credit Quality | Commercial and Industrial Loans and Leases | ||||||
Allowance for Loan Losses: | ||||||
Acquired with Deteriorated Credit Quality | 0 | 0 | ||||
Loans: | ||||||
Loans Acquired with Deteriorated Credit Quality | 1,115 | 1,325 | ||||
Receivables Acquired with Deteriorated Credit Quality | Commercial Real Estate Loans | ||||||
Allowance for Loan Losses: | ||||||
Acquired with Deteriorated Credit Quality | 0 | 0 | ||||
Loans: | ||||||
Loans Acquired with Deteriorated Credit Quality | 10,552 | 5,363 | ||||
Receivables Acquired with Deteriorated Credit Quality | Agricultural Loans | ||||||
Allowance for Loan Losses: | ||||||
Acquired with Deteriorated Credit Quality | 0 | 0 | ||||
Loans: | ||||||
Loans Acquired with Deteriorated Credit Quality | 1,086 | 0 | ||||
Receivables Acquired with Deteriorated Credit Quality | Home Equity Loans | ||||||
Allowance for Loan Losses: | ||||||
Acquired with Deteriorated Credit Quality | 0 | 0 | ||||
Loans: | ||||||
Loans Acquired with Deteriorated Credit Quality | 0 | 0 | ||||
Receivables Acquired with Deteriorated Credit Quality | Consumer Loans | ||||||
Allowance for Loan Losses: | ||||||
Acquired with Deteriorated Credit Quality | 0 | 0 | ||||
Loans: | ||||||
Loans Acquired with Deteriorated Credit Quality | 52 | 0 | ||||
Receivables Acquired with Deteriorated Credit Quality | Residential Mortgage Loans | ||||||
Allowance for Loan Losses: | ||||||
Acquired with Deteriorated Credit Quality | 0 | 0 | ||||
Loans: | ||||||
Loans Acquired with Deteriorated Credit Quality | 2,546 | 867 | ||||
Receivables Acquired with Deteriorated Credit Quality | Unallocated | ||||||
Allowance for Loan Losses: | ||||||
Acquired with Deteriorated Credit Quality | $ 0 | $ 0 | ||||
[1] | Total recorded investment in loans includes $8,666 in accrued interest. | |||||
[2] | Total recorded investment in loans includes $8,666 in accrued interest. | |||||
[3] | Total recorded investment in loans includes $5,952 in accrued interest. | |||||
[4] | Total recorded investment in loans includes $5,952 in accrued interest. |
Loans (Schedule for Loans Indiv
Loans (Schedule for Loans Individually Evaluated for Impairment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
With No Related Allowance Recorded: | ||||
Unpaid Principal Balance | [1] | $ 5,785 | $ 1,465 | |
Recorded Investment | 3,763 | 941 | ||
Average Recorded Investment | 5,059 | $ 1,808 | ||
Interest Income Recognized | 42 | 14 | ||
Cash Basis Recognized | 15 | 14 | ||
With An Allowance Recorded: | ||||
Unpaid Principal Balance | [1] | 2,433 | 3,610 | |
Recorded Investment | 2,306 | 3,494 | ||
Allowance for Loan Losses Allocated | 1,168 | 1,202 | ||
Average Recorded Investment | 2,346 | 4,967 | ||
Interest Income Recognized | 1 | 27 | ||
Cash Basis Recognized | 0 | 27 | ||
Unpaid Principal Balance | [1] | 8,218 | 5,075 | |
Recorded Investment | 6,069 | 4,435 | ||
Average Recorded Investment | 7,405 | 6,775 | ||
Interest Income Recognized | 43 | 41 | ||
Cash Basis Recognized | 15 | 41 | ||
Commercial and Industrial Loans and Leases | ||||
With No Related Allowance Recorded: | ||||
Unpaid Principal Balance | [1] | 327 | 161 | |
Recorded Investment | 196 | 161 | ||
Average Recorded Investment | 865 | 324 | ||
Interest Income Recognized | 23 | 3 | ||
Cash Basis Recognized | 11 | 3 | ||
With An Allowance Recorded: | ||||
Unpaid Principal Balance | [1] | 88 | 1,403 | |
Recorded Investment | 88 | 1,417 | ||
Allowance for Loan Losses Allocated | 76 | 106 | ||
Average Recorded Investment | 128 | 1,934 | ||
Interest Income Recognized | 0 | 23 | ||
Cash Basis Recognized | 0 | 25 | ||
Commercial Real Estate Loans | ||||
With No Related Allowance Recorded: | ||||
Unpaid Principal Balance | [1] | 4,486 | 1,292 | |
Recorded Investment | 2,564 | 768 | ||
Average Recorded Investment | 3,190 | 1,484 | ||
Interest Income Recognized | 18 | 11 | ||
Cash Basis Recognized | 3 | 11 | ||
With An Allowance Recorded: | ||||
Unpaid Principal Balance | [1] | 2,345 | 2,207 | |
Recorded Investment | 2,218 | 2,077 | ||
Allowance for Loan Losses Allocated | 1,092 | 1,096 | ||
Average Recorded Investment | 2,218 | 3,033 | ||
Interest Income Recognized | 1 | 4 | ||
Cash Basis Recognized | 0 | 2 | ||
Agricultural Loans | ||||
With No Related Allowance Recorded: | ||||
Unpaid Principal Balance | [1] | 972 | 12 | |
Recorded Investment | 1,003 | 12 | ||
Average Recorded Investment | 1,004 | 0 | ||
Interest Income Recognized | 1 | 0 | ||
Cash Basis Recognized | 1 | 0 | ||
With An Allowance Recorded: | ||||
Unpaid Principal Balance | [1] | 0 | 0 | |
Recorded Investment | 0 | 0 | ||
Allowance for Loan Losses Allocated | 0 | 0 | ||
Average Recorded Investment | 0 | 0 | ||
Interest Income Recognized | 0 | 0 | ||
Cash Basis Recognized | 0 | 0 | ||
Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) | ||||
With No Related Allowance Recorded: | ||||
Unpaid Principal Balance | [1] | 4,967 | 528 | |
Recorded Investment | 3,127 | 0 | ||
Average Recorded Investment | 3,199 | 204 | ||
Interest Income Recognized | 8 | 0 | ||
Cash Basis Recognized | 1 | 0 | ||
Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) | ||||
With An Allowance Recorded: | ||||
Unpaid Principal Balance | [1] | 0 | 0 | |
Recorded Investment | 0 | 0 | ||
Allowance for Loan Losses Allocated | 0 | $ 0 | ||
Average Recorded Investment | 0 | 298 | ||
Interest Income Recognized | 0 | 0 | ||
Cash Basis Recognized | $ 0 | $ 0 | ||
[1] | Unpaid Principal Balance is the remaining contractual payments gross of partial charge-offs. |
Loans (Schedule of Recorded Inv
Loans (Schedule of Recorded Investment in Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | $ 6,592 | $ 3,143 |
Loans Past Due 90 Days or More & Still Accruing | 168 | 146 |
Commercial and Industrial Loans and Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 189 | 134 |
Loans Past Due 90 Days or More & Still Accruing | 0 | 98 |
Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 3,369 | 2,047 |
Loans Past Due 90 Days or More & Still Accruing | 58 | 48 |
Agricultural Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 808 | 0 |
Loans Past Due 90 Days or More & Still Accruing | 0 | 0 |
Home Equity Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 135 | 204 |
Loans Past Due 90 Days or More & Still Accruing | 19 | 0 |
Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 173 | 90 |
Loans Past Due 90 Days or More & Still Accruing | 0 | 0 |
Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 1,918 | 668 |
Loans Past Due 90 Days or More & Still Accruing | 91 | 0 |
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 2,132 | 68 |
Loans Past Due 90 Days or More & Still Accruing | $ 0 | $ 0 |
Loans (Schedule of Aging of Rec
Loans (Schedule of Aging of Recorded Investment in Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | $ 1,927,304 | [1],[2] | $ 1,574,027 | [3],[4] |
Loans Past Due | 14,022 | [2] | 4,831 | [3] |
Loans Not Past Due | 1,913,282 | [2] | 1,569,196 | [3] |
Accrued interest | 8,666 | 5,952 | ||
Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 449,827 | [1] | 419,176 | [4] |
Loans Past Due | 660 | 323 | ||
Loans Not Past Due | 449,167 | 418,853 | ||
Commercial Real Estate Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 814,556 | [1] | 620,163 | [4] |
Loans Past Due | 3,879 | 403 | ||
Loans Not Past Due | 810,677 | 619,760 | ||
Agricultural Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 280,166 | [1] | 249,699 | [4] |
Loans Past Due | 2,454 | 0 | ||
Loans Not Past Due | 277,712 | 249,699 | ||
Home Equity Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 119,369 | [1] | 98,167 | [4] |
Loans Past Due | 548 | 437 | ||
Loans Not Past Due | 118,821 | 97,730 | ||
Consumer Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 55,174 | [1] | 50,169 | [4] |
Loans Past Due | 524 | 231 | ||
Loans Not Past Due | 54,650 | 49,938 | ||
Residential Mortgage Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 208,212 | [1] | 136,653 | [4] |
Loans Past Due | 5,957 | 3,437 | ||
Loans Not Past Due | 202,255 | 133,216 | ||
30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 8,284 | [2] | 3,159 | [3] |
30-59 Days Past Due | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 555 | 82 | ||
30-59 Days Past Due | Commercial Real Estate Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 1,758 | 136 | ||
30-59 Days Past Due | Agricultural Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 1,227 | 0 | ||
30-59 Days Past Due | Home Equity Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 335 | 225 | ||
30-59 Days Past Due | Consumer Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 150 | 101 | ||
30-59 Days Past Due | Residential Mortgage Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 4,259 | 2,615 | ||
60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 2,042 | [2] | 482 | [3] |
60-89 Days Past Due | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 80 | 117 | ||
60-89 Days Past Due | Commercial Real Estate Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 664 | 163 | ||
60-89 Days Past Due | Agricultural Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 387 | 0 | ||
60-89 Days Past Due | Home Equity Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 79 | 8 | ||
60-89 Days Past Due | Consumer Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 196 | 40 | ||
60-89 Days Past Due | Residential Mortgage Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 636 | 154 | ||
90 Days or More Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 3,696 | [2] | 1,190 | [3] |
90 Days or More Past Due | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 25 | 124 | ||
90 Days or More Past Due | Commercial Real Estate Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 1,457 | 104 | ||
90 Days or More Past Due | Agricultural Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 840 | 0 | ||
90 Days or More Past Due | Home Equity Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 134 | 204 | ||
90 Days or More Past Due | Consumer Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 178 | 90 | ||
90 Days or More Past Due | Residential Mortgage Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 1,062 | 668 | ||
Receivables Acquired with Deteriorated Credit Quality | Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 15,351 | 7,555 | ||
Loans Past Due | 2,419 | 0 | ||
Loans Not Past Due | 12,932 | 7,555 | ||
Receivables Acquired with Deteriorated Credit Quality | 30-59 Days Past Due | Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 392 | 0 | ||
Receivables Acquired with Deteriorated Credit Quality | 60-89 Days Past Due | Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 568 | 0 | ||
Receivables Acquired with Deteriorated Credit Quality | 90 Days or More Past Due | Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 1,459 | $ 0 | ||
River Valley Bancorp | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 318,882 | |||
Loans Past Due | 8,836 | |||
Loans Not Past Due | 310,046 | |||
River Valley Bancorp | 30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 4,789 | |||
River Valley Bancorp | 60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | 1,195 | |||
River Valley Bancorp | 90 Days or More Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Past Due | $ 2,852 | |||
[1] | Total recorded investment in loans includes $8,666 in accrued interest. | |||
[2] | Total recorded investment in loans includes $8,666 in accrued interest. | |||
[3] | Total recorded investment in loans includes $5,952 in accrued interest. | |||
[4] | Total recorded investment in loans includes $5,952 in accrued interest. |
Loans (Schedule of Recorded I47
Loans (Schedule of Recorded Investment of Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Modifications [Line Items] | |||
Total | $ 1,779 | $ 3,901 | |
Commercial and Industrial Loans and Leases | |||
Financing Receivable, Modifications [Line Items] | |||
Total | 98 | 1,446 | |
Commercial Real Estate Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Total | 1,681 | 2,455 | |
Performing | |||
Financing Receivable, Modifications [Line Items] | |||
Total | 145 | 2,240 | |
Performing | Commercial and Industrial Loans and Leases | |||
Financing Receivable, Modifications [Line Items] | |||
Total | 98 | 1,445 | |
Performing | Commercial Real Estate Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Total | 47 | 795 | |
Non-Accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Total | [1] | 1,634 | 1,661 |
Non-Accrual | Commercial and Industrial Loans and Leases | |||
Financing Receivable, Modifications [Line Items] | |||
Total | [1] | 0 | 1 |
Non-Accrual | Commercial Real Estate Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Total | [1] | $ 1,634 | $ 1,660 |
[1] | The non-accrual troubled debt restructurings are included in the Non-Accrual Loan table presented on a previous page. |
Loans (Schedule of Loans Modifi
Loans (Schedule of Loans Modified as Troubled Debt Restructuring) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Commercial and Industrial Loans and Leases | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Commercial Real Estate Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Loans (Schedule of Troubled Deb
Loans (Schedule of Troubled Debt Restructuring, Subsequently Defaulted) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 95 |
Commercial and Industrial Loans and Leases | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Commercial Real Estate Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 95 |
Loans (Schedule of Risk Categor
Loans (Schedule of Risk Category of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | ||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | $ 1,927,304 | [1],[2] | $ 1,574,027 | [3],[4] |
Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 449,827 | [1] | 419,176 | [4] |
Commercial Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 814,556 | [1] | 620,163 | [4] |
Agricultural Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 280,166 | [1] | 249,699 | [4] |
Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 1,449,266 | 1,222,245 | ||
Pass | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 425,412 | 393,270 | ||
Pass | Commercial Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 763,617 | 586,247 | ||
Pass | Agricultural Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 260,237 | 242,728 | ||
Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 67,037 | 44,193 | ||
Special Mention | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 13,772 | 13,675 | ||
Special Mention | Commercial Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 36,345 | 25,341 | ||
Special Mention | Agricultural Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 16,920 | 5,177 | ||
Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 28,246 | 22,600 | ||
Substandard | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 10,643 | 12,231 | ||
Substandard | Commercial Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 14,594 | 8,575 | ||
Substandard | Agricultural Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 3,009 | 1,794 | ||
Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Doubtful | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Doubtful | Commercial Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Doubtful | Agricultural Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Total | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 1,544,549 | 1,289,038 | ||
Total | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 449,827 | 419,176 | ||
Total | Commercial Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 814,556 | 620,163 | ||
Total | Agricultural Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 280,166 | 249,699 | ||
Receivables Acquired with Deteriorated Credit Quality | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 15,351 | 7,555 | ||
Receivables Acquired with Deteriorated Credit Quality | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 1,115 | 1,325 | ||
Receivables Acquired with Deteriorated Credit Quality | Commercial Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 10,552 | 5,363 | ||
Receivables Acquired with Deteriorated Credit Quality | Agricultural Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 1,086 | 0 | ||
Receivables Acquired with Deteriorated Credit Quality | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 1,265 | 1,572 | ||
Receivables Acquired with Deteriorated Credit Quality | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 3,347 | 3,319 | ||
Receivables Acquired with Deteriorated Credit Quality | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 8,141 | 1,797 | ||
Receivables Acquired with Deteriorated Credit Quality | Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 0 | 0 | ||
Receivables Acquired with Deteriorated Credit Quality | Total | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 12,753 | $ 6,688 | ||
River Valley Bancorp | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans and leases | 318,882 | |||
River Valley Bancorp | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 201,554 | |||
River Valley Bancorp | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 17,759 | |||
River Valley Bancorp | Substandard | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 7,289 | |||
River Valley Bancorp | Doubtful | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 0 | |||
River Valley Bancorp | Total | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | $ 226,602 | |||
[1] | Total recorded investment in loans includes $8,666 in accrued interest. | |||
[2] | Total recorded investment in loans includes $8,666 in accrued interest. | |||
[3] | Total recorded investment in loans includes $5,952 in accrued interest. | |||
[4] | Total recorded investment in loans includes $5,952 in accrued interest. |
Loans (Schedule of Recorded I51
Loans (Schedule of Recorded Investment in Home Equity, Consumer and Residential Mortgage Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | ||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | $ 1,927,304 | [1],[2] | $ 1,574,027 | [3],[4] |
Home Equity Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 119,369 | [1] | 98,167 | [4] |
Consumer Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 55,174 | [1] | 50,169 | [4] |
Residential Mortgage Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 208,212 | [1] | 136,653 | [4] |
Performing | Home Equity Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 119,234 | 97,963 | ||
Performing | Consumer Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 55,001 | 50,079 | ||
Performing | Residential Mortgage Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 206,294 | 135,985 | ||
Nonperforming | Home Equity Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 135 | 204 | ||
Nonperforming | Consumer Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 173 | 90 | ||
Nonperforming | Residential Mortgage Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total loans | 1,918 | 668 | ||
Receivables Acquired with Deteriorated Credit Quality | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 15,351 | 7,555 | ||
Receivables Acquired with Deteriorated Credit Quality | Home Equity Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 0 | 0 | ||
Receivables Acquired with Deteriorated Credit Quality | Consumer Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | 52 | 0 | ||
Receivables Acquired with Deteriorated Credit Quality | Residential Mortgage Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) | $ 2,546 | $ 867 | ||
[1] | Total recorded investment in loans includes $8,666 in accrued interest. | |||
[2] | Total recorded investment in loans includes $8,666 in accrued interest. | |||
[3] | Total recorded investment in loans includes $5,952 in accrued interest. | |||
[4] | Total recorded investment in loans includes $5,952 in accrued interest. |
Loans (Schedule of Carrying Amo
Loans (Schedule of Carrying Amount of Loans with Deterioration of Credit Quality) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount, Net of Allowance | $ 15,351 | $ 7,555 |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Acquired with Deteriorated Credit Quality | 15,351 | 7,555 |
Receivables Acquired with Deteriorated Credit Quality | Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Acquired with Deteriorated Credit Quality | 1,115 | 1,325 |
Receivables Acquired with Deteriorated Credit Quality | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Acquired with Deteriorated Credit Quality | 10,552 | 5,363 |
Receivables Acquired with Deteriorated Credit Quality | Agricultural Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Acquired with Deteriorated Credit Quality | 1,086 | 0 |
Receivables Acquired with Deteriorated Credit Quality | Home Equity Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Acquired with Deteriorated Credit Quality | 0 | 0 |
Receivables Acquired with Deteriorated Credit Quality | Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Acquired with Deteriorated Credit Quality | 52 | 0 |
Receivables Acquired with Deteriorated Credit Quality | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Acquired with Deteriorated Credit Quality | $ 2,546 | $ 867 |
Loans (Schedule of Accretable Y
Loans (Schedule of Accretable Yield, or Income Expected to be Collected) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning Balance | $ 1,279 | $ 1,685 |
New Loans Purchased | 1,395 | 0 |
Accretion of Income | (61) | (59) |
Reclassifications from Non-accretable Difference | 0 | 0 |
Charge-off of Accretable Yield | 0 | 0 |
Ending Balance | $ 2,613 | $ 1,626 |
Loans (Schedule of Contractuall
Loans (Schedule of Contractually Required Payments Receivable of Purchased Loans with Deterioration of Credit Quality) (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Financing Receivable, Recorded Investment [Line Items] | |
Contractually required payments | $ 14,094 |
Cash Flows Expected to be Collected at Acquisition | 11,051 |
Fair Value of Acquired Loans at Acquisition | 9,656 |
Commercial and Industrial Loans and Leases | |
Financing Receivable, Recorded Investment [Line Items] | |
Contractually required payments | 220 |
Commercial Real Estate Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Contractually required payments | 10,612 |
Agricultural Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Contractually required payments | 896 |
Home Equity Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Contractually required payments | 0 |
Consumer Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Contractually required payments | 87 |
Residential Mortgage Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Contractually required payments | $ 2,279 |
Loans (Additional Information)
Loans (Additional Information) (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans acquired, net of purchase discount | $ 1,899,787,000 | $ 1,549,909,000 | |
Number of loans modified as troubled debt restructurings | loan | 0 | 0 | |
Increase (decrease) in allowance for loan losses | $ 0 | $ 0 | |
Charge-offs due to troubled debt restructurings | 0 | 0 | |
Additional lending amount to customers whose loan terms has been modified in troubled debt restructuring | 0 | 0 | |
Carrying amount of consumer mortgage loans secured by residential real estate properties | 154,000 | $ 169,000 | |
Troubled Debt Restructuring that Subsequently Defaulted | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Charge-offs due to troubled debt restructurings | 0 | 0 | |
Increase (decrease) in allowance for loan losses | 0 | $ 0 | |
Loans Purchased | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan losses reversed | 0 | ||
River Valley Bancorp | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans acquired, net of purchase discount | 316,564,000 | ||
Purchase discount on loans acquired | $ 10,572,000 |
Repurchase Agreements Account56
Repurchase Agreements Accounted for as Secured Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
FHLB Advances and Other Borrowings | Collateralized Mortgage Backed Securities | Maturity Overnight | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total repurchased agreement | $ 19,330 | $ 18,417 |
Segment Information (Additional
Segment Information (Additional Information) (Details) | 3 Months Ended |
Mar. 31, 2016segmentoffice | |
Segment Reporting [Abstract] | |
Number of operating segments | segment | 3 |
Number of offices | office | 52 |
Segment Information (Segment Fi
Segment Information (Segment Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net Interest Income | $ 20,784 | $ 18,549 | |
Net Gains on Sales of Loans | 720 | 749 | |
Net Gains on Securities | 0 | 463 | |
Trust and Investment Product Fees | 1,021 | 984 | |
Insurance Revenues | 2,727 | 2,545 | |
Noncash Items: | |||
Provision for Loan Losses | 850 | 250 | |
Depreciation and Amortization | 1,048 | 1,121 | |
Income Tax Expense (Benefit) | 1,765 | 3,302 | |
Segment Profit (Loss) | 5,146 | 7,306 | |
Segment Assets | 2,866,727 | $ 2,373,701 | |
Core Banking | |||
Segment Reporting Information [Line Items] | |||
Net Interest Income | 20,898 | 18,641 | |
Net Gains on Sales of Loans | 720 | 749 | |
Net Gains on Securities | 0 | 463 | |
Trust and Investment Product Fees | 1 | 1 | |
Insurance Revenues | 4 | 10 | |
Noncash Items: | |||
Provision for Loan Losses | 850 | 250 | |
Depreciation and Amortization | 975 | 1,052 | |
Income Tax Expense (Benefit) | 1,681 | 3,063 | |
Segment Profit (Loss) | 5,081 | 6,680 | |
Segment Assets | 2,856,970 | 2,367,296 | |
Trust and Investment Advisory Services | |||
Segment Reporting Information [Line Items] | |||
Net Interest Income | (1) | 4 | |
Net Gains on Sales of Loans | 0 | 0 | |
Net Gains on Securities | 0 | 0 | |
Trust and Investment Product Fees | 1,020 | 983 | |
Insurance Revenues | 8 | 17 | |
Noncash Items: | |||
Provision for Loan Losses | 0 | 0 | |
Depreciation and Amortization | 1 | 5 | |
Income Tax Expense (Benefit) | 14 | (1) | |
Segment Profit (Loss) | 7 | (9) | |
Segment Assets | 1,554 | 1,338 | |
Insurance | |||
Segment Reporting Information [Line Items] | |||
Net Interest Income | 2 | 1 | |
Net Gains on Sales of Loans | 0 | 0 | |
Net Gains on Securities | 0 | 0 | |
Trust and Investment Product Fees | 0 | 0 | |
Insurance Revenues | 2,715 | 2,518 | |
Noncash Items: | |||
Provision for Loan Losses | 0 | 0 | |
Depreciation and Amortization | 26 | 27 | |
Income Tax Expense (Benefit) | 510 | 420 | |
Segment Profit (Loss) | 790 | 629 | |
Segment Assets | 8,088 | 7,022 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Net Interest Income | (115) | (97) | |
Net Gains on Sales of Loans | 0 | 0 | |
Net Gains on Securities | 0 | 0 | |
Trust and Investment Product Fees | 0 | 0 | |
Insurance Revenues | 0 | 0 | |
Noncash Items: | |||
Provision for Loan Losses | 0 | 0 | |
Depreciation and Amortization | 46 | 37 | |
Income Tax Expense (Benefit) | (440) | (180) | |
Segment Profit (Loss) | (732) | $ 6 | |
Segment Assets | $ 115 | $ (1,955) |
Stock Repurchase Plan (Addition
Stock Repurchase Plan (Additional Information) (Details) - shares | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Apr. 26, 2001 | |
Stockholders' Equity Note [Abstract] | |||
Common stock, authorized shares repurchase (up to) | 607,754 | ||
Common stock, total shares repurchased | 334,965 | ||
Common stock, shares purchased | 0 | 0 |
Equity Plans and Equity Based60
Equity Plans and Equity Based Compensation (Additional Information) (Details) | 3 Months Ended | |
Mar. 31, 2016USD ($)Planinstallmentshares | Mar. 31, 2015USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, number of plans | Plan | 3 | |
Number of shares available for grant | shares | 314,393 | |
Stock compensation expense | $ 142,000 | $ 162,000 |
Stock granted during period percentage | 60.00% | |
Stock cash credit entitlement percentage | 40.00% | |
Number of equal installments | installment | 3 | |
Vested in period percentage | 33.30% | |
Stock issued during period | shares | 32,250 | 32,610 |
Unrecognized stock expenses in restricted stock | $ 1,785,000 | $ 2,615,000 |
Discount from market price, offering date | 95.00% | |
Director | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested in period percentage | 100.00% | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options granted | shares | 0 | 0 |
Stock compensation expense | $ 0 | $ 0 |
Unrecognized option expense | $ 0 | 0 |
Employee Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for grant | shares | 500,000 | |
Stock compensation expense | $ 0 | 0 |
Unrecognized option expense | $ 0 | $ 0 |
Equity Plans and Equity Based61
Equity Plans and Equity Based Compensation (Expense Recorded For Restricted Stock And Cash Entitlements) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Restricted Stock Expense | $ 588 | $ 234 |
Cash Entitlement Expense | 142 | 162 |
Tax Effect | (296) | (160) |
Net of Tax | $ 434 | $ 236 |
Fair Value (Additional Informat
Fair Value (Additional Information) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loan held for sale, at fair value | $ 8,700,000 | $ 10,762,000 | ||
Contractual principal balance of Loan held for sale | 8,498,000 | 10,559,000 | ||
Difference in amount of loan held for sale | 202,000 | 203,000 | ||
Impaired loans, carrying amount | [1] | 2,433,000 | 3,610,000 | |
Valuation allowance for loans losses | 1,168,000 | 1,202,000 | ||
Cost of real estate sales | 0 | $ 0 | 0 | |
Other real estate, carrying value | 0 | 0 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities | 715,611,000 | 637,840,000 | ||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities | 8,649,000 | 9,373,000 | ||
Obligations of State and Political Subdivisions | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total gains/loss included in earnings attributable to other changes in fair value | 121,000 | 36,000 | ||
Obligations of State and Political Subdivisions | Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities | 236,283,000 | 203,628,000 | ||
Total gains/loss included in earnings attributable to other changes in fair value | 121,000 | 36,000 | ||
Obligations of State and Political Subdivisions | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities | 8,296,000 | 9,020,000 | ||
Equity Securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total gains/loss included in earnings attributable to interest income | 0 | 0 | ||
Equity Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities | 353,000 | 353,000 | ||
Total gains/loss included in earnings attributable to other changes in fair value | 0 | 0 | ||
Equity Securities | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities | 353,000 | 353,000 | ||
Commercial Real Estate | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Impaired loans, carrying amount | 2,282,000 | 2,148,000 | ||
Valuation allowance for loans losses | 1,168,000 | 1,173,000 | ||
Provision for loan losses | $ (5,000) | $ 37,000 | $ (286,000) | |
[1] | Unpaid Principal Balance is the remaining contractual payments gross of partial charge-offs. |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Securities | $ 715,611 | $ 637,840 |
Loans Held-for-Sale | 8,700 | 10,762 |
Derivative Assets | 2,739 | 1,201 |
Derivative Liabilities | 2,905 | 1,232 |
U.S. Treasury and Agency Securities | ||
Assets: | ||
Securities | 11,009 | 9,898 |
Obligations of State and Political Subdivisions | ||
Assets: | ||
Securities | 236,283 | 203,628 |
Mortgage-backed Securities - Residential | ||
Assets: | ||
Securities | 467,966 | 423,961 |
Equity Securities | ||
Assets: | ||
Securities | 353 | 353 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Securities | 0 | 0 |
Loans Held-for-Sale | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury and Agency Securities | ||
Assets: | ||
Securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of State and Political Subdivisions | ||
Assets: | ||
Securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed Securities - Residential | ||
Assets: | ||
Securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities | ||
Assets: | ||
Securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Securities | 706,962 | 628,467 |
Loans Held-for-Sale | 8,700 | 10,762 |
Derivative Assets | 2,739 | 1,201 |
Derivative Liabilities | 2,905 | 1,232 |
Significant Other Observable Inputs (Level 2) | U.S. Treasury and Agency Securities | ||
Assets: | ||
Securities | 11,009 | 9,898 |
Significant Other Observable Inputs (Level 2) | Obligations of State and Political Subdivisions | ||
Assets: | ||
Securities | 227,987 | 194,608 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed Securities - Residential | ||
Assets: | ||
Securities | 467,966 | 423,961 |
Significant Other Observable Inputs (Level 2) | Equity Securities | ||
Assets: | ||
Securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Securities | 8,649 | 9,373 |
Loans Held-for-Sale | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. Treasury and Agency Securities | ||
Assets: | ||
Securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Obligations of State and Political Subdivisions | ||
Assets: | ||
Securities | 8,296 | 9,020 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed Securities - Residential | ||
Assets: | ||
Securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Equity Securities | ||
Assets: | ||
Securities | $ 353 | $ 353 |
Fair Value (Reconciliation of a
Fair Value (Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Obligations of State and Political Subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total Gains or Losses (realized/unrealized) Included in Other Comprehensive Income | $ 121 | $ 36 |
Fair Value, Measurements, Recurring | Obligations of State and Political Subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance of Recurring Level 3 Assets | 9,020 | 10,141 |
Total Gains or Losses (realized/unrealized) Included in Other Comprehensive Income | 121 | 36 |
Maturities / Calls | (845) | (575) |
Purchases | 0 | 0 |
Ending Balance of Recurring Level 3 Assets | 8,296 | 9,602 |
Fair Value, Measurements, Recurring | Equity Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance of Recurring Level 3 Assets | 353 | 353 |
Total Gains or Losses (realized/unrealized) Included in Other Comprehensive Income | 0 | 0 |
Maturities / Calls | 0 | 0 |
Purchases | 0 | 0 |
Ending Balance of Recurring Level 3 Assets | $ 353 | $ 353 |
Fair Value (Assets and Liabil65
Fair Value (Assets and Liabilities Measured at Fair Value on Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Impaired Loans | Commercial and Industrial Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | $ 12 | $ 15 |
Impaired Loans | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 1,102 | 960 |
Other Real Estate | Commercial Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired Loans | Commercial and Industrial Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired Loans | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Real Estate | Commercial Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired Loans | Commercial and Industrial Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired Loans | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other Real Estate | Commercial Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Impaired Loans | Commercial and Industrial Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 12 | 15 |
Significant Unobservable Inputs (Level 3) | Impaired Loans | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 1,102 | 960 |
Significant Unobservable Inputs (Level 3) | Other Real Estate | Commercial Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | $ 0 | $ 0 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information of Fair Value Measurements) (Details) - Impaired Loans - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Commercial and Industrial Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 12 | $ 15 |
Commercial and Industrial Loans | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 82.00% | 82.00% |
Commercial and Industrial Loans | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 100.00% | 100.00% |
Commercial and Industrial Loans | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 82.00% | 82.00% |
Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 1,102 | $ 960 |
Commercial Real Estate Loans | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 30.00% | 30.00% |
Commercial Real Estate Loans | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 86.00% | 86.00% |
Commercial Real Estate Loans | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 73.00% | 75.00% |
Fair Value (Carrying Amounts an
Fair Value (Carrying Amounts and Estimated Fair Values of Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial Assets: | ||
Securities Held-to-Maturity | $ 0 | $ 95 |
Loans, Net | 1,899,787 | 1,549,909 |
FHLB Stock and Other Restricted Stock | 13,048 | 8,571 |
Financial Liabilities: | ||
Time Deposits | (422,958) | (306,036) |
Level 1 | ||
Financial Assets: | ||
Cash and Short-term Investments | 34,734 | 36,062 |
Securities Held-to-Maturity | 0 | |
Loans, Net | 0 | 0 |
Accrued Interest Receivable | 0 | 0 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (1,817,656) | (1,520,340) |
Time Deposits | 0 | 0 |
Short-term Borrowings | 0 | 0 |
Long-term Debt | 0 | 0 |
Accrued Interest Payable | 0 | 0 |
Level 2 | ||
Financial Assets: | ||
Cash and Short-term Investments | 16,304 | 15,947 |
Securities Held-to-Maturity | 95 | |
Loans, Net | 0 | 0 |
Accrued Interest Receivable | 3,391 | 2,722 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | 0 | 0 |
Time Deposits | (422,360) | (305,965) |
Short-term Borrowings | (148,254) | (177,717) |
Long-term Debt | (120,674) | (90,473) |
Accrued Interest Payable | (828) | (668) |
Level 3 | ||
Financial Assets: | ||
Cash and Short-term Investments | 0 | 0 |
Securities Held-to-Maturity | 0 | |
Loans, Net | 1,905,323 | 1,551,497 |
Accrued Interest Receivable | 8,682 | 6,081 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | 0 | 0 |
Time Deposits | 0 | 0 |
Short-term Borrowings | 0 | 0 |
Long-term Debt | (10,601) | (5,538) |
Accrued Interest Payable | (8) | (8) |
Carrying Value | ||
Financial Assets: | ||
Cash and Short-term Investments | 51,038 | 52,009 |
Securities Held-to-Maturity | 95 | |
Loans, Net | 1,898,673 | 1,548,934 |
FHLB Stock and Other Restricted Stock | 13,048 | 8,571 |
Accrued Interest Receivable | 12,073 | 8,803 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (1,817,656) | (1,520,340) |
Time Deposits | (422,958) | (306,036) |
Short-term Borrowings | (148,254) | (177,717) |
Long-term Debt | (130,444) | (95,606) |
Accrued Interest Payable | (836) | (676) |
Total | ||
Financial Assets: | ||
Cash and Short-term Investments | 51,038 | 52,009 |
Securities Held-to-Maturity | 95 | |
Loans, Net | 1,905,323 | 1,551,497 |
Accrued Interest Receivable | 12,073 | 8,803 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (1,817,656) | (1,520,340) |
Time Deposits | (422,360) | (305,965) |
Short-term Borrowings | (148,254) | (177,717) |
Long-term Debt | (131,275) | (96,011) |
Accrued Interest Payable | $ (836) | $ (676) |
Other Comprehensive Income (L68
Other Comprehensive Income (Loss) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Beginning Balance | $ 3,812 | $ 2,890 |
Other Comprehensive Income (Loss) Before Reclassification | 4,029 | 3,798 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | (301) |
Total Other Comprehensive Income (Loss) | 4,029 | 3,497 |
Accumulated other comprehensive income, Ending Balance | 7,841 | 6,387 |
Unrealized Gains and Losses on Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Beginning Balance | 3,890 | 2,958 |
Other Comprehensive Income (Loss) Before Reclassification | 4,029 | 3,798 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | (301) |
Total Other Comprehensive Income (Loss) | 4,029 | 3,497 |
Accumulated other comprehensive income, Ending Balance | 7,919 | 6,455 |
Defined Benefit Pension Items | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Beginning Balance | 0 | 0 |
Other Comprehensive Income (Loss) Before Reclassification | 0 | 0 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 |
Total Other Comprehensive Income (Loss) | 0 | 0 |
Accumulated other comprehensive income, Ending Balance | 0 | 0 |
Postretirement Benefit Items | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Beginning Balance | (78) | (68) |
Other Comprehensive Income (Loss) Before Reclassification | 0 | 0 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 |
Total Other Comprehensive Income (Loss) | 0 | 0 |
Accumulated other comprehensive income, Ending Balance | $ (78) | $ (68) |
Other Comprehensive Income (L69
Other Comprehensive Income (Loss) (Classifications out of accumulated other comprehensive income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income Tax Expense | $ (1,765) | $ (3,302) |
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | 0 | 301 |
Unrealized Gains and Losses on Available-for-Sale Securities | Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net Gain (Loss) on Securities | 0 | 463 |
Income Tax Expense | 0 | (162) |
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | $ 0 | $ 301 |
Business Combination (Additiona
Business Combination (Additional Information) (Details) $ / shares in Units, $ in Thousands | Mar. 01, 2016USD ($)officeshares | Feb. 29, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)office | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||
Number of offices | office | 52 | ||||
Assets | $ 2,866,727 | $ 2,373,701 | |||
Equity | 321,638 | 252,348 | |||
Goodwill | 53,671 | $ 20,536 | |||
Net income included in pro forma financial information | 8,615 | $ 9,153 | |||
Revenue included in pro forma financial information | 31,535 | $ 31,806 | |||
River Valley Bancorp | |||||
Business Acquisition [Line Items] | |||||
Assets | $ 516,300 | ||||
Equity | $ 56,600 | ||||
Direct acquisition costs | $ 3,884 | ||||
Goodwill | 33,135 | ||||
Intangible assets | $ 2,613 | ||||
Shares of common stock issued for acquisition (in shares) | shares | 1,942,000 | ||||
Number of the Company's common stock for each share of RIVR converted | shares | 0.770 | ||||
Cash portion, cash per share for RIVR common stock converted (in USD per share) | $ / shares | $ 9.90 | ||||
Cash consideration to shareholders | $ 24,975 | $ 24,975 | |||
Amount paid to persons who held options to purchase River Valley common stock | 395 | $ 395 | |||
Acquired receivables, fair value | 309,100 | ||||
Acquired receivables, gross contractual amount | $ 405,100 | ||||
Net income included in pro forma financial information | 1,276 | ||||
Revenue included in pro forma financial information | $ 4,695 | ||||
Southeast Indiana | River Valley Bancorp | |||||
Business Acquisition [Line Items] | |||||
Number of offices | office | 14 | ||||
Northern Kentucky | River Valley Bancorp | |||||
Business Acquisition [Line Items] | |||||
Number of offices | office | 1 | ||||
Core deposits | River Valley Bancorp | |||||
Business Acquisition [Line Items] | |||||
Weighted average useful life | 8 years |
Business Combination (Total Con
Business Combination (Total Consideration Transferred and Fair Value of Identifiable Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Mar. 01, 2016 | Feb. 29, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed | ||||
Goodwill | $ 53,671 | $ 20,536 | ||
River Valley Bancorp | ||||
Consideration | ||||
Cash for Options and Fractional Shares | $ 395 | $ 395 | ||
Cash Consideration | 24,975 | $ 24,975 | ||
Equity Instruments | 62,022 | |||
Fair Value of Total Consideration Transferred | 87,392 | |||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed | ||||
Cash | 17,877 | |||
Federal Funds Sold and Other Short-term Investments | 6,477 | |||
Interest-bearing Time Deposits with Banks | 992 | |||
Securities | 132,396 | |||
Loans | 317,760 | |||
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost | 3,127 | |||
Premises, Furniture & Equipment | 10,219 | |||
Other Real Estate | 882 | |||
Intangible Assets | 2,613 | |||
Company Owned Life Insurance | 12,842 | |||
Accrued Interest Receivable and Other Assets | 8,958 | |||
Deposits - Non Interest Bearing | (9,584) | |||
Deposits - Interest Bearing | (395,862) | |||
FHLB Advances and Other Borrowings | (49,910) | |||
Accrued Interest Payable and Other Liabilities | (4,530) | |||
Total Identifiable Net Assets | 54,257 | |||
Goodwill | $ 33,135 |
Business Combination (Schedule
Business Combination (Schedule of Unaudited Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Business Combinations [Abstract] | ||
Net Interest Income | $ 23,676 | $ 23,539 |
Non-interest Income | 7,859 | 8,267 |
Total Revenue | 31,535 | 31,806 |
Provision for Loan Losses Expense | 850 | 250 |
Non-interest Expense | 18,318 | 18,602 |
Income Before Income Taxes | 12,367 | 12,954 |
Income Tax Expense | 3,752 | 3,801 |
Net Income | $ 8,615 | $ 9,153 |
Earnings Per Share and Diluted Earnings Per Share (in USD per share) | $ 0.57 | $ 0.60 |