Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 25, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LKFN | ||
Entity Common Stock, Shares Outstanding | 16,604,568 | ||
Entity Registrant Name | LAKELAND FINANCIAL CORP | ||
Entity Central Index Key | 721994 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $595,912,322 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $75,381 | $55,727 |
Short-term investments | 15,257 | 7,378 |
Total cash and cash equivalents | 90,638 | 63,105 |
Securities available for sale (carried at fair value) | 475,911 | 468,967 |
Real estate mortgage loans held for sale | 1,585 | 1,778 |
Loans, net of allowance for loan losses of $46,262 and $48,797 | 2,716,058 | 2,486,301 |
Land, premises and equipment, net | 41,983 | 39,335 |
Bank owned life insurance | 66,612 | 62,883 |
Federal Reserve and Federal Home Loan Bank Stock | 9,413 | 10,732 |
Accrued interest receivable | 8,662 | 8,577 |
Goodwill | 4,970 | 4,970 |
Other assets | 27,452 | 29,116 |
Total assets | 3,443,284 | 3,175,764 |
LIABILITIES | ||
Noninterest bearing deposits | 579,495 | 479,606 |
Interest bearing deposits | 2,293,625 | 2,066,462 |
Total deposits | 2,873,120 | 2,546,068 |
Short-term borrowings | ||
Federal funds purchased | 500 | 11,000 |
Securities sold under agreements to repurchase | 54,907 | 104,876 |
Other short-term borrowings | 105,000 | 146,000 |
Total short-term borrowings | 160,407 | 261,876 |
Long-term borrowings | 35 | 37 |
Subordinated debentures | 30,928 | 30,928 |
Accrued interest payable | 2,946 | 2,918 |
Other liabilities | 14,463 | 11,973 |
Total liabilities | 3,081,899 | 2,853,800 |
Commitments, off-balance sheet risks and contingencies (Notes 1 and 18) | ||
STOCKHOLDERS' EQUITY | ||
Common stock: 90,000,000 shares authorized, no par value 16,550,324 shares issued and 16,465,621 outstanding as of December 31, 2014 16,475,716 shares issued and 16,377,449 outstanding as of December 31, 2013 | 96,121 | 93,249 |
Retained earnings | 263,345 | 233,108 |
Accumulated other comprehensive income (loss) | 3,830 | -2,494 |
Treasury stock, at cost (2014 - 84,703 shares, 2013 - 98,267 shares) | -2,000 | -1,988 |
Total stockholders' equity | 361,296 | 321,875 |
Noncontrolling interest | 89 | 89 |
Total equity | 361,385 | 321,964 |
Total liabilities and stockholders' equity | $3,443,284 | $3,175,764 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ||
Valuation allowance | $46,262 | $48,797 |
EQUITY | ||
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock, no par value (in dollars per share) | $0 | $0 |
Common stock, shares issued (in shares) | 16,550,324 | 16,475,716 |
Common stock, shares outstanding (in shares) | 16,465,621 | 16,377,449 |
Treasury stock, at cost | 84,703 | 98,267 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and fees on loans | |||
Taxable | $105,317 | $98,757 | $102,749 |
Tax exempt | 470 | 402 | 441 |
Interest and dividends on securities | |||
Taxable | 8,176 | 5,398 | 8,311 |
Tax exempt | 3,281 | 3,124 | 2,800 |
Interest on short-term investments | 44 | 55 | 68 |
Total interest income | 117,288 | 107,736 | 114,369 |
Interest on deposits | 13,568 | 15,745 | 24,667 |
Interest on borrowings | |||
Short-term | 388 | 490 | 441 |
Long-term | 1,029 | 1,062 | 1,590 |
Total interest expense | 14,985 | 17,297 | 26,698 |
NET INTEREST INCOME | 102,303 | 90,439 | 87,671 |
Provision for loan losses | 0 | 0 | 2,549 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES. | 102,303 | 90,439 | 85,122 |
NONINTEREST INCOME | |||
Wealth advisory fees | 4,072 | 3,847 | 3,823 |
Investment brokerage fees | 3,370 | 4,736 | 3,061 |
Service charges on deposit accounts | 9,495 | 8,806 | 8,015 |
Loan, insurance and service fees | 6,799 | 6,404 | 5,876 |
Merchant card fee income | 1,549 | 1,265 | 1,130 |
Bank owned life insurance income | 1,393 | 1,653 | 973 |
Other income | 2,978 | 2,488 | 1,174 |
Mortgage banking income | 621 | 1,431 | 2,546 |
Net securities gains (losses) | -224 | 107 | -376 |
Other-than-temporary impairment loss on available for sale securities: | |||
Total impairment losses recognized on securities | 0 | 0 | -1,026 |
Loss recognized in other comprehensive income | 0 | 0 | 0 |
Net impairment loss recognized in earnings | 0 | 0 | -1,026 |
Total noninterest income | 30,053 | 30,737 | 25,196 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 38,648 | 37,176 | 34,539 |
Net occupancy expense | 3,776 | 3,376 | 3,296 |
Equipment costs | 3,231 | 2,831 | 2,572 |
Data processing fees and supplies | 6,171 | 5,635 | 4,378 |
Corporate and business development | 3,073 | 2,734 | 2,305 |
FDIC insurance and other regulatory fees | 1,936 | 1,855 | 2,097 |
Professional fees | 2,990 | 3,171 | 2,453 |
Other expense | 6,341 | 6,000 | 6,102 |
Total noninterest expense | 66,166 | 62,778 | 57,742 |
INCOME BEFORE INCOME TAX EXPENSE | 66,190 | 58,398 | 52,576 |
Income tax expense | 22,385 | 19,559 | 17,182 |
NET INCOME | $43,805 | $38,839 | $35,394 |
BASIC WEIGHTED AVERAGE COMMON SHARES | 16,535,530 | 16,436,131 | 16,323,870 |
BASIC EARNINGS PER COMMON SHARE | $2.65 | $2.36 | $2.17 |
DILUTED WEIGHTED AVERAGE COMMON SHARES | 16,781,455 | 16,634,338 | 16,482,937 |
DILUTED EARNINGS PER COMMON SHARE | $2.61 | $2.33 | $2.15 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Net income | $43,805 | $38,839 | $35,394 | ||
Change in securities available for sale: | |||||
Unrealized holding gain (loss) on securities available for sale arising during the period | 10,739 | -14,119 | -820 | ||
Reclassification adjustment for (gains)/losses included in net income | 224 | -107 | 376 | ||
Reclassification adjustment for other than temporary impairment | 0 | 0 | 1,026 | ||
Net securities gain (loss) activity during the period | 10,963 | -14,226 | 582 | ||
Tax effect | -4,358 | 5,571 | -230 | ||
Net of tax amount | 6,605 | -8,655 | 352 | ||
Defined benefit pension plans: | |||||
Net gain (loss) on defined benefit pension plans | -654 | 550 | 112 | ||
Amortization of net actuarial loss | 197 | [1] | 244 | [1] | 220 |
Net gain (loss) activity during the period | -457 | 794 | 332 | ||
Tax effect | 176 | -322 | -134 | ||
Net of tax amount | -281 | 472 | 198 | ||
Total other comprehensive income (loss), net of tax | 6,324 | -8,183 | 550 | ||
Comprehensive income | $50,129 | $30,656 | $35,944 | ||
[1] | Included in the computation of net pension plan expense as more fully discussed in Note 11. |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2011 | $273,200 | $87,380 | $181,903 | $5,139 | ($1,222) |
Balance (in shares) at Dec. 31, 2011 | 16,145,772 | ||||
Net income | 35,394 | 35,394 | |||
Other comprehensive income (loss), net of tax | 550 | 550 | |||
Comprehensive income (loss) | 35,944 | ||||
Cash dividends declared | -13,643 | -13,643 | |||
Treasury shares purchased under deferred directors' plan (in shares) | -15,864 | ||||
Treasury shares purchased under deferred directors' plan | 0 | 421 | -421 | ||
Stock activity under equity incentive plans (in shares) | 160,228 | ||||
Stock activity under equity incentive plans | 894 | 894 | |||
Stock based compensation expense | 1,344 | 1,344 | |||
Balance at Dec. 31, 2012 | 297,739 | 90,039 | 203,654 | 5,689 | -1,643 |
Balance (in shares) at Dec. 31, 2012 | 16,290,136 | ||||
Net income | 38,839 | 38,839 | |||
Other comprehensive income (loss), net of tax | -8,183 | -8,183 | |||
Comprehensive income (loss) | 30,656 | ||||
Cash dividends declared | -9,385 | -9,385 | |||
Treasury shares purchased under deferred directors' plan (in shares) | -14,174 | ||||
Treasury shares purchased under deferred directors' plan | 0 | 399 | -399 | ||
Treasury stock sold and distributed under deferred directors' plan (in shares) | 3,018 | ||||
Treasury stock sold and distributed under deferred directors' plan | 0 | -54 | 54 | ||
Stock activity under equity incentive plans (in shares) | 98,469 | ||||
Stock activity under equity incentive plans | 903 | 903 | |||
Stock based compensation expense | 1,962 | 1,962 | |||
Balance at Dec. 31, 2013 | 321,875 | 93,249 | 233,108 | -2,494 | -1,988 |
Balance (in shares) at Dec. 31, 2013 | 16,377,449 | ||||
Net income | 43,805 | 43,805 | |||
Other comprehensive income (loss), net of tax | 6,324 | 6,324 | |||
Comprehensive income (loss) | 50,129 | ||||
Cash dividends declared | -13,568 | -13,568 | |||
Treasury shares purchased under deferred directors' plan (in shares) | -11,467 | ||||
Treasury shares purchased under deferred directors' plan | 0 | 444 | -444 | ||
Treasury stock sold and distributed under deferred directors' plan (in shares) | 25,031 | ||||
Treasury stock sold and distributed under deferred directors' plan | 0 | -432 | 432 | ||
Stock activity under equity incentive plans (in shares) | 74,608 | ||||
Stock activity under equity incentive plans | 57 | 57 | |||
Stock based compensation expense | 2,803 | 2,803 | |||
Balance at Dec. 31, 2014 | $361,296 | $96,121 | $263,345 | $3,830 | ($2,000) |
Balance (in shares) at Dec. 31, 2014 | 16,465,621 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement Of Stockholders Equity [Abstract] | |||
Common stock cash dividends declared, per share (in dollars per share) | $0.82 | $0.57 | $0.84 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $43,805 | $38,839 | $35,394 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation | 3,412 | 2,993 | 2,790 |
Provision for loan losses | 0 | 0 | 2,549 |
(Gain) Loss on sale and write down of other real estate owned | -159 | -10 | -99 |
Amortization of intangible assets | 0 | 47 | 52 |
Amortization of loan servicing rights | 526 | 585 | 728 |
Net change in loan servicing rights valuation allowance | 0 | -42 | -66 |
Loans originated for sale | -55,107 | -81,671 | -119,647 |
Net gain on sales of loans | -1,202 | -2,561 | -2,805 |
Proceeds from sale of loans | 56,065 | 91,016 | 115,163 |
Net loss on sale of premises and equipment | 24 | 15 | 3 |
Net (gain) loss on securities available for sale | 224 | -107 | 376 |
Impairment on available for sale securities | 0 | 0 | 1,026 |
Net securities amortization | 5,420 | 8,765 | 8,209 |
Stock based compensation expense | 2,803 | 1,962 | 1,344 |
Earnings on life insurance | -1,393 | -1,631 | -955 |
Tax benefit of stock option exercises | -50 | -146 | -112 |
Net change: | |||
Interest receivable and other assets | -1,368 | 5,860 | 5,057 |
Interest payable and other liabilities | 2,700 | -949 | 1,585 |
Total adjustments | 11,895 | 24,126 | 15,198 |
Net cash from operating activities | 55,700 | 62,965 | 50,592 |
Cash flows from investing activities: | |||
Proceeds from sale of securities available for sale | 13,766 | 29,995 | 27,855 |
Proceeds from maturities, calls and principal paydowns of securities available for sale | 57,970 | 112,624 | 125,107 |
Purchases of securities available for sale | -73,361 | -167,450 | -161,621 |
Purchase of life insurance | -3,181 | -140 | -20,227 |
Proceeds from loans sold to others | 4,307 | 0 | 0 |
Net increase in total loans | -235,165 | -280,717 | -28,728 |
Proceeds from sales of land, premises and equipment | 232 | 1 | 2 |
Purchases of land, premises and equipment | -6,565 | -7,504 | -2,899 |
Proceeds from sales of other real estate owned | 1,426 | 671 | 1,791 |
Proceeds from life insurance | 778 | 0 | 0 |
Net cash from investing activities | -239,793 | -312,520 | -58,720 |
Cash flows from financing activities: | |||
Net increase/(decrease) in total deposits | 327,052 | -35,688 | 169,060 |
Net increase/(decrease) in short-term borrowings | -101,469 | 139,993 | -20,107 |
Payments on long-term borrowings | -2 | -15,001 | -2 |
Common dividends paid | -13,555 | -9,372 | -13,630 |
Preferred dividends paid | -13 | -13 | -13 |
Proceeds related to equity incentive plans | 57 | 903 | 894 |
Purchase of treasury stock | -444 | -399 | -421 |
Net cash from financing activities | 211,626 | 80,423 | 135,781 |
Net change in cash and cash equivalents | 27,533 | -169,132 | 127,653 |
Cash and cash equivalents at beginning of the year | 63,105 | 232,237 | 104,584 |
Cash and cash equivalents at end of the year | 90,638 | 63,105 | 232,237 |
Cash paid during the year for: | |||
Interest | 14,957 | 19,137 | 27,514 |
Income taxes | 21,185 | 17,280 | 12,728 |
Supplemental non-cash disclosures: | |||
Loans transferred to other real estate | 1,101 | 491 | 413 |
Property transferred to held for sale | $249 | $0 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Nature of Operations and Principles of Consolidation: | |
The consolidated financial statements include Lakeland Financial Corporation (the “Holding Company”) and its wholly-owned subsidiaries, Lake City Bank (the “Bank”) and LCB Risk Management, Inc., together referred to as (the “Company”). On December 18, 2006, LCB Investments II, Inc. was formed as a wholly owned subsidiary of the Bank incorporated in Nevada to manage a portion of the Bank’s investment portfolio beginning in 2007. On December 21, 2006, LCB Funding, Inc., a real estate investment trust incorporated in Maryland, was formed as a wholly owned subsidiary of LCB Investments II, Inc. On December 28, 2012, LCB Risk Management, Inc., a captive insurance company incorporated in Nevada, was formed as a wholly owned subsidiary of the Holding Company. All intercompany transactions and balances are eliminated in consolidation. | |
The Company provides financial services through the Bank, a full-service commercial bank with 46 branch offices in fourteen counties in Northern and Central Indiana. The Company provides commercial, retail, trust and investment services to its customers. Commercial products include commercial loans and technology-driven solutions to meet commercial customers’ treasury management needs such as internet business banking and on-line treasury management services. Retail banking clients are provided a wide array of traditional retail banking services, including lending, deposit and investment services. Retail lending programs are focused on mortgage loans, home equity lines of credit and traditional retail installment loans. The Company provides credit card services to retail and commercial customers through its retail card program and merchant processing activity. The Company provides wealth advisory and trust clients with traditional personal and corporate trust services. The Company also provides retail brokerage services, including an array of financial and investment products such as annuities and life insurance. Other financial instruments, which represent potential concentrations of credit risk, include deposit accounts in other financial institutions. | |
Use of Estimates: | |
To prepare financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”), management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided and future results could differ | |
Cash Flows: | |
Cash and cash equivalents include cash, demand deposits in other financial institutions and short-term investments with maturities of 90 days or less. Cash flows are reported net for customer loan and deposit transactions, and short-term borrowings. | |
Securities: | |
Securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income (loss), net of tax. Trading securities are bought for sale in the near term and are carried at fair value, with changes in unrealized holding gains and losses included in income. Securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. | |
Purchase premiums or discounts are recognized in interest income using the interest method over the terms of the securities or overestimated lives for mortgage-backed securities. Gains and losses on sales are based on the amortized cost of the security sold and recorded on the trade date. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) other-than-temporary impairment (OTTI) related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. | |
Real Estate Mortgage Loans Held for Sale: | |
Loans held for sale are reported at the lower of cost or fair value on an aggregate basis. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. | |
Loan sales occur on the delivery date agreed to in the relevant commitment agreement. The Company retains servicing on the majority of loans sold. The carrying value of loans sold is reduced by the amount allocated to the servicing right. The gain or loss on the sale of loans is the difference between the carrying value of the loans sold and the funds received from the sale. | |
Loans: | |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, deferred loan fees and costs, and an allowance for loan losses. | |
Interest income is reported on the interest method and includes amortization of net deferred loan fees and costs over the loan term. All classes of commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, other commercial and consumer 1-4 family mortgage loans for which collateral is insufficient to cover all principal and accrued interest are reclassified as nonaccrual loans, on or before the date when the loan becomes 90 days delinquent. When a loan is classified as a nonaccrual loan, interest on the loan is no longer accrued, all unpaid accrued interest is reversed and interest income is subsequently recorded on the cash-basis or cost-recovery method. Accrual status is resumed when all contractually due payments are brought current and future payments are reasonably assured. Other consumer loans are not placed on a nonaccrual status since these loans are charged-off when they have been delinquent from 90 to 180 days, and when the related collateral, if any, is not sufficient to offset the indebtedness. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. | |
The recorded investment in loans is the loan balance plus unamortized net deferred loan costs less unamortized net deferred loan fees. The total amount of accrued interest on loans as of both December 31, 2014 and 2013 was $6.2 million. | |
Allowance for Loan Losses: | |
The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the inability to fully collect a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The Company has an established process to determine the adequacy of the allowance for loan losses that generally includes consideration of the following factors: changes in the nature and volume of the loan portfolio, overall portfolio quality and current economic conditions that may affect the borrowers’ ability to repay. Consideration is not limited to these factors, although they represent the most commonly cited factors. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available or as future events change. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. | |
The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. A detailed analysis is performed on loans that are classified but determined not to be impaired which incorporates probability of default with a loss given default scenario to develop non-specific allocations for such loan pools. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent three years. This actual loss experience is supplemented with other environmental factors based on the risks present for each portfolio segment. These factors include consideration of the following: levels of, and trends in, delinquencies and impaired loans; levels of, and trends in, charge-offs and recoveries over the historical three and five year periods; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedure, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following portfolio segments have been identified: commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, other commercial, consumer 1-4 family mortgage and other consumer. The risk characteristics of each of the identified portfolio segments are as follows: | |
Commercial and Industrial – Borrowers may be subject to industry conditions including decreases in product demand; increases in material or other production costs that cannot be immediately recaptured in the sales or distribution cycle; interest rate increases that could have an adverse impact on profitability; non-payment of credit that has been extended under normal vendor terms for goods sold or services; and interruption related to the importing or exporting of production materials or sold products. | |
Commercial Real Estate and Multi-Family Residential – Borrowers may be subject to potential adverse market conditions that cause a decrease in market value or lease rates; the potential for environmental impairment from events occurring on subject or neighboring properties; and obsolescence in location or function. Multi-Family Residential is also subject to adverse market conditions associated with a change in governmental or personal funding sources for tenants; over supply of units in a specific region; a shift in population; and reputational risks. Construction and Land Development risks include slower absorption than anticipated on speculative projects; deterioration in market conditions that may impact a project’s value; unforeseen costs not considered in the original construction budget; or any other factors that may impact the completion or success of the project. | |
Agri-business and Agricultural – Borrowers may be subject to adverse market or weather conditions including changes in local or foreign demand; lower yields than anticipated; political or other impact on storage, distribution or use; and exposure to increasing commodity prices which result in higher production, distribution or exporting costs. | |
Other Commercial – Borrowers may be subject to the uninterrupted flow of funds to states and other political subdivisions for the purpose of debt repayments on loans held by the Bank. | |
Consumer 1-4 Family Mortgage – Borrowers may be subject to adverse employment conditions in the local economy leading to increased default rates; decreased market values from oversupply in a geographic area; and impact to borrowers’ ability to maintain payments in the event of incremental rate increases on adjustable rate mortgages. | |
Other Consumer – Borrowers may be subject to adverse employment conditions in the local economy which may lead to higher default rates; and decreases in the value of underlying collateral. | |
A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified and a concession has been granted for borrowers experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired and may be either accruing or non-accruing. Nonaccrual troubled debt restructurings follow the same policy as described above for other loans. Impairment for troubled debt restructurings is measured at the present value of estimated future cash flows using the loan’s effective rate at inception or at discounted collateral value for collateral dependent loans. Impairment is evaluated individually or in total for smaller-balance loans of similar nature such as all classes of consumer 1-4 family and other consumer loans, and individually for all classes of commercial and industrial, commercial real estate and multi-family, agri-business and agricultural and other commercial loans. The Company analyzes commercial loans individually by classifying the loans as to credit risk. This analysis is performed on a quarterly basis for Special Mention, Substandard and Doubtful grade loans and annually on Pass grade loans over $150,000. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. If a loan is impaired, a portion of the allowance may be 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 less anticipated costs to sell if repayment is expected solely from the collateral. All classes of commercial and industrial, commercial real estate and multifamily residential, agri-business and agricultural, other commercial and consumer 1-4 family mortgage loans that become delinquent beyond 90 days are analyzed and a charge-off is taken when it is determined that the underlying collateral, if any, is not sufficient to offset the indebtedness. | |
Troubled debt restructured loans are considered for removal from troubled debt restructuring status in the year following modification or at time of subsequent restructuring for loans with cumulative principal forgiveness if the interest rate is considered a market rate at the time of modification and it has been performing according to the terms of the modification for a reasonable period of time long enough to observe an ability to repay under the modified terms. If removed from troubled debt restructuring status, the loan continues to be evaluated for impairment with either the present value of estimated future cash flows using the loan’s effective rate at inception or at discounted collateral value for collateral dependent loans. In addition, troubled debt restructured loans with subsequent modifications that do not have cumulative principal forgiveness are considered for removal from troubled debt restructuring status at the time of the subsequent modification if the following circumstances exist: (1) at the time of the subsequent restructuring, the borrower is not experiencing financial difficulties; (2) under the terms of the subsequent restructuring agreement no concession has been granted to the borrower; and (3) the subsequent restructuring agreement includes market terms that are no less favorable than those that would be offered for comparable new debt. Upon meeting these criteria, the loan is no longer individually evaluated for impairment and is no longer disclosed as a troubled debt restructuring. | |
Investments in Limited Partnerships: | |
The Company enters into and invests in limited partnerships in order to invest in affordable housing projects for the primary purpose of obtaining available tax benefits. The Company is a limited partner in these investments and, as such, the Company is not involved in the management or operation of such investments. These investments are accounted for using the equity method of accounting. Under the equity method of accounting, the Company records its share of the partnership’s earnings or losses in its income statement and adjusts the carrying amount of the investments on the consolidated balance sheet. These investments are evaluated for impairment when events indicate the carrying amount may not be recoverable. The investments recorded at December 31, 2014 and 2013 were $3.7 million and $1.9 million, respectively and are included with other assets in the consolidated balance sheet. The Company also has a commitment to fund an additional $1.0 million in one of the limited partnerships, which is included with other liabilities in the consolidated balance sheet. | |
Foreclosed Assets: | |
Assets acquired through loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines, a valuation allowance is recorded through expense. Costs incurred after acquisition are expensed. At December 31, 2014 and 2013, the balance of other real estate owned was $284,000 and $469,000 and are included with other assets on the consolidated balance sheet. | |
Land, Premises and Equipment: | |
Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the useful lives of the assets. Premises assets have useful lives between 5 and 40 years. Equipment assets have useful lives between 3 and 7 years. | |
Loan Servicing Rights: | |
Servicing rights are recognized separately when they are acquired through sales of loans. When mortgage loans are sold, servicing rights are initially recorded at fair value with the income statement effect recorded in mortgage banking income. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. | |
Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as loan type, term and interest rate. Any impairment of a grouping is reported as a valuation allowance, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in the valuation allowance are reported with mortgage banking income on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. | |
The carrying value of mortgage servicing rights was $2.4 million and $2.5 million as of December 31, 2014 and 2013. | |
Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of these loans were $330.3 million and $332.8 million at December 31, 2014 and 2013. Custodial escrow balances maintained in connection with serviced loans were $1.3 million at year end 2014 and 2013. | |
Servicing fee income/(loss), which is included in loan, insurance and service fees on the income statement, is recorded for fees earned for servicing loans. Fees earned for servicing loans are based on a contractual percentage of the outstanding principal amount of the loan and are recorded as income when earned. The amortization of servicing rights is netted against mortgage banking income. Servicing fees totaled $930,000, $816,000 and $765,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Late fees and ancillary fees related to loan servicing are not material. | |
Transfers of Financial Assets: | |
Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right | |
(free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Mortgage Banking Derivatives: | |
Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in fair values of these derivatives are included in mortgage banking income. | |
Interest Rate Swap Derivatives: | |
The Company offers a derivative product to certain creditworthy commercial banking customers. This product allows the commercial banking customers to enter into an agreement with the Company to swap a variable rate loan to a fixed rate. These derivative products are designed to reduce, eliminate or modify the borrower's interest rate exposure. The extension of credit incurred in connection with these derivative products is subject to the same approval and underwriting standards as traditional credit products. The Company limits its risk exposure by simultaneously entering into a similar, offsetting swap agreement with a separate, well-capitalized and highly rated counterparty previously approved by the Company’s Asset Liability Committee. By using these interest rate swap arrangements, the Company is also better insulated from the interest rate risk associated with underwriting fixed-rate loans and is better able to meet customer demand for fixed rate loans. These derivative contracts are not designated against specific assets or liabilities and, therefore, do not qualify for hedge accounting. The derivatives are recorded as assets and liabilities on the balance sheet at fair value with changes in fair value recorded in other income for both the commercial banking customer swaps and the related offsetting swaps. | |
The notional amount of the interest rate swaps at December 31, 2014 and 2013 was $162.8 million and $109.5 million for both the swaps between the customer and the Company and the Company and the counterparty. The fair value of the interest rate swap asset was $1.2 million and $627,000 and the fair value of the interest rate swap liability was $1.2 million and $592,000, respectively at December 31, 2014 and 2013. | |
Bank Owned Life Insurance: | |
At December 31, 2014 and 2013, the Company owned $64.7 million and $61.2 million of life insurance policies on certain officers to provide a life insurance benefit for these officers. At December 31, 2014 and 2013 the Company also owned $1.9 million and $1.7 million of variable life insurance on certain officers related to a deferred compensation plan. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, i.e., the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. | |
Goodwill and Other Intangible Assets: | |
All goodwill on the Company’s consolidated balance sheet resulted from business combinations prior to January 1, 2009 and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. Goodwill is not amortized, but assessed at least annually for impairment and any such impairment will be recognized in the period identified. | |
FHLB and Federal Reserve Bank Stock: | |
FHLB and Federal Reserve Bank stock are carried at cost in other assets, classified as a restricted security and are periodically evaluated for impairment based on ultimate recoverability of par value. Both cash and stock dividends are reported as income. | |
Repurchase Agreements: | |
Substantially all repurchase agreement liabilities represent amounts advanced by various customers. Securities are pledged to cover these liabilities, which are not covered by federal deposit insurance. | |
Long-term Assets: | |
Premises and equipment, and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | |
Benefit Plans: | |
The Company has a noncontributory defined benefit pension plan, which covered substantially all employees until the plan was frozen effective April 1, 2000. Funding of the plan equals or exceeds the minimum funding requirement determined by the actuary. Pension expense is the net of interest cost, return on plan assets and amortization of gains and losses not immediately | |
recognized. Benefits are based on years of service and compensation levels. The Company maintains a 401(k) profit sharing plan for all employees meeting certain age and service requirements. The Company contributions are based upon the percentage of budgeted net income earned during the year. An employee deferred compensation plan is available to certain employees with returns based on investments in mutual funds. The Company maintains a directors’ deferred compensation plan. Effective January 1, 2003, the directors’ deferred compensation plan was amended to restrict the deferral to be in stock only and deferred directors’ fees are included in equity. The Company acquires shares on the open market and records such shares as treasury stock. | |
Stock Compensation: | |
Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant adjusted for the present value of expected dividends is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. Certain of the restricted stock awards are performance based, as more fully discussed in Note 15. | |
Income Taxes: | |
Annual consolidated federal and state income tax returns are filed by the Company. Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Income tax expense is recorded based on the amount of taxes due on its tax return plus net deferred taxes computed based upon the expected future tax consequences of temporary differences between carrying amounts and tax basis of assets and liabilities, using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | |
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is more likely of being realized on examination than not. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | |
The Company recognizes interest and/or penalties related to income tax matters in income tax expense. | |
Off-Balance Sheet Financial Instruments: | |
Financial instruments include credit instruments, such as commitments to make loans and standby letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. The fair value of standby letters of credit is recorded as a liability during the commitment period. | |
Earnings Per Common Share: | |
Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options, stock awards and warrants. Earnings and dividends per share are restated for all stock splits and dividends through the date of issue of the financial statements. The common shares included in treasury stock for 2014 and 2013 include 84,703 and 98,267 shares, respectively, of Company common stock that has been purchased under the directors’ deferred compensation plan described above. Because these shares are held in trust for the participants, they are treated as outstanding when computing the weighted-average common shares outstanding for the calculation of both basic and diluted earnings per share. | |
Comprehensive Income: | |
Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale and changes in the funded status of the pension plan, which are also recognized as separate components of equity. | |
Loss Contingencies: | |
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there currently are such matters that will have a material effect on the financial statements. | |
Restrictions on Cash: | |
The Company was required to have $9.6 million and $11.7 million of cash on hand or on deposit with the Federal Reserve Bank to meet regulatory reserve and clearing requirements at year-end 2014 and 2013. The Company met this requirement both years. | |
Dividend Restriction: | |
Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Company or by the Company to its stockholders. These restrictions currently pose no practical limit on the ability of the Bank or Company to pay dividends at historical levels. | |
Fair Value of Financial Instruments: | |
Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 5. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | |
Operating Segments: | |
The Company’s chief decision-makers monitor and evaluate financial performance on a Company-wide basis. All of the Company’s financial service operations are similar and considered by management to be aggregated into one reportable operating segment. While the Company has assigned certain management responsibilities by region and business-line, the Company's chief decision-makers monitor and evaluate financial performance on a Company-wide basis. The majority of the Company's revenue is from the business of banking and the Company's assigned regions have similar economic characteristics, products, services and customers. Accordingly, all of the Company’s operations are considered by management to be aggregated in one reportable operating segment. | |
Adoption of New Accounting Standards: | |
There were no new accounting standards adopted during the year ended December 31, 2014 that had a material impact on the Company’s financial statements. | |
Newly Issued But Not Yet Effective Accounting Standards: | |
In May 2014, the FASB issued new accounting guidance related to revenue recognition. This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company beginning January 1, 2017 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Management is evaluating the impact of adopting this new accounting standard on our financial statements. | |
In January 2014, the FASB issued updated guidance related to the accounting for investments in qualified affordable housing projects. The amendment permits reporting entities to make an accounting policy election to account for investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). To | |
qualify for the proportional amortization method, all of the following conditions must be met: (1) It is probable that the tax credits allocable to the investor will be available. (2) The investor does not have the ability to exercise significant influence over the operating and financial policies of the limited liability entity. (3) Substantially all of the projected benefits are from tax credits and other tax benefits (for example, tax benefits generated from the operating losses of the investment). (4) The investor’s projected yield based solely on the cash flows from the tax credits and other tax benefits is positive. (5) The investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the investor’s liability is limited to its capital investment. The decision to apply the proportional amortization method of accounting is an accounting policy decision that should be applied consistently to all qualifying affordable housing project investments rather than a decision to be applied to individual investments. For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the investment should be accounted for as an equity method investment or a cost method investment in accordance with Subtopic 970-323. The new requirements are effective for public companies in fiscal years, and interim periods within those years, beginning after December 15, | |
2014. Adopting this standard is not expected to have a significant impact on the Company’s financial condition or results of operations. | |
In January 2014, the FASB issued updated guidance related to the reclassification of residential real estate collateralized consumer mortgage loans upon foreclosure. The amendments in this update clarify that an in substance repossession or | |
foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The new requirements are effective for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2014. Adopting this standard is not expected to have a significant impact on the Company’s financial condition or results of operations. | |
Reclassifications: | |
Certain amounts appearing in the financial statements and notes thereto for prior periods have been reclassified to conform with the current presentation. The reclassifications had no effect on net income or stockholders’ equity as previously reported. | |
SECURITIES
SECURITIES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Securities [Abstract] | ||||||||||||||||||||
SECURITIES | NOTE 2 – SECURITIES | |||||||||||||||||||
Information related to the fair value and amortized cost of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) at December 31 is provided in the tables below. | ||||||||||||||||||||
Gross | Gross | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
(dollars in thousands) | Cost | Gain | Losses | Value | ||||||||||||||||
2014 | ||||||||||||||||||||
U.S. Treasury securities | $ | 986 | $ | 18 | $ | 0 | $ | 1,004 | ||||||||||||
Agency residential mortgage-backed securities | 366,596 | 7,178 | -1,679 | 372,095 | ||||||||||||||||
State and municipal securities | 99,399 | 3,857 | -444 | 102,812 | ||||||||||||||||
Total | $ | 466,981 | $ | 11,053 | $ | -2,123 | $ | 475,911 | ||||||||||||
2013 | ||||||||||||||||||||
U.S. Treasury securities | $ | 1,001 | $ | 16 | $ | 0 | $ | 1,017 | ||||||||||||
Agency residential mortgage-backed securities | 374,611 | 5,301 | -7,935 | 371,977 | ||||||||||||||||
State and municipal securities | 95,388 | 2,597 | -2,012 | 95,973 | ||||||||||||||||
Total | $ | 471,000 | $ | 7,914 | $ | -9,947 | $ | 468,967 | ||||||||||||
There was no other-than-temporary impairment recognized in accumulated other comprehensive income for securities available for sale at December 31, 2014 and 2013. | ||||||||||||||||||||
Information regarding the fair value and amortized cost of available for sale debt securities by maturity as of December 31, 2014 is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without prepayment penalty. | ||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||
(dollars in thousands) | Cost | Value | ||||||||||||||||||
Due in one year or less | $ | 5,405 | $ | 5,454 | ||||||||||||||||
Due after one year through five years | 17,382 | 18,210 | ||||||||||||||||||
Due after five years through ten years | 46,504 | 48,432 | ||||||||||||||||||
Due after ten years | 31,094 | 31,720 | ||||||||||||||||||
100,385 | 103,816 | |||||||||||||||||||
Mortgage-backed securities | 366,596 | 372,095 | ||||||||||||||||||
Total debt securities | $ | 466,981 | $ | 475,911 | ||||||||||||||||
Security proceeds, gross gains and gross losses for 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||
Sales of securities available for sale | ||||||||||||||||||||
Proceeds | $ | 13,766 | $ | 29,995 | $ | 27,855 | ||||||||||||||
Gross gains | 3 | 1,077 | 824 | |||||||||||||||||
Gross losses | 231 | 972 | 1,203 | |||||||||||||||||
Security proceeds for 2012 are net of other-than-temporary impairment previously recognized on several non-agency mortgage-backed securities sold. | ||||||||||||||||||||
The Company sold four securities with a total book value of $14.0 million and a total fair value of $13.8 million during 2014. The remaining gains during 2014 were from calls. The Company sold twelve securities with a total book value of $29.9 million and a total fair value of $30.0 million during 2013. The sales included the four remaining non-agency residential mortgage-backed securities. The remaining gains during 2013 were from calls. The Company sold twelve securities with a total book value of $28.2 million and a total fair value of $27.9 million during 2012. The sales included nine non-agency residential mortgage-backed securities, including all five on which the Company had previously recognized other-than-temporary impairment. The remaining gains during 2012 were from calls. | ||||||||||||||||||||
Securities with carrying values of $202.4 million and $244.3 million were pledged as of December 31, 2014 and 2013, as collateral for deposits of public funds, securities sold under agreements to repurchase, borrowings from the FHLB and for other purposes as permitted or required by law. | ||||||||||||||||||||
Information regarding securities with unrealized losses as of December 31, 2014 and 2013 is presented below. The tables distribute the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more. | ||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||
(dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
2014 | ||||||||||||||||||||
Agency residential mortgage-backed | ||||||||||||||||||||
securities | $ | 33,420 | $ | -148 | $ | 102,512 | $ | -1,531 | $ | 135,932 | $ | -1,679 | ||||||||
State and municipal securities | 2,458 | -28 | 16,391 | -416 | 18,849 | -444 | ||||||||||||||
Total temporarily impaired | $ | 35,878 | $ | -176 | $ | 118,903 | $ | -1,947 | $ | 154,781 | $ | -2,123 | ||||||||
2013 | ||||||||||||||||||||
Agency residential mortgage-backed | ||||||||||||||||||||
securities | $ | 177,779 | $ | -6,444 | $ | 34,093 | $ | -1,491 | $ | 211,872 | $ | -7,935 | ||||||||
State and municipal securities | 24,610 | -1,102 | 8,037 | -910 | 32,647 | -2,012 | ||||||||||||||
Total temporarily impaired | $ | 202,389 | $ | -7,546 | $ | 42,130 | $ | -2,401 | $ | 244,519 | $ | -9,947 | ||||||||
The number of securities with unrealized losses as of December 31, 2014 and 2013 is presented below. | ||||||||||||||||||||
Less than | 12 months | |||||||||||||||||||
12 months | or more | Total | ||||||||||||||||||
2014 | ||||||||||||||||||||
Agency residential mortgage-backed securities | 9 | 27 | 36 | |||||||||||||||||
State and municipal securities | 8 | 29 | 37 | |||||||||||||||||
Total temporarily impaired | 17 | 56 | 73 | |||||||||||||||||
2013 | ||||||||||||||||||||
Agency residential mortgage-backed securities | 49 | 10 | 59 | |||||||||||||||||
State and municipal securities | 59 | 12 | 71 | |||||||||||||||||
Total temporarily impaired | 108 | 22 | 130 | |||||||||||||||||
There were no debt securities with credit losses recognized in income during 2014 or 2013. | ||||||||||||||||||||
Ninety-nine percent of the securities are backed by the U.S. government, government agencies, government sponsored agencies or are A-rated or better, except for certain non-local or local municipal securities, which are not rated. For the government, government-sponsored agency and municipal securities, management did not have concerns of credit losses and there was nothing to indicate that full principal will not be received. Management considered the unrealized losses on these securities to be primarily interest rate driven and does not expect material losses given current market conditions unless the securities are sold. However, at this time management does not have the intent to sell and it is more likely than not that it will not be required to sell these securities before the recovery of their amortized cost basis. | ||||||||||||||||||||
The Company does not have a history of actively trading securities, but keeps the securities available for sale should liquidity or other needs develop that would warrant the sale of securities. While these securities are held in the available for sale portfolio, it is management’s current intent and ability to hold them until a recovery in fair value or maturity. | ||||||||||||||||||||
LOANS
LOANS | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Loans [Abstract] | ||||||||
LOANS | NOTE 3 – LOANS | |||||||
Total loans outstanding as of the years ended December 31, 2014 and 2013 consisted of the following: | ||||||||
(dollars in thousands) | 2014 | 2013 | ||||||
Commercial and industrial loans: | ||||||||
Working capital lines of credit loans | $ | 544,043 | $ | 457,690 | ||||
Non-working capital loans | 491,330 | 443,877 | ||||||
Total commercial and industrial loans | 1,035,373 | 901,567 | ||||||
Commercial real estate and multi-family residential loans: | ||||||||
Construction and land development loans | 156,636 | 157,630 | ||||||
Owner occupied loans | 403,154 | 370,386 | ||||||
Nonowner occupied loans | 394,458 | 394,748 | ||||||
Multi-family loans | 71,811 | 63,443 | ||||||
Total commercial real estate and multi-family residential loans | 1,026,059 | 986,207 | ||||||
Agri-business and agricultural loans: | ||||||||
Loans secured by farmland | 137,407 | 133,458 | ||||||
Loans for agricultural production | 136,380 | 120,571 | ||||||
Total agri-business and agricultural loans | 273,787 | 254,029 | ||||||
Other commercial loans | 75,715 | 70,770 | ||||||
Total commercial loans | 2,410,934 | 2,212,573 | ||||||
Consumer 1-4 family mortgage loans: | ||||||||
Closed end first mortgage loans | 145,167 | 125,444 | ||||||
Open end and junior lien loans | 150,220 | 146,946 | ||||||
Residential construction and land development loans | 6,742 | 4,640 | ||||||
Total consumer 1-4 family mortgage loans | 302,129 | 277,030 | ||||||
Other consumer loans | 49,541 | 46,125 | ||||||
Total consumer loans | 351,670 | 323,155 | ||||||
Subtotal | 2,762,604 | 2,535,728 | ||||||
Less: Allowance for loan losses | -46,262 | -48,797 | ||||||
Net deferred loan fees | -284 | -630 | ||||||
Loans, net | $ | 2,716,058 | $ | 2,486,301 | ||||
The recorded investment in loans does not include accrued interest. | ||||||||
ALLOWANCE_FOR_LOAN_LOSSES_AND_
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Loans [Abstract] | ||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | NOTE 4 – ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | |||||||||||||||||||||||||
The following tables present the activity and balance in the allowance for loan losses by portfolio segment for the year ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | |||||||||||||||||||||||
and | Multi-family | and | Other | 1-4 Family | Other | |||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | ||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
Beginning balance | $ | 21,005 | $ | 18,556 | $ | 1,682 | $ | 391 | $ | 3,046 | $ | 608 | $ | 3,509 | $ | 48,797 | ||||||||||
Provision for loan losses | 2,307 | -2,771 | 88 | -115 | 699 | -15 | -193 | 0 | ||||||||||||||||||
Loans charged-off | -1,441 | -2,560 | 0 | 0 | -439 | -245 | 0 | -4,685 | ||||||||||||||||||
Recoveries | 914 | 928 | 20 | 0 | 153 | 135 | 0 | 2,150 | ||||||||||||||||||
Net loans charged-off | -527 | -1,632 | 20 | 0 | -286 | -110 | 0 | -2,535 | ||||||||||||||||||
Ending balance | $ | 22,785 | $ | 14,153 | $ | 1,790 | $ | 276 | $ | 3,459 | $ | 483 | $ | 3,316 | $ | 46,262 | ||||||||||
Commercial | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | |||||||||||||||||||||||
and | Multi-family | and | Other | 1-4 Family | Other | |||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
Beginning balance | $ | 22,342 | $ | 20,812 | $ | 1,403 | $ | 240 | $ | 2,682 | $ | 609 | $ | 3,357 | $ | 51,445 | ||||||||||
Provision for loan losses | -788 | -564 | 267 | 151 | 620 | 162 | 152 | 0 | ||||||||||||||||||
Loans charged-off | -1,062 | -2,069 | -200 | 0 | -382 | -339 | 0 | -4,052 | ||||||||||||||||||
Recoveries | 513 | 377 | 212 | 0 | 126 | 176 | 0 | 1,404 | ||||||||||||||||||
Net loans charged-off | -549 | -1,692 | 12 | 0 | -256 | -163 | 0 | -2,648 | ||||||||||||||||||
Ending balance | $ | 21,005 | $ | 18,556 | $ | 1,682 | $ | 391 | $ | 3,046 | $ | 608 | $ | 3,509 | $ | 48,797 | ||||||||||
Commercial | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | |||||||||||||||||||||||
and | Multi-family | and | Other | 1-4 Family | Other | |||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||
Beginning balance | $ | 22,830 | $ | 23,489 | $ | 695 | $ | 65 | $ | 2,322 | $ | 645 | $ | 3,354 | $ | 53,400 | ||||||||||
Provision for loan losses | 1,814 | -1,772 | 705 | -11 | 1,552 | 258 | 3 | 2,549 | ||||||||||||||||||
Loans charged-off | -3,069 | -1,108 | 0 | 0 | -1,340 | -405 | 0 | -5,922 | ||||||||||||||||||
Recoveries | 767 | 203 | 3 | 186 | 148 | 111 | 0 | 1,418 | ||||||||||||||||||
Net loans charged-off | -2,302 | -905 | 3 | 186 | -1,192 | -294 | 0 | -4,504 | ||||||||||||||||||
Ending balance | $ | 22,342 | $ | 20,812 | $ | 1,403 | $ | 240 | $ | 2,682 | $ | 609 | $ | 3,357 | $ | 51,445 | ||||||||||
The following tables present balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | |||||||||||||||||||||||
and | Multi-family | and | Other | 1-4 Family | Other | |||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | ||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,306 | $ | 1,531 | $ | 14 | $ | 15 | $ | 482 | $ | 73 | $ | 0 | $ | 5,421 | ||||||||||
Collectively evaluated for impairment | 19,479 | 12,622 | 1,776 | 261 | 2,977 | 410 | 3,316 | 40,841 | ||||||||||||||||||
Total ending allowance balance | $ | 22,785 | $ | 14,153 | $ | 1,790 | $ | 276 | $ | 3,459 | $ | 483 | $ | 3,316 | $ | 46,262 | ||||||||||
Loans: | ||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 14,702 | $ | 13,005 | $ | 486 | $ | 30 | $ | 3,614 | $ | 127 | $ | 0 | $ | 31,964 | ||||||||||
Loans collectively evaluated for impairment | 1,020,897 | 1,011,858 | 273,388 | 75,684 | 299,189 | 49,340 | 0 | 2,730,356 | ||||||||||||||||||
Total ending loans balance | $ | 1,035,599 | $ | 1,024,863 | $ | 273,874 | $ | 75,714 | $ | 302,803 | $ | 49,467 | $ | 0 | $ | 2,762,320 | ||||||||||
Commercial | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | |||||||||||||||||||||||
and | Multi-family | and | Other | 1-4 Family | Other | |||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,144 | $ | 4,598 | $ | 38 | $ | 0 | $ | 479 | $ | 57 | $ | 0 | $ | 9,316 | ||||||||||
Collectively evaluated for impairment | 16,861 | 13,959 | 1,644 | 391 | 2,566 | 551 | 3,509 | 39,481 | ||||||||||||||||||
Total ending allowance balance | $ | 21,005 | $ | 18,557 | $ | 1,682 | $ | 391 | $ | 3,045 | $ | 608 | $ | 3,509 | $ | 48,797 | ||||||||||
Loans: | ||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 16,196 | $ | 22,204 | $ | 1,114 | $ | 0 | $ | 3,594 | $ | 119 | $ | 0 | $ | 43,227 | ||||||||||
Loans collectively evaluated for impairment | 885,651 | 962,673 | 253,011 | 70,766 | 273,812 | 45,958 | 0 | 2,491,871 | ||||||||||||||||||
Total ending loans balance | $ | 901,847 | $ | 984,877 | $ | 254,125 | $ | 70,766 | $ | 277,406 | $ | 46,077 | $ | 0 | $ | 2,535,098 | ||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2014: | ||||||||||||||||||||||||||
Unpaid | Allowance for | |||||||||||||||||||||||||
Principal | Recorded | Loan Losses | ||||||||||||||||||||||||
(dollars in thousands) | Balance | Investment | Allocated | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 21 | $ | 21 | $ | 0 | ||||||||||||||||||||
Non-working capital loans | 1,673 | 279 | 0 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 526 | 526 | 0 | |||||||||||||||||||||||
Owner occupied loans | 554 | 374 | 0 | |||||||||||||||||||||||
Nonowner occupied loans | 3,030 | 3,036 | 0 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 603 | 283 | 0 | |||||||||||||||||||||||
Consumer 1-4 family loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 724 | 712 | 0 | |||||||||||||||||||||||
Open end and junior lien loans | 317 | 317 | 0 | |||||||||||||||||||||||
Residential construction loans | 129 | 129 | 0 | |||||||||||||||||||||||
Other consumer loans | 1 | 1 | 0 | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | 1,409 | 1,408 | 837 | |||||||||||||||||||||||
Non-working capital loans | 15,557 | 12,994 | 2,469 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 449 | 448 | 107 | |||||||||||||||||||||||
Owner occupied loans | 5,298 | 5,297 | 1,213 | |||||||||||||||||||||||
Nonowner occupied loans | 3,324 | 3,324 | 211 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 381 | 203 | 14 | |||||||||||||||||||||||
Other commercial loans | 30 | 30 | 15 | |||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 2,505 | 2,375 | 474 | |||||||||||||||||||||||
Open end and junior lien loans | 81 | 81 | 8 | |||||||||||||||||||||||
Other consumer loans | 126 | 126 | 73 | |||||||||||||||||||||||
Total | $ | 36,738 | $ | 31,964 | $ | 5,421 | ||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2013: | ||||||||||||||||||||||||||
Unpaid | Allowance for | |||||||||||||||||||||||||
Principal | Recorded | Loan Losses | ||||||||||||||||||||||||
(dollars in thousands) | Balance | Investment | Allocated | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 63 | $ | 63 | $ | 0 | ||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Owner occupied loans | 377 | 196 | 0 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 604 | 604 | 0 | |||||||||||||||||||||||
Consumer 1-4 family loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 688 | 689 | 0 | |||||||||||||||||||||||
Open end and junior lien loans | 81 | 81 | 0 | |||||||||||||||||||||||
Residential construction loans | 150 | 150 | 0 | |||||||||||||||||||||||
Other consumer loans | 1 | 1 | 0 | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | 5,251 | 2,641 | 984 | |||||||||||||||||||||||
Non-working capital loans | 15,345 | 13,492 | 3,160 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 2,795 | 2,795 | 585 | |||||||||||||||||||||||
Owner occupied loans | 5,553 | 4,681 | 723 | |||||||||||||||||||||||
Nonowner occupied loans | 15,163 | 14,532 | 3,290 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 1,008 | 510 | 38 | |||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 3,469 | 2,463 | 442 | |||||||||||||||||||||||
Open end and junior lien loans | 211 | 211 | 37 | |||||||||||||||||||||||
Other consumer loans | 118 | 118 | 57 | |||||||||||||||||||||||
Total | $ | 50,877 | $ | 43,227 | $ | 9,316 | ||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2014: | ||||||||||||||||||||||||||
Cash Basis | ||||||||||||||||||||||||||
Average | Interest | Interest | ||||||||||||||||||||||||
Recorded | Income | Income | ||||||||||||||||||||||||
(dollars in thousands) | Investment | Recognized | Recognized | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 154 | $ | 1 | $ | 1 | ||||||||||||||||||||
Non-working capital loans | 174 | 1 | 1 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 265 | 0 | 0 | |||||||||||||||||||||||
Owner occupied loans | 218 | 0 | 0 | |||||||||||||||||||||||
Nonowner occupied loans | 1,019 | 139 | 139 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 240 | 0 | 0 | |||||||||||||||||||||||
Consumer 1-4 family loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 697 | 0 | 0 | |||||||||||||||||||||||
Open end and junior lien loans | 210 | 0 | 0 | |||||||||||||||||||||||
Residential construction loans | 139 | 0 | 0 | |||||||||||||||||||||||
Other consumer loans | 1 | 0 | 0 | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | 1,845 | 66 | 57 | |||||||||||||||||||||||
Non-working capital loans | 13,806 | 513 | 513 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 1,977 | 45 | 46 | |||||||||||||||||||||||
Owner occupied loans | 3,416 | 72 | 70 | |||||||||||||||||||||||
Nonowner occupied loans | 7,220 | 0 | 0 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 381 | 0 | 0 | |||||||||||||||||||||||
Other commercial loans | 5 | 0 | 0 | |||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 2,680 | 74 | 77 | |||||||||||||||||||||||
Open end and junior lien loans | 63 | 0 | 0 | |||||||||||||||||||||||
Other consumer loans | 98 | 2 | 2 | |||||||||||||||||||||||
Total | $ | 34,608 | $ | 913 | $ | 906 | ||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2013: | ||||||||||||||||||||||||||
Cash Basis | ||||||||||||||||||||||||||
Average | Interest | Interest | ||||||||||||||||||||||||
Recorded | Income | Income | ||||||||||||||||||||||||
(dollars in thousands) | Investment | Recognized | Recognized | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 64 | $ | 0 | $ | 0 | ||||||||||||||||||||
Non-working capital loans | 8 | 0 | 0 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Owner occupied loans | 482 | 0 | 0 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 512 | 0 | 0 | |||||||||||||||||||||||
Consumer 1-4 family loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 379 | 0 | 0 | |||||||||||||||||||||||
Open end and junior lien loans | 35 | 0 | 0 | |||||||||||||||||||||||
Residential construction loans | 39 | 0 | 0 | |||||||||||||||||||||||
Other consumer loans | 1 | 0 | 0 | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | 2,934 | 50 | 52 | |||||||||||||||||||||||
Non-working capital loans | 13,957 | 540 | 544 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 3,537 | 84 | 92 | |||||||||||||||||||||||
Owner occupied loans | 3,771 | 109 | 118 | |||||||||||||||||||||||
Nonowner occupied loans | 20,108 | 337 | 344 | |||||||||||||||||||||||
Multifamily loans | 48 | 0 | 0 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 442 | 0 | 0 | |||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 2,488 | 56 | 68 | |||||||||||||||||||||||
Open end and junior lien loans | 70 | 0 | 0 | |||||||||||||||||||||||
Other consumer loans | 90 | 1 | 1 | |||||||||||||||||||||||
Total | $ | 48,965 | $ | 1,177 | $ | 1,219 | ||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2012: | ||||||||||||||||||||||||||
Cash Basis | ||||||||||||||||||||||||||
Average | Interest | Interest | ||||||||||||||||||||||||
Recorded | Income | Income | ||||||||||||||||||||||||
(dollars in thousands) | Investment | Recognized | Recognized | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 10 | $ | 0 | $ | 0 | ||||||||||||||||||||
Non-working capital loans | 108 | 0 | 0 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | ||||||||||||||||||||||||||
Owner occupied loans | 530 | 0 | 0 | |||||||||||||||||||||||
Nonowner occupied loans | 259 | 17 | 17 | |||||||||||||||||||||||
Multifamily loans | 83 | 0 | 0 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Non-impaired watch list loans | 307 | 0 | 0 | |||||||||||||||||||||||
Loans secured by farmland | 51 | 0 | 0 | |||||||||||||||||||||||
Loans for ag production | ||||||||||||||||||||||||||
Other commercial loans | ||||||||||||||||||||||||||
Consumer 1-4 family loans: | 339 | 0 | 0 | |||||||||||||||||||||||
Closed end first mortgage loans | 25 | 0 | 0 | |||||||||||||||||||||||
Other consumer loans | ||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | 4,085 | 55 | 54 | |||||||||||||||||||||||
Working capital lines of credit loans | 17,062 | 667 | 681 | |||||||||||||||||||||||
Non-working capital loans | ||||||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | 2,145 | 48 | 48 | |||||||||||||||||||||||
Construction and land development loans | 5,157 | 90 | 84 | |||||||||||||||||||||||
Owner occupied loans | 27,830 | 363 | 380 | |||||||||||||||||||||||
Multifamily loans | ||||||||||||||||||||||||||
Agri-business and agricultural loans: | 410 | 0 | 0 | |||||||||||||||||||||||
Loans secured by farmland | 68 | 0 | 0 | |||||||||||||||||||||||
Other commercial loans | ||||||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | 1,870 | 36 | 50 | |||||||||||||||||||||||
Closed end first mortgage loans | 343 | 0 | 0 | |||||||||||||||||||||||
Other consumer loans | 26 | 0 | 0 | |||||||||||||||||||||||
Total | $ | 60,708 | $ | 1,276 | $ | 1,314 | ||||||||||||||||||||
Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. | ||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2014 by class of loans: | ||||||||||||||||||||||||||
30-89 | Greater than | |||||||||||||||||||||||||
Loans Not | Days | 90 Days | Total | |||||||||||||||||||||||
(dollars in thousands) | Past Due | Past Due | Past Due | Nonaccrual | Past Due | Total | ||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 543,613 | $ | 0 | $ | 0 | $ | 632 | $ | 632 | $ | 544,245 | ||||||||||||||
Non-working capital loans | 487,655 | 0 | 101 | 3,598 | 3,699 | 491,354 | ||||||||||||||||||||
Commercial real estate and multi-family | ||||||||||||||||||||||||||
residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 155,711 | 0 | 0 | 526 | 526 | 156,237 | ||||||||||||||||||||
Owner occupied loans | 399,028 | 800 | 0 | 3,049 | 3,849 | 402,877 | ||||||||||||||||||||
Nonowner occupied loans | 390,394 | 31 | 0 | 3,629 | 3,660 | 394,054 | ||||||||||||||||||||
Multi-family loans | 71,695 | 0 | 0 | 0 | 0 | 71,695 | ||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 136,923 | 0 | 0 | 485 | 485 | 137,408 | ||||||||||||||||||||
Loans for agricultural production | 136,466 | 0 | 0 | 0 | 0 | 136,466 | ||||||||||||||||||||
Other commercial loans | 75,684 | 0 | 0 | 30 | 30 | 75,714 | ||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 142,615 | 1,198 | 20 | 1,051 | 2,269 | 144,884 | ||||||||||||||||||||
Open end and junior lien loans | 150,551 | 235 | 9 | 398 | 642 | 151,193 | ||||||||||||||||||||
Residential construction loans | 6,597 | 0 | 0 | 129 | 129 | 6,726 | ||||||||||||||||||||
Other consumer loans | 49,308 | 108 | 0 | 51 | 159 | 49,467 | ||||||||||||||||||||
Total | $ | 2,746,240 | $ | 2,372 | $ | 130 | $ | 13,578 | $ | 16,080 | $ | 2,762,320 | ||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 by class of loans: | ||||||||||||||||||||||||||
30-89 | Greater than | |||||||||||||||||||||||||
Loans Not | Days | 90 Days | Total | |||||||||||||||||||||||
(dollars in thousands) | Past Due | Past Due | Past Due | Nonaccrual | Past Due | Total | ||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 456,136 | $ | 0 | $ | 0 | $ | 1,819 | $ | 1,819 | $ | 457,955 | ||||||||||||||
Non-working capital loans | 440,050 | 46 | 0 | 3,796 | 3,842 | 443,892 | ||||||||||||||||||||
Commercial real estate and multi-family | ||||||||||||||||||||||||||
residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 156,594 | 0 | 0 | 544 | 544 | 157,138 | ||||||||||||||||||||
Owner occupied loans | 366,955 | 0 | 0 | 3,156 | 3,156 | 370,111 | ||||||||||||||||||||
Nonowner occupied loans | 382,478 | 0 | 0 | 11,758 | 11,758 | 394,236 | ||||||||||||||||||||
Multi-family loans | 63,392 | 0 | 0 | 0 | 0 | 63,392 | ||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 132,347 | 0 | 0 | 1,113 | 1,113 | 133,460 | ||||||||||||||||||||
Loans for agricultural production | 120,665 | 0 | 0 | 0 | 0 | 120,665 | ||||||||||||||||||||
Other commercial loans | 70,766 | 0 | 0 | 0 | 0 | 70,766 | ||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 122,370 | 1,645 | 0 | 1,165 | 2,810 | 125,180 | ||||||||||||||||||||
Open end and junior lien loans | 147,123 | 135 | 46 | 291 | 472 | 147,595 | ||||||||||||||||||||
Residential construction loans | 4,481 | 0 | 0 | 150 | 150 | 4,631 | ||||||||||||||||||||
Other consumer loans | 45,826 | 145 | 0 | 106 | 251 | 46,077 | ||||||||||||||||||||
Total | $ | 2,509,183 | $ | 1,971 | $ | 46 | $ | 23,898 | $ | 25,915 | $ | 2,535,098 | ||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||
Troubled debt restructured loans are included in the totals for impaired loans. The Company has allocated $3.4 million and $8.3 million of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of December 31, 2014 and 2013. The Company is not committed to lend additional funds to debtors whose loans have been modified in a troubled debt restructuring. | ||||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Accruing troubled debt restructured loans | $ | 16,492 | $ | 17,714 | ||||||||||||||||||||||
Nonaccrual troubled debt restructured loans | 9,161 | 18,531 | ||||||||||||||||||||||||
Total troubled debt restructured loans | $ | 25,653 | $ | 36,245 | ||||||||||||||||||||||
During the year ending December 31, 2014 certain loans were modified as troubled debt restructurings. The modified terms of these loans include one or a combination of the following: inadequate compensation for the terms of the restructure or renewal; a modification of the repayment terms which delays principal repayment for some period; or renewal terms offered to borrowers in financial distress where no additional credit enhancements were obtained at the time of renewal. | ||||||||||||||||||||||||||
There were renewal terms offered to one borrower under financial duress which did not require additional compensation or consideration, and the terms offered would not have been readily available in the marketplace for loans bearing similar risk profiles. In this instance, it was determined that a concession had been granted. It is difficult to quantify the concession granted due to an absence of readily available market terms to be used for comparison. The borrower engaged in retail sales, where the collateral and cash flow did not support the loan with a recorded investment of $159,000. | ||||||||||||||||||||||||||
Additional concessions were granted to borrowers with previously identified troubled debt restructured loans during 2014. One loan with a balance of $173,000 was rewritten under terms that are not readily available in the marketplace. Terms in the current loan agreement include an amortization period that exceeds those of similar type loans for a borrower enduring financial hardship. This concession was granted without additional compensation. Another concession included further forgiveness of principal if the terms of the restructured loan are met during the life of the loan. This borrower had a recorded investment of $2.7 million at the time of the modification. These concessions are not included in table below. | ||||||||||||||||||||||||||
Renegotiated interest rates include loans with a reduction in rate for the remaining life of the loan. There were modifications to borrowers at rates that were not readily available in the marketplace that were considered concessions. | ||||||||||||||||||||||||||
The following table presents loans by class modified as new troubled debt restructurings that occurred during the year ending December 31, 2014: | ||||||||||||||||||||||||||
All Modifications | Interest Rate Reductions | Modified Repayment Terms | ||||||||||||||||||||||||
Pre-Modification | Post-Modification | Extension | ||||||||||||||||||||||||
Outstanding | Outstanding | Interest at | Interest at | Period or | ||||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Pre-Modification | Post-Modification | Number of | Range | |||||||||||||||||||
(dollars in thousands) | Loans | Investment | Investment | Loans | Rate | Rate | Loans | (in months) | ||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Non-working capital loans | 2 | $ | 433 | $ | 433 | 0 | $ | 0 | $ | 0 | 2 | 15-Dec | ||||||||||||||
Commercial real estate and multi- | ||||||||||||||||||||||||||
family residential loans: | ||||||||||||||||||||||||||
Owner occupied loans | 3 | 2,639 | 2,710 | 1 | 89 | 95 | 2 | 24-Dec | ||||||||||||||||||
Total | 5 | $ | 3,072 | $ | 3,143 | 1 | $ | 89 | $ | 95 | 4 | 24-Dec | ||||||||||||||
For period ending December 31, 2014, the commercial and industrial troubled debt restructurings described above increased the allowance for loan losses by $205,000 and the commercial real estate and multi-family residential loan troubled debt restructuring described above increased the allowance for loan losses by $171,000. | ||||||||||||||||||||||||||
No charge-offs resulted from any troubled debt restructurings described above during the period ending December 31, 2014. | ||||||||||||||||||||||||||
During the year ending December 31, 2013 certain loans were modified as troubled debt restructurings. The modified terms of these loans include one or a combination of the following: inadequate compensation for the terms of the restructure or renewal; a reduction in the interest rate on a loan to one that would not be readily available in the marketplace for borrowers with a similar risk profile; a modification of the repayment terms which delays principal repayment for some period; or renewal terms offered to borrowers in financial distress where no additional credit enhancements were obtained at the time of renewal. | ||||||||||||||||||||||||||
There were renewal terms offered on various loans to borrowers under financial duress which did not require additional compensation or consideration, and the terms offered would not have been readily available in the marketplace for loans bearing similar risk profiles. In these instances, it was determined that a concession had been granted. It is difficult to quantify the concession granted due to an absence of readily available market terms to be used for comparison. The renewals during the first three months of 2013 were to one borrower engaged in land development, where the aggregate recorded investment totaled $763,000. No renewals during the three months ended June 30, 2013 were determined to be troubled debt restructures. During the three months ended September 30, 2013, the Bank renegotiated terms on a loan totaling $75,000 where the collateral and cash flow did not support the loan. During the three months ending December 31, 2013 one loan totaling $524,000 was granted an extension although the borrower was not in complete compliance with the terms of the previous agreements financial reporting requirements. | ||||||||||||||||||||||||||
Renegotiated interest rates include loans with a reduction in rate for the remaining life of the loan. | ||||||||||||||||||||||||||
The following table presents loans by class modified as new troubled debt restructurings that occurred during the period ending December 31, 2013: | ||||||||||||||||||||||||||
All Modifications | Interest Rate Reductions | |||||||||||||||||||||||||
Pre-Modification | Post-Modification | |||||||||||||||||||||||||
Outstanding | Outstanding | Interest at | Interest at | |||||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||
(dollars in thousands) | Loans | Investment | Investment | Loans | Rate | Rate | ||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||
Commercial real estate and multi- | ||||||||||||||||||||||||||
family residential loans: | ||||||||||||||||||||||||||
Construction and land | ||||||||||||||||||||||||||
development loans | 6 | $ | 2,197 | $ | 2,197 | 6 | $ | 84 | $ | 63 | ||||||||||||||||
Owner occupied loans | 1 | 524 | 524 | 0 | 0 | 0 | ||||||||||||||||||||
Consumer 1-4 family loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 4 | 317 | 327 | 2 | 142 | 158 | ||||||||||||||||||||
Total | 11 | $ | 3,038 | $ | 3,048 | 8 | $ | 226 | $ | 221 | ||||||||||||||||
Principal and Interest Forgiveness | ||||||||||||||||||||||||||
Principal at | Principal at | Interest at | Interest at | |||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||
(dollars in thousands) | Loans | Rate | Rate | Rate | Rate | |||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||
Consumer 1-4 family loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 2 | $ | 156 | $ | 161 | $ | 164 | $ | 149 | |||||||||||||||||
Total | 2 | $ | 156 | $ | 161 | $ | 164 | $ | 149 | |||||||||||||||||
For the period ending December 31, 2013, the commercial real estate and multi-family residential loan troubled debt restructurings described above decreased the allowance for loan losses by $405,000 and the consumer 1-4 family loan troubled debt restructurings described above increased the allowance for loan losses by $56,000. Five of the commercial real estate and multi-family residential loan that decreased the provision during 2013 had modifications during the first month of the year and had improved their positions during the remainder of the year, which warranted the decrease in allocation. | ||||||||||||||||||||||||||
One of the commercial real estate and multi-family residential loan troubled debt restructurings described above had a charge-off of $365,000 during the period ending December 31, 2013. | ||||||||||||||||||||||||||
The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the period ending December 31: | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||
(dollars in thousands) | Loans | Investment | Loans | Investment | ||||||||||||||||||||||
Troubled Debt Restructurings that Subsequently Defaulted | ||||||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 0 | $ | 0 | 1 | $ | 763 | ||||||||||||||||||||
Total | 0 | $ | 0 | 1 | $ | 763 | ||||||||||||||||||||
A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. | ||||||||||||||||||||||||||
The troubled debt restructurings that subsequently defaulted, as described above, decreased the allowance for loan losses by $170,000 and did not result in any charge-offs during the period ending December 31, 2013. | ||||||||||||||||||||||||||
During the first quarter of 2014 the Company sold, to an independent party, three loans totaling $6.7 million, representing a single commercial relationship. The three loans were accounted for as troubled debt restructurings. The Company received proceeds of $4.3 million and recognized charge-offs of $2.4 million as a result of the sale. The amount charged-off had previously been reserved for by the Company. | ||||||||||||||||||||||||||
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 analyzes commercial loans individually by classifying the loans as to credit risk. This analysis is performed on a quarterly basis for Special Mention, Substandard and Doubtful grade loans and annually on Pass grade loans over $150,000. | ||||||||||||||||||||||||||
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 as 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 characteristics 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 with the exception of consumer troubled debt restructurings which are evaluated and listed with Substandard commercial grade loans and consumer nonaccrual loans which are evaluated individually and listed with Not Rated loans. Loans listed as not rated are consumer loans included in groups of homogenous loans which are analyzed for credit quality indicators utilizing delinquency status. As of December 31, 2014, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | ||||||||||||||||||||||||||
Special | Not | |||||||||||||||||||||||||
(dollars in thousands) | Pass | Mention | Substandard | Doubtful | Rated | Total | ||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 504,806 | $ | 28,485 | $ | 10,343 | $ | 611 | $ | 0 | $ | 544,245 | ||||||||||||||
Non-working capital loans | 436,735 | 31,781 | 20,324 | 0 | 2,514 | 491,354 | ||||||||||||||||||||
Commercial real estate and multi- | ||||||||||||||||||||||||||
family residential loans: | ||||||||||||||||||||||||||
Construction and land | ||||||||||||||||||||||||||
development loans | 150,442 | 1,033 | 4,762 | 0 | 0 | 156,237 | ||||||||||||||||||||
Owner occupied loans | 369,520 | 20,960 | 12,397 | 0 | 0 | 402,877 | ||||||||||||||||||||
Nonowner occupied loans | 375,702 | 12,512 | 5,840 | 0 | 0 | 394,054 | ||||||||||||||||||||
Multi-family loans | 71,695 | 0 | 0 | 0 | 0 | 71,695 | ||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 136,923 | 0 | 485 | 0 | 0 | 137,408 | ||||||||||||||||||||
Loans for agricultural production | 136,466 | 0 | 0 | 0 | 0 | 136,466 | ||||||||||||||||||||
Other commercial loans | 75,680 | 0 | 30 | 0 | 4 | 75,714 | ||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 39,156 | 0 | 2,199 | 0 | 103,529 | 144,884 | ||||||||||||||||||||
Open end and junior lien loans | 8,400 | 291 | 2,015 | 0 | 140,487 | 151,193 | ||||||||||||||||||||
Residential construction loans | 0 | 0 | 0 | 0 | 6,726 | 6,726 | ||||||||||||||||||||
Other consumer loans | 15,879 | 290 | 75 | 0 | 33,223 | 49,467 | ||||||||||||||||||||
Total | $ | 2,321,404 | $ | 95,352 | $ | 58,470 | $ | 611 | $ | 286,483 | $ | 2,762,320 | ||||||||||||||
As of December 31, 2013, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | ||||||||||||||||||||||||||
Special | Not | |||||||||||||||||||||||||
(dollars in thousands) | Pass | Mention | Substandard | Doubtful | Rated | Total | ||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 431,069 | $ | 15,212 | $ | 11,674 | $ | 0 | $ | 0 | $ | 457,955 | ||||||||||||||
Non-working capital loans | 384,415 | 37,727 | 19,659 | 0 | 2,091 | 443,892 | ||||||||||||||||||||
Commercial real estate and multi- | ||||||||||||||||||||||||||
family residential loans: | ||||||||||||||||||||||||||
Construction and land | ||||||||||||||||||||||||||
development loans | 148,338 | 763 | 8,037 | 0 | 0 | 157,138 | ||||||||||||||||||||
Owner occupied loans | 333,795 | 23,687 | 12,629 | 0 | 0 | 370,111 | ||||||||||||||||||||
Nonowner occupied loans | 367,108 | 9,180 | 17,948 | 0 | 0 | 394,236 | ||||||||||||||||||||
Multi-family loans | 63,392 | 0 | 0 | 0 | 0 | 63,392 | ||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 132,331 | 0 | 1,113 | 0 | 16 | 133,460 | ||||||||||||||||||||
Loans for agricultural production | 120,665 | 0 | 0 | 0 | 0 | 120,665 | ||||||||||||||||||||
Other commercial loans | 70,766 | 0 | 0 | 0 | 0 | 70,766 | ||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 29,092 | 0 | 2,316 | 0 | 93,772 | 125,180 | ||||||||||||||||||||
Open end and junior lien loans | 8,291 | 1,863 | 0 | 0 | 137,441 | 147,595 | ||||||||||||||||||||
Residential construction loans | 0 | 0 | 0 | 0 | 4,631 | 4,631 | ||||||||||||||||||||
Other consumer loans | 10,722 | 416 | 291 | 0 | 34,648 | 46,077 | ||||||||||||||||||||
Total | $ | 2,099,984 | $ | 88,848 | $ | 73,667 | $ | 0 | $ | 272,599 | $ | 2,535,098 | ||||||||||||||
FAIR_VALUES_OF_FINANCIAL_INSTR
FAIR VALUES OF FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
FAIR VALUES OF FINANCIAL INSTRUMENTS | NOTE 5 – FAIR VALUES OF FINANCIAL INSTRUMENTS | ||||||||||||||||
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 company’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: | |||||||||||||||||
Securities: Securities available for sale are valued primarily by a third party pricing service. The fair values of securities available for sale are determined on a recurring basis by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or pricing models which utilize significant observable inputs such as matrix pricing. This is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). These models utilize the market approach with standard inputs that include, but are not limited to benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain municipal securities that are not rated and observable inputs about the specific issuer are not available, fair values are estimated using observable data from other municipal securities presumed to be similar or other market data on other non-rated municipal securities (Level 3 inputs). | |||||||||||||||||
The Company’s Controlling Department, which is responsible for all accounting and SEC compliance, and the Company’s Treasury Department, which is responsible for investment portfolio management and asset/liability modeling, are the two areas that determine the Company’s valuation policies and procedures. Both of these areas report directly to the Chief Financial Officer of the Company. For assets or liabilities that may be considered for Level 3 fair value measurement on a recurring basis, these two departments and the Chief Financial Officer determine the appropriate level of the assets or liabilities under consideration. If there are assets or liabilities that are determined to be Level 3 by this group, the Risk Management Committee of the Company and the Audit Committee of the Board of Directors are made aware of such assets at their next scheduled meeting. | |||||||||||||||||
Securities pricing is obtained from a third party pricing service and is tested at least annually against prices from another third party provider and reviewed with a market value price tolerance variance of +/-3%, an individual security market value tolerance of +/-$50,000 and an aggregate market value tolerance of +/-$500,000 for all securities. If any securities fall outside any of these tolerance thresholds, they are reviewed in more detail to determine why the variance exists. Changes in market value are reviewed monthly in aggregate yield by security type and any material differences are reviewed to determine why they exist. At least annually, the pricing methodology of the pricing service is received and reviewed to support the fair value levels used by the Company. A detailed pricing evaluation is requested and reviewed on any security determined to be fair valued using unobservable inputs by the pricing service. | |||||||||||||||||
Mortgage banking derivative: The fair values of mortgage banking derivatives are based on observable market data as of the measurement date (Level 2). | |||||||||||||||||
Interest rate swap derivatives: Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. The fair value of interest rate swap derivatives is determined by pricing or valuation models using observable market data as of the measurement date (Level 2). | |||||||||||||||||
Impaired loans: Impaired loans with specific allocations of the allowance for loan losses are generally based on the fair value of the underlying collateral if repayment is expected solely from the collateral. Fair value is determined using several methods. Generally, the fair value of real estate is based on appraisals by qualified third party appraisers. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and result in a Level 3 classification of the inputs for determining fair value. In addition, the Company’s management routinely applies internal discount factors to the value of appraisals used in the fair value evaluation of impaired loans. The deductions to the appraisals take into account changing business factors and market conditions, as well as value impairment in cases where the appraisal date predates a likely change in market conditions. Commercial real estate is generally discounted from its appraised value by 0-50% with the higher discounts applied to real estate that is determined to have a thin trading market or to be specialized collateral. In addition to real estate, the Company’s management evaluates other types of collateral as follows: (a) raw and finished inventory is discounted from its cost or book value by 35-65%, depending on the marketability of the goods (b) finished goods are generally discounted by 30-60%, depending on the ease of marketability, cost of transportation or scope of use of the finished good (c) work in process inventory is typically discounted by 50-100%, depending on the length of manufacturing time, types of components used in the completion process, and the breadth of the user base (d) equipment is valued at a percentage of depreciated book value or recent appraised value, if available, and is typically discounted at 30-70% after various considerations including age and condition of the equipment, marketability, breadth of use, and whether the equipment includes unique components or add-ons; and (e) marketable securities are discounted by 10-30%, depending on the type of investment, age of valuation report and general market conditions. This methodology is based on a market approach and typically results in a Level 3 classification of the inputs for determining fair value. | |||||||||||||||||
Mortgage servicing rights: As of December 31, 2014, the fair value of the Company’s Level 3 servicing assets for residential mortgage loans (“MSRs”) was $3.1 million, none of which are currently impaired and therefore are carried at amortized cost. These residential mortgage loans have a weighted average interest rate of 4.05%, a weighted average maturity of 19 years and are secured by homes generally within the Company’s market area of Northern Indiana. A valuation model is used to estimate fair value by stratifying the portfolios on the basis of certain risk characteristics, including loan type and interest rate. Impairment is estimated based on an income approach. The inputs used include estimates of prepayment speeds, discount rate, cost to service, escrow account earnings, contractual servicing fee income, ancillary income, late fees, and float income. The most significant assumption used to value MSRs is prepayment rate. Prepayment rates are estimated based on published industry consensus prepayment rates. At December 31, 2014, the constant prepayment speed (“PSA”) used was 212 and discount rate used was 9.4%. At December 31, 2013, the PSA used was 185 and the discount rate used was 9.4%. | |||||||||||||||||
At December 31, 2014, the sensitivity of the current fair value of MSRs to an immediate 10% and 20% adverse change in the PSA and discount rate was ($134,000) and ($256,000), respectively for the PSA, and was ($88,000) and ($171,000), respectively for the discount rate. These sensitivities are hypothetical and should not be relied upon. As the figures indicate, changes in value based on a 10% and 20% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in value may not be linear. Also, in this example, the effect of a variation in a particular assumption on the value of the MSR is calculated without changing any other assumption; however, in reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which might magnify or counteract the sensitivities. | |||||||||||||||||
Other real estate owned: Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate owned 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 and are reviewed by the Company’s internal appraisal officer. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable properties used to determine value. Such adjustments are usually significant and result in a Level 3 classification. In addition, the Company’s management may apply discount factors to the appraisals to take into account changing business factors and market conditions, as well as value impairment in cases where the appraisal date predates a likely change in market conditions. In cases where the carrying amount exceeds the fair value, less costs to sell, an impairment loss is recognized. | |||||||||||||||||
The table below presents the balances of assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||
Assets | |||||||||||||||||
U.S. Treasury securities | $ | 1,004 | $ | 0 | $ | 0 | $ | 1,004 | |||||||||
Mortgage-backed securities | 0 | 372,095 | 0 | 372,095 | |||||||||||||
State and municipal securities | 0 | 101,962 | 850 | 102,812 | |||||||||||||
Total Securities | 1,004 | 474,057 | 850 | 475,911 | |||||||||||||
Mortgage banking derivative | 0 | 96 | 0 | 96 | |||||||||||||
Interest rate swap derivative | 0 | 1,191 | 0 | 1,191 | |||||||||||||
Total assets | $ | 1,004 | $ | 475,344 | $ | 850 | $ | 477,198 | |||||||||
Liabilities | |||||||||||||||||
Mortgage banking derivative | 0 | 11 | 0 | 11 | |||||||||||||
Interest rate swap derivative | 0 | 1,242 | 0 | 1,242 | |||||||||||||
Total liabilities | $ | 0 | $ | 1,253 | $ | 0 | $ | 1,253 | |||||||||
December 31, 2013 | |||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||
Assets | |||||||||||||||||
U.S. Treasury securities | $ | 1,017 | $ | 0 | $ | 0 | $ | 1,017 | |||||||||
Mortgage-backed securities | 0 | 371,977 | 0 | 371,977 | |||||||||||||
State and municipal securities | 0 | 94,998 | 975 | 95,973 | |||||||||||||
Total Securities | 1,017 | 466,975 | 975 | 468,967 | |||||||||||||
Mortgage banking derivative | 0 | 142 | 0 | 142 | |||||||||||||
Interest rate swap derivative | 0 | 627 | 0 | 627 | |||||||||||||
Total assets | $ | 1,017 | $ | 467,744 | $ | 975 | $ | 469,736 | |||||||||
Liabilities | |||||||||||||||||
Mortgage banking derivative | 0 | 2 | 0 | 2 | |||||||||||||
Interest rate swap derivative | 0 | 592 | 0 | 592 | |||||||||||||
Total liabilities | $ | 0 | $ | 594 | $ | 0 | $ | 594 | |||||||||
There were no transfers between Level 1 and Level 2 during 2014 and 2013. | |||||||||||||||||
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 years ended December 31, 2014 and 2013: | |||||||||||||||||
Non-Agency Residential | |||||||||||||||||
Mortgage-Backed Securities | State and Municipal Securities | ||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance of recurring Level 3 assets at January 1 | $ | 0 | $ | 2,859 | $ | 975 | $ | 988 | |||||||||
Transfers into Level 3 | 0 | 3,334 | 0 | 0 | |||||||||||||
Changes in fair value of securities | |||||||||||||||||
included in other comprehensive income | 0 | -158 | 0 | -13 | |||||||||||||
Principal payments | 0 | -2,183 | -125 | 0 | |||||||||||||
Sales | 0 | -3,852 | 0 | 0 | |||||||||||||
Balance of recurring Level 3 assets at December 31 | $ | 0 | $ | 0 | $ | 850 | $ | 975 | |||||||||
The fair value of two non-agency residential mortgage-backed securities with a fair value of $3.3 million as of March 31, 2013 were transferred out of Level 2 and into Level 3 because of a lack of observable market data for these investments. The Company’s policy is to recognize transfers as of the end of the reporting period. As a result, the fair value for these non-agency residential mortgage-backed securities was transferred on March 31, 2013. The securities were subsequently sold in the third quarter of 2013. The Company no longer owns any non-agency residential mortgage backed securities. | |||||||||||||||||
The state and municipal securities measured at fair value included below are nonrated Indiana municipal revenue bonds and are not actively traded. | |||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
Range of | |||||||||||||||||
Fair Value at | Inputs | ||||||||||||||||
(dollars in thousands) | 12/31/14 | Valuation Technique | Unobservable Input | (Average) | |||||||||||||
State and municipal securities | $ | 850 | Price to type, par, call | Discount to benchmark index | 0-6 | % | |||||||||||
(2.49 | %) | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
Range of | |||||||||||||||||
Fair Value at | Inputs | ||||||||||||||||
(dollars in thousands) | 12/31/13 | Valuation Technique | Unobservable Input | (Average) | |||||||||||||
State and municipal securities | $ | 975 | Price to type, par, call | Discount to benchmark index | 0-6 | % | |||||||||||
(2.21 | %) | ||||||||||||||||
The primary methodology used in the fair value measurement of the Company’s state and municipal securities classified as Level 3 is a discount to the AAA municipal benchmark index. Significant increases or (decreases) in this index as well as the degree to which the security differs in ratings, coupon, call and duration will result in a higher or (lower) fair value measurement for those securities that are not callable. For those securities that are continuously callable, a slight premium to par is used. | |||||||||||||||||
The table below presents the balances of assets measured at fair value on a nonrecurring basis: | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||
Assets | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||
Working capital lines of credit loans | $ | 0 | $ | 0 | $ | 531 | $ | 531 | |||||||||
Non-working capital loans | 0 | 0 | 2,257 | 2,257 | |||||||||||||
Commercial real estate and multi-family | |||||||||||||||||
residential loans: | |||||||||||||||||
Construction and land development loans | 0 | 0 | 341 | 341 | |||||||||||||
Owner occupied loans | 0 | 0 | 4,084 | 4,084 | |||||||||||||
Nonowner occupied loans | 0 | 0 | 3,113 | 3,113 | |||||||||||||
Agri-business and agricultural loans: | |||||||||||||||||
Loans secured by farmland | 0 | 0 | 189 | 189 | |||||||||||||
Other commercial loans | 0 | 0 | 15 | 15 | |||||||||||||
Consumer 1-4 family mortgage loans: | |||||||||||||||||
Closed end first mortgage loans | 0 | 0 | 399 | 399 | |||||||||||||
Open end and junior lien loans | 0 | 0 | 73 | 73 | |||||||||||||
Other consumer loans | 0 | 0 | 29 | 29 | |||||||||||||
Total impaired loans | $ | 0 | $ | 0 | $ | 11,031 | $ | 11,031 | |||||||||
Other real estate owned | 0 | 0 | 75 | 75 | |||||||||||||
Total assets | $ | 0 | $ | 0 | $ | 11,106 | $ | 11,106 | |||||||||
The table below presents the balances of assets measured at fair value on a nonrecurring basis: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||
Assets | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||
Working capital lines of credit loans | $ | 0 | $ | 0 | $ | 920 | $ | 920 | |||||||||
Non-working capital loans | 0 | 0 | 3,097 | 3,097 | |||||||||||||
Commercial real estate and multi-family | |||||||||||||||||
residential loans: | |||||||||||||||||
Construction and land development loans | 0 | 0 | 2,210 | 2,210 | |||||||||||||
Owner occupied loans | 0 | 0 | 3,958 | 3,958 | |||||||||||||
Nonowner occupied loans | 0 | 0 | 8,938 | 8,938 | |||||||||||||
Agri-business and agricultural loans: | |||||||||||||||||
Loans secured by farmland | 0 | 0 | 472 | 472 | |||||||||||||
Consumer 1-4 family mortgage loans: | |||||||||||||||||
Closed end first mortgage loans | 0 | 0 | 409 | 409 | |||||||||||||
Open end and junior lien loans | 0 | 0 | 174 | 174 | |||||||||||||
Other consumer loans | 0 | 0 | 50 | 50 | |||||||||||||
Total impaired loans | $ | 0 | $ | 0 | $ | 20,228 | $ | 20,228 | |||||||||
Other real estate owned | 0 | 0 | 75 | 75 | |||||||||||||
Total assets | $ | 0 | $ | 0 | $ | 20,303 | $ | 20,303 | |||||||||
The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2014: | |||||||||||||||||
(dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Average | Range of Inputs | ||||||||||||
Impaired loans: | |||||||||||||||||
Commercial and industrial | $ | 2,788 | Collateral based | Discount to reflect | 40 | % | (11% - 68 | %) | |||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Commercial real estate | 7,538 | Collateral based | Discount to reflect | 25 | % | (6% - 50 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Agri-business and agricultural | 189 | Collateral based | Discount to reflect | 7 | % | ||||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Other commercial | 15 | Collateral based | Discount to reflect | 50 | % | ||||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Consumer 1-4 family mortgage | 472 | Collateral based | Discount to reflect | 32 | % | (3% - 77 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Other consumer | 29 | Collateral based | Discount to reflect | 43 | % | (33% - 50 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Other real estate owned | 75 | Appraisals | Discount to reflect | 49 | % | ||||||||||||
current market conditions | |||||||||||||||||
The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2013: | |||||||||||||||||
(dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Average | Range of Inputs | ||||||||||||
Impaired loans: | |||||||||||||||||
Commercial and industrial | $ | 4,017 | Collateral based | Discount to reflect | 29 | % | (3% - 93 | %) | |||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Commercial real estate | 15,106 | Collateral based | Discount to reflect | 22 | % | (3% - 45 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Agri-business and agricultural | 472 | Collateral based | Discount to reflect | 8 | % | (4% - 12 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Consumer 1-4 family mortgage | 583 | Collateral based | Discount to reflect | 33 | % | (6% - 77 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Other consumer | 50 | Collateral based | Discount to reflect | 53 | % | (28% - 98 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Other real estate owned | 75 | Appraisals | Discount to reflect | 49 | % | ||||||||||||
current market conditions | |||||||||||||||||
Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a gross carrying amount of $14.5 million, with a valuation allowance of $3.5 million at December 31, 2014, resulting in a net reduction in provision for loan losses of $2.8 million for the year ended December 31, 2014. At December 31, 2013, impaired loans had a gross carrying amount of $26.5 million, with a valuation allowance of $6.3 million, resulting in a net reduction in provision for loans losses of $3.7 million for the year ending December 31, 2013. | |||||||||||||||||
Other real estate owned measured at fair value less costs to sell, at December 31, 2014 and 2013 had a net carrying amount of $75,000, which is made up of the outstanding balance of $147,000, net of a valuation allowance of $72,000, which was all written down during 2012. | |||||||||||||||||
The following table contains the estimated fair values and the related carrying values of the Company’s financial instruments at December 31, 2014. Items which are not financial instruments are not included. | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||
(dollars in thousands) | Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Financial Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 90,638 | $ | 90,638 | $ | 0 | $ | 0 | $ | 90,638 | |||||||
Securities available for sale | 475,911 | 1,004 | 474,057 | 850 | 475,911 | ||||||||||||
Real estate mortgages held for sale | 1,585 | 0 | 1,612 | 0 | 1,612 | ||||||||||||
Loans, net | 2,716,058 | 0 | 0 | 2,698,767 | 2,698,767 | ||||||||||||
Federal Home Loan Bank stock | 5,993 | N/A | N/A | N/A | N/A | ||||||||||||
Federal Reserve Bank stock | 3,420 | N/A | N/A | N/A | N/A | ||||||||||||
Accrued interest receivable | 8,662 | 3 | 2,312 | 6,347 | 8,662 | ||||||||||||
Financial Liabilities: | |||||||||||||||||
Certificates of deposit | -870,590 | 0 | -876,953 | 0 | -876,953 | ||||||||||||
All other deposits | -2,002,530 | -2,002,530 | 0 | 0 | -2,002,530 | ||||||||||||
Securities sold under agreements | |||||||||||||||||
to repurchase | -54,907 | 0 | -54,907 | 0 | -54,907 | ||||||||||||
Federal funds purchased | -500 | 0 | -500 | 0 | -500 | ||||||||||||
Other short-term borrowings | -105,000 | 0 | -105,001 | 0 | -105,001 | ||||||||||||
Long-term borrowings | -35 | 0 | -40 | 0 | -40 | ||||||||||||
Subordinated debentures | -30,928 | 0 | 0 | -31,212 | -31,212 | ||||||||||||
Standby letters of credit | -379 | 0 | 0 | -379 | -379 | ||||||||||||
Accrued interest payable | -2,946 | -109 | -2,834 | -3 | -2,946 | ||||||||||||
The following table contains the estimated fair values and the related carrying values of the Company’s financial instruments at December 31, 2013. Items which are not financial instruments are not included. | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||
(dollars in thousands) | Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Financial Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 63,105 | $ | 63,105 | $ | 0 | $ | 0 | $ | 63,105 | |||||||
Securities available for sale | 468,967 | 1,017 | 466,975 | 975 | 468,967 | ||||||||||||
Real estate mortgages held for sale | 1,778 | 0 | 1,800 | 0 | 1,800 | ||||||||||||
Loans, net | 2,486,301 | 0 | 0 | 2,490,593 | 2,490,593 | ||||||||||||
Federal Home Loan Bank stock | 7,312 | N/A | N/A | N/A | N/A | ||||||||||||
Federal Reserve Bank stock | 3,420 | N/A | N/A | N/A | N/A | ||||||||||||
Accrued interest receivable | 8,577 | 0 | 2,297 | 6,280 | 8,577 | ||||||||||||
Financial Liabilities: | |||||||||||||||||
Certificates of deposit | -727,809 | 0 | -736,088 | 0 | -736,088 | ||||||||||||
All other deposits | -1,818,259 | -1,818,259 | 0 | 0 | -1,818,259 | ||||||||||||
Securities sold under agreements | |||||||||||||||||
to repurchase | -104,876 | 0 | -104,876 | 0 | -104,876 | ||||||||||||
Federal funds purchased | -11,000 | 0 | -11,000 | 0 | -11,000 | ||||||||||||
Other short-term borrowings | -146,000 | 0 | -146,002 | 0 | -146,002 | ||||||||||||
Long-term borrowings | -37 | 0 | -43 | 0 | -43 | ||||||||||||
Subordinated debentures | -30,928 | 0 | 0 | -31,217 | -31,217 | ||||||||||||
Standby letters of credit | -312 | 0 | 0 | -312 | -312 | ||||||||||||
Accrued interest payable | -2,918 | -125 | -2,790 | -3 | -2,918 | ||||||||||||
The methods and assumptions, not previously presented, used to estimate fair values are described as follows: | |||||||||||||||||
Cash and cash equivalents – The carrying amount of cash and cash equivalents approximate fair value and are classified as Level 1. | |||||||||||||||||
Loans, net – Fair values of loans, excluding loans held for sale, are estimated as follows: For variable rate loans, 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 current market rates applied to the estimated life resulting in a Level 3 classification. Impaired loans are valued at the lower of cost or fair value as described previously. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. | |||||||||||||||||
FHLB and Federal Reserve Bank stock – It is not practical to determine the fair value of FHLB stock and Federal Reserve Bank stock due to restrictions placed on its transferability. | |||||||||||||||||
Certificates of deposit – Fair values of certificates of deposit are estimated using discounted cash flow analysis using current market rates applied to the estimated life resulting in a Level 2 classification. | |||||||||||||||||
All other deposits – The fair values for all other deposits other than certificates of deposit are equal to the amount payable on demand (the carrying value) resulting in a Level 1 classification. | |||||||||||||||||
Securities sold under agreements to repurchase – The carrying amount of borrowings under repurchase agreements approximate their fair values resulting in a Level 2 classification. | |||||||||||||||||
Federal funds purchased – The carrying amount of federal funds purchased approximate fair value resulting in a Level 2 classification. | |||||||||||||||||
Other short-term borrowings – The fair value of other short-term borrowings is estimated using discounted cash flow analysis based on current borrowing rates resulting in a Level 2 classification. | |||||||||||||||||
Long-term borrowings – The fair value of long-term borrowings is estimated using discounted cash flow analyses based on current borrowing rates resulting in a Level 2 classification. | |||||||||||||||||
Subordinated debentures – The fair value of subordinated debentures is based on the rates currently available to the Company with similar terms and remaining maturity and credit spread resulting in a Level 3 classification. | |||||||||||||||||
Standby letters of credit – The fair value of off-balance sheet items is based on the current fees and costs that would be charged to enter into or terminate such arrangements resulting in a Level 3 classification. | |||||||||||||||||
Accrued interest receivable/payable – The carrying amounts of accrued interest approximate fair value resulting in a Level 1, Level 2 or Level 3 classification depending on its associated asset/liability. | |||||||||||||||||
LAND_PREMISES_AND_EQUIPMENT_NE
LAND, PREMISES AND EQUIPMENT, NET | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
LAND, PREMISES AND EQUIPMENT, NET | NOTE 6 – LAND, PREMISES AND EQUIPMENT, NET | |||||||
Land, premises and equipment and related accumulated depreciation were as follows at December 31, 2014 and 2013: | ||||||||
(dollars in thousands) | 2014 | 2013 | ||||||
Land | $ | 12,937 | $ | 12,588 | ||||
Premises | 31,953 | 32,202 | ||||||
Equipment | 26,829 | 24,600 | ||||||
Total cost | 71,719 | 69,390 | ||||||
Less accumulated depreciation | 29,736 | 30,055 | ||||||
Land, premises and equipment, net | $ | 41,983 | $ | 39,335 | ||||
The Company had land, premises and equipment of $249,000 held for sale and included in other assets as of December 31, 2014. | ||||||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 7 – GOODWILL AND OTHER INTANGIBLE ASSETS |
Goodwill | |
There have been no changes in the $5.0 million carrying amount of goodwill since 2002. | |
Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through a two step impairment test. Step 1 of the impairment test includes the determination of the carrying value of our single reporting unit, including the existing goodwill and intangible assets, and estimating the fair value of the reporting unit. The Company determined the fair value of our reporting unit and compared it to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, the Company is required to perform a second step to the impairment test. Our annual impairment analysis as of May 31, 2014, indicated that the Step 2 analysis was not necessary. Circumstances did not substantially change during the second half of the year such that the Company did not believe it was necessary to do an additional impairment analysis. | |
DEPOSITS
DEPOSITS | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
DEPOSITS | NOTE 8 – DEPOSITS | |||||||
The following table details certain types of deposits as of December 31, 2014 and 2013: | ||||||||
(dollars in thousands) | 2014 | 2013 | ||||||
Time deposits of $100,000 to $250,000 | $ | 254,137 | $ | 218,157 | ||||
Time deposits of $250,000 or more | 331,074 | 218,086 | ||||||
Public fund deposits | 748,563 | 634,290 | ||||||
Brokered deposits | 142,429 | 29,755 | ||||||
At December 31, 2014, the scheduled maturities of time deposits were as follows: | ||||||||
(dollars in thousands) | Amount | |||||||
Maturing in 2015 | $ | 542,981 | ||||||
Maturing in 2016 | 193,806 | |||||||
Maturing in 2017 | 86,276 | |||||||
Maturing in 2018 | 14,443 | |||||||
Maturing in 2019 | 32,751 | |||||||
Thereafter | 333 | |||||||
Total time deposits | $ | 870,590 | ||||||
BORROWINGS
BORROWINGS | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
BORROWINGS | NOTE 9 – BORROWINGS | ||||||||||||
Long-term borrowings at December 31 consisted of: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||
Federal Home Loan Bank of Indianapolis Notes, 6.15%, Due January 15, 2018 | $ | 35 | $ | 37 | |||||||||
Long-term borrowings mature as follows: | |||||||||||||
(dollars in thousands) | Amount | ||||||||||||
2015 | $ | 0 | |||||||||||
2016 | 0 | ||||||||||||
2017 | 0 | ||||||||||||
2018 | 35 | ||||||||||||
2019 | 0 | ||||||||||||
Other short-term borrowings consisted of: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||
Federal Home Loan Bank of Indianapolis Notes, 0.50%, Due June 30, 2014 | $ | 0 | $ | 146,000 | |||||||||
Federal Home Loan Bank of Indianapolis Notes, 0.43%, Due June 29, 2015 | 105,000 | 0 | |||||||||||
Total | $ | 105,000 | $ | 146,000 | |||||||||
The outstanding FHLB advance at December 31, 2014 of $105.0 million may be prepaid with no penalty. All FHLB notes require monthly interest payments and are secured by residential real estate loans and securities with a carrying value of $353.9 million and $320.5 million at December 31, 2014 and 2013. At December 31, 2014, the Company owned $6.0 million of FHLB stock, which also secures debts owed to the FHLB of $105.0 million. The Company is authorized by the Board of Directors to borrow up to $800.0 million at the FHLB, but availability is limited to $115.9.0 million based on collateral and outstanding borrowings. Federal Reserve Discount Window borrowings were secured by commercial loans with a carrying value of $217.7 million as of December 31, 2014. The Company had a borrowing capacity of $160.2 million at the Federal Reserve Bank at December 31, 2014. There were no borrowings outstanding at the Federal Reserve Bank at December 31, 2014 and 2013. | |||||||||||||
Securities sold under agreements to repurchase are secured by mortgage-backed securities with a carrying amount of $94.2 million and $125.1 million at year-end 2014 and 2013. | |||||||||||||
Securities sold under agreements to repurchase (“repo accounts”) represent collateralized borrowings with customers located primarily within the Company’s service area. Substantially all repo accounts mature on demand, with the remaining maturing in less than one year. Repo accounts are not covered by federal deposit insurance and are secured by securities owned. The Company retains the right to substitute similar type securities and has the right to withdraw all excess collateral applicable to repo accounts whenever the collateral values are in excess of the related repurchase liabilities. At December 31, 2014, there were no material amounts of securities at risk with any one customer. The Company maintains control of these securities through the use of third-party safekeeping arrangements. | |||||||||||||
The following is a schedule, at the end of the year indicated, of statistical information relating to securities sold under agreement to repurchase maturing within one year and secured by either U.S. government agency securities or mortgage-backed securities classified as other debt securities. There were no other categories of short-term borrowings for which the average balance outstanding during the period was 30 percent or more of stockholders' equity at the end of each period. | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Securities sold under agreements to repurchase | |||||||||||||
Outstanding at year end | $ | 54,907 | $ | 104,876 | $ | 121,883 | |||||||
Approximate average interest rate at year end | 0.18 | % | 0.29 | % | 0.35 | % | |||||||
Highest amount outstanding as of any month end | |||||||||||||
during the year | $ | 96,236 | $ | 114,312 | $ | 130,389 | |||||||
Approximate average outstanding during the year | $ | 78,120 | $ | 107,252 | $ | 119,150 | |||||||
Approximate average interest rate during the year | 0.24 | % | 0.32 | % | 0.37 | % | |||||||
SUBORDINATED_DEBENTURES
SUBORDINATED DEBENTURES | 12 Months Ended |
Dec. 31, 2014 | |
Subordinated Debentures [Abstract] | |
SUBORDINATED DEBENTURES | NOTE 10 – SUBORDINATED DEBENTURES |
Lakeland Statutory Trust II, a trust formed by the Company (the “Trust”), issued $30.0 million of floating rate trust preferred securities on October 1, 2003 as part of a privately placed offering of such securities. The Company issued $30.9 million of subordinated debentures to the Trust in exchange for the proceeds of the Trust. The Company holds a controlling interest in the Trust, but does not have a majority of voting rights; therefore the Trust is considered a variable interest entity. The Company is not considered the primary beneficiary of this Trust; therefore, the Trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability. The Company’s investment in the common stock of the Trust was $928,000 and is included in other assets. | |
Subject to the Company having received prior approval of the Federal Reserve, if required, the Company may redeem the subordinated debentures, in whole or in part, but in all cases in a principal amount with integral multiples of $1,000, on any interest payment date on or after October 1, 2008 at 100% of the principal amount, plus accrued and unpaid interest. The subordinated debentures must be redeemed no later than 2033. These securities are considered Tier I capital (with certain limitations applicable) under current regulatory guidelines and, subject to certain limitations, will also be considered Tier 1 capital under Basel III. The floating rate of the trust preferred securities and subordinated debentures are equal to the three-month London Interbank Offered Rate (“LIBOR”) plus 3.05%, which was 3.3051%, 3.2966% and 3.361% December 31, 2014, 2013 and 2012, respectively. | |
PENSION_AND_OTHER_POSTRETIREME
PENSION AND OTHER POSTRETIREMENT PLANS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Employee Benefit Plans [Abstract] | ||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT PLANS | NOTE 11 – PENSION AND OTHER POSTRETIREMENT PLANS | |||||||||||||||||||
In April 2000, the Lakeland Financial Corporation Pension Plan was frozen. The Company also maintains a Supplemental Executive Retirement Plan (“SERP”) for select officers that was established as a funded, non-qualified deferred compensation plan. Currently, seven retired officers are the only participants in the SERP. The measurement date for both the pension plan and SERP is December 31, 2014 and 2013. | ||||||||||||||||||||
Information as to the Company’s employee benefit plans at December 31, 2014 and 2013 is as follows: | ||||||||||||||||||||
Pension Benefits | SERP Benefits | |||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||
Beginning benefit obligation | $ | 2,454 | $ | 2,867 | $ | 1,096 | $ | 1,141 | ||||||||||||
Interest cost | 119 | 116 | 50 | 45 | ||||||||||||||||
Actuarial (gain)/loss | 398 | -276 | 258 | 47 | ||||||||||||||||
Benefits paid | -186 | -253 | -137 | -137 | ||||||||||||||||
Ending benefit obligation | 2,785 | 2,454 | 1,267 | 1,096 | ||||||||||||||||
Change in plan assets (primarily equity and fixed | ||||||||||||||||||||
income investments and money market funds), | ||||||||||||||||||||
at fair value: | ||||||||||||||||||||
Beginning plan assets | 1,700 | 1,528 | 1,068 | 964 | ||||||||||||||||
Actual return | 121 | 265 | 79 | 161 | ||||||||||||||||
Employer contribution | 206 | 160 | 4 | 80 | ||||||||||||||||
Benefits paid | -186 | -253 | -137 | -137 | ||||||||||||||||
Ending plan assets | 1,841 | 1,700 | 1,014 | 1,068 | ||||||||||||||||
Funded status at end of year | $ | -944 | $ | -754 | $ | -253 | $ | -28 | ||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||||||
Pension Benefits | SERP Benefits | |||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Funded status included in other liabilities | $ | -944 | $ | -754 | $ | -253 | $ | -28 | ||||||||||||
Amounts recognized in accumulated other comprehensive income consist of: | ||||||||||||||||||||
Pension Benefits | SERP Benefits | |||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net actuarial loss | $ | 1,925 | $ | 1,640 | $ | 812 | $ | 640 | ||||||||||||
The accumulated benefit obligation for the pension plan was $2.8 million and $2.5 million, respectively, for December 31, 2014 and 2013. The accumulated benefit obligation for the SERP was $1.3 million and $1.1 million, respectively for December 31, 2014 and 2013. | ||||||||||||||||||||
Net pension expense and other amounts recognized in other comprehensive income include the following: | ||||||||||||||||||||
Pension Benefits | SERP Benefits | |||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Net pension expense: | ||||||||||||||||||||
Service cost | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Interest cost | 119 | 116 | 127 | 50 | 45 | 51 | ||||||||||||||
Expected return on plan assets | -125 | -121 | -138 | -73 | -74 | -75 | ||||||||||||||
Recognized net actuarial loss | 117 | 151 | 137 | 80 | 93 | 83 | ||||||||||||||
Settlement cost | 0 | 91 | 252 | 0 | 0 | 0 | ||||||||||||||
Net pension expense | $ | 111 | $ | 237 | $ | 378 | $ | 57 | $ | 64 | $ | 59 | ||||||||
Net loss/(gain) | $ | 402 | $ | -510 | $ | -109 | $ | 252 | $ | -40 | $ | -3 | ||||||||
Amortization of net loss | -117 | -151 | -137 | -80 | -93 | -83 | ||||||||||||||
Total recognized in other comprehensive | ||||||||||||||||||||
income | $ | 285 | $ | -661 | $ | -246 | $ | 172 | $ | -133 | $ | -86 | ||||||||
Total recognized in net pension expense | ||||||||||||||||||||
and other comprehensive income | $ | 396 | $ | -424 | $ | 132 | $ | 229 | $ | -69 | $ | -27 | ||||||||
The estimated net loss (gain) for the defined benefit pension plan and SERP that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $162,000 for the pension plan and $82,000 for the SERP. The settlement cost was related to participants taking lump sum distributions from the pension plan during 2013 and 2012. | ||||||||||||||||||||
For 2014 and 2013, the assumed form of payment elected by active participants upon retirement was changed from a single life annuity to a lump sum to reflect participant trends. The lump sum assumed interest rates below for December 31, 2014 and 2013 reflect the mortality table in effect for 2015 and 2014, respectively. For 2014, the mortality assumption was changed to the RP-2014 Mortality Table projected to 2024 with Projection Scale MP-2014 as of December 31, 2014 to reflect improved mortality expectations. | ||||||||||||||||||||
Pension Benefits | SERP Benefits | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||
The following assumptions were used in calculating the net benefit obligation: | ||||||||||||||||||||
Weighted average discount rate | 3.61 | % | 5 | % | 4 | % | 3.61 | % | 5 | % | 4 | % | ||||||||
Rate of increase in future compensation | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||
Lump sum assumed interest rates | ||||||||||||||||||||
First 5 years | 1.29 | % | 1.24 | % | N/A | N/A | N/A | N/A | ||||||||||||
Next 15 years | 3.81 | % | 4.47 | % | N/A | N/A | N/A | N/A | ||||||||||||
All future years | 4.88 | % | 5.52 | % | N/A | N/A | N/A | N/A | ||||||||||||
The following assumptions were used in calculating the net pension expense: | ||||||||||||||||||||
Weighted average discount rate | 5 | % | 4 | % | 4.5 | % | 5 | % | 4 | % | 4.5 | % | ||||||||
Rate of increase in future compensation | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||
Expected long-term rate of return | 7.75 | % | 7.75 | % | 7.75 | % | 7.75 | % | 7.75 | % | 7.75 | % | ||||||||
Pension Plan and SERP Assets | ||||||||||||||||||||
The Company's investment strategies are to invest in a prudent manner for the purpose of providing benefits to participants in the pension plan and the SERP. The investment strategies are targeted to maximize the total return of the portfolio net of inflation, spending and expenses. Risk is controlled through diversification of asset types and investments in domestic and international equities and fixed income securities. The target allocations for plan assets are shown in the tables below. Equity securities primarily include investments in common stocks. Debt securities include government agency and commercial bonds. Other investments consist of money market mutual funds. | ||||||||||||||||||||
The weighted average expected long-term rate of return on pension plan and SERP assets is developed in consultation with the plans actuary. It is primarily based upon industry trends and consensus rates of return which are then adjusted to reflect the specific asset allocations and historical rates of return of the Company's plan assets. The following assumptions were used in determining the total long term rate of return: equity securities were assumed to have a long-term rate of return of approximately 9.75% and debt securities were assumed to have a long-term rate of return of approximately 4.75%. These rates of return were adjusted to reflect an approximate target allocation of 60% equity securities and 40% debt securities with a small downward adjustment due to investments in the “Other” category, which consist of low yielding money market mutual funds. | ||||||||||||||||||||
Certain asset types and investment strategies are prohibited including, the investment in commodities, options, futures, short sales, margin transactions and non-marketable securities. | ||||||||||||||||||||
The Company's pension plan asset allocation at year-end 2014 and 2013, target allocation for 2015, and expected long-term rate of return by asset category are as follows: | ||||||||||||||||||||
Percentage of Plan | Weighted | |||||||||||||||||||
Target | Assets | Average Expected | ||||||||||||||||||
Allocation | at Year End | Long-Term Rate | ||||||||||||||||||
Asset Category | 2015 | 2014 | 2013 | of Return | ||||||||||||||||
Equity securities | 55-65 | % | 60 | % | 60 | % | 9.8 | % | ||||||||||||
Debt securities | 35-45 | % | 35 | % | 25 | % | 4.73 | % | ||||||||||||
Other | 10-May | % | 5 | % | 15 | % | 0.25 | % | ||||||||||||
Total | 100 | % | 100 | % | 7.75 | % | ||||||||||||||
The Company's SERP plan asset allocation at year-end 2014 and 2013, target allocation for 2015, and expected long-term rate of return by asset category are as follows: | ||||||||||||||||||||
Percentage of Plan | Weighted | |||||||||||||||||||
Target | Assets | Average Expected | ||||||||||||||||||
Allocation | at Year End | Long-Term Rate | ||||||||||||||||||
Asset Category | 2015 | 2014 | 2013 | of Return | ||||||||||||||||
Equity securities | 55-65 | % | 65 | % | 61 | % | 9.6 | % | ||||||||||||
Debt securities | 35-45 | % | 32 | % | 30 | % | 4.6 | % | ||||||||||||
Other | 10-May | % | 3 | % | 9 | % | 0.25 | % | ||||||||||||
Total | 100 | % | 100 | % | 7.75 | % | ||||||||||||||
Fair Value of Pension Plan and SERP Assets | ||||||||||||||||||||
Fair value is the exchange price that would be received for an asset in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. Also a fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||||||||||||
The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: | ||||||||||||||||||||
Equity and debt securities: The fair values of securities are determined on a recurring basis by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or pricing models, which utilize significant observable inputs such as matrix pricing. This is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). | ||||||||||||||||||||
The fair values of the Company's pension plan assets at December 31, 2014, by asset category are as follows: | ||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | Significant | Significant | ||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
Asset Category | Total | (Level 1) | (Level 2 ) | (Level 3) | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Equity securities - US large cap common stocks | $ | 540 | $ | 540 | $ | 0 | $ | 0 | ||||||||||||
Equity securities - US large cap stock mutual funds | 255 | 255 | 0 | 0 | ||||||||||||||||
Equity securities - US mid cap stock mutual funds | 144 | 144 | 0 | 0 | ||||||||||||||||
Equity securities - US small cap stock mutual funds | 25 | 25 | 0 | 0 | ||||||||||||||||
Equity securities - international stock mutual funds | 108 | 108 | 0 | 0 | ||||||||||||||||
Equity securities - emerging markets stock mutual funds | 24 | 24 | 0 | 0 | ||||||||||||||||
Debt securities - intermediate term bond mutual funds | 242 | 242 | 0 | 0 | ||||||||||||||||
Debt securities - short term bond mutual funds | 259 | 259 | 0 | 0 | ||||||||||||||||
Debt securities - world bond mutual funds | 94 | 94 | 0 | 0 | ||||||||||||||||
Debt securities - commercial | 55 | 0 | 55 | 0 | ||||||||||||||||
Cash - money market account | 91 | 91 | 0 | 0 | ||||||||||||||||
Total | $ | 1,837 | $ | 1,782 | $ | 55 | $ | 0 | ||||||||||||
Total pension plan assets available for benefits also include $4,000 in accrued interest and dividend income. | ||||||||||||||||||||
The fair values of the Company's pension plan assets at December 31, 2013, by asset category are as follows: | ||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | Significant | Significant | ||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
Asset Category | Total | (Level 1) | (Level 2 ) | (Level 3) | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Equity securities - US large cap common stocks | $ | 484 | $ | 484 | $ | 0 | $ | 0 | ||||||||||||
Equity securities - US large cap stock mutual funds | 258 | 258 | 0 | 0 | ||||||||||||||||
Equity securities - US mid cap stock mutual funds | 145 | 145 | 0 | 0 | ||||||||||||||||
Equity securities - international stock mutual funds | 119 | 119 | 0 | 0 | ||||||||||||||||
Equity securities - emerging markets stock mutual funds | 21 | 21 | 0 | 0 | ||||||||||||||||
Debt securities - intermediate term bond mutual funds | 127 | 127 | 0 | 0 | ||||||||||||||||
Debt securities - short term bond mutual funds | 211 | 211 | 0 | 0 | ||||||||||||||||
Debt securities - world bond mutual funds | 29 | 29 | 0 | 0 | ||||||||||||||||
Debt securities - commercial | 56 | 0 | 56 | 0 | ||||||||||||||||
Cash - money market account | 246 | 246 | 0 | 0 | ||||||||||||||||
Total | $ | 1,696 | $ | 1,640 | $ | 56 | $ | 0 | ||||||||||||
Total pension plan assets available for benefits also include $4,000 in accrued interest and dividend income. | ||||||||||||||||||||
There were no significant transfers between Level 1 and Level 2 during 2014 and 2013. | ||||||||||||||||||||
The fair values of the Company's SERP assets at December 31, 2014, by asset category are as follows: | ||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | Significant | Significant | ||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
Asset Category | Total | (Level 1) | (Level 2 ) | (Level 3) | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Equity securities - US large cap common stocks | $ | 144 | $ | 144 | $ | 0 | $ | 0 | ||||||||||||
Equity securities - US large cap stock mutual funds | 371 | 371 | 0 | 0 | ||||||||||||||||
Equity securities - US mid cap stock mutual funds | 75 | 75 | 0 | 0 | ||||||||||||||||
Equity securities - US small cap stock mutual funds | 15 | 15 | 0 | 0 | ||||||||||||||||
Equity securities - international stock mutual funds | 54 | 54 | 0 | 0 | ||||||||||||||||
Debt securities - intermediate term bond mutual funds | 65 | 65 | 0 | 0 | ||||||||||||||||
Debt securities - short term bond mutual funds | 169 | 169 | 0 | 0 | ||||||||||||||||
Debt securities - world bond mutual funds | 32 | 32 | 0 | 0 | ||||||||||||||||
Debt securities - commercial | 60 | 0 | 60 | 0 | ||||||||||||||||
Cash - money market account | 26 | 26 | 0 | 0 | ||||||||||||||||
Total | $ | 1,011 | $ | 951 | $ | 60 | $ | 0 | ||||||||||||
Total SERP plan assets available for benefits also include $3,000 in accrued interest and dividend income. | ||||||||||||||||||||
The fair values of the Company's SERP assets at December 31, 2013, by asset category are as follows: | ||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | Significant | Significant | ||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
Asset Category | Total | (Level 1) | (Level 2 ) | (Level 3) | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Equity securities - US large cap common stocks | $ | 140 | $ | 140 | $ | 0 | $ | 0 | ||||||||||||
Equity securities - US large cap stock mutual funds | 374 | 374 | 0 | 0 | ||||||||||||||||
Equity securities - US mid cap stock mutual funds | 76 | 76 | 0 | 0 | ||||||||||||||||
Equity securities - international stock mutual funds | 59 | 59 | 0 | 0 | ||||||||||||||||
Debt securities - intermediate term bond mutual funds | 72 | 72 | 0 | 0 | ||||||||||||||||
Debt securities - short term bond mutual funds | 150 | 150 | 0 | 0 | ||||||||||||||||
Debt securities - world bond mutual funds | 34 | 34 | 0 | 0 | ||||||||||||||||
Debt securities - commercial | 62 | 0 | 62 | 0 | ||||||||||||||||
Cash - money market account | 98 | 98 | 0 | 0 | ||||||||||||||||
Total | $ | 1,065 | $ | 1,003 | $ | 62 | $ | 0 | ||||||||||||
Total SERP plan assets available for benefits also include $3,000 in accrued interest and dividend income. | ||||||||||||||||||||
There were no significant transfers between Level 1 and Level 2 during 2014 and 2013. | ||||||||||||||||||||
Contributions | ||||||||||||||||||||
The Company expects to contribute $318,000 to its pension plan and $110,000 to its SERP plan in 2015. | ||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||
The following benefit payments are expected to be paid over the next ten years: | ||||||||||||||||||||
Pension | SERP | |||||||||||||||||||
Plan Year | Benefits | Benefits | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
2015 | $ | 286 | $ | 136 | ||||||||||||||||
2016 | 318 | 133 | ||||||||||||||||||
2017 | 233 | 130 | ||||||||||||||||||
2018 | 270 | 127 | ||||||||||||||||||
2019 | 169 | 123 | ||||||||||||||||||
2020-2024 | 922 | 532 | ||||||||||||||||||
OTHER_BENEFIT_PLANS
OTHER BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |
OTHER BENEFIT PLANS | NOTE 12 – OTHER BENEFIT PLANS |
401(k) Plan | |
The Company maintains a 401(k) profit sharing plan for all employees meeting certain age and service requirements. The 401(k) plan allows employees to contribute up to the maximum amount allowable under the Internal Revenue Code, which are matched based upon the percentage of budgeted net income earned during the year on the first 6% of the compensation contributed. The expense recognized from matching was $1.5 million in 2014 and $1.4 million in 2013 and 2012. | |
Deferred Compensation Plan | |
Effective January 1, 2004, the Company adopted the Lake City Bank Deferred Compensation Plan. The purpose of the deferred compensation plan is to extend full 401(k) type retirement benefits to certain individuals without regard to statutory limitations under tax qualified plans. A liability is accrued by the Company for its obligation under this plan. The expense recognized for each of the last three years was $67,000, $282,000 and $137,000 resulting in a deferred compensation liability of $2.1 million, $1.8 million and $1.4 million as of year-end 2014, 2013 and 2012. The deferred compensation plan is funded solely by participant contributions and does not receive a Company match. | |
Employee Agreements | |
Under employment agreements with certain executives, certain events leading to separation from the Company could result in cash payments totaling $4.4 million as of December 31, 2014. On December 31, 2014, no amounts were accrued on these contingent obligations. | |
Directors’ Deferred Compensation and Cash Plans | |
The Company maintains a directors’ deferred compensation plan and a cash plan. The amount owed directors for fees under the deferred directors’ compensation and cash plans as of December 31, 2014 and 2013 was $2.2 million. The related expense for the deferred directors’ compensation and cash plans as of December 31, 2014, 2013 and 2012 was $469,000, $488,000 and $480,000. | |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
INCOME TAXES | NOTE 13 – INCOME TAXES | ||||||||||
Income tax expense for the years ended December 31, 2014, 2013 and 2012 consisted of the following: | |||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||
Current federal | $ | 18,877 | $ | 17,181 | $ | 15,181 | |||||
Deferred federal | 1,118 | 183 | 1,175 | ||||||||
Current state | 1,650 | 1,387 | 877 | ||||||||
Deferred state | 740 | 808 | -51 | ||||||||
Total income tax expense | $ | 22,385 | $ | 19,559 | $ | 17,182 | |||||
Income tax expense included an expense (benefit) of ($89,000), $43,000 and ($150,000) applicable to security transactions for 2014, 2013 and 2012. The differences between financial statement tax expense and amounts computed by applying the statutory federal income tax rate of 35% for 2014, 2013 and 2012 to income before income taxes were as follows: | |||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||
Income taxes at statutory federal rate of 35% | $ | 23,167 | $ | 20,439 | $ | 18,402 | |||||
Increase (decrease) in taxes resulting from: | |||||||||||
Tax exempt income | -1,301 | -1,222 | -1,122 | ||||||||
Nondeductible expense | 196 | 180 | 182 | ||||||||
State income tax, net of federal tax effect | 1,656 | 1,396 | 554 | ||||||||
Captive insurance premium income | -378 | -391 | 0 | ||||||||
Tax credits | -233 | -243 | -253 | ||||||||
Bank owned life insurance | -631 | -578 | -340 | ||||||||
Reserve for unrecognized tax benefits | -64 | -25 | -45 | ||||||||
Other | -27 | 3 | -196 | ||||||||
Total income tax expense | $ | 22,385 | $ | 19,559 | $ | 17,182 | |||||
The net deferred tax asset recorded in the consolidated balance sheets at December 31, 2014 and 2013 consisted of the following: | |||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||
Deferred tax assets: | |||||||||||
Bad debts | $ | 18,300 | $ | 19,902 | |||||||
Pension and deferred compensation liability | 1,224 | 1,215 | |||||||||
Non-qualified stock options | 444 | 638 | |||||||||
Nonaccrual loan interest | 2,127 | 1,760 | |||||||||
Long-term incentive plan | 1,186 | 1,605 | |||||||||
Other | 346 | 32 | |||||||||
23,627 | 25,152 | ||||||||||
Deferred tax liabilities: | |||||||||||
Accretion | 153 | 152 | |||||||||
Depreciation | 3,843 | 3,336 | |||||||||
Loan servicing rights | 994 | 1,080 | |||||||||
State taxes | 704 | 963 | |||||||||
Deferred loan fees | 61 | 63 | |||||||||
Intangible assets | 1,883 | 1,925 | |||||||||
FHLB stock dividends | 33 | 88 | |||||||||
REIT spillover dividend | 1,085 | 1,178 | |||||||||
Prepaid expenses | 884 | 895 | |||||||||
Other | 373 | 0 | |||||||||
10,013 | 9,680 | ||||||||||
Valuation allowance | 0 | 0 | |||||||||
Net deferred tax asset | $ | 13,614 | $ | 15,472 | |||||||
In addition to the net deferred tax assets included above, the deferred income tax asset/liability allocated to the unrealized net gain/(loss) on securities available for sale included in equity was $3.5 million and ($895,000) for 2014 and 2013. The deferred income tax liability allocated to the pension plan and SERP included in equity was $1.1 million and $924,000 for 2014 and 2013. | |||||||||||
During the second quarter of 2013, the Indiana legislature approved new tax rates for financial institutions which will lower their state income tax rate from 8.5% to 6.5%. The decrease will be phased in over four years, beginning in 2014. This lower state tax rate going forward will reduce the benefit provided by the Company’s existing deferred tax items. As a result of the revaluation of the Company’s state deferred tax items, the Company recorded a non-cash adjustment for state tax expense of $465,000 in 2013. | |||||||||||
During the first quarter of 2014, the Indiana legislature approved new tax rates for financial institutions. The tax rate, currently 8.0%, is scheduled to drop to 6.5% for 2017. The new legislation further reduces the rate to 4.9%, phased-in beginning in 2019. This lower state tax rate going forward will reduce the benefit provided by the Company's existing deferred tax items. As a result of the revaluation of the Company's state deferred tax items, the Company recorded a non-cash adjustment for state tax expense of $431,000 in 2014. | |||||||||||
Unrecognized Tax Benefits | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits: | |||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||
Balance January 1, | $ | 64 | $ | 89 | |||||||
Additions based on tax positions related to the current year | 0 | 5 | |||||||||
Additions for tax positions of prior years | 0 | 0 | |||||||||
Reductions for tax positions of prior years | -42 | 0 | |||||||||
Reductions due to the statute of limitations | -22 | -30 | |||||||||
Settlements | 0 | 0 | |||||||||
Balance at December 31, | $ | 0 | $ | 64 | |||||||
The Company did not have any unrecognized tax benefits at December 31, 2014. The Company does not expect the total amount of unrecognized tax benefits to significantly increase or decrease in the next twelve months. | |||||||||||
No interest or penalties were recorded in the income statement and no amount was accrued for interest and penalties for the period ending December 31, 2014, 2013 and 2012. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is the Company’s policy to record such accruals in its income taxes accounts. | |||||||||||
The Company and its subsidiaries file a consolidated U.S. federal tax return and a combined unitary return in the States of Indiana and Michigan. These returns are subject to examinations by authorities for all years after 2011. | |||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ||||||||
RELATED PARTY TRANSACTIONS | NOTE 14 – RELATED PARTY TRANSACTIONS | |||||||
Loans to principal officers, directors, and their affiliates as of December 31, 2014 and 2013 were as follows: | ||||||||
(dollars in thousands) | 2014 | 2013 | ||||||
Beginning balance | $ | 124,605 | $ | 87,808 | ||||
New loans and advances | 112,940 | 171,214 | ||||||
Effect of changes in related parties | 0 | 0 | ||||||
Repayments and renewals | -108,977 | -134,417 | ||||||
Ending balance . | $ | 128,568 | $ | 124,605 | ||||
Deposits from principal officers, directors, and their affiliates at year-end 2014 were $5.7 million plus an additional $4.3 million included in securities sold under agreements to repurchase. Deposits from principal officers, directors, and their affiliates at year-end 2013 were $5.6 million plus an additional $3.7 million included in securities sold under agreements to repurchase. | ||||||||
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ||||||||||||||
STOCK BASED COMPENSATION | NOTE 15 – STOCK BASED COMPENSATION | |||||||||||||
Effective April 8, 2008, the Company adopted the Lakeland Financial Corporation 2008 Equity Incentive Plan (the “2008 Plan”), which was approved by the Company’s stockholders. At its inception there were 750,000 shares of common stock reserved for grants of stock options, stock appreciation rights, stock awards and cash incentive awards to employees of the Company, its subsidiaries and Board of Directors. Effective April 9, 2013, the Company adopted the Lakeland Financial Corporation 2013 Equity Incentive Plan (the “2013 Plan”), which was also approved by the Company’s stockholders. At its inception the remaining shares of common stock available to grant under the 2008 Plan of 290,578 were transferred to the 2013 Plan and reserved for grants of stock options, stock appreciation rights, stock awards and cash incentive awards to employees of the Company, its subsidiaries and Board of Directors. Nonvested shares from the 2008 Plan that are unused at vesting are added to the shares available to grant of the 2013 Plan. As of December 31, 2014, 215,275 were available for future grants. Certain stock awards provide for accelerated vesting if there is a change in control. The Company has a policy of issuing new shares to satisfy exercises of stock awards. | ||||||||||||||
Included in net income for the years ended December 31, 2014, 2013 and 2012 was employee stock compensation expense of $2.8 million, $2.0 million and $1.3 million, and a related tax benefit of $1.1 million, $795,000 and $545,000, respectively. | ||||||||||||||
Stock Options | ||||||||||||||
The equity incentive plan requires that the exercise price for options be the market price on the date the options are granted. The maximum option term is ten years and the awards usually vest over three years. The fair value of each stock option is estimated with the Black Scholes pricing model, using the following weighted-average assumptions as of the grant date for stock options granted during the years presented. Expected volatilities are based on historical volatility of the Company’s stock over the immediately preceding expected life period, as well as other factors known on the grant date that would have a significant effect on the stock price during the expected life period. The expected stock option life used is the historical option life of the similar employee base or Board of Directors. The turnover rate is based on historical data of the similar employee base as a group and the Board of Directors as a group. The risk-free interest rate is the Treasury rate on the date of grant corresponding to the expected life period of the stock option. | ||||||||||||||
There were no stock option grants in 2014, 2013 or 2012. | ||||||||||||||
A summary of the activity in the stock option plan as of December 31, 2014 and changes during the period then ended follows: | ||||||||||||||
Weighted- | ||||||||||||||
Weighted- | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||
Shares | Price | Term (years) | Value | |||||||||||
Outstanding at beginning of the year | 71,000 | $ | 22.89 | |||||||||||
Granted | 0 | |||||||||||||
Exercised | -13,082 | 22.65 | ||||||||||||
Forfeited | 0 | |||||||||||||
Outstanding at end of the year | 57,918 | $ | 22.95 | 2.5 | $ | 1,188,653 | ||||||||
Options exercisable at end of the year | 57,918 | $ | 22.95 | 2.5 | $ | 1,188,653 | ||||||||
The following table presents information on stock awards exercised for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||||||
Total intrinsic value | $ | 204 | $ | 589 | $ | 541 | ||||||||
Cash received | 7 | 757 | 782 | |||||||||||
Actual tax benefit realized for tax deductions | 50 | 146 | 112 | |||||||||||
There were no modifications of stock option awards during the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||
As of December 31, 2014, there was no unrecognized compensation cost related to nonvested stock options granted under the plan. | ||||||||||||||
Restricted Stock Awards and Units | ||||||||||||||
The fair value of restricted stock awards and units is the closing price of the Company’s common stock on the date of grant adjusted for the present value of expected dividends. The restricted stock awards fully vest on the third anniversary of the grant date, with the exception of 13,750 shares listed below, which vested on the grant date. | ||||||||||||||
A summary of the changes in the Company’s nonvested shares for the year follows: | ||||||||||||||
Weighted-Average | ||||||||||||||
Grant-Date | ||||||||||||||
Nonvested Shares | Shares | Fair Value | ||||||||||||
Nonvested at January 1, 2014 | 7,150 | $ | 25.37 | |||||||||||
Granted | 16,750 | 37.29 | ||||||||||||
Vested | -13,750 | 37.71 | ||||||||||||
Forfeited | -250 | 25.37 | ||||||||||||
Nonvested at December 31, 2014 | 9,900 | $ | 28.4 | |||||||||||
As of December 31, 2014, there was $92,000 of total unrecognized compensation cost related to nonvested shares granted under the plan. The cost is expected to be recognized over a weighted period of 2.04 years. The total fair value of shares vested during the years ended December 31, 2014, 2013 and 2012 was $598,000, $536,000 and $1.5 million. | ||||||||||||||
Performance Stock Units | ||||||||||||||
The fair value of stock awards is the closing price of the Company’s common stock on the date of grant adjusted for the present value of expected dividends. The stock awards fully vest on the third anniversary of the grant date. The 2014-2016, 2013-2015 and 2012-2014 Long-Term Incentive Plans must be paid in stock and have performance conditions which include revenue growth, diluted earnings per share growth and average return on beginning equity growth. Shares granted below include the number of shares assumed granted based on meeting the performance criteria of the 2014-2016, 2013-2015 and 2012-2014 Long-Term Incentive Plans at December 31, 2014. | ||||||||||||||
Weighted-Average | ||||||||||||||
Grant-Date | ||||||||||||||
Nonvested Shares | Shares | Fair Value | ||||||||||||
Nonvested at January 1, 2014 | 176,594 | $ | 22.67 | |||||||||||
Granted | 96,410 | 35.26 | ||||||||||||
Vested | -55,534 | 19.78 | ||||||||||||
Forfeited | 0 | 0 | ||||||||||||
Nonvested at December 31, 2014 | 217,470 | $ | 28.99 | |||||||||||
As of December 31, 2014 and 2013, there was $2.7 million and $1.5 million of total unrecognized compensation cost related to nonvested shares granted under the Plan. The cost is expected to be recognized over a weighted period of 1.55 years, 1.53 years and 1.51 years, respectively. The total fair value of shares vested during the year ended December 31, 2014 was $2.0 million. At December 31, 2014, 2013 and 2012, 55,534, 44,894 and 50,160 shares vested, respectively. | ||||||||||||||
CAPITAL_REQUIREMENTS_AND_RESTR
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Capital Requirements and Restrictions On Retained Earnings [Abstract] | ||||||||||||||||||||
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS | NOTE 16 – CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS | |||||||||||||||||||
The Company became a financial holding company effective May 30, 2012 and is now required to be well capitalized under the applicable regulatory guidelines. The Company and the Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet certain heightened minimum capital requirements can initiate certain mandatory, and possibly discretionary, actions by regulators that, if undertaken, could have a direct material effect on the financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting and other factors. | ||||||||||||||||||||
The quantitative measures established by regulation to ensure capital adequacy that were in effect on December 31, 2014, require the Company and the Bank to maintain minimum capital amounts and ratios (set forth in the following table) of Total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined in the regulation), and of Tier I capital (as defined in the regulation) to average assets (as defined). Management believes, as of the years ended December 31, 2014 and 2013, that the Company and the Bank met all capital adequacy requirements to which they are subject. | ||||||||||||||||||||
The capital adequacy requirements were heightened by the Basel III Rules, which went into effect on January 1, 2015 with a phase-in period for certain aspects of the rule through 2019. Management believes that the Company and the Bank are currently in compliance with the capital adequacy requirements to which they are subject. | ||||||||||||||||||||
As of December 31, 2014, the most recent notification from the federal regulators categorized the Company and the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company and the Bank must maintain minimum Total risk-based capital ratios, Tier I risk-based capital ratios and Tier I leverage capital ratios as set forth in the table. There have been no conditions or events since that notification that management believes have changed the Company and the Bank’s category. | ||||||||||||||||||||
Minimum Required to | ||||||||||||||||||||
Minimum Required | Be Well Capitalized | |||||||||||||||||||
For Capital | Under Prompt Corrective | |||||||||||||||||||
Actual | Adequacy Purposes | Action Regulations | ||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||
Total Capital (to Risk | ||||||||||||||||||||
Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 418,827 | 14.36 | % | $ | 233,286 | 8 | % | $ | 291,607 | 10 | % | ||||||||
Bank | $ | 403,454 | 13.87 | % | $ | 232,787 | 8 | % | $ | 290,984 | 10 | % | ||||||||
Tier I Capital (to Risk | ||||||||||||||||||||
Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 382,254 | 13.11 | % | $ | 116,643 | 4 | % | $ | 174,964 | 6 | % | ||||||||
Bank | $ | 366,958 | 12.61 | % | $ | 116,394 | 4 | % | $ | 174,591 | 6 | % | ||||||||
Tier I Capital (to Average Assets) | ||||||||||||||||||||
Consolidated | $ | 382,254 | 11.22 | % | $ | 136,265 | 4 | % | $ | 170,332 | 5 | % | ||||||||
Bank | $ | 366,958 | 10.84 | % | $ | 135,420 | 4 | % | $ | 169,276 | 5 | % | ||||||||
As of December 31, 2013: | ||||||||||||||||||||
Total Capital (to Risk | ||||||||||||||||||||
Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 382,951 | 14.23 | % | $ | 215,229 | 8 | % | $ | 269,036 | 10 | % | ||||||||
Bank | $ | 373,685 | 13.92 | % | $ | 214,704 | 8 | % | $ | 268,380 | 10 | % | ||||||||
Tier I Capital (to Risk | ||||||||||||||||||||
Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 349,134 | 12.98 | % | $ | 107,614 | 4 | % | $ | 161,422 | 6 | % | ||||||||
Bank | $ | 339,949 | 12.67 | % | $ | 107,352 | 4 | % | $ | 161,028 | 6 | % | ||||||||
Tier I Capital (to Average Assets) | ||||||||||||||||||||
Consolidated | $ | 349,134 | 11.25 | % | $ | 124,152 | 4 | % | $ | 155,190 | 5 | % | ||||||||
Bank | $ | 339,949 | 10.98 | % | $ | 123,809 | 4 | % | $ | 154,761 | 5 | % | ||||||||
The Bank is required to obtain the approval of the Indiana Department of Financial Institutions for the payment of any dividend if the total amount of all dividends declared by the Bank during the calendar year, including the proposed dividend, would exceed the sum of the retained net income for the year-to-date combined with the retained net income for the previous two years. Indiana law defines “retained net income” to mean the net income of a specified period, calculated under the consolidated report of income instructions, less the total amount of all dividends declared for the specified period. As of December 31, 2014, approximately $59.6 million was available to be paid as dividends to the Company by the Bank. | ||||||||||||||||||||
The payment of dividends by any financial institution or its holding company is affected by the requirement to maintain adequate capital pursuant to applicable capital adequacy guidelines and regulations, and a financial institution generally is prohibited from paying any dividends if, following payment thereof, the institution would be undercapitalized. As described above, the Bank exceeded its minimum capital requirements under applicable guidelines as of December 31, 2014. Notwithstanding the availability of funds for dividends, however, the FDIC may prohibit the payment of any dividends by the Bank if the FDIC determines such payment would constitute an unsafe or unsound practice. | ||||||||||||||||||||
OFFSETTING_ASSETS_AND_LIABILIT
OFFSETTING ASSETS AND LIABILITIES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Offsetting Assets And Liabilities [Abstract] | ||||||||||||||||||||
OFFSETTING ASSETS AND LIABILITIES | NOTE 17 – OFFSETTING ASSETS AND LIABILITIES | |||||||||||||||||||
The following tables summarize gross and net information about financial instruments and derivative instruments that are offset in the statement of financial position or that are subject to an enforceable master netting arrangement at December 31, 2014 and 2013. | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Gross | Net Amounts | |||||||||||||||||||
Gross | Amounts | of Assets | Gross Amounts Not | |||||||||||||||||
Amounts of | Offset in the | presented in | Offset in the Statement | |||||||||||||||||
Recognized | Statement of | the Statement | of Financial Position | |||||||||||||||||
Assets/ | Financial | of Financial | Financial | Cash Collateral | ||||||||||||||||
(dollars in thousands) | Liabilities | Position | Position | Instruments | Received | Net Amount | ||||||||||||||
Assets | ||||||||||||||||||||
Interest Rate Swap Derivatives | $ | 1,191 | $ | 0 | $ | 1,191 | $ | 0 | $ | 0 | $ | 1,191 | ||||||||
Total Assets | $ | 1,191 | $ | 0 | $ | 1,191 | $ | 0 | $ | 0 | $ | 1,191 | ||||||||
Liabilities | ||||||||||||||||||||
Interest Rate Swap Derivatives | $ | 1,242 | $ | 0 | $ | 1,242 | $ | 0 | $ | -1,242 | $ | 0 | ||||||||
Repurchase Agreements | 54,907 | 0 | 54,907 | -54,907 | 0 | 0 | ||||||||||||||
Total Liabilities | $ | 56,149 | $ | 0 | $ | 56,149 | $ | -54,907 | $ | -1,242 | $ | 0 | ||||||||
December 31, 2013 | ||||||||||||||||||||
Gross | Net Amounts | |||||||||||||||||||
Gross | Amounts | of Assets | Gross Amounts Not | |||||||||||||||||
Amounts of | Offset in the | presented in | Offset in the Statement | |||||||||||||||||
Recognized | Statement of | the Statement | of Financial Position | |||||||||||||||||
Assets/ | Financial | of Financial | Financial | Cash Collateral | ||||||||||||||||
(dollars in thousands) | Liabilities | Position | Position | Instruments | Received | Net Amount | ||||||||||||||
Assets | ||||||||||||||||||||
Interest Rate Swap Derivatives | $ | 627 | $ | 0 | $ | 627 | $ | 0 | $ | -260 | $ | 367 | ||||||||
Total Assets | $ | 627 | $ | 0 | $ | 627 | $ | 0 | $ | -260 | $ | 367 | ||||||||
Liabilities | ||||||||||||||||||||
Interest Rate Swap Derivatives | $ | 592 | $ | 0 | $ | 592 | $ | 0 | $ | 0 | $ | 592 | ||||||||
Repurchase Agreements | 104,876 | 0 | 104,876 | -104,876 | 0 | 0 | ||||||||||||||
Total Liabilities | $ | 105,468 | $ | 0 | $ | 105,468 | $ | -104,876 | $ | 0 | $ | 592 | ||||||||
If an event of default occurs causing an early termination of an interest rate swap derivative, any early termination amount payable to one party by the other party may be reduced by set-off against any other amount payable by the one party to the other party. If a default in performance of any obligation of a repurchase agreement occurs, each party will set-off property held in respect of transactions against obligations owing in respect of any other transactions. | ||||||||||||||||||||
COMMITMENTS_OFFBALANCE_SHEET_R
COMMITMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||
COMMITMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | NOTE 18 – COMMITMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | |||||||||||||
During the normal course of business, the Company becomes a party to financial instruments with off-balance sheet risk in order to meet the financing needs of its customers. These financial instruments include commitments to make loans and open-ended revolving lines of credit. Amounts as of the years ended December 31, 2014 and 2013, were as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Fixed | Variable | Fixed | Variable | |||||||||||
(dollars in thousands) | Rate | Rate | Rate | Rate | ||||||||||
Commercial loan lines of credit | $ | 45,294 | $ | 967,282 | $ | 79,457 | $ | 828,405 | ||||||
Commercial letters of credit | 0 | 62 | 0 | 80 | ||||||||||
Standby letters of credit | 0 | 52,500 | 0 | 33,575 | ||||||||||
Real estate mortgage loans | 3,439 | 1,589 | 3,865 | 2,233 | ||||||||||
Real estate construction mortgage loans | 1,875 | 4,936 | 927 | 1,821 | ||||||||||
Home equity mortgage open-ended revolving lines | 0 | 149,706 | 0 | 139,555 | ||||||||||
Consumer loan open-ended revolving lines | 0 | 5,896 | 0 | 5,013 | ||||||||||
Total | $ | 50,608 | $ | 1,181,971 | $ | 84,249 | $ | 1,010,682 | ||||||
The index on variable rate commercial loan commitments is principally the Company’s base rate, which is the national prime rate. Interest rate ranges on commitments and open-ended revolving lines of credit for years ended December 31, 2014 and 2013, were as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Fixed | Variable | Fixed | Variable | |||||||||||
Rate | Rate | Rate | Rate | |||||||||||
Commercial loan | 2.44-7.50 | % | 1.46-8.25 | % | 1.83-10.00 | % | 1.67-7.50 | % | ||||||
Real estate mortgage loan | 3.13-4.75 | % | 2.88-5.75 | % | 3.38-4.75 | % | 3.38-4.88 | % | ||||||
Consumer loan open-ended revolving line | N/A | 2.50-15.00 | % | N/A | 2.50-15.00 | % | ||||||||
Commitments, excluding open-ended revolving lines, generally have fixed expiration dates of one year or less. Open-ended revolving lines are monitored for proper performance and compliance on a monthly basis. Since many commitments expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company follows the same credit policy (including requiring collateral, if deemed appropriate) to make such commitments as it follows for those loans that are recorded in its financial statements. | ||||||||||||||
The Company’s exposure to credit losses in the event of nonperformance is represented by the contractual amount of the commitments. Management does not expect any significant losses as a result of these commitments | ||||||||||||||
PARENT_COMPANY_STATEMENTS
PARENT COMPANY STATEMENTS | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||||||||||
PARENT COMPANY STATEMENTS | NOTE 19 – PARENT COMPANY STATEMENTS | ||||||||||
The Company operates primarily in the banking industry, which accounts for substantially all of its revenues, operating income and assets. Presented below are parent only financial statements: | |||||||||||
CONDENSED BALANCE SHEETS | |||||||||||
December 31, | |||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||
ASSETS | |||||||||||
Deposits with Lake City Bank | $ | 427 | $ | 950 | |||||||
Deposits with other depository institutions | 7,654 | 0 | |||||||||
Cash | 8,081 | 950 | |||||||||
Investments in banking subsidiary | 376,000 | 342,690 | |||||||||
Investments in other subsidiaries | 3,394 | 2,313 | |||||||||
Other assets | 4,980 | 7,107 | |||||||||
Total assets | $ | 392,455 | $ | 353,060 | |||||||
LIABILITIES | |||||||||||
Dividends payable and other liabilities | $ | 231 | $ | 257 | |||||||
Subordinated debt | 30,928 | 30,928 | |||||||||
STOCKHOLDERS' EQUITY | 361,296 | 321,875 | |||||||||
Total liabilities and stockholders' equity | $ | 392,455 | $ | 353,060 | |||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||
Dividends from Lake City Bank, Lakeland Statutory Trust II | $ | 18,362 | $ | 9,524 | $ | 15,745 | |||||
Other income | 182 | 98 | 85 | ||||||||
Interest expense on subordinated debt | -1,048 | -1,061 | -1,123 | ||||||||
Miscellaneous expense | -3,462 | -2,651 | -1,976 | ||||||||
INCOME BEFORE INCOME TAXES AND EQUITY IN | |||||||||||
UNDISTRIBUTED INCOME OF SUBSIDIARIES | 14,034 | 5,910 | 12,731 | ||||||||
Income tax benefit | 1,691 | 1,387 | 1,187 | ||||||||
INCOME BEFORE EQUITY IN UNDISTRIBUTED | |||||||||||
INCOME OF SUBSIDIARIES | 15,725 | 7,297 | 13,918 | ||||||||
Equity in undistributed income of subsidiaries | 28,080 | 31,542 | 21,476 | ||||||||
NET INCOME | $ | 43,805 | $ | 38,839 | $ | 35,394 | |||||
COMPREHENSIVE INCOME | $ | 50,129 | $ | 30,656 | $ | 35,944 | |||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 43,805 | $ | 38,839 | $ | 35,394 | |||||
Adjustments to net cash from operating activities: | |||||||||||
Equity in undistributed income of subsidiaries | -28,080 | -31,543 | -21,475 | ||||||||
Other changes | 5,348 | 989 | 265 | ||||||||
Net cash from operating activities | 21,073 | 8,285 | 14,184 | ||||||||
Cash flows from investing activities | 0 | 0 | -250 | ||||||||
Proceeds from issuance of common stock | 57 | 903 | 894 | ||||||||
Repurchase of common stock | -444 | -399 | -421 | ||||||||
Dividends paid | -13,555 | -9,372 | -13,630 | ||||||||
Cash flows from financing activities | -13,942 | -8,868 | -13,157 | ||||||||
Net increase in cash and cash equivalents | 7,131 | -583 | 777 | ||||||||
Cash and cash equivalents at beginning of the year | 950 | 1,533 | 756 | ||||||||
Cash and cash equivalents at end of the year | $ | 8,081 | $ | 950 | $ | 1,533 | |||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
EARNINGS PER SHARE | NOTE 20 – EARNINGS PER SHARE | ||||||||||
Following are the factors used in the earnings per share computations: | |||||||||||
2014 | 2013 | 2012 | |||||||||
Basic earnings per common share: | |||||||||||
Net income | $ | 43,805,000 | $ | 38,839,000 | $ | 35,394,000 | |||||
Weighted-average common shares outstanding | 16,535,530 | 16,436,131 | 16,323,870 | ||||||||
Basic earnings per common share | $ | 2.65 | $ | 2.36 | $ | 2.17 | |||||
Diluted earnings per common share: | |||||||||||
Net income | $ | 43,805,000 | $ | 38,839,000 | $ | 35,394,000 | |||||
Weighted-average common shares outstanding for | |||||||||||
basic earnings per common share | 16,535,530 | 16,436,131 | 16,323,870 | ||||||||
Add: Dilutive effect of assumed exercise of warrant | 92,547 | 61,436 | 38,224 | ||||||||
Add: Dilutive effect of assumed exercises of stock options | |||||||||||
and awards | 153,378 | 136,771 | 120,843 | ||||||||
Average shares and dilutive potential common shares | 16,781,455 | 16,634,338 | 16,482,937 | ||||||||
Diluted earnings per common share | $ | 2.61 | $ | 2.33 | $ | 2.15 | |||||
There were no antidilutive stock options for 2014, 2013 and 2012. | |||||||||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Stockholders Equity Note [Abstract] | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | NOTE 21 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||
The following tables summarize the changes within each classification of accumulated other comprehensive income (loss) for December 31, 2014 and 2013 all shown net of tax: | |||||||||||
Unrealized | |||||||||||
Gains and | |||||||||||
Losses on | Defined | ||||||||||
Available- | Benefit | ||||||||||
for-Sales | Pension | ||||||||||
(dollars in thousands) | Securities | Items | Total | ||||||||
Balance at December 31, 2013 | $ | -1,138 | $ | -1,356 | $ | -2,494 | |||||
Other comprehensive income before reclassification | 6,471 | -399 | 6,072 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 134 | 118 | 252 | ||||||||
Net current period other comprehensive income | 6,605 | -281 | 6,324 | ||||||||
Balance at December 31, 2014 | $ | 5,467 | $ | -1,637 | $ | 3,830 | |||||
Unrealized | |||||||||||
Gains and | |||||||||||
Losses on | Defined | ||||||||||
Available- | Benefit | ||||||||||
for-Sales | Pension | ||||||||||
(dollars in thousands) | Securities | Items | Total | ||||||||
Balance at December 31, 2012 | $ | 7,517 | $ | -1,828 | $ | 5,689 | |||||
Other comprehensive income before reclassification | -8,591 | 327 | -8,264 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | -64 | 145 | 81 | ||||||||
Net current period other comprehensive income | -8,655 | 472 | -8,183 | ||||||||
Balance at December 31, 2013 | $ | -1,138 | $ | -1,356 | $ | -2,494 | |||||
Reclassifications out of accumulated comprehensive income for the years ended December 31, 2014 and 2013 are as follows: | |||||||||||
Details about | Amount | Affected Line Item | |||||||||
Accumulated Other | Reclassified From | in the Statement | |||||||||
Comprehensive | Accumulated Other | Where Net | |||||||||
Income Components | Comprehensive Income | Income is Presented | |||||||||
2014 | |||||||||||
(dollars in thousands) | |||||||||||
Unrealized gains and losses on available-for-sale securities | $ | -224 | Net securities gains (losses) | ||||||||
Tax effect | 90 | Income tax expense | |||||||||
-134 | Net of tax | ||||||||||
Amortization of defined benefit pension items(1) | -197 | Salaries and employee benefits | |||||||||
Tax effect | 79 | Income tax expense | |||||||||
-118 | Net of tax | ||||||||||
Total reclassifications for the period | $ | -252 | Net of tax | ||||||||
2013 | |||||||||||
(dollars in thousands) | |||||||||||
Unrealized gains and losses on available-for-sale securities | $ | 107 | Net securities gains (losses) | ||||||||
Tax effect | -43 | Income tax expense | |||||||||
64 | Net of tax | ||||||||||
Amortization of defined benefit pension items(1) | -244 | Salaries and employee benefits | |||||||||
Tax effect | 99 | Income tax expense | |||||||||
-145 | Net of tax | ||||||||||
Total reclassifications for the period | $ | -81 | Net of tax | ||||||||
(1) Included in the computation of net pension plan expense as more fully discussed in Note 11. | |||||||||||
SELECTED_QUARTERLY_DATA
SELECTED QUARTERLY DATA | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||
SELECTED QUARTERLY DATA (UNAUDITED) | NOTE 22 – SELECTED QUARTERLY DATA (UNAUDITED) (in thousands except per share data) | |||||||||||||
2014 | 4th | 3rd | 2nd | 1st | ||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Interest income | $ | 30,023 | $ | 29,745 | $ | 29,250 | $ | 28,270 | ||||||
Interest expense | 3,919 | 3,780 | 3,696 | 3,590 | ||||||||||
Net interest income | 26,104 | 25,965 | 25,554 | 24,680 | ||||||||||
Provision for loan losses | 0 | 0 | 0 | 0 | ||||||||||
Net interest income after provision | 26,104 | 25,965 | 25,554 | 24,680 | ||||||||||
Noninterest income | 7,163 | 7,871 | 7,592 | 7,427 | ||||||||||
Noninterest expense | 16,632 | 16,660 | 16,084 | 16,790 | ||||||||||
Income tax expense | 5,565 | 5,665 | 5,750 | 5,405 | ||||||||||
Net income | $ | 11,070 | $ | 11,511 | $ | 11,312 | $ | 9,912 | ||||||
Basic earnings per common share | $ | 0.67 | $ | 0.7 | $ | 0.68 | $ | 0.6 | ||||||
Diluted earnings per common share | $ | 0.66 | $ | 0.69 | $ | 0.68 | $ | 0.59 | ||||||
2013 | 4th | 3rd | 2nd | 1st | ||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Interest income | $ | 28,050 | $ | 26,970 | $ | 26,424 | $ | 26,292 | ||||||
Interest expense | 3,752 | 3,998 | 4,512 | 5,035 | ||||||||||
Net interest income | 24,298 | 22,972 | 21,912 | 21,257 | ||||||||||
Provision for loan losses | 0 | 0 | 0 | 0 | ||||||||||
Net interest income after provision | 24,298 | 22,972 | 21,912 | 21,257 | ||||||||||
Noninterest income | 7,878 | 7,809 | 7,569 | 7,481 | ||||||||||
Noninterest expense | 16,528 | 16,266 | 15,091 | 14,893 | ||||||||||
Income tax expense | 5,060 | 4,746 | 5,154 | 4,599 | ||||||||||
Net income | $ | 10,588 | $ | 9,769 | $ | 9,236 | $ | 9,246 | ||||||
Basic earnings per common share | $ | 0.64 | $ | 0.59 | $ | 0.56 | $ | 0.56 | ||||||
Diluted earnings per common share | $ | 0.63 | $ | 0.59 | $ | 0.56 | $ | 0.56 | ||||||
WARRANT
WARRANT | 12 Months Ended |
Dec. 31, 2014 | |
Warrants and Rights Note Disclosure [Abstract] | |
WARRANT | NOTE 23 – WARRANT |
On February 27, 2009, the Company entered into a Letter Agreement with the Treasury, pursuant to which the Company issued (i) 56,044 shares of the Company’s Series A Preferred Stock and (ii) the Warrant to purchase 396,538 shares of the Company’s common stock, no par value, for an aggregate purchase price of $56,044,000 in cash. This transaction was conducted in accordance with the CPP. | |
The Warrant has a 10-year term and is immediately exercisable upon its issuance, with an exercise price, subject to anti-dilution adjustments, equal to $21.20 per share of the common stock (trailing 20-day Lakeland average closing price as of December 17, 2008, which was the last trading day prior to date of receipt of Treasury’s preliminary approval for our participation in the CPP). The Warrant was valued using the Black-Scholes model with the following assumptions: market price of $17.45; exercise price of $21.20; risk-free interest rate of 3.02%; expected life of 10 years; expected dividend rate on common stock of 4.5759% and volatility of common stock price of 41.8046%. This resulted in a value of $4.4433 per share of common stock underlying the Warrant. | |
On December 3, 2009, the Company was notified by Treasury that, as a result of the Company's completion of our November 18, 2009 Qualified Equity Offering, the amount of the Warrant was reduced by 50% to 198,269 shares. In accordance with the terms of the Warrant, the number of shares issuable upon exercise and the exercise price are adjusted each time the Company pays a dividend to its stockholders in excess of the dividend paid at the time the warrant was issued. In 2014, the Company paid four dividends in excess of dividend paid at the time the Warrant was issued. In 2013, the Company paid three dividends in excess of the dividend paid at the time the Warrant was issued. Based on the formula set forth in the warrant, at December 31, 2013, the amount of shares issuable upon exercise of the Warrant was 200,710 and the exercise price was $20.9422. Based on the formula set forth in the Warrant, at December 31, 2014, the amount of shares issuable upon exercise of the Warrant was 201,780 and the exercise price was $20.8312. | |
On June 9, 2010, the Company redeemed the Series A Preferred Stock and accreted the remaining unamortized discount on these shares. The Company did not repurchase the Warrant, and the Warrant was sold by Treasury to an independent, third party. The Warrant has not been exercised as of December 31, 2014. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation: |
The consolidated financial statements include Lakeland Financial Corporation (the “Holding Company”) and its wholly-owned subsidiaries, Lake City Bank (the “Bank”) and LCB Risk Management, Inc., together referred to as (the “Company”). On December 18, 2006, LCB Investments II, Inc. was formed as a wholly owned subsidiary of the Bank incorporated in Nevada to manage a portion of the Bank’s investment portfolio beginning in 2007. On December 21, 2006, LCB Funding, Inc., a real estate investment trust incorporated in Maryland, was formed as a wholly owned subsidiary of LCB Investments II, Inc. On December 28, 2012, LCB Risk Management, Inc., a captive insurance company incorporated in Nevada, was formed as a wholly owned subsidiary of the Holding Company. All intercompany transactions and balances are eliminated in consolidation. | |
The Company provides financial services through the Bank, a full-service commercial bank with 46 branch offices in fourteen counties in Northern and Central Indiana. The Company provides commercial, retail, trust and investment services to its customers. Commercial products include commercial loans and technology-driven solutions to meet commercial customers’ treasury management needs such as internet business banking and on-line treasury management services. Retail banking clients are provided a wide array of traditional retail banking services, including lending, deposit and investment services. Retail lending programs are focused on mortgage loans, home equity lines of credit and traditional retail installment loans. The Company provides credit card services to retail and commercial customers through its retail card program and merchant processing activity. The Company provides wealth advisory and trust clients with traditional personal and corporate trust services. The Company also provides retail brokerage services, including an array of financial and investment products such as annuities and life insurance. Other financial instruments, which represent potential concentrations of credit risk, include deposit accounts in other financial institutions. | |
Use of Estimates | Use of Estimates: |
To prepare financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”), management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided and future results could differ | |
Cash Flows | Cash Flows: |
Cash and cash equivalents include cash, demand deposits in other financial institutions and short-term investments with maturities of 90 days or less. Cash flows are reported net for customer loan and deposit transactions, and short-term borrowings. | |
Securities | Securities: |
Securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income (loss), net of tax. Trading securities are bought for sale in the near term and are carried at fair value, with changes in unrealized holding gains and losses included in income. Securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. | |
Purchase premiums or discounts are recognized in interest income using the interest method over the terms of the securities or overestimated lives for mortgage-backed securities. Gains and losses on sales are based on the amortized cost of the security sold and recorded on the trade date. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) other-than-temporary impairment (OTTI) related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. | |
Real Estate Mortgage Loans Held for Sale | Real Estate Mortgage Loans Held for Sale: |
Loans held for sale are reported at the lower of cost or fair value on an aggregate basis. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. | |
Loan sales occur on the delivery date agreed to in the relevant commitment agreement. The Company retains servicing on the majority of loans sold. The carrying value of loans sold is reduced by the amount allocated to the servicing right. The gain or loss on the sale of loans is the difference between the carrying value of the loans sold and the funds received from the sale. | |
Loans | Loans: |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, deferred loan fees and costs, and an allowance for loan losses. | |
Interest income is reported on the interest method and includes amortization of net deferred loan fees and costs over the loan term. All classes of commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, other commercial and consumer 1-4 family mortgage loans for which collateral is insufficient to cover all principal and accrued interest are reclassified as nonaccrual loans, on or before the date when the loan becomes 90 days delinquent. When a loan is classified as a nonaccrual loan, interest on the loan is no longer accrued, all unpaid accrued interest is reversed and interest income is subsequently recorded on the cash-basis or cost-recovery method. Accrual status is resumed when all contractually due payments are brought current and future payments are reasonably assured. Other consumer loans are not placed on a nonaccrual status since these loans are charged-off when they have been delinquent from 90 to 180 days, and when the related collateral, if any, is not sufficient to offset the indebtedness. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. | |
The recorded investment in loans is the loan balance plus unamortized net deferred loan costs less unamortized net deferred loan fees. The total amount of accrued interest on loans as of both December 31, 2014 and 2013 was $6.2 million. | |
Allowance for Loan Losses | Allowance for Loan Losses: |
The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the inability to fully collect a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The Company has an established process to determine the adequacy of the allowance for loan losses that generally includes consideration of the following factors: changes in the nature and volume of the loan portfolio, overall portfolio quality and current economic conditions that may affect the borrowers’ ability to repay. Consideration is not limited to these factors, although they represent the most commonly cited factors. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available or as future events change. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. | |
The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. A detailed analysis is performed on loans that are classified but determined not to be impaired which incorporates probability of default with a loss given default scenario to develop non-specific allocations for such loan pools. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent three years. This actual loss experience is supplemented with other environmental factors based on the risks present for each portfolio segment. These factors include consideration of the following: levels of, and trends in, delinquencies and impaired loans; levels of, and trends in, charge-offs and recoveries over the historical three and five year periods; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedure, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following portfolio segments have been identified: commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, other commercial, consumer 1-4 family mortgage and other consumer. The risk characteristics of each of the identified portfolio segments are as follows: | |
Commercial and Industrial – Borrowers may be subject to industry conditions including decreases in product demand; increases in material or other production costs that cannot be immediately recaptured in the sales or distribution cycle; interest rate increases that could have an adverse impact on profitability; non-payment of credit that has been extended under normal vendor terms for goods sold or services; and interruption related to the importing or exporting of production materials or sold products. | |
Commercial Real Estate and Multi-Family Residential – Borrowers may be subject to potential adverse market conditions that cause a decrease in market value or lease rates; the potential for environmental impairment from events occurring on subject or neighboring properties; and obsolescence in location or function. Multi-Family Residential is also subject to adverse market conditions associated with a change in governmental or personal funding sources for tenants; over supply of units in a specific region; a shift in population; and reputational risks. Construction and Land Development risks include slower absorption than anticipated on speculative projects; deterioration in market conditions that may impact a project’s value; unforeseen costs not considered in the original construction budget; or any other factors that may impact the completion or success of the project. | |
Agri-business and Agricultural – Borrowers may be subject to adverse market or weather conditions including changes in local or foreign demand; lower yields than anticipated; political or other impact on storage, distribution or use; and exposure to increasing commodity prices which result in higher production, distribution or exporting costs. | |
Other Commercial – Borrowers may be subject to the uninterrupted flow of funds to states and other political subdivisions for the purpose of debt repayments on loans held by the Bank. | |
Consumer 1-4 Family Mortgage – Borrowers may be subject to adverse employment conditions in the local economy leading to increased default rates; decreased market values from oversupply in a geographic area; and impact to borrowers’ ability to maintain payments in the event of incremental rate increases on adjustable rate mortgages. | |
Other Consumer – Borrowers may be subject to adverse employment conditions in the local economy which may lead to higher default rates; and decreases in the value of underlying collateral. | |
A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified and a concession has been granted for borrowers experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired and may be either accruing or non-accruing. Nonaccrual troubled debt restructurings follow the same policy as described above for other loans. Impairment for troubled debt restructurings is measured at the present value of estimated future cash flows using the loan’s effective rate at inception or at discounted collateral value for collateral dependent loans. Impairment is evaluated individually or in total for smaller-balance loans of similar nature such as all classes of consumer 1-4 family and other consumer loans, and individually for all classes of commercial and industrial, commercial real estate and multi-family, agri-business and agricultural and other commercial loans. The Company analyzes commercial loans individually by classifying the loans as to credit risk. This analysis is performed on a quarterly basis for Special Mention, Substandard and Doubtful grade loans and annually on Pass grade loans over $150,000. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. If a loan is impaired, a portion of the allowance may be 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 less anticipated costs to sell if repayment is expected solely from the collateral. All classes of commercial and industrial, commercial real estate and multifamily residential, agri-business and agricultural, other commercial and consumer 1-4 family mortgage loans that become delinquent beyond 90 days are analyzed and a charge-off is taken when it is determined that the underlying collateral, if any, is not sufficient to offset the indebtedness. | |
Troubled debt restructured loans are considered for removal from troubled debt restructuring status in the year following modification or at time of subsequent restructuring for loans with cumulative principal forgiveness if the interest rate is considered a market rate at the time of modification and it has been performing according to the terms of the modification for a reasonable period of time long enough to observe an ability to repay under the modified terms. If removed from troubled debt restructuring status, the loan continues to be evaluated for impairment with either the present value of estimated future cash flows using the loan’s effective rate at inception or at discounted collateral value for collateral dependent loans. In addition, troubled debt restructured loans with subsequent modifications that do not have cumulative principal forgiveness are considered for removal from troubled debt restructuring status at the time of the subsequent modification if the following circumstances exist: (1) at the time of the subsequent restructuring, the borrower is not experiencing financial difficulties; (2) under the terms of the subsequent restructuring agreement no concession has been granted to the borrower; and (3) the subsequent restructuring agreement includes market terms that are no less favorable than those that would be offered for comparable new debt. Upon meeting these criteria, the loan is no longer individually evaluated for impairment and is no longer disclosed as a troubled debt restructuring. | |
Investments in Limited Partnerships | Investments in Limited Partnerships: |
The Company enters into and invests in limited partnerships in order to invest in affordable housing projects for the primary purpose of obtaining available tax benefits. The Company is a limited partner in these investments and, as such, the Company is not involved in the management or operation of such investments. These investments are accounted for using the equity method of accounting. Under the equity method of accounting, the Company records its share of the partnership’s earnings or losses in its income statement and adjusts the carrying amount of the investments on the consolidated balance sheet. These investments are evaluated for impairment when events indicate the carrying amount may not be recoverable. The investments recorded at December 31, 2014 and 2013 were $3.7 million and $1.9 million, respectively and are included with other assets in the consolidated balance sheet. The Company also has a commitment to fund an additional $1.0 million in one of the limited partnerships, which is included with other liabilities in the consolidated balance sheet. | |
Foreclosed Assets | Foreclosed Assets: |
Assets acquired through loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines, a valuation allowance is recorded through expense. Costs incurred after acquisition are expensed. At December 31, 2014 and 2013, the balance of other real estate owned was $284,000 and $469,000 and are included with other assets on the consolidated balance sheet. | |
Land, Premises and Equipment | Land, Premises and Equipment: |
Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the useful lives of the assets. Premises assets have useful lives between 5 and 40 years. Equipment assets have useful lives between 3 and 7 years. | |
Loan Servicing Rights | Loan Servicing Rights: |
Servicing rights are recognized separately when they are acquired through sales of loans. When mortgage loans are sold, servicing rights are initially recorded at fair value with the income statement effect recorded in mortgage banking income. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. | |
Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as loan type, term and interest rate. Any impairment of a grouping is reported as a valuation allowance, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in the valuation allowance are reported with mortgage banking income on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. | |
The carrying value of mortgage servicing rights was $2.4 million and $2.5 million as of December 31, 2014 and 2013. | |
Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of these loans were $330.3 million and $332.8 million at December 31, 2014 and 2013. Custodial escrow balances maintained in connection with serviced loans were $1.3 million at year end 2014 and 2013. | |
Servicing fee income/(loss), which is included in loan, insurance and service fees on the income statement, is recorded for fees earned for servicing loans. Fees earned for servicing loans are based on a contractual percentage of the outstanding principal amount of the loan and are recorded as income when earned. The amortization of servicing rights is netted against mortgage banking income. Servicing fees totaled $930,000, $816,000 and $765,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Late fees and ancillary fees related to loan servicing are not material. | |
Transfers of Financial Assets | Transfers of Financial Assets: |
Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right | |
(free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Mortgage Banking Derivatives | |
Mortgage Banking Derivatives: | |
Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in fair values of these derivatives are included in mortgage banking income. | |
Interest Rate Swap Derivatives | Interest Rate Swap Derivatives: |
The Company offers a derivative product to certain creditworthy commercial banking customers. This product allows the commercial banking customers to enter into an agreement with the Company to swap a variable rate loan to a fixed rate. These derivative products are designed to reduce, eliminate or modify the borrower's interest rate exposure. The extension of credit incurred in connection with these derivative products is subject to the same approval and underwriting standards as traditional credit products. The Company limits its risk exposure by simultaneously entering into a similar, offsetting swap agreement with a separate, well-capitalized and highly rated counterparty previously approved by the Company’s Asset Liability Committee. By using these interest rate swap arrangements, the Company is also better insulated from the interest rate risk associated with underwriting fixed-rate loans and is better able to meet customer demand for fixed rate loans. These derivative contracts are not designated against specific assets or liabilities and, therefore, do not qualify for hedge accounting. The derivatives are recorded as assets and liabilities on the balance sheet at fair value with changes in fair value recorded in other income for both the commercial banking customer swaps and the related offsetting swaps. | |
The notional amount of the interest rate swaps at December 31, 2014 and 2013 was $162.8 million and $109.5 million for both the swaps between the customer and the Company and the Company and the counterparty. The fair value of the interest rate swap asset was $1.2 million and $627,000 and the fair value of the interest rate swap liability was $1.2 million and $592,000, respectively at December 31, 2014 and 2013. | |
Bank Owned Life Insurance | Bank Owned Life Insurance: |
At December 31, 2014 and 2013, the Company owned $64.7 million and $61.2 million of life insurance policies on certain officers to provide a life insurance benefit for these officers. At December 31, 2014 and 2013 the Company also owned $1.9 million and $1.7 million of variable life insurance on certain officers related to a deferred compensation plan. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, i.e., the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: |
All goodwill on the Company’s consolidated balance sheet resulted from business combinations prior to January 1, 2009 and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. Goodwill is not amortized, but assessed at least annually for impairment and any such impairment will be recognized in the period identified. | |
FHLB and Federal Reserve Bank Stock | FHLB and Federal Reserve Bank Stock: |
FHLB and Federal Reserve Bank stock are carried at cost in other assets, classified as a restricted security and are periodically evaluated for impairment based on ultimate recoverability of par value. Both cash and stock dividends are reported as income. | |
Repurchase Agreements | Repurchase Agreements: |
Substantially all repurchase agreement liabilities represent amounts advanced by various customers. Securities are pledged to cover these liabilities, which are not covered by federal deposit insurance. | |
Long-term Assets | Long-term Assets: |
Premises and equipment, and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | |
Benefit Plans | Benefit Plans: |
The Company has a noncontributory defined benefit pension plan, which covered substantially all employees until the plan was frozen effective April 1, 2000. Funding of the plan equals or exceeds the minimum funding requirement determined by the actuary. Pension expense is the net of interest cost, return on plan assets and amortization of gains and losses not immediately | |
recognized. Benefits are based on years of service and compensation levels. The Company maintains a 401(k) profit sharing plan for all employees meeting certain age and service requirements. The Company contributions are based upon the percentage of budgeted net income earned during the year. An employee deferred compensation plan is available to certain employees with returns based on investments in mutual funds. The Company maintains a directors’ deferred compensation plan. Effective January 1, 2003, the directors’ deferred compensation plan was amended to restrict the deferral to be in stock only and deferred directors’ fees are included in equity. The Company acquires shares on the open market and records such shares as treasury stock. | |
Stock Compensation | Stock Compensation: |
Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant adjusted for the present value of expected dividends is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. Certain of the restricted stock awards are performance based, as more fully discussed in Note 15. | |
Income Taxes | Income Taxes: |
Annual consolidated federal and state income tax returns are filed by the Company. Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Income tax expense is recorded based on the amount of taxes due on its tax return plus net deferred taxes computed based upon the expected future tax consequences of temporary differences between carrying amounts and tax basis of assets and liabilities, using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | |
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is more likely of being realized on examination than not. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | |
The Company recognizes interest and/or penalties related to income tax matters in income tax expense. | |
Off-Balance Sheet Financial Instruments | Off-Balance Sheet Financial Instruments: |
Financial instruments include credit instruments, such as commitments to make loans and standby letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. The fair value of standby letters of credit is recorded as a liability during the commitment period. | |
Earnings Per Common Share | Earnings Per Common Share: |
Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options, stock awards and warrants. Earnings and dividends per share are restated for all stock splits and dividends through the date of issue of the financial statements. The common shares included in treasury stock for 2014 and 2013 include 84,703 and 98,267 shares, respectively, of Company common stock that has been purchased under the directors’ deferred compensation plan described above. Because these shares are held in trust for the participants, they are treated as outstanding when computing the weighted-average common shares outstanding for the calculation of both basic and diluted earnings per share. | |
Comprehensive Income | Comprehensive Income: |
Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale and changes in the funded status of the pension plan, which are also recognized as separate components of equity. | |
Loss Contingencies | Loss Contingencies: |
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there currently are such matters that will have a material effect on the financial statements. | |
Restrictions on Cash | Restrictions on Cash: |
The Company was required to have $9.6 million and $11.7 million of cash on hand or on deposit with the Federal Reserve Bank to meet regulatory reserve and clearing requirements at year-end 2014 and 2013. The Company met this requirement both years. | |
Dividend Restriction | Dividend Restriction: |
Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Company or by the Company to its stockholders. These restrictions currently pose no practical limit on the ability of the Bank or Company to pay dividends at historical levels. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: |
Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 5. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | |
Operating Segments | Operating Segments: |
The Company’s chief decision-makers monitor and evaluate financial performance on a Company-wide basis. All of the Company’s financial service operations are similar and considered by management to be aggregated into one reportable operating segment. While the Company has assigned certain management responsibilities by region and business-line, the Company's chief decision-makers monitor and evaluate financial performance on a Company-wide basis. The majority of the Company's revenue is from the business of banking and the Company's assigned regions have similar economic characteristics, products, services and customers. Accordingly, all of the Company’s operations are considered by management to be aggregated in one reportable operating segment. | |
Adoption of New Accounting Standards | Adoption of New Accounting Standards: |
There were no new accounting standards adopted during the year ended December 31, 2014 that had a material impact on the Company’s financial statements. | |
Newly Issued But Not Yet Effective Accounting Standards | Newly Issued But Not Yet Effective Accounting Standards: |
In May 2014, the FASB issued new accounting guidance related to revenue recognition. This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company beginning January 1, 2017 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Management is evaluating the impact of adopting this new accounting standard on our financial statements. | |
In January 2014, the FASB issued updated guidance related to the accounting for investments in qualified affordable housing projects. The amendment permits reporting entities to make an accounting policy election to account for investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). To | |
qualify for the proportional amortization method, all of the following conditions must be met: (1) It is probable that the tax credits allocable to the investor will be available. (2) The investor does not have the ability to exercise significant influence over the operating and financial policies of the limited liability entity. (3) Substantially all of the projected benefits are from tax credits and other tax benefits (for example, tax benefits generated from the operating losses of the investment). (4) The investor’s projected yield based solely on the cash flows from the tax credits and other tax benefits is positive. (5) The investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the investor’s liability is limited to its capital investment. The decision to apply the proportional amortization method of accounting is an accounting policy decision that should be applied consistently to all qualifying affordable housing project investments rather than a decision to be applied to individual investments. For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the investment should be accounted for as an equity method investment or a cost method investment in accordance with Subtopic 970-323. The new requirements are effective for public companies in fiscal years, and interim periods within those years, beginning after December 15, | |
2014. Adopting this standard is not expected to have a significant impact on the Company’s financial condition or results of operations. | |
In January 2014, the FASB issued updated guidance related to the reclassification of residential real estate collateralized consumer mortgage loans upon foreclosure. The amendments in this update clarify that an in substance repossession or | |
foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The new requirements are effective for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2014. Adopting this standard is not expected to have a significant impact on the Company’s financial condition or results of operations. | |
Reclassifications | Reclassifications: |
Certain amounts appearing in the financial statements and notes thereto for prior periods have been reclassified to conform with the current presentation. The reclassifications had no effect on net income or stockholders’ equity as previously reported. | |
SECURITIES_Tables
SECURITIES (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Securities [Abstract] | ||||||||||||||||||||
Summary of Available-For-Sale Securities | Information related to the fair value and amortized cost of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) at December 31 is provided in the tables below. | |||||||||||||||||||
Gross | Gross | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
(dollars in thousands) | Cost | Gain | Losses | Value | ||||||||||||||||
2014 | ||||||||||||||||||||
U.S. Treasury securities | $ | 986 | $ | 18 | $ | 0 | $ | 1,004 | ||||||||||||
Agency residential mortgage-backed securities | 366,596 | 7,178 | -1,679 | 372,095 | ||||||||||||||||
State and municipal securities | 99,399 | 3,857 | -444 | 102,812 | ||||||||||||||||
Total | $ | 466,981 | $ | 11,053 | $ | -2,123 | $ | 475,911 | ||||||||||||
2013 | ||||||||||||||||||||
U.S. Treasury securities | $ | 1,001 | $ | 16 | $ | 0 | $ | 1,017 | ||||||||||||
Agency residential mortgage-backed securities | 374,611 | 5,301 | -7,935 | 371,977 | ||||||||||||||||
State and municipal securities | 95,388 | 2,597 | -2,012 | 95,973 | ||||||||||||||||
Total | $ | 471,000 | $ | 7,914 | $ | -9,947 | $ | 468,967 | ||||||||||||
Schedule of Available-For-Sale Securities By Maturity | Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without prepayment penalty. | |||||||||||||||||||
Amortized | Fair | |||||||||||||||||||
(dollars in thousands) | Cost | Value | ||||||||||||||||||
Due in one year or less | $ | 5,405 | $ | 5,454 | ||||||||||||||||
Due after one year through five years | 17,382 | 18,210 | ||||||||||||||||||
Due after five years through ten years | 46,504 | 48,432 | ||||||||||||||||||
Due after ten years | 31,094 | 31,720 | ||||||||||||||||||
100,385 | 103,816 | |||||||||||||||||||
Mortgage-backed securities | 366,596 | 372,095 | ||||||||||||||||||
Total debt securities | $ | 466,981 | $ | 475,911 | ||||||||||||||||
Schedule of Sales of Securities Available For Sale | Security proceeds, gross gains and gross losses for 2014, 2013 and 2012 were as follows: | |||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||
Sales of securities available for sale | ||||||||||||||||||||
Proceeds | $ | 13,766 | $ | 29,995 | $ | 27,855 | ||||||||||||||
Gross gains | 3 | 1,077 | 824 | |||||||||||||||||
Gross losses | 231 | 972 | 1,203 | |||||||||||||||||
Schedule of Available-For-Sale Securities Continuous Unrealized Loss Position | Information regarding securities with unrealized losses as of December 31, 2014 and 2013 is presented below. The tables distribute the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more. | |||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||
(dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
2014 | ||||||||||||||||||||
Agency residential mortgage-backed | ||||||||||||||||||||
securities | $ | 33,420 | $ | -148 | $ | 102,512 | $ | -1,531 | $ | 135,932 | $ | -1,679 | ||||||||
State and municipal securities | 2,458 | -28 | 16,391 | -416 | 18,849 | -444 | ||||||||||||||
Total temporarily impaired | $ | 35,878 | $ | -176 | $ | 118,903 | $ | -1,947 | $ | 154,781 | $ | -2,123 | ||||||||
2013 | ||||||||||||||||||||
Agency residential mortgage-backed | ||||||||||||||||||||
securities | $ | 177,779 | $ | -6,444 | $ | 34,093 | $ | -1,491 | $ | 211,872 | $ | -7,935 | ||||||||
State and municipal securities | 24,610 | -1,102 | 8,037 | -910 | 32,647 | -2,012 | ||||||||||||||
Total temporarily impaired | $ | 202,389 | $ | -7,546 | $ | 42,130 | $ | -2,401 | $ | 244,519 | $ | -9,947 | ||||||||
Quantitative Disclosure of Available-For-Sale Securities | The number of securities with unrealized losses as of December 31, 2014 and 2013 is presented below. | |||||||||||||||||||
Less than | 12 months | |||||||||||||||||||
12 months | or more | Total | ||||||||||||||||||
2014 | ||||||||||||||||||||
Agency residential mortgage-backed securities | 9 | 27 | 36 | |||||||||||||||||
State and municipal securities | 8 | 29 | 37 | |||||||||||||||||
Total temporarily impaired | 17 | 56 | 73 | |||||||||||||||||
2013 | ||||||||||||||||||||
Agency residential mortgage-backed securities | 49 | 10 | 59 | |||||||||||||||||
State and municipal securities | 59 | 12 | 71 | |||||||||||||||||
Total temporarily impaired | 108 | 22 | 130 | |||||||||||||||||
LOANS_Tables
LOANS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Loans [Abstract] | ||||||||
Schedule of Loans | Total loans outstanding as of the years ended December 31, 2014 and 2013 consisted of the following: | |||||||
(dollars in thousands) | 2014 | 2013 | ||||||
Commercial and industrial loans: | ||||||||
Working capital lines of credit loans | $ | 544,043 | $ | 457,690 | ||||
Non-working capital loans | 491,330 | 443,877 | ||||||
Total commercial and industrial loans | 1,035,373 | 901,567 | ||||||
Commercial real estate and multi-family residential loans: | ||||||||
Construction and land development loans | 156,636 | 157,630 | ||||||
Owner occupied loans | 403,154 | 370,386 | ||||||
Nonowner occupied loans | 394,458 | 394,748 | ||||||
Multi-family loans | 71,811 | 63,443 | ||||||
Total commercial real estate and multi-family residential loans | 1,026,059 | 986,207 | ||||||
Agri-business and agricultural loans: | ||||||||
Loans secured by farmland | 137,407 | 133,458 | ||||||
Loans for agricultural production | 136,380 | 120,571 | ||||||
Total agri-business and agricultural loans | 273,787 | 254,029 | ||||||
Other commercial loans | 75,715 | 70,770 | ||||||
Total commercial loans | 2,410,934 | 2,212,573 | ||||||
Consumer 1-4 family mortgage loans: | ||||||||
Closed end first mortgage loans | 145,167 | 125,444 | ||||||
Open end and junior lien loans | 150,220 | 146,946 | ||||||
Residential construction and land development loans | 6,742 | 4,640 | ||||||
Total consumer 1-4 family mortgage loans | 302,129 | 277,030 | ||||||
Other consumer loans | 49,541 | 46,125 | ||||||
Total consumer loans | 351,670 | 323,155 | ||||||
Subtotal | 2,762,604 | 2,535,728 | ||||||
Less: Allowance for loan losses | -46,262 | -48,797 | ||||||
Net deferred loan fees | -284 | -630 | ||||||
Loans, net | $ | 2,716,058 | $ | 2,486,301 | ||||
ALLOWANCE_FOR_LOAN_LOSSES_AND_1
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Loans [Abstract] | ||||||||||||||||||||||||||
In Allowance For Loan Losses and Recorded Investment In Loans By Portfolio Segment | The following tables present the activity and balance in the allowance for loan losses by portfolio segment for the year ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | |||||||||||||||||||||||
and | Multi-family | and | Other | 1-4 Family | Other | |||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | ||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
Beginning balance | $ | 21,005 | $ | 18,556 | $ | 1,682 | $ | 391 | $ | 3,046 | $ | 608 | $ | 3,509 | $ | 48,797 | ||||||||||
Provision for loan losses | 2,307 | -2,771 | 88 | -115 | 699 | -15 | -193 | 0 | ||||||||||||||||||
Loans charged-off | -1,441 | -2,560 | 0 | 0 | -439 | -245 | 0 | -4,685 | ||||||||||||||||||
Recoveries | 914 | 928 | 20 | 0 | 153 | 135 | 0 | 2,150 | ||||||||||||||||||
Net loans charged-off | -527 | -1,632 | 20 | 0 | -286 | -110 | 0 | -2,535 | ||||||||||||||||||
Ending balance | $ | 22,785 | $ | 14,153 | $ | 1,790 | $ | 276 | $ | 3,459 | $ | 483 | $ | 3,316 | $ | 46,262 | ||||||||||
Commercial | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | |||||||||||||||||||||||
and | Multi-family | and | Other | 1-4 Family | Other | |||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
Beginning balance | $ | 22,342 | $ | 20,812 | $ | 1,403 | $ | 240 | $ | 2,682 | $ | 609 | $ | 3,357 | $ | 51,445 | ||||||||||
Provision for loan losses | -788 | -564 | 267 | 151 | 620 | 162 | 152 | 0 | ||||||||||||||||||
Loans charged-off | -1,062 | -2,069 | -200 | 0 | -382 | -339 | 0 | -4,052 | ||||||||||||||||||
Recoveries | 513 | 377 | 212 | 0 | 126 | 176 | 0 | 1,404 | ||||||||||||||||||
Net loans charged-off | -549 | -1,692 | 12 | 0 | -256 | -163 | 0 | -2,648 | ||||||||||||||||||
Ending balance | $ | 21,005 | $ | 18,556 | $ | 1,682 | $ | 391 | $ | 3,046 | $ | 608 | $ | 3,509 | $ | 48,797 | ||||||||||
Commercial | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | |||||||||||||||||||||||
and | Multi-family | and | Other | 1-4 Family | Other | |||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||
Beginning balance | $ | 22,830 | $ | 23,489 | $ | 695 | $ | 65 | $ | 2,322 | $ | 645 | $ | 3,354 | $ | 53,400 | ||||||||||
Provision for loan losses | 1,814 | -1,772 | 705 | -11 | 1,552 | 258 | 3 | 2,549 | ||||||||||||||||||
Loans charged-off | -3,069 | -1,108 | 0 | 0 | -1,340 | -405 | 0 | -5,922 | ||||||||||||||||||
Recoveries | 767 | 203 | 3 | 186 | 148 | 111 | 0 | 1,418 | ||||||||||||||||||
Net loans charged-off | -2,302 | -905 | 3 | 186 | -1,192 | -294 | 0 | -4,504 | ||||||||||||||||||
Ending balance | $ | 22,342 | $ | 20,812 | $ | 1,403 | $ | 240 | $ | 2,682 | $ | 609 | $ | 3,357 | $ | 51,445 | ||||||||||
The following tables present balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | |||||||||||||||||||||||
and | Multi-family | and | Other | 1-4 Family | Other | |||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | ||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,306 | $ | 1,531 | $ | 14 | $ | 15 | $ | 482 | $ | 73 | $ | 0 | $ | 5,421 | ||||||||||
Collectively evaluated for impairment | 19,479 | 12,622 | 1,776 | 261 | 2,977 | 410 | 3,316 | 40,841 | ||||||||||||||||||
Total ending allowance balance | $ | 22,785 | $ | 14,153 | $ | 1,790 | $ | 276 | $ | 3,459 | $ | 483 | $ | 3,316 | $ | 46,262 | ||||||||||
Loans: | ||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 14,702 | $ | 13,005 | $ | 486 | $ | 30 | $ | 3,614 | $ | 127 | $ | 0 | $ | 31,964 | ||||||||||
Loans collectively evaluated for impairment | 1,020,897 | 1,011,858 | 273,388 | 75,684 | 299,189 | 49,340 | 0 | 2,730,356 | ||||||||||||||||||
Total ending loans balance | $ | 1,035,599 | $ | 1,024,863 | $ | 273,874 | $ | 75,714 | $ | 302,803 | $ | 49,467 | $ | 0 | $ | 2,762,320 | ||||||||||
Commercial | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | |||||||||||||||||||||||
and | Multi-family | and | Other | 1-4 Family | Other | |||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,144 | $ | 4,598 | $ | 38 | $ | 0 | $ | 479 | $ | 57 | $ | 0 | $ | 9,316 | ||||||||||
Collectively evaluated for impairment | 16,861 | 13,959 | 1,644 | 391 | 2,566 | 551 | 3,509 | 39,481 | ||||||||||||||||||
Total ending allowance balance | $ | 21,005 | $ | 18,557 | $ | 1,682 | $ | 391 | $ | 3,045 | $ | 608 | $ | 3,509 | $ | 48,797 | ||||||||||
Loans: | ||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 16,196 | $ | 22,204 | $ | 1,114 | $ | 0 | $ | 3,594 | $ | 119 | $ | 0 | $ | 43,227 | ||||||||||
Loans collectively evaluated for impairment | 885,651 | 962,673 | 253,011 | 70,766 | 273,812 | 45,958 | 0 | 2,491,871 | ||||||||||||||||||
Total ending loans balance | $ | 901,847 | $ | 984,877 | $ | 254,125 | $ | 70,766 | $ | 277,406 | $ | 46,077 | $ | 0 | $ | 2,535,098 | ||||||||||
Loans individually evaluated for impairment | The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2014: | |||||||||||||||||||||||||
Unpaid | Allowance for | |||||||||||||||||||||||||
Principal | Recorded | Loan Losses | ||||||||||||||||||||||||
(dollars in thousands) | Balance | Investment | Allocated | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 21 | $ | 21 | $ | 0 | ||||||||||||||||||||
Non-working capital loans | 1,673 | 279 | 0 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 526 | 526 | 0 | |||||||||||||||||||||||
Owner occupied loans | 554 | 374 | 0 | |||||||||||||||||||||||
Nonowner occupied loans | 3,030 | 3,036 | 0 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 603 | 283 | 0 | |||||||||||||||||||||||
Consumer 1-4 family loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 724 | 712 | 0 | |||||||||||||||||||||||
Open end and junior lien loans | 317 | 317 | 0 | |||||||||||||||||||||||
Residential construction loans | 129 | 129 | 0 | |||||||||||||||||||||||
Other consumer loans | 1 | 1 | 0 | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | 1,409 | 1,408 | 837 | |||||||||||||||||||||||
Non-working capital loans | 15,557 | 12,994 | 2,469 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 449 | 448 | 107 | |||||||||||||||||||||||
Owner occupied loans | 5,298 | 5,297 | 1,213 | |||||||||||||||||||||||
Nonowner occupied loans | 3,324 | 3,324 | 211 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 381 | 203 | 14 | |||||||||||||||||||||||
Other commercial loans | 30 | 30 | 15 | |||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 2,505 | 2,375 | 474 | |||||||||||||||||||||||
Open end and junior lien loans | 81 | 81 | 8 | |||||||||||||||||||||||
Other consumer loans | 126 | 126 | 73 | |||||||||||||||||||||||
Total | $ | 36,738 | $ | 31,964 | $ | 5,421 | ||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2013: | ||||||||||||||||||||||||||
Unpaid | Allowance for | |||||||||||||||||||||||||
Principal | Recorded | Loan Losses | ||||||||||||||||||||||||
(dollars in thousands) | Balance | Investment | Allocated | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 63 | $ | 63 | $ | 0 | ||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Owner occupied loans | 377 | 196 | 0 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 604 | 604 | 0 | |||||||||||||||||||||||
Consumer 1-4 family loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 688 | 689 | 0 | |||||||||||||||||||||||
Open end and junior lien loans | 81 | 81 | 0 | |||||||||||||||||||||||
Residential construction loans | 150 | 150 | 0 | |||||||||||||||||||||||
Other consumer loans | 1 | 1 | 0 | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | 5,251 | 2,641 | 984 | |||||||||||||||||||||||
Non-working capital loans | 15,345 | 13,492 | 3,160 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 2,795 | 2,795 | 585 | |||||||||||||||||||||||
Owner occupied loans | 5,553 | 4,681 | 723 | |||||||||||||||||||||||
Nonowner occupied loans | 15,163 | 14,532 | 3,290 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 1,008 | 510 | 38 | |||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 3,469 | 2,463 | 442 | |||||||||||||||||||||||
Open end and junior lien loans | 211 | 211 | 37 | |||||||||||||||||||||||
Other consumer loans | 118 | 118 | 57 | |||||||||||||||||||||||
Total | $ | 50,877 | $ | 43,227 | $ | 9,316 | ||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2014: | ||||||||||||||||||||||||||
Cash Basis | ||||||||||||||||||||||||||
Average | Interest | Interest | ||||||||||||||||||||||||
Recorded | Income | Income | ||||||||||||||||||||||||
(dollars in thousands) | Investment | Recognized | Recognized | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 154 | $ | 1 | $ | 1 | ||||||||||||||||||||
Non-working capital loans | 174 | 1 | 1 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 265 | 0 | 0 | |||||||||||||||||||||||
Owner occupied loans | 218 | 0 | 0 | |||||||||||||||||||||||
Nonowner occupied loans | 1,019 | 139 | 139 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 240 | 0 | 0 | |||||||||||||||||||||||
Consumer 1-4 family loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 697 | 0 | 0 | |||||||||||||||||||||||
Open end and junior lien loans | 210 | 0 | 0 | |||||||||||||||||||||||
Residential construction loans | 139 | 0 | 0 | |||||||||||||||||||||||
Other consumer loans | 1 | 0 | 0 | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | 1,845 | 66 | 57 | |||||||||||||||||||||||
Non-working capital loans | 13,806 | 513 | 513 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 1,977 | 45 | 46 | |||||||||||||||||||||||
Owner occupied loans | 3,416 | 72 | 70 | |||||||||||||||||||||||
Nonowner occupied loans | 7,220 | 0 | 0 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 381 | 0 | 0 | |||||||||||||||||||||||
Other commercial loans | 5 | 0 | 0 | |||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 2,680 | 74 | 77 | |||||||||||||||||||||||
Open end and junior lien loans | 63 | 0 | 0 | |||||||||||||||||||||||
Other consumer loans | 98 | 2 | 2 | |||||||||||||||||||||||
Total | $ | 34,608 | $ | 913 | $ | 906 | ||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2013: | ||||||||||||||||||||||||||
Cash Basis | ||||||||||||||||||||||||||
Average | Interest | Interest | ||||||||||||||||||||||||
Recorded | Income | Income | ||||||||||||||||||||||||
(dollars in thousands) | Investment | Recognized | Recognized | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 64 | $ | 0 | $ | 0 | ||||||||||||||||||||
Non-working capital loans | 8 | 0 | 0 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Owner occupied loans | 482 | 0 | 0 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 512 | 0 | 0 | |||||||||||||||||||||||
Consumer 1-4 family loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 379 | 0 | 0 | |||||||||||||||||||||||
Open end and junior lien loans | 35 | 0 | 0 | |||||||||||||||||||||||
Residential construction loans | 39 | 0 | 0 | |||||||||||||||||||||||
Other consumer loans | 1 | 0 | 0 | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | 2,934 | 50 | 52 | |||||||||||||||||||||||
Non-working capital loans | 13,957 | 540 | 544 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 3,537 | 84 | 92 | |||||||||||||||||||||||
Owner occupied loans | 3,771 | 109 | 118 | |||||||||||||||||||||||
Nonowner occupied loans | 20,108 | 337 | 344 | |||||||||||||||||||||||
Multifamily loans | 48 | 0 | 0 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 442 | 0 | 0 | |||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 2,488 | 56 | 68 | |||||||||||||||||||||||
Open end and junior lien loans | 70 | 0 | 0 | |||||||||||||||||||||||
Other consumer loans | 90 | 1 | 1 | |||||||||||||||||||||||
Total | $ | 48,965 | $ | 1,177 | $ | 1,219 | ||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2012: | ||||||||||||||||||||||||||
Cash Basis | ||||||||||||||||||||||||||
Average | Interest | Interest | ||||||||||||||||||||||||
Recorded | Income | Income | ||||||||||||||||||||||||
(dollars in thousands) | Investment | Recognized | Recognized | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 10 | $ | 0 | $ | 0 | ||||||||||||||||||||
Non-working capital loans | 108 | 0 | 0 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | ||||||||||||||||||||||||||
Owner occupied loans | 530 | 0 | 0 | |||||||||||||||||||||||
Nonowner occupied loans | 259 | 17 | 17 | |||||||||||||||||||||||
Multifamily loans | 83 | 0 | 0 | |||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Non-impaired watch list loans | 307 | 0 | 0 | |||||||||||||||||||||||
Loans secured by farmland | 51 | 0 | 0 | |||||||||||||||||||||||
Loans for ag production | ||||||||||||||||||||||||||
Other commercial loans | ||||||||||||||||||||||||||
Consumer 1-4 family loans: | 339 | 0 | 0 | |||||||||||||||||||||||
Closed end first mortgage loans | 25 | 0 | 0 | |||||||||||||||||||||||
Other consumer loans | ||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial loans: | 4,085 | 55 | 54 | |||||||||||||||||||||||
Working capital lines of credit loans | 17,062 | 667 | 681 | |||||||||||||||||||||||
Non-working capital loans | ||||||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | 2,145 | 48 | 48 | |||||||||||||||||||||||
Construction and land development loans | 5,157 | 90 | 84 | |||||||||||||||||||||||
Owner occupied loans | 27,830 | 363 | 380 | |||||||||||||||||||||||
Multifamily loans | ||||||||||||||||||||||||||
Agri-business and agricultural loans: | 410 | 0 | 0 | |||||||||||||||||||||||
Loans secured by farmland | 68 | 0 | 0 | |||||||||||||||||||||||
Other commercial loans | ||||||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | 1,870 | 36 | 50 | |||||||||||||||||||||||
Closed end first mortgage loans | 343 | 0 | 0 | |||||||||||||||||||||||
Other consumer loans | 26 | 0 | 0 | |||||||||||||||||||||||
Total | $ | 60,708 | $ | 1,276 | $ | 1,314 | ||||||||||||||||||||
Aging of the Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans as of December 31, 2014 by class of loans: | |||||||||||||||||||||||||
30-89 | Greater than | |||||||||||||||||||||||||
Loans Not | Days | 90 Days | Total | |||||||||||||||||||||||
(dollars in thousands) | Past Due | Past Due | Past Due | Nonaccrual | Past Due | Total | ||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 543,613 | $ | 0 | $ | 0 | $ | 632 | $ | 632 | $ | 544,245 | ||||||||||||||
Non-working capital loans | 487,655 | 0 | 101 | 3,598 | 3,699 | 491,354 | ||||||||||||||||||||
Commercial real estate and multi-family | ||||||||||||||||||||||||||
residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 155,711 | 0 | 0 | 526 | 526 | 156,237 | ||||||||||||||||||||
Owner occupied loans | 399,028 | 800 | 0 | 3,049 | 3,849 | 402,877 | ||||||||||||||||||||
Nonowner occupied loans | 390,394 | 31 | 0 | 3,629 | 3,660 | 394,054 | ||||||||||||||||||||
Multi-family loans | 71,695 | 0 | 0 | 0 | 0 | 71,695 | ||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 136,923 | 0 | 0 | 485 | 485 | 137,408 | ||||||||||||||||||||
Loans for agricultural production | 136,466 | 0 | 0 | 0 | 0 | 136,466 | ||||||||||||||||||||
Other commercial loans | 75,684 | 0 | 0 | 30 | 30 | 75,714 | ||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 142,615 | 1,198 | 20 | 1,051 | 2,269 | 144,884 | ||||||||||||||||||||
Open end and junior lien loans | 150,551 | 235 | 9 | 398 | 642 | 151,193 | ||||||||||||||||||||
Residential construction loans | 6,597 | 0 | 0 | 129 | 129 | 6,726 | ||||||||||||||||||||
Other consumer loans | 49,308 | 108 | 0 | 51 | 159 | 49,467 | ||||||||||||||||||||
Total | $ | 2,746,240 | $ | 2,372 | $ | 130 | $ | 13,578 | $ | 16,080 | $ | 2,762,320 | ||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 by class of loans: | ||||||||||||||||||||||||||
30-89 | Greater than | |||||||||||||||||||||||||
Loans Not | Days | 90 Days | Total | |||||||||||||||||||||||
(dollars in thousands) | Past Due | Past Due | Past Due | Nonaccrual | Past Due | Total | ||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 456,136 | $ | 0 | $ | 0 | $ | 1,819 | $ | 1,819 | $ | 457,955 | ||||||||||||||
Non-working capital loans | 440,050 | 46 | 0 | 3,796 | 3,842 | 443,892 | ||||||||||||||||||||
Commercial real estate and multi-family | ||||||||||||||||||||||||||
residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 156,594 | 0 | 0 | 544 | 544 | 157,138 | ||||||||||||||||||||
Owner occupied loans | 366,955 | 0 | 0 | 3,156 | 3,156 | 370,111 | ||||||||||||||||||||
Nonowner occupied loans | 382,478 | 0 | 0 | 11,758 | 11,758 | 394,236 | ||||||||||||||||||||
Multi-family loans | 63,392 | 0 | 0 | 0 | 0 | 63,392 | ||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 132,347 | 0 | 0 | 1,113 | 1,113 | 133,460 | ||||||||||||||||||||
Loans for agricultural production | 120,665 | 0 | 0 | 0 | 0 | 120,665 | ||||||||||||||||||||
Other commercial loans | 70,766 | 0 | 0 | 0 | 0 | 70,766 | ||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 122,370 | 1,645 | 0 | 1,165 | 2,810 | 125,180 | ||||||||||||||||||||
Open end and junior lien loans | 147,123 | 135 | 46 | 291 | 472 | 147,595 | ||||||||||||||||||||
Residential construction loans | 4,481 | 0 | 0 | 150 | 150 | 4,631 | ||||||||||||||||||||
Other consumer loans | 45,826 | 145 | 0 | 106 | 251 | 46,077 | ||||||||||||||||||||
Total | $ | 2,509,183 | $ | 1,971 | $ | 46 | $ | 23,898 | $ | 25,915 | $ | 2,535,098 | ||||||||||||||
Troubled Debt Restructuring | The Company is not committed to lend additional funds to debtors whose loans have been modified in a troubled debt restructuring. | |||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Accruing troubled debt restructured loans | $ | 16,492 | $ | 17,714 | ||||||||||||||||||||||
Nonaccrual troubled debt restructured loans | 9,161 | 18,531 | ||||||||||||||||||||||||
Total troubled debt restructured loans | $ | 25,653 | $ | 36,245 | ||||||||||||||||||||||
Loans by Class Modified as Troubled Debt Restructurings | The following table presents loans by class modified as new troubled debt restructurings that occurred during the year ending December 31, 2014: | |||||||||||||||||||||||||
All Modifications | Interest Rate Reductions | Modified Repayment Terms | ||||||||||||||||||||||||
Pre-Modification | Post-Modification | Extension | ||||||||||||||||||||||||
Outstanding | Outstanding | Interest at | Interest at | Period or | ||||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Pre-Modification | Post-Modification | Number of | Range | |||||||||||||||||||
(dollars in thousands) | Loans | Investment | Investment | Loans | Rate | Rate | Loans | (in months) | ||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Non-working capital loans | 2 | $ | 433 | $ | 433 | 0 | $ | 0 | $ | 0 | 2 | 15-Dec | ||||||||||||||
Commercial real estate and multi- | ||||||||||||||||||||||||||
family residential loans: | ||||||||||||||||||||||||||
Owner occupied loans | 3 | 2,639 | 2,710 | 1 | 89 | 95 | 2 | 24-Dec | ||||||||||||||||||
Total | 5 | $ | 3,072 | $ | 3,143 | 1 | $ | 89 | $ | 95 | 4 | 24-Dec | ||||||||||||||
The following table presents loans by class modified as new troubled debt restructurings that occurred during the period ending December 31, 2013: | ||||||||||||||||||||||||||
All Modifications | Interest Rate Reductions | |||||||||||||||||||||||||
Pre-Modification | Post-Modification | |||||||||||||||||||||||||
Outstanding | Outstanding | Interest at | Interest at | |||||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||
(dollars in thousands) | Loans | Investment | Investment | Loans | Rate | Rate | ||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||
Commercial real estate and multi- | ||||||||||||||||||||||||||
family residential loans: | ||||||||||||||||||||||||||
Construction and land | ||||||||||||||||||||||||||
development loans | 6 | $ | 2,197 | $ | 2,197 | 6 | $ | 84 | $ | 63 | ||||||||||||||||
Owner occupied loans | 1 | 524 | 524 | 0 | 0 | 0 | ||||||||||||||||||||
Consumer 1-4 family loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 4 | 317 | 327 | 2 | 142 | 158 | ||||||||||||||||||||
Total | 11 | $ | 3,038 | $ | 3,048 | 8 | $ | 226 | $ | 221 | ||||||||||||||||
Principal and Interest Forgiveness | ||||||||||||||||||||||||||
Principal at | Principal at | Interest at | Interest at | |||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||
(dollars in thousands) | Loans | Rate | Rate | Rate | Rate | |||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||
Consumer 1-4 family loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 2 | $ | 156 | $ | 161 | $ | 164 | $ | 149 | |||||||||||||||||
Total | 2 | $ | 156 | $ | 161 | $ | 164 | $ | 149 | |||||||||||||||||
Troubled Debt Restructurings Subsequently Defaulted | 2014 | 2013 | ||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||
(dollars in thousands) | Loans | Investment | Loans | Investment | ||||||||||||||||||||||
Troubled Debt Restructurings that Subsequently Defaulted | ||||||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Construction and land development loans | 0 | $ | 0 | 1 | $ | 763 | ||||||||||||||||||||
Total | 0 | $ | 0 | 1 | $ | 763 | ||||||||||||||||||||
Credit Quality Indicators | As of December 31, 2014, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | |||||||||||||||||||||||||
Special | Not | |||||||||||||||||||||||||
(dollars in thousands) | Pass | Mention | Substandard | Doubtful | Rated | Total | ||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 504,806 | $ | 28,485 | $ | 10,343 | $ | 611 | $ | 0 | $ | 544,245 | ||||||||||||||
Non-working capital loans | 436,735 | 31,781 | 20,324 | 0 | 2,514 | 491,354 | ||||||||||||||||||||
Commercial real estate and multi- | ||||||||||||||||||||||||||
family residential loans: | ||||||||||||||||||||||||||
Construction and land | ||||||||||||||||||||||||||
development loans | 150,442 | 1,033 | 4,762 | 0 | 0 | 156,237 | ||||||||||||||||||||
Owner occupied loans | 369,520 | 20,960 | 12,397 | 0 | 0 | 402,877 | ||||||||||||||||||||
Nonowner occupied loans | 375,702 | 12,512 | 5,840 | 0 | 0 | 394,054 | ||||||||||||||||||||
Multi-family loans | 71,695 | 0 | 0 | 0 | 0 | 71,695 | ||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 136,923 | 0 | 485 | 0 | 0 | 137,408 | ||||||||||||||||||||
Loans for agricultural production | 136,466 | 0 | 0 | 0 | 0 | 136,466 | ||||||||||||||||||||
Other commercial loans | 75,680 | 0 | 30 | 0 | 4 | 75,714 | ||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 39,156 | 0 | 2,199 | 0 | 103,529 | 144,884 | ||||||||||||||||||||
Open end and junior lien loans | 8,400 | 291 | 2,015 | 0 | 140,487 | 151,193 | ||||||||||||||||||||
Residential construction loans | 0 | 0 | 0 | 0 | 6,726 | 6,726 | ||||||||||||||||||||
Other consumer loans | 15,879 | 290 | 75 | 0 | 33,223 | 49,467 | ||||||||||||||||||||
Total | $ | 2,321,404 | $ | 95,352 | $ | 58,470 | $ | 611 | $ | 286,483 | $ | 2,762,320 | ||||||||||||||
As of December 31, 2013, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | ||||||||||||||||||||||||||
Special | Not | |||||||||||||||||||||||||
(dollars in thousands) | Pass | Mention | Substandard | Doubtful | Rated | Total | ||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 431,069 | $ | 15,212 | $ | 11,674 | $ | 0 | $ | 0 | $ | 457,955 | ||||||||||||||
Non-working capital loans | 384,415 | 37,727 | 19,659 | 0 | 2,091 | 443,892 | ||||||||||||||||||||
Commercial real estate and multi- | ||||||||||||||||||||||||||
family residential loans: | ||||||||||||||||||||||||||
Construction and land | ||||||||||||||||||||||||||
development loans | 148,338 | 763 | 8,037 | 0 | 0 | 157,138 | ||||||||||||||||||||
Owner occupied loans | 333,795 | 23,687 | 12,629 | 0 | 0 | 370,111 | ||||||||||||||||||||
Nonowner occupied loans | 367,108 | 9,180 | 17,948 | 0 | 0 | 394,236 | ||||||||||||||||||||
Multi-family loans | 63,392 | 0 | 0 | 0 | 0 | 63,392 | ||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 132,331 | 0 | 1,113 | 0 | 16 | 133,460 | ||||||||||||||||||||
Loans for agricultural production | 120,665 | 0 | 0 | 0 | 0 | 120,665 | ||||||||||||||||||||
Other commercial loans | 70,766 | 0 | 0 | 0 | 0 | 70,766 | ||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 29,092 | 0 | 2,316 | 0 | 93,772 | 125,180 | ||||||||||||||||||||
Open end and junior lien loans | 8,291 | 1,863 | 0 | 0 | 137,441 | 147,595 | ||||||||||||||||||||
Residential construction loans | 0 | 0 | 0 | 0 | 4,631 | 4,631 | ||||||||||||||||||||
Other consumer loans | 10,722 | 416 | 291 | 0 | 34,648 | 46,077 | ||||||||||||||||||||
Total | $ | 2,099,984 | $ | 88,848 | $ | 73,667 | $ | 0 | $ | 272,599 | $ | 2,535,098 | ||||||||||||||
FAIR_VALUES_OF_FINANCIAL_INSTR1
FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Assets Measured at Fair Value on a Recurring Basis | The table below presents the balances of assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||
Assets | |||||||||||||||||
U.S. Treasury securities | $ | 1,004 | $ | 0 | $ | 0 | $ | 1,004 | |||||||||
Mortgage-backed securities | 0 | 372,095 | 0 | 372,095 | |||||||||||||
State and municipal securities | 0 | 101,962 | 850 | 102,812 | |||||||||||||
Total Securities | 1,004 | 474,057 | 850 | 475,911 | |||||||||||||
Mortgage banking derivative | 0 | 96 | 0 | 96 | |||||||||||||
Interest rate swap derivative | 0 | 1,191 | 0 | 1,191 | |||||||||||||
Total assets | $ | 1,004 | $ | 475,344 | $ | 850 | $ | 477,198 | |||||||||
Liabilities | |||||||||||||||||
Mortgage banking derivative | 0 | 11 | 0 | 11 | |||||||||||||
Interest rate swap derivative | 0 | 1,242 | 0 | 1,242 | |||||||||||||
Total liabilities | $ | 0 | $ | 1,253 | $ | 0 | $ | 1,253 | |||||||||
December 31, 2013 | |||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||
Assets | |||||||||||||||||
U.S. Treasury securities | $ | 1,017 | $ | 0 | $ | 0 | $ | 1,017 | |||||||||
Mortgage-backed securities | 0 | 371,977 | 0 | 371,977 | |||||||||||||
State and municipal securities | 0 | 94,998 | 975 | 95,973 | |||||||||||||
Total Securities | 1,017 | 466,975 | 975 | 468,967 | |||||||||||||
Mortgage banking derivative | 0 | 142 | 0 | 142 | |||||||||||||
Interest rate swap derivative | 0 | 627 | 0 | 627 | |||||||||||||
Total assets | $ | 1,017 | $ | 467,744 | $ | 975 | $ | 469,736 | |||||||||
Liabilities | |||||||||||||||||
Mortgage banking derivative | 0 | 2 | 0 | 2 | |||||||||||||
Interest rate swap derivative | 0 | 592 | 0 | 592 | |||||||||||||
Total liabilities | $ | 0 | $ | 594 | $ | 0 | $ | 594 | |||||||||
Schedule of Reconciliation of All Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs | 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 years ended December 31, 2014 and 2013: | ||||||||||||||||
Non-Agency Residential | |||||||||||||||||
Mortgage-Backed Securities | State and Municipal Securities | ||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance of recurring Level 3 assets at January 1 | $ | 0 | $ | 2,859 | $ | 975 | $ | 988 | |||||||||
Transfers into Level 3 | 0 | 3,334 | 0 | 0 | |||||||||||||
Changes in fair value of securities | |||||||||||||||||
included in other comprehensive income | 0 | -158 | 0 | -13 | |||||||||||||
Principal payments | 0 | -2,183 | -125 | 0 | |||||||||||||
Sales | 0 | -3,852 | 0 | 0 | |||||||||||||
Balance of recurring Level 3 assets at December 31 | $ | 0 | $ | 0 | $ | 850 | $ | 975 | |||||||||
Fair Value Measurements, Recurring, Valuation Techniques | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
Range of | |||||||||||||||||
Fair Value at | Inputs | ||||||||||||||||
(dollars in thousands) | 12/31/14 | Valuation Technique | Unobservable Input | (Average) | |||||||||||||
State and municipal securities | $ | 850 | Price to type, par, call | Discount to benchmark index | 0-6 | % | |||||||||||
(2.49 | %) | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
Range of | |||||||||||||||||
Fair Value at | Inputs | ||||||||||||||||
(dollars in thousands) | 12/31/13 | Valuation Technique | Unobservable Input | (Average) | |||||||||||||
State and municipal securities | $ | 975 | Price to type, par, call | Discount to benchmark index | 0-6 | % | |||||||||||
(2.21 | %) | ||||||||||||||||
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | The table below presents the balances of assets measured at fair value on a nonrecurring basis: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||
Assets | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||
Working capital lines of credit loans | $ | 0 | $ | 0 | $ | 531 | $ | 531 | |||||||||
Non-working capital loans | 0 | 0 | 2,257 | 2,257 | |||||||||||||
Commercial real estate and multi-family | |||||||||||||||||
residential loans: | |||||||||||||||||
Construction and land development loans | 0 | 0 | 341 | 341 | |||||||||||||
Owner occupied loans | 0 | 0 | 4,084 | 4,084 | |||||||||||||
Nonowner occupied loans | 0 | 0 | 3,113 | 3,113 | |||||||||||||
Agri-business and agricultural loans: | |||||||||||||||||
Loans secured by farmland | 0 | 0 | 189 | 189 | |||||||||||||
Other commercial loans | 0 | 0 | 15 | 15 | |||||||||||||
Consumer 1-4 family mortgage loans: | |||||||||||||||||
Closed end first mortgage loans | 0 | 0 | 399 | 399 | |||||||||||||
Open end and junior lien loans | 0 | 0 | 73 | 73 | |||||||||||||
Other consumer loans | 0 | 0 | 29 | 29 | |||||||||||||
Total impaired loans | $ | 0 | $ | 0 | $ | 11,031 | $ | 11,031 | |||||||||
Other real estate owned | 0 | 0 | 75 | 75 | |||||||||||||
Total assets | $ | 0 | $ | 0 | $ | 11,106 | $ | 11,106 | |||||||||
The table below presents the balances of assets measured at fair value on a nonrecurring basis: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||
Assets | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||
Working capital lines of credit loans | $ | 0 | $ | 0 | $ | 920 | $ | 920 | |||||||||
Non-working capital loans | 0 | 0 | 3,097 | 3,097 | |||||||||||||
Commercial real estate and multi-family | |||||||||||||||||
residential loans: | |||||||||||||||||
Construction and land development loans | 0 | 0 | 2,210 | 2,210 | |||||||||||||
Owner occupied loans | 0 | 0 | 3,958 | 3,958 | |||||||||||||
Nonowner occupied loans | 0 | 0 | 8,938 | 8,938 | |||||||||||||
Agri-business and agricultural loans: | |||||||||||||||||
Loans secured by farmland | 0 | 0 | 472 | 472 | |||||||||||||
Consumer 1-4 family mortgage loans: | |||||||||||||||||
Closed end first mortgage loans | 0 | 0 | 409 | 409 | |||||||||||||
Open end and junior lien loans | 0 | 0 | 174 | 174 | |||||||||||||
Other consumer loans | 0 | 0 | 50 | 50 | |||||||||||||
Total impaired loans | $ | 0 | $ | 0 | $ | 20,228 | $ | 20,228 | |||||||||
Other real estate owned | 0 | 0 | 75 | 75 | |||||||||||||
Total assets | $ | 0 | $ | 0 | $ | 20,303 | $ | 20,303 | |||||||||
Fair Value Measured On Nonrecurring Basis Valuation Techniques | The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2014: | ||||||||||||||||
(dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Average | Range of Inputs | ||||||||||||
Impaired loans: | |||||||||||||||||
Commercial and industrial | $ | 2,788 | Collateral based | Discount to reflect | 40 | % | (11% - 68 | %) | |||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Commercial real estate | 7,538 | Collateral based | Discount to reflect | 25 | % | (6% - 50 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Agri-business and agricultural | 189 | Collateral based | Discount to reflect | 7 | % | ||||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Other commercial | 15 | Collateral based | Discount to reflect | 50 | % | ||||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Consumer 1-4 family mortgage | 472 | Collateral based | Discount to reflect | 32 | % | (3% - 77 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Other consumer | 29 | Collateral based | Discount to reflect | 43 | % | (33% - 50 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Other real estate owned | 75 | Appraisals | Discount to reflect | 49 | % | ||||||||||||
current market conditions | |||||||||||||||||
The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2013: | |||||||||||||||||
(dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Average | Range of Inputs | ||||||||||||
Impaired loans: | |||||||||||||||||
Commercial and industrial | $ | 4,017 | Collateral based | Discount to reflect | 29 | % | (3% - 93 | %) | |||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Commercial real estate | 15,106 | Collateral based | Discount to reflect | 22 | % | (3% - 45 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Agri-business and agricultural | 472 | Collateral based | Discount to reflect | 8 | % | (4% - 12 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Consumer 1-4 family mortgage | 583 | Collateral based | Discount to reflect | 33 | % | (6% - 77 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Other consumer | 50 | Collateral based | Discount to reflect | 53 | % | (28% - 98 | %) | ||||||||||
measurements | current market conditions | ||||||||||||||||
and ultimate collectability | |||||||||||||||||
Other real estate owned | 75 | Appraisals | Discount to reflect | 49 | % | ||||||||||||
current market conditions | |||||||||||||||||
Schedule of Fair Values and the Related Carrying Values of Financial Instruments | The following table contains the estimated fair values and the related carrying values of the Company’s financial instruments at December 31, 2014. Items which are not financial instruments are not included. | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||
(dollars in thousands) | Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Financial Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 90,638 | $ | 90,638 | $ | 0 | $ | 0 | $ | 90,638 | |||||||
Securities available for sale | 475,911 | 1,004 | 474,057 | 850 | 475,911 | ||||||||||||
Real estate mortgages held for sale | 1,585 | 0 | 1,612 | 0 | 1,612 | ||||||||||||
Loans, net | 2,716,058 | 0 | 0 | 2,698,767 | 2,698,767 | ||||||||||||
Federal Home Loan Bank stock | 5,993 | N/A | N/A | N/A | N/A | ||||||||||||
Federal Reserve Bank stock | 3,420 | N/A | N/A | N/A | N/A | ||||||||||||
Accrued interest receivable | 8,662 | 3 | 2,312 | 6,347 | 8,662 | ||||||||||||
Financial Liabilities: | |||||||||||||||||
Certificates of deposit | -870,590 | 0 | -876,953 | 0 | -876,953 | ||||||||||||
All other deposits | -2,002,530 | -2,002,530 | 0 | 0 | -2,002,530 | ||||||||||||
Securities sold under agreements | |||||||||||||||||
to repurchase | -54,907 | 0 | -54,907 | 0 | -54,907 | ||||||||||||
Federal funds purchased | -500 | 0 | -500 | 0 | -500 | ||||||||||||
Other short-term borrowings | -105,000 | 0 | -105,001 | 0 | -105,001 | ||||||||||||
Long-term borrowings | -35 | 0 | -40 | 0 | -40 | ||||||||||||
Subordinated debentures | -30,928 | 0 | 0 | -31,212 | -31,212 | ||||||||||||
Standby letters of credit | -379 | 0 | 0 | -379 | -379 | ||||||||||||
Accrued interest payable | -2,946 | -109 | -2,834 | -3 | -2,946 | ||||||||||||
The following table contains the estimated fair values and the related carrying values of the Company’s financial instruments at December 31, 2013. Items which are not financial instruments are not included. | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||
(dollars in thousands) | Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Financial Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 63,105 | $ | 63,105 | $ | 0 | $ | 0 | $ | 63,105 | |||||||
Securities available for sale | 468,967 | 1,017 | 466,975 | 975 | 468,967 | ||||||||||||
Real estate mortgages held for sale | 1,778 | 0 | 1,800 | 0 | 1,800 | ||||||||||||
Loans, net | 2,486,301 | 0 | 0 | 2,490,593 | 2,490,593 | ||||||||||||
Federal Home Loan Bank stock | 7,312 | N/A | N/A | N/A | N/A | ||||||||||||
Federal Reserve Bank stock | 3,420 | N/A | N/A | N/A | N/A | ||||||||||||
Accrued interest receivable | 8,577 | 0 | 2,297 | 6,280 | 8,577 | ||||||||||||
Financial Liabilities: | |||||||||||||||||
Certificates of deposit | -727,809 | 0 | -736,088 | 0 | -736,088 | ||||||||||||
All other deposits | -1,818,259 | -1,818,259 | 0 | 0 | -1,818,259 | ||||||||||||
Securities sold under agreements | |||||||||||||||||
to repurchase | -104,876 | 0 | -104,876 | 0 | -104,876 | ||||||||||||
Federal funds purchased | -11,000 | 0 | -11,000 | 0 | -11,000 | ||||||||||||
Other short-term borrowings | -146,000 | 0 | -146,002 | 0 | -146,002 | ||||||||||||
Long-term borrowings | -37 | 0 | -43 | 0 | -43 | ||||||||||||
Subordinated debentures | -30,928 | 0 | 0 | -31,217 | -31,217 | ||||||||||||
Standby letters of credit | -312 | 0 | 0 | -312 | -312 | ||||||||||||
Accrued interest payable | -2,918 | -125 | -2,790 | -3 | -2,918 | ||||||||||||
LAND_PREMISES_AND_EQUIPMENT_NE1
LAND, PREMISES AND EQUIPMENT, NET (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Summary of Land, Premises And Equipment | Land, premises and equipment and related accumulated depreciation were as follows at December 31, 2014 and 2013: | |||||||
(dollars in thousands) | 2014 | 2013 | ||||||
Land | $ | 12,937 | $ | 12,588 | ||||
Premises | 31,953 | 32,202 | ||||||
Equipment | 26,829 | 24,600 | ||||||
Total cost | 71,719 | 69,390 | ||||||
Less accumulated depreciation | 29,736 | 30,055 | ||||||
Land, premises and equipment, net | $ | 41,983 | $ | 39,335 | ||||
DEPOSITS_Tables
DEPOSITS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Summary of Certain Deposits | The following table details certain types of deposits as of December 31, 2014 and 2013: | |||||||
(dollars in thousands) | 2014 | 2013 | ||||||
Time deposits of $100,000 to $250,000 | $ | 254,137 | $ | 218,157 | ||||
Time deposits of $250,000 or more | 331,074 | 218,086 | ||||||
Public fund deposits | 748,563 | 634,290 | ||||||
Brokered deposits | 142,429 | 29,755 | ||||||
Deposit Liabilities | At December 31, 2014, the scheduled maturities of time deposits were as follows: | |||||||
(dollars in thousands) | Amount | |||||||
Maturing in 2015 | $ | 542,981 | ||||||
Maturing in 2016 | 193,806 | |||||||
Maturing in 2017 | 86,276 | |||||||
Maturing in 2018 | 14,443 | |||||||
Maturing in 2019 | 32,751 | |||||||
Thereafter | 333 | |||||||
Total time deposits | $ | 870,590 | ||||||
BORROWINGS_Tables
BORROWINGS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of Long-Term Borrowings | Long-term borrowings at December 31 consisted of: | ||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||
Federal Home Loan Bank of Indianapolis Notes, 6.15%, Due January 15, 2018 | $ | 35 | $ | 37 | |||||||||
Schedule of Maturities of Long-Term Debt | Long-term borrowings mature as follows: | ||||||||||||
(dollars in thousands) | Amount | ||||||||||||
2015 | $ | 0 | |||||||||||
2016 | 0 | ||||||||||||
2017 | 0 | ||||||||||||
2018 | 35 | ||||||||||||
2019 | 0 | ||||||||||||
Schedule of Short-Term Debt | Other short-term borrowings consisted of: | ||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||
Federal Home Loan Bank of Indianapolis Notes, 0.50%, Due June 30, 2014 | $ | 0 | $ | 146,000 | |||||||||
Federal Home Loan Bank of Indianapolis Notes, 0.43%, Due June 29, 2015 | 105,000 | 0 | |||||||||||
Total | $ | 105,000 | $ | 146,000 | |||||||||
Securities Sold with Agreements to Repurchase | There were no other categories of short-term borrowings for which the average balance outstanding during the period was 30 percent or more of stockholders' equity at the end of each period. | ||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Securities sold under agreements to repurchase | |||||||||||||
Outstanding at year end | $ | 54,907 | $ | 104,876 | $ | 121,883 | |||||||
Approximate average interest rate at year end | 0.18 | % | 0.29 | % | 0.35 | % | |||||||
Highest amount outstanding as of any month end | |||||||||||||
during the year | $ | 96,236 | $ | 114,312 | $ | 130,389 | |||||||
Approximate average outstanding during the year | $ | 78,120 | $ | 107,252 | $ | 119,150 | |||||||
Approximate average interest rate during the year | 0.24 | % | 0.32 | % | 0.37 | % | |||||||
PENSION_AND_OTHER_POSTRETIREME1
PENSION AND OTHER POSTRETIREMENT PLANS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Employee Benefit Plans [Abstract] | ||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations and Plan Assets | Information as to the Company’s employee benefit plans at December 31, 2014 and 2013 is as follows: | |||||||||||||||||||
Pension Benefits | SERP Benefits | |||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||
Beginning benefit obligation | $ | 2,454 | $ | 2,867 | $ | 1,096 | $ | 1,141 | ||||||||||||
Interest cost | 119 | 116 | 50 | 45 | ||||||||||||||||
Actuarial (gain)/loss | 398 | -276 | 258 | 47 | ||||||||||||||||
Benefits paid | -186 | -253 | -137 | -137 | ||||||||||||||||
Ending benefit obligation | 2,785 | 2,454 | 1,267 | 1,096 | ||||||||||||||||
Change in plan assets (primarily equity and fixed | ||||||||||||||||||||
income investments and money market funds), | ||||||||||||||||||||
at fair value: | ||||||||||||||||||||
Beginning plan assets | 1,700 | 1,528 | 1,068 | 964 | ||||||||||||||||
Actual return | 121 | 265 | 79 | 161 | ||||||||||||||||
Employer contribution | 206 | 160 | 4 | 80 | ||||||||||||||||
Benefits paid | -186 | -253 | -137 | -137 | ||||||||||||||||
Ending plan assets | 1,841 | 1,700 | 1,014 | 1,068 | ||||||||||||||||
Funded status at end of year | $ | -944 | $ | -754 | $ | -253 | $ | -28 | ||||||||||||
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheets consist of: | |||||||||||||||||||
Pension Benefits | SERP Benefits | |||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Funded status included in other liabilities | $ | -944 | $ | -754 | $ | -253 | $ | -28 | ||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income | Amounts recognized in accumulated other comprehensive income consist of: | |||||||||||||||||||
Pension Benefits | SERP Benefits | |||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net actuarial loss | $ | 1,925 | $ | 1,640 | $ | 812 | $ | 640 | ||||||||||||
Components of Net Periodic Benefit Cost | Net pension expense and other amounts recognized in other comprehensive income include the following: | |||||||||||||||||||
Pension Benefits | SERP Benefits | |||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Net pension expense: | ||||||||||||||||||||
Service cost | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Interest cost | 119 | 116 | 127 | 50 | 45 | 51 | ||||||||||||||
Expected return on plan assets | -125 | -121 | -138 | -73 | -74 | -75 | ||||||||||||||
Recognized net actuarial loss | 117 | 151 | 137 | 80 | 93 | 83 | ||||||||||||||
Settlement cost | 0 | 91 | 252 | 0 | 0 | 0 | ||||||||||||||
Net pension expense | $ | 111 | $ | 237 | $ | 378 | $ | 57 | $ | 64 | $ | 59 | ||||||||
Net loss/(gain) | $ | 402 | $ | -510 | $ | -109 | $ | 252 | $ | -40 | $ | -3 | ||||||||
Amortization of net loss | -117 | -151 | -137 | -80 | -93 | -83 | ||||||||||||||
Total recognized in other comprehensive | ||||||||||||||||||||
income | $ | 285 | $ | -661 | $ | -246 | $ | 172 | $ | -133 | $ | -86 | ||||||||
Total recognized in net pension expense | ||||||||||||||||||||
and other comprehensive income | $ | 396 | $ | -424 | $ | 132 | $ | 229 | $ | -69 | $ | -27 | ||||||||
Schedule of Assumptions Used in Calculating the Net Benefit Obligation | The settlement cost was related to participants taking lump sum distributions from the pension plan during 2013 and 2012. | |||||||||||||||||||
For 2014 and 2013, the assumed form of payment elected by active participants upon retirement was changed from a single life annuity to a lump sum to reflect participant trends. The lump sum assumed interest rates below for December 31, 2014 and 2013 reflect the mortality table in effect for 2015 and 2014, respectively. For 2014, the mortality assumption was changed to the RP-2014 Mortality Table projected to 2024 with Projection Scale MP-2014 as of December 31, 2014 to reflect improved mortality expectations. | ||||||||||||||||||||
Pension Benefits | SERP Benefits | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||
The following assumptions were used in calculating the net benefit obligation: | ||||||||||||||||||||
Weighted average discount rate | 3.61 | % | 5 | % | 4 | % | 3.61 | % | 5 | % | 4 | % | ||||||||
Rate of increase in future compensation | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||
Lump sum assumed interest rates | ||||||||||||||||||||
First 5 years | 1.29 | % | 1.24 | % | N/A | N/A | N/A | N/A | ||||||||||||
Next 15 years | 3.81 | % | 4.47 | % | N/A | N/A | N/A | N/A | ||||||||||||
All future years | 4.88 | % | 5.52 | % | N/A | N/A | N/A | N/A | ||||||||||||
The following assumptions were used in calculating the net pension expense: | ||||||||||||||||||||
Weighted average discount rate | 5 | % | 4 | % | 4.5 | % | 5 | % | 4 | % | 4.5 | % | ||||||||
Rate of increase in future compensation | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||
Expected long-term rate of return | 7.75 | % | 7.75 | % | 7.75 | % | 7.75 | % | 7.75 | % | 7.75 | % | ||||||||
Schedule of Allocation of Plan Assets | The Company's pension plan asset allocation at year-end 2014 and 2013, target allocation for 2015, and expected long-term rate of return by asset category are as follows: | |||||||||||||||||||
Percentage of Plan | Weighted | |||||||||||||||||||
Target | Assets | Average Expected | ||||||||||||||||||
Allocation | at Year End | Long-Term Rate | ||||||||||||||||||
Asset Category | 2015 | 2014 | 2013 | of Return | ||||||||||||||||
Equity securities | 55-65 | % | 60 | % | 60 | % | 9.8 | % | ||||||||||||
Debt securities | 35-45 | % | 35 | % | 25 | % | 4.73 | % | ||||||||||||
Other | 10-May | % | 5 | % | 15 | % | 0.25 | % | ||||||||||||
Total | 100 | % | 100 | % | 7.75 | % | ||||||||||||||
The Company's SERP plan asset allocation at year-end 2014 and 2013, target allocation for 2015, and expected long-term rate of return by asset category are as follows: | ||||||||||||||||||||
Percentage of Plan | Weighted | |||||||||||||||||||
Target | Assets | Average Expected | ||||||||||||||||||
Allocation | at Year End | Long-Term Rate | ||||||||||||||||||
Asset Category | 2015 | 2014 | 2013 | of Return | ||||||||||||||||
Equity securities | 55-65 | % | 65 | % | 61 | % | 9.6 | % | ||||||||||||
Debt securities | 35-45 | % | 32 | % | 30 | % | 4.6 | % | ||||||||||||
Other | 10-May | % | 3 | % | 9 | % | 0.25 | % | ||||||||||||
Total | 100 | % | 100 | % | 7.75 | % | ||||||||||||||
Schedule Of Fair Values Of Pension Plan and Postretirement Plan Assets By Asset Category | The fair values of the Company's pension plan assets at December 31, 2014, by asset category are as follows: | |||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | Significant | Significant | ||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
Asset Category | Total | (Level 1) | (Level 2 ) | (Level 3) | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Equity securities - US large cap common stocks | $ | 540 | $ | 540 | $ | 0 | $ | 0 | ||||||||||||
Equity securities - US large cap stock mutual funds | 255 | 255 | 0 | 0 | ||||||||||||||||
Equity securities - US mid cap stock mutual funds | 144 | 144 | 0 | 0 | ||||||||||||||||
Equity securities - US small cap stock mutual funds | 25 | 25 | 0 | 0 | ||||||||||||||||
Equity securities - international stock mutual funds | 108 | 108 | 0 | 0 | ||||||||||||||||
Equity securities - emerging markets stock mutual funds | 24 | 24 | 0 | 0 | ||||||||||||||||
Debt securities - intermediate term bond mutual funds | 242 | 242 | 0 | 0 | ||||||||||||||||
Debt securities - short term bond mutual funds | 259 | 259 | 0 | 0 | ||||||||||||||||
Debt securities - world bond mutual funds | 94 | 94 | 0 | 0 | ||||||||||||||||
Debt securities - commercial | 55 | 0 | 55 | 0 | ||||||||||||||||
Cash - money market account | 91 | 91 | 0 | 0 | ||||||||||||||||
Total | $ | 1,837 | $ | 1,782 | $ | 55 | $ | 0 | ||||||||||||
Total pension plan assets available for benefits also include $4,000 in accrued interest and dividend income. | ||||||||||||||||||||
The fair values of the Company's pension plan assets at December 31, 2013, by asset category are as follows: | ||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | Significant | Significant | ||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
Asset Category | Total | (Level 1) | (Level 2 ) | (Level 3) | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Equity securities - US large cap common stocks | $ | 484 | $ | 484 | $ | 0 | $ | 0 | ||||||||||||
Equity securities - US large cap stock mutual funds | 258 | 258 | 0 | 0 | ||||||||||||||||
Equity securities - US mid cap stock mutual funds | 145 | 145 | 0 | 0 | ||||||||||||||||
Equity securities - international stock mutual funds | 119 | 119 | 0 | 0 | ||||||||||||||||
Equity securities - emerging markets stock mutual funds | 21 | 21 | 0 | 0 | ||||||||||||||||
Debt securities - intermediate term bond mutual funds | 127 | 127 | 0 | 0 | ||||||||||||||||
Debt securities - short term bond mutual funds | 211 | 211 | 0 | 0 | ||||||||||||||||
Debt securities - world bond mutual funds | 29 | 29 | 0 | 0 | ||||||||||||||||
Debt securities - commercial | 56 | 0 | 56 | 0 | ||||||||||||||||
Cash - money market account | 246 | 246 | 0 | 0 | ||||||||||||||||
Total | $ | 1,696 | $ | 1,640 | $ | 56 | $ | 0 | ||||||||||||
Total pension plan assets available for benefits also include $4,000 in accrued interest and dividend income. | ||||||||||||||||||||
There were no significant transfers between Level 1 and Level 2 during 2014 and 2013. | ||||||||||||||||||||
The fair values of the Company's SERP assets at December 31, 2014, by asset category are as follows: | ||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | Significant | Significant | ||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
Asset Category | Total | (Level 1) | (Level 2 ) | (Level 3) | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Equity securities - US large cap common stocks | $ | 144 | $ | 144 | $ | 0 | $ | 0 | ||||||||||||
Equity securities - US large cap stock mutual funds | 371 | 371 | 0 | 0 | ||||||||||||||||
Equity securities - US mid cap stock mutual funds | 75 | 75 | 0 | 0 | ||||||||||||||||
Equity securities - US small cap stock mutual funds | 15 | 15 | 0 | 0 | ||||||||||||||||
Equity securities - international stock mutual funds | 54 | 54 | 0 | 0 | ||||||||||||||||
Debt securities - intermediate term bond mutual funds | 65 | 65 | 0 | 0 | ||||||||||||||||
Debt securities - short term bond mutual funds | 169 | 169 | 0 | 0 | ||||||||||||||||
Debt securities - world bond mutual funds | 32 | 32 | 0 | 0 | ||||||||||||||||
Debt securities - commercial | 60 | 0 | 60 | 0 | ||||||||||||||||
Cash - money market account | 26 | 26 | 0 | 0 | ||||||||||||||||
Total | $ | 1,011 | $ | 951 | $ | 60 | $ | 0 | ||||||||||||
Total SERP plan assets available for benefits also include $3,000 in accrued interest and dividend income. | ||||||||||||||||||||
The fair values of the Company's SERP assets at December 31, 2013, by asset category are as follows: | ||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | Significant | Significant | ||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
Asset Category | Total | (Level 1) | (Level 2 ) | (Level 3) | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Equity securities - US large cap common stocks | $ | 140 | $ | 140 | $ | 0 | $ | 0 | ||||||||||||
Equity securities - US large cap stock mutual funds | 374 | 374 | 0 | 0 | ||||||||||||||||
Equity securities - US mid cap stock mutual funds | 76 | 76 | 0 | 0 | ||||||||||||||||
Equity securities - international stock mutual funds | 59 | 59 | 0 | 0 | ||||||||||||||||
Debt securities - intermediate term bond mutual funds | 72 | 72 | 0 | 0 | ||||||||||||||||
Debt securities - short term bond mutual funds | 150 | 150 | 0 | 0 | ||||||||||||||||
Debt securities - world bond mutual funds | 34 | 34 | 0 | 0 | ||||||||||||||||
Debt securities - commercial | 62 | 0 | 62 | 0 | ||||||||||||||||
Cash - money market account | 98 | 98 | 0 | 0 | ||||||||||||||||
Total | $ | 1,065 | $ | 1,003 | $ | 62 | $ | 0 | ||||||||||||
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid over the next ten years: | |||||||||||||||||||
Pension | SERP | |||||||||||||||||||
Plan Year | Benefits | Benefits | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
2015 | $ | 286 | $ | 136 | ||||||||||||||||
2016 | 318 | 133 | ||||||||||||||||||
2017 | 233 | 130 | ||||||||||||||||||
2018 | 270 | 127 | ||||||||||||||||||
2019 | 169 | 123 | ||||||||||||||||||
2020-2024 | 922 | 532 | ||||||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Components of Income Tax Expense (Benefit) | Income tax expense for the years ended December 31, 2014, 2013 and 2012 consisted of the following: | ||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||
Current federal | $ | 18,877 | $ | 17,181 | $ | 15,181 | |||||
Deferred federal | 1,118 | 183 | 1,175 | ||||||||
Current state | 1,650 | 1,387 | 877 | ||||||||
Deferred state | 740 | 808 | -51 | ||||||||
Total income tax expense | $ | 22,385 | $ | 19,559 | $ | 17,182 | |||||
Differences In Taxes From Continuing Operations | The differences between financial statement tax expense and amounts computed by applying the statutory federal income tax rate of 35% for 2014, 2013 and 2012 to income before income taxes were as follows: | ||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||
Income taxes at statutory federal rate of 35% | $ | 23,167 | $ | 20,439 | $ | 18,402 | |||||
Increase (decrease) in taxes resulting from: | |||||||||||
Tax exempt income | -1,301 | -1,222 | -1,122 | ||||||||
Nondeductible expense | 196 | 180 | 182 | ||||||||
State income tax, net of federal tax effect | 1,656 | 1,396 | 554 | ||||||||
Captive insurance premium income | -378 | -391 | 0 | ||||||||
Tax credits | -233 | -243 | -253 | ||||||||
Bank owned life insurance | -631 | -578 | -340 | ||||||||
Reserve for unrecognized tax benefits | -64 | -25 | -45 | ||||||||
Other | -27 | 3 | -196 | ||||||||
Total income tax expense | $ | 22,385 | $ | 19,559 | $ | 17,182 | |||||
Deferred Tax Assets and Liabilities | The net deferred tax asset recorded in the consolidated balance sheets at December 31, 2014 and 2013 consisted of the following: | ||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||
Deferred tax assets: | |||||||||||
Bad debts | $ | 18,300 | $ | 19,902 | |||||||
Pension and deferred compensation liability | 1,224 | 1,215 | |||||||||
Non-qualified stock options | 444 | 638 | |||||||||
Nonaccrual loan interest | 2,127 | 1,760 | |||||||||
Long-term incentive plan | 1,186 | 1,605 | |||||||||
Other | 346 | 32 | |||||||||
23,627 | 25,152 | ||||||||||
Deferred tax liabilities: | |||||||||||
Accretion | 153 | 152 | |||||||||
Depreciation | 3,843 | 3,336 | |||||||||
Loan servicing rights | 994 | 1,080 | |||||||||
State taxes | 704 | 963 | |||||||||
Deferred loan fees | 61 | 63 | |||||||||
Intangible assets | 1,883 | 1,925 | |||||||||
FHLB stock dividends | 33 | 88 | |||||||||
REIT spillover dividend | 1,085 | 1,178 | |||||||||
Prepaid expenses | 884 | 895 | |||||||||
Other | 373 | 0 | |||||||||
10,013 | 9,680 | ||||||||||
Valuation allowance | 0 | 0 | |||||||||
Net deferred tax asset | $ | 13,614 | $ | 15,472 | |||||||
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits: | ||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||
Balance January 1, | $ | 64 | $ | 89 | |||||||
Additions based on tax positions related to the current year | 0 | 5 | |||||||||
Additions for tax positions of prior years | 0 | 0 | |||||||||
Reductions for tax positions of prior years | -42 | 0 | |||||||||
Reductions due to the statute of limitations | -22 | -30 | |||||||||
Settlements | 0 | 0 | |||||||||
Balance at December 31, | $ | 0 | $ | 64 | |||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Schedule of related party transactions | Loans to principal officers, directors, and their affiliates as of December 31, 2014 and 2013 were as follows: | |||||||
(dollars in thousands) | 2014 | 2013 | ||||||
Beginning balance | $ | 124,605 | $ | 87,808 | ||||
New loans and advances | 112,940 | 171,214 | ||||||
Effect of changes in related parties | 0 | 0 | ||||||
Repayments and renewals | -108,977 | -134,417 | ||||||
Ending balance . | $ | 128,568 | $ | 124,605 | ||||
STOCK_BASED_COMPENSATION_Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the activity in the stock option plan as of December 31, 2014 and changes during the period then ended follows: | |||||||||||||
Weighted- | ||||||||||||||
Weighted- | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||
Shares | Price | Term (years) | Value | |||||||||||
Outstanding at beginning of the year | 71,000 | $ | 22.89 | |||||||||||
Granted | 0 | |||||||||||||
Exercised | -13,082 | 22.65 | ||||||||||||
Forfeited | 0 | |||||||||||||
Outstanding at end of the year | 57,918 | $ | 22.95 | 2.5 | $ | 1,188,653 | ||||||||
Options exercisable at end of the year | 57,918 | $ | 22.95 | 2.5 | $ | 1,188,653 | ||||||||
Schedule of Information on Stock Awards Exercised | The following table presents information on stock awards exercised for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||||||
Total intrinsic value | $ | 204 | $ | 589 | $ | 541 | ||||||||
Cash received | 7 | 757 | 782 | |||||||||||
Actual tax benefit realized for tax deductions | 50 | 146 | 112 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the changes in the Company’s nonvested shares for the year follows: | |||||||||||||
Weighted-Average | ||||||||||||||
Grant-Date | ||||||||||||||
Nonvested Shares | Shares | Fair Value | ||||||||||||
Nonvested at January 1, 2014 | 7,150 | $ | 25.37 | |||||||||||
Granted | 16,750 | 37.29 | ||||||||||||
Vested | -13,750 | 37.71 | ||||||||||||
Forfeited | -250 | 25.37 | ||||||||||||
Nonvested at December 31, 2014 | 9,900 | $ | 28.4 | |||||||||||
Schedule of Nonvested Performance-based Units Activity | Shares granted below include the number of shares assumed granted based on meeting the performance criteria of the 2014-2016, 2013-2015 and 2012-2014 Long-Term Incentive Plans at December 31, 2014. | |||||||||||||
Weighted-Average | ||||||||||||||
Grant-Date | ||||||||||||||
Nonvested Shares | Shares | Fair Value | ||||||||||||
Nonvested at January 1, 2014 | 176,594 | $ | 22.67 | |||||||||||
Granted | 96,410 | 35.26 | ||||||||||||
Vested | -55,534 | 19.78 | ||||||||||||
Forfeited | 0 | 0 | ||||||||||||
Nonvested at December 31, 2014 | 217,470 | $ | 28.99 | |||||||||||
CAPITAL_REQUIREMENTS_AND_RESTR1
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Capital Requirements and Restrictions On Retained Earnings [Abstract] | ||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | There have been no conditions or events since that notification that management believes have changed the Company and the Bank’s category. | |||||||||||||||||||
Minimum Required to | ||||||||||||||||||||
Minimum Required | Be Well Capitalized | |||||||||||||||||||
For Capital | Under Prompt Corrective | |||||||||||||||||||
Actual | Adequacy Purposes | Action Regulations | ||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||
Total Capital (to Risk | ||||||||||||||||||||
Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 418,827 | 14.36 | % | $ | 233,286 | 8 | % | $ | 291,607 | 10 | % | ||||||||
Bank | $ | 403,454 | 13.87 | % | $ | 232,787 | 8 | % | $ | 290,984 | 10 | % | ||||||||
Tier I Capital (to Risk | ||||||||||||||||||||
Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 382,254 | 13.11 | % | $ | 116,643 | 4 | % | $ | 174,964 | 6 | % | ||||||||
Bank | $ | 366,958 | 12.61 | % | $ | 116,394 | 4 | % | $ | 174,591 | 6 | % | ||||||||
Tier I Capital (to Average Assets) | ||||||||||||||||||||
Consolidated | $ | 382,254 | 11.22 | % | $ | 136,265 | 4 | % | $ | 170,332 | 5 | % | ||||||||
Bank | $ | 366,958 | 10.84 | % | $ | 135,420 | 4 | % | $ | 169,276 | 5 | % | ||||||||
As of December 31, 2013: | ||||||||||||||||||||
Total Capital (to Risk | ||||||||||||||||||||
Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 382,951 | 14.23 | % | $ | 215,229 | 8 | % | $ | 269,036 | 10 | % | ||||||||
Bank | $ | 373,685 | 13.92 | % | $ | 214,704 | 8 | % | $ | 268,380 | 10 | % | ||||||||
Tier I Capital (to Risk | ||||||||||||||||||||
Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 349,134 | 12.98 | % | $ | 107,614 | 4 | % | $ | 161,422 | 6 | % | ||||||||
Bank | $ | 339,949 | 12.67 | % | $ | 107,352 | 4 | % | $ | 161,028 | 6 | % | ||||||||
Tier I Capital (to Average Assets) | ||||||||||||||||||||
Consolidated | $ | 349,134 | 11.25 | % | $ | 124,152 | 4 | % | $ | 155,190 | 5 | % | ||||||||
Bank | $ | 339,949 | 10.98 | % | $ | 123,809 | 4 | % | $ | 154,761 | 5 | % | ||||||||
OFFSETTING_ASSETS_AND_LIABILIT1
OFFSETTING ASSETS AND LIABILITIES (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Offsettings [Abstract] | ||||||||||||||||||||
Offsetting Assets And Liability | The following tables summarize gross and net information about financial instruments and derivative instruments that are offset in the statement of financial position or that are subject to an enforceable master netting arrangement at December 31, 2014 and 2013. | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Gross | Net Amounts | |||||||||||||||||||
Gross | Amounts | of Assets | Gross Amounts Not | |||||||||||||||||
Amounts of | Offset in the | presented in | Offset in the Statement | |||||||||||||||||
Recognized | Statement of | the Statement | of Financial Position | |||||||||||||||||
Assets/ | Financial | of Financial | Financial | Cash Collateral | ||||||||||||||||
(dollars in thousands) | Liabilities | Position | Position | Instruments | Received | Net Amount | ||||||||||||||
Assets | ||||||||||||||||||||
Interest Rate Swap Derivatives | $ | 1,191 | $ | 0 | $ | 1,191 | $ | 0 | $ | 0 | $ | 1,191 | ||||||||
Total Assets | $ | 1,191 | $ | 0 | $ | 1,191 | $ | 0 | $ | 0 | $ | 1,191 | ||||||||
Liabilities | ||||||||||||||||||||
Interest Rate Swap Derivatives | $ | 1,242 | $ | 0 | $ | 1,242 | $ | 0 | $ | -1,242 | $ | 0 | ||||||||
Repurchase Agreements | 54,907 | 0 | 54,907 | -54,907 | 0 | 0 | ||||||||||||||
Total Liabilities | $ | 56,149 | $ | 0 | $ | 56,149 | $ | -54,907 | $ | -1,242 | $ | 0 | ||||||||
December 31, 2013 | ||||||||||||||||||||
Gross | Net Amounts | |||||||||||||||||||
Gross | Amounts | of Assets | Gross Amounts Not | |||||||||||||||||
Amounts of | Offset in the | presented in | Offset in the Statement | |||||||||||||||||
Recognized | Statement of | the Statement | of Financial Position | |||||||||||||||||
Assets/ | Financial | of Financial | Financial | Cash Collateral | ||||||||||||||||
(dollars in thousands) | Liabilities | Position | Position | Instruments | Received | Net Amount | ||||||||||||||
Assets | ||||||||||||||||||||
Interest Rate Swap Derivatives | $ | 627 | $ | 0 | $ | 627 | $ | 0 | $ | -260 | $ | 367 | ||||||||
Total Assets | $ | 627 | $ | 0 | $ | 627 | $ | 0 | $ | -260 | $ | 367 | ||||||||
Liabilities | ||||||||||||||||||||
Interest Rate Swap Derivatives | $ | 592 | $ | 0 | $ | 592 | $ | 0 | $ | 0 | $ | 592 | ||||||||
Repurchase Agreements | 104,876 | 0 | 104,876 | -104,876 | 0 | 0 | ||||||||||||||
Total Liabilities | $ | 105,468 | $ | 0 | $ | 105,468 | $ | -104,876 | $ | 0 | $ | 592 | ||||||||
COMMITMENTS_OFFBALANCE_SHEET_R1
COMMITMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||
Schedule of Financial Instruments Commitments | These financial instruments include commitments to make loans and open-ended revolving lines of credit. Amounts as of the years ended December 31, 2014 and 2013, were as follows: | |||||||||||||
2014 | 2013 | |||||||||||||
Fixed | Variable | Fixed | Variable | |||||||||||
(dollars in thousands) | Rate | Rate | Rate | Rate | ||||||||||
Commercial loan lines of credit | $ | 45,294 | $ | 967,282 | $ | 79,457 | $ | 828,405 | ||||||
Commercial letters of credit | 0 | 62 | 0 | 80 | ||||||||||
Standby letters of credit | 0 | 52,500 | 0 | 33,575 | ||||||||||
Real estate mortgage loans | 3,439 | 1,589 | 3,865 | 2,233 | ||||||||||
Real estate construction mortgage loans | 1,875 | 4,936 | 927 | 1,821 | ||||||||||
Home equity mortgage open-ended revolving lines | 0 | 149,706 | 0 | 139,555 | ||||||||||
Consumer loan open-ended revolving lines | 0 | 5,896 | 0 | 5,013 | ||||||||||
Total | $ | 50,608 | $ | 1,181,971 | $ | 84,249 | $ | 1,010,682 | ||||||
Schedule Of Rate Of Interest Percentage Financial Instruments | Interest rate ranges on commitments and open-ended revolving lines of credit for years ended December 31, 2014 and 2013, were as follows: | |||||||||||||
2014 | 2013 | |||||||||||||
Fixed | Variable | Fixed | Variable | |||||||||||
Rate | Rate | Rate | Rate | |||||||||||
Commercial loan | 2.44-7.50 | % | 1.46-8.25 | % | 1.83-10.00 | % | 1.67-7.50 | % | ||||||
Real estate mortgage loan | 3.13-4.75 | % | 2.88-5.75 | % | 3.38-4.75 | % | 3.38-4.88 | % | ||||||
Consumer loan open-ended revolving line | N/A | 2.50-15.00 | % | N/A | 2.50-15.00 | % | ||||||||
PARENT_COMPANY_STATEMENTS_Tabl
PARENT COMPANY STATEMENTS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||||||||||
Schedule of Condensed Balance Sheet | CONDENSED BALANCE SHEETS | ||||||||||
December 31, | |||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||
ASSETS | |||||||||||
Deposits with Lake City Bank | $ | 427 | $ | 950 | |||||||
Deposits with other depository institutions | 7,654 | 0 | |||||||||
Cash | 8,081 | 950 | |||||||||
Investments in banking subsidiary | 376,000 | 342,690 | |||||||||
Investments in other subsidiaries | 3,394 | 2,313 | |||||||||
Other assets | 4,980 | 7,107 | |||||||||
Total assets | $ | 392,455 | $ | 353,060 | |||||||
LIABILITIES | |||||||||||
Dividends payable and other liabilities | $ | 231 | $ | 257 | |||||||
Subordinated debt | 30,928 | 30,928 | |||||||||
STOCKHOLDERS' EQUITY | 361,296 | 321,875 | |||||||||
Total liabilities and stockholders' equity | $ | 392,455 | $ | 353,060 | |||||||
Schedule of Condensed Income Statement | CONDENSED STATEMENTS OF INCOME | ||||||||||
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||
Dividends from Lake City Bank, Lakeland Statutory Trust II | $ | 18,362 | $ | 9,524 | $ | 15,745 | |||||
Other income | 182 | 98 | 85 | ||||||||
Interest expense on subordinated debt | -1,048 | -1,061 | -1,123 | ||||||||
Miscellaneous expense | -3,462 | -2,651 | -1,976 | ||||||||
INCOME BEFORE INCOME TAXES AND EQUITY IN | |||||||||||
UNDISTRIBUTED INCOME OF SUBSIDIARIES | 14,034 | 5,910 | 12,731 | ||||||||
Income tax benefit | 1,691 | 1,387 | 1,187 | ||||||||
INCOME BEFORE EQUITY IN UNDISTRIBUTED | |||||||||||
INCOME OF SUBSIDIARIES | 15,725 | 7,297 | 13,918 | ||||||||
Equity in undistributed income of subsidiaries | 28,080 | 31,542 | 21,476 | ||||||||
NET INCOME | $ | 43,805 | $ | 38,839 | $ | 35,394 | |||||
COMPREHENSIVE INCOME | $ | 50,129 | $ | 30,656 | $ | 35,944 | |||||
Schedule of Condensed Cash Flow Statement | CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 43,805 | $ | 38,839 | $ | 35,394 | |||||
Adjustments to net cash from operating activities: | |||||||||||
Equity in undistributed income of subsidiaries | -28,080 | -31,543 | -21,475 | ||||||||
Other changes | 5,348 | 989 | 265 | ||||||||
Net cash from operating activities | 21,073 | 8,285 | 14,184 | ||||||||
Cash flows from investing activities | 0 | 0 | -250 | ||||||||
Proceeds from issuance of common stock | 57 | 903 | 894 | ||||||||
Repurchase of common stock | -444 | -399 | -421 | ||||||||
Dividends paid | -13,555 | -9,372 | -13,630 | ||||||||
Cash flows from financing activities | -13,942 | -8,868 | -13,157 | ||||||||
Net increase in cash and cash equivalents | 7,131 | -583 | 777 | ||||||||
Cash and cash equivalents at beginning of the year | 950 | 1,533 | 756 | ||||||||
Cash and cash equivalents at end of the year | $ | 8,081 | $ | 950 | $ | 1,533 | |||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Schedule of weighted average number of shares | Following are the factors used in the earnings per share computations: | ||||||||||
2014 | 2013 | 2012 | |||||||||
Basic earnings per common share: | |||||||||||
Net income | $ | 43,805,000 | $ | 38,839,000 | $ | 35,394,000 | |||||
Weighted-average common shares outstanding | 16,535,530 | 16,436,131 | 16,323,870 | ||||||||
Basic earnings per common share | $ | 2.65 | $ | 2.36 | $ | 2.17 | |||||
Diluted earnings per common share: | |||||||||||
Net income | $ | 43,805,000 | $ | 38,839,000 | $ | 35,394,000 | |||||
Weighted-average common shares outstanding for | |||||||||||
basic earnings per common share | 16,535,530 | 16,436,131 | 16,323,870 | ||||||||
Add: Dilutive effect of assumed exercise of warrant | 92,547 | 61,436 | 38,224 | ||||||||
Add: Dilutive effect of assumed exercises of stock options | |||||||||||
and awards | 153,378 | 136,771 | 120,843 | ||||||||
Average shares and dilutive potential common shares | 16,781,455 | 16,634,338 | 16,482,937 | ||||||||
Diluted earnings per common share | $ | 2.61 | $ | 2.33 | $ | 2.15 | |||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Stockholders Equity Note [Abstract] | |||||||||||
Schedule of Changes in Accumulated Other Comprehensive Income | The following tables summarize the changes within each classification of accumulated other comprehensive income (loss) for December 31, 2014 and 2013 all shown net of tax: | ||||||||||
Unrealized | |||||||||||
Gains and | |||||||||||
Losses on | Defined | ||||||||||
Available- | Benefit | ||||||||||
for-Sales | Pension | ||||||||||
(dollars in thousands) | Securities | Items | Total | ||||||||
Balance at December 31, 2013 | $ | -1,138 | $ | -1,356 | $ | -2,494 | |||||
Other comprehensive income before reclassification | 6,471 | -399 | 6,072 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 134 | 118 | 252 | ||||||||
Net current period other comprehensive income | 6,605 | -281 | 6,324 | ||||||||
Balance at December 31, 2014 | $ | 5,467 | $ | -1,637 | $ | 3,830 | |||||
Unrealized | |||||||||||
Gains and | |||||||||||
Losses on | Defined | ||||||||||
Available- | Benefit | ||||||||||
for-Sales | Pension | ||||||||||
(dollars in thousands) | Securities | Items | Total | ||||||||
Balance at December 31, 2012 | $ | 7,517 | $ | -1,828 | $ | 5,689 | |||||
Other comprehensive income before reclassification | -8,591 | 327 | -8,264 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | -64 | 145 | 81 | ||||||||
Net current period other comprehensive income | -8,655 | 472 | -8,183 | ||||||||
Balance at December 31, 2013 | $ | -1,138 | $ | -1,356 | $ | -2,494 | |||||
Reclassification Accumulated Other Comprehensive Income | Reclassifications out of accumulated comprehensive income for the years ended December 31, 2014 and 2013 are as follows: | ||||||||||
Details about | Amount | Affected Line Item | |||||||||
Accumulated Other | Reclassified From | in the Statement | |||||||||
Comprehensive | Accumulated Other | Where Net | |||||||||
Income Components | Comprehensive Income | Income is Presented | |||||||||
2014 | |||||||||||
(dollars in thousands) | |||||||||||
Unrealized gains and losses on available-for-sale securities | $ | -224 | Net securities gains (losses) | ||||||||
Tax effect | 90 | Income tax expense | |||||||||
-134 | Net of tax | ||||||||||
Amortization of defined benefit pension items(1) | -197 | Salaries and employee benefits | |||||||||
Tax effect | 79 | Income tax expense | |||||||||
-118 | Net of tax | ||||||||||
Total reclassifications for the period | $ | -252 | Net of tax | ||||||||
2013 | |||||||||||
(dollars in thousands) | |||||||||||
Unrealized gains and losses on available-for-sale securities | $ | 107 | Net securities gains (losses) | ||||||||
Tax effect | -43 | Income tax expense | |||||||||
64 | Net of tax | ||||||||||
Amortization of defined benefit pension items(1) | -244 | Salaries and employee benefits | |||||||||
Tax effect | 99 | Income tax expense | |||||||||
-145 | Net of tax | ||||||||||
Total reclassifications for the period | $ | -81 | Net of tax | ||||||||
(1) Included in the computation of net pension plan expense as more fully discussed in Note 11. | |||||||||||
SELECTED_QUARTERLY_DATA_Tables
SELECTED QUARTERLY DATA (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||
Schedule of Quarterly Financial Information | 2014 | 4th | 3rd | 2nd | 1st | |||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Interest income | $ | 30,023 | $ | 29,745 | $ | 29,250 | $ | 28,270 | ||||||
Interest expense | 3,919 | 3,780 | 3,696 | 3,590 | ||||||||||
Net interest income | 26,104 | 25,965 | 25,554 | 24,680 | ||||||||||
Provision for loan losses | 0 | 0 | 0 | 0 | ||||||||||
Net interest income after provision | 26,104 | 25,965 | 25,554 | 24,680 | ||||||||||
Noninterest income | 7,163 | 7,871 | 7,592 | 7,427 | ||||||||||
Noninterest expense | 16,632 | 16,660 | 16,084 | 16,790 | ||||||||||
Income tax expense | 5,565 | 5,665 | 5,750 | 5,405 | ||||||||||
Net income | $ | 11,070 | $ | 11,511 | $ | 11,312 | $ | 9,912 | ||||||
Basic earnings per common share | $ | 0.67 | $ | 0.7 | $ | 0.68 | $ | 0.6 | ||||||
Diluted earnings per common share | $ | 0.66 | $ | 0.69 | $ | 0.68 | $ | 0.59 | ||||||
2013 | 4th | 3rd | 2nd | 1st | ||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Interest income | $ | 28,050 | $ | 26,970 | $ | 26,424 | $ | 26,292 | ||||||
Interest expense | 3,752 | 3,998 | 4,512 | 5,035 | ||||||||||
Net interest income | 24,298 | 22,972 | 21,912 | 21,257 | ||||||||||
Provision for loan losses | 0 | 0 | 0 | 0 | ||||||||||
Net interest income after provision | 24,298 | 22,972 | 21,912 | 21,257 | ||||||||||
Noninterest income | 7,878 | 7,809 | 7,569 | 7,481 | ||||||||||
Noninterest expense | 16,528 | 16,266 | 15,091 | 14,893 | ||||||||||
Income tax expense | 5,060 | 4,746 | 5,154 | 4,599 | ||||||||||
Net income | $ | 10,588 | $ | 9,769 | $ | 9,236 | $ | 9,246 | ||||||
Basic earnings per common share | $ | 0.64 | $ | 0.59 | $ | 0.56 | $ | 0.56 | ||||||
Diluted earnings per common share | $ | 0.63 | $ | 0.59 | $ | 0.56 | $ | 0.56 | ||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of Significant Accounting Policies [Line Items] | |||
Accrued Interest On Loans | $6,200,000 | $6,200,000 | |
Financing Receivable, Net | 150,000 | ||
Equity Method Investments | 3,700,000 | 1,900,000 | |
Real Estate Acquired Through Foreclosure | 284,000 | 469,000 | |
Servicing fees | 930,000 | 816,000 | 765,000 |
Treasury Stock Share | 84,703 | 98,267 | |
Bank Owned Life Insurance | 66,612,000 | 62,883,000 | |
Cash on hand or on deposit to meet regulatory reserve and clearing requirements | 9,600,000 | 11,700,000 | |
Carrying value of mortgage servicing rights | 2,400,000 | 2,500,000 | |
Unpaid principal balances | 330,300,000 | 332,800,000 | |
Escrow Deposit | 1,300,000 | 1,300,000 | |
Cash Available for Distributions | 1,000,000 | ||
Interest Rate Swap [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Notional amount | 162,800,000 | 109,500,000 | |
Fair value of interest rate swap asset | 1,200,000 | 627,000 | |
Fair value of interest rate swap liability | 1,200,000 | 592,000 | |
Life Insurance [Member] | Officer [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Bank Owned Life Insurance | 64,700,000 | 61,200,000 | |
Deferred Compensation Plan [Member] | Officer [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Bank Owned Life Insurance | $1,900,000 | $1,700,000 | |
Premises Assets [Member] | Minimum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Premises Assets [Member] | Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Equipment [Member] | Minimum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Equipment [Member] | Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years |
SECURITIES_Summary_Of_Availabl
SECURITIES (Summary Of Available Sale Of Securities) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Information related to available for sale securities [Abstract] | ||
Amortized Cost | $466,981 | $471,000 |
Gross Unrealized Gain | 11,053 | 7,914 |
Gross Unrealized Losses | -2,123 | -9,947 |
Fair Value | 475,911 | 468,967 |
US Treasury Securities [Member] | ||
Information related to available for sale securities [Abstract] | ||
Amortized Cost | 986 | 1,001 |
Gross Unrealized Gain | 18 | 16 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,004 | 1,017 |
Agency Residential Mortgage-Backed Securities [Member] | ||
Information related to available for sale securities [Abstract] | ||
Amortized Cost | 366,596 | 374,611 |
Gross Unrealized Gain | 7,178 | 5,301 |
Gross Unrealized Losses | -1,679 | -7,935 |
Fair Value | 372,095 | 371,977 |
State and Municipal Securities [Member] | ||
Information related to available for sale securities [Abstract] | ||
Amortized Cost | 99,399 | 95,388 |
Gross Unrealized Gain | 3,857 | 2,597 |
Gross Unrealized Losses | -444 | -2,012 |
Fair Value | $102,812 | $95,973 |
SECURITIES_Schedule_Of_Availab
SECURITIES (Schedule Of Available Sale Of Securities By Maturity) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Maturities of Available-for-sale Debt Securities [Abstract] | ||
Due in one year or less | $5,405 | |
Due after one year through five years | 17,382 | |
Due after five years through ten years | 46,504 | |
Due after ten years | 31,094 | |
Available for sale securities with maturities amortized cost | 100,385 | |
Mortgage-backed securities | 366,596 | |
Total debt securities | 466,981 | 471,000 |
Due in one year or less | 5,454 | |
Due after one year through five years | 18,210 | |
Due after five years through ten years | 48,432 | |
Due after ten years | 31,720 | |
Available for sale securities with maturities fair value | 103,816 | |
Mortgage-backed securities | 372,095 | |
Total debt securities | $475,911 | $468,967 |
SECURITIES_Schedule_Of_Sales_O
SECURITIES (Schedule Of Sales Of Securities Available For Sale) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Sales of Securities Available for Sale [Abstract] | |||
Proceeds | $13,766 | $29,995 | $27,855 |
Gross gains | 3 | 1,077 | 824 |
Gross losses | $231 | $972 | $1,203 |
SECURITIES_Schedule_Of_Availab1
SECURITIES (Schedule Of Available Sale Of Securities Continuous Unrealized Loss Position) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Securities with unrealized losses [Abstract] | ||
Less than twelve months, fair value | $35,878 | $202,389 |
12 months or more, fair value | 118,903 | 42,130 |
Total fair value | 154,781 | 244,519 |
Less than 12 Months, Unrealized losses | -176 | -7,546 |
12 Months or more, Unrealized losses | -1,947 | -2,401 |
Total Unrealized losses | -2,123 | -9,947 |
Agency Residential Mortgage-Backed Securities [Member] | ||
Securities with unrealized losses [Abstract] | ||
Less than twelve months, fair value | 33,420 | 177,779 |
12 months or more, fair value | 102,512 | 34,093 |
Total fair value | 135,932 | 211,872 |
Less than 12 Months, Unrealized losses | -148 | -6,444 |
12 Months or more, Unrealized losses | -1,531 | -1,491 |
Total Unrealized losses | -1,679 | -7,935 |
State and Municipal Securities [Member] | ||
Securities with unrealized losses [Abstract] | ||
Less than twelve months, fair value | 2,458 | 24,610 |
12 months or more, fair value | 16,391 | 8,037 |
Total fair value | 18,849 | 32,647 |
Less than 12 Months, Unrealized losses | -28 | -1,102 |
12 Months or more, Unrealized losses | -416 | -910 |
Total Unrealized losses | ($444) | ($2,012) |
SECURITIES_Quantitative_Disclo
SECURITIES (Quantitative Disclosure Of Available Sale Of Securities) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Number | Number | |
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 17 | 108 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 56 | 22 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 73 | 130 |
Agency Residential Mortgage-Backed Securities [Member] | ||
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 9 | 49 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 27 | 10 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 36 | 59 |
State and Municipal Securities [Member] | ||
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 8 | 59 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 29 | 12 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 37 | 71 |
SECURITIES_Additional_informat
SECURITIES (Additional information) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Information related to available for sale securities [Abstract] | |||
Cost basis of securities sold | $14 | $29.90 | $28.20 |
Fair Value of securities slold | 13.8 | 30 | 27.9 |
Available-for-sale Securities pledged as collateral | $202.40 | $244.30 |
LOANS_Total_Loans_Outstanding_
LOANS (Total Loans Outstanding) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total commercial loans | $2,410,934 | $2,212,573 | ||
Total consumer loans | 351,670 | 323,155 | ||
Subtotal | 2,762,604 | 2,535,728 | ||
Less: Allowance for loan losses | -46,262 | -48,797 | -51,445 | -53,400 |
Net deferred loan fees | -284 | -630 | ||
Loans, net | 2,716,058 | 2,486,301 | ||
Commercial and Industrial Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total commercial loans | 1,035,373 | 901,567 | ||
Less: Allowance for loan losses | -22,785 | -21,005 | -22,342 | -22,830 |
Commercial and Industrial Loans [Member] | Working Capital Lines Of Credit Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total commercial loans | 544,043 | 457,690 | ||
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total commercial loans | 491,330 | 443,877 | ||
Commercial Real Estate and Multi-family Residential Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total commercial loans | 1,026,059 | 986,207 | ||
Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total commercial loans | 156,636 | 157,630 | ||
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total commercial loans | 403,154 | 370,386 | ||
Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total commercial loans | 394,458 | 394,748 | ||
Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total commercial loans | 71,811 | 63,443 | ||
Agri-business and Agricultural Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total commercial loans | 273,787 | 254,029 | ||
Less: Allowance for loan losses | -1,790 | -1,682 | -1,403 | -695 |
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total commercial loans | 137,407 | 133,458 | ||
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total commercial loans | 136,380 | 120,571 | ||
Other Commerical Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total commercial loans | 75,715 | 70,770 | ||
Total Consumer 1 To 4 Family Mortgage Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total consumer loans | 302,129 | 277,030 | ||
Total Consumer 1 To 4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total consumer loans | 145,167 | 125,444 | ||
Total Consumer 1 To 4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total consumer loans | 150,220 | 146,946 | ||
Total Consumer 1 To 4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total consumer loans | 6,742 | 4,640 | ||
Other Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total consumer loans | $49,541 | $46,125 |
ALLOWANCE_FOR_LOAN_LOSSES_AND_2
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Balance In The Allowance For Loan Losses And The Recorded Investment In Loans By Portfolio Management) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $48,797 | $51,445 | $53,400 |
Provision for loan losses | 0 | 0 | -2,549 |
Loans charged-off | -4,685 | -4,052 | -5,922 |
Recoveries | 2,150 | 1,404 | 1,418 |
Net loans charged-off | -2,535 | -2,648 | -4,504 |
Ending balance | 46,262 | 48,797 | 51,445 |
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment | 5,421 | 9,316 | |
Collectively evaluated for impairment | 40,841 | 39,481 | |
Total ending allowance balance | 46,262 | 48,797 | 51,445 |
Loans: | |||
Loans individually evaluated for impairment | 31,964 | 43,227 | |
Loans collectively evaluated for impairment | 2,730,356 | 2,491,871 | |
Total ending loans balance | 2,762,320 | 2,535,098 | |
Commercial and Industrial Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 21,005 | 22,342 | 22,830 |
Provision for loan losses | 2,307 | -788 | 1,814 |
Loans charged-off | -1,441 | -1,062 | -3,069 |
Recoveries | 914 | 513 | 767 |
Net loans charged-off | -527 | -549 | -2,302 |
Ending balance | 22,785 | 21,005 | 22,342 |
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment | 3,306 | 4,144 | |
Collectively evaluated for impairment | 19,479 | 16,861 | |
Total ending allowance balance | 22,785 | 21,005 | 22,342 |
Loans: | |||
Loans individually evaluated for impairment | 14,702 | 16,196 | |
Loans collectively evaluated for impairment | 1,020,897 | 885,651 | |
Total ending loans balance | 1,035,599 | 901,847 | |
Commercial Real Estate and Multi-Family Residential Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 18,556 | 20,812 | 23,489 |
Provision for loan losses | -2,771 | -564 | -1,772 |
Loans charged-off | -2,560 | -2,069 | -1,108 |
Recoveries | 928 | 377 | 203 |
Net loans charged-off | -1,632 | -1,692 | -905 |
Ending balance | 14,153 | 18,556 | 20,812 |
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment | 1,531 | 4,598 | |
Collectively evaluated for impairment | 12,622 | 13,959 | |
Total ending allowance balance | 14,153 | 18,556 | 20,812 |
Loans: | |||
Loans individually evaluated for impairment | 13,005 | 22,204 | |
Loans collectively evaluated for impairment | 1,011,858 | 962,673 | |
Total ending loans balance | 1,024,863 | 984,877 | |
Agri-business and Agricultural Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 1,682 | 1,403 | 695 |
Provision for loan losses | 88 | 267 | 705 |
Loans charged-off | 0 | -200 | 0 |
Recoveries | 20 | 212 | 3 |
Net loans charged-off | 20 | 12 | 3 |
Ending balance | 1,790 | 1,682 | 1,403 |
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment | 14 | 38 | |
Collectively evaluated for impairment | 1,776 | 1,644 | |
Total ending allowance balance | 1,790 | 1,682 | 1,403 |
Loans: | |||
Loans individually evaluated for impairment | 486 | 1,114 | |
Loans collectively evaluated for impairment | 273,388 | 253,011 | |
Total ending loans balance | 273,874 | 254,125 | |
Other Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 391 | 240 | 65 |
Provision for loan losses | -115 | 151 | -11 |
Loans charged-off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 186 |
Net loans charged-off | 0 | 0 | 186 |
Ending balance | 276 | 391 | 240 |
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment | 15 | 0 | |
Collectively evaluated for impairment | 261 | 391 | |
Total ending allowance balance | 276 | 391 | 240 |
Loans: | |||
Loans individually evaluated for impairment | 30 | 0 | |
Loans collectively evaluated for impairment | 75,684 | 70,766 | |
Total ending loans balance | 75,714 | 70,766 | |
Consumer 1-4 Family Mortgage Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 3,046 | 2,682 | 2,322 |
Provision for loan losses | 699 | 620 | 1,552 |
Loans charged-off | -439 | -382 | -1,340 |
Recoveries | 153 | 126 | 148 |
Net loans charged-off | -286 | -256 | -1,192 |
Ending balance | 3,459 | 3,046 | 2,682 |
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment | 482 | 479 | |
Collectively evaluated for impairment | 2,977 | 2,566 | |
Total ending allowance balance | 3,459 | 3,046 | 2,682 |
Loans: | |||
Loans individually evaluated for impairment | 3,614 | 3,594 | |
Loans collectively evaluated for impairment | 299,189 | 273,812 | |
Total ending loans balance | 302,803 | 277,406 | |
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 608 | 609 | 645 |
Provision for loan losses | -15 | 162 | 258 |
Loans charged-off | -245 | -339 | -405 |
Recoveries | 135 | 176 | 111 |
Net loans charged-off | -110 | -163 | -294 |
Ending balance | 483 | 608 | 609 |
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment | 73 | 57 | |
Collectively evaluated for impairment | 410 | 551 | |
Total ending allowance balance | 483 | 608 | 609 |
Loans: | |||
Loans individually evaluated for impairment | 127 | 119 | |
Loans collectively evaluated for impairment | 49,340 | 45,958 | |
Total ending loans balance | 49,467 | 46,077 | |
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 3,509 | 3,357 | 3,354 |
Provision for loan losses | -193 | 152 | 3 |
Loans charged-off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Net loans charged-off | 0 | 0 | 0 |
Ending balance | 3,316 | 3,509 | 3,357 |
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 3,316 | 3,509 | |
Total ending allowance balance | 3,316 | 3,509 | 3,357 |
Loans: | |||
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Total ending loans balance | $0 | $0 |
ALLOWANCE_FOR_LOAN_LOSSES_AND_3
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Loans Individually Evaluated For Impairment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid Principal Balance | $36,738 | $50,877 | |
Recorded Investment | 31,964 | 43,227 | |
Allowances for Loan Losses Allocated | 5,421 | 9,316 | |
Average Recorded Investment | 34,608 | 48,965 | 60,708 |
Interest Income Recognized | 913 | 1,177 | 1,276 |
Cash Basis Interest Income Recogonized | 906 | 1,219 | 1,314 |
Other Commerical Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with an allowance recorded | 30 | ||
Recorded investment with an allowance recorded | 30 | ||
Allowance for loans losses allocated with an allowance recorded | 15 | ||
Average recorded investment with an allowance recorded | 5 | ||
Interest income recognized with an allowance recorded | 0 | ||
Cash basis interest income recognized with an allowance recorded | 0 | ||
Other Consumer [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 1 | 1 | |
Unpaid principal balance with an allowance recorded | 126 | 118 | |
Recorded Investment with no related allowance recorded | 1 | 1 | |
Recorded investment with an allowance recorded | 126 | 118 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | |
Allowance for loans losses allocated with an allowance recorded | 73 | 57 | |
Average recorded investment with no related allowance recorded | 1 | 1 | |
Average recorded investment with an allowance recorded | 98 | 90 | 26 |
Interest income recognized with no related allowance recorded | 0 | 0 | |
Interest income recognized with an allowance recorded | 2 | 1 | 0 |
Cash basis interest income recognized with no related allowance recorded | 0 | 0 | |
Cash basis interest income recognized with an allowance recorded | 2 | 1 | 0 |
Commercial and Industrial Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Allowances for Loan Losses Allocated | 3,306 | 4,144 | |
Commercial and Industrial Loans [Member] | Working Capital Lines Of Credit Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 21 | 63 | |
Unpaid principal balance with an allowance recorded | 1,409 | 5,251 | |
Recorded Investment with no related allowance recorded | 21 | 63 | |
Recorded investment with an allowance recorded | 1,408 | 2,641 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | |
Allowance for loans losses allocated with an allowance recorded | 837 | 984 | |
Average recorded investment with no related allowance recorded | 154 | 64 | 10 |
Average recorded investment with an allowance recorded | 1,845 | 2,934 | 4,085 |
Interest income recognized with no related allowance recorded | 1 | 0 | 0 |
Interest income recognized with an allowance recorded | 66 | 50 | 55 |
Cash basis interest income recognized with no related allowance recorded | 1 | 0 | 0 |
Cash basis interest income recognized with an allowance recorded | 57 | 52 | 54 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 1,673 | ||
Unpaid principal balance with an allowance recorded | 15,557 | 15,345 | |
Recorded Investment with no related allowance recorded | 279 | ||
Recorded investment with an allowance recorded | 12,994 | 13,492 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | ||
Allowance for loans losses allocated with an allowance recorded | 2,469 | 3,160 | |
Average recorded investment with no related allowance recorded | 174 | 8 | 108 |
Average recorded investment with an allowance recorded | 13,806 | 13,957 | 17,062 |
Interest income recognized with no related allowance recorded | 1 | 0 | 0 |
Interest income recognized with an allowance recorded | 513 | 540 | 667 |
Cash basis interest income recognized with no related allowance recorded | 1 | 0 | 0 |
Cash basis interest income recognized with an allowance recorded | 513 | 544 | 681 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Allowances for Loan Losses Allocated | 1,531 | 4,598 | |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Construction and Land Development Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 526 | ||
Unpaid principal balance with an allowance recorded | 449 | 2,795 | |
Recorded Investment with no related allowance recorded | 526 | ||
Recorded investment with an allowance recorded | 448 | 2,795 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | ||
Allowance for loans losses allocated with an allowance recorded | 107 | 585 | |
Average recorded investment with no related allowance recorded | 265 | ||
Average recorded investment with an allowance recorded | 1,977 | 3,537 | 2,145 |
Interest income recognized with no related allowance recorded | 0 | ||
Interest income recognized with an allowance recorded | 45 | 84 | 48 |
Cash basis interest income recognized with no related allowance recorded | 0 | ||
Cash basis interest income recognized with an allowance recorded | 46 | 92 | 48 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 554 | 377 | |
Unpaid principal balance with an allowance recorded | 5,298 | 5,553 | |
Recorded Investment with no related allowance recorded | 374 | 196 | |
Recorded investment with an allowance recorded | 5,297 | 4,681 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | |
Allowance for loans losses allocated with an allowance recorded | 1,213 | 723 | |
Average recorded investment with no related allowance recorded | 218 | 482 | 530 |
Average recorded investment with an allowance recorded | 3,416 | 3,771 | 5,157 |
Interest income recognized with no related allowance recorded | 0 | 0 | 0 |
Interest income recognized with an allowance recorded | 72 | 109 | 90 |
Cash basis interest income recognized with no related allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized with an allowance recorded | 70 | 118 | 84 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Nonowner Occupied Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 3,030 | ||
Unpaid principal balance with an allowance recorded | 3,324 | 15,163 | |
Recorded Investment with no related allowance recorded | 3,036 | ||
Recorded investment with an allowance recorded | 3,324 | 14,532 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | ||
Allowance for loans losses allocated with an allowance recorded | 211 | 3,290 | |
Average recorded investment with no related allowance recorded | 1,019 | 259 | |
Average recorded investment with an allowance recorded | 7,220 | 20,108 | 27,830 |
Interest income recognized with no related allowance recorded | 139 | 17 | |
Interest income recognized with an allowance recorded | 0 | 337 | 363 |
Cash basis interest income recognized with no related allowance recorded | 139 | 17 | |
Cash basis interest income recognized with an allowance recorded | 0 | 344 | 380 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Multifamily Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Average recorded investment with no related allowance recorded | 83 | ||
Average recorded investment with an allowance recorded | 48 | ||
Interest income recognized with no related allowance recorded | 0 | ||
Interest income recognized with an allowance recorded | 0 | ||
Cash basis interest income recognized with no related allowance recorded | 0 | ||
Cash basis interest income recognized with an allowance recorded | 0 | ||
Agri-business and Agricultural Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Allowances for Loan Losses Allocated | 14 | 38 | |
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 603 | 604 | |
Unpaid principal balance with an allowance recorded | 381 | 1,008 | |
Recorded Investment with no related allowance recorded | 283 | 604 | |
Recorded investment with an allowance recorded | 203 | 510 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | |
Allowance for loans losses allocated with an allowance recorded | 14 | 38 | |
Average recorded investment with no related allowance recorded | 240 | 512 | 307 |
Average recorded investment with an allowance recorded | 381 | 442 | 410 |
Interest income recognized with no related allowance recorded | 0 | 0 | 0 |
Interest income recognized with an allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized with no related allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized with an allowance recorded | 0 | 0 | 0 |
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Average recorded investment with no related allowance recorded | 51 | ||
Average recorded investment with an allowance recorded | 68 | ||
Interest income recognized with no related allowance recorded | 0 | ||
Interest income recognized with an allowance recorded | 0 | ||
Cash basis interest income recognized with no related allowance recorded | 0 | ||
Cash basis interest income recognized with an allowance recorded | 0 | ||
Consumer 1-4 Family Mortgage Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Allowances for Loan Losses Allocated | 482 | 479 | |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 724 | 688 | |
Unpaid principal balance with an allowance recorded | 2,505 | 3,469 | |
Recorded Investment with no related allowance recorded | 712 | 689 | |
Recorded investment with an allowance recorded | 2,375 | 2,463 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | |
Allowance for loans losses allocated with an allowance recorded | 474 | 442 | |
Average recorded investment with no related allowance recorded | 697 | 379 | 339 |
Average recorded investment with an allowance recorded | 2,680 | 2,488 | 1,870 |
Interest income recognized with no related allowance recorded | 0 | 0 | 0 |
Interest income recognized with an allowance recorded | 74 | 56 | 36 |
Cash basis interest income recognized with no related allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized with an allowance recorded | 77 | 68 | 50 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 317 | 81 | |
Unpaid principal balance with an allowance recorded | 81 | 211 | |
Recorded Investment with no related allowance recorded | 317 | 81 | |
Recorded investment with an allowance recorded | 81 | 211 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | |
Allowance for loans losses allocated with an allowance recorded | 8 | 37 | |
Average recorded investment with no related allowance recorded | 210 | 35 | 25 |
Average recorded investment with an allowance recorded | 63 | 70 | 343 |
Interest income recognized with no related allowance recorded | 0 | 0 | 0 |
Interest income recognized with an allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized with no related allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized with an allowance recorded | 0 | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | Residential constructions loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 129 | 150 | |
Recorded Investment with no related allowance recorded | 129 | 150 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | |
Average recorded investment with no related allowance recorded | 139 | 39 | |
Interest income recognized with no related allowance recorded | 0 | 0 | |
Cash basis interest income recognized with no related allowance recorded | $0 | $0 |
ALLOWANCE_FOR_LOAN_LOSSES_AND_4
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Aging Of The Recorded Investment In Past Due Loans) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | $2,746,240 | $2,509,183 |
30 to 89 Days Past Due | 2,372 | 1,971 |
Greater than 90 Days Past Due | 130 | 46 |
Nonaccrual | 13,578 | 23,898 |
Total Past Due | 16,080 | 25,915 |
Total ending loans balance | 2,762,320 | 2,535,098 |
Other Commerical Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 75,684 | 70,766 |
30 to 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Nonaccrual | 30 | 0 |
Total Past Due | 30 | 0 |
Total ending loans balance | 75,714 | 70,766 |
Other consumer loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 49,308 | 45,826 |
30 to 89 Days Past Due | 108 | 145 |
Greater than 90 Days Past Due | 0 | 0 |
Nonaccrual | 51 | 106 |
Total Past Due | 159 | 251 |
Total ending loans balance | 49,467 | 46,077 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total ending loans balance | 1,035,599 | 901,847 |
Commercial and Industrial Loans [Member] | Working Capital Lines Of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 543,613 | 456,136 |
30 to 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Nonaccrual | 632 | 1,819 |
Total Past Due | 632 | 1,819 |
Total ending loans balance | 544,245 | 457,955 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 487,655 | 440,050 |
30 to 89 Days Past Due | 0 | 46 |
Greater than 90 Days Past Due | 101 | 0 |
Nonaccrual | 3,598 | 3,796 |
Total Past Due | 3,699 | 3,842 |
Total ending loans balance | 491,354 | 443,892 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total ending loans balance | 1,024,863 | 984,877 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 155,711 | 156,594 |
30 to 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Nonaccrual | 526 | 544 |
Total Past Due | 526 | 544 |
Total ending loans balance | 156,237 | 157,138 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 399,028 | 366,955 |
30 to 89 Days Past Due | 800 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Nonaccrual | 3,049 | 3,156 |
Total Past Due | 3,849 | 3,156 |
Total ending loans balance | 402,877 | 370,111 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Nonowner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 390,394 | 382,478 |
30 to 89 Days Past Due | 31 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Nonaccrual | 3,629 | 11,758 |
Total Past Due | 3,660 | 11,758 |
Total ending loans balance | 394,054 | 394,236 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Multifamily Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 71,695 | 63,392 |
30 to 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due | 0 | 0 |
Total ending loans balance | 71,695 | 63,392 |
Agri-business and Agricultural Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total ending loans balance | 273,874 | 254,125 |
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 136,923 | 132,347 |
30 to 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Nonaccrual | 485 | 1,113 |
Total Past Due | 485 | 1,113 |
Total ending loans balance | 137,408 | 133,460 |
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 136,466 | 120,665 |
30 to 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due | 0 | 0 |
Total ending loans balance | 136,466 | 120,665 |
Consumer 1-4 Family Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total ending loans balance | 302,803 | 277,406 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 142,615 | 122,370 |
30 to 89 Days Past Due | 1,198 | 1,645 |
Greater than 90 Days Past Due | 20 | 0 |
Nonaccrual | 1,051 | 1,165 |
Total Past Due | 2,269 | 2,810 |
Total ending loans balance | 144,884 | 125,180 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 150,551 | 147,123 |
30 to 89 Days Past Due | 235 | 135 |
Greater than 90 Days Past Due | 9 | 46 |
Nonaccrual | 398 | 291 |
Total Past Due | 642 | 472 |
Total ending loans balance | 151,193 | 147,595 |
Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 6,597 | 4,481 |
30 to 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Nonaccrual | 129 | 150 |
Total Past Due | 129 | 150 |
Total ending loans balance | $6,726 | $4,631 |
ALLOWANCE_FOR_LOAN_LOSSES_AND_5
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Troubled Debt Restructuring) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Troubled Debt Restructuring [Abstract] | ||
Accruing troubled debt restructured loans | $16,492 | $17,714 |
Nonaccrual troubled debt restructured loans | 9,161 | 18,531 |
Total troubled debt restructured loans | $25,653 | $36,245 |
ALLOWANCE_FOR_LOAN_LOSSES_AND_6
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Loans By Class Modified As Troubled Debt Restructuring) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Number | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 5 | |
Pre-Modification Outstanding Recorded Investment | $3,072 | |
Post-Modification Outstanding Recorded Investment | 3,143 | |
Interest Rate Reductions [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 1 | 8 |
Pre-Modification Outstanding Recorded Investment | 89 | |
Pre-Modification Outstanding Recorded Interest | 226 | |
Post-Modification Outstanding Recorded Investment | 95 | |
Post-Modification Outstanding Recorded Interest | 221 | |
Principal and Interest Forgiveness [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 2 | |
Principal and Interest Forgiveness [Member] | Interest [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Pre-Modification Outstanding Recorded Interest | 164 | |
Post-Modification Outstanding Recorded Interest | 149 | |
Principal and Interest Forgiveness [Member] | Principal [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 156 | |
Post-Modification Outstanding Recorded Investment | 161 | |
Modified Repayment Terms [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 4 | |
Modified Repayment Terms [Member] | Minimum [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Extension period for modified repayment terms | 12 years | |
Modified Repayment Terms [Member] | Maximum [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Extension period for modified repayment terms | 24 years | |
All Modification [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 11 | |
Total pre-modification outstanding recorded investment | 3,038 | |
Total post-modification outstanding recorded investment | 3,048 | |
Commercial and Industrial Loans [Member] | Non Working Capital Loans [Member] | Interest Rate Reductions [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 0 | |
Pre-Modification Outstanding Recorded Investment | 0 | |
Post-Modification Outstanding Recorded Investment | 0 | |
Commercial and Industrial Loans [Member] | Non Working Capital Loans [Member] | Modified Repayment Terms [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 2 | |
Commercial and Industrial Loans [Member] | Non Working Capital Loans [Member] | Modified Repayment Terms [Member] | Minimum [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Extension period for modified repayment terms | 12 years | |
Commercial and Industrial Loans [Member] | Non Working Capital Loans [Member] | Modified Repayment Terms [Member] | Maximum [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Extension period for modified repayment terms | 15 years | |
Commercial and Industrial Loans [Member] | Non Working Capital Loans [Member] | All Modification [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 2 | |
Pre-Modification Outstanding Recorded Investment | 433 | |
Post-Modification Outstanding Recorded Investment | 433 | |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Construction and Land Development Loans [Member] | Interest Rate Reductions [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 6 | |
Pre-Modification Outstanding Recorded Interest | 84 | |
Post-Modification Outstanding Recorded Interest | 63 | |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Construction and Land Development Loans [Member] | All Modification [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 6 | |
Pre-Modification Outstanding Recorded Investment | 2,197 | |
Post-Modification Outstanding Recorded Investment | 2,197 | |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | Interest Rate Reductions [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | 89 | |
Pre-Modification Outstanding Recorded Interest | 0 | |
Post-Modification Outstanding Recorded Investment | 95 | |
Post-Modification Outstanding Recorded Interest | 0 | |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | Modified Repayment Terms [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 2 | |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | Modified Repayment Terms [Member] | Minimum [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Extension period for modified repayment terms | 12 years | |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | Modified Repayment Terms [Member] | Maximum [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Extension period for modified repayment terms | 24 years | |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | All Modification [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | 2,639 | 524 |
Post-Modification Outstanding Recorded Investment | 2,710 | 524 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Interest Rate Reductions [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 2 | |
Pre-Modification Outstanding Recorded Interest | 142 | |
Post-Modification Outstanding Recorded Interest | 158 | |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Principal and Interest Forgiveness [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 2 | |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Principal and Interest Forgiveness [Member] | Interest [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Pre-Modification Outstanding Recorded Interest | 164 | |
Post-Modification Outstanding Recorded Interest | 149 | |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Principal and Interest Forgiveness [Member] | Principal [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Pre-Modification Outstanding Recorded Investment | 156 | |
Post-Modification Outstanding Recorded Investment | 161 | |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | All Modification [Member] | ||
Troubled Debt Restructurings Modified During Period [Abstract] | ||
Number of Loans | 4 | |
Pre-Modification Outstanding Recorded Investment | 317 | |
Post-Modification Outstanding Recorded Investment | $327 |
ALLOWANCE_FOR_LOAN_LOSSES_AND_7
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Troubled Debt Restructuring Subsequently Defaulted) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Number | Number | |
Troubled Debt Restructurings that Subsequently Defaulted [Abstract] | ||
Number of Loans | 0 | 1 |
Recorded Investment | $0 | $763 |
Commercial Real Estate Other Receivable [Member] | Construction and Land Development Loans [Member] | ||
Troubled Debt Restructurings that Subsequently Defaulted [Abstract] | ||
Number of Loans | 0 | 1 |
Recorded Investment | $0 | $763 |
ALLOWANCE_FOR_LOAN_LOSSES_AND_8
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Credit Quality Indicators) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | $2,762,320 | $2,535,098 |
Other Commerical Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 75,714 | 70,766 |
Other Consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 49,467 | 46,077 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 1,035,599 | 901,847 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 544,245 | 457,955 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 491,354 | 443,892 |
Commercial Real Estate and Multi-family Residential Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 1,024,863 | 984,877 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 156,237 | 157,138 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 402,877 | 370,111 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 394,054 | 394,236 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 71,695 | 63,392 |
Agri-business and Agricultural Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 273,874 | 254,125 |
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 137,408 | 133,460 |
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 136,466 | 120,665 |
Consumer 1-4 Family Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 302,803 | 277,406 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 144,884 | 125,180 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 151,193 | 147,595 |
Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 6,726 | 4,631 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 2,321,404 | 2,099,984 |
Pass [Member] | Other Commerical Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 75,680 | 70,766 |
Pass [Member] | Other Consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 15,879 | 10,722 |
Pass [Member] | Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 504,806 | 431,069 |
Pass [Member] | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 436,735 | 384,415 |
Pass [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 150,442 | 148,338 |
Pass [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 369,520 | 333,795 |
Pass [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 375,702 | 367,108 |
Pass [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 71,695 | 63,392 |
Pass [Member] | Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 136,923 | 132,331 |
Pass [Member] | Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 136,466 | 120,665 |
Pass [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 39,156 | 29,092 |
Pass [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 8,400 | 8,291 |
Pass [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 95,352 | 88,848 |
Special Mention [Member] | Other Commerical Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Special Mention [Member] | Other Consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 290 | 416 |
Special Mention [Member] | Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 28,485 | 15,212 |
Special Mention [Member] | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 31,781 | 37,727 |
Special Mention [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 1,033 | 763 |
Special Mention [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 20,960 | 23,687 |
Special Mention [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 12,512 | 9,180 |
Special Mention [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Special Mention [Member] | Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Special Mention [Member] | Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Special Mention [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Special Mention [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 291 | 1,863 |
Special Mention [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 58,470 | 73,667 |
Substandard [Member] | Other Commerical Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 30 | 0 |
Substandard [Member] | Other Consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 75 | 291 |
Substandard [Member] | Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 10,343 | 11,674 |
Substandard [Member] | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 20,324 | 19,659 |
Substandard [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 4,762 | 8,037 |
Substandard [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 12,397 | 12,629 |
Substandard [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 5,840 | 17,948 |
Substandard [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Substandard [Member] | Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 485 | 1,113 |
Substandard [Member] | Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Substandard [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 2,199 | 2,316 |
Substandard [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 2,015 | 0 |
Substandard [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 611 | 0 |
Doubtful [Member] | Other Commerical Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Doubtful [Member] | Other Consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Doubtful [Member] | Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 611 | 0 |
Doubtful [Member] | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Doubtful [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Doubtful [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Doubtful [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Doubtful [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Doubtful [Member] | Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Doubtful [Member] | Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Doubtful [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Doubtful [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Doubtful [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 286,483 | 272,599 |
Not Rated [Member] | Other Commerical Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 4 | 0 |
Not Rated [Member] | Other Consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 33,223 | 34,648 |
Not Rated [Member] | Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Not Rated [Member] | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 2,514 | 2,091 |
Not Rated [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Not Rated [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Not Rated [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Not Rated [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Not Rated [Member] | Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 16 |
Not Rated [Member] | Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Not Rated [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 103,529 | 93,772 |
Not Rated [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 140,487 | 137,441 |
Not Rated [Member] | Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | $6,726 | $4,631 |
ALLOWANCE_FOR_LOAN_LOSSES_AND_9
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Additional Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2013 | |
Troubled Debt Restructuring [Abstract] | |||||
Loans Modified In Troubled Debt Restructured Loans | $8,300,000 | $3,400,000 | |||
Aggregate recorded investment with renewal terms | 763,000 | ||||
Increase (decrease) in allowance for loan loss | -170,000 | ||||
Loan amount of credit quality analysis | 150,000 | ||||
Financing Receivable, Modifications, Recorded Investment | 524,000 | 2,700,000 | 75,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 2,400,000 | ||||
Proceeds from Sale of Loans Receivable | 4,300,000 | ||||
Sale Of Loan | 6,700,000 | ||||
One Commercial Credit [Member] | |||||
Troubled Debt Restructuring [Abstract] | |||||
Loans Modified In Troubled Debt Restructured Loans | 173,000 | ||||
Retail Sales [Member] | |||||
Troubled Debt Restructuring [Abstract] | |||||
Financing Receivable, Modifications, Recorded Investment | 159,000 | ||||
Commercial and Industrial Loans [Member] | |||||
Troubled Debt Restructuring [Abstract] | |||||
Increase (decrease) in allowance for loan loss | 205,000 | ||||
Commercial Real Estate and Multi-Family Residential Loans [Member] | |||||
Troubled Debt Restructuring [Abstract] | |||||
Increase (decrease) in allowance for loan loss | -405,000 | 171,000 | |||
Charge Off | 365,000 | ||||
Consumer 1-4 Family Mortgage Loans [Member] | |||||
Troubled Debt Restructuring [Abstract] | |||||
Increase (decrease) in allowance for loan loss | $56,000 |
FAIR_VALUES_OF_FINANCIAL_INSTR2
FAIR VALUES OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured At Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets [Abstract] | ||
Mortgage-backed securities | $372,095 | |
Total Securities | 475,911 | 468,967 |
Mortgage banking derivative | 1,191 | 367 |
Liabilities | ||
Mortgage banking derivative | 0 | 592 |
Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
U.S. Treasury securities | 1,004 | 1,017 |
Mortgage-backed securities | 372,095 | 371,977 |
State and municipal securities | 102,812 | 95,973 |
Total Securities | 475,911 | 468,967 |
Mortgage banking derivative | 96 | 142 |
Interest rate swap derivative | 1,191 | 627 |
Total assets | 477,198 | 469,736 |
Liabilities | ||
Mortgage banking derivative | 11 | 2 |
Interest rate swap derivative | 1,242 | 592 |
Total liabilities | 1,253 | 594 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
U.S. Treasury securities | 1,004 | 1,017 |
Mortgage-backed securities | 0 | 0 |
State and municipal securities | 0 | 0 |
Total Securities | 1,004 | 1,017 |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total assets | 1,004 | 1,017 |
Liabilities | ||
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
U.S. Treasury securities | 0 | 0 |
Mortgage-backed securities | 372,095 | 371,977 |
State and municipal securities | 101,962 | 94,998 |
Total Securities | 474,057 | 466,975 |
Mortgage banking derivative | 96 | 142 |
Interest rate swap derivative | 1,191 | 627 |
Total assets | 475,344 | 467,744 |
Liabilities | ||
Mortgage banking derivative | 11 | 2 |
Interest rate swap derivative | 1,242 | 592 |
Total liabilities | 1,253 | 594 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
U.S. Treasury securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
State and municipal securities | 850 | 975 |
Total Securities | 850 | 975 |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total assets | 850 | 975 |
Liabilities | ||
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total liabilities | $0 | $0 |
FAIR_VALUES_OF_FINANCIAL_INSTR3
FAIR VALUES OF FINANCIAL INSTRUMENTS (Reconciliation of All Assets Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Non-Agency Residential Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Balance | $2,859 | $0 | $2,859 |
Transfers into Level 3 | 3,300 | 0 | 3,334 |
Changes in fair value of securities included in other comprehensive income | 0 | -158 | |
Principal payments | 0 | -2,183 | |
Sales | 0 | -3,852 | |
Balance | 0 | 0 | |
State and Municipal Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Balance | 988 | 975 | 988 |
Transfers into Level 3 | 0 | 0 | |
Changes in fair value of securities included in other comprehensive income | 0 | -13 | |
Principal payments | -125 | 0 | |
Sales | 0 | 0 | |
Balance | $850 | $975 |
FAIR_VALUES_OF_FINANCIAL_INSTR4
FAIR VALUES OF FINANCIAL INSTRUMENTS (Quantitative Information about Level 3 Fair Value Measurements) (Details) (State and Municipal Securities [Member], Fair Value, Inputs, Level 3 [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $850 | $975 |
Valuation Technique | Price to type, par, call | Price to type, par, call |
Discount To Benchmark Index [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 0.00% | 0.00% |
Discount To Benchmark Index [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 6.00% | 6.00% |
Discount To Benchmark Index [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range of Inputs (Average) (in hundredths) | -2.49% | -2.21% |
FAIR_VALUES_OF_FINANCIAL_INSTR5
FAIR VALUES OF FINANCIAL INSTRUMENTS (Assets Measured at Fair Value on a Nonrecurring Basis) (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | $11,031 | $20,228 |
Other real estate owned | 75 | 75 |
Total assets | 11,106 | 20,303 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 11,031 | 20,228 |
Other real estate owned | 75 | 75 |
Total assets | 11,106 | 20,303 |
Commercial and Industrial Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,788 | 4,017 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 531 | 920 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 531 | 920 |
Commercial and Industrial Loans [Member] | Non Working Capital Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,257 | 3,097 |
Commercial and Industrial Loans [Member] | Non Working Capital Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial and Industrial Loans [Member] | Non Working Capital Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial and Industrial Loans [Member] | Non Working Capital Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,257 | 3,097 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 7,538 | 15,106 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 341 | 2,210 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Construction and Land Development Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Construction and Land Development Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Construction and Land Development Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 341 | 2,210 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,084 | 3,958 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,084 | 3,958 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Nonowner Occupied Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,113 | 8,938 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Nonowner Occupied Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Nonowner Occupied Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Nonowner Occupied Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,113 | 8,938 |
Agri-business and Agricultural Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 189 | 472 |
Agri-business and Agricultural Loans [Member] | Loans Secured by Farmland [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 189 | 472 |
Agri-business and Agricultural Loans [Member] | Loans Secured by Farmland [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Agri-business and Agricultural Loans [Member] | Loans Secured by Farmland [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Agri-business and Agricultural Loans [Member] | Loans Secured by Farmland [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 189 | 472 |
Other Commerical Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 15 | |
Other Commerical Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | |
Other Commerical Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | |
Other Commerical Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 15 | |
Consumer 1-4 Family Mortgage Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 472 | 583 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 399 | 409 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 399 | 409 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 73 | 174 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 73 | 174 |
Other Consumer [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 29 | 50 |
Other Consumer [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other Consumer [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other Consumer [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | $29 | $50 |
FAIR_VALUES_OF_FINANCIAL_INSTR6
FAIR VALUES OF FINANCIAL INSTRUMENTS (Valuation Methodology and Unobservable Inputs for Level 3 Assets) (Details) (Non-Recurring [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | $11,031 | $20,228 |
Commercial and Industrial Loans [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | 2,788 | 4,017 |
Valuation Methodology | Collateral based measurements | Collateral based measurements |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | Discount to reflect current market conditions and ultimate collectability |
Commercial and Industrial Loans [Member] | Minimum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 11.00% | 3.00% |
Commercial and Industrial Loans [Member] | Maximum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 68.00% | 93.00% |
Commercial and Industrial Loans [Member] | Weighted Average [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 40.00% | 29.00% |
Commercial Real Estate and Multi-Family Residential Loans [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | 7,538 | 15,106 |
Valuation Methodology | Collateral based measurements | Collateral based measurements |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | Discount to reflect current market conditions and ultimate collectability |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Minimum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 6.00% | 3.00% |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Maximum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 50.00% | 45.00% |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Weighted Average [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 25.00% | 22.00% |
Agri-business and Agricultural Loans [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | 189 | 472 |
Valuation Methodology | Collateral based measurements | Collateral based measurements |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | Discount to reflect current market conditions and ultimate collectability |
Agri-business and Agricultural Loans [Member] | Minimum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 4.00% | |
Agri-business and Agricultural Loans [Member] | Maximum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 12.00% | |
Agri-business and Agricultural Loans [Member] | Weighted Average [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 7.00% | 8.00% |
Other Commerical Loans [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | 15 | |
Valuation Methodology | Collateral based measurements | |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | |
Other Commerical Loans [Member] | Weighted Average [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 50.00% | |
Consumer 1-4 Family Mortgage Loans [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | 472 | 583 |
Valuation Methodology | Collateral based measurements | Collateral based measurements |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | Discount to reflect current market conditions and ultimate collectability |
Consumer 1-4 Family Mortgage Loans [Member] | Minimum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 3.00% | 6.00% |
Consumer 1-4 Family Mortgage Loans [Member] | Maximum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 77.00% | 77.00% |
Consumer 1-4 Family Mortgage Loans [Member] | Weighted Average [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 32.00% | 33.00% |
Other Consumer [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | 29 | 50 |
Valuation Methodology | Collateral based measurements | Collateral based measurements |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | Discount to reflect current market conditions and ultimate collectability |
Other Consumer [Member] | Minimum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 33.00% | 28.00% |
Other Consumer [Member] | Maximum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 50.00% | 98.00% |
Other Consumer [Member] | Weighted Average [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 43.00% | 53.00% |
Other Real Estate Owned [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | $75 | $75 |
Valuation Methodology | Appraisals | Appraisals |
Unobservable Inputs | Discount to reflect current market conditions | Discount to reflect current market conditions |
Other Real Estate Owned [Member] | Weighted Average [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 49.00% | 49.00% |
FAIR_VALUES_OF_FINANCIAL_INSTR7
FAIR VALUES OF FINANCIAL INSTRUMENTS (Estimated Fair Values And The Related Carrying Values Of Financial Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ||
Securities available for sale | $475,911 | $468,967 |
Financial Liabilities: | ||
Federal funds purchased | 500 | 11,000 |
Carrying Value [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 90,638 | 63,105 |
Securities available for sale | 475,911 | 468,967 |
Real estate mortgages held for sale | 1,585 | 1,778 |
Loans, net | 2,716,058 | 2,486,301 |
Federal Home Loan Bank stock | 5,993 | 7,312 |
Federal Reserve Bank stock | 3,420 | 3,420 |
Accrued interest receivable | 8,662 | 8,577 |
Financial Liabilities: | ||
Certificates of deposit | -870,590 | -727,809 |
All other deposits | -2,002,530 | -1,818,259 |
Securities sold under agreements to repurchase | -54,907 | -104,876 |
Federal funds purchased | -500 | -11,000 |
Other short-term borrowings | -105,000 | -146,000 |
Long-term borrowings | -35 | -37 |
Subordinated debentures | -30,928 | -30,928 |
Standby letters of credit | -379 | -312 |
Accrued interest payable | -2,946 | -2,918 |
Estimated Fair Value [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 90,638 | 63,105 |
Securities available for sale | 475,911 | 468,967 |
Real estate mortgages held for sale | 1,612 | 1,800 |
Loans, net | 2,698,767 | 2,490,593 |
Accrued interest receivable | 8,662 | 8,577 |
Financial Liabilities: | ||
Certificates of deposit | -876,953 | -736,088 |
All other deposits | -2,002,530 | -1,818,259 |
Securities sold under agreements to repurchase | -54,907 | -104,876 |
Federal funds purchased | -500 | -11,000 |
Other short-term borrowings | -105,001 | -146,002 |
Long-term borrowings | -40 | -43 |
Subordinated debentures | -31,212 | -31,217 |
Standby letters of credit | -379 | -312 |
Accrued interest payable | -2,946 | -2,918 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 90,638 | 63,105 |
Securities available for sale | 1,004 | 1,017 |
Real estate mortgages held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 3 | 0 |
Financial Liabilities: | ||
Certificates of deposit | 0 | 0 |
All other deposits | -2,002,530 | -1,818,259 |
Securities sold under agreements to repurchase | 0 | 0 |
Federal funds purchased | 0 | 0 |
Other short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Subordinated debentures | 0 | 0 |
Standby letters of credit | 0 | 0 |
Accrued interest payable | -109 | -125 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 474,057 | 466,975 |
Real estate mortgages held for sale | 1,612 | 1,800 |
Loans, net | 0 | 0 |
Accrued interest receivable | 2,312 | 2,297 |
Financial Liabilities: | ||
Certificates of deposit | -876,953 | -736,088 |
All other deposits | 0 | 0 |
Securities sold under agreements to repurchase | -54,907 | -104,876 |
Federal funds purchased | -500 | -11,000 |
Other short-term borrowings | -105,001 | -146,002 |
Long-term borrowings | -40 | -43 |
Subordinated debentures | 0 | 0 |
Standby letters of credit | 0 | 0 |
Accrued interest payable | -2,834 | -2,790 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 850 | 975 |
Real estate mortgages held for sale | 0 | 0 |
Loans, net | 2,698,767 | 2,490,593 |
Accrued interest receivable | 6,347 | 6,280 |
Financial Liabilities: | ||
Certificates of deposit | 0 | 0 |
All other deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Federal funds purchased | 0 | 0 |
Other short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Subordinated debentures | -31,212 | -31,217 |
Standby letters of credit | -379 | -312 |
Accrued interest payable | ($3) | ($3) |
FAIR_VALUES_OF_FINANCIAL_INSTR8
FAIR VALUES OF FINANCIAL INSTRUMENTS (Additional Information) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2011 | |
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Mortgage servicing rights | $3,100,000 | ||||
Weighted average interest rate, residential mortgages (in hundredths) | 4.05% | ||||
Weighted average maturity of residential mortgages | 19 years | ||||
Prepayment Speed used in unobservable assumptions | 212 | 185 | |||
Discount rate used to estimate fair value (in hundredths) | 9.40% | 9.40% | |||
Subtotal | 2,762,604,000 | 2,535,728,000 | |||
Valuation allowance | 46,262,000 | 48,797,000 | 51,445,000 | 53,400,000 | |
Recoveries | 2,150,000 | 1,404,000 | 1,418,000 | ||
Loans, Net | 2,716,058,000 | 2,486,301,000 | |||
Market Value Price Variance Tolerance Percentage | 3.00% | ||||
Market Value Tolerable Value Individual Security Increase Decrease | 50,000 | ||||
Market Value Tolerable Value Increase Decrease | 500,000 | ||||
Non-Agency Residential Mortgage-Backed Securities [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 3,334,000 | 3,300,000 | ||
State and Municipal Securities [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||
Ten Percent Adverse Change In PSA [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Mortgage Servicing Rights Fair Value | 134,000 | ||||
Twenty Percent Adverse Change In PSA [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Mortgage Servicing Rights Fair Value | 256,000 | ||||
Ten Percent Adverse Change In Discount Rate [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Mortgage Servicing Rights Fair Value | 88,000 | ||||
Twenty Percent Adverse Change In Discount Rate [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Mortgage Servicing Rights Fair Value | 171,000 | ||||
Minimum [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Variations In Fair Value Assumptions Percentage | 10.00% | ||||
Maximum [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Variations In Fair Value Assumptions Percentage | 20.00% | ||||
Commercial Real Estates [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Percentage of discount from appraised value (in hundredths) | 0.00% | ||||
Commercial Real Estates [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Percentage of discount from appraised value (in hundredths) | 50.00% | ||||
Inventory Finished Goods [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Percentage of discount from appraised value (in hundredths) | 35.00% | ||||
Inventory Finished Goods [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Percentage of discount from appraised value (in hundredths) | 65.00% | ||||
Finished Goods [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Percentage of discount from appraised value (in hundredths) | 30.00% | ||||
Finished Goods [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Percentage of discount from appraised value (in hundredths) | 60.00% | ||||
Inventory Work In Process [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Percentage of discount from appraised value (in hundredths) | 50.00% | ||||
Inventory Work In Process [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Percentage of discount from appraised value (in hundredths) | 100.00% | ||||
Equipment [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Percentage of discount from appraised value (in hundredths) | 30.00% | ||||
Equipment [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Percentage of discount from appraised value (in hundredths) | 70.00% | ||||
Marketable Securities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Percentage of discount from appraised value (in hundredths) | 10.00% | ||||
Marketable Securities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Percentage of discount from appraised value (in hundredths) | 30.00% | ||||
Impaired Loans [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Subtotal | 14,500,000 | 26,500,000 | |||
Valuation allowance | 3,500,000 | 6,300,000 | |||
Recoveries | 2,800,000 | 3,700,000 | |||
Other Real Estate Owned [Member] | |||||
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. | |||||
Subtotal | 147,000 | 147,000 | |||
Valuation allowance | 72,000 | 72,000 | |||
Loans, Net | $75,000 | $75,000 |
LAND_PREMISES_AND_EQUIPMENT_NE2
LAND, PREMISES AND EQUIPMENT, NET (Summary of Land, Premises And Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Land | $12,937 | $12,588 |
Premises | 31,953 | 32,202 |
Equipment | 26,829 | 24,600 |
Total cost | 71,719 | 69,390 |
Less accumulated depreciation | 29,736 | 30,055 |
Land, premises and equipment, net | $41,983 | $39,335 |
LAND_PREMISES_AND_EQUIPMENT_NE3
LAND, PREMISES AND EQUIPMENT, NET (Additional Information)(Details) (USD $) | Dec. 31, 2014 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $249,000 |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Additional Information) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Carrying amount of goodwill | $5 |
DEPOSITS_Summary_of_Certain_De
DEPOSITS (Summary of Certain Deposits) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Time deposits of $100,000 to $250,000 | $254,137 | $218,157 |
Time deposits of $250,000 or more | 331,074 | 218,086 |
Public Fund Deposits | 748,563 | 634,290 |
Brokered Deposits | $142,429 | $29,755 |
DEPOSITS_Scheduled_Maturities_
DEPOSITS (Scheduled Maturities of Time Deposits) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Maturing in 2015 | $542,981 |
Maturing in 2016 | 193,806 |
Maturing in 2017 | 86,276 |
Maturing in 2018 | 14,443 |
Maturing in 2019 | 32,751 |
Thereafter | 333 |
Total time deposits | $870,590 |
BORROWINGS_LongTerm_Borrowings
BORROWINGS (Long-Term Borrowings) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $35 | $37 |
Federal Home Loan Bank of Indianapolis Notes, 6.15%, Due January 15, 2018 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $35 | $37 |
BORROWINGS_LongTerm_Borrowings1
BORROWINGS (Long-Term Borrowings) (Parenthetical) (Details) (Federal Home Loan Bank of Indianapolis Notes, 6.15%, Due January 15, 2018) | 12 Months Ended |
Dec. 31, 2014 | |
Federal Home Loan Bank of Indianapolis Notes, 6.15%, Due January 15, 2018 | |
Debt Instrument [Line Items] | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 6.15% |
Federal Home Loan Bank Advances Branch Of FHLB Bank Due Dates | 15-Jan-18 |
BORROWINGS_Maturity_of_LongTer
BORROWINGS (Maturity of Long-Term Borrowings )(Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
2015 | $0 |
2016 | 0 |
2017 | 0 |
2018 | 35 |
2019 | $0 |
BORROWINGS_ShortTerm_Borrowing
BORROWINGS (Short-Term Borrowings) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Line Items] | ||
Other Short-term Borrowings | $105,000 | $146,000 |
Federal Home Loan Bank of Indianapolis Notes, 0.50%, Due June 30, 2014 | ||
Short-term Debt [Line Items] | ||
Other Short-term Borrowings | 0 | 146,000 |
Federal Home Loan Bank of Indianapolis Notes, 0.43%, Due June 29, 2015 | ||
Short-term Debt [Line Items] | ||
Other Short-term Borrowings | $105,000 | $0 |
BORROWINGS_ShortTerm_Borrowing1
BORROWINGS (Short-Term Borrowings) (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Federal Home Loan Bank of Indianapolis Notes, 0.50%, Due June 30, 2014 | |
Debt Instrument [Line Items] | |
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank, Interest Rate | 0.50% |
Federal Home Loan Bank Advances Branch Of Fhlb Bank Due Dates | 30-Jun-14 |
Federal Home Loan Bank of Indianapolis Notes, 0.43%, Due June 29, 2015 | |
Debt Instrument [Line Items] | |
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank, Interest Rate | 0.43% |
Federal Home Loan Bank Advances Branch Of Fhlb Bank Due Dates | 29-Jun-15 |
BORROWINGS_Securities_Sold_wit
BORROWINGS (Securities Sold with Agreements to Repurchase) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Outstanding at year end | $54,907 | $104,876 | $121,883 |
Approximate average interest rate at year end | 0.18% | 0.29% | 0.35% |
Highest amount outstanding as of any month end during the year | 96,236 | 114,312 | 130,389 |
Approximate average outstanding during the year | $78,120 | $107,252 | $119,150 |
Approximate average interest rate during the year | 0.24% | 0.32% | 0.37% |
BORROWINGS_Additional_Informat
BORROWINGS (Additional Information) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||
Residential real estate loans and securities pledged as collateral for FHLB advances, carrying value | $353,900,000 | $320,500,000 | |
FHLB Stock owned | 6,000,000 | ||
FHLB borrowing capacity, authorized | 800,000,000 | ||
Line of Credit Facility, Current Borrowing Capacity | 115,900,000 | ||
Commercial loans pledged as collateral for Federal Reserve Discount Window, carrying value | 217,700,000 | ||
Federal Reserve borrowing capacity | 160,200,000 | ||
Securities Sold Under Agreements To Repurchase | 54,907,000 | 104,876,000 | 121,883,000 |
Secured Debt | 105,000,000 | ||
Federal Home Loan Bank, Advances, Premium | 105,000,000 | ||
Collateralized Mortgage Backed Securities [Member] | |||
Debt Instrument [Line Items] | |||
Securities Sold Under Agreements To Repurchase | $94,200,000 | $125,100,000 |
SUBORDINATED_DEBENTURES_Additi
SUBORDINATED DEBENTURES (Additional Information) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Oct. 01, 2003 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Proceeds from Issuance of Trust Preferred Securities | $30,000,000 | |||
Trust preferred securities and subordinated debentures, description of variable rate basis | (“LIBOR”) plus 3.05% | |||
Floating rate of trust preferred securities and subordinated debentures | 3.31% | 3.30% | 3.36% | |
Investment In Common Stock | 928,000 | |||
Proceeds From Issuance Of Subordinated Debentures | 30,900,000 | |||
Integral multiple subordinated debentures may be redeemed in | $1,000 | |||
Percentage of principal amount subordinated debentures may be redeemed at | 100.00% |
PENSION_AND_OTHER_POSTRETIREME2
PENSION AND OTHER POSTRETIREMENT PLANS (Summary Of Benefit Plan) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans, Defined Benefit [Member] | |||
Change in benefit obligation: | |||
Beginning benefit obligation | $2,454 | $2,867 | |
Interest cost | 119 | 116 | 127 |
Actuarial (gain)/loss | 398 | -276 | |
Benefits paid | -186 | -253 | |
Ending benefit obligation | 2,785 | 2,454 | 2,867 |
Change in plan assets (primarily equity and fixed income investments and money market funds), at fair value: | |||
Beginning plan assets | 1,700 | 1,528 | |
Actual return | 121 | 265 | |
Employer contribution | 206 | 160 | |
Benefits paid | -186 | -253 | |
Ending plan assets | 1,841 | 1,700 | 1,528 |
Funded status at end of year | -944 | -754 | |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Change in benefit obligation: | |||
Beginning benefit obligation | 1,096 | 1,141 | |
Interest cost | 50 | 45 | 51 |
Actuarial (gain)/loss | 258 | 47 | |
Benefits paid | -137 | -137 | |
Ending benefit obligation | 1,267 | 1,096 | 1,141 |
Change in plan assets (primarily equity and fixed income investments and money market funds), at fair value: | |||
Beginning plan assets | 1,068 | 964 | |
Actual return | 79 | 161 | |
Employer contribution | 4 | 80 | |
Benefits paid | -137 | -137 | |
Ending plan assets | 1,014 | 1,068 | 964 |
Funded status at end of year | ($253) | ($28) |
PENSION_AND_OTHER_POSTRETIREME3
PENSION AND OTHER POSTRETIREMENT PLANS (Schedule of Amounts Recognized in Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status included in other liabilities | ($944) | ($754) |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status included in other liabilities | ($253) | ($28) |
PENSION_AND_OTHER_POSTRETIREME4
PENSION AND OTHER POSTRETIREMENT PLANS (Amounts Recognized in Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | $281 | ($472) | ($198) |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 1,925 | 1,640 | |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | $812 | $640 |
PENSION_AND_OTHER_POSTRETIREME5
PENSION AND OTHER POSTRETIREMENT PLANS (Components of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net pension expense: | |||
Net loss/(gain) | $654 | ($550) | ($112) |
Pension Plans, Defined Benefit [Member] | |||
Net pension expense: | |||
Service cost | 0 | 0 | 0 |
Interest cost | 119 | 116 | 127 |
Expected return on plan assets | -125 | -121 | -138 |
Recognized net actuarial loss | 117 | 151 | 137 |
Settlement cost | 0 | 91 | 252 |
Net pension expense | 111 | 237 | 378 |
Net loss/(gain) | 402 | -510 | -109 |
Amortization of net loss | -117 | -151 | -137 |
Total recognized in other comprehensive income | 285 | -661 | -246 |
Total recognized in other comprehensive income | 396 | -424 | 132 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Net pension expense: | |||
Service cost | 0 | 0 | 0 |
Interest cost | 50 | 45 | 51 |
Expected return on plan assets | -73 | -74 | -75 |
Recognized net actuarial loss | 80 | 93 | 83 |
Settlement cost | 0 | 0 | 0 |
Net pension expense | 57 | 64 | 59 |
Net loss/(gain) | 252 | -40 | -3 |
Amortization of net loss | -80 | -93 | -83 |
Total recognized in other comprehensive income | 172 | -133 | -86 |
Total recognized in other comprehensive income | $229 | ($69) | ($27) |
PENSION_AND_OTHER_POSTRETIREME6
PENSION AND OTHER POSTRETIREMENT PLANS (Schedule of Assumptions Used in Calculating the Net Benefit Obligation) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net benefit obligation, Weighted average discount rate | 3.61% | 5.00% | 4.00% |
Net pension expense, Weighted average discount rate | 5.00% | 4.00% | 4.50% |
Lump sum assured interest rates for First 5 years | 1.29% | 1.24% | |
Lump sum assured interest rates for Next 15 years | 3.81% | 4.47% | |
Lump sum assured interest rates for All future years | 4.88% | 5.52% | |
Expected long-term rate of return | 7.75% | 7.75% | 7.75% |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net benefit obligation, Weighted average discount rate | 3.61% | 5.00% | 4.00% |
Net pension expense, Weighted average discount rate | 5.00% | 4.00% | 4.50% |
Expected long-term rate of return | 7.75% | 7.75% | 7.75% |
PENSION_AND_OTHER_POSTRETIREME7
PENSION AND OTHER POSTRETIREMENT PLANS (Schedule of Allocation of Plan Assets) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 60.00% | ||
Weighted Average Expected Long-Term Rate of Return | 9.75% | ||
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 40.00% | ||
Weighted Average Expected Long-Term Rate of Return | 4.75% | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 100.00% | 100.00% | |
Weighted Average Expected Long-Term Rate of Return | 7.75% | 7.75% | 7.75% |
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 60.00% | 60.00% | |
Weighted Average Expected Long-Term Rate of Return | 9.80% | ||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 55.00% | ||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 65.00% | ||
Pension Plans, Defined Benefit [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 35.00% | 25.00% | |
Weighted Average Expected Long-Term Rate of Return | 4.73% | ||
Pension Plans, Defined Benefit [Member] | Debt Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 35.00% | ||
Pension Plans, Defined Benefit [Member] | Debt Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 45.00% | ||
Pension Plans, Defined Benefit [Member] | Other Debt Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 5.00% | 15.00% | |
Weighted Average Expected Long-Term Rate of Return | 0.25% | ||
Pension Plans, Defined Benefit [Member] | Other Debt Obligations [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 5.00% | ||
Pension Plans, Defined Benefit [Member] | Other Debt Obligations [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 10.00% | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 100.00% | 100.00% | |
Weighted Average Expected Long-Term Rate of Return | 7.75% | 7.75% | 7.75% |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 65.00% | 61.00% | |
Weighted Average Expected Long-Term Rate of Return | 9.60% | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 55.00% | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 65.00% | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 32.00% | 30.00% | |
Weighted Average Expected Long-Term Rate of Return | 4.60% | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Debt Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 35.00% | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Debt Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 45.00% | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Other Debt Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 3.00% | 9.00% | |
Weighted Average Expected Long-Term Rate of Return | 0.25% | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Other Debt Obligations [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 5.00% | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Other Debt Obligations [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 10.00% |
PENSION_AND_OTHER_POSTRETIREME8
PENSION AND OTHER POSTRETIREMENT PLANS (Schedule of Fair Values of Pension Plan and Postretirement Plan Assets by Asset Category) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | $1,837 | $1,696 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 1,011 | 1,065 |
Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 1,782 | 1,640 |
Fair Value, Inputs, Level 1 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 951 | 1,003 |
Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 55 | 56 |
Fair Value, Inputs, Level 2 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 60 | 62 |
Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Us Large Cap Common Stocks [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 540 | 484 |
Equity Securities Us Large Cap Common Stocks [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 144 | 140 |
Equity Securities Us Large Cap Common Stocks [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 540 | 484 |
Equity Securities Us Large Cap Common Stocks [Member] | Fair Value, Inputs, Level 1 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 144 | 140 |
Equity Securities Us Large Cap Common Stocks [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Us Large Cap Common Stocks [Member] | Fair Value, Inputs, Level 2 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Us Large Cap Common Stocks [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Us Large Cap Common Stocks [Member] | Fair Value, Inputs, Level 3 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Us Large Cap Stock Mutual Funds [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 255 | 258 |
Equity Securities Us Large Cap Stock Mutual Funds [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 371 | 374 |
Equity Securities Us Large Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 255 | 258 |
Equity Securities Us Large Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 371 | 374 |
Equity Securities Us Large Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Us Large Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Us Large Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Us Large Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Us Mid Cap Stock Mutual Funds [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 144 | 145 |
Equity Securities Us Mid Cap Stock Mutual Funds [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 75 | 76 |
Equity Securities Us Mid Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 144 | 145 |
Equity Securities Us Mid Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 75 | 76 |
Equity Securities Us Mid Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Us Mid Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Us Mid Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Us Mid Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Us Small Cap Stock Mutual Funds [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 25 | |
Equity Securities Us Small Cap Stock Mutual Funds [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 15 | |
Equity Securities Us Small Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 25 | |
Equity Securities Us Small Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 15 | |
Equity Securities Us Small Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | |
Equity Securities Us Small Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | |
Equity Securities Us Small Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | |
Equity Securities Us Small Cap Stock Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | |
Equity Securities International Stock Mutual Funds [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 108 | 119 |
Equity Securities International Stock Mutual Funds [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 54 | 59 |
Equity Securities International Stock Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 108 | 119 |
Equity Securities International Stock Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 54 | 59 |
Equity Securities International Stock Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities International Stock Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities International Stock Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities International Stock Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Emerging Markets Stock Mutual Funds [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 24 | 21 |
Equity Securities Emerging Markets Stock Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 24 | 21 |
Equity Securities Emerging Markets Stock Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Equity Securities Emerging Markets Stock Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities Intermediate Term Bond Mutual Funds [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 242 | 127 |
Debt Securities Intermediate Term Bond Mutual Funds [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 65 | 72 |
Debt Securities Intermediate Term Bond Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 242 | 127 |
Debt Securities Intermediate Term Bond Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 65 | 72 |
Debt Securities Intermediate Term Bond Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities Intermediate Term Bond Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities Intermediate Term Bond Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities Intermediate Term Bond Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities Short Term Bond Mutual Funds [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 259 | 211 |
Debt Securities Short Term Bond Mutual Funds [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 169 | 150 |
Debt Securities Short Term Bond Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 259 | 211 |
Debt Securities Short Term Bond Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 169 | 150 |
Debt Securities Short Term Bond Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities Short Term Bond Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities Short Term Bond Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities Short Term Bond Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities World Bond Mutual Funds [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 94 | 29 |
Debt Securities World Bond Mutual Funds [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 32 | 34 |
Debt Securities World Bond Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 94 | 29 |
Debt Securities World Bond Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 32 | 34 |
Debt Securities World Bond Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities World Bond Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities World Bond Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities World Bond Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities Commercial [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 55 | 56 |
Debt Securities Commercial [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 60 | 62 |
Debt Securities Commercial [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities Commercial [Member] | Fair Value, Inputs, Level 1 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities Commercial [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 55 | 56 |
Debt Securities Commercial [Member] | Fair Value, Inputs, Level 2 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 60 | 62 |
Debt Securities Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Debt Securities Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Cash Money Market Account [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 91 | 246 |
Cash Money Market Account [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 26 | 98 |
Cash Money Market Account [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 91 | 246 |
Cash Money Market Account [Member] | Fair Value, Inputs, Level 1 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 26 | 98 |
Cash Money Market Account [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Cash Money Market Account [Member] | Fair Value, Inputs, Level 2 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Cash Money Market Account [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 0 | 0 |
Cash Money Market Account [Member] | Fair Value, Inputs, Level 3 [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | $0 | $0 |
PENSION_AND_OTHER_POSTRETIREME9
PENSION AND OTHER POSTRETIREMENT PLANS (Schedule of Expected Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans, Defined Benefit [Member] | |
2015 | $286 |
2016 | 318 |
2017 | 233 |
2018 | 270 |
2019 | 169 |
2020-2024 | 922 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |
2015 | 136 |
2016 | 133 |
2017 | 130 |
2018 | 127 |
2019 | 123 |
2020-2024 | $532 |
Recovered_Sheet1
PENSION AND OTHER POSTRETIREMENT PLANS (Additional Information) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plans Target Allocation Percentage | 60.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 9.75% | ||
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plans Target Allocation Percentage | 40.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4.75% | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $2,800,000 | $2,500,000 | |
Defined Benefit Plan, Assets For Plan Benefits | 1,837,000 | 1,696,000 | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year, Total | 162,000 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.75% | 7.75% | 7.75% |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year, Description | 318,000 | ||
Pension Plans, Defined Benefit [Member] | Accrued Interest and Dividend Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assets For Plan Benefits | 4,000 | 4,000 | |
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 9.80% | ||
Pension Plans, Defined Benefit [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4.73% | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 1,300,000 | 1,100,000 | |
Defined Benefit Plan, Assets For Plan Benefits | 1,011,000 | 1,065,000 | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year, Total | 82,000 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.75% | 7.75% | 7.75% |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year, Description | 110,000 | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Accrued Interest and Dividend Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assets For Plan Benefits | $3,000 | $3,000 | |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 9.60% | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4.60% |
OTHER_BENEFIT_PLANS_Additional
OTHER BENEFIT PLANS (Additional Information) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of Other Benefit Plan [Line Items] | |||
Potential Cash Payments Under Employment Agreements | $4,400,000 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | 469,000 | 488,000 | 480,000 |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | ||
Director [Member] | |||
Summary of Other Benefit Plan [Line Items] | |||
Deferred Compensation Liability | 2,200,000 | 2,200,000 | |
Other Employee Benefit Plans [Member] | |||
Summary of Other Benefit Plan [Line Items] | |||
Deferred Compensation Expense | 1,500,000 | 1,400,000 | 1,400,000 |
Retirement Benefits Plan 401k [Member] | Other Employee Benefit Plans [Member] | |||
Summary of Other Benefit Plan [Line Items] | |||
Deferred Compensation Expense | 67,000 | 282,000 | 137,000 |
Defined Benefit Plan, Assets for Plan Benefits | $2,100,000 | $1,800,000 | $1,400,000 |
INCOME_TAXES_Summary_of_Income
INCOME TAXES ( Summary of Income Tax Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current federal | $18,877 | $17,181 | $15,181 | ||||||||
Deferred federal | 1,118 | 183 | 1,175 | ||||||||
Current state | 1,650 | 1,387 | 877 | ||||||||
Deferred state | 740 | 808 | -51 | ||||||||
Total income tax expense | $5,565 | $5,665 | $5,750 | $5,405 | $5,060 | $4,746 | $5,154 | $4,599 | $22,385 | $19,559 | $17,182 |
INCOME_TAXES_Computation_of_Di
INCOME TAXES (Computation of Differences Between Financial Statement Tax Expense And Amounts) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income taxes at statutory federal rate of 35% | $23,167 | $20,439 | $18,402 | ||||||||
Tax exempt income | -1,301 | -1,222 | -1,122 | ||||||||
Nondeductible expense | 196 | 180 | 182 | ||||||||
State income tax, net of federal tax effect | 1,656 | 1,396 | 554 | ||||||||
Captive insurance premium income | -378 | -391 | 0 | ||||||||
Tax credits | -233 | -243 | -253 | ||||||||
Bank owned life insurance | -631 | -578 | -340 | ||||||||
Reserve for unrecognized tax benefits | -64 | -25 | -45 | ||||||||
Other | -27 | 3 | -196 | ||||||||
Total income tax expense | $5,565 | $5,665 | $5,750 | $5,405 | $5,060 | $4,746 | $5,154 | $4,599 | $22,385 | $19,559 | $17,182 |
INCOME_TAXES_Summary_of_Net_De
INCOME TAXES (Summary of Net Deferred Tax Asset And Liability) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Bad debts | $18,300 | $19,902 |
Pension and deferred compensation liability | 1,224 | 1,215 |
Non-qualified stock options | 444 | 638 |
Nonaccrual loan interest | 2,127 | 1,760 |
Long-term incentive plan | 1,186 | 1,605 |
Other | 346 | 32 |
Deferred Tax Assets, Gross | 23,627 | 25,152 |
Deferred tax liabilities: | ||
Accretion | 153 | 152 |
Depreciation | 3,843 | 3,336 |
Loan servicing rights | 994 | 1,080 |
State taxes | 704 | 963 |
Deferred loan fees | 61 | 63 |
Intangible assets | 1,883 | 1,925 |
FHLB stock dividends | 33 | 88 |
REIT spillover dividend | 1,085 | 1,178 |
Prepaid expenses | 884 | 895 |
Other | 373 | 0 |
Deferred Tax Liabilities, Gross | 10,013 | 9,680 |
Valuation allowance | 0 | 0 |
Net deferred tax asset | $13,614 | $15,472 |
INCOME_TAXES_Reconciliation_Of
INCOME TAXES (Reconciliation Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Balance January 1, | $64 | $89 |
Additions based on tax positions related to the current year | 0 | 5 |
Additions for tax positions of prior years | 0 | 0 |
Reductions for tax positions of prior years | -42 | 0 |
Reductions due to the statute of limitations | -22 | -30 |
Settlements | 0 | 0 |
Balance at December 31, | $0 | $64 |
INCOME_TAXES_Additional_Inform
INCOME TAXES (Additional Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Line Items] | |||||||||||
Income tax expense | $5,565,000 | $5,665,000 | $5,750,000 | $5,405,000 | $5,060,000 | $4,746,000 | $5,154,000 | $4,599,000 | $22,385,000 | $19,559,000 | $17,182,000 |
Statutory percentage rate of provision | 35.00% | 35.00% | 35.00% | ||||||||
Deferred Tax Assets Unrealized Gain Losses On Available for Sale Securities Gross | 3,500,000 | -895,000 | 3,500,000 | -895,000 | |||||||
Deferred Tax Liabilities Allocated To Benefit Plan | 1,100,000 | 924,000 | 1,100,000 | 924,000 | |||||||
Deferred Tax Assets Non Cash Expenses | 431,000 | 465,000 | |||||||||
Effective Income Tax Rate Reconciliation, Tax Contingency, State and Local, Percent | 4.90% | ||||||||||
Maximum | |||||||||||
Income Tax Disclosure [Line Items] | |||||||||||
Effective Income Tax Rate Reconciliation, Tax Contingency, State and Local, Percent | 8.00% | 8.50% | |||||||||
Minimum | |||||||||||
Income Tax Disclosure [Line Items] | |||||||||||
Effective Income Tax Rate Reconciliation, Tax Contingency, State and Local, Percent | 6.50% | 6.50% | |||||||||
Security Transaction [Member] | |||||||||||
Income Tax Disclosure [Line Items] | |||||||||||
Income tax expense | ($89,000) | $43,000 | ($150,000) |
RELATED_PARTY_TRANSACTIONS_Sum
RELATED PARTY TRANSACTIONS (Summary of Loans To Related Party) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Beginning balance | $124,605 | $87,808 |
New loans and advances | 112,940 | 171,214 |
Effect of changes in related parties | 0 | 0 |
Repayments and renewals | -108,977 | -134,417 |
Ending balance . | $128,568 | $124,605 |
RELATED_PARTY_TRANSACTIONS_Add
RELATED PARTY TRANSACTIONS (Additional Information) (Details) (Officer [Member], Deposits [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Officer [Member] | Deposits [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Related Parties | $5.70 | $5.60 |
Additional Amount Due To Related Parties Current and Non Current | $4.30 | $3.70 |
STOCK_BASED_COMPENSATION_Summa
STOCK BASED COMPENSATION (Summary Of Stock Option Activity) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Shares, Outstanding at beginning of the year | 71,000 |
Shares, Granted | 0 |
Shares, Exercised | -13,082 |
Shares, Forfeited | 0 |
Shares, Outstanding at end of the year | 57,918 |
Shares, Options exercisable at end of the year | 57,918 |
Weighted-Average Exercise Price, Outstanding at beginning of the year | $22.89 |
Weighted-Average Exercise Price, Exercised | $22.65 |
Weighted-Average Exercise Price, Outstanding at end of year | $22.95 |
Weighted-Average Exercise Price, Options exercisable at end of the year | $22.95 |
Weighted-Average Remaining Contractual Term (years), Outstanding at end of the year | 2 years 6 months |
Weighted-Average Remaining Contractual Term (years), Options exercisable at end of the year | 2 years 6 months |
Aggregate Intrinsic Value, Outstanding at end of the year | $1,188,653 |
Aggregate Intrinsic Value, Options exercisable at end of the year | $1,188,653 |
STOCK_BASED_COMPENSATION_Summa1
STOCK BASED COMPENSATION (Summary of Stock Awards Exercised) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total intrinsic value | $204 | $589 | $541 |
Cash received | 7 | 757 | 782 |
Actual tax benefit realized for tax deductions | $50 | $146 | $112 |
STOCK_BASED_COMPENSATION_Summa2
STOCK BASED COMPENSATION (Summary Of Changes In Company's Nonvested Shares) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock Units (Rsus) [Member] | |
Shares | |
Shares Nonvested, beginning balance | 7,150 |
Granted | 16,750 |
Vested | -13,750 |
Forfeited | -250 |
Shares Nonvested, ending balance | 9,900 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value, beginning balance | $25.37 |
Granted | $37.29 |
Vested | $37.71 |
Forfeited | $25.37 |
Weighted Average Grant Date Fair Value, ending balance | $28.40 |
Performance Stock Units [Member] | |
Shares | |
Shares Nonvested, beginning balance | 176,594 |
Granted | 96,410 |
Vested | -55,534 |
Forfeited | 0 |
Shares Nonvested, ending balance | 217,470 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value, beginning balance | $22.67 |
Granted | $35.26 |
Vested | $19.78 |
Forfeited | $0 |
Weighted Average Grant Date Fair Value, ending balance | $28.99 |
STOCK_BASED_COMPENSATION_Addit
STOCK BASED COMPENSATION (Additional Information) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 08, 2008 | Apr. 09, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-Based Compensation, Shares Authorized Under Equity Incentive Plans | 750,000 | ||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $2,800,000 | $2,000,000 | $1,300,000 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1,100,000 | 795,000 | 545,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 215,275 | ||||
2013 Plan Member | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 290,578 | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | 0 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | 92,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 14 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value | 598,000 | 536,000 | 1,500,000 | ||
Share based compensation arrangement by share-based payment award, options, expected to vest numbers | 13,750 | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | 2,700,000 | 1,500,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months 18 days | 1 year 6 months 11 days | 1 year 6 months 4 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value | $2,000,000 | ||||
Vested | 55,534 | 44,894 | 50,160 |
CAPITAL_REQUIREMENTS_AND_RESTR2
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS (Summary Of Capital Adequacy Requirements) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Consolidated Entities [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk Weighted Assets), Actual Amount | $418,827 | $382,951 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 14.36% | 14.23% |
Tier I Capital (to Risk Weighted Assets), Actual Amount | 382,254 | 349,134 |
Tier I Capital (to Risk Weighted Assets), Actual Ratio | 13.11% | 12.98% |
Tier I Capital (to Average Assets), Actual Amount | 382,254 | 349,134 |
Tier I Capital (to Average Assets), Actual Ratio | 11.22% | 11.25% |
Total Capital (to Risk Weighted Assets), Minimum Required For Capital Adequacy Purposes Amount | 233,286 | 215,229 |
Total Capital (to Risk Weighted Assets), Minimum Required For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier I Capital (to Risk Weighted Assets), Minimum Required For Capital Adequacy Purposes Amount | 116,643 | 107,614 |
Tier I Capital (to Risk Weighted Assets), Minimum Required For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital (to Average Assets), Minimum Required For Capital Adequacy Purposes Amount | 136,265 | 124,152 |
Tier I Capital (to Average Assets), Minimum Required For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Total Capital (to Risk Weighted Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 291,607 | 269,036 |
Total Capital (to Risk Weighted Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 174,964 | 161,422 |
Tier I Capital (to Risk Weighted Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 6.00% | 6.00% |
Tier I Capital (to Average Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 170,332 | 155,190 |
Tier I Capital (to Average Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 5.00% | 5.00% |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk Weighted Assets), Actual Amount | 403,454 | 373,685 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 13.87% | 13.92% |
Tier I Capital (to Risk Weighted Assets), Actual Amount | 366,958 | 339,949 |
Tier I Capital (to Risk Weighted Assets), Actual Ratio | 12.61% | 12.67% |
Tier I Capital (to Average Assets), Actual Amount | 366,958 | 339,949 |
Tier I Capital (to Average Assets), Actual Ratio | 10.84% | 10.98% |
Total Capital (to Risk Weighted Assets), Minimum Required For Capital Adequacy Purposes Amount | 232,787 | 214,704 |
Total Capital (to Risk Weighted Assets), Minimum Required For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier I Capital (to Risk Weighted Assets), Minimum Required For Capital Adequacy Purposes Amount | 116,394 | 107,352 |
Tier I Capital (to Risk Weighted Assets), Minimum Required For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital (to Average Assets), Minimum Required For Capital Adequacy Purposes Amount | 135,420 | 123,809 |
Tier I Capital (to Average Assets), Minimum Required For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Total Capital (to Risk Weighted Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 290,984 | 268,380 |
Total Capital (to Risk Weighted Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Amount | 174,591 | 161,028 |
Tier I Capital (to Risk Weighted Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 6.00% | 6.00% |
Tier I Capital (to Average Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $169,276 | $154,761 |
Tier I Capital (to Average Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 5.00% | 5.00% |
CAPITAL_REQUIREMENTS_AND_RESTR3
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS (Additional Information) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments, Total | $59.60 |
OFFSETTING_ASSETS_AND_LIABILIT2
OFFSETTING ASSETS AND LIABILITIES (Schedule of Offsetting of Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
OffSetting Derivative Asset [Abstract] | ||
Gross Amounts of Recognized Assets | $1,191 | $627 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets presented in the Statement of Financial Position | 1,191 | 627 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Received | 0 | -260 |
Net Amount | 1,191 | 367 |
Offsetting Derivatives Liabilities [Abstract] | ||
Gross Amounts of Recognized Liabilities | 56,149 | 105,468 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities presented in the Statement of Financial Position | 56,149 | 105,468 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | -54,907 | -104,876 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Received | -1,242 | 0 |
Net Amount | 0 | 592 |
Interest Rate Swap [Member] | ||
OffSetting Derivative Asset [Abstract] | ||
Gross Amounts of Recognized Assets | 1,191 | 627 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets presented in the Statement of Financial Position | 1,191 | 627 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Received | 0 | -260 |
Net Amount | 1,191 | 367 |
Offsetting Derivatives Liabilities [Abstract] | ||
Gross Amounts of Recognized Liabilities | 1,242 | 592 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities presented in the Statement of Financial Position | 1,242 | 592 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Received | -1,242 | 0 |
Net Amount | 0 | 592 |
Repurchase Agreements [Member] | ||
Offsetting Derivatives Liabilities [Abstract] | ||
Gross Amounts of Recognized Liabilities | 54,907 | 104,876 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities presented in the Statement of Financial Position | 54,907 | 104,876 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | -54,907 | -104,876 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Received | 0 | 0 |
Net Amount | $0 | $0 |
COMMITMENTS_OFFBALANCE_SHEET_R2
COMMITMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Commitments To Make Loans And Open Ended Revolving Lines Of Credit) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | $50,608 | $84,249 |
Loans and Leases Receivable, Commitments, Variable Rates | 1,181,971 | 1,010,682 |
Commercial Loan Lines Of Credit [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 45,294 | 79,457 |
Loans and Leases Receivable, Commitments, Variable Rates | 967,282 | 828,405 |
Commercial Letters Of Credit [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 0 | 0 |
Loans and Leases Receivable, Commitments, Variable Rates | 62 | 80 |
Standby Letters Of Credit [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 0 | 0 |
Loans and Leases Receivable, Commitments, Variable Rates | 52,500 | 33,575 |
Real Estate Mortgage Loans [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 3,439 | 3,865 |
Loans and Leases Receivable, Commitments, Variable Rates | 1,589 | 2,233 |
Real Estate Construction Mortgage Loans [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 1,875 | 927 |
Loans and Leases Receivable, Commitments, Variable Rates | 4,936 | 1,821 |
Home Equity Mortgage Open Ended Revolving Lines [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 0 | 0 |
Loans and Leases Receivable, Commitments, Variable Rates | 149,706 | 139,555 |
Consumer Loan Open Ended Revolving Lines [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 0 | 0 |
Loans and Leases Receivable, Commitments, Variable Rates | $5,896 | $5,013 |
COMMITMENTS_OFFBALANCE_SHEET_R3
COMMITMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Interest Rate Ranges On Commitments And Open Ended Revolving Lines Of Credit) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Commercial Loans [Member] | Minimum [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.44% | 1.83% |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.46% | 1.67% |
Commercial Loans [Member] | Maximum [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.50% | 10.00% |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 8.25% | 7.50% |
Real Estate Mortgage Loans [Member] | Minimum [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.13% | 3.38% |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.88% | 3.38% |
Real Estate Mortgage Loans [Member] | Maximum [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.75% | 4.75% |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 5.75% | 4.88% |
Closed End First Mortgage Loans [Member] | Minimum [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.50% | 2.50% |
Closed End First Mortgage Loans [Member] | Maximum [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 15.00% | 15.00% |
PARENT_COMPANY_STATEMENTS_COND
PARENT COMPANY STATEMENTS (CONDENSED BALANCE SHEETS) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Other assets | $27,452 | $29,116 | ||
Total assets | 3,443,284 | 3,175,764 | ||
LIABILITIES | ||||
Subordinated debt | 30,928 | 30,928 | ||
STOCKHOLDERS' EQUITY | 361,296 | 321,875 | 297,739 | 273,200 |
Total liabilities and stockholders' equity | 3,443,284 | 3,175,764 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Deposits with Lake City Bank | 427 | 950 | ||
Deposits with other depository institutions | 7,654 | 0 | ||
Cash | 8,081 | 950 | ||
Investments in banking subsidiary | 376,000 | 342,690 | ||
Investments in other subsidiaries | 3,394 | 2,313 | ||
Other assets | 4,980 | 7,107 | ||
Total assets | 392,455 | 353,060 | ||
LIABILITIES | ||||
Dividends payable and other liabilities | 231 | 257 | ||
Subordinated debt | 30,928 | 30,928 | ||
STOCKHOLDERS' EQUITY | 361,296 | 321,875 | ||
Total liabilities and stockholders' equity | $392,455 | $353,060 |
PARENT_COMPANY_STATEMENTS_COND1
PARENT COMPANY STATEMENTS (CONDENSED STATEMENTS OF INCOME) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other income | $2,978,000 | $2,488,000 | $1,174,000 | ||||||||
Interest expense on subordinated debt | -3,919,000 | -3,780,000 | -3,696,000 | -3,590,000 | -3,752,000 | -3,998,000 | -4,512,000 | -5,035,000 | -14,985,000 | -17,297,000 | -26,698,000 |
INCOME BEFORE INCOME TAX EXPENSE | 66,190,000 | 58,398,000 | 52,576,000 | ||||||||
Income tax benefit | -5,565,000 | -5,665,000 | -5,750,000 | -5,405,000 | -5,060,000 | -4,746,000 | -5,154,000 | -4,599,000 | -22,385,000 | -19,559,000 | -17,182,000 |
NET INCOME | 11,070,000 | 11,511,000 | 11,312,000 | 9,912,000 | 10,588,000 | 9,769,000 | 9,236,000 | 9,246,000 | 43,805,000 | 38,839,000 | 35,394,000 |
COMPREHENSIVE INCOME | 50,129,000 | 30,656,000 | 35,944,000 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from Lake City Bank, Lakeland Statutory Trust II | 18,362,000 | 9,524,000 | 15,745,000 | ||||||||
Other income | 182,000 | 98,000 | 85,000 | ||||||||
Interest expense on subordinated debt | -1,048,000 | -1,061,000 | -1,123,000 | ||||||||
Miscellaneous expense | -3,462,000 | -2,651,000 | -1,976,000 | ||||||||
INCOME BEFORE INCOME TAX EXPENSE | 14,034,000 | 5,910,000 | 12,731,000 | ||||||||
Income tax benefit | 1,691,000 | 1,387,000 | 1,187,000 | ||||||||
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES | 15,725,000 | 7,297,000 | 13,918,000 | ||||||||
Equity in undistributed income of subsidiaries | 28,080,000 | 31,542,000 | 21,476,000 | ||||||||
NET INCOME | 43,805,000 | 38,839,000 | 35,394,000 | ||||||||
COMPREHENSIVE INCOME | $50,129,000 | $30,656,000 | $35,944,000 |
PARENT_COMPANY_STATEMENTS_COND2
PARENT COMPANY STATEMENTS (CONDENSED STATEMENTS OF CASH FLOWS) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $43,805 | $38,839 | $35,394 |
Adjustments to net cash from operating activities: | |||
Net cash from operating activities | 55,700 | 62,965 | 50,592 |
Cash flow from investing activities | -239,793 | -312,520 | -58,720 |
Repurchase of common stock | -444 | -399 | -421 |
Cash flows from financing activities | 211,626 | 80,423 | 135,781 |
Net increase in cash and cash equivalents | 27,533 | -169,132 | 127,653 |
Cash and cash equivalents at beginning of the year | 63,105 | 232,237 | 104,584 |
Cash and cash equivalents at end of the year | 90,638 | 63,105 | 232,237 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net income | 43,805 | 38,839 | 35,394 |
Adjustments to net cash from operating activities: | |||
Equity in undistributed income of subsidiaries | -28,080 | -31,542 | -21,476 |
Other changes | 5,348 | 989 | 265 |
Net cash from operating activities | 21,073 | 8,285 | 14,184 |
Cash flow from investing activities | 0 | 0 | -250 |
Proceeds from issuance of common stock | 57 | 903 | 894 |
Repurchase of common stock | -444 | -399 | -421 |
Dividends paid | -13,555 | -9,372 | -13,630 |
Cash flows from financing activities | -13,942 | -8,868 | -13,157 |
Net increase in cash and cash equivalents | 7,131 | -583 | 777 |
Cash and cash equivalents at beginning of the year | 950 | 1,533 | 756 |
Cash and cash equivalents at end of the year | $8,081 | $950 | $1,533 |
EARNINGS_PER_SHARE_Earnings_Pe
EARNINGS PER SHARE (Earnings Per Share Computations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Basic earnings per common share: | |||||||||||
Net income | $11,070 | $11,511 | $11,312 | $9,912 | $10,588 | $9,769 | $9,236 | $9,246 | $43,805 | $38,839 | $35,394 |
Weighted-average common shares outstanding | 16,535,530 | 16,436,131 | 16,323,870 | ||||||||
BASIC EARNINGS PER COMMON SHARE | $0.67 | $0.70 | $0.68 | $0.60 | $0.64 | $0.59 | $0.56 | $0.56 | $2.65 | $2.36 | $2.17 |
Diluted earnings per common share: | |||||||||||
Net income | $11,070 | $11,511 | $11,312 | $9,912 | $10,588 | $9,769 | $9,236 | $9,246 | $43,805 | $38,839 | $35,394 |
Weighted-average common shares outstanding for basic earnings per common share | 16,535,530 | 16,436,131 | 16,323,870 | ||||||||
Add: Dilutive effect of assumed exercise of warrant | 92,547 | 61,436 | 38,224 | ||||||||
Add: Dilutive effect of assumed exercises of stock options and awards | 153,378 | 136,771 | 120,843 | ||||||||
Average shares and dilutive potential common shares | 16,781,455 | 16,634,338 | 16,482,937 | ||||||||
Diluted earnings per common share | $0.66 | $0.69 | $0.68 | $0.59 | $0.63 | $0.59 | $0.56 | $0.56 | $2.61 | $2.33 | $2.15 |
EARNINGS_PER_SHARE_Additional_
EARNINGS PER SHARE (Additional Information) (Details) (Employee Stock Option [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Option [Member] | |||
Anti Dilutive Securities Excluded From Computation Of Earnings Per Share | 0 | 0 | 0 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Changes in Accumulated Other Comprehensive Income By Component) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Unrealized Gains and Losses on Available- for-Sales Securities, Opening Balance | ($1,138) | $7,517 | |
Unrealized Gains and Losses on Available- for-Sales Securities, Other comprehensive income before reclassification | 6,471 | -8,591 | |
Unrealized Gains and Losses on Available- for-Sales Securities, Amounts reclassified from accumulated other comprehensive income | 134 | -64 | |
Unrealized Gains and Losses on Available- for-Sales Securities, Net current period other comprehensive income | 6,605 | -8,655 | |
Unrealized Gains and Losses on Available- for-Sales Securities, Ending Balance | 5,467 | -1,138 | 7,517 |
Defined Benefit Pension Items, Opening Balance | -1,356 | -1,828 | |
Defined Benefit Pension Items, Other comprehensive income before reclassification | -399 | 327 | |
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive income | 118 | 145 | |
Defined Benefit Pension Items, Net current period other comprehensive income | -281 | 472 | 198 |
Defined Benefit Pension Items, Ending Balance | -1,637 | -1,356 | -1,828 |
Total, Opening Balance | -2,494 | 5,689 | |
Other comprehensive income (loss) before reclassification | 6,072 | -8,264 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 252 | 81 | |
Net current period other comprehensive income (loss) | 6,324 | -8,183 | 550 |
Total, Ending Balance | $3,830 | ($2,494) | $5,689 |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassification Adjustment) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Unrealized gains and losses on available-for-sale securities | |||||
Net securities gains (losses) | ($224) | $107 | ($376) | ||
Income tax expense | 90 | -43 | |||
Net of tax | -134 | 64 | |||
Amortization of defined benefit pension items | |||||
Salaries and employee benefits | -197 | [1] | -244 | [1] | -220 |
Income tax expense | 79 | 99 | |||
Net of tax | -118 | -145 | |||
Total reclassifications for the period | ($252) | ($81) | |||
[1] | Included in the computation of net pension plan expense as more fully discussed in Note 11. |
SELECTED_QUARTERLY_DATA_Summar
SELECTED QUARTERLY DATA (Summary Of Selected Quarterly Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income | $30,023 | $29,745 | $29,250 | $28,270 | $28,050 | $26,970 | $26,424 | $26,292 | |||
Interest expense | 3,919 | 3,780 | 3,696 | 3,590 | 3,752 | 3,998 | 4,512 | 5,035 | 14,985 | 17,297 | 26,698 |
Net interest income | 26,104 | 25,965 | 25,554 | 24,680 | 24,298 | 22,972 | 21,912 | 21,257 | 102,303 | 90,439 | 87,671 |
Provision for loan losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,549 |
Net interest income after provision | 26,104 | 25,965 | 25,554 | 24,680 | 24,298 | 22,972 | 21,912 | 21,257 | 102,303 | 90,439 | 85,122 |
Noninterest income | 7,163 | 7,871 | 7,592 | 7,427 | 7,878 | 7,809 | 7,569 | 7,481 | |||
Noninterest expense | 16,632 | 16,660 | 16,084 | 16,790 | 16,528 | 16,266 | 15,091 | 14,893 | 66,166 | 62,778 | 57,742 |
Income tax expense | 5,565 | 5,665 | 5,750 | 5,405 | 5,060 | 4,746 | 5,154 | 4,599 | 22,385 | 19,559 | 17,182 |
Net income | $11,070 | $11,511 | $11,312 | $9,912 | $10,588 | $9,769 | $9,236 | $9,246 | $43,805 | $38,839 | $35,394 |
Basic earnings per common share | $0.67 | $0.70 | $0.68 | $0.60 | $0.64 | $0.59 | $0.56 | $0.56 | $2.65 | $2.36 | $2.17 |
Diluted earnings per common share | $0.66 | $0.69 | $0.68 | $0.59 | $0.63 | $0.59 | $0.56 | $0.56 | $2.61 | $2.33 | $2.15 |
WARRANT_Additional_Information
WARRANT (Additional Information) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Nov. 18, 2009 | Feb. 27, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Warrants [Line Items] | ||||
Share Price | $17.45 | |||
Fair Value Assumptions, Exercise Price | $21.20 | |||
Fair Value Assumptions, Risk Free Interest Rate | 3.02% | |||
Fair Value Assumptions, Expected Term | 10 years | |||
Fair Value Assumptions, Expected Dividend Rate | 4.58% | |||
Fair Value Assumptions, Expected Volatility Rate | 41.80% | |||
Issue Of Warrant Stock Purchase | 396,538 | |||
Issue Of Warrants Aggregate Purchase Price Of Stock | $56,044,000 | |||
Warrant Period | 10 years | |||
Warrant Exercise Price Per Share | $21.20 | $20.83 | $20.94 | |
Warrant Fair Value Per Share | $4.44 | |||
Adjustments In Share Capital Warrants Issue | 198,269 | |||
Shares Issuable Upon Exercise Of Warrants | 201,780 | 200,710 | ||
Series A Preferred Stock [Member] | ||||
Summary of Warrants [Line Items] | ||||
Preferred Stock, Shares Issued | 56,044 |