Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 20, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | LAKELAND FINANCIAL CORP | ||
Entity Central Index Key | 721,994 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,091,976,162 | ||
Trading Symbol | LKFN | ||
Entity Common Stock, Shares Outstanding | 25,286,064 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 156,679 | $ 142,408 |
Short-term investments | 19,501 | 24,872 |
Total cash and cash equivalents | 176,180 | 167,280 |
Securities available for sale (carried at fair value) | 538,493 | 504,191 |
Real estate mortgage loans held for sale | 3,346 | 5,915 |
Loans, net of allowance for loan losses of $47,121 and $43,718 | 3,771,338 | 3,427,209 |
Land, premises and equipment, net | 56,466 | 52,092 |
Bank owned life insurance | 75,879 | 74,006 |
Federal Reserve and Federal Home Loan Bank Stock | 13,772 | 11,522 |
Accrued interest receivable | 14,093 | 11,687 |
Goodwill | 4,970 | 4,970 |
Other assets | 28,439 | 31,153 |
Total assets | 4,682,976 | 4,290,025 |
LIABILITIES | ||
Noninterest bearing deposits | 885,622 | 819,803 |
Interest bearing deposits | 3,123,033 | 2,758,109 |
Total deposits | 4,008,655 | 3,577,912 |
Borrowings | ||
Securities sold under agreements to repurchase | 70,652 | 50,045 |
Federal Home Loan Bank advances | 80,030 | 180,032 |
Subordinated debentures | 30,928 | 30,928 |
Total borrowings | 181,610 | 261,005 |
Accrued interest payable | 6,311 | 5,676 |
Other liabilities | 17,733 | 18,365 |
Total liabilities | 4,214,309 | 3,862,958 |
Commitments, off-balance sheet risks and contingencies (Notes 1 and 18) | ||
STOCKHOLDERS' EQUITY | ||
Common stock: 90,000,000 shares authorized, no par value 25,194,903 shares issued and 25,025,933 outstanding as of December 31, 2017 25,096,087 shares issued and 24,937,865 outstanding as of December 31, 2016 | 108,862 | 104,405 |
Retained earnings | 363,794 | 327,873 |
Accumulated other comprehensive income (loss) | (670) | (2,387) |
Treasury stock, at cost (2017 - 168,970 shares, 2016 - 158,222 shares) | (3,408) | (2,913) |
Total stockholders' equity | 468,578 | 426,978 |
Noncontrolling interest | 89 | 89 |
Total equity | 468,667 | 427,067 |
Total liabilities and stockholders' equity | $ 4,682,976 | $ 4,290,025 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Valuation allowance | $ 47,121 | $ 43,718 |
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) | 25,194,903 | 25,096,087 |
Common stock, shares outstanding (in shares) | 25,025,933 | 24,937,865 |
Treasury stock, at cost | 168,970 | 158,222 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and fees on loans | |||
Taxable | $ 150,295 | $ 124,830 | $ 110,097 |
Tax exempt | 729 | 462 | 464 |
Interest and dividends on securities | |||
Taxable | 9,218 | 9,421 | 8,564 |
Tax exempt | 5,102 | 3,885 | 3,355 |
Interest on short-term investments | 354 | 353 | 59 |
Total interest income | 165,698 | 138,951 | 122,539 |
Interest on deposits | 27,026 | 18,944 | 15,415 |
Interest on borrowings | |||
Short-term | 1,446 | 352 | 188 |
Long-term | 1,334 | 1,174 | 1,009 |
Total interest expense | 29,806 | 20,470 | 16,612 |
NET INTEREST INCOME | 135,892 | 118,481 | 105,927 |
Provision for loan losses | 3,000 | 1,150 | 0 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 132,892 | 117,331 | 105,927 |
NONINTEREST INCOME | |||
Wealth advisory fees | 5,481 | 4,805 | 4,531 |
Investment brokerage fees | 1,273 | 1,010 | 1,507 |
Service charges on deposit accounts | 13,696 | 12,013 | 10,608 |
Loan and service fees | 7,900 | 7,681 | 7,460 |
Merchant and interchange fee income | 2,279 | 2,098 | 1,843 |
Bank owned life insurance income | 1,768 | 1,392 | 1,338 |
Other income | 2,598 | 2,213 | 2,974 |
Mortgage banking income | 982 | 1,586 | 1,176 |
Net securities gains | 32 | 66 | 42 |
Total noninterest income | 36,009 | 32,864 | 31,479 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 45,510 | 41,934 | 38,923 |
Net occupancy expense | 4,595 | 4,266 | 3,820 |
Equipment costs | 4,629 | 3,850 | 3,598 |
Data processing fees and supplies | 8,233 | 8,148 | 7,592 |
Corporate and business development | 4,744 | 3,328 | 3,173 |
FDIC insurance and other regulatory fees | 1,798 | 2,001 | 2,044 |
Professional fees | 3,574 | 3,208 | 2,794 |
Other expense | 6,184 | 6,243 | 6,262 |
Total noninterest expense | 79,267 | 72,978 | 68,206 |
INCOME BEFORE INCOME TAX EXPENSE | 89,634 | 77,217 | 69,200 |
Income tax expense | 32,304 | 25,133 | 22,833 |
NET INCOME | $ 57,330 | $ 52,084 | $ 46,367 |
BASIC WEIGHTED AVERAGE COMMON SHARES | 25,181,208 | 25,056,095 | 24,926,354 |
BASIC EARNINGS PER COMMON SHARE | $ 2.28 | $ 2.08 | $ 1.86 |
DILUTED WEIGHTED AVERAGE COMMON SHARES | 25,663,381 | 25,460,727 | 25,245,569 |
DILUTED EARNINGS PER COMMON SHARE | $ 2.23 | $ 2.05 | $ 1.84 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Net income | $ 57,330 | $ 52,084 | $ 46,367 | |
Change in securities available for sale: | ||||
Unrealized holding gain (loss) on securities available for sale arising during the period | 2,245 | (7,238) | (2,720) | |
Reclassification adjustment for (gains)/losses included in net income | (32) | (66) | (42) | |
Net securities gain (loss) activity during the period | 2,213 | (7,304) | (2,762) | |
Tax effect | (707) | 2,746 | 1,131 | |
Net of tax amount | 1,506 | (4,558) | (1,631) | |
Defined benefit pension plans: | ||||
Net gain(loss) on defined benefit pension plans | 97 | (151) | (325) | |
Amortization of net actuarial loss | [1] | 265 | 215 | 244 |
Net gain (loss) activity during the period | 362 | 64 | (81) | |
Tax effect | (151) | (35) | 24 | |
Net of tax amount | 211 | 29 | (57) | |
Total other comprehensive income (loss), net of tax | 1,717 | (4,529) | (1,688) | |
Comprehensive income | $ 59,047 | $ 47,555 | $ 44,679 | |
[1] | Included in the computation of net pension plan expense as more fully discussed in Note 11. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2014 | $ 361,296 | $ 96,121 | $ 263,345 | $ 3,830 | $ (2,000) |
Balance (in shares) at Dec. 31, 2014 | 24,698,431 | ||||
Net income | 46,367 | 46,367 | |||
Other comprehensive income (loss), net of tax | (1,688) | (1,688) | |||
Comprehensive income (loss) | 44,679 | ||||
Cash dividends declared | (15,710) | (15,710) | |||
Treasury shares purchased under deferred directors' plan | 0 | $ 455 | (455) | ||
Treasury shares purchased under deferred directors' plan (in shares) | (16,356) | ||||
Stock activity under equity incentive plans | 12 | $ 12 | |||
Stock activity under equity incentive plans (in shares) | 136,991 | ||||
Stock based compensation expense | 2,535 | $ 2,535 | |||
Balance at Dec. 31, 2015 | 392,812 | $ 99,123 | 294,002 | 2,142 | (2,455) |
Balance (in shares) at Dec. 31, 2015 | 24,819,066 | ||||
Net income | 52,084 | 52,084 | |||
Other comprehensive income (loss), net of tax | (4,529) | (4,529) | |||
Comprehensive income (loss) | 47,555 | ||||
Cash dividends declared | (18,213) | (18,213) | |||
Treasury shares purchased under deferred directors' plan | 0 | $ 458 | (458) | ||
Treasury shares purchased under deferred directors' plan (in shares) | (14,811) | ||||
Stock activity under equity incentive plans | 614 | $ 614 | |||
Stock activity under equity incentive plans (in shares) | 133,646 | ||||
Stock based compensation expense | 4,210 | $ 4,210 | |||
Fractional shares retired due to 3-for-2 stock split (in shares) | (36) | ||||
Balance at Dec. 31, 2016 | 426,978 | $ 104,405 | 327,873 | (2,387) | (2,913) |
Balance (in shares) at Dec. 31, 2016 | 24,937,865 | ||||
Net income | 57,330 | 57,330 | |||
Other comprehensive income (loss), net of tax | 1,717 | 1,717 | |||
Comprehensive income (loss) | 59,047 | ||||
Cash dividends declared | (21,409) | (21,409) | |||
Treasury shares purchased under deferred directors' plan | 0 | $ 495 | (495) | ||
Treasury shares purchased under deferred directors' plan (in shares) | (10,748) | ||||
Stock activity under equity incentive plans | (1,736) | $ (1,736) | |||
Stock activity under equity incentive plans (in shares) | 98,816 | ||||
Stock based compensation expense | 5,698 | $ 5,698 | |||
Balance at Dec. 31, 2017 | $ 468,578 | $ 108,862 | $ 363,794 | $ (670) | $ (3,408) |
Balance (in shares) at Dec. 31, 2017 | 25,025,933 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Common Stock, Dividends, Per Share, Declared | $ 0.85 | $ 0.73 | $ 0.63 |
Stockholders' Equity Note, Stock Split | 3-for-2 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 57,330 | $ 52,084 | $ 46,367 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation | 5,119 | 4,229 | 3,758 |
Provision for loan losses | 3,000 | 1,150 | 0 |
(Gain) Loss on sale and write down of other real estate owned | 12 | 17 | (48) |
Amortization of loan servicing rights | 599 | 598 | 553 |
Loans originated for sale | (54,188) | (69,998) | (64,346) |
Net gain on sales of loans | (1,749) | (2,047) | (1,650) |
Proceeds from sale of loans | 57,621 | 68,692 | 63,601 |
Net loss on sale of premises and equipment | 79 | 160 | 7 |
Net (gain) loss on sales and calls of securities available for sale | (32) | (66) | (42) |
Net securities amortization | 3,114 | 2,860 | 4,464 |
Stock based compensation expense | 5,698 | 4,210 | 2,535 |
Earnings on life insurance | (1,768) | (1,392) | (1,338) |
Tax benefit of stock option exercises | (964) | (669) | (148) |
Net change: | |||
Interest receivable and other assets | 787 | (1,386) | (398) |
Interest payable and other liabilities | 2,584 | 3,757 | 2,466 |
Total adjustments | 19,912 | 10,115 | 9,414 |
Net cash from operating activities | 77,242 | 62,199 | 55,781 |
Cash flows from investing activities: | |||
Proceeds from sale of securities available for sale | 40,877 | 12,095 | 7,787 |
Proceeds from maturities, calls and principal paydowns of securities available for sale | 61,745 | 69,343 | 74,679 |
Purchases of securities available for sale | (139,252) | (116,196) | (91,810) |
Purchase of life insurance | (580) | (3,390) | (2,629) |
Net increase in total loans | (347,217) | (391,145) | (322,114) |
Proceeds from sales of land, premises and equipment | 10 | 28 | 701 |
Purchases of land, premises and equipment | (9,582) | (9,825) | (9,167) |
Proceeds from redemption of Federal Home Loan Bank Stock | 0 | 0 | 1,745 |
Purchase of Federal Home Loan Bank Stock | (2,250) | (3,854) | 0 |
Proceeds from sales of other real estate owned | 199 | 136 | 963 |
Proceeds from life insurance | 0 | 360 | 738 |
Net cash from investing activities | (396,050) | (442,448) | (339,107) |
Cash flows from financing activities | |||
Net increase in total deposits | 430,743 | 394,491 | 310,301 |
Net increase/(decrease) in short-term borrowings | 100,607 | (19,577) | (55,785) |
Proceeds on long-term borrowings | 95,000 | 180,000 | 70,000 |
Payments on long-term borrowings | (275,002) | (70,002) | (35,001) |
Common dividends paid | (21,396) | (18,200) | (15,697) |
Preferred dividends paid | (13) | (13) | (13) |
Proceeds (Payments) related to equity incentive plans | (1,736) | 614 | 12 |
Purchase of treasury stock | (495) | (458) | (455) |
Net cash from financing activities | 327,708 | 466,855 | 273,362 |
Net change in cash and cash equivalents | 8,900 | 86,606 | (9,964) |
Cash and cash equivalents at beginning of the year | 167,280 | 80,674 | 90,638 |
Cash and cash equivalents at end of the year | 176,180 | 167,280 | 80,674 |
Cash paid during the year for: | |||
Interest | 29,171 | 18,567 | 15,786 |
Income taxes | 29,120 | 21,613 | 21,566 |
Supplemental non-cash disclosures: | |||
Loans transferred to other real estate owned | 88 | 105 | 853 |
Security purchased not settled | $ 0 | $ 1,459 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 49 branch offices in fifteen 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. 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 and cash equivalents include cash, demand deposits in other financial institutions and short-term investments and certificates of deposit with maturities of 90 days or less. Cash flows are reported net for customer loan and deposit transactions, and short-term borrowings. 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. 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 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 net of unamortized net deferred loan fees and costs less unamortized net deferred loan fees. The total amount of accrued interest on loans as of December 31, 2017 and 2016 was $11.0 million and $8.9 million. 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 different scenarios where the risk that the borrower will be unable or unwilling to repay its debt in full or on time is combined with an estimate of loss in the event the borrower cannot pay 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. Commercial and Industrial Commercial Real Estate and Multi-Family Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer 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. 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, 2017 and 2016 were $5.3 million and $5.1 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 at December 31, 2017 in one of the limited partnerships compared to $1.3 million at December 31, 2016, which is included with other liabilities in the consolidated balance sheet. 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, 2017 and 2016, the balance of other real estate owned was $40,000 and $153,000 and are included with other assets on the consolidated balance sheet. 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. 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 $3.0 million and $2.7 million as of December 31, 2017 and 2016. Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of these loans were $344.4 million and $341.0 million at December 31, 2017 and 2016. Custodial escrow balances maintained in connection with serviced loans were $1.5 million at year end 2017 and 2016. Servicing fee income/(loss), which is included in loan 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 $1.0 million, $987,000 and $957,000 for the years ended December 31, 2017, 2016 and 2015, respectively. Late fees and ancillary fees related to loan servicing are not material. 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. 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. 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 non-interest income for both the commercial banking customer swaps and the related offsetting swaps. The fair value of the derivative instruments incorporates a consideration of credit risk (in accordance with ASC 820), resulting in some potential volatility in earnings each period. The notional amount of the combined interest rate swaps with customers and counterparties at December 31, 2017 and 2016 was $229.6 million and $231.1 million. The fair value of the interest rate swap asset was $2.4 million and $2.6 million and the fair value of the interest rate swap liability was $2.6 million and $2.7 million, respectively at December 31, 2017 and 2016. At December 31, 2017 and 2016, the Company owned $73.0 million and $71.7 million of life insurance policies on certain officers to provide a life insurance benefit for these officers. At December 31, 2017 and 2016, the Company also owned $2.9 million and $2.3 million, respectively, 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. 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 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. 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. 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. 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. 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. 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. 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. 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 2017 and 2016 include 168,970 and 158,222 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 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, 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. The Company was required to have $10.5 million and $11.2 million of cash on hand or on deposit with the Federal Reserve Bank to meet regulatory reserve and clearing requirements at year-end 2017 and 2016, respectively. The Company met this requirement both years. 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 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. 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. In March 2016, the FASB issued new guidance related to employee share-based payment accounting. This standard requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also allows an employer to repurchase more of an employee's shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election for forfeitures as they occur. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted. The Company adopted this new standard effective January 1, 2017. The adoption of this new standard could result in increased volatility to reported income tax expense related to excess tax benefits and tax deficiencies for employee share-based transactions, however, the actual amounts recognized in income tax expense will be dependent on the amount of employee share-based transactions and the stock price at the time of vesting or exercise. For the year ended December 31, 2017, adopting this new standard resulted in $964,000 in income tax benefit offsetting income tax expense and current tax liability due to the vesting of restricted stock and performance stock units. 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. The Company's revenue is split between net interest income and noninterest income at a ratio of approximately 80% to 20%, respectively. The scope of the guidance explicitly excludes net interest income as well as many other revenues for financial assets and liabilities including loans, leases, securities, and derivatives. Accordingly, many of our revenue contracts will not be affected based on our current assessment. Our accounting policies will not change materially since the principles of revenue recognition from the Update are largely consistent with existing guidance and current practices applied by the Company. While the Company has assigned certain management responsibilities by region and business-line, the Company's chief |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2017 | |
Securities [Abstract] | |
SECURITIES | NOTE 2 – Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gain Losses Value 2017 U.S. Treasury securities $992 $5 $0 $997 U.S. government sponsored agencies 5,191 0 (69) 5,122 Mortgage-backed securities: residential 314,650 2,099 (2,975) 313,774 Mortgage-backed securities: commercial 44,208 75 (72) 44,211 State and municipal securities 172,375 2,990 (976) 174,389 Total $537,416 $5,169 $(4,092) $538,493 2016 U.S. Treasury securities $990 $13 $0 $1,003 U.S. government sponsored agencies 6,312 10 (81) 6,241 Mortgage-backed securities: residential 304,172 3,388 (3,065) 304,495 Mortgage-backed securities: commercial 46,936 216 (79) 47,073 State and municipal securities 146,917 1,784 (3,322) 145,379 Total $505,327 $5,411 $(6,547) $504,191 Information regarding the fair value and amortized cost of available for sale debt securities by maturity as of December 31, 2017 is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Amortized Fair (dollars in thousands) Cost Value Due in one year or less $1,576 $1,578 Due after one year through five years 23,698 24,070 Due after five years through ten years 37,762 38,502 Due after ten years 115,522 116,358 178,558 180,508 Mortgage-backed securities 358,858 357,985 Total debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $537,416 $538,493 (dollars in thousands) 2017 2016 2015 Sales of securities available for sale Proceeds $40,877 $12,095 $7,787 Gross gains 267 83 42 Gross losses 235 17 0 Securities with carrying values of $171.1 million and $168.3 million were pledged as of December 31, 2017 and 2016, as collateral for 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, 2017 and 2016 is presented below. Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Value Losses Value Losses Value Losses 2017 U.S. government sponsored agencies $2,353 $6 $2,769 $63 $5,122 $69 Mortgage-backed securities: residential 142,834 1,412 59,024 1,563 201,858 2,975 Mortgage-backed securities: commercial 23,505 72 0 0 23,505 72 State and municipal securities 8,585 47 49,552 929 58,137 976 Total temporarily impaired $177,277 $1,537 $111,345 $2,555 $288,622 $4,092 2016 U.S. government sponsored agencies $3,290 $81 $0 $0 $3,290 $81 Mortgage-backed securities: residential 162,738 2,803 7,080 262 169,818 3,065 Mortgage-backed securities: commercial 18,961 79 0 0 18,961 79 State and municipal securities 77,434 3,180 2,361 142 79,795 3,322 Total temporarily impaired $262,423 $6,143 $9,441 $404 $271,864 $6,547 Less than 12 months 12 months or more Total 2017 U.S. government sponsored agencies 1 1 2 Mortgage-backed securities: residential 46 21 67 Mortgage-backed securities: commercial 5 0 5 State and municipal securities 17 62 79 Total temporarily impaired 69 84 153 2016 U.S. government sponsored agencies 1 0 1 Mortgage-backed securities: residential 54 2 56 Mortgage-backed securities: commercial 5 0 5 State and municipal securities 121 4 125 Total temporarily impaired 181 6 187 There were no debt securities with credit losses recognized in income during 2017, 2016 or 2015. 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, 2017 | |
Loans [Abstract] | |
LOANS | NOTE 3 LOANS (dollars in thousands) 2017 2016 Commercial and industrial loans: Working capital lines of credit loans $743,609 $624,404 Non-working capital loans 675,072 644,086 Total commercial and industrial loans 1,418,681 1,268,490 Commercial real estate and multi-family residential loans: Construction and land development loans 224,474 245,182 Owner occupied loans 538,603 469,705 Nonowner occupied loans 508,121 458,404 Multi-family loans 173,715 127,632 Total commercial real estate and multi-family residential loans 1,444,913 1,300,923 Agri-business and agricultural loans: Loans secured by farmland 186,437 172,633 Loans for agricultural production 196,404 222,210 Total agri-business and agricultural loans 382,841 394,843 Other commercial loans 124,076 98,270 Total commercial loans 3,370,511 3,062,526 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 179,302 163,155 Open end and junior lien loans 181,865 169,664 Residential construction and land development loans 13,478 15,015 Total consumer 1-4 family mortgage loans 374,645 347,834 Other consumer loans 74,369 61,308 Total consumer loans 449,014 409,142 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,819,525 3,471,668 Less: Allowance for loan losses (47,121) (43,718) Net deferred loan fees (1,066) (741) Loans, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,771,338 $3,427,209 The recorded investment in loans does not include accrued interest. The Company had $47,000 in residential real estate loans in process of foreclosure as of December 31, 2017. |
ALLOWANCE FOR LOAN LOSSES AND C
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | 12 Months Ended |
Dec. 31, 2017 | |
Loans [Abstract] | |
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | NOTE 4 ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY 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, 2017 Beginning balance $20,272 $13,452 $3,532 $461 $2,827 $387 $2,787 $43,718 Provision for loan losses 614 997 1,365 116 (105) 134 (121) 3,000 Loans charged-off (842) (406) 0 0 (53) (259) 0 (1,560) 1,053 671 23 0 99 117 0 1,963 Net loans charged-off/(recovered) 211 265 23 0 46 (142) 0 403 Ending balance $21,097 $14,714 $4,920 $577 $2,768 $379 $2,666 $47,121 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, 2016 Beginning balance $21,564 $12,473 $2,445 $574 $3,395 $319 $2,840 $43,610 Provision for loan losses (952) 1,209 1,068 (113) (197) 188 (53) 1,150 Loans charged-off (801) (566) 0 0 (478) (210) 0 (2,055) Recoveries 461 336 19 0 107 90 0 1,013 Net loans charged-off/(recovered) (340) (230) 19 0 (371) (120) 0 (1,042) Ending balance $20,272 $13,452 $3,532 $461 $2,827 $387 $2,787 $43,718 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, 2015 Beginning balance $22,785 $14,153 $1,790 $276 $3,459 $483 $3,316 $46,262 Provision for loan losses (117) (673) 635 420 246 (35) (476) 0 Loans charged-off (1,320) (1,114) 0 (122) (362) (255) 0 (3,173) Recoveries 216 107 20 0 52 126 0 521 Net loans charged-off/(recovered) (1,104) (1,007) 20 (122) (310) (129) 0 (2,652) Ending balance $21,564 $12,473 $2,445 $574 $3,395 $319 $2,840 $43,610 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, 2017 and 2016: 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, 2017 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $2,067 $795 $0 $0 $310 $44 $0 $3,216 Collectively evaluated for impairment 19,030 13,919 4,920 577 2,458 335 2,666 43,905 Total ending allowance balance $21,097 $14,714 $4,920 $577 $2,768 $379 $2,666 $47,121 Loans: Loans individually evaluated for impairment $6,979 $4,802 $283 $0 $1,756 $50 $0 $13,870 Loans collectively evaluated for impairment 1,411,648 1,438,219 382,643 123,922 374,013 74,144 0 3,804,589 Total ending loans balance $1,418,627 $1,443,021 $382,926 $123,922 $375,769 $74,194 $0 $3,818,459 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, 2016 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $3,191 $576 $0 $0 $296 $51 $0 $4,114 Collectively evaluated for impairment 17,081 12,876 3,532 461 2,531 336 2,787 39,604 Total ending allowance balance $20,272 $13,452 $3,532 $461 $2,827 $387 $2,787 $43,718 Loans: Loans individually evaluated for impairment $9,776 $9,151 $283 $0 $1,427 $55 $0 $20,692 Loans collectively evaluated for impairment 1,258,682 1,290,131 394,621 98,265 347,408 61,128 0 3,450,235 Total ending loans balance $1,268,458 $1,299,282 $394,904 $98,265 $348,835 $61,183 $0 $3,470,927 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 $491 $491 $0 Non-working capital loans 2,973 1,579 0 Commercial real estate and multi-family residential loans: Construction and land development loans 88 88 0 Owner occupied loans 2,558 2,310 0 Agri-business and agricultural loans: Loans secured by farmland 603 283 0 Consumer 1-4 family loans: Closed end first mortgage loans 636 570 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 1,617 1,617 667 Non-working capital loans 3,292 3,292 1,400 Commercial real estate and multi-family residential loans: Construction and land development loans 827 827 350 Owner occupied loans 1,577 1,577 445 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 950 950 269 Open end and junior lien loans 235 236 41 Other consumer loans 50 50 44 Total $15,897 $13,870 $3,216 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2016: 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 $951 $494 $0 Non-working capital loans 3,007 1,358 0 Commercial real estate and multi-family residential loans: Construction and land development loans 126 126 0 Owner occupied loans 2,868 2,620 0 Nonowner occupied loans 4,632 4,633 0 Agri-business and agricultural loans: Loans secured by farmland 603 283 0 Consumer 1-4 family loans: Closed end first mortgage loans 161 147 0 Open end and junior lien loans 408 195 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 1,100 1,099 465 Non-working capital loans 6,827 6,825 2,726 Commercial real estate and multi-family residential loans: Owner occupied loans 1,773 1,772 576 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 1,152 1,085 296 Other consumer loans 55 55 51 Total $23,663 $20,692 $4,114 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2017: 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 $407 $46 $39 Non-working capital loans 1,341 57 51 Commercial real estate and multi-family residential loans: Construction and land development loans 110 5 5 Owner occupied loans 2,349 17 15 Nonowner occupied loans 3,009 294 284 Agri-business and agricultural loans: Loans secured by farmland 287 0 0 Consumer 1-4 family loans: Closed end first mortgage loans 293 9 8 Open end and junior lien loans 103 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 2,083 17 17 Non-working capital loans 5,715 103 103 Commercial real estate and multi-family residential loans: Construction and land development loans 69 5 0 Owner occupied loans 1,664 3 2 Agri-business and agricultural loans: Loans secured by farmland 2 0 0 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 1,006 25 22 Open end and junior lien loans 80 0 0 Other consumer loans 52 3 3 Total $18,570 $584 $549 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2016: 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 $331 $15 $14 Non-working capital loans 996 16 13 Commercial real estate and multi-family residential loans: Construction and land development loans 114 10 10 Owner occupied loans 2,555 3 3 Nonowner occupied loans 4,732 292 286 Multifamily loans 8 0 0 Agri-business and agricultural loans: Loans secured by farmland 393 0 0 Loans for ag production 677 5 4 Other commercial loans 1 0 0 Consumer 1-4 family loans: Closed end first mortgage loans 91 2 2 Open end and junior lien loans 58 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 1,199 33 30 Non-working capital loans 4,685 151 151 Commercial real estate and multi-family residential loans: Construction and land development loans 186 0 0 Owner occupied loans 1,143 3 3 Nonowner occupied loans 19 0 0 Multifamily loans 256 12 11 Agri-business and agricultural loans: Other commercial loans 8 0 1 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 1,392 36 34 Open end and junior lien loans 166 0 0 Other consumer loans 57 4 4 Total $19,067 $582 $566 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2015: 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 $21 $0 $0 Non-working capital loans 619 2 2 Commercial real estate and multi-family residential loans: Construction and land development loans 132 0 0 Owner occupied loans 2,336 8 9 Nonowner occupied loans 4,635 105 108 Agri-business and agricultural loans: Loans secured by farmland 426 0 0 Consumer 1-4 family loans: Closed end first mortgage loans 261 0 0 Open end and junior lien loans 189 0 0 Residential construction loans 11 0 0 Other consumer loans 3 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 1,133 24 23 Non-working capital loans 8,705 326 333 Commercial real estate and multi-family residential loans: Construction and land development loans 382 16 17 Owner occupied loans 3,050 13 13 Nonowner occupied loans 817 0 0 Multifamily loans 32 0 0 Agri-business and agricultural loans: Loans secured by farmland 50 0 0 Other commercial loans 3 0 0 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 2,357 60 60 Open end and junior lien loans 82 0 0 Other consumer loans 100 4 4 Total $25,344 $558 $569 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. Greater than 30-89 90 Days Past Total Past Loans Not Days Due and Still Due and (dollars in thousands) Past Due Past Due Accruing Nonaccrual Nonaccrual Total Commercial and industrial loans: Working capital lines of credit loans $742,205 $11 $0 $1,459 $1,470 $743,675 Non-working capital loans 671,490 0 0 3,462 3,462 $674,952 Commercial real estate and multi-family residential loans: Construction and land development loans 215,713 8,000 0 0 8,000 223,713 Owner occupied loans 534,648 0 0 3,620 3,620 538,268 Nonowner occupied loans 507,696 0 0 0 0 507,696 Multi-family loans 173,100 244 0 0 244 173,344 Agri-business and agricultural loans: Loans secured by farmland 186,160 0 0 283 283 186,443 Loans for agricultural production 196,483 0 0 0 0 196,483 Other commercial loans 123,922 0 0 0 0 123,922 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 177,410 1,183 6 342 1,531 178,941 Open end and junior lien loans 183,056 89 0 236 325 183,381 Residential construction loans 13,447 0 0 0 0 13,447 Other consumer loans 74,102 92 0 0 92 74,194 Total $3,799,432 $9,619 $6 $9,402 $19,027 $3,818,459 The following table presents the aging of the recorded investment in past due loans as of December 31, 2016 by class of loans: Greater than 30-89 90 Days Past Total Past Loans Not Days Due and Still Due and (dollars in thousands) Past Due Past Due Accruing Nonaccrual Nonaccrual Total Commercial and industrial loans: Working capital lines of credit loans $624,213 $9 $0 $140 $149 $624,362 Non-working capital loans 642,014 0 0 2,082 2,082 644,096 Commercial real estate and multi-family residential loans: Construction and land development loans 244,411 0 0 0 0 244,411 Owner occupied loans 465,789 0 0 3,598 3,598 469,387 Nonowner occupied loans 457,880 0 0 122 122 458,002 Multi-family loans 127,482 0 0 0 0 127,482 Agri-business and agricultural loans: Loans secured by farmland 172,349 0 0 283 283 172,632 Loans for agricultural production 222,272 0 0 0 0 222,272 Other commercial loans 98,265 0 0 0 0 98,265 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 161,499 1,072 53 213 1,338 162,837 Open end and junior lien loans 170,372 448 0 195 643 171,015 Residential construction loans 14,983 0 0 0 0 14,983 Other consumer loans 61,119 64 0 0 64 61,183 Total $3,462,648 $1,593 $53 $6,633 $8,279 $3,470,927 Troubled debt restructured loans are included in the totals for impaired loans. The Company has allocated $2.3 million and $2.7 million of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of December 31, 2017 and 2016. The Company is not committed to lend additional funds to debtors whose loans have been modified in a troubled debt restructuring. (dollars in thousands) 2017 2016 Accruing troubled debt restructured loans $2,893 $10,351 Nonaccrual troubled debt restructured loans 7,750 5,633 Total troubled debt restructured loans $10,643 $15,984 Additional concessions were granted to borrowers during 2017 with previously identified troubled debt restructured loans. Modified Repayment Terms Pre-Modification Post-Modification Extension Outstanding Outstanding Period or Number of Recorded Recorded Number of Range (dollars in thousands) Loans Investment Investment Loans (in months) Troubled Debt Restructurings Commercial and industrial loans: Working capital lines of credit loans 1 $1,324 $1,324 1 9 Non-working capital loans 4 1,922 1,922 4 0-6 Commercial real estate and multi- family residential loans: Owner occupied loans 1 486 486 1 6 Consumer 1-4 family loans: Closed end first mortgage loans 2 120 122 2 198-350 Total 8 $3,852 $3,854 8 0-350 For the period ending December 31, 2017, the commercial and industrial troubled debt restructurings described above increased the allowance for loan losses by $513,000 and the commercial real estate and multi-family residential loan troubled debt restructurings increased the allowance for loan losses by $27,000. No charge-offs resulted from any troubled debt restructurings described above during the year ended December 31, 2017. During the year ending December 31, 2016, 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 at least one year; or renewal terms offered to borrowers in financial distress where no additional credit enhancements were obtained at the time of renewal. One new commercial and industrial non-working capital loan to assist with cash flow was offered to a 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 for the year ending December 31, 2016. In this instance, it was determined that a concession had been granted. It is difficult to quantify the concessions granted due to an absence of readily available market terms to be used for comparison. The recorded investment was $60,000 and was included in the table below reporting loans modified as new troubled debt restructurings for the year ending December 31, 2016. Additional concessions were granted to borrowers during 2016 with previously identified troubled debt restructured loans. Seven loans were for commercial real estate building with a recorded investment of $3.0 million. Another was to a borrower engaged in land development, where the aggregate recorded investment totaled $126,000. One loan was secured by farmland with a recorded investment of $283,000. Three loans were for commercial and industrial non-working capital with a recorded investment of $491,000. Also, an additional concession was granted to a borrower for a commercial and industrial working capital loan with a recorded investment of $475,000. These concessions are not included in table below. Modified Repayment Terms Pre-Modification Post-Modification Extension Outstanding Outstanding Period or Number of Recorded Recorded Number of Range (dollars in thousands) Loans Investment Investment Loans (in months) Troubled Debt Restructurings Commercial and industrial loans: Non-working capital loans 6 $1,841 $1,902 5 9-356 Commercial real estate and multi- family residential loans: Owner occupied loans 3 718 717 3 13-24 Total 9 $2,559 $2,619 8 9-356 For the period ending December 31, 2016, the commercial and industrial troubled debt restructurings described above decreased the allowance for loan losses by $99,000 and the commercial real estate and multi-family residential loan troubled debt restructurings increased the allowance for loan losses by $108,000. Charge-offs of $66,000 resulted from the commercial real estate and multi-family residential loan troubled debt restructurings described above during the period ending December 31, 2016. During the year ending December 31, 2015, 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 at least one year; or renewal terms offered to borrowers in financial distress where no additional credit enhancements were obtained at the time of renewal. Renewal terms were offered to three 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 concessions granted due to an absence of readily available market terms to be used for comparison. Two were to commercial and industrial working capital loans with recorded investments of $379,000 and $185,000 and the other was to a borrower for a commercial real estate building where the collateral value and cash flows from the company occupying the building did not support the loan with a recorded investment of $788,000. These loans were included in the table below reporting loans modified as new troubled debt restructurings for the year ending December 31, 2015. Additional concessions were granted to borrowers during 2015 with previously identified troubled debt restructured loans. One loan was for a commercial real estate building where the collateral value and cash flows from the company occupying the building did not support the loan with a recorded investment of $131,000. Another was to a borrower engaged in land development, where the aggregate recorded investment totaled $238,000. Also, an additional concession was granted to a borrower for a commercial and industrial working capital loan with a recorded investment of $2.5 million. These concessions are not included in the table below. Modified Repayment Terms Pre-Modification Post-Modification Extension Outstanding Outstanding Period or Number of Recorded Recorded Number of Range (dollars in thousands) Loans Investment Investment Loans (in months) Troubled Debt Restructurings Commercial and industrial loans: Working capital lines of credit loans 2 $564 $564 Non-working capital loans 1 783 783 1 12 Commercial real estate and multi- family residential loans: Owner occupied loans 2 855 855 1 6 Consumer 1-4 family loans: Closed end first mortgage loans 1 65 65 1 208 Total 6 $2,267 $2,267 3 6-208 For the period ending December 31, 2015, the commercial and industrial troubled debt restructurings described above increased the allowance for loan losses by $74,000, the commercial real estate and multi-family residential loan troubled debt restructurings decreased the allowance for loan losses by $18,000 and the consumer 1-4 family loan troubled debt restructuring described above increased the allowance by $9,000. No charge-offs resulted from any troubled debt restructurings described above during the period ending December 31, 2015. 2017 2016 2015 Number of Recorded Number of Recorded Number of Recorded (dollars in thousands) Loans Investment Loans Investment Loans Investment Troubled Debt Restructurings that Subsequently Defaulted Commercial and industrial loans: Non-working capital loans 0 $0 0 $0 1 $755 Total 0 $0 0 $0 1 $755 A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. The non-working capital troubled debt restructurings that subsequently defaulted, as described above, increased the allowance for loan losses by $76,000 and did not result in any charge-offs during the period ending December 31, 2015. 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. Substandard. Doubtful. 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 consumer loans and consumer nonaccrual loans which are evaluated individually and listed with Not Rated loans. Loans listed as Not Rated are consumer loans or commercial loans with consumer characteristics included in groups of homogenous loans which are analyzed for credit quality indicators utilizing delinquency status. Special Not (dollars in thousands) Pass Mention Substandard Doubtful Rated Total Commercial and industrial loans: Working capital lines of credit loans $688,748 $33,337 $21,350 $0 $240 $743,675 Non-working capital loans 624,275 20,171 25,834 0 4,672 674,952 Commercial real estate and multi- family residential loans: Construction and land development loans 222,445 441 827 0 0 223,713 Owner occupied loans 496,231 19,361 22,676 0 0 538,268 Nonowner occupied loans 505,033 1,970 693 0 0 507,696 Multi-family loans 173,100 244 0 0 0 173,344 Agri-business and agricultural loans: Loans secured by farmland 174,118 7,988 4,337 0 0 186,443 Loans for agricultural production 185,772 9,716 995 0 0 196,483 Other commercial loans 123,917 0 0 0 5 123,922 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 52,301 0 1,520 0 125,120 178,941 Open end and junior lien loans 8,259 0 236 0 174,886 183,381 Residential construction loans 0 0 0 0 13,447 13,447 Other consumer loans 18,642 0 50 0 55,502 74,194 Total $3,272,841 $93,228 $78,518 $0 $373,872 $3,818,459 As of December 31, 2016, 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 $577,208 $17,636 $29,396 $0 $122 $624,362 Non-working capital loans 583,135 32,587 24,405 0 3,969 644,096 Commercial real estate and multi- family residential loans: Construction and land development loans 242,964 1,447 0 0 0 244,411 Owner occupied loans 444,143 10,285 14,959 0 0 469,387 Nonowner occupied loans 451,390 4,550 2,062 0 0 458,002 Multi-family loans 127,219 263 0 0 0 127,482 Agri-business and agricultural loans: Loans secured by farmland 168,660 3,689 283 0 0 172,632 Loans for agricultural production 218,581 3,691 0 0 0 222,272 Other commercial loans 98,261 0 0 0 4 98,265 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 44,687 126 1,232 0 116,792 162,837 Open end and junior lien loans 7,028 0 0 0 163,987 171,015 Residential construction loans 0 0 0 0 14,983 14,983 Other consumer loans 17,717 0 55 0 43,411 61,183 Total $2,980,993 $74,274 $72,392 $0 $343,268 $3,470,927 |
FAIR VALUES OF FINANCIAL INSTRU
FAIR VALUES OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
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: The Company's Finance 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 Executive Vice President and 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 Executive Vice President and 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 on securities from a third party pricing service and all security prices are tested annually against prices from another third party provider and reviewed with a market value price tolerance variance that varies by sector: municipal securities +/- 5%, government mbs/cmo +/- 3% and U.S. treasuries +/-1% with a variance of $100,000 or more. If any securities fall outside the tolerance threshold, a determination of materiality is made for the amount over the threshold. Any security that would have a material threshold difference would be further investigated to determine why the variance exists and if any action is needed concerning the security pricing for that individual security. Changes in market value are reviewed monthly in aggregate 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: Interest rate swap derivatives: Impaired loans: 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: At December 31, 2017, the sensitivity of the current fair value of MSRs to an immediate 10% and 20% adverse change in the PSA and discount rate was ($114,000) and ($218,000), respectively for the PSA, and was ($152,000) and ($294,000), 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: Real estate mortgage loans held for sale December 31, 2017 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 at Fair Value Assets U.S. Treasury securities $997 $0 $0 $997 U.S. government sponsored agency securities 0 5,122 0 5,122 Mortgage-backed securities 0 357,985 0 357,985 State and municipal securities 0 173,509 880 174,389 Total Securities 997 536,616 880 538,493 Mortgage banking derivative 0 136 0 136 Interest rate swap derivative 0 2,441 0 2,441 Total assets $997 $539,193 $880 $541,070 Liabilities Mortgage banking derivative 0 3 0 3 Interest rate swap derivative 0 2,562 0 2,562 Total liabilities $0 $2,565 $0 $2,565 December 31, 2016 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 at Fair Value Assets U.S. Treasury securities $1,003 $0 $0 $1,003 U.S. government sponsored agency securities 0 6,241 0 6,241 Mortgage-backed securities 0 351,568 0 351,568 State and municipal securities 0 144,709 670 145,379 Total Securities 1,003 502,518 670 504,191 Mortgage banking derivative 0 314 0 314 Interest rate swap derivative 0 2,645 0 2,645 Total assets $1,003 $505,477 $670 $507,150 Liabilities Mortgage banking derivative 0 14 0 14 Interest rate swap derivative 0 2,735 0 2,735 Total liabilities $0 $2,749 $0 $2,749 There were no transfers between Level 1 and Level 2 during 2017 and 2016. State and Municipal Securities (dollars in thousands) 2017 2016 Balance of recurring Level 3 assets at January 1 $670 $551 Transfers into Level 3 325 339 Changes in fair value of securities included in other comprehensive income (10) (10) Principal payments (105) (210) Sales 0 0 Balance of recurring Level 3 assets at December 31 $880 $670 Quantitative Information about Level 3 Fair Value Measurements Range of Fair Value at Inputs (dollars in thousands) 12/31/2017 Valuation Technique Unobservable Input (Average) State and municipal securities $880 Price to type, par, call Discount to benchmark index 0-5% (2.03%) Quantitative Information about Level 3 Fair Value Measurements Range of Fair Value at Inputs (dollars in thousands) 12/31/2016 Valuation Technique Unobservable Input (Average) State and municipal securities $670 Price to type, par, call Discount to benchmark index 0-5% (2.98%) 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. December 31, 2017 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 $934 $934 Non-working capital loans 0 0 1,693 1,693 Commercial real estate and multi-family residential loans: Construction and land development loans 0 0 477 477 Owner occupied loans 0 0 1,133 1,133 Consumer 1-4 family mortgage loans: Open end and junior lien loans 0 0 195 195 Total impaired loans $0 $0 $4,432 $4,432 Other real estate owned 0 0 0 0 Total assets $0 $0 $4,432 $4,432 The table below presents the balances of assets measured at fair value on a nonrecurring basis: December 31, 2016 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 $621 $621 Non-working capital loans 0 0 3,889 3,889 Commercial real estate and multi-family residential loans: Owner occupied loans 0 0 1,195 1,195 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 0 0 62 62 Total impaired loans $0 $0 $5,767 $5,767 Other real estate owned 0 0 75 75 Total assets $0 $0 $5,842 $5,842 (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Impaired loans: Commercial and industrial $2,627 Collateral based Discount to reflect 37% 23% - 100% measurements current market conditions and ultimate collectability Impaired loans: Commercial real estate 1,610 Collateral based Discount to reflect 33% 2% - 58% measurements current market conditions and ultimate collectability Impaired loans: Consumer 1-4 family mortgage 195 Collateral based Discount to reflect 17% measurements current market conditions and ultimate collectability 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, 2016: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Impaired loans: Commercial and industrial $4,510 Collateral based Discount to reflect 44% 22% - 100% measurements current market conditions and ultimate collectability Impaired loans: Commercial real estate 1,195 Collateral based Discount to reflect 30% 6% - 59% measurements current market conditions and ultimate collectability Impaired loans: Consumer 1-4 family mortgage 62 Collateral based Discount to reflect 15% 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 $6.8 million, with a valuation allowance of $2.4 million at December 31, 2017, resulting in a reduction in provision for loan losses of $700,000 for the year ended December 31, 2017. At December 31, 2016, impaired loans had a gross carrying amount of $8.9 million, with a valuation allowance of $3.1 million, resulting in an additional provision for loan losses of $700,000 for the year ended December 31, 2016. We had no other real estate owned properties measured at fair value less costs to sell, at December 31, 2017. At December 31, 2016, other real estate owned 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. December 31, 2017 Carrying Estimated Fair Value (dollars in thousands) Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $176,180 $174,045 $2,127 $0 $176,172 Securities available for sale 538,493 997 536,616 880 538,493 Real estate mortgages held for sale 3,346 0 3,390 0 3,390 Loans, net 3,771,338 0 0 3,744,842 3,744,842 Federal Home Loan Bank stock 10,352 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 14,093 3 2,925 11,165 14,093 Financial Liabilities: Certificates of deposit (1,412,583) 0 (1,417,075) 0 (1,417,075) All other deposits (2,596,072) (2,596,072) 0 0 (2,596,072) Securities sold under agreements to repurchase (70,652) 0 (70,652) 0 (70,652) Other short-term borrowings (80,000) 0 (80,004) 0 (80,004) Long-term borrowings (30) 0 (31) 0 (31) Subordinated debentures (30,928) 0 0 (31,194) (31,194) Standby letters of credit (758) 0 0 (758) (758) Accrued interest payable (6,311) (149) (6,158) (4) (6,311) The following table contains the estimated fair values and the related carrying values of the Company's financial instruments at December 31, 2016. Items which are not financial instruments are not included. December 31, 2016 Carrying Estimated Fair Value (dollars in thousands) Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $167,280 $165,385 $1,899 $0 $167,284 Securities available for sale 504,191 1,003 502,518 670 504,191 Real estate mortgages held for sale 5,915 0 5,994 0 5,994 Loans, net 3,427,209 0 0 3,411,121 3,411,121 Federal Home Loan Bank stock 8,102 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 11,687 3 2,688 8,996 11,687 Financial Liabilities: Certificates of deposit (1,163,818) 0 (1,169,905) 0 (1,169,905) All other deposits (2,414,094) (2,414,094) 0 0 (2,414,094) Securities sold under agreements to repurchase (50,045) 0 (50,045) 0 (50,045) Other short-term borrowings (180,000) 0 (180,005) 0 (180,005) Long-term borrowings (32) 0 (34) 0 (34) Subordinated debentures (30,928) 0 0 (31,194) (31,194) Standby letters of credit (323) 0 0 (323) (323) Accrued interest payable (5,676) (93) (5,580) (3) (5,676) The methods and assumptions, not previously presented, used to estimate fair values are described as follows: Cash and cash equivalents Loans, net FHLB and Federal Reserve Bank stock Certificates of deposit All other deposits Securities sold under agreements to repurchase Federal funds purchased Other short-term borrowings Long-term borrowings Subordinated debentures Standby letters of credit Accrued interest receivable/payable |
LAND, PREMISES AND EQUIPMENT, N
LAND, PREMISES AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
LAND, PREMISES AND EQUIPMENT, NET | NOTE 6 – LAND, PREMISES AND EQUIPMENT, NET (dollars in thousands) 2017 2016 Land $16,172 $14,799 Premises 41,694 39,722 Equipment 34,349 29,274 Total cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,215 83,795 Less accumulated depreciation 35,749 31,703 Land, premises and equipment, net $56,466 $52,092 We rent certain premises and equipment under operating leases, which expire at various dates. Many of these leases require the payment of property taxes, insurance premiums, maintenance, and other costs. In some cases, rentals are subject to increase in relation to a cost-of-living index. The leases have original terms ranging from less than one year to 14 years. (dollars in thousands) 2017 2018 $427 2019 438 2020 464 2021 473 2022 485 Thereafter 2,864 Total $5,151 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 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, 2017 | |
Deposits [Abstract] | |
DEPOSITS | NOTE 8 – DEPOSITS (dollars in thousands) 2017 2016 Non-interest bearing demand deposits $885,622 $819,803 Savings and transaction accounts: Savings deposits 263,570 268,970 Interest bearing demand deposits 1,446,880 1,325,320 Time deposits: Other time deposits 251,218 238,994 Deposits of $100,000 to $250,000 236,354 212,232 Deposits of $250,000 or more 925,011 712,593 Total deposits $4,008,655 $3,577,912 (dollars in thousands) Amount Maturing in 2018 $973,037 Maturing in 2019 286,705 Maturing in 2020 72,116 Maturing in 2021 56,648 Maturing in 2022 23,971 Thereafter 106 Total time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,412,583 |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 9 BORROWINGS (dollars in thousands) 2017 2016 Federal Home Loan Bank of Indianapolis Notes, 6.15%, Due January 16, 2018 $30 $32 (dollars in thousands) Amount 2018 $30 (dollars in thousands) 2017 2016 Federal Home Loan Bank of Indianapolis Notes, 1.67%, Due June 27, 2018 $80,000 $0 Federal Home Loan Bank of Indianapolis Notes, 0.89%, Due June 28, 2017 0 180,000 Total $80,000 $180,000 The outstanding FHLB advance at December 31, 2017 of $80.0 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 $370.0 million and $337.6 million at December 31, 2017 and 2016. At December 31, 2017, the Company owned $10.4 million of FHLB stock, which also secures debts owed to the FHLB of $80.0 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 $161.7 million based on collateral and outstanding borrowings. Federal Reserve Discount Window borrowings were secured by commercial loans with a carrying value of $282.1 million as of December 31, 2017. The Company had a borrowing capacity of $220.5 million at the Federal Reserve Bank at December 31, 2017. There were no borrowings outstanding at the Federal Reserve Bank at December 31, 2017 and 2016. Securities sold under agreements to repurchase ("repo accounts") represent collateralized borrowings with customers located primarily within the Company's service area. All repos at December 31, 2017, 2016 and 2015 mature on demand. 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. However, as a means of mitigating market risk, the Company maintains excess collateral to cover normal changes in the repurchase liability by monitoring daily usage. At December 31, 2017, 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. 2017 2016 2015 Securities sold under agreements to repurchase Outstanding at year end $70,652 $50,045 $69,622 Approximate average interest rate at year end 0.46 % 0.29 % 0.21 % Highest amount outstanding as of any month end during the year $77,886 $60,198 $82,817 Approximate average outstanding during the year 63,379 57,945 63,880 Approximate average interest rate during the year 0.39 % 0.25 % 0.19 % Securities sold under agreements to repurchase are secured by mortgage-backed securities with a carrying amount of $98.0 million at year-end for both 2017 and 2016. Additional information concerning recognition of these liabilities is disclosed in Note 17. |
SUBORDINATED DEBENTURES
SUBORDINATED DEBENTURES | 12 Months Ended |
Dec. 31, 2017 | |
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 4.4745%, 4.0479% and 3.6567% at December 31, 2017, 2016 and 2015, respectively. |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2017 | |
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, six retired officers are the only participants in the SERP. The measurement date for both the pension plan and SERP is December 31, 2017 and 2016. Information as to the Company's employee benefit plans at December 31, 2017 and 2016 is as follows: Pension Benefits SERP Benefits (dollars in thousands) 2017 2016 2017 2016 Change in benefit obligation: Beginning benefit obligation $2,841 $2,795 $1,163 $1,223 Interest cost 104 105 40 45 Actuarial (gain)/loss 134 256 20 32 Benefits paid (217) (315) (137) (137) Ending benefit obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,862 2,841 1,086 1,163 Change in plan assets (primarily equity and fixed income investments and money market funds), at fair value: Beginning plan assets 2,063 1,910 1,000 988 Actual return 313 151 144 73 Employer contribution 197 317 40 76 Benefits paid (217) (315) (137) (137) Ending plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,356 2,063 1,047 1,000 Funded status at end of year $(506) $(778) $(39) $(163) Amounts recognized in the consolidated balance sheets consist of: Pension Benefits SERP Benefits (dollars in thousands) 2017 2016 2017 2016 Funded status included in other liabilities $(506) $(778) $(39) $(163) Amounts recognized in accumulated other comprehensive income consist of: Pension Benefits SERP Benefits (dollars in thousands) 2017 2016 2017 2016 Net actuarial loss $1,731 $1,953 $661 $801 The accumulated benefit obligation for the pension plan was $2.9 million and $2.8 million for December 31, 2017 and 2016, respectively. The accumulated benefit obligation for the SERP was $1.1 million and $1.2 million for December 31, 2017 and 2016, respectively. Net pension expense and other amounts recognized in other comprehensive income include the following: Pension Benefits SERP Benefits (dollars in thousands) 2017 2016 2015 2017 2016 2015 Net pension expense: Service cost $0 $0 $0 $0 $0 $0 Interest cost 104 105 103 40 45 46 Expected return on plan assets (143) (139) (139) (63) (70) (76) Recognized net actuarial loss 185 135 162 80 80 82 Settlement cost 0 128 78 0 0 0 Net pension expense $146 $229 $204 $57 $55 $52 Net (gain)/loss $(36) $122 $203 $(61) $29 $122 Amortization of net loss (185) (135) (162) (80) (80) (82) Total recognized in other comprehensive income (221) (13) 41 (141) (51) 40 Total recognized in net pension expense and other comprehensive income $(75) $216 $245 $(84) $4 $92 For 2017, 2016 and 2015, 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, 2017, 2016 and 2015 reflect the mortality table in effect for 2017, 2016 and 2015, respectively. For 2017, the mortality assumption was changed to the RP-2014 Mortality Table, adjusted to 2006, with full generational Projection Scale MP-2017 as of December 31, 2017 to reflect improved mortality expectations. For 2016, the mortality assumption was changed to the RP-2014 Mortality Table, adjusted to 2006, with full generational Projection Scale MP-2016 as of December 31, 2016 to reflect improved mortality expectations. For 2015, the mortality assumption was changed to the RP-2014 Mortality Table projected to 2024 with Projection Scale MP-2015 as of December 31, 2015 to reflect improved mortality expectations. Pension Benefits SERP Benefits 2017 2016 2015 2017 2016 2015 The following assumptions were used in calculating the net benefit obligation: Weighted average discount rate 3.46% 3.86% 3.96% 3.46% 3.86% 3.96% 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 2.05% 1.57% 1.61% N/A N/A N/A Next 15 years 3.61% 3.45% 4.02% N/A N/A N/A All future years 4.27% 4.39% 5.03% N/A N/A N/A The following assumptions were used in calculating the net pension expense: Weighted average discount rate 3.86% 3.96% 3.61% 3.86% 3.96% 3.61% Rate of increase in future compensation N/A N/A N/A N/A N/A N/A Expected long-term rate of return 6.50% 7.00% 7.75% 6.50% 7.00% 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 8.70% and debt securities were assumed to have a long-term rate of return of approximately 3.0%. 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. Percentage of Plan Weighted Target Assets Average Expected Allocation at Year End Long-Term Rate Asset Category 2018 2017 2016 of Return Equity securities 55-65% 63% 60% 8.69% Debt securities 35-45% 33% 37% 3.00% Other 5-10% 4% 3% 0.10% Total 100% 100% 6.50% The Company's SERP plan asset allocation at year-end 2017 and 2016, target allocation for 2018, 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 2018 2017 2016 of Return Equity securities 55-65% 66% 62% 8.69% Debt securities 35-45% 32% 37% 3.00% Other 5-10% 2% 1% 0.10% Total 100% 100% 6.50% 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). 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 $911 $911 $0 $0 Equity securities - US large cap stock mutual funds 0 0 0 0 Equity securities - US mid cap stock mutual funds 119 119 0 0 Equity securities - US small cap stock mutual funds 125 125 0 0 Equity securities - international stock mutual funds 240 240 0 0 Equity securities - emerging markets stock mutual funds 95 95 0 0 Debt securities - intermediate term bond mutual funds 344 344 0 0 Debt securities - short term bond mutual funds 387 387 0 0 Debt securities - commercial 50 0 50 0 Cash - money market account 82 82 0 0 Total $2,353 $2,303 $50 $0 Total pension plan assets available for benefits also include $3,000 in accrued interest and dividend income. The fair values of the Company's pension plan assets at December 31, 2016, 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 $550 $550 $0 $0 Equity securities - US large cap stock mutual funds 335 335 0 0 Equity securities - US mid cap stock mutual funds 138 138 0 0 Equity securities - US small cap stock mutual funds 53 53 0 0 Equity securities - international stock mutual funds 147 147 0 0 Equity securities - emerging markets stock mutual funds 24 24 0 0 Debt securities - intermediate term bond mutual funds 413 413 0 0 Debt securities - short term bond mutual funds 288 288 0 0 Debt securities - commercial 52 0 52 0 Cash - money market account 59 59 0 0 Total $2,059 $2,007 $52 $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 2017 and 2016. 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 $422 $422 $0 $0 Equity securities - US mid cap stock mutual funds 58 58 0 0 Equity securities - US small cap stock mutual funds 60 60 0 0 Equity securities - emerging markets stock mutual funds 42 42 0 0 Equity securities - international stock mutual funds 115 115 0 0 Debt securities - intermediate term bond mutual funds 146 146 0 0 Debt securities - short term bond mutual funds 158 158 0 0 Debt securities - commercial 30 0 30 0 Cash - money market account 15 15 0 0 Total $1,046 $1,016 $30 $0 Total SERP plan assets available for benefits also include $2,000 in accrued interest and dividend income. The fair values of the Company's SERP assets at December 31, 2016, 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 $132 $132 $0 $0 Equity securities - US large cap stock mutual funds 380 380 0 0 Equity securities - US mid cap stock mutual funds 40 40 0 0 Equity securities - US small cap stock mutual funds 15 15 0 0 Equity securities - international stock mutual funds 49 49 0 0 Debt securities - intermediate term bond mutual funds 153 153 0 0 Debt securities - short term bond mutual funds 166 166 0 0 Debt securities - commercial 57 0 57 0 Cash - money market account 4 4 0 0 Total $996 $939 $57 $0 Total SERP 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 2017 and 2016. Contributions The Company expects to contribute $0 to its pension plan and $0 to its SERP plan in 2018. Estimated Future Benefit Payments Pension SERP Plan Year Benefits Benefits (dollars in thousands) 2018 $266 $133 2019 228 128 2020 207 123 2021 245 117 2022 226 110 2023-2027 927 419 |
OTHER BENEFIT PLANS
OTHER BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2017 | |
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 $1.7 million, $1.6 million and $1.4 million in 2017, 2016 and 2015. 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 (income) expense recognized for each of the last three years was $456,000, $124,000, and ($63,000) resulting in a deferred compensation liability of $2.9 million, $2.5 million and $2.2 million as of year-end 2017, 2016 and 2015, respectively. 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 $4.9 million as of December 31, 2017. On December 31, 2017, 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, 2017 and 2016 was $3.6 million and $3.1 million. The related expense for the deferred directors' compensation and cash plans as of December 31, 2017, 2016 and 2015 was $491,000, $501,000 and $469,000. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 13 INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act ("Act") was enacted into law and, among other items, reduces the corporate income tax rate from 35% to 21%, effective January 1, 2018. The enactment of this law resulted in a lower federal income tax rate resulting in a reduction of the benefit provided by the Company's existing deferred tax assets. In accordance with ASC Topic 740, "Income Taxes", the Company revalued its net deferred tax asset based on facts and circumstances available for the reporting period ending December 31, 2017 in which the Act was enacted and through the time the Company issues its financial statements for that reporting period. Preliminary assumptions were made for temporary timing differences, including but not limited to, book-to-tax depreciation on fixed assets. The company's revaluation of its net deferred tax asset and other relevant details remain subject to modifications as the company finalizes its federal and state income tax returns for the year ended December 31, 2017 and as information and analysis regarding the Act and other relevant factors emerge. The Company does not expect material variances from these estimates and expects that final valuation amounts will be determined upon the filing of the federal and state income tax returns, which is expected to occur in September 2018. As a result of this revaluation, the Company recorded a non-cash, non-operating and non-recurring income tax provision of $4.1 million. Over the long-run, the reduction in corporate tax rates is expected to reduce income tax expense beginning January 1, 2018. (dollars in thousands) 2017 2016 2015 Current federal $27,064 $23,749 $19,992 Deferred federal (199) 268 1,378 Revalue deferred taxes due to tax reform 4,137 0 0 Current state 1,559 1,086 1,257 Deferred state (257) 30 206 Total income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $32,304 $25,133 $22,833 Income tax expense included an expense (benefit) of $11,000, $23,000 and $16,000 applicable to security transactions for 2017, 2016 and 2015. (dollars in thousands) 2017 2016 2015 Income taxes at statutory federal rate of 35% $31,372 $27,026 $24,220 Increase (decrease) in taxes resulting from: Tax exempt income (2,015) (1,498) (1,323) Nondeductible expense 193 190 206 State income tax, net of federal tax effect 846 726 951 Captive insurance premium income (378) (361) (363) Tax credits (326) (311) (241) Bank owned life insurance (619) (554) (605) Long - term incentive plan (854) 0 0 Revaluation deferred tax asset at 21% rate 4,137 0 0 Other (52) (85) (12) Total income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $32,304 $25,133 $22,833 (dollars in thousands) 2017 2016 Deferred tax assets: Bad debts $12,043 $17,187 Pension and deferred compensation liability 1,028 1,310 Non-qualified stock options 4 38 Nonaccrual loan interest 970 2,061 Long-term incentive plan 2,043 2,348 Other 399 450 16,487 23,394 Deferred tax liabilities: Accretion 28 121 Depreciation 3,614 4,952 Loan servicing rights 793 1,174 State taxes 426 620 Deferred loan fees 0 78 Intangible assets 1,261 1,925 REIT spillover dividend 1,242 1,479 Prepaid expenses 752 959 Other 384 418 8,500 11,726 Valuation allowance 0 0 Net deferred tax asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,987 $11,668 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 ($226,000) and $386,000 for 2017 and 2016. The deferred income tax asset allocated to the pension plan and SERP included in equity was $625,000 million and $1.1 million for 2017 and 2016, respectively. The Company evaluated its deferred tax asset at year end 2017 and has concluded that it is more likely than not that it will be realized. The Company expects to have taxable income in the future such that the deferred tax asset will be realized. Therefore, no valuation allowance is required. Unrecognized Tax Benefits The Company did not have any unrecognized tax benefits at December 31, 2017 or 2016. 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, 2017, 2016 and 2015. 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 2013. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 14 RELATED PARTY TRANSACTIONS (dollars in thousands) 2017 2016 Beginning balance $118,305 $119,963 New loans and advances 79,570 96,724 Effect of changes in related parties (66) 0 Repayments and renewals (92,567) (98,382) Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $105,242 $118,305 Deposits from principal officers, directors, and their affiliates at year-end 2017 were $9.6 million plus an additional $862,000 included in securities sold under agreements to repurchase. Deposits from principal officers, directors, and their affiliates at year-end 2016 were $17.0 million plus an additional $3.2 million included in securities sold under agreements to repurchase. |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2017 | |
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 1,125,000 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 435,867 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. Effective April 12, 2017, the Company adopted the Lakeland Financial Corporation 2017 Equity Incentive Plan (the "2017 Plan"), which was also approved by the Company's stockholders. At its inception there were 1,000,000 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. As of December 31, 2017, 987,178 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, 2017, 2016 and 2015 was employee stock compensation expense of $5.7 million, $4.2 million and $2.5 million, and a related tax benefit of $2.2 million, $1.7 million and $1.0 million, 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 2017, 2016 or 2015. Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (in thousands) Outstanding at beginning of the year 9,000 $16.03 Granted 0 0.00 Exercised (1,500) 16.03 Forfeited 0 0 Outstanding at end of the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,500 $16.03 0.4 $243 Options exercisable at end of the year 7,500 $16.03 0.4 $243 The following table presents information on stock awards exercised for the years ended December 31, 2017, 2016 and 2015. (dollars in thousands) 2017 2016 2015 Total intrinsic value $44 $755 $577 Cash received 24 625 559 Actual tax benefit realized for tax deductions 0 669 148 There were no modifications of stock option awards during the years ended December 31, 2017, 2016 and 2015. As of December 31, 2017, 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 either the first or third anniversary of the grant date, with the exception of 19,412 shares included as vested 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, 2017 4,500 $23.57 Granted 19,912 45.46 Vested (23,912) 41.43 Forfeited 0 0.00 Nonvested at December 31, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 $41.22 As of December 31, 2017, there was $3,000 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 0.14 years. The total fair value of shares vested during the years ended December 31, 2017, 2016 and 2015 was $1.2 million, $1.1 million and $944,000. 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 expected dividend rate is assumed to be the most recent dividend rate declared by the Board of Directors on the grant date. The grant date fair value of stock awards is assumed at the target payout rate. The stock awards fully vest on the third anniversary of the grant date. The 2017-2019, 2016-2018 and 2015-2017 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. Shares granted below include the number of shares assumed granted based on meeting the performance criteria of the 2017-2019, 2016-2018 and 2015-2017 Long-Term Incentive Plans at December 31, 2017. Weighted-Average Grant-Date Nonvested Shares Shares Fair Value Nonvested at January 1, 2017 347,520 $26.95 Granted 155,699 41.52 Vested (112,055) 24.51 Forfeited (3,471) 39.89 Nonvested at December 31, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387,693 $33.39 As of December 31, 2017 and 2016, there was $4.9 million and $3.4 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 1.66 years and 1.51 years, respectively. The total fair value of shares vested during the year ended December 31, 2017, 2016 and 2015 was $5.1 million, $4.1 million, and $2.4 million, respectively. At December 31, 2017, 2016 and 2015, 112,055, 95,600 and 94,968 shares vested, respectively. |
CAPITAL REQUIREMENTS AND RESTRI
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS | 12 Months Ended |
Dec. 31, 2017 | |
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 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. Under the Basel III rules, the Company must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The capital conservation buffer is being phased in from 0.000% for 2015 to 2.50% by 2019. The capital conservation buffer for 2017 and 2016 is 1.25% and 0.625%, respectively. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. The quantitative measures established by regulation to ensure capital adequacy that were in effect on December 31, 2017 and 2016, require the Company and the Bank to maintain minimum capital amounts and ratios (set forth in the following table) of Total, Tier I and Common Equity Tier 1 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, 2017 and 2016, that the Company and the Bank met all capital adequacy requirements to which they are subject. As of December 31, 2017, 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. Minimum Required to Minimum Required For Capital Adequacy Be Well Capitalized For Capital Purposes Plus Capital Under Prompt Corrective Actual Adequacy Purposes Conservation Buffer Action Regulations (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017: Total Capital (to Risk Weighted Assets) Consolidated $541,475 13.26% $326,782 8.00% $377,842 9.250% $408,478 10.00% Bank $525,482 12.89% $326,140 8.00% $377,099 9.250% $407,675 10.00% Tier I Capital (to Risk Weighted Assets) Consolidated $494,265 12.10% $245,087 6.00% $296,147 7.250% $326,782 8.00% Bank $478,272 11.73% $244,605 6.00% $295,564 7.250% $326,140 8.00% Common Equity Tier 1 (CET1) Consolidated $464,265 11.37% $183,815 4.50% $234,875 5.750% $265,511 6.50% Bank $478,272 11.73% $183,454 4.50% $234,413 5.750% $264,988 6.50% Tier I Capital (to Average Assets) Consolidated $494,265 10.76% $183,793 4.00% $183,793 4.00% $229,741 5.00% Bank $478,272 10.44% $183,187 4.00% $183,187 4.00% $228,984 5.00% As of December 31, 2016: Total Capital (to Risk Weighted Assets) Consolidated $498,189 13.23% $301,243 8.00% $324,777 8.625% $376,554 10.00% Bank $482,600 12.84% $300,784 8.00% $324,283 8.625% $375,980 10.00% Tier I Capital (to Risk Weighted Assets) Consolidated $454,382 12.07% $225,932 6.00% $249,467 6.625% $301,243 8.00% Bank $438,793 11.67% $225,588 6.00% $249,087 6.625% $300,784 8.00% Common Equity Tier 1 (CET1) Consolidated $424,382 11.27% $169,449 4.50% $192,984 5.125% $244,760 6.50% Bank $438,793 11.67% $169,191 4.50% $192,690 5.125% $244,387 6.50% Tier I Capital (to Average Assets) Consolidated $454,382 10.86% $167,310 4.00% $167,310 4.00% $209,138 5.00% Bank $438,793 10.54% $166,522 4.00% $166,522 4.00% $208,153 5.00% 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, 2017, approximately $73.7 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, 2017. 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 LIABILITI
OFFSETTING ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Offsetting Assets And Liabilities [Abstract] | |
OFFSETTING ASSETS AND LIABILITIES | NOTE 17 OFFSETTING ASSETS AND LIABILITIES December 31, 2017 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 $2,441 $0 $2,441 $0 $0 $2,441 Total Assets $2,441 $0 $2,441 $0 $0 $2,441 Liabilities Interest Rate Swap Derivatives $2,562 $0 $2,562 $0 $(750) $1,812 Repurchase Agreements 70,652 0 70,652 (70,652) 0 0 Total Liabilities $73,214 $0 $73,214 $(70,652) $(750) $1,812 December 31, 2016 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 $2,645 $0 $2,645 $0 $0 $2,645 Total Assets $2,645 $0 $2,645 $0 $0 $2,645 Liabilities Interest Rate Swap Derivatives $2,735 $0 $2,735 $0 $(1,330) $1,405 Repurchase Agreements 50,045 0 50,045 (50,045) 0 0 Total Liabilities $52,780 $0 $52,780 $(50,045) $(1,330) $1,405 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, OFF-BALANCE SHEET
COMMITMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | NOTE 18 COMMITMENTS, OFF – 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. 2017 2016 Fixed Variable Fixed Variable (dollars in thousands) Rate Rate Rate Rate Commercial loan lines of credit $53,998 $1,155,096 $46,940 $1,164,660 Commercial letters of credit 0 50 0 93 Standby letters of credit 0 71,046 0 54,749 Real estate mortgage loans 4,973 5,722 6,116 3,103 Real estate construction mortgage loans 2,365 6,042 0 6,063 Home equity mortgage open-ended revolving lines 0 212,776 0 183,472 Consumer loan open-ended revolving lines 249 11,892 240 9,200 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $61,585 $1,462,624 $53,296 $1,421,340 The index on variable rate commercial loan commitments is principally the national prime rate. 2017 2016 Fixed Variable Fixed Variable Rate Rate Rate Rate Commercial loan 2.00-14.50 % 2.48-9.50 % 2.71-12.50 % 1.96-8.75 % Real estate mortgage loan 3.25-4.50 % 3.50-5.75 % 3.13-4.50 % 3.25-5.75 % Consumer loan open-ended revolving line 15.00 % 4.00-15.00 % 15.00 % 3.00-15.00 % 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, 2017 | |
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: December 31, (dollars in thousands) 2017 2016 ASSETS Deposits with Lake City Bank $850 $3,467 Deposits with other depository institutions 4,969 4,636 Cash 5,819 8,103 Investments in banking subsidiary 482,585 441,389 Investments in other subsidiaries 3,552 3,471 Other assets 7,789 5,206 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $499,745 $458,169 LIABILITIES Dividends payable and other liabilities $239 $263 Subordinated debt 30,928 30,928 STOCKHOLDERS' EQUITY 468,578 426,978 Total liabilities and stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $499,745 $458,169 Years Ended December 31, (dollars in thousands) 2017 2016 2015 Dividends from Lake City Bank $21,822 $20,622 $10,257 Dividends from non-bank subsidiaries 1,030 1,035 1,031 Other income 57 50 98 Interest expense on subordinated debt (1,349) (1,190) (1,063) Miscellaneous expense (6,491) (5,006) (3,231) INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES 15,069 15,511 7,092 Income tax benefit 2,688 2,483 1,655 INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES 17,757 17,994 8,747 Equity in undistributed income of subsidiaries 39,573 34,090 37,620 NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,330 $52,084 $46,367 COMPREHENSIVE INCOME $59,047 $47,555 $44,679 Years Ended December 31, (dollars in thousands) 2017 2016 2015 Cash flows from operating activities: Net income $57,330 $52,084 $46,367 Adjustments to net cash from operating activities: Equity in undistributed income of subsidiaries (39,573) (34,090) (37,620) Other changes 3,586 3,818 3,647 Net cash from operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,343 21,812 12,394 Cash flows from financing activities Payments (Proceeds) from issuance of common stock (1,736) 614 12 Purchase of treasury stock (495) (458) (455) Dividends paid (21,396) (18,200) (15,697) Cash flows from financing activities (23,627) (18,044) (16,140) Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,284) 3,768 (3,746) Cash and cash equivalents at beginning of the year 8,103 4,335 8,081 Cash and cash equivalents at end of the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,819 $8,103 $4,335 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 20 EARNINGS PER SHARE (dollars in thousand except share and per share data) 2017 2016 2015 Basic earnings per common share: Net income $57,330 $52,084 $46,367 Weighted-average common shares outstanding 25,181,208 25,056,095 24,926,354 Basic earnings per common share $2.28 $2.08 $1.86 Diluted earnings per common share: Net income $57,330 $52,084 $46,367 Weighted-average common shares outstanding for basic earnings per common share 25,181,208 25,056,095 24,926,354 Add: Dilutive effect of assumed exercise of warrant 219,273 184,205 156,563 Add: Dilutive effect of assumed exercises of stock options and awards 262,900 220,427 162,652 Average shares and dilutive potential common shares 25,663,381 25,460,727 25,245,568 Diluted earnings per common share $2.23 $2.05 $1.84 There were no antidilutive stock options for 2017, 2016 and 2015. Share and per share data has been adjusted for a 3-for-2 stock split July 25, 2016 in the form of a stock dividend on August 5, 2016. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders Equity Note [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 21 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Unrealized Gains and Losses on Defined Available- Benefit for-Sales Pension (dollars in thousands) Securities Items Total Balance at December 31, 2016 $(722) $(1,665) $(2,387) Other comprehensive income before reclassification 1,525 50 1,575 Amounts reclassified from accumulated other comprehensive income (loss) (19) 161 142 Net current period other comprehensive income 1,506 211 1,717 Balance at December 31, 2017 $784 $(1,454) $(670) Unrealized Gains and Losses on Defined Available- Benefit for-Sales Pension (dollars in thousands) Securities Items Total Balance at December 31, 2015 $3,836 $(1,694) $2,142 Other comprehensive income before reclassification (4,518) (101) (4,619) Amounts reclassified from accumulated other comprehensive income (loss) (40) 130 90 Net current period other comprehensive income (4,558) 29 (4,529) Balance at December 31, 2016 $(722) $(1,665) $(2,387 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 2017 (dollars in thousands) Unrealized gains and losses on available-for-sale securities $32 Net securities gains (losses) Tax effect (13) Income tax expense 19 Net of tax Amortization of defined benefit pension items (1) (265) Salaries and employee benefits Tax effect 104 Income tax expense (161) Net of tax Total reclassifications for the period $(142) Net income 2016 (dollars in thousands) Unrealized gains and losses on available-for-sale securities $66 Net securities gains (losses) Tax effect (26) Income tax expense 40 Net of tax Amortization of defined benefit pension items (1) (215) Salaries and employee benefits Tax effect 85 Income tax expense (130) Net of tax Total reclassifications for the period $(90) Net income 2015 (dollars in thousands) Unrealized gains and losses on available-for-sale securities $42 Net securities gains (losses) Tax effect (17) Income tax expense 25 Net of tax Amortization of defined benefit pension items (1) (244) Salaries and employee benefits Tax effect 97 Income tax expense (147) Net of tax Total reclassifications for the period $(122) Net income (1) Included in the computation of net pension plan expense as more fully discussed in Note 11. |
SELECTED QUARTERLY DATA (UNAUDI
SELECTED QUARTERLY DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |
SELECTED QUARTERLY DATA (UNAUDITED) | NOTE 22 – SELECTED QUARTERLY DATA (UNAUDITED) (in thousands except per share data) 4th 3rd 2nd 1st Quarter Quarter Quarter Quarter Interest income $44,161 $42,589 $40,821 $38,127 Interest expense 8,769 7,969 7,002 6,066 Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,392 34,620 33,819 32,061 Provision for loan losses 1,850 450 500 200 Net interest income after provision 33,542 34,170 33,319 31,861 Noninterest income 9,462 9,497 8,791 8,259 Noninterest expense 19,598 20,269 19,352 20,048 Income tax expense 11,779 7,573 7,394 5,558 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,627 $15,825 $15,364 $14,514 Basic earnings per common share $0.46 $0.63 $0.61 $0.58 Diluted earnings per common share $0.45 $0.62 $0.60 $0.57 2016 4th 3rd 2nd 1st Quarter Quarter Quarter Quarter Interest income $36,307 $35,079 $34,355 $33,210 Interest expense 5,400 5,360 5,082 4,628 Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,907 29,719 29,273 28,582 Provision for loan losses 1,150 0 0 0 Net interest income after provision 29,757 29,719 29,273 28,582 Noninterest income 8,736 9,018 8,067 7,043 Noninterest expense 18,389 18,759 18,446 17,384 Income tax expense 6,582 6,498 6,091 5,962 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,522 $13,480 $12,803 $12,279 Basic earnings per common share $0.54 $0.54 $0.51 $0.49 Diluted earnings per common share $0.53 $0.53 $0.50 $0.48 |
WARRANT
WARRANT | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 and 2016, the Company paid four dividends each year in excess of dividend paid at the time the Warrant was issued. In 2016, the number of shares issuable upon exercise and the exercise price were also adjusted for a 3-for-2 stock split on July 25, 2016 paid in the form of a dividend on August 5, 2016. Based on the formula set forth in the warrant, at December 31, 2017, the amount of shares issuable upon exercise of the Warrant was 310,968 and the exercise price was $13.5168. Based on the formula set forth in the Warrant, at December 31, 2016, the amount of shares issuable upon exercise of the Warrant was 308,014 and the exercise price was $13.6465. 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, 2017. |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 49 branch offices in fifteen 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 and certificates of deposit 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 net of unamortized net deferred loan fees and costs less unamortized net deferred loan fees. The total amount of accrued interest on loans as of December 31, 2017 and 2016 was $11.0 million and $8.9 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 different scenarios where the risk that the borrower will be unable or unwilling to repay its debt in full or on time is combined with an estimate of loss in the event the borrower cannot pay 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. Commercial and Industrial Commercial Real Estate and Multi-Family Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer 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, 2017 and 2016 were $5.3 million and $5.1 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 at December 31, 2017 in one of the limited partnerships compared to $1.3 million at December 31, 2016, 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, 2017 and 2016, the balance of other real estate owned was $40,000 and $153,000 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 $3.0 million and $2.7 million as of December 31, 2017 and 2016. Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of these loans were $344.4 million and $341.0 million at December 31, 2017 and 2016. Custodial escrow balances maintained in connection with serviced loans were $1.5 million at year end 2017 and 2016. Servicing fee income/(loss), which is included in loan 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 $1.0 million, $987,000 and $957,000 for the years ended December 31, 2017, 2016 and 2015, 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 non-interest income for both the commercial banking customer swaps and the related offsetting swaps. The fair value of the derivative instruments incorporates a consideration of credit risk (in accordance with ASC 820), resulting in some potential volatility in earnings each period. The notional amount of the combined interest rate swaps with customers and counterparties at December 31, 2017 and 2016 was $229.6 million and $231.1 million. The fair value of the interest rate swap asset was $2.4 million and $2.6 million and the fair value of the interest rate swap liability was $2.6 million and $2.7 million, respectively at December 31, 2017 and 2016. |
Bank Owned Life Insurance | Bank Owned Life Insurance: At December 31, 2017 and 2016, the Company owned $73.0 million and $71.7 million of life insurance policies on certain officers to provide a life insurance benefit for these officers. At December 31, 2017 and 2016, the Company also owned $2.9 million and $2.3 million, respectively, 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 2017 and 2016 include 168,970 and 158,222 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 $10.5 million and $11.2 million of cash on hand or on deposit with the Federal Reserve Bank to meet regulatory reserve and clearing requirements at year-end 2017 and 2016, respectively. 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: In March 2016, the FASB issued new guidance related to employee share-based payment accounting. This standard requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also allows an employer to repurchase more of an employee's shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election for forfeitures as they occur. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted. The Company adopted this new standard effective January 1, 2017. The adoption of this new standard could result in increased volatility to reported income tax expense related to excess tax benefits and tax deficiencies for employee share-based transactions, however, the actual amounts recognized in income tax expense will be dependent on the amount of employee share-based transactions and the stock price at the time of vesting or exercise. For the year ended December 31, 2017, adopting this new standard resulted in $964,000 in income tax benefit offsetting income tax expense and current tax liability due to the vesting of restricted stock and performance stock units. |
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. The Company's revenue is split between net interest income and noninterest income at a ratio of approximately 80% to 20%, respectively. The scope of the guidance explicitly excludes net interest income as well as many other revenues for financial assets and liabilities including loans, leases, securities, and derivatives. Accordingly, many of our revenue contracts will not be affected based on our current assessment. Our accounting policies will not change materially since the principles of revenue recognition from the Update are largely consistent with existing guidance and current practices applied by the Company. 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. This guidance was effective January 1, 2018 and the Company adopted this new accounting standard using the modified retrospective method with a cumulative-effect adjustment to opening retained earnings. The effect of adopting this standard in 2018 was a $24,000 cumulative effect adjustment to beginning retained earnings related to a gain on the sale of other real estate owned, which was deferred under the previous guidance. In January 2016, the FASB amended existing accounting guidance related to the recognition and measurement of financial assets and financial liabilities. These amendments make targeted improvements to U.S. GAAP as follows: (1) Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. (2) Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. (3) Eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities. (4) Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. (5) Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. (6) Require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. (7) Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivable) on the balance sheet or the accompanying notes to the financial statements. (8) Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. This guidance was effective beginning January 1, 2018. Adopting this standard did not have a significant impact on the Company's financial condition or results of operations. In February 2016, the FASB issued new accounting guidance related to leases. This update, effective for the Company beginning January 1, 2019, will replace existing lease guidance in GAAP and will require lessees to recognize lease assets and lease liabilities on the balance sheet for all leases and disclose key information about leasing arrangements. When implemented, lessees and lessors will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company currently has approximately $5.2 million of lease obligations that would come on balance sheet as both assets and liabilities upon adoption of this accounting standard. In June 2016, the FASB issued guidance related to credit losses on financial instruments. This update will change the accounting for credit losses on loans and debt securities. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. For loans, this measurement will take place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the "incurred loss" model required under current GAAP, which delays recognition until it is probable a loss has been incurred. In addition, the guidance will modify the other-than-temporary impairment model for available-for-sale debt securities to require an allowance for credit impairment instead of a direct write-down, which will allow for reversal of credit impairments in future periods. This guidance is effective for public business entities that meet the definition of an SEC filer for fiscal years beginning after December 15, 2019, including interim periods in those fiscal years. The Company has formed a cross-functional committee that has evaluated existing technology and other solutions for calculating losses under this new standard, selected a vendor to validate data currently loaded in the technology solution selected, and reviewed the validation assessment report. The committee is currently evaluating the various methods available for calculating the credit losses, including but not limited to discounted cash flows, migration, and vintage. Management expects to recognize credit losses earlier upon adoption of this accounting standard and the expected credit loss model than it has historically done under the current incurred credit loss model and is evaluating the impact of adopting this new accounting standard on our financial statements. In August 2016, the FASB issued guidance related to the classification of certain cash receipts and cash payments in the statement of cash flow. This standard provides cash flow statement classification guidance for certain transactions including how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. This guidance was effective beginning January 1, 2018. Adopting this standard did not have a significant impact on the Company's financial condition or results of operations. In January 2017, the FASB issued ASU No. 2017-04 "Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment." These amendments eliminate Step 2 from the goodwill impairment test. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The guidance is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. ASU 2017-04 should be adopted on a prospective basis. Management does not expect the adoption of this new accounting standard to have a material impact on our financial statements. In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." Under the new guidance, employers will present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. Employers will present the other components separately from the line item that includes the service cost. The guidance was effective beginning January 1, 2018. Adopting this standard did not have a significant impact on the Company's financial condition or results of operations. In March 2017, the FASB issued ASU No. 2017-08, "Receivables—Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities." This update amends the amortization period for certain purchased callable debt securities held at a premium. FASB is shortening the amortization period for the premium to the earliest call date. Under current GAAP, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. Concerns were raised that current GAAP excludes certain callable debt securities from consideration of early repayment of principal even if the holder is certain that the call will be exercised. As a result, upon the exercise of a call on a callable debt security held at a premium, the unamortized premium is recorded as a loss in earnings. There is diversity in practice (1) in the amortization period for premiums of callable debt securities and (2) in how the potential for exercise of a call is factored into current impairment assessments. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2018. Management is currently evaluating the impact of adopting the new guidance on our consolidated financial statements, but it is not expected to have a material impact. In August 2017, the Financial Accounting Standards Board issued ASU 2017-12, "Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities". The purpose of this updated guidance is to better align a company's financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for public business entities for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. The Company plans to adopt ASU 2017-12 on January 1, 2019. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. While the Company continues to assess all potential impacts of the standard, we currently expect adoption to have an immaterial impact on our consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, "Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The ASU will require a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate as a result of the Tax Cuts and Jobs Act. The amount of the reclassification is the difference between the historical corporate income tax rate and the newly enacted twenty-one percent corporate income tax rate. The new guidance will be effective for the Company's year ending December 31, 2018. Upon adoption of this new standard in the first quarter of 2018, the Company recorded a credit to retained earnings for the reclassification in the amount of $173,000. |
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, 2017 | |
Securities [Abstract] | |
Summary of Available-For-Sale Securities | Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gain Losses Value 2017 U.S. Treasury securities $992 $5 $0 $997 U.S. government sponsored agencies 5,191 0 (69) 5,122 Mortgage-backed securities: residential 314,650 2,099 (2,975) 313,774 Mortgage-backed securities: commercial 44,208 75 (72) 44,211 State and municipal securities 172,375 2,990 (976) 174,389 Total $537,416 $5,169 $(4,092) $538,493 2016 U.S. Treasury securities $990 $13 $0 $1,003 U.S. government sponsored agencies 6,312 10 (81) 6,241 Mortgage-backed securities: residential 304,172 3,388 (3,065) 304,495 Mortgage-backed securities: commercial 46,936 216 (79) 47,073 State and municipal securities 146,917 1,784 (3,322) 145,379 Total $505,327 $5,411 $(6,547) $504,191 |
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 $1,576 $1,578 Due after one year through five years 23,698 24,070 Due after five years through ten years 37,762 38,502 Due after ten years 115,522 116,358 178,558 180,508 Mortgage-backed securities 358,858 357,985 Total debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $537,416 $538,493 |
Schedule of Sales of Securities Available For Sale | Security proceeds, gross gains and gross losses for 2017, 2016 and 2015 were as follows: (dollars in thousands) 2017 2016 2015 Sales of securities available for sale Proceeds $40,877 $12,095 $7,787 Gross gains 267 83 42 Gross losses 235 17 0 |
Schedule of Available-For-Sale Securities Continuous Unrealized Loss Position | 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 2017 U.S. government sponsored agencies $2,353 $6 $2,769 $63 $5,122 $69 Mortgage-backed securities: residential 142,834 1,412 59,024 1,563 201,858 2,975 Mortgage-backed securities: commercial 23,505 72 0 0 23,505 72 State and municipal securities 8,585 47 49,552 929 58,137 976 Total temporarily impaired $177,277 $1,537 $111,345 $2,555 $288,622 $4,092 2016 U.S. government sponsored agencies $3,290 $81 $0 $0 $3,290 $81 Mortgage-backed securities: residential 162,738 2,803 7,080 262 169,818 3,065 Mortgage-backed securities: commercial 18,961 79 0 0 18,961 79 State and municipal securities 77,434 3,180 2,361 142 79,795 3,322 Total temporarily impaired $262,423 $6,143 $9,441 $404 $271,864 $6,547 |
Quantitative Disclosure of Available-For-Sale Securities | The number of securities with unrealized losses as of December 31, 2017 and 2016 is presented below. Less than 12 months 12 months or more Total 2017 U.S. government sponsored agencies 1 1 2 Mortgage-backed securities: residential 46 21 67 Mortgage-backed securities: commercial 5 0 5 State and municipal securities 17 62 79 Total temporarily impaired 69 84 153 2016 U.S. government sponsored agencies 1 0 1 Mortgage-backed securities: residential 54 2 56 Mortgage-backed securities: commercial 5 0 5 State and municipal securities 121 4 125 Total temporarily impaired 181 6 187 |
LOANS (Tables)
LOANS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Loans [Abstract] | |
Schedule of Loans | Total loans outstanding as of the years ended December 31, 2017 and 2016 consisted of the following: (dollars in thousands) 2017 2016 Commercial and industrial loans: Working capital lines of credit loans $743,609 $624,404 Non-working capital loans 675,072 644,086 Total commercial and industrial loans 1,418,681 1,268,490 Commercial real estate and multi-family residential loans: Construction and land development loans 224,474 245,182 Owner occupied loans 538,603 469,705 Nonowner occupied loans 508,121 458,404 Multi-family loans 173,715 127,632 Total commercial real estate and multi-family residential loans 1,444,913 1,300,923 Agri-business and agricultural loans: Loans secured by farmland 186,437 172,633 Loans for agricultural production 196,404 222,210 Total agri-business and agricultural loans 382,841 394,843 Other commercial loans 124,076 98,270 Total commercial loans 3,370,511 3,062,526 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 179,302 163,155 Open end and junior lien loans 181,865 169,664 Residential construction and land development loans 13,478 15,015 Total consumer 1-4 family mortgage loans 374,645 347,834 Other consumer loans 74,369 61,308 Total consumer loans 449,014 409,142 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,819,525 3,471,668 Less: Allowance for loan losses (47,121) (43,718) Net deferred loan fees (1,066) (741) Loans, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,771,338 $3,427,209 |
ALLOWANCE FOR LOAN LOSSES AND35
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016 and 2015: 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, 2017 Beginning balance $20,272 $13,452 $3,532 $461 $2,827 $387 $2,787 $43,718 Provision for loan losses 614 997 1,365 116 (105) 134 (121) 3,000 Loans charged-off (842) (406) 0 0 (53) (259) 0 (1,560) 1,053 671 23 0 99 117 0 1,963 Net loans charged-off/(recovered) 211 265 23 0 46 (142) 0 403 Ending balance $21,097 $14,714 $4,920 $577 $2,768 $379 $2,666 $47,121 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, 2016 Beginning balance $21,564 $12,473 $2,445 $574 $3,395 $319 $2,840 $43,610 Provision for loan losses (952) 1,209 1,068 (113) (197) 188 (53) 1,150 Loans charged-off (801) (566) 0 0 (478) (210) 0 (2,055) Recoveries 461 336 19 0 107 90 0 1,013 Net loans charged-off/(recovered) (340) (230) 19 0 (371) (120) 0 (1,042) Ending balance $20,272 $13,452 $3,532 $461 $2,827 $387 $2,787 $43,718 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, 2015 Beginning balance $22,785 $14,153 $1,790 $276 $3,459 $483 $3,316 $46,262 Provision for loan losses (117) (673) 635 420 246 (35) (476) 0 Loans charged-off (1,320) (1,114) 0 (122) (362) (255) 0 (3,173) Recoveries 216 107 20 0 52 126 0 521 Net loans charged-off/(recovered) (1,104) (1,007) 20 (122) (310) (129) 0 (2,652) Ending balance $21,564 $12,473 $2,445 $574 $3,395 $319 $2,840 $43,610 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, 2017 and 2016: 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, 2017 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $2,067 $795 $0 $0 $310 $44 $0 $3,216 Collectively evaluated for impairment 19,030 13,919 4,920 577 2,458 335 2,666 43,905 Total ending allowance balance $21,097 $14,714 $4,920 $577 $2,768 $379 $2,666 $47,121 Loans: Loans individually evaluated for impairment $6,979 $4,802 $283 $0 $1,756 $50 $0 $13,870 Loans collectively evaluated for impairment 1,411,648 1,438,219 382,643 123,922 374,013 74,144 0 3,804,589 Total ending loans balance $1,418,627 $1,443,021 $382,926 $123,922 $375,769 $74,194 $0 $3,818,459 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, 2016 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $3,191 $576 $0 $0 $296 $51 $0 $4,114 Collectively evaluated for impairment 17,081 12,876 3,532 461 2,531 336 2,787 39,604 Total ending allowance balance $20,272 $13,452 $3,532 $461 $2,827 $387 $2,787 $43,718 Loans: Loans individually evaluated for impairment $9,776 $9,151 $283 $0 $1,427 $55 $0 $20,692 Loans collectively evaluated for impairment 1,258,682 1,290,131 394,621 98,265 347,408 61,128 0 3,450,235 Total ending loans balance $1,268,458 $1,299,282 $394,904 $98,265 $348,835 $61,183 $0 $3,470,927 |
Loans individually evaluated for impairment | The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2017: 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 $491 $491 $0 Non-working capital loans 2,973 1,579 0 Commercial real estate and multi-family residential loans: Construction and land development loans 88 88 0 Owner occupied loans 2,558 2,310 0 Agri-business and agricultural loans: Loans secured by farmland 603 283 0 Consumer 1-4 family loans: Closed end first mortgage loans 636 570 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 1,617 1,617 667 Non-working capital loans 3,292 3,292 1,400 Commercial real estate and multi-family residential loans: Construction and land development loans 827 827 350 Owner occupied loans 1,577 1,577 445 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 950 950 269 Open end and junior lien loans 235 236 41 Other consumer loans 50 50 44 Total $15,897 $13,870 $3,216 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2016: 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 $951 $494 $0 Non-working capital loans 3,007 1,358 0 Commercial real estate and multi-family residential loans: Construction and land development loans 126 126 0 Owner occupied loans 2,868 2,620 0 Nonowner occupied loans 4,632 4,633 0 Agri-business and agricultural loans: Loans secured by farmland 603 283 0 Consumer 1-4 family loans: Closed end first mortgage loans 161 147 0 Open end and junior lien loans 408 195 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 1,100 1,099 465 Non-working capital loans 6,827 6,825 2,726 Commercial real estate and multi-family residential loans: Owner occupied loans 1,773 1,772 576 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 1,152 1,085 296 Other consumer loans 55 55 51 Total $23,663 $20,692 $4,114 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2017: 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 $407 $46 $39 Non-working capital loans 1,341 57 51 Commercial real estate and multi-family residential loans: Construction and land development loans 110 5 5 Owner occupied loans 2,349 17 15 Nonowner occupied loans 3,009 294 284 Agri-business and agricultural loans: Loans secured by farmland 287 0 0 Consumer 1-4 family loans: Closed end first mortgage loans 293 9 8 Open end and junior lien loans 103 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 2,083 17 17 Non-working capital loans 5,715 103 103 Commercial real estate and multi-family residential loans: Construction and land development loans 69 5 0 Owner occupied loans 1,664 3 2 Agri-business and agricultural loans: Loans secured by farmland 2 0 0 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 1,006 25 22 Open end and junior lien loans 80 0 0 Other consumer loans 52 3 3 Total $18,570 $584 $549 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2016: 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 $331 $15 $14 Non-working capital loans 996 16 13 Commercial real estate and multi-family residential loans: Construction and land development loans 114 10 10 Owner occupied loans 2,555 3 3 Nonowner occupied loans 4,732 292 286 Multifamily loans 8 0 0 Agri-business and agricultural loans: Loans secured by farmland 393 0 0 Loans for ag production 677 5 4 Other commercial loans 1 0 0 Consumer 1-4 family loans: Closed end first mortgage loans 91 2 2 Open end and junior lien loans 58 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 1,199 33 30 Non-working capital loans 4,685 151 151 Commercial real estate and multi-family residential loans: Construction and land development loans 186 0 0 Owner occupied loans 1,143 3 3 Nonowner occupied loans 19 0 0 Multifamily loans 256 12 11 Agri-business and agricultural loans: Other commercial loans 8 0 1 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 1,392 36 34 Open end and junior lien loans 166 0 0 Other consumer loans 57 4 4 Total $19,067 $582 $566 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2015: 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 $21 $0 $0 Non-working capital loans 619 2 2 Commercial real estate and multi-family residential loans: Construction and land development loans 132 0 0 Owner occupied loans 2,336 8 9 Nonowner occupied loans 4,635 105 108 Agri-business and agricultural loans: Loans secured by farmland 426 0 0 Consumer 1-4 family loans: Closed end first mortgage loans 261 0 0 Open end and junior lien loans 189 0 0 Residential construction loans 11 0 0 Other consumer loans 3 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 1,133 24 23 Non-working capital loans 8,705 326 333 Commercial real estate and multi-family residential loans: Construction and land development loans 382 16 17 Owner occupied loans 3,050 13 13 Nonowner occupied loans 817 0 0 Multifamily loans 32 0 0 Agri-business and agricultural loans: Loans secured by farmland 50 0 0 Other commercial loans 3 0 0 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 2,357 60 60 Open end and junior lien loans 82 0 0 Other consumer loans 100 4 4 Total $25,344 $558 $569 |
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, 2017 by class of loans: Greater than 30-89 90 Days Past Total Past Loans Not Days Due and Still Due and (dollars in thousands) Past Due Past Due Accruing Nonaccrual Nonaccrual Total Commercial and industrial loans: Working capital lines of credit loans $742,205 $11 $0 $1,459 $1,470 $743,675 Non-working capital loans 671,490 0 0 3,462 3,462 $674,952 Commercial real estate and multi-family residential loans: Construction and land development loans 215,713 8,000 0 0 8,000 223,713 Owner occupied loans 534,648 0 0 3,620 3,620 538,268 Nonowner occupied loans 507,696 0 0 0 0 507,696 Multi-family loans 173,100 244 0 0 244 173,344 Agri-business and agricultural loans: Loans secured by farmland 186,160 0 0 283 283 186,443 Loans for agricultural production 196,483 0 0 0 0 196,483 Other commercial loans 123,922 0 0 0 0 123,922 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 177,410 1,183 6 342 1,531 178,941 Open end and junior lien loans 183,056 89 0 236 325 183,381 Residential construction loans 13,447 0 0 0 0 13,447 Other consumer loans 74,102 92 0 0 92 74,194 Total $3,799,432 $9,619 $6 $9,402 $19,027 $3,818,459 The following table presents the aging of the recorded investment in past due loans as of December 31, 2016 by class of loans: Greater than 30-89 90 Days Past Total Past Loans Not Days Due and Still Due and (dollars in thousands) Past Due Past Due Accruing Nonaccrual Nonaccrual Total Commercial and industrial loans: Working capital lines of credit loans $624,213 $9 $0 $140 $149 $624,362 Non-working capital loans 642,014 0 0 2,082 2,082 644,096 Commercial real estate and multi-family residential loans: Construction and land development loans 244,411 0 0 0 0 244,411 Owner occupied loans 465,789 0 0 3,598 3,598 469,387 Nonowner occupied loans 457,880 0 0 122 122 458,002 Multi-family loans 127,482 0 0 0 0 127,482 Agri-business and agricultural loans: Loans secured by farmland 172,349 0 0 283 283 172,632 Loans for agricultural production 222,272 0 0 0 0 222,272 Other commercial loans 98,265 0 0 0 0 98,265 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 161,499 1,072 53 213 1,338 162,837 Open end and junior lien loans 170,372 448 0 195 643 171,015 Residential construction loans 14,983 0 0 0 0 14,983 Other consumer loans 61,119 64 0 0 64 61,183 Total $3,462,648 $1,593 $53 $6,633 $8,279 $3,470,927 |
Troubled Debt Restructuring | (dollars in thousands) 2017 2016 Accruing troubled debt restructured loans $2,893 $10,351 Nonaccrual troubled debt restructured loans 7,750 5,633 Total troubled debt restructured loans $10,643 $15,984 |
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, 2017 not already noted above: Modified Repayment Terms Pre-Modification Post-Modification Extension Outstanding Outstanding Period or Number of Recorded Recorded Number of Range (dollars in thousands) Loans Investment Investment Loans (in months) Troubled Debt Restructurings Commercial and industrial loans: Working capital lines of credit loans 1 $1,324 $1,324 1 9 Non-working capital loans 4 1,922 1,922 4 0-6 Commercial real estate and multi- family residential loans: Owner occupied loans 1 486 486 1 6 Consumer 1-4 family loans: Closed end first mortgage loans 2 120 122 2 198-350 Total 8 $3,852 $3,854 8 0-350 The following table presents loans by class modified as new troubled debt restructurings that occurred during the year ending December 31, 2016 not already noted above: Modified Repayment Terms Pre-Modification Post-Modification Extension Outstanding Outstanding Period or Number of Recorded Recorded Number of Range (dollars in thousands) Loans Investment Investment Loans (in months) Troubled Debt Restructurings Commercial and industrial loans: Non-working capital loans 6 $1,841 $1,902 5 9-356 Commercial real estate and multi- family residential loans: Owner occupied loans 3 718 717 3 13-24 Total 9 $2,559 $2,619 8 9-356 The following table presents loans by class modified as new troubled debt restructurings that occurred during the year ending December 31, 2015 not already noted above: Modified Repayment Terms Pre-Modification Post-Modification Extension Outstanding Outstanding Period or Number of Recorded Recorded Number of Range (dollars in thousands) Loans Investment Investment Loans (in months) Troubled Debt Restructurings Commercial and industrial loans: Working capital lines of credit loans 2 $564 $564 Non-working capital loans 1 783 783 1 12 Commercial real estate and multi- family residential loans: Owner occupied loans 2 855 855 1 6 Consumer 1-4 family loans: Closed end first mortgage loans 1 65 65 1 208 Total 6 $2,267 $2,267 3 6-208 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: 2017 2016 2015 Number of Recorded Number of Recorded Number of Recorded (dollars in thousands) Loans Investment Loans Investment Loans Investment Troubled Debt Restructurings that Subsequently Defaulted Commercial and industrial loans: Non-working capital loans 0 $0 0 $0 1 $755 Total 0 $0 0 $0 1 $755 |
Credit Quality Indicators | As of December 31, 2017, 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 $688,748 $33,337 $21,350 $0 $240 $743,675 Non-working capital loans 624,275 20,171 25,834 0 4,672 674,952 Commercial real estate and multi- family residential loans: Construction and land development loans 222,445 441 827 0 0 223,713 Owner occupied loans 496,231 19,361 22,676 0 0 538,268 Nonowner occupied loans 505,033 1,970 693 0 0 507,696 Multi-family loans 173,100 244 0 0 0 173,344 Agri-business and agricultural loans: Loans secured by farmland 174,118 7,988 4,337 0 0 186,443 Loans for agricultural production 185,772 9,716 995 0 0 196,483 Other commercial loans 123,917 0 0 0 5 123,922 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 52,301 0 1,520 0 125,120 178,941 Open end and junior lien loans 8,259 0 236 0 174,886 183,381 Residential construction loans 0 0 0 0 13,447 13,447 Other consumer loans 18,642 0 50 0 55,502 74,194 Total $3,272,841 $93,228 $78,518 $0 $373,872 $3,818,459 As of December 31, 2016, 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 $577,208 $17,636 $29,396 $0 $122 $624,362 Non-working capital loans 583,135 32,587 24,405 0 3,969 644,096 Commercial real estate and multi- family residential loans: Construction and land development loans 242,964 1,447 0 0 0 244,411 Owner occupied loans 444,143 10,285 14,959 0 0 469,387 Nonowner occupied loans 451,390 4,550 2,062 0 0 458,002 Multi-family loans 127,219 263 0 0 0 127,482 Agri-business and agricultural loans: Loans secured by farmland 168,660 3,689 283 0 0 172,632 Loans for agricultural production 218,581 3,691 0 0 0 222,272 Other commercial loans 98,261 0 0 0 4 98,265 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 44,687 126 1,232 0 116,792 162,837 Open end and junior lien loans 7,028 0 0 0 163,987 171,015 Residential construction loans 0 0 0 0 14,983 14,983 Other consumer loans 17,717 0 55 0 43,411 61,183 Total $2,980,993 $74,274 $72,392 $0 $343,268 $3,470,927 |
FAIR VALUES OF FINANCIAL INST36
FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 at Fair Value Assets U.S. Treasury securities $997 $0 $0 $997 U.S. government sponsored agency securities 0 5,122 0 5,122 Mortgage-backed securities 0 357,985 0 357,985 State and municipal securities 0 173,509 880 174,389 Total Securities 997 536,616 880 538,493 Mortgage banking derivative 0 136 0 136 Interest rate swap derivative 0 2,441 0 2,441 Total assets $997 $539,193 $880 $541,070 Liabilities Mortgage banking derivative 0 3 0 3 Interest rate swap derivative 0 2,562 0 2,562 Total liabilities $0 $2,565 $0 $2,565 December 31, 2016 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 at Fair Value Assets U.S. Treasury securities $1,003 $0 $0 $1,003 U.S. government sponsored agency securities 0 6,241 0 6,241 Mortgage-backed securities 0 351,568 0 351,568 State and municipal securities 0 144,709 670 145,379 Total Securities 1,003 502,518 670 504,191 Mortgage banking derivative 0 314 0 314 Interest rate swap derivative 0 2,645 0 2,645 Total assets $1,003 $505,477 $670 $507,150 Liabilities Mortgage banking derivative 0 14 0 14 Interest rate swap derivative 0 2,735 0 2,735 Total liabilities $0 $2,749 $0 $2,749 |
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, 2017 and 2016: State and Municipal Securities (dollars in thousands) 2017 2016 Balance of recurring Level 3 assets at January 1 $670 $551 Transfers into Level 3 325 339 Changes in fair value of securities included in other comprehensive income (10) (10) Principal payments (105) (210) Sales 0 0 Balance of recurring Level 3 assets at December 31 $880 $670 |
Fair Value Measurements, Recurring, Valuation Techniques | 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) 12/31/2017 Valuation Technique Unobservable Input (Average) State and municipal securities $880 Price to type, par, call Discount to benchmark index 0-5% (2.03%) Quantitative Information about Level 3 Fair Value Measurements Range of Fair Value at Inputs (dollars in thousands) 12/31/2016 Valuation Technique Unobservable Input (Average) State and municipal securities $670 Price to type, par, call Discount to benchmark index 0-5% (2.98%) |
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, 2017 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 $934 $934 Non-working capital loans 0 0 1,693 1,693 Commercial real estate and multi-family residential loans: Construction and land development loans 0 0 477 477 Owner occupied loans 0 0 1,133 1,133 Consumer 1-4 family mortgage loans: Open end and junior lien loans 0 0 195 195 Total impaired loans $0 $0 $4,432 $4,432 Other real estate owned 0 0 0 0 Total assets $0 $0 $4,432 $4,432 The table below presents the balances of assets measured at fair value on a nonrecurring basis: December 31, 2016 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 $621 $621 Non-working capital loans 0 0 3,889 3,889 Commercial real estate and multi-family residential loans: Owner occupied loans 0 0 1,195 1,195 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 0 0 62 62 Total impaired loans $0 $0 $5,767 $5,767 Other real estate owned 0 0 75 75 Total assets $0 $0 $5,842 $5,842 |
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, 2017: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Impaired loans: Commercial and industrial $2,627 Collateral based Discount to reflect 37% 23% - 100% measurements current market conditions and ultimate collectability Impaired loans: Commercial real estate 1,610 Collateral based Discount to reflect 33% 2% - 58% measurements current market conditions and ultimate collectability Impaired loans: Consumer 1-4 family mortgage 195 Collateral based Discount to reflect 17% measurements current market conditions and ultimate collectability 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, 2016: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Impaired loans: Commercial and industrial $4,510 Collateral based Discount to reflect 44% 22% - 100% measurements current market conditions and ultimate collectability Impaired loans: Commercial real estate 1,195 Collateral based Discount to reflect 30% 6% - 59% measurements current market conditions and ultimate collectability Impaired loans: Consumer 1-4 family mortgage 62 Collateral based Discount to reflect 15% 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, 2017. Items which are not financial instruments are not included. December 31, 2017 Carrying Estimated Fair Value (dollars in thousands) Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $176,180 $174,045 $2,127 $0 $176,172 Securities available for sale 538,493 997 536,616 880 538,493 Real estate mortgages held for sale 3,346 0 3,390 0 3,390 Loans, net 3,771,338 0 0 3,744,842 3,744,842 Federal Home Loan Bank stock 10,352 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 14,093 3 2,925 11,165 14,093 Financial Liabilities: Certificates of deposit (1,412,583) 0 (1,417,075) 0 (1,417,075) All other deposits (2,596,072) (2,596,072) 0 0 (2,596,072) Securities sold under agreements to repurchase (70,652) 0 (70,652) 0 (70,652) Other short-term borrowings (80,000) 0 (80,004) 0 (80,004) Long-term borrowings (30) 0 (31) 0 (31) Subordinated debentures (30,928) 0 0 (31,194) (31,194) Standby letters of credit (758) 0 0 (758) (758) Accrued interest payable (6,311) (149) (6,158) (4) (6,311) The following table contains the estimated fair values and the related carrying values of the Company's financial instruments at December 31, 2016. Items which are not financial instruments are not included. December 31, 2016 Carrying Estimated Fair Value (dollars in thousands) Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $167,280 $165,385 $1,899 $0 $167,284 Securities available for sale 504,191 1,003 502,518 670 504,191 Real estate mortgages held for sale 5,915 0 5,994 0 5,994 Loans, net 3,427,209 0 0 3,411,121 3,411,121 Federal Home Loan Bank stock 8,102 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 11,687 3 2,688 8,996 11,687 Financial Liabilities: Certificates of deposit (1,163,818) 0 (1,169,905) 0 (1,169,905) All other deposits (2,414,094) (2,414,094) 0 0 (2,414,094) Securities sold under agreements to repurchase (50,045) 0 (50,045) 0 (50,045) Other short-term borrowings (180,000) 0 (180,005) 0 (180,005) Long-term borrowings (32) 0 (34) 0 (34) Subordinated debentures (30,928) 0 0 (31,194) (31,194) Standby letters of credit (323) 0 0 (323) (323) Accrued interest payable (5,676) (93) (5,580) (3) (5,676) |
LAND, PREMISES AND EQUIPMENT,37
LAND, PREMISES AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016: (dollars in thousands) 2017 2016 Land $16,172 $14,799 Premises 41,694 39,722 Equipment 34,349 29,274 Total cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,215 83,795 Less accumulated depreciation 35,749 31,703 Land, premises and equipment, net $56,466 $52,092 |
Schedule of Future Minimum Rental Payments for Operating Leases | Rent expense was $412,000 in 2017, $377,000 in 2016, and $313,000 in 2015. The following is a summary of future minimum lease commitments as of December 31, 2017: (dollars in thousands) 2017 2018 $427 2019 438 2020 464 2021 473 2022 485 Thereafter 2,864 Total $5,151 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deposits [Abstract] | |
Summary of Certain Deposits | (dollars in thousands) 2017 2016 Non-interest bearing demand deposits $885,622 $819,803 Savings and transaction accounts: Savings deposits 263,570 268,970 Interest bearing demand deposits 1,446,880 1,325,320 Time deposits: Other time deposits 251,218 238,994 Deposits of $100,000 to $250,000 236,354 212,232 Deposits of $250,000 or more 925,011 712,593 Total deposits $4,008,655 $3,577,912 |
Deposit Liabilities | At December 31, 2017, the scheduled maturities of time deposits were as follows: (dollars in thousands) Amount Maturing in 2018 $973,037 Maturing in 2019 286,705 Maturing in 2020 72,116 Maturing in 2021 56,648 Maturing in 2022 23,971 Thereafter 106 Total time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,412,583 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Borrowings | Long-term borrowings at December 31 consisted of: (dollars in thousands) 2017 2016 Federal Home Loan Bank of Indianapolis Notes, 6.15%, Due January 16, 2018 $30 $32 |
Schedule of Maturities of Long-Term Debt | Long-term borrowings mature as follows: (dollars in thousands) Amount 2018 $30 |
Schedule of Short-Term Debt | Other short-term borrowings consisted of: (dollars in thousands) 2017 2016 Federal Home Loan Bank of Indianapolis Notes, 1.67%, Due June 27, 2018 $80,000 $0 Federal Home Loan Bank of Indianapolis Notes, 0.89%, Due June 28, 2017 0 180,000 Total $80,000 $180,000 |
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) 2017 2016 2015 Securities sold under agreements to repurchase Outstanding at year end $70,652 $50,045 $69,622 Approximate average interest rate at year end 0.46 % 0.29 % 0.21 % Highest amount outstanding as of any month end during the year $77,886 $60,198 $82,817 Approximate average outstanding during the year 63,379 57,945 63,880 Approximate average interest rate during the year 0.39 % 0.25 % 0.19 % |
PENSION AND OTHER POSTRETIREM40
PENSION AND OTHER POSTRETIREMENT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheets consist of: Pension Benefits SERP Benefits (dollars in thousands) 2017 2016 2017 2016 Funded status included in other liabilities $(506) $(778) $(39) $(163) |
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) 2017 2016 2015 2017 2016 2015 Net pension expense: Service cost $0 $0 $0 $0 $0 $0 Interest cost 104 105 103 40 45 46 Expected return on plan assets (143) (139) (139) (63) (70) (76) Recognized net actuarial loss 185 135 162 80 80 82 Settlement cost 0 128 78 0 0 0 Net pension expense $146 $229 $204 $57 $55 $52 Net (gain)/loss $(36) $122 $203 $(61) $29 $122 Amortization of net loss (185) (135) (162) (80) (80) (82) Total recognized in other comprehensive income (221) (13) 41 (141) (51) 40 Total recognized in net pension expense and other comprehensive income $(75) $216 $245 $(84) $4 $92 |
Schedule of Assumptions Used in Calculating the Net Benefit Obligation | The settlement costs in 2016 and 2015 were related to participants taking lump sum distributions from the pension plan during those years. For 2017, 2016 and 2015, 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, 2017, 2016 and 2015 reflect the mortality table in effect for 2017, 2016 and 2015, respectively. For 2017, the mortality assumption was changed to the RP-2014 Mortality Table, adjusted to 2006, with full generational Projection Scale MP-2017 as of December 31, 2017 to reflect improved mortality expectations. For 2016, the mortality assumption was changed to the RP-2014 Mortality Table, adjusted to 2006, with full generational Projection Scale MP-2016 as of December 31, 2016 to reflect improved mortality expectations. For 2015, the mortality assumption was changed to the RP-2014 Mortality Table projected to 2024 with Projection Scale MP-2015 as of December 31, 2015 to reflect improved mortality expectations. Pension Benefits SERP Benefits 2017 2016 2015 2017 2016 2015 The following assumptions were used in calculating the net benefit obligation: Weighted average discount rate 3.46% 3.86% 3.96% 3.46% 3.86% 3.96% 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 2.05% 1.57% 1.61% N/A N/A N/A Next 15 years 3.61% 3.45% 4.02% N/A N/A N/A All future years 4.27% 4.39% 5.03% N/A N/A N/A The following assumptions were used in calculating the net pension expense: Weighted average discount rate 3.86% 3.96% 3.61% 3.86% 3.96% 3.61% Rate of increase in future compensation N/A N/A N/A N/A N/A N/A Expected long-term rate of return 6.50% 7.00% 7.75% 6.50% 7.00% 7.75% |
Schedule of Allocation of Plan Assets | The Company's pension plan asset allocation at year-end 2017 and 2016, target allocation for 2018, 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 2018 2017 2016 of Return Equity securities 55-65% 63% 60% 8.69% Debt securities 35-45% 33% 37% 3.00% Other 5-10% 4% 3% 0.10% Total 100% 100% 6.50% The Company's SERP plan asset allocation at year-end 2017 and 2016, target allocation for 2018, 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 2018 2017 2016 of Return Equity securities 55-65% 66% 62% 8.69% Debt securities 35-45% 32% 37% 3.00% Other 5-10% 2% 1% 0.10% Total 100% 100% 6.50% |
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, 2017, 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 $911 $911 $0 $0 Equity securities - US large cap stock mutual funds 0 0 0 0 Equity securities - US mid cap stock mutual funds 119 119 0 0 Equity securities - US small cap stock mutual funds 125 125 0 0 Equity securities - international stock mutual funds 240 240 0 0 Equity securities - emerging markets stock mutual funds 95 95 0 0 Debt securities - intermediate term bond mutual funds 344 344 0 0 Debt securities - short term bond mutual funds 387 387 0 0 Debt securities - commercial 50 0 50 0 Cash - money market account 82 82 0 0 Total $2,353 $2,303 $50 $0 Total pension plan assets available for benefits also include $3,000 in accrued interest and dividend income. The fair values of the Company's pension plan assets at December 31, 2016, 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 $550 $550 $0 $0 Equity securities - US large cap stock mutual funds 335 335 0 0 Equity securities - US mid cap stock mutual funds 138 138 0 0 Equity securities - US small cap stock mutual funds 53 53 0 0 Equity securities - international stock mutual funds 147 147 0 0 Equity securities - emerging markets stock mutual funds 24 24 0 0 Debt securities - intermediate term bond mutual funds 413 413 0 0 Debt securities - short term bond mutual funds 288 288 0 0 Debt securities - commercial 52 0 52 0 Cash - money market account 59 59 0 0 Total $2,059 $2,007 $52 $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 2017 and 2016. The fair values of the Company's SERP assets at December 31, 2017, 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 $422 $422 $0 $0 Equity securities - US mid cap stock mutual funds 58 58 0 0 Equity securities - US small cap stock mutual funds 60 60 0 0 Equity securities - emerging markets stock mutual funds 42 42 0 0 Equity securities - international stock mutual funds 115 115 0 0 Debt securities - intermediate term bond mutual funds 146 146 0 0 Debt securities - short term bond mutual funds 158 158 0 0 Debt securities - commercial 30 0 30 0 Cash - money market account 15 15 0 0 Total $1,046 $1,016 $30 $0 Total SERP plan assets available for benefits also include $2,000 in accrued interest and dividend income. The fair values of the Company's SERP assets at December 31, 2016, 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 $132 $132 $0 $0 Equity securities - US large cap stock mutual funds 380 380 0 0 Equity securities - US mid cap stock mutual funds 40 40 0 0 Equity securities - US small cap stock mutual funds 15 15 0 0 Equity securities - international stock mutual funds 49 49 0 0 Debt securities - intermediate term bond mutual funds 153 153 0 0 Debt securities - short term bond mutual funds 166 166 0 0 Debt securities - commercial 57 0 57 0 Cash - money market account 4 4 0 0 Total $996 $939 $57 $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) 2018 $266 $133 2019 228 128 2020 207 123 2021 245 117 2022 226 110 2023-2027 927 419 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) | Income tax expense for the years ended December 31, 2017, 2016 and 2015 consisted of the following: (dollars in thousands) 2017 2016 2015 Current federal $27,064 $23,749 $19,992 Deferred federal (199) 268 1,378 Revalue deferred taxes due to tax reform 4,137 0 0 Current state 1,559 1,086 1,257 Deferred state (257) 30 206 Total income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $32,304 $25,133 $22,833 |
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 2017, 2016 and 2015 to income before income taxes were as follows: (dollars in thousands) 2017 2016 2015 Income taxes at statutory federal rate of 35% $31,372 $27,026 $24,220 Increase (decrease) in taxes resulting from: Tax exempt income (2,015) (1,498) (1,323) Nondeductible expense 193 190 206 State income tax, net of federal tax effect 846 726 951 Captive insurance premium income (378) (361) (363) Tax credits (326) (311) (241) Bank owned life insurance (619) (554) (605) Long - term incentive plan (854) 0 0 Revaluation deferred tax asset at 21% rate 4,137 0 0 Other (52) (85) (12) Total income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $32,304 $25,133 $22,833 |
Deferred Tax Assets and Liabilities | The net deferred tax asset recorded in the consolidated balance sheets at December 31, 2017 and 2016 consisted of the following: (dollars in thousands) 2017 2016 Deferred tax assets: Bad debts $12,043 $17,187 Pension and deferred compensation liability 1,028 1,310 Non-qualified stock options 4 38 Nonaccrual loan interest 970 2,061 Long-term incentive plan 2,043 2,348 Other 399 450 16,487 23,394 Deferred tax liabilities: Accretion 28 121 Depreciation 3,614 4,952 Loan servicing rights 793 1,174 State taxes 426 620 Deferred loan fees 0 78 Intangible assets 1,261 1,925 REIT spillover dividend 1,242 1,479 Prepaid expenses 752 959 Other 384 418 8,500 11,726 Valuation allowance 0 0 Net deferred tax asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,987 $11,668 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Loans to principal officers, directors, and their affiliates as of December 31, 2017 and 2016 were as follows: (dollars in thousands) 2017 2016 Beginning balance $118,305 $119,963 New loans and advances 79,570 96,724 Effect of changes in related parties (66) 0 Repayments and renewals (92,567) (98,382) Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $105,242 $118,305 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the activity in the stock option plan as of December 31, 2017 and changes during the period then ended follows: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (in thousands) Outstanding at beginning of the year 9,000 $16.03 Granted 0 0.00 Exercised (1,500) 16.03 Forfeited 0 0 Outstanding at end of the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,500 $16.03 0.4 $243 Options exercisable at end of the year 7,500 $16.03 0.4 $243 |
CAPITAL REQUIREMENTS AND REST44
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 For Capital Adequacy Be Well Capitalized For Capital Purposes Plus Capital Under Prompt Corrective Actual Adequacy Purposes Conservation Buffer Action Regulations (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017: Total Capital (to Risk Weighted Assets) Consolidated $541,475 13.26% $326,782 8.00% $377,842 9.250% $408,478 10.00% Bank $525,482 12.89% $326,140 8.00% $377,099 9.250% $407,675 10.00% Tier I Capital (to Risk Weighted Assets) Consolidated $494,265 12.10% $245,087 6.00% $296,147 7.250% $326,782 8.00% Bank $478,272 11.73% $244,605 6.00% $295,564 7.250% $326,140 8.00% Common Equity Tier 1 (CET1) Consolidated $464,265 11.37% $183,815 4.50% $234,875 5.750% $265,511 6.50% Bank $478,272 11.73% $183,454 4.50% $234,413 5.750% $264,988 6.50% Tier I Capital (to Average Assets) Consolidated $494,265 10.76% $183,793 4.00% $183,793 4.00% $229,741 5.00% Bank $478,272 10.44% $183,187 4.00% $183,187 4.00% $228,984 5.00% As of December 31, 2016: Total Capital (to Risk Weighted Assets) Consolidated $498,189 13.23% $301,243 8.00% $324,777 8.625% $376,554 10.00% Bank $482,600 12.84% $300,784 8.00% $324,283 8.625% $375,980 10.00% Tier I Capital (to Risk Weighted Assets) Consolidated $454,382 12.07% $225,932 6.00% $249,467 6.625% $301,243 8.00% Bank $438,793 11.67% $225,588 6.00% $249,087 6.625% $300,784 8.00% Common Equity Tier 1 (CET1) Consolidated $424,382 11.27% $169,449 4.50% $192,984 5.125% $244,760 6.50% Bank $438,793 11.67% $169,191 4.50% $192,690 5.125% $244,387 6.50% Tier I Capital (to Average Assets) Consolidated $454,382 10.86% $167,310 4.00% $167,310 4.00% $209,138 5.00% Bank $438,793 10.54% $166,522 4.00% $166,522 4.00% $208,153 5.00% |
OFFSETTING ASSETS AND LIABILI45
OFFSETTING ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016. December 31, 2017 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 $2,441 $0 $2,441 $0 $0 $2,441 Total Assets $2,441 $0 $2,441 $0 $0 $2,441 Liabilities Interest Rate Swap Derivatives $2,562 $0 $2,562 $0 $(750) $1,812 Repurchase Agreements 70,652 0 70,652 (70,652) 0 0 Total Liabilities $73,214 $0 $73,214 $(70,652) $(750) $1,812 December 31, 2016 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 $2,645 $0 $2,645 $0 $0 $2,645 Total Assets $2,645 $0 $2,645 $0 $0 $2,645 Liabilities Interest Rate Swap Derivatives $2,735 $0 $2,735 $0 $(1,330) $1,405 Repurchase Agreements 50,045 0 50,045 (50,045) 0 0 Total Liabilities $52,780 $0 $52,780 $(50,045) $(1,330) $1,405 |
COMMITMENTS, OFF-BALANCE SHEE46
COMMITMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016, were as follows: 2017 2016 Fixed Variable Fixed Variable (dollars in thousands) Rate Rate Rate Rate Commercial loan lines of credit $53,998 $1,155,096 $46,940 $1,164,660 Commercial letters of credit 0 50 0 93 Standby letters of credit 0 71,046 0 54,749 Real estate mortgage loans 4,973 5,722 6,116 3,103 Real estate construction mortgage loans 2,365 6,042 0 6,063 Home equity mortgage open-ended revolving lines 0 212,776 0 183,472 Consumer loan open-ended revolving lines 249 11,892 240 9,200 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $61,585 $1,462,624 $53,296 $1,421,340 |
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, 2017 and 2016, were as follows: 2017 2016 Fixed Variable Fixed Variable Rate Rate Rate Rate Commercial loan 2.00-14.50 % 2.48-9.50 % 2.71-12.50 % 1.96-8.75 % Real estate mortgage loan 3.25-4.50 % 3.50-5.75 % 3.13-4.50 % 3.25-5.75 % Consumer loan open-ended revolving line 15.00 % 4.00-15.00 % 15.00 % 3.00-15.00 % |
PARENT COMPANY STATEMENTS (Tabl
PARENT COMPANY STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | CONDENSED BALANCE SHEETS December 31, (dollars in thousands) 2017 2016 ASSETS Deposits with Lake City Bank $850 $3,467 Deposits with other depository institutions 4,969 4,636 Cash 5,819 8,103 Investments in banking subsidiary 482,585 441,389 Investments in other subsidiaries 3,552 3,471 Other assets 7,789 5,206 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $499,745 $458,169 LIABILITIES Dividends payable and other liabilities $239 $263 Subordinated debt 30,928 30,928 STOCKHOLDERS' EQUITY 468,578 426,978 Total liabilities and stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $499,745 $458,169 |
Schedule of Condensed Income Statement | CONDENSED STATEMENTS OF INCOME Years Ended December 31, (dollars in thousands) 2017 2016 2015 Dividends from Lake City Bank $21,822 $20,622 $10,257 Dividends from non-bank subsidiaries 1,030 1,035 1,031 Other income 57 50 98 Interest expense on subordinated debt (1,349) (1,190) (1,063) Miscellaneous expense (6,491) (5,006) (3,231) INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES 15,069 15,511 7,092 Income tax benefit 2,688 2,483 1,655 INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES 17,757 17,994 8,747 Equity in undistributed income of subsidiaries 39,573 34,090 37,620 NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,330 $52,084 $46,367 COMPREHENSIVE INCOME $59,047 $47,555 $44,679 |
Schedule of Condensed Cash Flow Statement | CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, (dollars in thousands) 2017 2016 2015 Cash flows from operating activities: Net income $57,330 $52,084 $46,367 Adjustments to net cash from operating activities: Equity in undistributed income of subsidiaries (39,573) (34,090) (37,620) Other changes 3,586 3,818 3,647 Net cash from operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,343 21,812 12,394 Cash flows from financing activities Payments (Proceeds) from issuance of common stock (1,736) 614 12 Purchase of treasury stock (495) (458) (455) Dividends paid (21,396) (18,200) (15,697) Cash flows from financing activities (23,627) (18,044) (16,140) Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,284) 3,768 (3,746) Cash and cash equivalents at beginning of the year 8,103 4,335 8,081 Cash and cash equivalents at end of the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,819 $8,103 $4,335 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of weighted average number of shares | Following are the factors used in the earnings per share computations: (dollars in thousand except share and per share data) 2017 2016 2015 Basic earnings per common share: Net income $57,330 $52,084 $46,367 Weighted-average common shares outstanding 25,181,208 25,056,095 24,926,354 Basic earnings per common share $2.28 $2.08 $1.86 Diluted earnings per common share: Net income $57,330 $52,084 $46,367 Weighted-average common shares outstanding for basic earnings per common share 25,181,208 25,056,095 24,926,354 Add: Dilutive effect of assumed exercise of warrant 219,273 184,205 156,563 Add: Dilutive effect of assumed exercises of stock options and awards 262,900 220,427 162,652 Average shares and dilutive potential common shares 25,663,381 25,460,727 25,245,568 Diluted earnings per common share $2.23 $2.05 $1.84 |
ACCUMULATED OTHER COMPREHENSI49
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 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, 2016 $(722) $(1,665) $(2,387) Other comprehensive income before reclassification 1,525 50 1,575 Amounts reclassified from accumulated other comprehensive income (loss) (19) 161 142 Net current period other comprehensive income 1,506 211 1,717 Balance at December 31, 2017 $784 $(1,454) $(670) Unrealized Gains and Losses on Defined Available- Benefit for-Sales Pension (dollars in thousands) Securities Items Total Balance at December 31, 2015 $3,836 $(1,694) $2,142 Other comprehensive income before reclassification (4,518) (101) (4,619) Amounts reclassified from accumulated other comprehensive income (loss) (40) 130 90 Net current period other comprehensive income (4,558) 29 (4,529) Balance at December 31, 2016 $(722) $(1,665) $(2,387 |
Reclassification Accumulated Other Comprehensive Income | Reclassifications out of accumulated comprehensive income for the years ended December 31, 2017, 2016 and 2015 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 2017 (dollars in thousands) Unrealized gains and losses on available-for-sale securities $32 Net securities gains (losses) Tax effect (13) Income tax expense 19 Net of tax Amortization of defined benefit pension items (1) (265) Salaries and employee benefits Tax effect 104 Income tax expense (161) Net of tax Total reclassifications for the period $(142) Net income 2016 (dollars in thousands) Unrealized gains and losses on available-for-sale securities $66 Net securities gains (losses) Tax effect (26) Income tax expense 40 Net of tax Amortization of defined benefit pension items (1) (215) Salaries and employee benefits Tax effect 85 Income tax expense (130) Net of tax Total reclassifications for the period $(90) Net income 2015 (dollars in thousands) Unrealized gains and losses on available-for-sale securities $42 Net securities gains (losses) Tax effect (17) Income tax expense 25 Net of tax Amortization of defined benefit pension items (1) (244) Salaries and employee benefits Tax effect 97 Income tax expense (147) Net of tax Total reclassifications for the period $(122) Net income (1) Included in the computation of net pension plan expense as more fully discussed in Note 11. |
SELECTED QUARTERLY DATA (UNAU50
SELECTED QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information | 4th 3rd 2nd 1st Quarter Quarter Quarter Quarter Interest income $44,161 $42,589 $40,821 $38,127 Interest expense 8,769 7,969 7,002 6,066 Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,392 34,620 33,819 32,061 Provision for loan losses 1,850 450 500 200 Net interest income after provision 33,542 34,170 33,319 31,861 Noninterest income 9,462 9,497 8,791 8,259 Noninterest expense 19,598 20,269 19,352 20,048 Income tax expense 11,779 7,573 7,394 5,558 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,627 $15,825 $15,364 $14,514 Basic earnings per common share $0.46 $0.63 $0.61 $0.58 Diluted earnings per common share $0.45 $0.62 $0.60 $0.57 2016 4th 3rd 2nd 1st Quarter Quarter Quarter Quarter Interest income $36,307 $35,079 $34,355 $33,210 Interest expense 5,400 5,360 5,082 4,628 Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,907 29,719 29,273 28,582 Provision for loan losses 1,150 0 0 0 Net interest income after provision 29,757 29,719 29,273 28,582 Noninterest income 8,736 9,018 8,067 7,043 Noninterest expense 18,389 18,759 18,446 17,384 Income tax expense 6,582 6,498 6,091 5,962 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,522 $13,480 $12,803 $12,279 Basic earnings per common share $0.54 $0.54 $0.51 $0.49 Diluted earnings per common share $0.53 $0.53 $0.50 $0.48 |
SUMMARY OF SIGNIFICANT ACCOUN51
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 18, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 28, 2018 | |
Summary of Significant Accounting Policies [Line Items] | ||||||
Accrued Interest On Loans | $ 11,000,000 | $ 11,000,000 | $ 8,900,000 | |||
Financing Receivable, Net | 150,000 | 150,000 | ||||
Equity Method Investments | 5,300,000 | 5,300,000 | 5,100,000 | |||
Real Estate Acquired Through Foreclosure | $ 40,000 | 40,000 | 153,000 | |||
Servicing fees | $ 1,000,000 | $ 987,000 | $ 957,000 | |||
Treasury Stock Share | 168,970 | 168,970 | 158,222 | |||
Bank Owned Life Insurance | $ 75,879,000 | $ 75,879,000 | $ 74,006,000 | |||
Cash on hand or on deposit to meet regulatory reserve and clearing requirements | 10,500,000 | 10,500,000 | 11,200,000 | |||
Carrying value of mortgage servicing rights | 3,000,000 | 3,000,000 | 2,700,000 | |||
Unpaid principal balances | 344,400,000 | 344,400,000 | 341,000,000 | |||
Escrow Deposit | 1,500,000 | 1,500,000 | 1,500,000 | |||
Cash Available for Distributions | 1,000,000 | 1,000,000 | 1,300,000 | |||
Operating Lease Obligations | 5,200,000 | $ 5,200,000 | ||||
Income tax benefit off setting income tax expense and current tax liability | 964,000 | |||||
Percentage Of Interest Income In Net Revenue | 80.00% | |||||
Percentage Of Noninterest Income In Net Revenue | 20.00% | |||||
Subsequent Event [Member] | Accounting Standards Update 2018-02 [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Reclassification to Unappropriated Retained Earnings | $ 173,000 | |||||
Subsequent Event [Member] | Retained Earnings [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 24,000 | |||||
Interest Rate Swap [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Notional amount | 229,600,000 | $ 229,600,000 | 231,100,000 | |||
Fair value of interest rate swap asset | 2,400,000 | 2,400,000 | 2,600,000 | |||
Fair value of interest rate swap liability | 2,600,000 | 2,600,000 | 2,700,000 | |||
Life Insurance [Member] | Officer [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Bank Owned Life Insurance | 73,000,000 | 73,000,000 | 71,700,000 | |||
Deferred Compensation Plan [Member] | Officer [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Bank Owned Life Insurance | $ 2,900,000 | $ 2,900,000 | $ 2,300,000 | |||
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 ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Information related to available for sale securities [Abstract] | ||
Amortized Cost | $ 537,416 | $ 505,327 |
Gross Unrealized Gain | 5,169 | 5,411 |
Gross Unrealized Losses | (4,092) | (6,547) |
Fair Value | 538,493 | 504,191 |
US Treasury Securities [Member] | ||
Information related to available for sale securities [Abstract] | ||
Amortized Cost | 992 | 990 |
Gross Unrealized Gain | 5 | 13 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 997 | 1,003 |
US Government Sponsored Agencies [Member] | ||
Information related to available for sale securities [Abstract] | ||
Amortized Cost | 5,191 | 6,312 |
Gross Unrealized Gain | 0 | 10 |
Gross Unrealized Losses | (69) | (81) |
Fair Value | 5,122 | 6,241 |
State and Municipal Securities [Member] | ||
Information related to available for sale securities [Abstract] | ||
Amortized Cost | 172,375 | 146,917 |
Gross Unrealized Gain | 2,990 | 1,784 |
Gross Unrealized Losses | (976) | (3,322) |
Fair Value | 174,389 | 145,379 |
Mortgage-backed securities residential [Member] | ||
Information related to available for sale securities [Abstract] | ||
Amortized Cost | 314,650 | 304,172 |
Gross Unrealized Gain | 2,099 | 3,388 |
Gross Unrealized Losses | (2,975) | (3,065) |
Fair Value | 313,774 | 304,495 |
Mortgage-backed securities commercial [Member] | ||
Information related to available for sale securities [Abstract] | ||
Amortized Cost | 44,208 | 46,936 |
Gross Unrealized Gain | 75 | 216 |
Gross Unrealized Losses | (72) | (79) |
Fair Value | $ 44,211 | $ 47,073 |
SECURITIES (Schedule Of Availab
SECURITIES (Schedule Of Available Sale Of Securities By Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Maturities of Available-for-sale Debt Securities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 1,576 | |
Amortized Cost, Due after one year through five years | 23,698 | |
Amortized Cost, Due after five years through ten years | 37,762 | |
Amortized Cost, Due after ten years | 115,522 | |
Amortized Cost, Available for sale securities with maturities amortized cost | 178,558 | |
Amortized Cost, Mortgage-backed securities | 358,858 | |
Amortized Cost, Total debt securities | 537,416 | $ 505,327 |
Fair Value, Due in one year or less | 1,578 | |
Fair Value, Due after one year through five years | 24,070 | |
Fair Value, Due after five years through ten years | 38,502 | |
Fair Value, Due after ten years | 116,358 | |
Fair Value, Available for sale securities with maturities fair value | 180,508 | |
Fair Value, Mortgage-backed securities | 357,985 | |
Fair Value, Total debt securities | $ 538,493 | $ 504,191 |
SECURITIES (Schedule Of Sales O
SECURITIES (Schedule Of Sales Of Securities Available For Sale) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sales of securities available for sale | |||
Proceeds | $ 40,877 | $ 12,095 | $ 7,787 |
Gross gains | 267 | 83 | 42 |
Gross losses | $ 235 | $ 17 | $ 0 |
SECURITIES (Schedule Of Avail55
SECURITIES (Schedule Of Available Sale Of Securities Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Securities with unrealized losses [Abstract] | ||
Less than 12 months, Fair Value | $ 177,277 | $ 262,423 |
12 months or more, Fair value | 111,345 | 9,441 |
Total Fair value | 288,622 | 271,864 |
Less than 12 Months, Unrealized Losses | 1,537 | 6,143 |
12 Months or more, Unrealized Losses | 2,555 | 404 |
Total Unrealized Losses | 4,092 | 6,547 |
US Government Sponsored Agencies [Member] | ||
Securities with unrealized losses [Abstract] | ||
Less than 12 months, Fair Value | 2,353 | 3,290 |
12 months or more, Fair value | 2,769 | 0 |
Total Fair value | 5,122 | 3,290 |
Less than 12 Months, Unrealized Losses | 6 | 81 |
12 Months or more, Unrealized Losses | 63 | 0 |
Total Unrealized Losses | 69 | 81 |
State and Municipal Securities [Member] | ||
Securities with unrealized losses [Abstract] | ||
Less than 12 months, Fair Value | 8,585 | 77,434 |
12 months or more, Fair value | 49,552 | 2,361 |
Total Fair value | 58,137 | 79,795 |
Less than 12 Months, Unrealized Losses | 47 | 3,180 |
12 Months or more, Unrealized Losses | 929 | 142 |
Total Unrealized Losses | 976 | 3,322 |
Mortgage-backed securities residential [Member] | ||
Securities with unrealized losses [Abstract] | ||
Less than 12 months, Fair Value | 142,834 | 162,738 |
12 months or more, Fair value | 59,024 | 7,080 |
Total Fair value | 201,858 | 169,818 |
Less than 12 Months, Unrealized Losses | 1,412 | 2,803 |
12 Months or more, Unrealized Losses | 1,563 | 262 |
Total Unrealized Losses | 2,975 | 3,065 |
Mortgage-backed securities commercial [Member] | ||
Securities with unrealized losses [Abstract] | ||
Less than 12 months, Fair Value | 23,505 | 18,961 |
12 months or more, Fair value | 0 | 0 |
Total Fair value | 23,505 | 18,961 |
Less than 12 Months, Unrealized Losses | 72 | 79 |
12 Months or more, Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ 72 | $ 79 |
SECURITIES (Quantitative Disclo
SECURITIES (Quantitative Disclosure Of Available Sale Of Securities) (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 69 | 181 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 84 | 6 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 153 | 187 |
US Government Sponsored Agencies [Member] | ||
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 1 | 1 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 1 | 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 2 | 1 |
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 | 17 | 121 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 62 | 4 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 79 | 125 |
Mortgage backed securities residential [Member] | ||
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 46 | 54 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 21 | 2 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 67 | 56 |
Mortgage backed securities commercial [Member] | ||
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 5 | 5 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 0 | 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 5 | 5 |
SECURITIES (Additional informat
SECURITIES (Additional information) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Information related to available for sale securities [Abstract] | ||
Available-for-sale Securities pledged as collateral | $ 171.1 | $ 168.3 |
LOANS (Total Loans Outstanding)
LOANS (Total Loans Outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | $ 3,819,525 | $ 3,471,668 | ||
Less: Allowance for loan losses | (47,121) | (43,718) | $ (43,610) | $ (46,262) |
Net deferred loan fees | (1,066) | (741) | ||
Loans, net | 3,771,338 | 3,427,209 | ||
Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 3,370,511 | 3,062,526 | ||
Other consumer loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 74,369 | 61,308 | ||
Consumer Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 449,014 | 409,142 | ||
Commercial and Industrial Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Less: Allowance for loan losses | (21,097) | (20,272) | (21,564) | (22,785) |
Commercial and Industrial Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 1,418,681 | 1,268,490 | ||
Commercial and Industrial Loans [Member] | Working Capital Lines Of Credit Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 743,609 | 624,404 | ||
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 675,072 | 644,086 | ||
Commercial Real Estate and Multi-family Residential Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 1,444,913 | 1,300,923 | ||
Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 224,474 | 245,182 | ||
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 538,603 | 469,705 | ||
Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 508,121 | 458,404 | ||
Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 173,715 | 127,632 | ||
Agri-business and Agricultural Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Less: Allowance for loan losses | (4,920) | (3,532) | $ (2,445) | $ (1,790) |
Agri-business and Agricultural Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 382,841 | 394,843 | ||
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 186,437 | 172,633 | ||
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 196,404 | 222,210 | ||
Other Commercial Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 124,076 | 98,270 | ||
Total Consumer 1 To 4 Family Mortgage Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 374,645 | 347,834 | ||
Total Consumer 1 To 4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Commercial And Consumer Loans | 179,302 | 163,155 | ||
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 Commercial And Consumer Loans | 181,865 | 169,664 | ||
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 Commercial And Consumer Loans | $ 13,478 | $ 15,015 |
LOANS (Additional information)
LOANS (Additional information) (Details) | Dec. 31, 2017USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Mortgage Loans in Process of Foreclosure, Amount | $ 47,000 |
ALLOWANCE FOR LOAN LOSSES AND60
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Allowance for loan losses by portfolio segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 43,718 | $ 43,610 | $ 46,262 |
Provision for loan losses | 3,000 | 1,150 | 0 |
Loans charged-off | (1,560) | (2,055) | (3,173) |
Recoveries | 1,963 | 1,013 | 521 |
Net loans charged-off/(recovered) | 403 | (1,042) | (2,652) |
Ending balance | 47,121 | 43,718 | 43,610 |
Commercial and Industrial Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 20,272 | 21,564 | 22,785 |
Provision for loan losses | 614 | (952) | (117) |
Loans charged-off | (842) | (801) | (1,320) |
Recoveries | 1,053 | 461 | 216 |
Net loans charged-off/(recovered) | 211 | (340) | (1,104) |
Ending balance | 21,097 | 20,272 | 21,564 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 13,452 | 12,473 | 14,153 |
Provision for loan losses | 997 | 1,209 | (673) |
Loans charged-off | (406) | (566) | (1,114) |
Recoveries | 671 | 336 | 107 |
Net loans charged-off/(recovered) | 265 | (230) | (1,007) |
Ending balance | 14,714 | 13,452 | 12,473 |
Agri-business and Agricultural Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 3,532 | 2,445 | 1,790 |
Provision for loan losses | 1,365 | 1,068 | 635 |
Loans charged-off | 0 | 0 | 0 |
Recoveries | 23 | 19 | 20 |
Net loans charged-off/(recovered) | 23 | 19 | 20 |
Ending balance | 4,920 | 3,532 | 2,445 |
Other Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 461 | 574 | 276 |
Provision for loan losses | 116 | (113) | 420 |
Loans charged-off | 0 | 0 | (122) |
Recoveries | 0 | 0 | 0 |
Net loans charged-off/(recovered) | 0 | 0 | (122) |
Ending balance | 577 | 461 | 574 |
Consumer 1-4 Family Mortgage Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 2,827 | 3,395 | 3,459 |
Provision for loan losses | (105) | (197) | 246 |
Loans charged-off | (53) | (478) | (362) |
Recoveries | 99 | 107 | 52 |
Net loans charged-off/(recovered) | 46 | (371) | (310) |
Ending balance | 2,768 | 2,827 | 3,395 |
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 387 | 319 | 483 |
Provision for loan losses | 134 | 188 | (35) |
Loans charged-off | (259) | (210) | (255) |
Recoveries | 117 | 90 | 126 |
Net loans charged-off/(recovered) | (142) | (120) | (129) |
Ending balance | 379 | 387 | 319 |
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 2,787 | 2,840 | 3,316 |
Provision for loan losses | (121) | (53) | (476) |
Loans charged-off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Net loans charged-off/(recovered) | 0 | 0 | 0 |
Ending balance | $ 2,666 | $ 2,787 | $ 2,840 |
ALLOWANCE FOR LOAN LOSSES AND61
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 ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | $ 3,216 | $ 4,114 | ||
Collectively evaluated for impairment | 43,905 | 39,604 | ||
Total ending allowance balance | 47,121 | 43,718 | $ 43,610 | $ 46,262 |
Loans: | ||||
Loans individually evaluated for impairment | 13,870 | 20,692 | ||
Loans collectively evaluated for impairment | 3,804,589 | 3,450,235 | ||
Total ending loans balance | 3,818,459 | 3,470,927 | ||
Commercial and Industrial Loans [Member] | ||||
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | 2,067 | 3,191 | ||
Collectively evaluated for impairment | 19,030 | 17,081 | ||
Total ending allowance balance | 21,097 | 20,272 | 21,564 | 22,785 |
Loans: | ||||
Loans individually evaluated for impairment | 6,979 | 9,776 | ||
Loans collectively evaluated for impairment | 1,411,648 | 1,258,682 | ||
Total ending loans balance | 1,418,627 | 1,268,458 | ||
Commercial Real Estate and Multi-Family Residential Loans [Member] | ||||
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | 795 | 576 | ||
Collectively evaluated for impairment | 13,919 | 12,876 | ||
Total ending allowance balance | 14,714 | 13,452 | 12,473 | 14,153 |
Loans: | ||||
Loans individually evaluated for impairment | 4,802 | 9,151 | ||
Loans collectively evaluated for impairment | 1,438,219 | 1,290,131 | ||
Total ending loans balance | 1,443,021 | 1,299,282 | ||
Agri-business and Agricultural Loans [Member] | ||||
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 4,920 | 3,532 | ||
Total ending allowance balance | 4,920 | 3,532 | 2,445 | 1,790 |
Loans: | ||||
Loans individually evaluated for impairment | 283 | 283 | ||
Loans collectively evaluated for impairment | 382,643 | 394,621 | ||
Total ending loans balance | 382,926 | 394,904 | ||
Other Commercial [Member] | ||||
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 577 | 461 | ||
Total ending allowance balance | 577 | 461 | 574 | 276 |
Loans: | ||||
Loans individually evaluated for impairment | 0 | 0 | ||
Loans collectively evaluated for impairment | 123,922 | 98,265 | ||
Total ending loans balance | 123,922 | 98,265 | ||
Consumer 1-4 Family Mortgage Loans [Member] | ||||
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | 310 | 296 | ||
Collectively evaluated for impairment | 2,458 | 2,531 | ||
Total ending allowance balance | 2,768 | 2,827 | 3,395 | 3,459 |
Loans: | ||||
Loans individually evaluated for impairment | 1,756 | 1,427 | ||
Loans collectively evaluated for impairment | 374,013 | 347,408 | ||
Total ending loans balance | 375,769 | 348,835 | ||
Other Consumer [Member] | ||||
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | 44 | 51 | ||
Collectively evaluated for impairment | 335 | 336 | ||
Total ending allowance balance | 379 | 387 | 319 | 483 |
Loans: | ||||
Loans individually evaluated for impairment | 50 | 55 | ||
Loans collectively evaluated for impairment | 74,144 | 61,128 | ||
Total ending loans balance | 74,194 | 61,183 | ||
Unallocated [Member] | ||||
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 2,666 | 2,787 | ||
Total ending allowance balance | 2,666 | 2,787 | $ 2,840 | $ 3,316 |
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 AND62
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Loans Individually Evaluated For Impairment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid Principal Balance | $ 15,897 | $ 23,663 | |
Recorded Investment | 13,870 | 20,692 | |
Allowance for Loan Losses Allocated | 3,216 | 4,114 | |
Average Recorded Investment | 18,570 | 19,067 | $ 25,344 |
Interest Income Recognized | 584 | 582 | 558 |
Cash Basis Interest Income Recogonized | 549 | 566 | 569 |
Other Commercial Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Average Recorded Investment with no related allowance recorded | 1 | ||
Average Recorded Investment with an allowance recorded | 8 | 3 | |
Interest Income Recognized with no related allowance recorded | 0 | ||
Interest Income Recognized with an allowance recorded | 0 | 0 | |
Cash basis interest income recognized with no related allowance recorded | 0 | ||
Cash basis interest income recognized with an allowance recorded | 1 | 0 | |
Other Consumer Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with an allowance recorded | 50 | 55 | |
Recorded investment with an allowance recorded | 50 | 55 | |
Allowance for loans losses allocated with an allowance recorded | 44 | 51 | |
Average Recorded Investment with no related allowance recorded | 3 | ||
Average Recorded Investment with an allowance recorded | 52 | 57 | 100 |
Interest Income Recognized with no related allowance recorded | 0 | ||
Interest Income Recognized with an allowance recorded | 3 | 4 | 4 |
Cash basis interest income recognized with no related allowance recorded | 0 | ||
Cash basis interest income recognized with an allowance recorded | 3 | 4 | 4 |
Commercial and Industrial Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Allowance for Loan Losses Allocated | 2,067 | 3,191 | |
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 | 491 | 951 | |
Unpaid principal balance with an allowance recorded | 1,617 | 1,100 | |
Recorded Investment with no related allowance recorded | 491 | 494 | |
Recorded investment with an allowance recorded | 1,617 | 1,099 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | |
Allowance for loans losses allocated with an allowance recorded | 667 | 465 | |
Average Recorded Investment with no related allowance recorded | 407 | 331 | 21 |
Average Recorded Investment with an allowance recorded | 2,083 | 1,199 | 1,133 |
Interest Income Recognized with no related allowance recorded | 46 | 15 | 0 |
Interest Income Recognized with an allowance recorded | 17 | 33 | 24 |
Cash basis interest income recognized with no related allowance recorded | 39 | 14 | 0 |
Cash basis interest income recognized with an allowance recorded | 17 | 30 | 23 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 2,973 | 3,007 | |
Unpaid principal balance with an allowance recorded | 3,292 | 6,827 | |
Recorded Investment with no related allowance recorded | 1,579 | 1,358 | |
Recorded investment with an allowance recorded | 3,292 | 6,825 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | |
Allowance for loans losses allocated with an allowance recorded | 1,400 | 2,726 | |
Average Recorded Investment with no related allowance recorded | 1,341 | 996 | 619 |
Average Recorded Investment with an allowance recorded | 5,715 | 4,685 | 8,705 |
Interest Income Recognized with no related allowance recorded | 57 | 16 | 2 |
Interest Income Recognized with an allowance recorded | 103 | 151 | 326 |
Cash basis interest income recognized with no related allowance recorded | 51 | 13 | 2 |
Cash basis interest income recognized with an allowance recorded | 103 | 151 | 333 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Allowance for Loan Losses Allocated | 795 | 576 | |
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 | 88 | 126 | |
Unpaid principal balance with an allowance recorded | 827 | ||
Recorded Investment with no related allowance recorded | 88 | 126 | |
Recorded investment with an allowance recorded | 827 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | |
Allowance for loans losses allocated with an allowance recorded | 350 | ||
Average Recorded Investment with no related allowance recorded | 110 | 114 | 132 |
Average Recorded Investment with an allowance recorded | 69 | 186 | 382 |
Interest Income Recognized with no related allowance recorded | 5 | 10 | 0 |
Interest Income Recognized with an allowance recorded | 5 | 0 | 16 |
Cash basis interest income recognized with no related allowance recorded | 5 | 10 | 0 |
Cash basis interest income recognized with an allowance recorded | 0 | 0 | 17 |
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 | 2,558 | 2,868 | |
Unpaid principal balance with an allowance recorded | 1,577 | 1,773 | |
Recorded Investment with no related allowance recorded | 2,310 | 2,620 | |
Recorded investment with an allowance recorded | 1,577 | 1,772 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | |
Allowance for loans losses allocated with an allowance recorded | 445 | 576 | |
Average Recorded Investment with no related allowance recorded | 2,349 | 2,555 | 2,336 |
Average Recorded Investment with an allowance recorded | 1,664 | 1,143 | 3,050 |
Interest Income Recognized with no related allowance recorded | 17 | 3 | 8 |
Interest Income Recognized with an allowance recorded | 3 | 3 | 13 |
Cash basis interest income recognized with no related allowance recorded | 15 | 3 | 9 |
Cash basis interest income recognized with an allowance recorded | 2 | 3 | 13 |
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 | 4,632 | ||
Recorded Investment with no related allowance recorded | 4,633 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | ||
Average Recorded Investment with no related allowance recorded | 3,009 | 4,732 | 4,635 |
Average Recorded Investment with an allowance recorded | 19 | 817 | |
Interest Income Recognized with no related allowance recorded | 294 | 292 | 105 |
Interest Income Recognized with an allowance recorded | 0 | 0 | |
Cash basis interest income recognized with no related allowance recorded | 284 | 286 | 108 |
Cash basis interest income recognized with an allowance recorded | 0 | 0 | |
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 | 8 | ||
Average Recorded Investment with an allowance recorded | 256 | 32 | |
Interest Income Recognized with no related allowance recorded | 0 | ||
Interest Income Recognized with an allowance recorded | 12 | 0 | |
Cash basis interest income recognized with no related allowance recorded | 0 | ||
Cash basis interest income recognized with an allowance recorded | 11 | 0 | |
Agri-business and Agricultural Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Allowance for Loan Losses Allocated | 0 | 0 | |
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 | 603 | |
Recorded Investment with no related allowance recorded | 283 | 283 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | |
Average Recorded Investment with no related allowance recorded | 287 | 393 | 426 |
Average Recorded Investment with an allowance recorded | 2 | 50 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized with an allowance recorded | 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 | |
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 | 677 | ||
Interest Income Recognized with no related allowance recorded | 5 | ||
Cash basis interest income recognized with no related allowance recorded | 4 | ||
Consumer 1-4 Family Mortgage Loans [Member] | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Allowance for Loan Losses Allocated | 310 | 296 | |
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 | 636 | 161 | |
Unpaid principal balance with an allowance recorded | 950 | 1,152 | |
Recorded Investment with no related allowance recorded | 570 | 147 | |
Recorded investment with an allowance recorded | 950 | 1,085 | |
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | |
Allowance for loans losses allocated with an allowance recorded | 269 | 296 | |
Average Recorded Investment with no related allowance recorded | 293 | 91 | 261 |
Average Recorded Investment with an allowance recorded | 1,006 | 1,392 | 2,357 |
Interest Income Recognized with no related allowance recorded | 9 | 2 | 0 |
Interest Income Recognized with an allowance recorded | 25 | 36 | 60 |
Cash basis interest income recognized with no related allowance recorded | 8 | 2 | 0 |
Cash basis interest income recognized with an allowance recorded | 22 | 34 | 60 |
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 | 408 | ||
Unpaid principal balance with an allowance recorded | 235 | ||
Recorded Investment with no related allowance recorded | 195 | ||
Recorded investment with an allowance recorded | 236 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | ||
Allowance for loans losses allocated with an allowance recorded | 41 | ||
Average Recorded Investment with no related allowance recorded | 103 | 58 | 189 |
Average Recorded Investment with an allowance recorded | 80 | 166 | 82 |
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] | |||
Average Recorded Investment with no related allowance recorded | 11 | ||
Interest Income Recognized with no related allowance recorded | 0 | ||
Cash basis interest income recognized with no related allowance recorded | $ 0 |
ALLOWANCE FOR LOAN LOSSES AND63
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Aging Of The Recorded Investment In Past Due Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | $ 3,799,432 | $ 3,462,648 |
30 to 89 Days Past Due | 9,619 | 1,593 |
Nonaccrual | 9,402 | 6,633 |
Total Past Due and Nonaccural | 19,027 | 8,279 |
Total | 3,818,459 | 3,470,927 |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 6 | 53 |
Other Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 123,922 | 98,265 |
30 to 89 Days Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccural | 0 | 0 |
Total | 123,922 | 98,265 |
Other Commercial Loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Other consumer loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 74,102 | 61,119 |
30 to 89 Days Past Due | 92 | 64 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccural | 92 | 64 |
Total | 74,194 | 61,183 |
Other consumer loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total | 1,418,627 | 1,268,458 |
Commercial and Industrial Loans [Member] | Working Capital Lines Of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 742,205 | 624,213 |
30 to 89 Days Past Due | 11 | 9 |
Nonaccrual | 1,459 | 140 |
Total Past Due and Nonaccural | 1,470 | 149 |
Total | 743,675 | 624,362 |
Commercial and Industrial Loans [Member] | Working Capital Lines Of Credit Loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 671,490 | 642,014 |
30 to 89 Days Past Due | 0 | 0 |
Nonaccrual | 3,462 | 2,082 |
Total Past Due and Nonaccural | 3,462 | 2,082 |
Total | 674,952 | 644,096 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total | 1,443,021 | 1,299,282 |
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 | 215,713 | 244,411 |
30 to 89 Days Past Due | 8,000 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccural | 8,000 | 0 |
Total | 223,713 | 244,411 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Construction and Land Development Loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 534,648 | 465,789 |
30 to 89 Days Past Due | 0 | 0 |
Nonaccrual | 3,620 | 3,598 |
Total Past Due and Nonaccural | 3,620 | 3,598 |
Total | 538,268 | 469,387 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Nonowner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 507,696 | 457,880 |
30 to 89 Days Past Due | 0 | 0 |
Nonaccrual | 0 | 122 |
Total Past Due and Nonaccural | 0 | 122 |
Total | 507,696 | 458,002 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Nonowner Occupied Loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Multifamily Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 173,100 | 127,482 |
30 to 89 Days Past Due | 244 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccural | 244 | 0 |
Total | 173,344 | 127,482 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Multifamily Loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Agri-business and Agricultural Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total | 382,926 | 394,904 |
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 186,160 | 172,349 |
30 to 89 Days Past Due | 0 | 0 |
Nonaccrual | 283 | 283 |
Total Past Due and Nonaccural | 283 | 283 |
Total | 186,443 | 172,632 |
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 196,483 | 222,272 |
30 to 89 Days Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccural | 0 | 0 |
Total | 196,483 | 222,272 |
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total | 375,769 | 348,835 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 177,410 | 161,499 |
30 to 89 Days Past Due | 1,183 | 1,072 |
Nonaccrual | 342 | 213 |
Total Past Due and Nonaccural | 1,531 | 1,338 |
Total | 178,941 | 162,837 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 6 | 53 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 183,056 | 170,372 |
30 to 89 Days Past Due | 89 | 448 |
Nonaccrual | 236 | 195 |
Total Past Due and Nonaccural | 325 | 643 |
Total | 183,381 | 171,015 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 13,447 | 14,983 |
30 to 89 Days Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccural | 0 | 0 |
Total | 13,447 | 14,983 |
Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction Loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | $ 0 | $ 0 |
ALLOWANCE FOR LOAN LOSSES AND64
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Troubled Debt Restructuring) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Troubled Debt Restructuring [Abstract] | ||
Accruing troubled debt restructured loans | $ 2,893 | $ 10,351 |
Nonaccrual troubled debt restructured loans | 7,750 | 5,633 |
Total troubled debt restructured loans | $ 10,643 | $ 15,984 |
ALLOWANCE FOR LOAN LOSSES AND65
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Loans By Class Modified As Troubled Debt Restructuring) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Number | Dec. 31, 2016USD ($)Number | Dec. 31, 2015USD ($)Number | |
Modified Repayment Terms [Member] | |||
Troubled Debt Restructurings Modified During Period [Abstract] | |||
Number of Loans | 8 | 8 | 3 |
Modified Repayment Terms [Member] | Minimum [Member] | |||
Troubled Debt Restructurings Modified During Period [Abstract] | |||
Extension period for modified repayment terms | 0 months | 9 months | 6 months |
Modified Repayment Terms [Member] | Maximum [Member] | |||
Troubled Debt Restructurings Modified During Period [Abstract] | |||
Extension period for modified repayment terms | 350 months | 356 months | 208 months |
All Modifications [Member] | |||
Troubled Debt Restructurings Modified During Period [Abstract] | |||
Number of Loans | Number | 8 | 9 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 3,852 | $ 2,559 | $ 2,267 |
Post-Modification Outstanding Recorded Investment | $ 3,854 | $ 2,619 | $ 2,267 |
Commercial and Industrial Loans [Member] | Working Capital Lines Of Credit Loans [Member] | Modified Repayment Terms [Member] | |||
Troubled Debt Restructurings Modified During Period [Abstract] | |||
Number of Loans | Number | 1 | ||
Extension period for modified repayment terms | 9 months | ||
Commercial and Industrial Loans [Member] | Working Capital Lines Of Credit Loans [Member] | All Modifications [Member] | |||
Troubled Debt Restructurings Modified During Period [Abstract] | |||
Number of Loans | Number | 1 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 1,324 | $ 564 | |
Post-Modification Outstanding Recorded Investment | $ 1,324 | $ 564 | |
Commercial and Industrial Loans [Member] | Non Working Capital Loans [Member] | Modified Repayment Terms [Member] | |||
Troubled Debt Restructurings Modified During Period [Abstract] | |||
Number of Loans | 4 | 5 | 1 |
Extension period for modified repayment terms | 12 months | ||
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 | 0 months | 9 months | |
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 | 6 months | 356 months | |
Commercial and Industrial Loans [Member] | Non Working Capital Loans [Member] | All Modifications [Member] | |||
Troubled Debt Restructurings Modified During Period [Abstract] | |||
Number of Loans | Number | 4 | 6 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,922 | $ 1,841 | $ 783 |
Post-Modification Outstanding Recorded Investment | $ 1,922 | $ 1,902 | $ 783 |
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 | 1 | 3 | 1 |
Extension period for modified repayment terms | 6 months | 6 months | |
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 | 13 months | ||
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 months | ||
Commercial Real Estate and Multi-Family Residential Loans [Member] | Owner Occupied Loans [Member] | All Modifications [Member] | |||
Troubled Debt Restructurings Modified During Period [Abstract] | |||
Number of Loans | 1 | 3 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 486 | $ 718 | $ 855 |
Post-Modification Outstanding Recorded Investment | $ 486 | $ 717 | $ 855 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Modified Repayment Terms [Member] | |||
Troubled Debt Restructurings Modified During Period [Abstract] | |||
Number of Loans | Number | 2 | 1 | |
Extension period for modified repayment terms | 208 months | ||
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Modified Repayment Terms [Member] | Minimum [Member] | |||
Troubled Debt Restructurings Modified During Period [Abstract] | |||
Extension period for modified repayment terms | 198 months | ||
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Modified Repayment Terms [Member] | Maximum [Member] | |||
Troubled Debt Restructurings Modified During Period [Abstract] | |||
Extension period for modified repayment terms | 350 months | ||
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | All Modifications [Member] | |||
Troubled Debt Restructurings Modified During Period [Abstract] | |||
Number of Loans | Number | 2 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 120 | $ 65 | |
Post-Modification Outstanding Recorded Investment | $ 122 | $ 65 |
ALLOWANCE FOR LOAN LOSSES AND66
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Troubled Debt Restructuring Subsequently Defaulted) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Number | Dec. 31, 2016USD ($)Number | Dec. 31, 2015USD ($)Number | |
Troubled Debt Restructurings that Subsequently Defaulted [Abstract] | |||
Number of Loans | Number | 0 | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 0 | $ 755 |
Commercial and industrial loans [Member] | Non Working Capital Loans [Member] | |||
Troubled Debt Restructurings that Subsequently Defaulted [Abstract] | |||
Number of Loans | Number | 0 | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 0 | $ 755 |
ALLOWANCE FOR LOAN LOSSES AND67
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Credit Quality Indicators) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | $ 3,818,459 | $ 3,470,927 |
Other Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 123,922 | 98,265 |
Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 74,194 | 61,183 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 1,418,627 | 1,268,458 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 743,675 | 624,362 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 674,952 | 644,096 |
Commercial Real Estate and Multi-family Residential Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 1,443,021 | 1,299,282 |
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 | 223,713 | 244,411 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 538,268 | 469,387 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 507,696 | 458,002 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 173,344 | 127,482 |
Agri-business and Agricultural Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 382,926 | 394,904 |
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 186,443 | 172,632 |
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 196,483 | 222,272 |
Consumer 1-4 Family Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 375,769 | 348,835 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 178,941 | 162,837 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 183,381 | 171,015 |
Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 13,447 | 14,983 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 3,272,841 | 2,980,993 |
Pass [Member] | Other Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 123,917 | 98,261 |
Pass [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 18,642 | 17,717 |
Pass [Member] | Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 688,748 | 577,208 |
Pass [Member] | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 624,275 | 583,135 |
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 | 222,445 | 242,964 |
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 | 496,231 | 444,143 |
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 | 505,033 | 451,390 |
Pass [Member] | Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 173,100 | 127,219 |
Pass [Member] | Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 174,118 | 168,660 |
Pass [Member] | Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 185,772 | 218,581 |
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 | 52,301 | 44,687 |
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 | 8,259 | 7,028 |
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 | 93,228 | 74,274 |
Special Mention [Member] | Other Commercial 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 | 0 | 0 |
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 | 33,337 | 17,636 |
Special Mention [Member] | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 20,171 | 32,587 |
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 | 441 | 1,447 |
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 | 19,361 | 10,285 |
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 | 1,970 | 4,550 |
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 | 244 | 263 |
Special Mention [Member] | Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 7,988 | 3,689 |
Special Mention [Member] | Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 9,716 | 3,691 |
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 | 126 |
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 | 0 | 0 |
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 | 78,518 | 72,392 |
Substandard [Member] | Other Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 0 | 0 |
Substandard [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 50 | 55 |
Substandard [Member] | Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 21,350 | 29,396 |
Substandard [Member] | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 25,834 | 24,405 |
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 | 827 | 0 |
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 | 22,676 | 14,959 |
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 | 693 | 2,062 |
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 | 4,337 | 283 |
Substandard [Member] | Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 995 | 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 | 1,520 | 1,232 |
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 | 236 | 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 | 0 | 0 |
Doubtful [Member] | Other Commercial 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 | 0 | 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 | 373,872 | 343,268 |
Not Rated [Member] | Other Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 5 | 4 |
Not Rated [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 55,502 | 43,411 |
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 | 240 | 122 |
Not Rated [Member] | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total ending loans balance | 4,672 | 3,969 |
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 | 0 |
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 | 125,120 | 116,792 |
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 | 174,886 | 163,987 |
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 | $ 13,447 | $ 14,983 |
ALLOWANCE FOR LOAN LOSSES AND68
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Additional Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Troubled Debt Restructuring [Abstract] | |||
Loans Modified In Troubled Debt Restructured Loans | $ 2,300,000 | $ 2,700,000 | |
Loan amount of credit quality analysis | 150,000 | ||
Financing Receivable, Modifications, Recorded Investment | $ 788,000 | ||
Non-working Capital Loans [Member] | |||
Troubled Debt Restructuring [Abstract] | |||
Increase (decrease) in allowance for loan loss | 76,000 | ||
Financing Receivable, Modifications, Recorded Investment | 60,000 | ||
Commercial and Industrial Loans [Member] | |||
Troubled Debt Restructuring [Abstract] | |||
Increase (decrease) in allowance for loan loss | 513,000 | 99,000 | 74,000 |
Financing Receivable, Modifications, Recorded Investment | 1,900,000 | ||
Commercial and Industrial Loans [Member] | One Commercial Credit [Member] | |||
Troubled Debt Restructuring [Abstract] | |||
Financing Receivable, Modifications, Recorded Investment | 379,000 | ||
Commercial and Industrial Loans [Member] | Two Commercial Credits [Member] | |||
Troubled Debt Restructuring [Abstract] | |||
Financing Receivable, Modifications, Recorded Investment | 185,000 | ||
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | |||
Troubled Debt Restructuring [Abstract] | |||
Financing Receivable, Modifications, Recorded Investment | 2,500,000 | 491,000 | |
Commercial and Industrial Loans [Member] | Working Capital Loan [Member] | |||
Troubled Debt Restructuring [Abstract] | |||
Financing Receivable, Modifications, Recorded Investment | 475,000 | 2,500,000 | |
Commercial Real Estate and Multi-Family Residential Loans [Member] | |||
Troubled Debt Restructuring [Abstract] | |||
Increase (decrease) in allowance for loan loss | $ 27,000 | 108,000 | 18,000 |
Charge Off | 66,000 | ||
Commercial Real Estate and Multi-Family Residential Loans [Member] | One Commercial Credit [Member] | |||
Troubled Debt Restructuring [Abstract] | |||
Financing Receivable, Modifications, Recorded Investment | 3,000,000 | 131,000 | |
Commercial Real Estate and Multi-Family Residential Loans [Member] | Two Commercial Credits [Member] | |||
Troubled Debt Restructuring [Abstract] | |||
Financing Receivable, Modifications, Recorded Investment | 126,000 | 238,000 | |
Agri-business and Agricultural Loans [Member] | One Commercial Credit [Member] | |||
Troubled Debt Restructuring [Abstract] | |||
Financing Receivable, Modifications, Recorded Investment | $ 283,000 | ||
Consumer 1-4 Family Mortgage Loans [Member] | |||
Troubled Debt Restructuring [Abstract] | |||
Increase (decrease) in allowance for loan loss | $ 9,000 |
FAIR VALUES OF FINANCIAL INST69
FAIR VALUES OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured At Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Mortgage-backed securities | $ 357,985 | |
Total Securities | 538,493 | $ 504,191 |
Mortgage banking derivative | 2,441 | 2,645 |
Liabilities | ||
Mortgage banking derivative | 1,812 | 1,405 |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
U.S. Treasury securities | 997 | 1,003 |
U.S. government sponsored agency securities | 5,122 | 6,241 |
Mortgage-backed securities | 357,985 | 351,568 |
State and municipal securities | 174,389 | 145,379 |
Total Securities | 538,493 | 504,191 |
Mortgage banking derivative | 136 | 314 |
Interest rate swap derivative | 2,441 | 2,645 |
Total assets | 541,070 | 507,150 |
Liabilities | ||
Mortgage banking derivative | 3 | 14 |
Interest rate swap derivative | 2,562 | 2,735 |
Total liabilities | 2,565 | 2,749 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
U.S. Treasury securities | 997 | 1,003 |
U.S. government sponsored agency securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
State and municipal securities | 0 | 0 |
Total Securities | 997 | 1,003 |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total assets | 997 | 1,003 |
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 | ||
U.S. Treasury securities | 0 | 0 |
U.S. government sponsored agency securities | 5,122 | 6,241 |
Mortgage-backed securities | 357,985 | 351,568 |
State and municipal securities | 173,509 | 144,709 |
Total Securities | 536,616 | 502,518 |
Mortgage banking derivative | 136 | 314 |
Interest rate swap derivative | 2,441 | 2,645 |
Total assets | 539,193 | 505,477 |
Liabilities | ||
Mortgage banking derivative | 3 | 14 |
Interest rate swap derivative | 2,562 | 2,735 |
Total liabilities | 2,565 | 2,749 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
U.S. Treasury securities | 0 | 0 |
U.S. government sponsored agency securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
State and municipal securities | 880 | 670 |
Total Securities | 880 | 670 |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total assets | 880 | 670 |
Liabilities | ||
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
FAIR VALUES OF FINANCIAL INST70
FAIR VALUES OF FINANCIAL INSTRUMENTS (Reconciliation of All Assets Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3)) (Details) - State and Municipal Securities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Balance of recurring Level 3 assets at January 1 | $ 670 | $ 551 |
Transfers into Level 3 | 325 | 339 |
Changes in fair value of securities included in other comprehensive income | (10) | (10) |
Principal payments | (105) | (210) |
Sales | 0 | 0 |
Balance of recurring Level 3 assets at December 31 | $ 880 | $ 670 |
FAIR VALUES OF FINANCIAL INST71
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 ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 880 | $ 670 |
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) | 5.00% | 5.00% |
Discount To Benchmark Index [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 2.03% | 2.98% |
FAIR VALUES OF FINANCIAL INST72
FAIR VALUES OF FINANCIAL INSTRUMENTS (Assets Measured at Fair Value on a Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 4,432 | $ 5,767 |
Other real estate owned | 0 | 75 |
Total assets | 4,432 | 5,842 |
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 | 4,432 | 5,767 |
Other real estate owned | 0 | 75 |
Total assets | 4,432 | 5,842 |
Commercial and Industrial Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,627 | 4,510 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 934 | 621 |
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 | 934 | 621 |
Commercial and Industrial Loans [Member] | Non Working Capital Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,693 | 3,889 |
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 | 1,693 | 3,889 |
Commercial Real Estate and Multi-Family Residential Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,610 | 1,195 |
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 | 477 | |
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 | |
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 | |
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 | 477 | |
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 | 1,133 | 1,195 |
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 | 1,133 | 1,195 |
Consumer 1-4 Family Mortgage Loans [Member] | ||
Assets Measured At Fair Value On Nonrecurring Basis [Line Items] | ||
Impaired loans | 195 | 62 |
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 | 62 | |
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 | |
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 | |
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 | $ 62 | |
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 | 195 | |
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 | |
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 | |
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 | $ 195 |
FAIR VALUES OF FINANCIAL INST73
FAIR VALUES OF FINANCIAL INSTRUMENTS (Valuation Methodology and Unobservable Inputs for Level 3 Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Non-Recurring [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | $ 4,432 | $ 5,767 |
Commercial and Industrial Loans [Member] | Non-Recurring [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | $ 2,627 | $ 4,510 |
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] | Non-Recurring [Member] | Minimum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 23.00% | 22.00% |
Commercial and Industrial Loans [Member] | Non-Recurring [Member] | Maximum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 100.00% | 100.00% |
Commercial and Industrial Loans [Member] | Non-Recurring [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) | 37.00% | 44.00% |
Commercial real estate [Member] | Non-Recurring [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | $ 1,610 | $ 1,195 |
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 [Member] | Non-Recurring [Member] | Minimum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 2.00% | 6.00% |
Commercial real estate [Member] | Non-Recurring [Member] | Maximum [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 58.00% | 59.00% |
Commercial real estate [Member] | Non-Recurring [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) | 33.00% | 30.00% |
Consumer 1-4 Family Mortgage Loans [Member] | Non-Recurring [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | $ 195 | $ 62 |
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] | Non-Recurring [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) | 17.00% | 15.00% |
Other Real Estate Owned [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Appraisals | |
Unobservable Inputs | Discount to reflect current market conditions | |
Other Real Estate Owned [Member] | Non-Recurring [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | $ 75 | |
Other Real Estate Owned [Member] | Non-Recurring [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% |
FAIR VALUES OF FINANCIAL INST74
FAIR VALUES OF FINANCIAL INSTRUMENTS (Estimated Fair Values And The Related Carrying Values Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial Assets: | ||
Securities available for sale | $ 538,493 | $ 504,191 |
Carrying Value [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 176,180 | 167,280 |
Securities available for sale | 538,493 | 504,191 |
Real estate mortgages held for sale | 3,346 | 5,915 |
Loans, net | 3,771,338 | 3,427,209 |
Federal Home Loan Bank stock | 10,352 | 8,102 |
Federal Reserve Bank stock | 3,420 | 3,420 |
Accrued interest receivable | 14,093 | 11,687 |
Financial Liabilities: | ||
Certificates of deposit | (1,412,583) | (1,163,818) |
All other deposits | (2,596,072) | (2,414,094) |
Securities sold under agreements to repurchase | (70,652) | (50,045) |
Other short-term borrowings | (80,000) | (180,000) |
Long-term borrowings | (30) | (32) |
Subordinated debentures | (30,928) | (30,928) |
Standby letters of credit | (758) | (323) |
Accrued interest payable | (6,311) | (5,676) |
Estimated Fair Value [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 176,172 | 167,284 |
Securities available for sale | 538,493 | 504,191 |
Real estate mortgages held for sale | 3,390 | 5,994 |
Loans, net | 3,744,842 | 3,411,121 |
Federal Home Loan Bank stock | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Accrued interest receivable | 14,093 | 11,687 |
Financial Liabilities: | ||
Certificates of deposit | (1,417,075) | (1,169,905) |
All other deposits | (2,596,072) | (2,414,094) |
Securities sold under agreements to repurchase | (70,652) | (50,045) |
Other short-term borrowings | (80,004) | (180,005) |
Long-term borrowings | (31) | (34) |
Subordinated debentures | (31,194) | (31,194) |
Standby letters of credit | (758) | (323) |
Accrued interest payable | (6,311) | (5,676) |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 174,045 | 165,385 |
Securities available for sale | 997 | 1,003 |
Real estate mortgages held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Accrued interest receivable | 3 | 3 |
Financial Liabilities: | ||
Certificates of deposit | 0 | 0 |
All other deposits | (2,596,072) | (2,414,094) |
Securities sold under agreements to repurchase | 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 | (149) | (93) |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 2,127 | 1,899 |
Securities available for sale | 536,616 | 502,518 |
Real estate mortgages held for sale | 3,390 | 5,994 |
Loans, net | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Accrued interest receivable | 2,925 | 2,688 |
Financial Liabilities: | ||
Certificates of deposit | (1,417,075) | (1,169,905) |
All other deposits | 0 | 0 |
Securities sold under agreements to repurchase | (70,652) | (50,045) |
Other short-term borrowings | (80,004) | (180,005) |
Long-term borrowings | (31) | (34) |
Subordinated debentures | 0 | 0 |
Standby letters of credit | 0 | 0 |
Accrued interest payable | (6,158) | (5,580) |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 880 | 670 |
Real estate mortgages held for sale | 0 | 0 |
Loans, net | 3,744,842 | 3,411,121 |
Federal Home Loan Bank stock | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Accrued interest receivable | 11,165 | 8,996 |
Financial Liabilities: | ||
Certificates of deposit | 0 | 0 |
All other deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Other short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Subordinated debentures | (31,194) | (31,194) |
Standby letters of credit | (758) | (323) |
Accrued interest payable | $ (4) | $ (3) |
FAIR VALUES OF FINANCIAL INST75
FAIR VALUES OF FINANCIAL INSTRUMENTS (Additional Information) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 4,100,000 | |||
Weighted average interest rate, residential mortgages (in hundredths) | 3.81% | |||
Weighted average maturity of residential mortgages | 19 years | |||
Prepayment Speed used in unobservable assumptions | 123 | 162 | ||
Discount rate used to estimate fair value (in hundredths) | 9.40% | 9.30% | ||
Subtotal | $ 3,819,525,000 | $ 3,471,668,000 | ||
Valuation allowance | 47,121,000 | 43,718,000 | $ 43,610,000 | $ 46,262,000 |
Recoveries | 1,963,000 | 1,013,000 | 521,000 | |
Provision For Loan and Lease Losses | 3,000,000 | 1,150,000 | $ 0 | |
Ten Percent Adverse Changes 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 | 114,000 | |||
Twenty Percent Adverse Changes 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 | 218,000 | |||
Ten Percent Adverse Changes 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 | 152,000 | |||
Twenty Percent Adverse Changes 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 | $ 294,000 | |||
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 | $ 6,800,000 | 8,900,000 | ||
Valuation allowance | 2,400,000 | 3,100,000 | ||
Recoveries | $ 700,000 | |||
Provision For Loan and Lease Losses | 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. | ||||
Other Real Estate | 147,000 | |||
Real Estate Owned, Valuation Allowance | 72,000 | |||
Impaired Loans Fair Value Disclosure | $ 75,000 |
LAND, PREMISES AND EQUIPMENT,76
LAND, PREMISES AND EQUIPMENT, NET (Summary of Land, Premises And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Land | $ 16,172 | $ 14,799 |
Premises | 41,694 | 39,722 |
Equipment | 34,349 | 29,274 |
Total cost | 92,215 | 83,795 |
Less accumulated depreciation | 35,749 | 31,703 |
Land, premises and equipment, net | $ 56,466 | $ 52,092 |
LAND, PREMISES AND EQUIPMENT,77
LAND, PREMISES AND EQUIPMENT, NET (Future Minimum Lease Commitments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 427 |
2,019 | 438 |
2,020 | 464 |
2,021 | 473 |
2,022 | 485 |
Thereafter | 2,864 |
Total | $ 5,151 |
LAND, PREMISES AND EQUIPMENT,78
LAND, PREMISES AND EQUIPMENT, NET (Additional Information)(Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Lease, Weighted Average Remaining Lease Term | 14 years | |||
Operating Leases, Rent Expense, Net | $ 412,000 | $ 377,000 | $ 313,000 |
GOODWILL AND OTHER INTANGIBLE79
GOODWILL AND OTHER INTANGIBLE ASSETS (Additional Information) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Carrying amount of goodwill | $ 5 |
DEPOSITS (Summary of Certain De
DEPOSITS (Summary of Certain Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-interest bearing demand deposits | $ 885,622 | $ 819,803 |
Savings and transaction accounts: | ||
Savings deposits | 263,570 | 268,970 |
Interest bearing demand deposits | 3,123,033 | 2,758,109 |
Time deposits: | ||
Other time deposits | 251,218 | 238,994 |
Deposits of $100,000 to $250,000 | 236,354 | 212,232 |
Deposits of $250,000 or more | 925,011 | 712,593 |
Total deposits | $ 4,008,655 | $ 3,577,912 |
DEPOSITS (Scheduled Maturities
DEPOSITS (Scheduled Maturities of Time Deposits) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Maturing in 2018 | $ 973,037 |
Maturing in 2019 | 286,705 |
Maturing in 2020 | 72,116 |
Maturing in 2021 | 56,648 |
Maturing in 2022 | 23,971 |
Thereafter | 106 |
Total time deposits | $ 1,412,583 |
BORROWINGS (Long-Term Borrowing
BORROWINGS (Long-Term Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Federal Home Loan Bank of Indianapolis Notes, 6.15%, Due January 16, 2018 | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 30 | $ 32 |
BORROWINGS (Long-Term Borrowi83
BORROWINGS (Long-Term Borrowings) (Parenthetical) (Details) - Federal Home Loan Bank of Indianapolis Notes, 6.15%, Due January 16, 2018 | 12 Months Ended |
Dec. 31, 2017 | |
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 | Jan. 16, 2018 |
BORROWINGS (Maturity of Long-Te
BORROWINGS (Maturity of Long-Term Borrowings )(Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 30 |
BORROWINGS (Short-Term Borrowin
BORROWINGS (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Short-term Debt [Line Items] | ||
Other Short-term Borrowings | $ 80,000 | $ 180,000 |
Federal Home Loan Bank of Indianapolis Notes, 1.67%, Due June 27, 2018 | ||
Short-term Debt [Line Items] | ||
Other Short-term Borrowings | 80,000 | 0 |
Federal Home Loan Bank of Indianapolis Notes, 0.89%, Due June 28, 2017 | ||
Short-term Debt [Line Items] | ||
Other Short-term Borrowings | $ 0 | $ 180,000 |
BORROWINGS (Short-Term Borrow86
BORROWINGS (Short-Term Borrowings) (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Federal Home Loan Bank of Indianapolis Notes, 0.89%, Due June 28, 2017 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank, Interest Rate | 0.89% | |
Federal Home Loan Bank Advances Branch Of Fhlb Bank Due Dates | Jun. 28, 2017 | |
Federal Home Loan Bank of Indianapolis Notes, 1.67%, Due June 27, 2018 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank, Interest Rate | 1.67% | |
Federal Home Loan Bank Advances Branch Of Fhlb Bank Due Dates | Jun. 27, 2018 |
BORROWINGS (Securities Sold wit
BORROWINGS (Securities Sold with Agreements to Repurchase) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding at year end | $ 70,652 | $ 50,045 | $ 69,622 |
Approximate average interest rate at year end | 0.46% | 0.29% | 0.21% |
Highest amount outstanding as of any month end during the year | $ 77,886 | $ 60,198 | $ 82,817 |
Approximate average outstanding during the year | $ 63,379 | $ 57,945 | $ 63,880 |
Approximate average interest rate during the year | 0.39% | 0.25% | 0.19% |
BORROWINGS (Additional Informat
BORROWINGS (Additional Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||
Residential real estate loans and securities pledged as collateral for FHLB advances, carrying value | $ 370,000 | $ 337,600 | |
FHLB Stock owned | 10,400 | ||
FHLB borrowing capacity, authorized | 800,000 | ||
Line of Credit Facility, Current Borrowing Capacity | 161,700 | ||
Commercial loans pledged as collateral for Federal Reserve Discount Window, carrying value | 282,100 | ||
Federal Reserve borrowing capacity | 220,500 | ||
Secured Debt | 80,000 | ||
Federal Home Loan Bank, Advances, Premium | 80,000 | ||
Securities Sold under Agreements to Repurchase | 70,652 | 50,045 | $ 69,622 |
Collateralized Mortgage Backed Securities [Member] | |||
Debt Instrument [Line Items] | |||
Securities Sold under Agreements to Repurchase | $ 98,000 | $ 98,000 |
SUBORDINATED DEBENTURES (Additi
SUBORDINATED DEBENTURES (Additional Information) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Oct. 01, 2003 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 4.4745% | 4.0479% | 3.6567% | |
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 POSTRETIREM90
PENSION AND OTHER POSTRETIREMENT PLANS (Summary Of Benefit Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plans, Defined Benefit [Member] | |||
Change in benefit obligation: | |||
Beginning benefit obligation | $ 2,841 | $ 2,795 | |
Interest cost | 104 | 105 | $ 103 |
Actuarial (gain)/loss | 134 | 256 | |
Benefits paid | (217) | (315) | |
Ending benefit obligation | 2,862 | 2,841 | 2,795 |
Change in plan assets (primarily equity and fixed income investments and money market funds), at fair value: | |||
Beginning plan assets | 2,063 | 1,910 | |
Actual return | 313 | 151 | |
Employer contribution | 197 | 317 | |
Benefits paid | (217) | (315) | |
Ending plan assets | 2,356 | 2,063 | 1,910 |
Funded status at end of year | (506) | (778) | |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Change in benefit obligation: | |||
Beginning benefit obligation | 1,163 | 1,223 | |
Interest cost | 40 | 45 | 46 |
Actuarial (gain)/loss | 20 | 32 | |
Benefits paid | (137) | (137) | |
Ending benefit obligation | 1,086 | 1,163 | 1,223 |
Change in plan assets (primarily equity and fixed income investments and money market funds), at fair value: | |||
Beginning plan assets | 1,000 | 988 | |
Actual return | 144 | 73 | |
Employer contribution | 40 | 76 | |
Benefits paid | (137) | (137) | |
Ending plan assets | 1,047 | 1,000 | $ 988 |
Funded status at end of year | $ (39) | $ (163) |
PENSION AND OTHER POSTRETIREM91
PENSION AND OTHER POSTRETIREMENT PLANS (Schedule of Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status included in other liabilities | $ (506) | $ (778) |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status included in other liabilities | $ (39) | $ (163) |
PENSION AND OTHER POSTRETIREM92
PENSION AND OTHER POSTRETIREMENT PLANS (Amounts Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | $ (211) | $ (29) | $ 57 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 1,731 | 1,953 | |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | $ 661 | $ 801 |
PENSION AND OTHER POSTRETIREM93
PENSION AND OTHER POSTRETIREMENT PLANS (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net pension expense: | |||
Net (gain)/loss | $ (97) | $ 151 | $ 325 |
Pension Plans, Defined Benefit [Member] | |||
Net pension expense: | |||
Service cost | 0 | 0 | 0 |
Interest cost | 104 | 105 | 103 |
Expected return on plan assets | (143) | (139) | (139) |
Recognized net actuarial loss | 185 | 135 | 162 |
Settlement cost | 0 | 128 | 78 |
Net pension expense | 146 | 229 | 204 |
Net (gain)/loss | (36) | 122 | 203 |
Amortization of net loss | (185) | (135) | (162) |
Total recognized in other comprehensive income | (221) | (13) | 41 |
Total recognized in net pension expense and other comprehensive income | (75) | 216 | 245 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Net pension expense: | |||
Service cost | 0 | 0 | 0 |
Interest cost | 40 | 45 | 46 |
Expected return on plan assets | (63) | (70) | (76) |
Recognized net actuarial loss | 80 | 80 | 82 |
Settlement cost | 0 | 0 | 0 |
Net pension expense | 57 | 55 | 52 |
Net (gain)/loss | (61) | 29 | 122 |
Amortization of net loss | (80) | (80) | (82) |
Total recognized in other comprehensive income | (141) | (51) | 40 |
Total recognized in net pension expense and other comprehensive income | $ (84) | $ 4 | $ 92 |
PENSION AND OTHER POSTRETIREM94
PENSION AND OTHER POSTRETIREMENT PLANS (Schedule of Assumptions Used in Calculating the Net Benefit Obligation) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net benefit obligation, Weighted average discount rate | 3.46% | 3.86% | 3.96% |
Lump sum assumed interest rates for First 5 years | 2.05% | 1.57% | 1.61% |
Lump sum assumed interest rates for Next 15 years | 3.61% | 3.45% | 4.02% |
Lump sum assumed interest rates for All future years | 4.27% | 4.39% | 5.03% |
Net pension expense, Weighted average discount rate | 3.86% | 3.96% | 3.61% |
Expected long-term rate of return | 6.50% | 7.00% | 7.75% |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net benefit obligation, Weighted average discount rate | 3.46% | 3.86% | 3.96% |
Net pension expense, Weighted average discount rate | 3.86% | 3.96% | 3.61% |
Expected long-term rate of return | 6.50% | 7.00% | 7.75% |
PENSION AND OTHER POSTRETIREM95
PENSION AND OTHER POSTRETIREMENT PLANS (Schedule of Allocation of Plan Assets) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 60.00% | ||
Weighted Average Expected Long-Term Rate of Return | 8.70% | ||
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 40.00% | ||
Weighted Average Expected Long-Term Rate of Return | 3.00% | ||
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 | 6.50% | 7.00% | 7.75% |
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 63.00% | 60.00% | |
Weighted Average Expected Long-Term Rate of Return | 8.69% | ||
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 | 33.00% | 37.00% | |
Weighted Average Expected Long-Term Rate of Return | 3.00% | ||
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 | 4.00% | 3.00% | |
Weighted Average Expected Long-Term Rate of Return | 0.10% | ||
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 | 6.50% | 7.00% | 7.75% |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 66.00% | 62.00% | |
Weighted Average Expected Long-Term Rate of Return | 8.69% | ||
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% | 37.00% | |
Weighted Average Expected Long-Term Rate of Return | 3.00% | ||
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 | 2.00% | 1.00% | |
Weighted Average Expected Long-Term Rate of Return | 0.10% | ||
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 POSTRETIREM96
PENSION AND OTHER POSTRETIREMENT PLANS (Schedule of Fair Values of Pension Plan and Postretirement Plan Assets by Asset Category) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | $ 2,353 | $ 2,059 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 1,046 | 996 |
Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 2,303 | 2,007 |
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 | 1,016 | 939 |
Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 50 | 52 |
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 | 30 | 57 |
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 | 911 | 550 |
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 | 422 | 132 |
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 | 911 | 550 |
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 | 422 | 132 |
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 | 0 | 335 |
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 | 42 | 380 |
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 | 0 | 335 |
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 | 42 | 380 |
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 | 119 | 138 |
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 | 58 | 40 |
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 | 119 | 138 |
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 | 58 | 40 |
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 | 125 | 53 |
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 | 60 | 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 | 125 | 53 |
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 | 60 | 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 | 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 | 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 | 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 | 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 | 240 | 147 |
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 | 115 | 49 |
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 | 240 | 147 |
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 | 115 | 49 |
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 | 95 | 24 |
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 | 95 | 24 |
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 | 344 | 413 |
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 | 146 | 153 |
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 | 344 | 413 |
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 | 146 | 153 |
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 | 387 | 288 |
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 | 158 | 166 |
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 | 387 | 288 |
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 | 158 | 166 |
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 - commercial [Member] | Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 50 | 52 |
Debt securities - commercial [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 30 | 57 |
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 | 50 | 52 |
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 | 30 | 57 |
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 | 82 | 59 |
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 | 15 | 4 |
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 | 82 | 59 |
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 | 15 | 4 |
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 POSTRETIREM97
PENSION AND OTHER POSTRETIREMENT PLANS (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Plans, Defined Benefit [Member] | |
2,018 | $ 266 |
2,019 | 228 |
2,020 | 207 |
2,021 | 245 |
2,022 | 226 |
2023-2027 | 927 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |
2,018 | 133 |
2,019 | 128 |
2,020 | 123 |
2,021 | 117 |
2,022 | 110 |
2023-2027 | $ 419 |
PENSION AND OTHER POSTRETIREM98
PENSION AND OTHER POSTRETIREMENT PLANS (Additional Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 8.70% | ||
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 | 3.00% | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 2,900,000 | $ 2,800,000 | |
Assets for Plan Benefits, Defined Benefit Plan | $ 2,353,000 | $ 2,059,000 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.50% | 7.00% | 7.75% |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | $ 193,000 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 0 | ||
Pension Plans, Defined Benefit [Member] | Accrued Interest and Dividend Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets for Plan Benefits, Defined Benefit Plan | $ 3,000 | $ 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 | 8.69% | ||
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 | 3.00% | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 1,100,000 | 1,200,000 | |
Assets for Plan Benefits, Defined Benefit Plan | $ 1,046,000 | $ 996,000 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.50% | 7.00% | 7.75% |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | $ 73,000 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 0 | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Accrued Interest and Dividend Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets for Plan Benefits, Defined Benefit Plan | $ 2,000 | $ 4,000 | |
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 | 8.69% | ||
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 | 3.00% |
OTHER BENEFIT PLANS (Additional
OTHER BENEFIT PLANS (Additional Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of Other Benefit Plan [Line Items] | |||
Potential Cash Payments Under Employment Agreements | $ 4,900,000 | ||
Directors’ Deferred Compensation and Cash Plans [Member] | |||
Summary of Other Benefit Plan [Line Items] | |||
Deferred Compensation Liability | 3,600,000 | $ 3,100,000 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | 491,000 | 501,000 | $ 469,000 |
Other Employee Benefit Plans [Member] | |||
Summary of Other Benefit Plan [Line Items] | |||
Deferred Compensation Expense | 456,000 | 124,000 | (63,000) |
Deferred Compensation Liability | 2,900,000 | 2,500,000 | 2,200,000 |
Retirement Benefits Plan 401k [Member] | |||
Summary of Other Benefit Plan [Line Items] | |||
Deferred Compensation Expense | $ 1,700,000 | $ 1,600,000 | $ 1,400,000 |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% |
INCOME TAXES ( Summary of Incom
INCOME TAXES ( Summary of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current federal | $ 27,064 | $ 23,749 | $ 19,992 | ||||||||
Deferred federal | (199) | 268 | 1,378 | ||||||||
Revalue deferred taxes due to tax reform | 4,137 | 0 | 0 | ||||||||
Current state | 1,559 | 1,086 | 1,257 | ||||||||
Deferred state | (257) | 30 | 206 | ||||||||
Total income tax expense | $ 11,779 | $ 7,573 | $ 7,394 | $ 5,558 | $ 6,582 | $ 6,498 | $ 6,091 | $ 5,962 | $ 32,304 | $ 25,133 | $ 22,833 |
INCOME TAXES (Computation of Di
INCOME TAXES (Computation of Differences Between Financial Statement Tax Expense And Amounts) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income taxes at statutory federal rate of 35% | $ 31,372 | $ 27,026 | $ 24,220 | ||||||||
Increase (decrease) in taxes resulting from: | |||||||||||
Tax exempt income | (2,015) | (1,498) | (1,323) | ||||||||
Nondeductible expense | 193 | 190 | 206 | ||||||||
State income tax, net of federal tax effect | 846 | 726 | 951 | ||||||||
Captive insurance premium income | (378) | (361) | (363) | ||||||||
Tax credits | (326) | (311) | (241) | ||||||||
Bank owned life insurance | (619) | (554) | (605) | ||||||||
Long - term incentive plan | (854) | 0 | 0 | ||||||||
Revaluation deferred tax asset at 21% rate | 4,137 | 0 | 0 | ||||||||
Other | (52) | (85) | (12) | ||||||||
Total income tax expense | $ 11,779 | $ 7,573 | $ 7,394 | $ 5,558 | $ 6,582 | $ 6,498 | $ 6,091 | $ 5,962 | $ 32,304 | $ 25,133 | $ 22,833 |
INCOME TAXES (Summary of Net De
INCOME TAXES (Summary of Net Deferred Tax Asset And Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Bad debts | $ 12,043 | $ 17,187 |
Pension and deferred compensation liability | 1,028 | 1,310 |
Non-qualified stock options | 4 | 38 |
Nonaccrual loan interest | 970 | 2,061 |
Long-term incentive plan | 2,043 | 2,348 |
Other | 399 | 450 |
Deferred Tax Assets, Gross | 16,487 | 23,394 |
Deferred tax liabilities: | ||
Accretion | 28 | 121 |
Depreciation | 3,614 | 4,952 |
Loan servicing rights | 793 | 1,174 |
State taxes | 426 | 620 |
Deferred loan fees | 0 | 78 |
Intangible assets | 1,261 | 1,925 |
REIT spillover dividend | 1,242 | 1,479 |
Prepaid expenses | 752 | 959 |
Other | 384 | 418 |
Deferred Tax Liabilities, Gross | 8,500 | 11,726 |
Valuation allowance | 0 | 0 |
Net deferred tax asset | $ 7,987 | $ 11,668 |
INCOME TAXES (Additional Inform
INCOME TAXES (Additional Information) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Line Items] | |||||||||||||
Income tax expense | $ 11,779,000 | $ 7,573,000 | $ 7,394,000 | $ 5,558,000 | $ 6,582,000 | $ 6,498,000 | $ 6,091,000 | $ 5,962,000 | $ 32,304,000 | $ 25,133,000 | $ 22,833,000 | ||
Statutory percentage rate of provision | 35.00% | 35.00% | 35.00% | ||||||||||
Deferred Tax Assets Unrealized Gain Losses On Available for Sale Securities Gross | $ (226,000) | (226,000) | 386,000 | $ (226,000) | $ 386,000 | ||||||||
Deferred Tax Liabilities Allocated To Benefit Plan | 625,000 | $ 625,000 | $ 1,100,000 | $ 625,000 | $ 1,100,000 | ||||||||
Non-cash, Non-operating and Non-recurring Income Tax Provision | $ 4,100,000 | ||||||||||||
Effective Income Tax Rate Reconciliation, At Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% | ||||||||||
Scenario, Plan [Member] | |||||||||||||
Income Tax Disclosure [Line Items] | |||||||||||||
Statutory percentage rate of provision | 21.00% | ||||||||||||
Effective Income Tax Rate Reconciliation, At Federal Statutory Income Tax Rate | 21.00% | ||||||||||||
Security Transaction [Member] | |||||||||||||
Income Tax Disclosure [Line Items] | |||||||||||||
Income tax expense | $ 11,000 | $ 23,000 | $ 16,000 |
RELATED PARTY TRANSACTIONS (Sum
RELATED PARTY TRANSACTIONS (Summary of Loans To Related Party) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Beginning balance | $ 118,305 | $ 119,963 |
New loans and advances | 79,570 | 96,724 |
Effect of changes in related parties | (66) | 0 |
Repayments and renewals | (92,567) | (98,382) |
Ending balance | $ 105,242 | $ 118,305 |
RELATED PARTY TRANSACTIONS (Add
RELATED PARTY TRANSACTIONS (Additional Information) (Details) - Officer [Member] - Deposits [Member] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Due to Related Parties | $ 9,600,000 | $ 17,000,000 |
Additional Amount Due To Related Parties Current and Non Current | $ 862,000 | $ 3,200,000 |
STOCK BASED COMPENSATION (Summa
STOCK BASED COMPENSATION (Summary Of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Shares, Outstanding at beginning of the year | shares | 9,000 |
Shares, Granted | shares | 0 |
Shares, Exercised | shares | (1,500) |
Shares, Forfeited | shares | 0 |
Shares, Outstanding at end of the year | shares | 7,500 |
Shares, Options exercisable at end of the year | shares | 7,500 |
Weighted-Average Exercise Price, Outstanding at beginning of the year | $ / shares | $ 16.03 |
Weighted-Average Exercise Price, Granted | $ / shares | 0 |
Weighted-Average Exercise Price, Exercised | $ / shares | 16.03 |
Weighted-Average Exercise Price, Forfeited | $ / shares | 0 |
Weighted-Average Exercise Price, Outstanding at end of year | $ / shares | 16.03 |
Weighted-Average Exercise Price, Options exercisable at end of the year | $ / shares | $ 16.03 |
Weighted-Average Remaining Contractual Term (years), Outstanding at end of the year | 4 months 24 days |
Weighted-Average Remaining Contractual Term (years), Options exercisable at end of the year | 4 months 24 days |
Aggregate Intrinsic Value, Outstanding at end of the year | $ | $ 243 |
Aggregate Intrinsic Value, Options exercisable at end of the year | $ | $ 243 |
STOCK BASED COMPENSATION (Su107
STOCK BASED COMPENSATION (Summary of Stock Awards Exercised) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total intrinsic value | $ 44 | $ 755 | $ 577 |
Cash received | 24 | 625 | 559 |
Actual tax benefit realized for tax deductions | $ 0 | $ 669 | $ 148 |
STOCK BASED COMPENSATION (Su108
STOCK BASED COMPENSATION (Summary Of Changes In Company's Nonvested Shares) (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Restricted Stock Units (Rsus) [Member] | |
Shares | |
Shares Nonvested, beginning balance | shares | 4,500 |
Granted | shares | 19,912 |
Vested | shares | (23,912) |
Forfeited | shares | 0 |
Shares Nonvested, ending balance | shares | 500 |
Weighted-Average Grant-Date Fair Value | |
Weighted-Average Grant-Date Fair Value, beginning balance | $ / shares | $ 23.57 |
Granted | $ / shares | 45.46 |
Vested | $ / shares | 41.43 |
Forfeited | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, ending balance | $ / shares | $ 41.22 |
Performance Stock Units [Member] | |
Shares | |
Shares Nonvested, beginning balance | shares | 347,520 |
Granted | shares | 155,699 |
Vested | shares | (112,055) |
Forfeited | shares | (3,471) |
Shares Nonvested, ending balance | shares | 387,693 |
Weighted-Average Grant-Date Fair Value | |
Weighted-Average Grant-Date Fair Value, beginning balance | $ / shares | $ 26.95 |
Granted | $ / shares | 41.52 |
Vested | $ / shares | 24.51 |
Forfeited | $ / shares | 39.89 |
Weighted-Average Grant-Date Fair Value, ending balance | $ / shares | $ 33.39 |
STOCK BASED COMPENSATION (Addit
STOCK BASED COMPENSATION (Additional Information) (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 12, 2017 | Apr. 09, 2013 | Apr. 08, 2008 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-Based Compensation, Shares Authorized Under Equity Incentive Plans | 1,125,000 | |||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 5,700,000 | $ 4,200,000 | $ 2,500,000 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 2,200,000 | 1,700,000 | 1,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 987,178 | |||||
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 | 435,867 | |||||
2017 Plan Member | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-Based Compensation, Shares Authorized Under Equity Incentive Plans | 1,000,000 | |||||
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 | $ 3,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 month 20 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value | $ 1,200,000 | 1,100,000 | 944,000 | |||
Vested | 19,412 | |||||
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 | $ 4,900,000 | $ 3,400,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 28 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 | $ 5,100,000 | $ 4,100,000 | $ 2,400,000 | |||
Vested | 112,055 | 95,600 | 94,968 |
CAPITAL REQUIREMENTS AND RES110
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS (Summary Of Capital Adequacy Requirements) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Consolidated Entities [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk Weighted Assets), Actual Amount | $ 541,475 | $ 498,189 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 13.26% | 13.23% |
Tier I Capital (to Risk Weighted Assets), Actual Amount | $ 494,265 | $ 454,382 |
Tier I Capital (to Risk Weighted Assets), Actual Ratio | 12.10% | 12.07% |
Common Equity Tier 1 (CET1), Actual Amount | $ 464,265 | $ 424,382 |
Common Equity Tier 1 (CET1), Actual Ratio | 11.37% | 11.27% |
Tier I Capital (to Average Assets), Actual Amount | $ 494,265 | $ 454,382 |
Tier I Capital (to Average Assets), Actual Ratio | 10.76% | 10.86% |
Total Capital (to Risk Weighted Assets), Minimum Required For Capital Adequacy Purposes Amount | $ 326,782 | $ 301,243 |
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 | $ 245,087 | $ 225,932 |
Tier I Capital (to Risk Weighted Assets), Minimum Required For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Common Equity Tier 1 (CET1), Minimum Required For Capital Adequacy Purposes Amount | $ 183,815 | $ 169,449 |
Common Equity Tier 1 (CET1), Minimum Required For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier I Capital (to Average Assets), Minimum Required For Capital Adequacy Purposes Amount | $ 183,793 | $ 167,310 |
Tier I Capital (to Average Assets), Minimum Required For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Excess Capital, For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 377,842 | $ 324,777 |
Excess Capital to Risk Weighted Assets, For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio | 9.25% | 8.625% |
Tier I Capital (to Risk Weighted Assets), For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 296,147 | $ 249,467 |
Tier I Capital (to Risk Weighted Assets), For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio | 7.25% | 6.625% |
Common Equity Tier 1 (CET1), For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 234,875 | $ 192,984 |
Common Equity Tier 1 (CET1), For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio | 5.75% | 5.125% |
Tier I Capital (to Average Assets), For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 183,793 | $ 167,310 |
Tier I Capital (to Average Assets), For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio | 4.00% | 4.00% |
Total Capital (to Risk Weighted Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $ 408,478 | $ 376,554 |
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 | $ 326,782 | $ 301,243 |
Tier I Capital (to Risk Weighted Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 8.00% | 8.00% |
Common Equity Tier 1 (CET1), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $ 265,511 | $ 244,760 |
Common Equity Tier 1 (CET1), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 6.50% | 6.50% |
Tier I Capital (to Average Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $ 229,741 | $ 209,138 |
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 | $ 525,482 | $ 482,600 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 12.89% | 12.84% |
Tier I Capital (to Risk Weighted Assets), Actual Amount | $ 478,272 | $ 438,793 |
Tier I Capital (to Risk Weighted Assets), Actual Ratio | 11.73% | 11.67% |
Common Equity Tier 1 (CET1), Actual Amount | $ 478,272 | $ 438,793 |
Common Equity Tier 1 (CET1), Actual Ratio | 11.73% | 11.67% |
Tier I Capital (to Average Assets), Actual Amount | $ 478,272 | $ 438,793 |
Tier I Capital (to Average Assets), Actual Ratio | 10.44% | 10.54% |
Total Capital (to Risk Weighted Assets), Minimum Required For Capital Adequacy Purposes Amount | $ 326,140 | $ 300,784 |
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 | $ 244,605 | $ 225,588 |
Tier I Capital (to Risk Weighted Assets), Minimum Required For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Common Equity Tier 1 (CET1), Minimum Required For Capital Adequacy Purposes Amount | $ 183,454 | $ 169,191 |
Common Equity Tier 1 (CET1), Minimum Required For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier I Capital (to Average Assets), Minimum Required For Capital Adequacy Purposes Amount | $ 183,187 | $ 166,522 |
Tier I Capital (to Average Assets), Minimum Required For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Excess Capital, For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 377,099 | $ 324,283 |
Excess Capital to Risk Weighted Assets, For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio | 9.25% | 8.625% |
Tier I Capital (to Risk Weighted Assets), For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 295,564 | $ 249,087 |
Tier I Capital (to Risk Weighted Assets), For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio | 7.25% | 6.625% |
Common Equity Tier 1 (CET1), For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 234,413 | $ 192,690 |
Common Equity Tier 1 (CET1), For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio | 5.75% | 5.125% |
Tier I Capital (to Average Assets), For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 183,187 | $ 166,522 |
Tier I Capital (to Average Assets), For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio | 4.00% | 4.00% |
Total Capital (to Risk Weighted Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $ 407,675 | $ 375,980 |
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 | $ 326,140 | $ 300,784 |
Tier I Capital (to Risk Weighted Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 8.00% | 8.00% |
Common Equity Tier 1 (CET1), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $ 264,988 | $ 244,387 |
Common Equity Tier 1 (CET1), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Ratio | 6.50% | 6.50% |
Tier I Capital (to Average Assets), Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations Amount | $ 228,984 | $ 208,153 |
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 RES111
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS (Additional Information) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments, Total | $ 73.7 |
Description of Regulatory Requirements, Capital Adequacy Purposes | Under the Basel III rules, the Company must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The capital conservation buffer is being phased in from 0.000% for 2015 to 2.50% by 2019. The capital conservation buffer for 2017 and 2016 is 1.25% and 0.625%, respectively. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. |
OFFSETTING ASSETS AND LIABIL112
OFFSETTING ASSETS AND LIABILITIES (Schedule of Offsetting of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Gross Amounts of Recognized Assets | $ 2,441 | $ 2,645 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets presented in the Statement of Financial Position | 2,441 | 2,645 |
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 Collateral Received | 0 | 0 |
Net Amount | 2,441 | 2,645 |
Liabilities | ||
Gross Amounts of Recognized Liabilities | 73,214 | 52,780 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities presented in the Statement of Financial Position | 73,214 | 52,780 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | (70,652) | (50,045) |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received | (750) | (1,330) |
Net Amount | 1,812 | 1,405 |
Interest Rate Swap [Member] | ||
Assets | ||
Gross Amounts of Recognized Assets | 2,441 | 2,645 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets presented in the Statement of Financial Position | 2,441 | 2,645 |
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 Collateral Received | 0 | 0 |
Net Amount | 2,441 | 2,645 |
Liabilities | ||
Gross Amounts of Recognized Liabilities | 2,562 | 2,735 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities presented in the Statement of Financial Position | 2,562 | 2,735 |
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 Collateral Received | (750) | (1,330) |
Net Amount | 1,812 | 1,405 |
Repurchase Agreements [Member] | ||
Liabilities | ||
Gross Amounts of Recognized Liabilities | 70,652 | 50,045 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities presented in the Statement of Financial Position | 70,652 | 50,045 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | (70,652) | (50,045) |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received | 0 | 0 |
Net Amount | $ 0 | $ 0 |
COMMITMENTS, OFF-BALANCE SHE113
COMMITMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Commitments To Make Loans And Open Ended Revolving Lines Of Credit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Fixed Rate | $ 61,585 | $ 53,296 |
Variable Rate | 1,462,624 | 1,421,340 |
Commercial Loan Lines Of Credit [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Fixed Rate | 53,998 | 46,940 |
Variable Rate | 1,155,096 | 1,164,660 |
Commercial Letters Of Credit [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Fixed Rate | 0 | 0 |
Variable Rate | 50 | 93 |
Standby Letters Of Credit [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Fixed Rate | 0 | 0 |
Variable Rate | 71,046 | 54,749 |
Real Estate Mortgage Loans [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Fixed Rate | 4,973 | 6,116 |
Variable Rate | 5,722 | 3,103 |
Real Estate Construction Mortgage Loans [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Fixed Rate | 2,365 | 0 |
Variable Rate | 6,042 | 6,063 |
Home Equity Mortgage Open Ended Revolving Lines [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Fixed Rate | 0 | 0 |
Variable Rate | 212,776 | 183,472 |
Consumer Loan Open Ended Revolving Lines [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Fixed Rate | 249 | 240 |
Variable Rate | $ 11,892 | $ 9,200 |
COMMITMENTS, OFF-BALANCE SHE114
COMMITMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Interest Rate Ranges On Commitments And Open Ended Revolving Lines Of Credit) (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Commercial Loans [Member] | Minimum [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Fixed Rate | 2.00% | 2.71% |
Variable Rate | 2.48% | 1.96% |
Commercial Loans [Member] | Maximum [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Fixed Rate | 14.50% | 12.50% |
Variable Rate | 9.50% | 8.75% |
Real Estate Mortgage Loans [Member] | Minimum [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Fixed Rate | 3.25% | 3.13% |
Variable Rate | 3.50% | 3.25% |
Real Estate Mortgage Loans [Member] | Maximum [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Fixed Rate | 4.50% | 4.50% |
Variable Rate | 5.75% | 5.75% |
Consumer loan open-ended revolving line [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Fixed Rate | 15.00% | 15.00% |
Consumer loan open-ended revolving line [Member] | Minimum [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Variable Rate | 4.00% | 3.00% |
Consumer loan open-ended revolving line [Member] | Maximum [Member] | ||
Commitments Off-Balance Sheet Risks and Contingencies [Line Items] | ||
Variable Rate | 15.00% | 15.00% |
PARENT COMPANY STATEMENTS (COND
PARENT COMPANY STATEMENTS (CONDENSED BALANCE SHEETS) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Other assets | $ 28,439 | $ 31,153 | ||
Total assets | 4,682,976 | 4,290,025 | ||
LIABILITIES | ||||
Subordinated debt | 30,928 | 30,928 | ||
STOCKHOLDERS' EQUITY | 468,578 | 426,978 | $ 392,812 | $ 361,296 |
Total liabilities and stockholders' equity | 4,682,976 | 4,290,025 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Deposits with Lake City Bank | 850 | 3,467 | ||
Deposits with other depository institutions | 4,969 | 4,636 | ||
Cash | 5,819 | 8,103 | ||
Investments in banking subsidiary | 482,585 | 441,389 | ||
Investments in other subsidiaries | 3,552 | 3,471 | ||
Other assets | 7,789 | 5,206 | ||
Total assets | 499,745 | 458,169 | ||
LIABILITIES | ||||
Dividends payable and other liabilities | 239 | 263 | ||
Subordinated debt | 30,928 | 30,928 | ||
STOCKHOLDERS' EQUITY | 468,578 | 426,978 | ||
Total liabilities and stockholders' equity | $ 499,745 | $ 458,169 |
PARENT COMPANY STATEMENTS (C116
PARENT COMPANY STATEMENTS (CONDENSED STATEMENTS OF INCOME) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other income | $ 2,598 | $ 2,213 | $ 2,974 | ||||||||
Interest expense on subordinated debt | $ (8,769) | $ (7,969) | $ (7,002) | $ (6,066) | $ (5,400) | $ (5,360) | $ (5,082) | $ (4,628) | (29,806) | (20,470) | (16,612) |
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES | 89,634 | 77,217 | 69,200 | ||||||||
Income tax benefit | (11,779) | (7,573) | (7,394) | (5,558) | (6,582) | (6,498) | (6,091) | (5,962) | (32,304) | (25,133) | (22,833) |
NET INCOME | $ 11,627 | $ 15,825 | $ 15,364 | $ 14,514 | $ 13,522 | $ 13,480 | $ 12,803 | $ 12,279 | 57,330 | 52,084 | 46,367 |
COMPREHENSIVE INCOME | 59,047 | 47,555 | 44,679 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other income | 57 | 50 | 98 | ||||||||
Interest expense on subordinated debt | (1,349) | (1,190) | (1,063) | ||||||||
Miscellaneous expense | (6,491) | (5,006) | (3,231) | ||||||||
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES | 15,069 | 15,511 | 7,092 | ||||||||
Income tax benefit | 2,688 | 2,483 | 1,655 | ||||||||
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES | 17,757 | 17,994 | 8,747 | ||||||||
Equity in undistributed income of subsidiaries | 39,573 | 34,090 | 37,620 | ||||||||
NET INCOME | 57,330 | 52,084 | 46,367 | ||||||||
COMPREHENSIVE INCOME | 59,047 | 47,555 | 44,679 | ||||||||
Parent Company [Member] | Lake City Bank [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from Lake City Bank, Lakeland Statutory Trust II | 21,822 | 20,622 | 10,257 | ||||||||
Parent Company [Member] | Non-bank Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from Lake City Bank, Lakeland Statutory Trust II | $ 1,030 | $ 1,035 | $ 1,031 |
PARENT COMPANY STATEMENTS (C117
PARENT COMPANY STATEMENTS (CONDENSED STATEMENTS OF CASH FLOWS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 11,627 | $ 15,825 | $ 15,364 | $ 14,514 | $ 13,522 | $ 13,480 | $ 12,803 | $ 12,279 | $ 57,330 | $ 52,084 | $ 46,367 |
Adjustments to net cash from operating activities: | |||||||||||
Net cash from operating activities | 77,242 | 62,199 | 55,781 | ||||||||
Cash flows from financing activities | |||||||||||
Purchase of treasury stock | (495) | (458) | (455) | ||||||||
Cash flows from financing activities | 327,708 | 466,855 | 273,362 | ||||||||
Net increase in cash and cash equivalents | 8,900 | 86,606 | (9,964) | ||||||||
Cash and cash equivalents at beginning of the year | 167,280 | 80,674 | 167,280 | 80,674 | 90,638 | ||||||
Cash and cash equivalents at end of the year | 176,180 | 167,280 | 176,180 | 167,280 | 80,674 | ||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 57,330 | 52,084 | 46,367 | ||||||||
Adjustments to net cash from operating activities: | |||||||||||
Equity in undistributed income of subsidiaries | (39,573) | (34,090) | (37,620) | ||||||||
Other changes | 3,586 | 3,818 | 3,647 | ||||||||
Net cash from operating activities | 21,343 | 21,812 | 12,394 | ||||||||
Cash flows from financing activities | |||||||||||
Payments (Proceeds) from issuance of common stock | (1,736) | 614 | 12 | ||||||||
Purchase of treasury stock | (495) | (458) | (455) | ||||||||
Dividends paid | (21,396) | (18,200) | (15,697) | ||||||||
Cash flows from financing activities | (23,627) | (18,044) | (16,140) | ||||||||
Net increase in cash and cash equivalents | (2,284) | 3,768 | (3,746) | ||||||||
Cash and cash equivalents at beginning of the year | $ 8,103 | $ 4,335 | 8,103 | 4,335 | 8,081 | ||||||
Cash and cash equivalents at end of the year | $ 5,819 | $ 8,103 | $ 5,819 | $ 8,103 | $ 4,335 |
EARNINGS PER SHARE (Earnings Pe
EARNINGS PER SHARE (Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic earnings per common share: | |||||||||||
Net income | $ 11,627 | $ 15,825 | $ 15,364 | $ 14,514 | $ 13,522 | $ 13,480 | $ 12,803 | $ 12,279 | $ 57,330 | $ 52,084 | $ 46,367 |
Weighted-average common shares outstanding | 25,181,208 | 25,056,095 | 24,926,354 | ||||||||
Basic earnings per common share | $ 0.46 | $ 0.63 | $ 0.61 | $ 0.58 | $ 0.54 | $ 0.54 | $ 0.51 | $ 0.49 | $ 2.28 | $ 2.08 | $ 1.86 |
Diluted earnings per common share: | |||||||||||
Net income | $ 11,627 | $ 15,825 | $ 15,364 | $ 14,514 | $ 13,522 | $ 13,480 | $ 12,803 | $ 12,279 | $ 57,330 | $ 52,084 | $ 46,367 |
Weighted-average common shares outstanding for basic earnings per common share | 25,181,208 | 25,056,095 | 24,926,354 | ||||||||
Add: Dilutive effect of assumed exercise of warrant | 219,273 | 184,205 | 156,563 | ||||||||
Add: Dilutive effect of assumed exercises of stock options and awards | 262,900 | 220,427 | 162,652 | ||||||||
Average shares and dilutive potential common shares | 25,663,381 | 25,460,727 | 25,245,569 | ||||||||
Diluted earnings per common share | $ 0.45 | $ 0.62 | $ 0.6 | $ 0.57 | $ 0.53 | $ 0.53 | $ 0.5 | $ 0.48 | $ 2.23 | $ 2.05 | $ 1.84 |
EARNINGS PER SHARE (Additional
EARNINGS PER SHARE (Additional Information) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Note, Stock Split | 3-for-2 | ||
Employee Stock Option [Member] | |||
Anti Dilutive Securities Excluded From Computation Of Earnings Per Share | 0 | 0 | 0 |
ACCUMULATED OTHER COMPREHENS120
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Changes in Accumulated Other Comprehensive Income By Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Unrealized Gains and Losses on Available- for-Sales Securities, Opening Balance | $ (722) | $ 3,836 | |
Unrealized Gains and Losses on Available- for-Sales Securities, Other comprehensive income before reclassification | 1,525 | (4,518) | |
Unrealized Gains and Losses on Available- for-Sales Securities, Amounts reclassified from accumulated other comprehensive income (loss) | (19) | (40) | |
Unrealized Gains and Losses on Available- for-Sales Securities, Net current period other comprehensive income | 1,506 | (4,558) | |
Unrealized Gains and Losses on Available- for-Sales Securities, Ending Balance | 784 | (722) | $ 3,836 |
Defined Benefit Pension Items, Opening Balance | (1,665) | (1,694) | |
Defined Benefit Pension Items, Other comprehensive income before reclassification | 50 | (101) | |
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive income (loss) | 161 | 130 | |
Defined Benefit Pension Items, Net current period other comprehensive income | 211 | 29 | (57) |
Defined Benefit Pension Items, Ending Balance | (1,454) | (1,665) | (1,694) |
Total, Opening Balance | (2,387) | 2,142 | |
Other comprehensive income (loss) before reclassification | 1,575 | (4,619) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 142 | 90 | |
Total, Net current period other comprehensive income | 1,717 | (4,529) | (1,688) |
Total, Ending Balance | $ (670) | $ (2,387) | $ 2,142 |
ACCUMULATED OTHER COMPREHENS121
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassification Adjustment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Unrealized gains and losses on available-for-sale securities | ||||
Net securities gains (losses) | $ 32 | $ 66 | $ 42 | |
Income tax expense | (13) | (26) | (17) | |
Net of tax | 19 | 40 | 25 | |
Amortization of defined benefit pension items | ||||
Salaries and employee benefits | [1] | (265) | (215) | (244) |
Income tax expense | 104 | 85 | 97 | |
Net of tax | (161) | (130) | (147) | |
Total reclassifications for the period | $ (142) | $ (90) | $ (122) | |
[1] | Included in the computation of net pension plan expense as more fully discussed in Note 11. |
SELECTED QUARTERLY DATA (UNA122
SELECTED QUARTERLY DATA (UNAUDITED) (Summary Of Selected Quarterly Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income | $ 44,161 | $ 42,589 | $ 40,821 | $ 38,127 | $ 36,307 | $ 35,079 | $ 34,355 | $ 33,210 | $ 165,698 | $ 138,951 | $ 122,539 |
Interest expense | 8,769 | 7,969 | 7,002 | 6,066 | 5,400 | 5,360 | 5,082 | 4,628 | 29,806 | 20,470 | 16,612 |
Net interest income | 35,392 | 34,620 | 33,819 | 32,061 | 30,907 | 29,719 | 29,273 | 28,582 | 135,892 | 118,481 | 105,927 |
Provision for loan losses | 1,850 | 450 | 500 | 200 | 1,150 | 0 | 0 | 0 | 3,000 | 1,150 | 0 |
Net interest income after provision | 33,542 | 34,170 | 33,319 | 31,861 | 29,757 | 29,719 | 29,273 | 28,582 | 132,892 | 117,331 | 105,927 |
Noninterest income | 9,462 | 9,497 | 8,791 | 8,259 | 8,736 | 9,018 | 8,067 | 7,043 | |||
Noninterest expense | 19,598 | 20,269 | 19,352 | 20,048 | 18,389 | 18,759 | 18,446 | 17,384 | 79,267 | 72,978 | 68,206 |
Income tax expense | 11,779 | 7,573 | 7,394 | 5,558 | 6,582 | 6,498 | 6,091 | 5,962 | 32,304 | 25,133 | 22,833 |
Net income | $ 11,627 | $ 15,825 | $ 15,364 | $ 14,514 | $ 13,522 | $ 13,480 | $ 12,803 | $ 12,279 | $ 57,330 | $ 52,084 | $ 46,367 |
Basic earnings per common share | $ 0.46 | $ 0.63 | $ 0.61 | $ 0.58 | $ 0.54 | $ 0.54 | $ 0.51 | $ 0.49 | $ 2.28 | $ 2.08 | $ 1.86 |
Diluted earnings per common share | $ 0.45 | $ 0.62 | $ 0.6 | $ 0.57 | $ 0.53 | $ 0.53 | $ 0.5 | $ 0.48 | $ 2.23 | $ 2.05 | $ 1.84 |
WARRANT (Additional Information
WARRANT (Additional Information) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 18, 2009 | Feb. 27, 2009 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | 4.5759% | |||
Fair Value Assumptions, Expected Volatility Rate | 41.8046% | |||
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 | $ 13.5168 | $ 13.6465 | |
Warrant Fair Value Per Share | $ 4.4433 | |||
Adjustments In Share Capital Warrants Issue | 198,269 | |||
Shares Issuable Upon Exercise Of Warrants | 310,968 | 308,014 | ||
Stockholders' Equity Note, Stock Split | 3-for-2 | |||
Series A Preferred Stock [Member] | ||||
Summary of Warrants [Line Items] | ||||
Preferred Stock, Shares Issued | 56,044 |