Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'MERCHANTS BANCSHARES INC | ' |
Trading Symbol | 'mbvt | ' |
Entity Central Index Key | '0000726517 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 6,328,655 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $39,423 | $30,434 |
Interest earning deposits with banks and other short-term investments | 62,325 | 85,037 |
Total cash and cash equivalents | 101,748 | 115,471 |
Investments: | ' | ' |
Securities available for sale, at fair value | 188,593 | 252,513 |
Securities held to maturity (fair value of $145,730 and $137,087) | 146,848 | 140,826 |
Total investments | 335,441 | 393,339 |
Loans | 1,126,511 | 1,166,233 |
Less: Allowance for loan losses | 12,040 | 12,042 |
Net loans | 1,114,471 | 1,154,191 |
Federal Home Loan Bank stock | 5,877 | 7,496 |
Bank premises and equipment, net | 15,615 | 15,572 |
Investment in real estate limited partnerships | 4,105 | 4,631 |
Bank owned life insurance | 10,158 | 10,000 |
Other assets | 21,528 | 24,769 |
Total assets | 1,608,943 | 1,725,469 |
LIABILITIES | ' | ' |
Demand (noninterest bearing) | 286,374 | 266,299 |
Savings, interest bearing checking and money market accounts | 763,427 | 752,171 |
Time deposits $100 thousand and greater | 93,611 | 115,204 |
Other time deposits | 167,287 | 189,902 |
Total deposits | 1,310,699 | 1,323,576 |
Securities sold under agreements to repurchase | 141,064 | 250,314 |
Other long-term debt | 2,362 | 2,403 |
Junior subordinated debentures issued to unconsolidated subsidiary trust | 20,619 | 20,619 |
Other liabilities | 9,237 | 8,946 |
Total liabilities | 1,483,981 | 1,605,858 |
Commitments and contingencies (Note 9) | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' |
Preferred stock | ' | ' |
Common stock, $.01 par value Authorized: 10,000,000 shares; Issued: 6,651,760 at June 30, 2014 and December 31, 2013 Outstanding: 6,326,927 at June 30, 2014 and 6,318,708 at December 31, 2013 | 67 | 67 |
Capital in excess of par value | 37,176 | 37,129 |
Retained earnings | 98,931 | 95,657 |
Treasury stock, at cost: 324,833 shares at June 30, 2014 and 333,052 shares at December 31, 2013 | -13,573 | -14,043 |
Deferred compensation arrangements: 299,564 shares at June 30, 2014 and 319,854 shares at December 31, 2013 | 6,144 | 6,521 |
Accumulated other comprehensive loss | -3,783 | -5,720 |
Total shareholders' equity | 124,962 | 119,611 |
Total liabilities and shareholders' equity | 1,608,943 | 1,725,469 |
Preferred Class A Non-Voting [Member] | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' |
Preferred stock | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Securities held to maturity, fair value | $145,730 | $137,087 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 6,651,760 | 6,651,760 |
Common stock, shares outstanding | 6,326,927 | 6,318,708 |
Treasury stock, shares | 324,833 | 333,052 |
Deferred compensation arrangements, shares | 299,564 | 319,854 |
Preferred Class A Non-Voting [Member] | ' | ' |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
INTEREST AND DIVIDEND INCOME | ' | ' | ' | ' |
Interest and fees on loans | $10,756 | $11,044 | $21,518 | $21,794 |
Investment income: | ' | ' | ' | ' |
Interest and dividends on investment securities | 2,046 | 2,563 | 4,260 | 5,348 |
Interest on interest earning deposits with banks and other short-term investments | 34 | 13 | 73 | 25 |
Total interest and dividend income | 12,836 | 13,620 | 25,851 | 27,167 |
INTEREST EXPENSE | ' | ' | ' | ' |
Savings, interest bearing checking and money market accounts | 483 | 175 | 913 | 342 |
Time deposits $100 thousand and greater | 167 | 177 | 348 | 412 |
Other time deposits | 286 | 376 | 577 | 720 |
Securities sold under agreement to repurchase and other short-term debt | 87 | 377 | 179 | 734 |
Long-term debt | 200 | 205 | 397 | 401 |
Total interest expense | 1,223 | 1,310 | 2,414 | 2,609 |
Net interest income | 11,613 | 12,310 | 23,437 | 24,558 |
Provision for credit losses | 50 | 150 | 150 | 400 |
Net interest income after provision for credit losses | 11,563 | 12,160 | 23,287 | 24,158 |
NONINTEREST INCOME | ' | ' | ' | ' |
Trust division income | 830 | 761 | 1,681 | 1,519 |
Net debit card income | 715 | 739 | 1,336 | 1,394 |
Overdraft income | 653 | 686 | 1,280 | 1,374 |
Service charges on deposits | 329 | 306 | 646 | 603 |
Net gains (losses) on investment securities | 17 | -13 | 143 | -13 |
Loss on sale of other assets | -35 | 0 | -35 | 0 |
Other | 440 | 286 | 808 | 535 |
Total noninterest income | 2,949 | 2,765 | 5,859 | 5,412 |
NONINTEREST EXPENSE | ' | ' | ' | ' |
Compensation and benefits | 4,838 | 4,510 | 9,761 | 9,305 |
Occupancy expense | 1,063 | 1,000 | 2,232 | 2,064 |
Equipment expense | 965 | 933 | 1,938 | 1,879 |
Legal and professional fees | 693 | 619 | 1,331 | 1,306 |
Marketing | 323 | 485 | 642 | 765 |
State franchise taxes | 379 | 362 | 756 | 719 |
FDIC insurance | 217 | 220 | 433 | 440 |
Conversion costs | 218 | 0 | 388 | 0 |
Other Real Estate Owned ("OREO") expenses | 79 | 54 | 95 | 67 |
Other | 1,321 | 1,394 | 2,674 | 2,781 |
Total noninterest expense | 10,096 | 9,577 | 20,250 | 19,326 |
Income before provision for income taxes | 4,416 | 5,348 | 8,896 | 10,244 |
Provision for income taxes | 1,003 | 1,323 | 2,080 | 2,610 |
NET INCOME | $3,413 | $4,025 | $6,816 | $7,634 |
Basic earnings per common share | $0.54 | $0.64 | $1.08 | $1.21 |
Diluted earnings per common share | $0.54 | $0.64 | $1.07 | $1.21 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $3,413 | $4,025 | $6,816 | $7,634 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Change in net unrealized gain (loss) on securities available for sale, net of taxes of $488, $(3,690), $911 and $(4,382) | 907 | -6,853 | 1,691 | -8,138 |
Unrealized holding gain arising during the period for securities transferred from available for sale to held to maturity, net of taxes of $0, $0, $4 and $0 | 0 | 0 | 8 | 0 |
Accretion of unrealized holding losses of securities transferred from available for sale to held to maturity, net of taxes of $60, $0, $121 and $0 | 111 | 0 | 224 | 0 |
Reclassification adjustments for net securities losses (gains) included in net income, net of taxes of $(6), $4, $(50) and $4 | -11 | 8 | -93 | 8 |
Change in net unrealized loss on interest rate swaps, net of taxes of $13, $64, $35 and $89 | 24 | 118 | 65 | 166 |
Pension liability adjustment, net of taxes of $11, $30, $23 and $62 | 21 | 56 | 42 | 116 |
Other comprehensive income (loss) | 1,052 | -6,671 | 1,937 | -7,848 |
Comprehensive income (loss) | $4,465 | ($2,646) | $8,753 | ($214) |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Unrealized gain (loss) on securities available for sale, tax | $488 | ($3,690) | $911 | ($4,382) |
Unrealized holding gain arising during the period for securities transferred from available for sale to held to maturity, tax | 0 | 0 | 4 | 0 |
Accretion of unrealized holding losses of securities transferred from available for sale to held to maturity, tax | 60 | 0 | 121 | 0 |
Reclassification adjustments for net securities (losses) gains included in net income, tax | -6 | 4 | -50 | 4 |
Change in net unrealized loss on interest rate swaps, tax | 13 | 64 | 35 | 89 |
Pension liability adjustment, tax | $11 | $30 | $23 | $62 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $6,816 | $7,634 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 150 | 400 |
Depreciation and amortization | 1,306 | 1,021 |
Amortization of investment security premiums and accretion of discounts, net | 289 | 731 |
Stock based compensation | 96 | 95 |
Net (gain) loss on sales of investment securities | -143 | 13 |
Accretion of deferred gain on sale of premises | -258 | -212 |
Loss on sale of other real estate owned | 35 | ' |
Equity in losses of real estate limited partnerships, net | 654 | 540 |
Increase in cash surrender value of bank owned life insurance | -158 | ' |
Changes in assets and liabilities: | ' | ' |
Net change in interest receivable | 824 | 658 |
Net change in other assets | 1,312 | 3,609 |
Net change in interest payable | -39 | -18 |
Net change in other liabilities | 607 | -1,006 |
Net cash provided by operating activities | 11,491 | 13,465 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from sales of investment securities available for sale | 45,215 | 51,213 |
Proceeds from maturities of investment securities available for sale | 18,654 | 66,992 |
Proceeds from maturities of investment securities held to maturity | 6,835 | 83 |
Proceeds from redemption of Federal Home Loan Bank stock | 1,619 | 649 |
Purchases of investment securities available for sale | -10,135 | -50,846 |
Loan originations in excess of (less than) principal payments | 39,649 | -21,286 |
Proceeds from sale of premises and equipment | ' | 1 |
Proceeds from sales of other real estate owned | 68 | ' |
Real estate limited partnership investments | -103 | -46 |
Purchases of bank premises and equipment | -1,348 | -1,183 |
Net cash provided by investing activities | 100,454 | 45,577 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net increase (decrease) in deposits | -12,877 | 41,439 |
Net increase in short-term borrowings | ' | 21,000 |
Net decrease in securities sold under agreement to repurchase, short-term | -109,250 | -146,465 |
Principal payments on long-term debt | -41 | -40 |
Cash dividends paid | -3,541 | -3,214 |
Sale of treasury stock | ' | 10 |
Increase in deferred compensation arrangements | 123 | 122 |
Repurchased restricted stock to pay taxes on vested awards | -82 | ' |
Tax benefit from exercises of stock options | ' | 8 |
Net cash used in financing activities | -125,668 | -87,140 |
Decrease in cash and cash equivalents | -13,723 | -28,098 |
Cash and cash equivalents beginning of period | 115,471 | 77,228 |
Cash and cash equivalents end of period | 101,748 | 49,130 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Total interest payments | 2,453 | 2,627 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ' | ' |
Distribution of stock under deferred compensation arrangements | 553 | 446 |
Distribution of treasury stock in lieu of cash dividend under dividend reinvestment plan | ' | 307 |
Non-cash exercise of stock options | ' | 181 |
Transfer of loans to other real estate owned | ' | 140 |
Transfer of securities from available for sale to held to maturity | $12,626 | ' |
Financial_Statement_Presentati
Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Financial Statement Presentation [Abstract] | ' |
Financial Statement Presentation | ' |
NOTE 1: FINANCIAL STATEMENT PRESENTATION | |
Principles of Consolidation | |
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. All adjustments necessary for a fair presentation of our interim consolidated financial statements as of June 30, 2014 and December 31, 2013 and for the three and six months ended June 30, 2014 and 2013 have been included. The information was prepared from our unaudited financial statements and the unaudited financial statements of our subsidiaries, Merchants Bank and MBVT Statutory Trust I. Amounts reported for prior periods are reclassified, where necessary, to be consistent with the current period presentation. | |
Management’s Use of Estimates in Preparation of Financial Statements | |
The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting periods. The most significant estimates include those used in determining the allowance for credit losses, income taxes, interest income recognition on loans and investments and analysis of other-than-temporary impairment of our investment securities portfolio. Operating results in the future may vary from the amounts derived from Management's estimates and assumptions. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-01, “Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in this ASU modify the conditions that a reporting entity must meet to be eligible to use a method other than the equity or cost methods to account for qualified affordable housing project investments. If the modified conditions are met, the amendments permit an entity to amortize the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). Additionally, the amendments introduce new recurring disclosures about all investments in qualified affordable housing projects irrespective of the method used to account for the investments. The amendments in this ASU are effective for public entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. In the first quarter of 2014, we early adopted this ASU for the reporting of our equity investments in qualified affordable housing projects. The investments are recorded using the proportional amortization method whereby an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The application of this standard reduced total noninterest expense by $327 thousand and $654 thousand for the three and six months ended June 30, 2014, respectively; and by $270 thousand and $540 thousand for the three and six months ended June 30, 2013, respectively. The application of the standard also increased our effective tax rate to 23% from 17% for the three and six months ended June 30, 2014, and to 25% and 26% from 21% and 21% for the three and six months ended June 30, 2013, respectively. This ASU was applied retrospectively and prior periods have been reclassified accordingly. | |
In May 2014, FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The ASU provides guidance on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additional disclosures are required to provide quantitative and qualitative information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2016. Early adoption is not permitted. Management is currently evaluating the impact of the adoption of this guidance on our financial statements. | |
Investment_Securities
Investment Securities | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||
Investment Securities | ' | ||||||||||||
NOTE 3: INVESTMENT SECURITIES | |||||||||||||
Investments in securities are classified as available for sale or held to maturity as of June 30, 2014 and December 31, 2013. The amortized cost and fair values of the securities classified as available for sale and held to maturity as of June 30, 2014 are as follows: | |||||||||||||
Gross | Gross | ||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||
(In thousands) | Cost | Gains | Losses | Value | |||||||||
Available for Sale: | |||||||||||||
U.S. Treasury Obligations | $ | 100 | $ | - | $ | - | $ | 100 | |||||
Residential Real Estate Mortgage-backed Securities ("Agency MBSs") | 92,116 | 3,049 | 341 | 94,824 | |||||||||
Agency Commercial Mortgage Backed Securities ("Agency CMBSs") | 18,126 | - | 442 | 17,684 | |||||||||
Agency Collateralized Mortgage Obligations ("Agency CMOs") | 66,246 | 310 | 324 | 66,232 | |||||||||
Collateralized Loan Obligations ("CLOs") | 9,409 | - | 49 | 9,360 | |||||||||
Asset Backed Securities ("ABSs") | 355 | 38 | - | 393 | |||||||||
Total Available for Sale | $ | 186,352 | $ | 3,397 | $ | 1,156 | $ | 188,593 | |||||
Gross | Gross | ||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||
(In thousands) | Cost | Gains | Losses | Value | |||||||||
Held to Maturity: | |||||||||||||
U.S. Agency Obligations | $ | 22,864 | $ | 209 | $ | 18 | $ | 23,055 | |||||
U.S. Government Sponsored Enterprises ("U.S. GSEs") | 9,470 | - | 171 | 9,299 | |||||||||
Federal Home Loan Bank ("FHLB") Obligations | 4,702 | 21 | - | 4,723 | |||||||||
Agency MBSs | 8,588 | 134 | - | 8,722 | |||||||||
Agency CMOs | 101,224 | 106 | 1,399 | 99,931 | |||||||||
Total Held to Maturity | $ | 146,848 | $ | 470 | $ | 1,588 | $ | 145,730 | |||||
The amortized cost and fair values of the securities classified as available for sale and held to maturity as of December 31, 2013 are as follows: | |||||||||||||
Gross | Gross | ||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||
(In thousands) | Cost | Gains | Losses | Value | |||||||||
Available for Sale: | |||||||||||||
U.S. Treasury Obligations | $ | 100 | $ | - | $ | - | $ | 100 | |||||
Agency MBSs | 97,882 | 2,876 | 1,487 | 99,271 | |||||||||
Agency CMBSs | 18,398 | - | 760 | 17,638 | |||||||||
Agency CMOs | 98,162 | 254 | 1,207 | 97,209 | |||||||||
CLOs | 37,834 | 73 | - | 37,907 | |||||||||
ABSs | 357 | 31 | - | 388 | |||||||||
Total Available for Sale | $ | 252,733 | $ | 3,234 | $ | 3,454 | $ | 252,513 | |||||
Gross | Gross | ||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||
(In thousands) | Cost | Gains | Losses | Value | |||||||||
Held to Maturity: | |||||||||||||
U.S. Agency Obligations | $ | 23,580 | - | $ | 458 | $ | 23,122 | ||||||
U.S. GSEs | 9,442 | - | 512 | 8,930 | |||||||||
FHLB Obligations | 4,684 | - | 191 | 4,493 | |||||||||
Agency CMOs | 94,105 | - | 2,426 | 91,679 | |||||||||
Agency MBSs | 9,015 | 25 | 177 | 8,863 | |||||||||
Total Held to Maturity | $ | 140,826 | $ | 25 | $ | 3,764 | $ | 137,087 | |||||
The contractual final maturity distribution of the debt securities classified as available for sale as of June 30, 2014, are as follows: | |||||||||||||
After One | After Five | ||||||||||||
Within | But Within | But Within | After Ten | ||||||||||
(In thousands) | One Year | Five Years | Ten Years | Years | Total | ||||||||
Available for Sale (at fair value): | |||||||||||||
U.S. Treasury Obligations | $ | 100 | $ | - | $ | - | $ | - | $ | 100 | |||
Agency MBSs | 99 | 3,276 | 18,492 | 72,957 | 94,824 | ||||||||
Agency CMBSs | - | - | 13,337 | 4,347 | 17,684 | ||||||||
Agency CMOs | - | - | 2,682 | 63,550 | 66,232 | ||||||||
CLOs | - | - | 9,360 | - | 9,360 | ||||||||
ABSs | - | - | - | 393 | 393 | ||||||||
Total Available for Sale | $ | 199 | $ | 3,276 | $ | 43,871 | $ | 141,247 | $ | 188,593 | |||
Available for Sale (at amortized cost): | |||||||||||||
U.S. Treasury Obligations | $ | 100 | $ | - | $ | - | $ | - | $ | 100 | |||
Agency MBSs | 93 | 3,086 | 17,639 | 71,298 | 92,116 | ||||||||
Agency CMBSs | - | - | 13,640 | 4,486 | 18,126 | ||||||||
Agency CMOs | - | - | 2,664 | 63,582 | 66,246 | ||||||||
CLOs | - | - | 9,409 | - | 9,409 | ||||||||
ABSs | - | - | - | 355 | 355 | ||||||||
Total Available for Sale | $ | 193 | $ | 3,086 | $ | 43,352 | $ | 139,721 | $ | 186,352 | |||
The contractual final maturity distribution of the debt securities classified as held to maturity as of June 30, 2014, are as follows: | |||||||||||||
After One | After Five | ||||||||||||
Within | But Within | But Within | After Ten | ||||||||||
(In thousands) | One Year | Five Years | Ten Years | Years | Total | ||||||||
Held to Maturity (at fair value): | |||||||||||||
U.S. Agency Obligations | $ | - | $ | - | $ | - | $ | 23,055 | $ | 23,055 | |||
U.S. GSEs | - | - | 9,299 | - | 9,299 | ||||||||
FHLB Obligations | - | - | 4,723 | - | 4,723 | ||||||||
Agency MBSs | 1 | 19 | 122 | 8,580 | 8,722 | ||||||||
Agency CMOs | - | - | - | 99,931 | 99,931 | ||||||||
Total Held to Maturity | $ | 1 | $ | 19 | $ | 14,144 | $ | 131,566 | $ | 145,730 | |||
Held to Maturity (at amortized cost): | |||||||||||||
U.S. Agency Obligations | $ | - | $ | - | $ | - | $ | 22,864 | $ | 22,864 | |||
U.S. GSEs | - | - | 9,470 | - | 9,470 | ||||||||
FHLB Obligations | - | - | 4,702 | - | 4,702 | ||||||||
Agency MBSs | 1 | 18 | 107 | 8,462 | 8,588 | ||||||||
Agency CMOs | - | - | - | 101,224 | 101,224 | ||||||||
Total Held to Maturity | $ | 1 | $ | 18 | $ | 14,279 | $ | 132,550 | $ | 146,848 | |||
Actual maturities will differ from contractual maturities because borrowers may have rights to call or prepay obligations. Maturities of Agency MBSs and Agency CMOs in the tables above are based on final contractual maturities. | |||||||||||||
The following table presents the proceeds, gross gains and gross losses on available for sale securities for the three and six months ended June 30, 2014 and 2013. | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Proceeds | $ | 18,574 | $ | 51,213 | $ | 45,215 | $ | 51,213 | |||||
Gross gains | 77 | 547 | 302 | 547 | |||||||||
Gross losses | -60 | -560 | -159 | -560 | |||||||||
Net gains | $ | 17 | $ | -13 | $ | 143 | $ | -13 | |||||
Securities with a carrying amount of $257.89 million and $315.53 million at June 30, 2014 and December 31, 2013, respectively, were pledged to secure U.S. Treasury borrowings, public deposits, securities sold under agreements to repurchase, and for other purposes required by law. | |||||||||||||
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position, at June 30, 2014, were as follows: | |||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||
Fair | Fair | Fair | |||||||||||
(In thousands) | Value | Loss | Value | Loss | Value | Loss | |||||||
Available for Sale: | |||||||||||||
Agency MBSs | $ | 5,201 | $ | 17 | $ | 28,984 | $ | 324 | $ | 34,185 | $ | 341 | |
Agency CMBSs | - | - | 17,684 | 442 | 17,684 | 442 | |||||||
Agency CMOs | 10,254 | 32 | 11,944 | 292 | 22,198 | 324 | |||||||
CLOs | 9,360 | 49 | - | - | 9,360 | 49 | |||||||
Total Available for Sale | $ | 24,815 | $ | 98 | $ | 58,612 | $ | 1,058 | $ | 83,427 | $ | 1,156 | |
Held to Maturity: | |||||||||||||
U.S. Agency Obligations | $ | 9,160 | $ | 18 | $ | - | $ | - | $ | 9,160 | $ | 18 | |
U.S. GSEs | - | - | 9,299 | 171 | 9,299 | 171 | |||||||
FHLB Obligations | - | - | - | - | - | - | |||||||
Agency CMOs | 42,863 | 718 | 38,411 | 681 | 81,274 | 1,399 | |||||||
Agency MBSs | - | - | - | - | - | - | |||||||
Total Held to Maturity | $ | 52,023 | $ | 736 | $ | 47,710 | $ | 852 | $ | 99,733 | $ | 1,588 | |
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position over our entire holding period, at December 31, 2013, were as follows: | |||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||
Fair | Fair | Fair | |||||||||||
(In thousands) | Value | Loss | Value | Loss | Value | Loss | |||||||
Available for Sale: | |||||||||||||
Agency MBSs | $ | 46,547 | $ | 1,487 | $ | - | $ | - | $ | 46,547 | $ | 1,487 | |
Agency CMBSs | 12,778 | 578 | 4,860 | 182 | 17,638 | 760 | |||||||
Agency CMOs | 57,904 | 977 | 3,557 | 230 | 61,461 | 1,207 | |||||||
Total Available for Sale | $ | 117,229 | $ | 3,042 | $ | 8,417 | $ | 412 | $ | 125,646 | $ | 3,454 | |
Held to Maturity: | |||||||||||||
U.S. Agency Obligations | $ | 13,722 | $ | 307 | $ | 9,400 | $ | 151 | $ | 23,122 | $ | 458 | |
U.S. GSEs | 8,930 | 512 | - | - | 8,930 | 512 | |||||||
FHLB Obligations | 4,493 | 191 | - | - | 4,493 | 191 | |||||||
Agency CMOs | 66,203 | 1,410 | 25,476 | 1,016 | 91,679 | 2,426 | |||||||
Agency MBSs | 8,569 | 177 | - | - | 8,569 | 177 | |||||||
Total Held to Maturity | $ | 101,917 | $ | 2,597 | $ | 34,876 | $ | 1,167 | $ | 136,793 | $ | 3,764 | |
There were no securities classified as trading at June 30, 2014 and December 31, 2013. | |||||||||||||
Unrealized losses on investment securities result from the cost basis of the security being higher than its current fair value. These discrepancies generally occur because of changes in interest rates since the time of purchase, or because the credit quality of the issuer has deteriorated. We perform a quarterly analysis of each security in our portfolio to determine if impairment exists, and if it does, whether that impairment is other-than-temporary. | |||||||||||||
At June 30, 2014, all of our MBSs and CMOs held were issued by U.S. government-sponsored entities and agencies, primarily the Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp (“FHLMC”), institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because we do not have the intent to sell these securities and it is not likely that we will be required to sell the securities before their anticipated recovery, we do not consider these securities to be other-than-temporarily impaired at June 30, 2014. | |||||||||||||
Under the Volcker Rule, we may be required to divest our CLOs by July of 2017. We took an impairment charge totaling $166 thousand related to our CLO portfolio during 2013 and have sold $27.41 million of our CLOs for a small gain during six months ended June 30, 2014. The unrealized loss on this portfolio at June 30, 2014 is not material. | |||||||||||||
Agency MBSs and Agency CMOs consist of pools of residential mortgages which are guaranteed by FNMA, FHLMC, or the Government National Mortgage Association (“GNMA”) with various origination dates and maturities. Agency CMBSs consists of bonds backed by commercial real estate which are guaranteed by FNMA and GNMA. CLOs are floating rate securities that consist primarily of pools of senior secured commercial loans structured to provide very strong over collateralization and subordination. Our CLOs are the senior AAA tranche and are the first bond to get paid down. Additionally, we monitor individual bonds that experience greater levels of prepayment or market volatility. | |||||||||||||
We use external pricing services to obtain fair market values for our investment portfolio. We have obtained and reviewed the service providers’ pricing and reference data documentation. Evaluations are based on market data and vary by asset class and incorporate available trade, bid and other market information. Because many fixed income securities do not trade on a daily basis, the service provider’s evaluated pricing applications apply available information as applicable through processes such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. In addition, model processes, such as the Option Adjusted Spread model are used to assess interest rate impact and develop prepayment scenarios, with inputs determined based on knowledge of the market. For CLOs, the issuer, structure, collateral type, performance and deal and class triggers are also reviewed. We periodically test the values provided to us by the pricing service through a combination of back testing on actual sales of securities and by obtaining prices on all bonds from an alternative pricing source. | |||||||||||||
We do not intend to sell the investment securities that are in an unrealized loss position, and it is unlikely that we will be required to sell the investment securities before recovery of their amortized cost bases, which may be maturity. During the first quarter of 2014, we transferred securities with a total amortized cost of $12.63 million with a corresponding fair value of $12.64 million from available for sale to held to maturity. The net unrealized gain, net of taxes, on these securities at the dates of the transfers was $8.31 thousand. The unrealized holding gain at the time of transfer continues to be reported in accumulated other comprehensive income, net of tax and is amortized over the remaining lives of the securities as an adjustment of the yield. The amortization of the unamortized holding loss reported in accumulated other comprehensive income will offset the effect on interest income of the discount for the transferred securities. The remaining unamortized balance of the losses for the securities transferred from available for sale to held to maturity during 2013 and 2014 was $4.71 million, or $3.06 million, net of tax, at June 30, 2014. | |||||||||||||
Loans_And_The_Allowance_For_Cr
Loans And The Allowance For Credit Losses | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Loans And The Allowance For Credit Losses [Abstract] | ' | |||||||||||||||||
Loans And The Allowance For Credit Losses | ' | |||||||||||||||||
NOTE 4: LOANS AND THE ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||
The composition of our loan portfolio at June 30, 2014 and December 31, 2013 was as follows: | ||||||||||||||||||
(In thousands) | 30-Jun-14 | 31-Dec-13 | ||||||||||||||||
Commercial, financial and agricultural | $ | 193,806 | $ | 172,810 | ||||||||||||||
Municipal loans | 46,358 | 94,007 | ||||||||||||||||
Real estate loans – residential | 476,696 | 489,706 | ||||||||||||||||
Real estate loans – commercial | 372,825 | 371,319 | ||||||||||||||||
Real estate loans – construction | 32,336 | 31,841 | ||||||||||||||||
Installment loans | 4,238 | 5,655 | ||||||||||||||||
All other loans | 252 | 895 | ||||||||||||||||
Total loans | $ | 1,126,511 | $ | 1,166,233 | ||||||||||||||
We primarily originate residential real estate, commercial, commercial real estate, municipal obligations and installment loans to customers throughout the state of Vermont. There are no significant industry concentrations in the loan portfolio. Total loans in the table above included $582 thousand and $618 thousand of net deferred loan origination costs at June 30, 2014 and December 31, 2013, respectively. The aggregate amount of overdrawn deposit balances classified as loan balances was $252 thousand and $895 thousand at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||
The following table reflects our loan loss experience and activity in the allowance for credit losses by portfolio segment for the three months ended June 30, 2014: | ||||||||||||||||||
Commercial, | ||||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | |||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | All Other | Total | ||||||||||
Allowance for credit losses: | ||||||||||||||||||
Beginning balance | $ | 3,378 | $ | 693 | $ | 3,352 | $ | 5,119 | $ | 360 | $ | 18 | $ | 9 | $ | 12,929 | ||
Charge-offs | -34 | - | -16 | - | - | - | -31 | -81 | ||||||||||
Recoveries | 1 | - | 2 | - | - | 1 | 4 | 8 | ||||||||||
Provision (credit) | 311 | -307 | -92 | -30 | 134 | -1 | 35 | 50 | ||||||||||
Ending balance | $ | 3,656 | $ | 386 | $ | 3,246 | $ | 5,089 | $ | 494 | $ | 18 | $ | 17 | $ | 12,906 | ||
The following table reflects our loan loss experience and activity in the allowance for credit losses by portfolio segment for the six months ended June 30, 2014: | ||||||||||||||||||
Commercial, | ||||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | |||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | All Other | Total | ||||||||||
Allowance for credit losses: | ||||||||||||||||||
Beginning balance | $ | 3,354 | $ | 768 | $ | 3,081 | $ | 5,085 | $ | 512 | $ | 18 | $ | 10 | $ | 12,828 | ||
Charge-offs | -34 | - | -18 | - | - | - | -51 | -103 | ||||||||||
Recoveries | 3 | - | 20 | - | - | 1 | 7 | 31 | ||||||||||
Provision (credit) | 333 | -382 | 163 | 4 | -18 | -1 | 51 | 150 | ||||||||||
Ending balance | $ | 3,656 | $ | 386 | $ | 3,246 | $ | 5,089 | $ | 494 | $ | 18 | $ | 17 | $ | 12,906 | ||
The following table reflects our loan loss experience and activity in the allowance for credit losses by portfolio segment for the three months ended June 30, 2013: | ||||||||||||||||||
Commercial, | ||||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | |||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | All Other | Total | ||||||||||
Allowance for credit losses: | ||||||||||||||||||
Beginning balance | $ | 3,411 | $ | 655 | $ | 3,708 | $ | 4,511 | $ | 275 | $ | 16 | $ | 12 | $ | 12,588 | ||
Charge-offs | - | - | -96 | - | - | - | -28 | -124 | ||||||||||
Recoveries | 40 | - | 1 | - | - | - | 3 | 44 | ||||||||||
Provision (credit) | -177 | -255 | -52 | 331 | 276 | 5 | 22 | 150 | ||||||||||
Ending balance | $ | 3,274 | $ | 400 | $ | 3,561 | $ | 4,842 | $ | 551 | $ | 21 | $ | 9 | $ | 12,658 | ||
The following table reflects our loan loss experience and activity in the allowance for credit losses by portfolio segment for the six months ended June 30, 2013: | ||||||||||||||||||
Commercial, | ||||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | |||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | All Other | Total | ||||||||||
Allowance for credit losses: | ||||||||||||||||||
Beginning balance | $ | 3,447 | $ | 522 | $ | 3,582 | $ | 4,499 | $ | 234 | $ | 17 | $ | 11 | $ | 12,312 | ||
Charge-offs | - | - | -103 | -1 | - | - | -48 | -152 | ||||||||||
Recoveries | 49 | - | 4 | 40 | 1 | - | 4 | 98 | ||||||||||
Provision (credit) | -222 | -122 | 78 | 304 | 316 | 4 | 42 | 400 | ||||||||||
Ending balance | $ | 3,274 | $ | 400 | $ | 3,561 | $ | 4,842 | $ | 551 | $ | 21 | $ | 9 | $ | 12,658 | ||
The allowance for credit losses consists of the allowance for loan losses and the reserve for undisbursed lines of credit. The reserve for undisbursed lines of credit is included in other liabilities on the balance sheet. The following presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based upon impairment method at June 30, 2014: | ||||||||||||||||||
Commercial, | ||||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | All | ||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | Other | Total | ||||||||||
Allowance for credit losses: | ||||||||||||||||||
Ending balance individually | $ | - | $ | - | $ | 52 | $ | 67 | $ | - | $ | - | $ | - | $ | 119 | ||
evaluated for impairment | ||||||||||||||||||
Ending balance collectively | 3,656 | 386 | 3,194 | 5,022 | 494 | 18 | 17 | 12,787 | ||||||||||
evaluated for impairment | ||||||||||||||||||
Totals | $ | 3,656 | $ | 386 | $ | 3,246 | $ | 5,089 | $ | 494 | $ | 18 | $ | 17 | $ | 12,906 | ||
Financing receivables: | ||||||||||||||||||
Ending balance individually | $ | 70 | $ | - | $ | 661 | $ | 157 | $ | - | $ | - | $ | - | $ | 888 | ||
evaluated for impairment | ||||||||||||||||||
Ending balance collectively | 193,736 | 46,358 | 476,035 | 372,668 | 32,336 | 4,238 | 252 | 1,125,623 | ||||||||||
evaluated for impairment | ||||||||||||||||||
Totals | $ | 193,806 | $ | 46,358 | $ | 476,696 | $ | 372,825 | $ | 32,336 | $ | 4,238 | $ | 252 | $ | 1,126,511 | ||
Components: | ||||||||||||||||||
Allowance for loan losses | $ | 2,978 | $ | 381 | $ | 3,158 | $ | 5,053 | $ | 439 | $ | 15 | $ | 16 | $ | 12,040 | ||
Reserve for undisbursed | 678 | 5 | 88 | 36 | 55 | 3 | 1 | 866 | ||||||||||
lines of credit | ||||||||||||||||||
Total allowance for | $ | 3,656 | $ | 386 | $ | 3,246 | $ | 5,089 | $ | 494 | $ | 18 | $ | 17 | $ | 12,906 | ||
credit losses | ||||||||||||||||||
The following presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based upon impairment method at December 31, 2013: | ||||||||||||||||||
Commercial, | ||||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | All | ||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | Other | Total | ||||||||||
Allowance for credit losses: | ||||||||||||||||||
Ending balance individually | $ | 2 | $ | - | $ | 41 | $ | 69 | $ | - | $ | - | $ | - | $ | 112 | ||
evaluated for impairment | ||||||||||||||||||
Ending balance collectively | 3,352 | 768 | 3,040 | 5,016 | 512 | 18 | 10 | 12,716 | ||||||||||
evaluated for impairment | ||||||||||||||||||
Totals | $ | 3,354 | $ | 768 | $ | 3,081 | $ | 5,085 | $ | 512 | $ | 18 | $ | 10 | $ | 12,828 | ||
Financing receivables: | ||||||||||||||||||
Ending balance individually | $ | 20 | $ | - | $ | 722 | $ | 164 | $ | - | $ | - | $ | - | $ | 906 | ||
evaluated for impairment | ||||||||||||||||||
Ending balance collectively | 172,790 | 94,007 | 488,984 | 371,155 | 31,841 | 5,655 | 895 | 1,165,327 | ||||||||||
evaluated for impairment | ||||||||||||||||||
Totals | $ | 172,810 | $ | 94,007 | $ | 489,706 | $ | 371,319 | $ | 31,841 | $ | 5,655 | $ | 895 | $ | 1,166,233 | ||
Components: | ||||||||||||||||||
Allowance for loan losses | $ | 2,740 | $ | 758 | $ | 2,995 | $ | 5,040 | 481 | $ | 18 | $ | 10 | $ | 12,042 | |||
Reserve for undisbursed | 614 | 10 | 86 | 45 | 31 | - | - | 786 | ||||||||||
lines of credit | ||||||||||||||||||
Total allowance for | $ | 3,354 | $ | 768 | $ | 3,081 | $ | 5,085 | $ | 512 | $ | 18 | $ | 10 | $ | 12,828 | ||
credit losses | ||||||||||||||||||
The table below presents the recorded investment of loans, including nonaccrual and restructured loans, segregated by class, with delinquency aging as of June 30, 2014: | ||||||||||||||||||
Greater | ||||||||||||||||||
30-59 | 60-89 | 90 Days | Than 90 | |||||||||||||||
Days | Days | or More | Total Past | Days and | ||||||||||||||
(In thousands) | Past Due | Past Due | Past Due | Due | Current | Total | Accruing | |||||||||||
Commercial, financial and agricultural | $ | 39 | $ | - | $ | - | $ | 39 | $ | 193,767 | $ | 193,806 | $ | - | ||||
Municipal | - | - | - | - | 46,358 | 46,358 | - | |||||||||||
Real estate-residential: | ||||||||||||||||||
First mortgage | 45 | - | 278 | 323 | 439,106 | 439,429 | - | |||||||||||
Second mortgage | 8 | - | 157 | 165 | 37,102 | 37,267 | 79 | |||||||||||
Real estate-commercial: | ||||||||||||||||||
Owner occupied | - | - | - | - | 224,728 | 224,728 | - | |||||||||||
Non-owner occupied | - | - | - | - | 148,097 | 148,097 | - | |||||||||||
Real estate-construction: | ||||||||||||||||||
Residential | - | - | - | - | 4,129 | 4,129 | - | |||||||||||
Commercial | - | - | - | - | 28,207 | 28,207 | - | |||||||||||
Installment | - | - | - | - | 4,238 | 4,238 | - | |||||||||||
All other loans | - | - | - | - | 252 | 252 | - | |||||||||||
Total | $ | 92 | $ | - | $ | 435 | $ | 527 | $ | 1,125,984 | $ | 1,126,511 | $ | 79 | ||||
Of the total past due loans in the aging table above, $435 thousand are non-performing, of which none are restructured loans and $79 thousand are greater than 90 days past due and accruing. There were $92 thousand past due performing loans at June 30, 2014. | ||||||||||||||||||
The table below presents the recorded investment of loans, including nonaccrual and restructured loans, segregated by class, with delinquency aging as of December 31, 2013: | ||||||||||||||||||
Greater | ||||||||||||||||||
30-59 | 60-89 | 90 Days | Than 90 | |||||||||||||||
Days | Days | or More | Total Past | Days and | ||||||||||||||
(In thousands) | Past Due | Past Due | Past Due | Due | Current | Total | Accruing | |||||||||||
Commercial, financial and agricultural | $ | - | $ | - | $ | 20 | $ | 20 | $ | 172,790 | $ | 172,810 | $ | - | ||||
Municipal | - | - | - | - | 94,007 | 94,007 | - | |||||||||||
Real estate-residential: | ||||||||||||||||||
First mortgage | 4 | 294 | 341 | 639 | 452,440 | 453,079 | - | |||||||||||
Second mortgage | - | 4 | 181 | 185 | 36,442 | 36,627 | 75 | |||||||||||
Real estate-commercial: | ||||||||||||||||||
Owner occupied | - | - | - | - | 224,416 | 224,416 | - | |||||||||||
Non-owner occupied | 72 | - | - | 72 | 146,831 | 146,903 | - | |||||||||||
Real estate-construction: | ||||||||||||||||||
Residential | - | - | - | - | 2,495 | 2,495 | - | |||||||||||
Commercial | - | - | - | - | 29,346 | 29,346 | - | |||||||||||
Installment | - | - | - | - | 5,655 | 5,655 | - | |||||||||||
All other loans | - | - | - | - | 895 | 895 | - | |||||||||||
Total | $ | 76 | $ | 298 | $ | 542 | $ | 916 | $ | 1,165,317 | $ | 1,166,233 | $ | 75 | ||||
Of the total past due loans in the aging table above, $542 thousand are non-performing, of which $42 thousand are restructured loans and $75 thousand are greater than 90 days past due and accruing. There were $374 thousand past due performing loans at December 31, 2013. | ||||||||||||||||||
Impaired loans by class at June 30, 2014 and for the three and six months ended June 30, 2014 are as follows: | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
30-Jun-14 | 30-Jun-14 | |||||||||||||||||
Unpaid | Average | Interest | Average | Interest | ||||||||||||||
Recorded | Principal | Related | Recorded | Income | Recorded | Income | ||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | Recognized | Investment | Recognized | |||||||||||
With no related allowance recorded | ||||||||||||||||||
Commercial, financial and agricultural | $ | 70 | $ | 71 | $ | - | $ | 95 | $ | 1 | $ | 65 | $ | 1 | ||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 290 | 416 | - | 306 | 2 | 285 | 4 | |||||||||||
Second mortgage | 157 | 157 | - | 162 | 1 | 168 | 1 | |||||||||||
Real estate – commercial: | ||||||||||||||||||
Owner occupied | - | - | - | 51 | 1 | 25 | 1 | |||||||||||
With related allowance recorded | ||||||||||||||||||
Commercial, financial and agricultural | - | - | - | 29 | - | 24 | - | |||||||||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 214 | 214 | 52 | 214 | - | 189 | - | |||||||||||
Real estate – commercial: | ||||||||||||||||||
Owner occupied | 157 | 173 | 67 | 158 | - | 160 | - | |||||||||||
Total | ||||||||||||||||||
Commercial, financial and agricultural | 70 | 71 | - | 124 | 1 | 89 | 1 | |||||||||||
Real estate – residential | 661 | 787 | 52 | 682 | 3 | 642 | 5 | |||||||||||
Real estate – commercial | 157 | 173 | 67 | 209 | 1 | 185 | 1 | |||||||||||
Total | $ | 888 | $ | 1,031 | $ | 119 | $ | 1,015 | $ | 5 | $ | 916 | $ | 7 | ||||
Impaired loans by class at December 31, 2013 and for the three and six months ended June 30, 2013 are as follows: | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
30-Jun-13 | 30-Jun-13 | |||||||||||||||||
Unpaid | Average | Interest | Average | Interest | ||||||||||||||
Recorded | Principal | Related | Recorded | Income | Recorded | Income | ||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | Recognized | Investment | Recognized | |||||||||||
With no related allowance recorded | ||||||||||||||||||
Commercial, financial and agricultural | $ | - | $ | - | $ | - | $ | 292 | $ | 19 | $ | 199 | $ | 27 | ||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 410 | 629 | - | 562 | 11 | 701 | 44 | |||||||||||
Second mortgage | 181 | 218 | - | 142 | 1 | 105 | 1 | |||||||||||
Real estate – commercial: | ||||||||||||||||||
Owner occupied | - | - | - | 107 | - | 71 | 15 | |||||||||||
Installment | - | - | - | - | - | 2 | - | |||||||||||
With related allowance recorded | ||||||||||||||||||
Commercial, financial and agricultural | 20 | 21 | 2 | 279 | - | 346 | - | |||||||||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 131 | 135 | 41 | 493 | - | 585 | - | |||||||||||
Second mortgage | - | - | - | 233 | - | 467 | - | |||||||||||
Real estate – commercial: | ||||||||||||||||||
Owner occupied | 164 | 175 | 69 | 171 | - | 173 | - | |||||||||||
Installment | - | - | - | 9 | - | 6 | - | |||||||||||
Total | ||||||||||||||||||
Commercial, financial and agricultural | 20 | 21 | 2 | 571 | 19 | 545 | 27 | |||||||||||
Real estate – residential | 722 | 982 | 41 | 1,430 | 12 | 1,858 | 45 | |||||||||||
Real estate – commercial | 164 | 175 | 69 | 278 | - | 244 | 15 | |||||||||||
Installment | - | - | - | 9 | - | 8 | - | |||||||||||
Total | $ | 906 | $ | 1,178 | $ | 112 | $ | 2,288 | $ | 31 | $ | 2,655 | $ | 87 | ||||
Residential and commercial loans serviced for others at June 30, 2014 and December 31, 2013 amounted to approximately $13.46 million and $13.83 million, respectively. | ||||||||||||||||||
Nonperforming loans at June 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||
(In thousands) | 30-Jun-14 | 31-Dec-13 | ||||||||||||||||
Nonaccrual loans | $ | 372 | $ | 425 | ||||||||||||||
Loans greater than 90 days and accruing | 79 | 75 | ||||||||||||||||
Troubled debt restructurings ("TDRs") | 437 | 406 | ||||||||||||||||
Total nonperforming loans | $ | 888 | $ | 906 | ||||||||||||||
Of the total TDRs in the table above, $230 thousand at June 30, 2014 and $235 thousand at December 31, 2013, are nonaccruing. We have reviewed all restructurings that occurred on or after January 1, 2014 for identification as TDRs. There were four TDRs that were restructured during 2014. We did not identify as a TDR any loan for which the allowance for credit losses had been measured under a general allowance for credit losses methodology. | ||||||||||||||||||
TDRs represent balances where the existing loan was modified involving a concession in rate, term or payment amount due to the distressed financial condition of the borrower. There were six restructured residential mortgages at June 30, 2014 with balances totaling $227 thousand. There were three restructured commercial and industrial loans and one restructured commercial real estate loan at June 30, 2014 with balances of $53 thousand and $157 thousand, respectively. All TDRs at June 30, 2014 continue to pay as agreed according to the modified terms and all but one of these loans are considered well-secured. At June 30, 2014, there were no commitments to lend additional funds to borrowers whose loans have been modified in a TDR. We had no commitments to lend additional funds to borrowers whose loans were in nonaccrual status or to borrowers whose loans were 90 days past due and still accruing at June 30, 2014. Interest income on restructured loans during the three and six months ended June 30, 2014 and 2013 was insignificant. | ||||||||||||||||||
Nonaccrual loans by class as of June 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||
(In thousands) | 30-Jun-14 | 31-Dec-13 | ||||||||||||||||
Commercial, financial and agricultural | $ | 15 | $ | 20 | ||||||||||||||
Real estate - residential: | ||||||||||||||||||
First mortgage | 278 | 299 | ||||||||||||||||
Second mortgage | 79 | 106 | ||||||||||||||||
Total nonaccruing non-TDR loans | 372 | 425 | ||||||||||||||||
Nonaccruing TDR’s | ||||||||||||||||||
Commercial, financial and agricultural | 7 | - | ||||||||||||||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 66 | 71 | ||||||||||||||||
Real estate - commercial: | ||||||||||||||||||
Owner occupied | 157 | 164 | ||||||||||||||||
Total nonaccrual loans including TDRs | $ | 602 | $ | 660 | ||||||||||||||
Commercial Grading System | ||||||||||||||||||
We use risk rating definitions for our commercial loan portfolios and certain residential loans which are generally consistent with regulatory and banking industry norms. Loans are assigned a credit quality grade which is based upon management’s on going assessment of risk based upon an evaluation of the quantitative and qualitative aspects of each credit. This assessment is a dynamic process and risk ratings are adjusted as each borrower’s financial situation changes. This process is designed to provide timely recognition of a borrower’s financial condition and appropriately focus management resources. | ||||||||||||||||||
Pass rated loans exhibit acceptable risk to the bank in terms of financial capacity to repay the loan as well as possessing acceptable fallback repayment sources, typically collateral and personal guarantees. Pass rated commercial loan relationships with a total exposure of $1 million or greater are subject to a formal annual review process; additionally, management reviews the risk rating at the time of any late payments, overdrafts or other sign of deterioration in the interim. | ||||||||||||||||||
Loans rated Pass-Watch require more than usual attention and monitoring by the account officer, though not to the extent that a formal remediation plan is warranted. Borrowers can be rated Pass-Watch based upon a weakened capital structure, marginally adequate cash flow and/or collateral coverage or early-stage declining trends in operations or financial condition. | ||||||||||||||||||
Loans rated Special Mention possess potential weakness that may expose the bank to some risk of loss in the future. These loans require more frequent monitoring and formal reporting to Management. | ||||||||||||||||||
Substandard loans reflect well-defined weaknesses in the current repayment capacity, collateral or net worth of the borrower with the possibility of some loss to the bank if these weaknesses are not corrected. Action plans are required for these loans to address the inherent weakness in the credit and are formally reviewed. | ||||||||||||||||||
Residential Real Estate and Consumer Loans | ||||||||||||||||||
We do not use a grading system for our performing residential real estate and consumer loans. Credit quality for these loans is based on performance and payment status. | ||||||||||||||||||
Below is a summary of loans by credit quality indicator as of June 30, 2014: | ||||||||||||||||||
Pass- | Special | Sub- | ||||||||||||||||
(In thousands) | Unrated | Pass | Watch | Mention | Standard | Total | ||||||||||||
Commercial, financial and agricultural | $ | 247 | $ | 162,296 | $ | 18,371 | $ | 2,817 | $ | 10,075 | $ | 193,806 | ||||||
Municipal | 20 | 25,481 | 20,483 | 374 | - | 46,358 | ||||||||||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 435,985 | 2,929 | - | - | 515 | 439,429 | ||||||||||||
Second mortgage | 37,267 | - | - | - | - | 37,267 | ||||||||||||
Real estate – commercial: | ||||||||||||||||||
Owner occupied | 176 | 185,549 | 16,325 | 4,960 | 17,718 | 224,728 | ||||||||||||
Non-owner occupied | 113 | 134,832 | 10,819 | - | 2,333 | 148,097 | ||||||||||||
Real estate – construction: | ||||||||||||||||||
Residential | 731 | 2,104 | 1,294 | - | - | 4,129 | ||||||||||||
Commercial | 197 | 25,561 | 458 | - | 1,991 | 28,207 | ||||||||||||
Installment | 4,200 | 38 | - | - | - | 4,238 | ||||||||||||
All other loans | 252 | - | - | - | - | 252 | ||||||||||||
Total | $ | 479,188 | $ | 538,790 | $ | 67,750 | $ | 8,151 | $ | 32,632 | $ | 1,126,511 | ||||||
Below is a summary of loans by credit quality indicator as of December 31, 2013: | ||||||||||||||||||
Pass- | Special | Sub- | ||||||||||||||||
(In thousands) | Unrated | Pass | Watch | Mention | Standard | Total | ||||||||||||
Commercial, financial and agricultural | $ | 242 | $ | 152,466 | $ | 14,092 | $ | 96 | $ | 5,914 | $ | 172,810 | ||||||
Municipal | 28 | 65,474 | 26,548 | 1,957 | - | 94,007 | ||||||||||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 449,951 | 2,520 | - | 65 | 543 | 453,079 | ||||||||||||
Second mortgage | 36,599 | - | - | - | 28 | 36,627 | ||||||||||||
Real estate – commercial: | ||||||||||||||||||
Owner occupied | 165 | 187,779 | 17,236 | 2,342 | 16,894 | 224,416 | ||||||||||||
Non-owner occupied | 171 | 134,222 | 9,841 | 270 | 2,399 | 146,903 | ||||||||||||
Real estate – construction: | ||||||||||||||||||
Residential | 904 | 1,591 | - | - | - | 2,495 | ||||||||||||
Commercial | 738 | 28,127 | 481 | - | - | 29,346 | ||||||||||||
Installment | 5,655 | - | - | - | - | 5,655 | ||||||||||||
All other loans | 895 | - | - | - | - | 895 | ||||||||||||
Total | $ | 495,348 | $ | 572,179 | $ | 68,198 | $ | 4,730 | $ | 25,778 | $ | 1,166,233 | ||||||
The amount of interest which was not earned, but which would have been earned had our nonaccrual and restructured loans performed in accordance with their original terms and conditions, was approximately $10 thousand and $32 thousand for the three months ended June 30, 2014 and 2013, respectively; and $18 thousand and $76 thousand for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||||
It is our policy to make loans to directors, executive officers, and associates of such persons on substantially the same terms, including interest rates and collateral, as those prevailing for comparable lending transactions with other persons. | ||||||||||||||||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Fair Value Of Financial Instruments [Abstract] | ' | ||||||||||
Fair Value Of Financial Instruments | ' | ||||||||||
NOTE 5: FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||
We record certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are also utilized to determine the initial value of certain assets and liabilities, to perform impairment assessments, and for disclosure purposes. We use quoted market prices and observable inputs to the maximum extent possible when measuring fair value. In the absence of quoted market prices, various valuation techniques are utilized to measure fair value. When possible, observable market data for identical or similar financial instruments are used in the valuation. When market data is not available, fair value is determined using valuation models that incorporate Management’s estimates of the assumptions a market participant would use in pricing the asset or liability. | |||||||||||
Our valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While Management believes our valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. | |||||||||||
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: | |||||||||||
Ø | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||
Ø | Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||
Ø | Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). | ||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||
The types of instruments valued based on quoted market prices in active markets include most U.S. government and agency securities, liquid mortgage products, active listed equities and most money market securities. Such instruments are generally classified within Level 1 or Level 2 of the fair value hierarchy. We do not adjust the quoted price for such instruments. | |||||||||||
The types of instruments valued based on quoted prices in markets that are not active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency include most investment-grade and high-yield corporate bonds; less liquid mortgage products, agency securities, listed equities, state, municipal and provincial obligations; and certain physical commodities. Such instruments are generally classified within Level 2 of the fair value hierarchy. | |||||||||||
Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions; valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, Management’s best estimate will be used. Management’s best estimate consists of both internal and external support on certain Level 3 investments. Subsequent to inception, Management only changes Level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. | |||||||||||
Financial instruments on a recurring basis | |||||||||||
The table below presents the balance of financial assets and liabilities at June 30, 2014 measured at fair value on a recurring basis: | |||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||
Quoted Prices in | Signficant | ||||||||||
Active Markets | Other | Signficant | |||||||||
for Idential | Observable | Unobservable | |||||||||
Assets | Inputs | Inputs | |||||||||
(In thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||
Assets | |||||||||||
U.S. Treasury Obligations | $ | 100 | $ | - | $ | 100 | $ | - | |||
Agency MBSs | 94,824 | - | 94,824 | - | |||||||
Agency CMBSs | 17,684 | - | 17,684 | - | |||||||
Agency CMOs | 66,232 | - | 66,232 | - | |||||||
CLOs | 9,360 | - | 9,360 | - | |||||||
ABSs | 393 | - | 393 | - | |||||||
Interest rate swap agreements | 387 | - | 387 | - | |||||||
Total assets | $ | 188,980 | $ | - | $ | 188,980 | $ | - | |||
Liabilities | |||||||||||
Interest rate swap agreements | 1,013 | - | 1,013 | - | |||||||
Total liabilities | $ | 1,013 | $ | - | $ | 1,013 | $ | - | |||
The table below presents the balance of financial assets and liabilities at December 31, 2013 measured at fair value on a recurring basis: | |||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||
Quoted Prices in | Signficant | ||||||||||
Active Markets | Other | Signficant | |||||||||
for Idential | Observable | Unobservable | |||||||||
Assets | Inputs | Inputs | |||||||||
(In thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||
Assets | |||||||||||
U.S. Treasury Obligations | $ | 100 | $ | - | $ | 100 | $ | - | |||
Agency MBSs | 99,271 | - | 99,271 | - | |||||||
Agency CMBSs | 17,638 | - | 17,638 | - | |||||||
Agency CMOs | 97,209 | - | 97,209 | - | |||||||
CLOs | 37,907 | - | 37,907 | - | |||||||
ABSs | 388 | - | 388 | - | |||||||
Interest rate swap agreements | 803 | - | 803 | - | |||||||
Total assets | $ | 253,316 | $ | - | $ | 253,316 | $ | - | |||
Liabilities | |||||||||||
Interest rate swap agreements | 1,529 | - | 1,529 | - | |||||||
Total liabilities | $ | 1,529 | $ | - | $ | 1,529 | $ | - | |||
Investment securities are reported at fair value utilizing Level 2 inputs. The prices for these instruments are obtained through an independent pricing service or dealer market participant with whom we have historically transacted both purchases and sales of investment securities. Prices obtained from these sources include market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. More information regarding our investment securities can be found in Note 3 to these consolidated financial statements. | |||||||||||
The interest rate swaps are reported at their fair value utilizing Level 2 inputs from third parties. The fair value of our interest rate swaps are determined using prices obtained from a third party advisor. The fair value measurement of the interest rate swap is determined by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates derived from observed market interest rate curves. | |||||||||||
There were no transfers between Level 1 and Level 2 for the three and six months ended June 30, 2014. There were no Level 3 assets measured at fair value on a recurring basis during the three and six months ended June 30, 2014. | |||||||||||
Financial instruments on a non-recurring basis | |||||||||||
Certain financial assets are also measured at fair value on a non-recurring basis; however, they were not material at June 30, 2014 or December 31, 2013. These financial assets include impaired loans and OREO. | |||||||||||
The table below presents the balance of financial instruments by class at June 30, 2014 measured at fair value: | |||||||||||
Carrying | |||||||||||
(In thousands) | Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||
Cash and cash equivalents | $ | 101,748 | $ | 101,748 | $ | 101,748 | $ | - | $ | - | |
Securities available for sale | 188,593 | 188,593 | - | 188,593 | - | ||||||
Securities held to maturity | 146,848 | 145,730 | - | 145,730 | - | ||||||
FHLB stock | 5,877 | N/A | N/A | N/A | N/A | ||||||
Loans, net of allowance for loan losses | 1,114,471 | 1,119,384 | - | - | 1,119,384 | ||||||
Interest rate contract-cash flow hedge | 387 | 387 | - | 387 | - | ||||||
Accrued interest receivable | 3,158 | 3,158 | - | 840 | 2,318 | ||||||
Total assets | $ | 1,561,082 | $ | 1,559,000 | $ | 101,748 | $ | 335,550 | $ | 1,121,702 | |
Deposits | $ | 1,310,699 | $ | 1,311,450 | $ | 1,049,801 | $ | 261,649 | $ | - | |
Securities sold under agreement to repurchase | 141,064 | 141,048 | - | 141,048 | - | ||||||
Other long-term debt | 2,362 | 2,306 | - | 2,306 | - | ||||||
Junior subordinated debentures issued to unconsolidated subsidiary trust | 20,619 | 14,379 | - | 14,379 | - | ||||||
Interest rate contract-cash flow hedge | 1,013 | 1,013 | - | 1,013 | - | ||||||
Accrued interest payable | 175 | 175 | 15 | 160 | - | ||||||
Total liabilities | $ | 1,475,932 | $ | 1,470,371 | $ | 1,049,816 | $ | 420,555 | $ | - | |
The table below presents the balance of financial instruments by class at December 31, 2013 measured at fair value: | |||||||||||
Carrying | |||||||||||
(In thousands) | Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||
Cash and cash equivalents | $ | 115,471 | $ | 115,471 | $ | 115,471 | $ | - | $ | - | |
Securities available for sale | 252,513 | 252,513 | - | 252,513 | - | ||||||
Securities held to maturity | 140,826 | 137,087 | - | 137,087 | - | ||||||
FHLB stock | 7,496 | N/A | N/A | N/A | N/A | ||||||
Loans, net of allowance for loan losses | 1,154,191 | 1,155,348 | - | - | 1,155,348 | ||||||
Interest rate swap agreement | 803 | 803 | - | 803 | - | ||||||
Accrued interest receivable | 3,982 | 3,982 | - | 958 | 3,024 | ||||||
Total assets | $ | 1,675,282 | $ | 1,665,204 | $ | 115,471 | $ | 391,361 | $ | 1,158,372 | |
Deposits | $ | 1,323,576 | $ | 1,324,634 | $ | 1,018,470 | $ | 306,162 | $ | - | |
Securities sold under agreement to repurchase | 250,314 | 250,290 | - | 250,290 | - | ||||||
Other long-term debt | 2,403 | 2,287 | - | 2,287 | - | ||||||
Junior subordinated debentures issued to unconsolidated subsidiary trust | 20,619 | 14,189 | - | 14,189 | - | ||||||
Interest rate swap agreement | 1,529 | 1,529 | - | 1,529 | - | ||||||
Accrued interest payable | 214 | 214 | 15 | 199 | - | ||||||
Total liabilities | $ | 1,598,655 | $ | 1,593,143 | $ | 1,018,485 | $ | 574,656 | $ | - | |
The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accrued interest receivable and accrued interest payable approximate fair value. It is not practical to determine the fair value of FHLB stock due to restrictions placed on its transferability. | |||||||||||
The methodologies for other financial assets and financial liabilities are discussed below. | |||||||||||
Loans - The fair value for loans is estimated using discounted cash flow analyses, using interest rates and spreads currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 classification. Impaired loans are valued at the lower of cost or fair value as described previously. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. | |||||||||||
Deposits - The fair value of deposits with no stated maturity, which includes demand, savings, interest bearing checking and money market accounts, is equal to the amount payable on demand resulting in a Level 1 classification. The fair value of variable rate, fixed term certificates of deposit also approximates the carrying amount reported in the consolidated balance sheets. The fair value of fixed rate and fixed term certificates of deposit is estimated using a discounted cash flow method which applies interest rates currently being offered for deposits of similar remaining maturities resulting in a Level 2 classification. | |||||||||||
Debt - The fair value of debt is estimated using current market rates for borrowings of similar remaining maturity resulting in a Level 2 classification. | |||||||||||
Commitments to Extend Credit and Standby Letters of Credit - The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of financial standby letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties. The fair value of commitments to extend credit and standby letters of credit is approximately $75 thousand at June 30, 2014 and $47 thousand as of December 31, 2013, respectively. | |||||||||||
Limitations ‑ Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. Because no market exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other such factors. | |||||||||||
These estimates do not reflect any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument. These estimates are subjective in nature and require considerable judgment to interpret market data. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize in a current market exchange, nor are they intended to represent the fair value of us as a whole. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The fair value estimates presented herein are based on pertinent information available to Management as of the respective balance sheet date. Although we are not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. | |||||||||||
Other significant assets, such as premises and equipment, other assets, and liabilities not defined as financial instruments, are not included in the above disclosures. Also, the fair value estimates for deposits do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market. | |||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||
Employee Benefit Plans | ' | ||||||||
NOTE 6: EMPLOYEE BENEFIT PLANS | |||||||||
Pension Plan | |||||||||
Prior to January 1995, we maintained a noncontributory defined benefit plan (the “Pension Plan”) covering all eligible employees. During 1995, the Pension Plan was curtailed. Accordingly, all accrued benefits were fully vested and no additional years of service or age will be accrued. | |||||||||
The following tables summarize the components of net periodic benefit cost and other changes in Pension Plan assets and benefit obligations recognized for the three and six months ended June 30, 2014 and 2013, respectively: | |||||||||
Three Months | Six Months | ||||||||
Ended June | Ended June | ||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||
Interest cost | $ | 116 | $ | 105 | $ | 232 | $ | 209 | |
Expected return on plan assets | -265 | -247 | -530 | -494 | |||||
Service costs | 11 | 15 | 22 | 30 | |||||
Net loss amortization | 34 | 87 | 66 | 179 | |||||
Net periodic pension cost | $ | -104 | $ | -40 | $ | -210 | $ | -76 | |
We have no minimum required contribution for 2014. | |||||||||
Our Pension Investment Policy Statement sets forth the investment objectives and constraints of the Pension Plan. The purpose of the policy is to assist our Retirement Plan Committee in effectively supervising, monitoring, and evaluating the Pension Plan. | |||||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
NOTE 7: EARNINGS PER SHARE | |||||||||
The following table presents reconciliations of the calculations of basic and diluted earnings per share for the three and six months ended June 30, 2014 and 2013: | |||||||||
Three Months | Six Months | ||||||||
Ended June 30, | Ended June 30, | ||||||||
(In thousands except per share data) | 2014 | 2013 | 2014 | 2013 | |||||
Net income | $ | 3,413 | $ | 4,025 | $ | 6,816 | $ | 7,634 | |
Weighted average common shares outstanding | 6,325 | 6,298 | 6,323 | 6,292 | |||||
Dilutive effect of common stock equivalents | 19 | 12 | 20 | 12 | |||||
Weighted average common and common equivalent | |||||||||
shares outstanding | 6,344 | 6,310 | 6,343 | 6,304 | |||||
Basic earnings per common share | $ | 0.54 | $ | 0.64 | $ | 1.08 | $ | 1.21 | |
Diluted earnings per common share | $ | 0.54 | $ | 0.64 | $ | 1.07 | $ | 1.21 | |
Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding for the three and six months ended June 30, 2014 and 2013. The computation of diluted earnings per share excludes the effect of assuming the exercise of certain outstanding stock options because the effect would be anti-dilutive. There were no anti-dilutive options outstanding for the three and six months ended June 30, 2014 or 2013. | |||||||||
Stock_Repurchase_Program
Stock Repurchase Program | 6 Months Ended |
Jun. 30, 2014 | |
Stock Repurchase Program [Abstract] | ' |
Stock Repurchase Program | ' |
NOTE 8: STOCK REPURCHASE PROGRAM | |
We extended our stock buyback program through January 2015. Under the program, which was originally adopted in January 2007, we may repurchase up to 200,000 shares of our common stock on the open market from time to time, and have purchased 143,475 shares at an average price per share of $22.94 since the program’s adoption. We did not repurchase any of our shares during 2013 or during the first six months of 2014, and do not expect to repurchase shares in the near future. | |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
NOTE 9: COMMITMENTS AND CONTINGENCIES | |
Financial Instruments with Off-Balance Sheet Risk | |
We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments primarily include commitments to extend credit and financial guarantees. Such instruments involve, to varying degrees, elements of credit and interest rate risk that are not recognized in the accompanying consolidated balance sheets. | |
Disclosures are required regarding liability-recognition for the fair value at issuance of certain guarantees. We do not issue any guarantees that would require liability-recognition or disclosure, other than our standby letters of credit. We have issued conditional commitments in the form of standby letters of credit to guarantee payment on behalf of a customer and guarantee the performance of a customer to a third party. Standby letters of credit generally arise in connection with lending relationships. The credit risk involved in issuing these instruments is essentially the same as that involved in extending loans to customers. Contingent obligations under standby letters of credit totaled approximately $7.51 million and $4.73 million at June 30, 2014 and December 31, 2013, respectively, and represent the maximum potential future payments we could be required to make. Typically, these instruments have terms of 12 months or less and expire unused; therefore, the total amounts do not necessarily represent future cash requirements. Each customer is evaluated individually for creditworthiness under the same underwriting standards used for commitments to extend credit and on-balance sheet instruments. Our policies governing loan collateral apply to standby letters of credit at the time of credit extension. Loan-to-value ratios are generally consistent with loan-to-value requirements for other commercial loans secured by similar types of collateral. | |
We may enter into commitments to sell loans, which involve market and interest rate risk. There were no such commitments at June 30, 2014 or December 31, 2013. | |
Legal Proceedings | |
We have been named as defendants in various legal proceedings arising from our normal business activities. Although the amount of any ultimate liability with respect to such proceedings cannot be determined, in the opinion of Management, based upon input from counsel on the outcome of such proceedings, any such liability will not have a material effect on our financial condition and results of operations. | |
Comprehensive_Income
Comprehensive Income | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Comprehensive Income [Abstract] | ' | ||||||||||
Comprehensive Income | ' | ||||||||||
NOTE 10: COMPREHENSIVE INCOME | |||||||||||
The accumulated balances for each classification of other comprehensive income are as follows: | |||||||||||
Unrealized | |||||||||||
Gains | |||||||||||
(Losses) on | |||||||||||
Securities | |||||||||||
Unrealized | Transferred | ||||||||||
Gains (Losses) | From | Accumulated | |||||||||
on Securities | Available-For- | Other | |||||||||
Available-For- | Sale to Held- | Pension | Interest Rate | Comprehensive | |||||||
(In thousands) | Sale | To-Maturity | Plan | Swaps | Income (Loss) | ||||||
Beginning Balance March 31, 2014 | $ | 540 | $ | -3,175 | $ | -1,769 | $ | -431 | $ | -4,835 | |
Other comprehensive income before reclassifications | 907 | - | - | 24 | 931 | ||||||
Accretion of unrealized losses of securities transferred from available-for-sale to held-to-maturity recognized in other comprehensive income | - | 111 | - | - | 111 | ||||||
Reclassification adjustments for (gains) losses reclassified into income | -11 | - | 21 | - | 10 | ||||||
Net current period other comprehensive income | 896 | 111 | 21 | 24 | 1,052 | ||||||
Balance June 30, 2014 | $ | 1,436 | $ | -3,064 | $ | -1,748 | $ | -407 | $ | -3,783 | |
Beginning Balance December 31, 2013 | $ | -162 | $ | -3,296 | $ | -1,790 | $ | -472 | $ | -5,720 | |
Other comprehensive income before reclassifications | 1,699 | - | - | 65 | 1,764 | ||||||
Transfer of securities from available-for-sale to held-to-maturity | -8 | 8 | - | - | |||||||
Accretion of unrealized losses of securities transferred from available-for-sale to held-to-maturity recognized in other comprehensive income | - | 224 | - | - | 224 | ||||||
Reclassification adjustments for (gains) losses reclassified into income | -93 | - | 42 | - | -51 | ||||||
Net current period other comprehensive income | 1,598 | 232 | 42 | 65 | 1,937 | ||||||
Balance June 30, 2014 | $ | 1,436 | $ | -3,064 | $ | -1,748 | $ | -407 | $ | -3,783 | |
All amounts in the tables above are net of tax. Amounts in parentheses indicate debits. | |||||||||||
Details of amounts reclassified from accumulated comprehensive income for the three and six months ended June 30, 2014 and June 30, 2013 are presented below: | |||||||||||
Three Months | Six Months | ||||||||||
Details about Accumulated Other | Ended | Ended | |||||||||
Comprehensive Income Components | June 30, | June 30, | Affected Line Item in the Statement | ||||||||
(In thousands) | 2014 | 2014 | Where Net Income is Presented | ||||||||
Unrealized gains on securities | $ | -17 | $ | -143 | Net (gains) losses on investment securities | ||||||
-17 | -143 | Total before tax | |||||||||
6 | 50 | Provision for income taxes | |||||||||
$ | -11 | $ | -93 | Net of tax | |||||||
Pension and postretirement benefit plans | $ | 34 | $ | 66 | Compensation and benefits | ||||||
34 | 66 | Total before tax | |||||||||
-13 | -24 | Provision for income taxes | |||||||||
$ | 21 | $ | 42 | Net of tax | |||||||
Total reclassification adjustments | $ | 10 | $ | -51 | |||||||
Three Months | Six Months | ||||||||||
Details about Accumulated Other | Ended | Ended | |||||||||
Comprehensive Income Components | June 30, | June 30, | Affected Line Item in the Statement | ||||||||
(In thousands) | 2013 | 2013 | Where Net Income is Presented | ||||||||
Unrealized gains on securities | $ | 13 | $ | 13 | Net (gains) losses on investment securities | ||||||
13 | 13 | Total before tax | |||||||||
-5 | -5 | Provision for income taxes | |||||||||
$ | 8 | $ | 8 | Net of tax | |||||||
Pension and postretirement benefit plans | $ | 87 | $ | 179 | Compensation and benefits | ||||||
87 | 179 | Total before tax | |||||||||
-31 | -63 | Provision for income taxes | |||||||||
$ | 56 | $ | 116 | Net of tax | |||||||
Total reclassification adjustments | $ | 64 | $ | 124 | |||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2014 | |
Derivative Financial Instruments [Abstract] | ' |
Derivative Financial Instruments | ' |
NOTE 11: DERIVATIVE FINANCIAL INSTRUMENTS | |
At June 30, 2014 and December 31, 2013, we had an interest rate swap with a notional amount of $10 million that was designated as a cash flow hedge. The swap was used to convert a portion of the floating rate interest on our trust preferred issuance to a fixed rate of interest. Each quarter we assess the effectiveness of the hedging relationships by comparing the changes in cash flows of the derivative hedging instruments with the changes in cash flows of the designated hedged item. There was no ineffective portion recognized in earnings during the three and six months ended June 30, 2014 or June 30, 2013. The fair value of $(626) thousand and $(726) thousand was reflected in other comprehensive income in the accompanying consolidated balance sheets at June 30, 2014 and December 31, 2013, respectively. | |
We are party to interest rate swaps with a notional amount of $40.8 million with certain of our commercial customers. In order to minimize our risk, these customer derivatives (pay floating/receive fixed swaps) have been offset with essentially matching interest rate swaps with our counterparty totaling $40.8 million (pay fixed/receive floating swaps). At June 30, 2014, the weighted average receive rate of these interest rate swaps was 1.84%, the weighted average pay rate was 3.63% and the weighted average maturity was 12.5 years. The fair values of $387 thousand were reflected in other assets and other liabilities, respectively, in the accompanying consolidated balance sheets at June 30, 2014. The fair values of $803 thousand were reflected in other assets and other liabilities, respectively, in the accompanying consolidated balance sheets at December 31, 2013. Hedge accounting has not been applied for these derivatives. Because the terms of the swaps with our customer and the other financial institution offset each other, with the only difference being counterparty credit risk, changes in the fair value of the underlying derivative contracts are not materially different and do not significantly impact our results of operations. | |
We are party to interest rate swaps with notional amounts totaling $9.44 million that were designated as fair value hedges of certain fixed rate loans with municipalities. At June 30, 2014, the weighted average receive rate of these interest rate swaps was 1.54%, the weighted average pay rate was 3.26% and the weighted average maturity was 18.1 years. The amounts recognized in earnings and other assets for the ineffective portion of the interest swaps was immaterial. | |
We assessed our counterparty risk at June 30, 2014 and determined any credit risk inherent in our derivative contracts was insignificant. Information about the fair value of derivative financial instruments can be found in Note 5 to these consolidated financial statements. | |
Financial_Statement_Presentati1
Financial Statement Presentation (Policy) | 6 Months Ended |
Jun. 30, 2014 | |
Financial Statement Presentation [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. All adjustments necessary for a fair presentation of our interim consolidated financial statements as of June 30, 2014 and December 31, 2013 and for the three and six months ended June 30, 2014 and 2013 have been included. The information was prepared from our unaudited financial statements and the unaudited financial statements of our subsidiaries, Merchants Bank and MBVT Statutory Trust I. Amounts reported for prior periods are reclassified, where necessary, to be consistent with the current period presentation. | |
Managementbs Use of Estimates in Preparation of Financial Statements | ' |
Management’s Use of Estimates in Preparation of Financial Statements | |
The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting periods. The most significant estimates include those used in determining the allowance for credit losses, income taxes, interest income recognition on loans and investments and analysis of other-than-temporary impairment of our investment securities portfolio. Operating results in the future may vary from the amounts derived from Management's estimates and assumptions. | |
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||
Summary Of Amortized Cost And Fair Values Of Securitiies Classified As Available For Sale And Held To Maturity | ' | ||||||||||||
The amortized cost and fair values of the securities classified as available for sale and held to maturity as of June 30, 2014 are as follows: | |||||||||||||
Gross | Gross | ||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||
(In thousands) | Cost | Gains | Losses | Value | |||||||||
Available for Sale: | |||||||||||||
U.S. Treasury Obligations | $ | 100 | $ | - | $ | - | $ | 100 | |||||
Residential Real Estate Mortgage-backed Securities ("Agency MBSs") | 92,116 | 3,049 | 341 | 94,824 | |||||||||
Agency Commercial Mortgage Backed Securities ("Agency CMBSs") | 18,126 | - | 442 | 17,684 | |||||||||
Agency Collateralized Mortgage Obligations ("Agency CMOs") | 66,246 | 310 | 324 | 66,232 | |||||||||
Collateralized Loan Obligations ("CLOs") | 9,409 | - | 49 | 9,360 | |||||||||
Asset Backed Securities ("ABSs") | 355 | 38 | - | 393 | |||||||||
Total Available for Sale | $ | 186,352 | $ | 3,397 | $ | 1,156 | $ | 188,593 | |||||
Gross | Gross | ||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||
(In thousands) | Cost | Gains | Losses | Value | |||||||||
Held to Maturity: | |||||||||||||
U.S. Agency Obligations | $ | 22,864 | $ | 209 | $ | 18 | $ | 23,055 | |||||
U.S. Government Sponsored Enterprises ("U.S. GSEs") | 9,470 | - | 171 | 9,299 | |||||||||
Federal Home Loan Bank ("FHLB") Obligations | 4,702 | 21 | - | 4,723 | |||||||||
Agency MBSs | 8,588 | 134 | - | 8,722 | |||||||||
Agency CMOs | 101,224 | 106 | 1,399 | 99,931 | |||||||||
Total Held to Maturity | $ | 146,848 | $ | 470 | $ | 1,588 | $ | 145,730 | |||||
The amortized cost and fair values of the securities classified as available for sale and held to maturity as of December 31, 2013 are as follows: | |||||||||||||
Gross | Gross | ||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||
(In thousands) | Cost | Gains | Losses | Value | |||||||||
Available for Sale: | |||||||||||||
U.S. Treasury Obligations | $ | 100 | $ | - | $ | - | $ | 100 | |||||
Agency MBSs | 97,882 | 2,876 | 1,487 | 99,271 | |||||||||
Agency CMBSs | 18,398 | - | 760 | 17,638 | |||||||||
Agency CMOs | 98,162 | 254 | 1,207 | 97,209 | |||||||||
CLOs | 37,834 | 73 | - | 37,907 | |||||||||
ABSs | 357 | 31 | - | 388 | |||||||||
Total Available for Sale | $ | 252,733 | $ | 3,234 | $ | 3,454 | $ | 252,513 | |||||
Gross | Gross | ||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||
(In thousands) | Cost | Gains | Losses | Value | |||||||||
Held to Maturity: | |||||||||||||
U.S. Agency Obligations | $ | 23,580 | - | $ | 458 | $ | 23,122 | ||||||
U.S. GSEs | 9,442 | - | 512 | 8,930 | |||||||||
FHLB Obligations | 4,684 | - | 191 | 4,493 | |||||||||
Agency CMOs | 94,105 | - | 2,426 | 91,679 | |||||||||
Agency MBSs | 9,015 | 25 | 177 | 8,863 | |||||||||
Total Held to Maturity | $ | 140,826 | $ | 25 | $ | 3,764 | $ | 137,087 | |||||
Summary Of Contractual Maturity Distribution Of Debt Securities Classified As Available For Sale And Held To Maturity | ' | ||||||||||||
The contractual final maturity distribution of the debt securities classified as available for sale as of June 30, 2014, are as follows: | |||||||||||||
After One | After Five | ||||||||||||
Within | But Within | But Within | After Ten | ||||||||||
(In thousands) | One Year | Five Years | Ten Years | Years | Total | ||||||||
Available for Sale (at fair value): | |||||||||||||
U.S. Treasury Obligations | $ | 100 | $ | - | $ | - | $ | - | $ | 100 | |||
Agency MBSs | 99 | 3,276 | 18,492 | 72,957 | 94,824 | ||||||||
Agency CMBSs | - | - | 13,337 | 4,347 | 17,684 | ||||||||
Agency CMOs | - | - | 2,682 | 63,550 | 66,232 | ||||||||
CLOs | - | - | 9,360 | - | 9,360 | ||||||||
ABSs | - | - | - | 393 | 393 | ||||||||
Total Available for Sale | $ | 199 | $ | 3,276 | $ | 43,871 | $ | 141,247 | $ | 188,593 | |||
Available for Sale (at amortized cost): | |||||||||||||
U.S. Treasury Obligations | $ | 100 | $ | - | $ | - | $ | - | $ | 100 | |||
Agency MBSs | 93 | 3,086 | 17,639 | 71,298 | 92,116 | ||||||||
Agency CMBSs | - | - | 13,640 | 4,486 | 18,126 | ||||||||
Agency CMOs | - | - | 2,664 | 63,582 | 66,246 | ||||||||
CLOs | - | - | 9,409 | - | 9,409 | ||||||||
ABSs | - | - | - | 355 | 355 | ||||||||
Total Available for Sale | $ | 193 | $ | 3,086 | $ | 43,352 | $ | 139,721 | $ | 186,352 | |||
The contractual final maturity distribution of the debt securities classified as held to maturity as of June 30, 2014, are as follows: | |||||||||||||
After One | After Five | ||||||||||||
Within | But Within | But Within | After Ten | ||||||||||
(In thousands) | One Year | Five Years | Ten Years | Years | Total | ||||||||
Held to Maturity (at fair value): | |||||||||||||
U.S. Agency Obligations | $ | - | $ | - | $ | - | $ | 23,055 | $ | 23,055 | |||
U.S. GSEs | - | - | 9,299 | - | 9,299 | ||||||||
FHLB Obligations | - | - | 4,723 | - | 4,723 | ||||||||
Agency MBSs | 1 | 19 | 122 | 8,580 | 8,722 | ||||||||
Agency CMOs | - | - | - | 99,931 | 99,931 | ||||||||
Total Held to Maturity | $ | 1 | $ | 19 | $ | 14,144 | $ | 131,566 | $ | 145,730 | |||
Held to Maturity (at amortized cost): | |||||||||||||
U.S. Agency Obligations | $ | - | $ | - | $ | - | $ | 22,864 | $ | 22,864 | |||
U.S. GSEs | - | - | 9,470 | - | 9,470 | ||||||||
FHLB Obligations | - | - | 4,702 | - | 4,702 | ||||||||
Agency MBSs | 1 | 18 | 107 | 8,462 | 8,588 | ||||||||
Agency CMOs | - | - | - | 101,224 | 101,224 | ||||||||
Total Held to Maturity | $ | 1 | $ | 18 | $ | 14,279 | $ | 132,550 | $ | 146,848 | |||
Summary of Proceeds, Gross Gains and Gross Losses | ' | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Proceeds | $ | 18,574 | $ | 51,213 | $ | 45,215 | $ | 51,213 | |||||
Gross gains | 77 | 547 | 302 | 547 | |||||||||
Gross losses | -60 | -560 | -159 | -560 | |||||||||
Net gains | $ | 17 | $ | -13 | $ | 143 | $ | -13 | |||||
Summary Of Gross Unrealized Losses On Investment Securities | ' | ||||||||||||
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position, at June 30, 2014, were as follows: | |||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||
Fair | Fair | Fair | |||||||||||
(In thousands) | Value | Loss | Value | Loss | Value | Loss | |||||||
Available for Sale: | |||||||||||||
Agency MBSs | $ | 5,201 | $ | 17 | $ | 28,984 | $ | 324 | $ | 34,185 | $ | 341 | |
Agency CMBSs | - | - | 17,684 | 442 | 17,684 | 442 | |||||||
Agency CMOs | 10,254 | 32 | 11,944 | 292 | 22,198 | 324 | |||||||
CLOs | 9,360 | 49 | - | - | 9,360 | 49 | |||||||
Total Available for Sale | $ | 24,815 | $ | 98 | $ | 58,612 | $ | 1,058 | $ | 83,427 | $ | 1,156 | |
Held to Maturity: | |||||||||||||
U.S. Agency Obligations | $ | 9,160 | $ | 18 | $ | - | $ | - | $ | 9,160 | $ | 18 | |
U.S. GSEs | - | - | 9,299 | 171 | 9,299 | 171 | |||||||
FHLB Obligations | - | - | - | - | - | - | |||||||
Agency CMOs | 42,863 | 718 | 38,411 | 681 | 81,274 | 1,399 | |||||||
Agency MBSs | - | - | - | - | - | - | |||||||
Total Held to Maturity | $ | 52,023 | $ | 736 | $ | 47,710 | $ | 852 | $ | 99,733 | $ | 1,588 | |
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position over our entire holding period, at December 31, 2013, were as follows: | |||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||
Fair | Fair | Fair | |||||||||||
(In thousands) | Value | Loss | Value | Loss | Value | Loss | |||||||
Available for Sale: | |||||||||||||
Agency MBSs | $ | 46,547 | $ | 1,487 | $ | - | $ | - | $ | 46,547 | $ | 1,487 | |
Agency CMBSs | 12,778 | 578 | 4,860 | 182 | 17,638 | 760 | |||||||
Agency CMOs | 57,904 | 977 | 3,557 | 230 | 61,461 | 1,207 | |||||||
Total Available for Sale | $ | 117,229 | $ | 3,042 | $ | 8,417 | $ | 412 | $ | 125,646 | $ | 3,454 | |
Held to Maturity: | |||||||||||||
U.S. Agency Obligations | $ | 13,722 | $ | 307 | $ | 9,400 | $ | 151 | $ | 23,122 | $ | 458 | |
U.S. GSEs | 8,930 | 512 | - | - | 8,930 | 512 | |||||||
FHLB Obligations | 4,493 | 191 | - | - | 4,493 | 191 | |||||||
Agency CMOs | 66,203 | 1,410 | 25,476 | 1,016 | 91,679 | 2,426 | |||||||
Agency MBSs | 8,569 | 177 | - | - | 8,569 | 177 | |||||||
Total Held to Maturity | $ | 101,917 | $ | 2,597 | $ | 34,876 | $ | 1,167 | $ | 136,793 | $ | 3,764 | |
Loans_And_The_Allowance_For_Cr1
Loans And The Allowance For Credit Losses (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Loans And The Allowance For Credit Losses [Abstract] | ' | |||||||||||||||||
Composition Of The Loan Portfolio | ' | |||||||||||||||||
(In thousands) | 30-Jun-14 | 31-Dec-13 | ||||||||||||||||
Commercial, financial and agricultural | $ | 193,806 | $ | 172,810 | ||||||||||||||
Municipal loans | 46,358 | 94,007 | ||||||||||||||||
Real estate loans – residential | 476,696 | 489,706 | ||||||||||||||||
Real estate loans – commercial | 372,825 | 371,319 | ||||||||||||||||
Real estate loans – construction | 32,336 | 31,841 | ||||||||||||||||
Installment loans | 4,238 | 5,655 | ||||||||||||||||
All other loans | 252 | 895 | ||||||||||||||||
Total loans | $ | 1,126,511 | $ | 1,166,233 | ||||||||||||||
Loan Loss Experience And Activity In The Allowance For Credit Losses | ' | |||||||||||||||||
The following table reflects our loan loss experience and activity in the allowance for credit losses by portfolio segment for the three months ended June 30, 2014: | ||||||||||||||||||
Commercial, | ||||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | |||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | All Other | Total | ||||||||||
Allowance for credit losses: | ||||||||||||||||||
Beginning balance | $ | 3,378 | $ | 693 | $ | 3,352 | $ | 5,119 | $ | 360 | $ | 18 | $ | 9 | $ | 12,929 | ||
Charge-offs | -34 | - | -16 | - | - | - | -31 | -81 | ||||||||||
Recoveries | 1 | - | 2 | - | - | 1 | 4 | 8 | ||||||||||
Provision (credit) | 311 | -307 | -92 | -30 | 134 | -1 | 35 | 50 | ||||||||||
Ending balance | $ | 3,656 | $ | 386 | $ | 3,246 | $ | 5,089 | $ | 494 | $ | 18 | $ | 17 | $ | 12,906 | ||
The following table reflects our loan loss experience and activity in the allowance for credit losses by portfolio segment for the six months ended June 30, 2014: | ||||||||||||||||||
Commercial, | ||||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | |||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | All Other | Total | ||||||||||
Allowance for credit losses: | ||||||||||||||||||
Beginning balance | $ | 3,354 | $ | 768 | $ | 3,081 | $ | 5,085 | $ | 512 | $ | 18 | $ | 10 | $ | 12,828 | ||
Charge-offs | -34 | - | -18 | - | - | - | -51 | -103 | ||||||||||
Recoveries | 3 | - | 20 | - | - | 1 | 7 | 31 | ||||||||||
Provision (credit) | 333 | -382 | 163 | 4 | -18 | -1 | 51 | 150 | ||||||||||
Ending balance | $ | 3,656 | $ | 386 | $ | 3,246 | $ | 5,089 | $ | 494 | $ | 18 | $ | 17 | $ | 12,906 | ||
The following table reflects our loan loss experience and activity in the allowance for credit losses by portfolio segment for the three months ended June 30, 2013: | ||||||||||||||||||
Commercial, | ||||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | |||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | All Other | Total | ||||||||||
Allowance for credit losses: | ||||||||||||||||||
Beginning balance | $ | 3,411 | $ | 655 | $ | 3,708 | $ | 4,511 | $ | 275 | $ | 16 | $ | 12 | $ | 12,588 | ||
Charge-offs | - | - | -96 | - | - | - | -28 | -124 | ||||||||||
Recoveries | 40 | - | 1 | - | - | - | 3 | 44 | ||||||||||
Provision (credit) | -177 | -255 | -52 | 331 | 276 | 5 | 22 | 150 | ||||||||||
Ending balance | $ | 3,274 | $ | 400 | $ | 3,561 | $ | 4,842 | $ | 551 | $ | 21 | $ | 9 | $ | 12,658 | ||
The following table reflects our loan loss experience and activity in the allowance for credit losses by portfolio segment for the six months ended June 30, 2013: | ||||||||||||||||||
Commercial, | ||||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | |||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | All Other | Total | ||||||||||
Allowance for credit losses: | ||||||||||||||||||
Beginning balance | $ | 3,447 | $ | 522 | $ | 3,582 | $ | 4,499 | $ | 234 | $ | 17 | $ | 11 | $ | 12,312 | ||
Charge-offs | - | - | -103 | -1 | - | - | -48 | -152 | ||||||||||
Recoveries | 49 | - | 4 | 40 | 1 | - | 4 | 98 | ||||||||||
Provision (credit) | -222 | -122 | 78 | 304 | 316 | 4 | 42 | 400 | ||||||||||
Ending balance | $ | 3,274 | $ | 400 | $ | 3,561 | $ | 4,842 | $ | 551 | $ | 21 | $ | 9 | $ | 12,658 | ||
Allowance For Loan Losses And The Recorded Investment In Loans | ' | |||||||||||||||||
The following presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based upon impairment method at June 30, 2014: | ||||||||||||||||||
Commercial, | ||||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | All | ||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | Other | Total | ||||||||||
Allowance for credit losses: | ||||||||||||||||||
Ending balance individually | $ | - | $ | - | $ | 52 | $ | 67 | $ | - | $ | - | $ | - | $ | 119 | ||
evaluated for impairment | ||||||||||||||||||
Ending balance collectively | 3,656 | 386 | 3,194 | 5,022 | 494 | 18 | 17 | 12,787 | ||||||||||
evaluated for impairment | ||||||||||||||||||
Totals | $ | 3,656 | $ | 386 | $ | 3,246 | $ | 5,089 | $ | 494 | $ | 18 | $ | 17 | $ | 12,906 | ||
Financing receivables: | ||||||||||||||||||
Ending balance individually | $ | 70 | $ | - | $ | 661 | $ | 157 | $ | - | $ | - | $ | - | $ | 888 | ||
evaluated for impairment | ||||||||||||||||||
Ending balance collectively | 193,736 | 46,358 | 476,035 | 372,668 | 32,336 | 4,238 | 252 | 1,125,623 | ||||||||||
evaluated for impairment | ||||||||||||||||||
Totals | $ | 193,806 | $ | 46,358 | $ | 476,696 | $ | 372,825 | $ | 32,336 | $ | 4,238 | $ | 252 | $ | 1,126,511 | ||
Components: | ||||||||||||||||||
Allowance for loan losses | $ | 2,978 | $ | 381 | $ | 3,158 | $ | 5,053 | $ | 439 | $ | 15 | $ | 16 | $ | 12,040 | ||
Reserve for undisbursed | 678 | 5 | 88 | 36 | 55 | 3 | 1 | 866 | ||||||||||
lines of credit | ||||||||||||||||||
Total allowance for | $ | 3,656 | $ | 386 | $ | 3,246 | $ | 5,089 | $ | 494 | $ | 18 | $ | 17 | $ | 12,906 | ||
credit losses | ||||||||||||||||||
The following presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based upon impairment method at December 31, 2013: | ||||||||||||||||||
Commercial, | ||||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | All | ||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | Other | Total | ||||||||||
Allowance for credit losses: | ||||||||||||||||||
Ending balance individually | $ | 2 | $ | - | $ | 41 | $ | 69 | $ | - | $ | - | $ | - | $ | 112 | ||
evaluated for impairment | ||||||||||||||||||
Ending balance collectively | 3,352 | 768 | 3,040 | 5,016 | 512 | 18 | 10 | 12,716 | ||||||||||
evaluated for impairment | ||||||||||||||||||
Totals | $ | 3,354 | $ | 768 | $ | 3,081 | $ | 5,085 | $ | 512 | $ | 18 | $ | 10 | $ | 12,828 | ||
Financing receivables: | ||||||||||||||||||
Ending balance individually | $ | 20 | $ | - | $ | 722 | $ | 164 | $ | - | $ | - | $ | - | $ | 906 | ||
evaluated for impairment | ||||||||||||||||||
Ending balance collectively | 172,790 | 94,007 | 488,984 | 371,155 | 31,841 | 5,655 | 895 | 1,165,327 | ||||||||||
evaluated for impairment | ||||||||||||||||||
Totals | $ | 172,810 | $ | 94,007 | $ | 489,706 | $ | 371,319 | $ | 31,841 | $ | 5,655 | $ | 895 | $ | 1,166,233 | ||
Components: | ||||||||||||||||||
Allowance for loan losses | $ | 2,740 | $ | 758 | $ | 2,995 | $ | 5,040 | 481 | $ | 18 | $ | 10 | $ | 12,042 | |||
Reserve for undisbursed | 614 | 10 | 86 | 45 | 31 | - | - | 786 | ||||||||||
lines of credit | ||||||||||||||||||
Total allowance for | $ | 3,354 | $ | 768 | $ | 3,081 | $ | 5,085 | $ | 512 | $ | 18 | $ | 10 | $ | 12,828 | ||
credit losses | ||||||||||||||||||
Recorded Investment of Loans, Including Nonaccrual And Restructured Loans, By Class | ' | |||||||||||||||||
The table below presents the recorded investment of loans, including nonaccrual and restructured loans, segregated by class, with delinquency aging as of June 30, 2014: | ||||||||||||||||||
Greater | ||||||||||||||||||
30-59 | 60-89 | 90 Days | Than 90 | |||||||||||||||
Days | Days | or More | Total Past | Days and | ||||||||||||||
(In thousands) | Past Due | Past Due | Past Due | Due | Current | Total | Accruing | |||||||||||
Commercial, financial and agricultural | $ | 39 | $ | - | $ | - | $ | 39 | $ | 193,767 | $ | 193,806 | $ | - | ||||
Municipal | - | - | - | - | 46,358 | 46,358 | - | |||||||||||
Real estate-residential: | ||||||||||||||||||
First mortgage | 45 | - | 278 | 323 | 439,106 | 439,429 | - | |||||||||||
Second mortgage | 8 | - | 157 | 165 | 37,102 | 37,267 | 79 | |||||||||||
Real estate-commercial: | ||||||||||||||||||
Owner occupied | - | - | - | - | 224,728 | 224,728 | - | |||||||||||
Non-owner occupied | - | - | - | - | 148,097 | 148,097 | - | |||||||||||
Real estate-construction: | ||||||||||||||||||
Residential | - | - | - | - | 4,129 | 4,129 | - | |||||||||||
Commercial | - | - | - | - | 28,207 | 28,207 | - | |||||||||||
Installment | - | - | - | - | 4,238 | 4,238 | - | |||||||||||
All other loans | - | - | - | - | 252 | 252 | - | |||||||||||
Total | $ | 92 | $ | - | $ | 435 | $ | 527 | $ | 1,125,984 | $ | 1,126,511 | $ | 79 | ||||
Of the total past due loans in the aging table above, $435 thousand are non-performing, of which none are restructured loans and $79 thousand are greater than 90 days past due and accruing. There were $92 thousand past due performing loans at June 30, 2014. | ||||||||||||||||||
The table below presents the recorded investment of loans, including nonaccrual and restructured loans, segregated by class, with delinquency aging as of December 31, 2013: | ||||||||||||||||||
Greater | ||||||||||||||||||
30-59 | 60-89 | 90 Days | Than 90 | |||||||||||||||
Days | Days | or More | Total Past | Days and | ||||||||||||||
(In thousands) | Past Due | Past Due | Past Due | Due | Current | Total | Accruing | |||||||||||
Commercial, financial and agricultural | $ | - | $ | - | $ | 20 | $ | 20 | $ | 172,790 | $ | 172,810 | $ | - | ||||
Municipal | - | - | - | - | 94,007 | 94,007 | - | |||||||||||
Real estate-residential: | ||||||||||||||||||
First mortgage | 4 | 294 | 341 | 639 | 452,440 | 453,079 | - | |||||||||||
Second mortgage | - | 4 | 181 | 185 | 36,442 | 36,627 | 75 | |||||||||||
Real estate-commercial: | ||||||||||||||||||
Owner occupied | - | - | - | - | 224,416 | 224,416 | - | |||||||||||
Non-owner occupied | 72 | - | - | 72 | 146,831 | 146,903 | - | |||||||||||
Real estate-construction: | ||||||||||||||||||
Residential | - | - | - | - | 2,495 | 2,495 | - | |||||||||||
Commercial | - | - | - | - | 29,346 | 29,346 | - | |||||||||||
Installment | - | - | - | - | 5,655 | 5,655 | - | |||||||||||
All other loans | - | - | - | - | 895 | 895 | - | |||||||||||
Total | $ | 76 | $ | 298 | $ | 542 | $ | 916 | $ | 1,165,317 | $ | 1,166,233 | $ | 75 | ||||
Impaired Loans By Class | ' | |||||||||||||||||
Impaired loans by class at June 30, 2014 and for the three and six months ended June 30, 2014 are as follows: | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
30-Jun-14 | 30-Jun-14 | |||||||||||||||||
Unpaid | Average | Interest | Average | Interest | ||||||||||||||
Recorded | Principal | Related | Recorded | Income | Recorded | Income | ||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | Recognized | Investment | Recognized | |||||||||||
With no related allowance recorded | ||||||||||||||||||
Commercial, financial and agricultural | $ | 70 | $ | 71 | $ | - | $ | 95 | $ | 1 | $ | 65 | $ | 1 | ||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 290 | 416 | - | 306 | 2 | 285 | 4 | |||||||||||
Second mortgage | 157 | 157 | - | 162 | 1 | 168 | 1 | |||||||||||
Real estate – commercial: | ||||||||||||||||||
Owner occupied | - | - | - | 51 | 1 | 25 | 1 | |||||||||||
With related allowance recorded | ||||||||||||||||||
Commercial, financial and agricultural | - | - | - | 29 | - | 24 | - | |||||||||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 214 | 214 | 52 | 214 | - | 189 | - | |||||||||||
Real estate – commercial: | ||||||||||||||||||
Owner occupied | 157 | 173 | 67 | 158 | - | 160 | - | |||||||||||
Total | ||||||||||||||||||
Commercial, financial and agricultural | 70 | 71 | - | 124 | 1 | 89 | 1 | |||||||||||
Real estate – residential | 661 | 787 | 52 | 682 | 3 | 642 | 5 | |||||||||||
Real estate – commercial | 157 | 173 | 67 | 209 | 1 | 185 | 1 | |||||||||||
Total | $ | 888 | $ | 1,031 | $ | 119 | $ | 1,015 | $ | 5 | $ | 916 | $ | 7 | ||||
Impaired loans by class at December 31, 2013 and for the three and six months ended June 30, 2013 are as follows: | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
30-Jun-13 | 30-Jun-13 | |||||||||||||||||
Unpaid | Average | Interest | Average | Interest | ||||||||||||||
Recorded | Principal | Related | Recorded | Income | Recorded | Income | ||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | Recognized | Investment | Recognized | |||||||||||
With no related allowance recorded | ||||||||||||||||||
Commercial, financial and agricultural | $ | - | $ | - | $ | - | $ | 292 | $ | 19 | $ | 199 | $ | 27 | ||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 410 | 629 | - | 562 | 11 | 701 | 44 | |||||||||||
Second mortgage | 181 | 218 | - | 142 | 1 | 105 | 1 | |||||||||||
Real estate – commercial: | ||||||||||||||||||
Owner occupied | - | - | - | 107 | - | 71 | 15 | |||||||||||
Installment | - | - | - | - | - | 2 | - | |||||||||||
With related allowance recorded | ||||||||||||||||||
Commercial, financial and agricultural | 20 | 21 | 2 | 279 | - | 346 | - | |||||||||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 131 | 135 | 41 | 493 | - | 585 | - | |||||||||||
Second mortgage | - | - | - | 233 | - | 467 | - | |||||||||||
Real estate – commercial: | ||||||||||||||||||
Owner occupied | 164 | 175 | 69 | 171 | - | 173 | - | |||||||||||
Installment | - | - | - | 9 | - | 6 | - | |||||||||||
Total | ||||||||||||||||||
Commercial, financial and agricultural | 20 | 21 | 2 | 571 | 19 | 545 | 27 | |||||||||||
Real estate – residential | 722 | 982 | 41 | 1,430 | 12 | 1,858 | 45 | |||||||||||
Real estate – commercial | 164 | 175 | 69 | 278 | - | 244 | 15 | |||||||||||
Installment | - | - | - | 9 | - | 8 | - | |||||||||||
Total | $ | 906 | $ | 1,178 | $ | 112 | $ | 2,288 | $ | 31 | $ | 2,655 | $ | 87 | ||||
Nonperforming Loans | ' | |||||||||||||||||
(In thousands) | 30-Jun-14 | 31-Dec-13 | ||||||||||||||||
Nonaccrual loans | $ | 372 | $ | 425 | ||||||||||||||
Loans greater than 90 days and accruing | 79 | 75 | ||||||||||||||||
Troubled debt restructurings ("TDRs") | 437 | 406 | ||||||||||||||||
Total nonperforming loans | $ | 888 | $ | 906 | ||||||||||||||
Nonaccrual Loans By Class | ' | |||||||||||||||||
(In thousands) | 30-Jun-14 | 31-Dec-13 | ||||||||||||||||
Commercial, financial and agricultural | $ | 15 | $ | 20 | ||||||||||||||
Real estate - residential: | ||||||||||||||||||
First mortgage | 278 | 299 | ||||||||||||||||
Second mortgage | 79 | 106 | ||||||||||||||||
Total nonaccruing non-TDR loans | 372 | 425 | ||||||||||||||||
Nonaccruing TDR’s | ||||||||||||||||||
Commercial, financial and agricultural | 7 | - | ||||||||||||||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 66 | 71 | ||||||||||||||||
Real estate - commercial: | ||||||||||||||||||
Owner occupied | 157 | 164 | ||||||||||||||||
Total nonaccrual loans including TDRs | $ | 602 | $ | 660 | ||||||||||||||
Summary Of Loans By Credit Quality Indicator | ' | |||||||||||||||||
Below is a summary of loans by credit quality indicator as of June 30, 2014: | ||||||||||||||||||
Pass- | Special | Sub- | ||||||||||||||||
(In thousands) | Unrated | Pass | Watch | Mention | Standard | Total | ||||||||||||
Commercial, financial and agricultural | $ | 247 | $ | 162,296 | $ | 18,371 | $ | 2,817 | $ | 10,075 | $ | 193,806 | ||||||
Municipal | 20 | 25,481 | 20,483 | 374 | - | 46,358 | ||||||||||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 435,985 | 2,929 | - | - | 515 | 439,429 | ||||||||||||
Second mortgage | 37,267 | - | - | - | - | 37,267 | ||||||||||||
Real estate – commercial: | ||||||||||||||||||
Owner occupied | 176 | 185,549 | 16,325 | 4,960 | 17,718 | 224,728 | ||||||||||||
Non-owner occupied | 113 | 134,832 | 10,819 | - | 2,333 | 148,097 | ||||||||||||
Real estate – construction: | ||||||||||||||||||
Residential | 731 | 2,104 | 1,294 | - | - | 4,129 | ||||||||||||
Commercial | 197 | 25,561 | 458 | - | 1,991 | 28,207 | ||||||||||||
Installment | 4,200 | 38 | - | - | - | 4,238 | ||||||||||||
All other loans | 252 | - | - | - | - | 252 | ||||||||||||
Total | $ | 479,188 | $ | 538,790 | $ | 67,750 | $ | 8,151 | $ | 32,632 | $ | 1,126,511 | ||||||
Below is a summary of loans by credit quality indicator as of December 31, 2013: | ||||||||||||||||||
Pass- | Special | Sub- | ||||||||||||||||
(In thousands) | Unrated | Pass | Watch | Mention | Standard | Total | ||||||||||||
Commercial, financial and agricultural | $ | 242 | $ | 152,466 | $ | 14,092 | $ | 96 | $ | 5,914 | $ | 172,810 | ||||||
Municipal | 28 | 65,474 | 26,548 | 1,957 | - | 94,007 | ||||||||||||
Real estate – residential: | ||||||||||||||||||
First mortgage | 449,951 | 2,520 | - | 65 | 543 | 453,079 | ||||||||||||
Second mortgage | 36,599 | - | - | - | 28 | 36,627 | ||||||||||||
Real estate – commercial: | ||||||||||||||||||
Owner occupied | 165 | 187,779 | 17,236 | 2,342 | 16,894 | 224,416 | ||||||||||||
Non-owner occupied | 171 | 134,222 | 9,841 | 270 | 2,399 | 146,903 | ||||||||||||
Real estate – construction: | ||||||||||||||||||
Residential | 904 | 1,591 | - | - | - | 2,495 | ||||||||||||
Commercial | 738 | 28,127 | 481 | - | - | 29,346 | ||||||||||||
Installment | 5,655 | - | - | - | - | 5,655 | ||||||||||||
All other loans | 895 | - | - | - | - | 895 | ||||||||||||
Total | $ | 495,348 | $ | 572,179 | $ | 68,198 | $ | 4,730 | $ | 25,778 | $ | 1,166,233 | ||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Fair Value Of Financial Instruments [Abstract] | ' | ||||||||||
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | ||||||||||
The table below presents the balance of financial assets and liabilities at June 30, 2014 measured at fair value on a recurring basis: | |||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||
Quoted Prices in | Signficant | ||||||||||
Active Markets | Other | Signficant | |||||||||
for Idential | Observable | Unobservable | |||||||||
Assets | Inputs | Inputs | |||||||||
(In thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||
Assets | |||||||||||
U.S. Treasury Obligations | $ | 100 | $ | - | $ | 100 | $ | - | |||
Agency MBSs | 94,824 | - | 94,824 | - | |||||||
Agency CMBSs | 17,684 | - | 17,684 | - | |||||||
Agency CMOs | 66,232 | - | 66,232 | - | |||||||
CLOs | 9,360 | - | 9,360 | - | |||||||
ABSs | 393 | - | 393 | - | |||||||
Interest rate swap agreements | 387 | - | 387 | - | |||||||
Total assets | $ | 188,980 | $ | - | $ | 188,980 | $ | - | |||
Liabilities | |||||||||||
Interest rate swap agreements | 1,013 | - | 1,013 | - | |||||||
Total liabilities | $ | 1,013 | $ | - | $ | 1,013 | $ | - | |||
The table below presents the balance of financial assets and liabilities at December 31, 2013 measured at fair value on a recurring basis: | |||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||
Quoted Prices in | Signficant | ||||||||||
Active Markets | Other | Signficant | |||||||||
for Idential | Observable | Unobservable | |||||||||
Assets | Inputs | Inputs | |||||||||
(In thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||
Assets | |||||||||||
U.S. Treasury Obligations | $ | 100 | $ | - | $ | 100 | $ | - | |||
Agency MBSs | 99,271 | - | 99,271 | - | |||||||
Agency CMBSs | 17,638 | - | 17,638 | - | |||||||
Agency CMOs | 97,209 | - | 97,209 | - | |||||||
CLOs | 37,907 | - | 37,907 | - | |||||||
ABSs | 388 | - | 388 | - | |||||||
Interest rate swap agreements | 803 | - | 803 | - | |||||||
Total assets | $ | 253,316 | $ | - | $ | 253,316 | $ | - | |||
Liabilities | |||||||||||
Interest rate swap agreements | 1,529 | - | 1,529 | - | |||||||
Total liabilities | $ | 1,529 | $ | - | $ | 1,529 | $ | - | |||
Financial Instruments Measured At Fair Value | ' | ||||||||||
The table below presents the balance of financial instruments by class at June 30, 2014 measured at fair value: | |||||||||||
Carrying | |||||||||||
(In thousands) | Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||
Cash and cash equivalents | $ | 101,748 | $ | 101,748 | $ | 101,748 | $ | - | $ | - | |
Securities available for sale | 188,593 | 188,593 | - | 188,593 | - | ||||||
Securities held to maturity | 146,848 | 145,730 | - | 145,730 | - | ||||||
FHLB stock | 5,877 | N/A | N/A | N/A | N/A | ||||||
Loans, net of allowance for loan losses | 1,114,471 | 1,119,384 | - | - | 1,119,384 | ||||||
Interest rate contract-cash flow hedge | 387 | 387 | - | 387 | - | ||||||
Accrued interest receivable | 3,158 | 3,158 | - | 840 | 2,318 | ||||||
Total assets | $ | 1,561,082 | $ | 1,559,000 | $ | 101,748 | $ | 335,550 | $ | 1,121,702 | |
Deposits | $ | 1,310,699 | $ | 1,311,450 | $ | 1,049,801 | $ | 261,649 | $ | - | |
Securities sold under agreement to repurchase | 141,064 | 141,048 | - | 141,048 | - | ||||||
Other long-term debt | 2,362 | 2,306 | - | 2,306 | - | ||||||
Junior subordinated debentures issued to unconsolidated subsidiary trust | 20,619 | 14,379 | - | 14,379 | - | ||||||
Interest rate contract-cash flow hedge | 1,013 | 1,013 | - | 1,013 | - | ||||||
Accrued interest payable | 175 | 175 | 15 | 160 | - | ||||||
Total liabilities | $ | 1,475,932 | $ | 1,470,371 | $ | 1,049,816 | $ | 420,555 | $ | - | |
The table below presents the balance of financial instruments by class at December 31, 2013 measured at fair value: | |||||||||||
Carrying | |||||||||||
(In thousands) | Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||
Cash and cash equivalents | $ | 115,471 | $ | 115,471 | $ | 115,471 | $ | - | $ | - | |
Securities available for sale | 252,513 | 252,513 | - | 252,513 | - | ||||||
Securities held to maturity | 140,826 | 137,087 | - | 137,087 | - | ||||||
FHLB stock | 7,496 | N/A | N/A | N/A | N/A | ||||||
Loans, net of allowance for loan losses | 1,154,191 | 1,155,348 | - | - | 1,155,348 | ||||||
Interest rate swap agreement | 803 | 803 | - | 803 | - | ||||||
Accrued interest receivable | 3,982 | 3,982 | - | 958 | 3,024 | ||||||
Total assets | $ | 1,675,282 | $ | 1,665,204 | $ | 115,471 | $ | 391,361 | $ | 1,158,372 | |
Deposits | $ | 1,323,576 | $ | 1,324,634 | $ | 1,018,470 | $ | 306,162 | $ | - | |
Securities sold under agreement to repurchase | 250,314 | 250,290 | - | 250,290 | - | ||||||
Other long-term debt | 2,403 | 2,287 | - | 2,287 | - | ||||||
Junior subordinated debentures issued to unconsolidated subsidiary trust | 20,619 | 14,189 | - | 14,189 | - | ||||||
Interest rate swap agreement | 1,529 | 1,529 | - | 1,529 | - | ||||||
Accrued interest payable | 214 | 214 | 15 | 199 | - | ||||||
Total liabilities | $ | 1,598,655 | $ | 1,593,143 | $ | 1,018,485 | $ | 574,656 | $ | - | |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||
Net Periodic Benefit Costs | ' | ||||||||
Three Months | Six Months | ||||||||
Ended June | Ended June | ||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||
Interest cost | $ | 116 | $ | 105 | $ | 232 | $ | 209 | |
Expected return on plan assets | -265 | -247 | -530 | -494 | |||||
Service costs | 11 | 15 | 22 | 30 | |||||
Net loss amortization | 34 | 87 | 66 | 179 | |||||
Net periodic pension cost | $ | -104 | $ | -40 | $ | -210 | $ | -76 | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Reconciliations Of Calculations Of Basic And Diluted Earnings Per Share | ' | ||||||||
Three Months | Six Months | ||||||||
Ended June 30, | Ended June 30, | ||||||||
(In thousands except per share data) | 2014 | 2013 | 2014 | 2013 | |||||
Net income | $ | 3,413 | $ | 4,025 | $ | 6,816 | $ | 7,634 | |
Weighted average common shares outstanding | 6,325 | 6,298 | 6,323 | 6,292 | |||||
Dilutive effect of common stock equivalents | 19 | 12 | 20 | 12 | |||||
Weighted average common and common equivalent | |||||||||
shares outstanding | 6,344 | 6,310 | 6,343 | 6,304 | |||||
Basic earnings per common share | $ | 0.54 | $ | 0.64 | $ | 1.08 | $ | 1.21 | |
Diluted earnings per common share | $ | 0.54 | $ | 0.64 | $ | 1.07 | $ | 1.21 | |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Comprehensive Income [Abstract] | ' | ||||||||||
Accumulated Balances for Each Classification of Other Comprehensive Income | ' | ||||||||||
Unrealized | |||||||||||
Gains | |||||||||||
(Losses) on | |||||||||||
Securities | |||||||||||
Unrealized | Transferred | ||||||||||
Gains (Losses) | From | Accumulated | |||||||||
on Securities | Available-For- | Other | |||||||||
Available-For- | Sale to Held- | Pension | Interest Rate | Comprehensive | |||||||
(In thousands) | Sale | To-Maturity | Plan | Swaps | Income (Loss) | ||||||
Beginning Balance March 31, 2014 | $ | 540 | $ | -3,175 | $ | -1,769 | $ | -431 | $ | -4,835 | |
Other comprehensive income before reclassifications | 907 | - | - | 24 | 931 | ||||||
Accretion of unrealized losses of securities transferred from available-for-sale to held-to-maturity recognized in other comprehensive income | - | 111 | - | - | 111 | ||||||
Reclassification adjustments for (gains) losses reclassified into income | -11 | - | 21 | - | 10 | ||||||
Net current period other comprehensive income | 896 | 111 | 21 | 24 | 1,052 | ||||||
Balance June 30, 2014 | $ | 1,436 | $ | -3,064 | $ | -1,748 | $ | -407 | $ | -3,783 | |
Beginning Balance December 31, 2013 | $ | -162 | $ | -3,296 | $ | -1,790 | $ | -472 | $ | -5,720 | |
Other comprehensive income before reclassifications | 1,699 | - | - | 65 | 1,764 | ||||||
Transfer of securities from available-for-sale to held-to-maturity | -8 | 8 | - | - | |||||||
Accretion of unrealized losses of securities transferred from available-for-sale to held-to-maturity recognized in other comprehensive income | - | 224 | - | - | 224 | ||||||
Reclassification adjustments for (gains) losses reclassified into income | -93 | - | 42 | - | -51 | ||||||
Net current period other comprehensive income | 1,598 | 232 | 42 | 65 | 1,937 | ||||||
Balance June 30, 2014 | $ | 1,436 | $ | -3,064 | $ | -1,748 | $ | -407 | $ | -3,783 | |
Reclassification Adjustment Details | ' | ||||||||||
Three Months | Six Months | ||||||||||
Details about Accumulated Other | Ended | Ended | |||||||||
Comprehensive Income Components | June 30, | June 30, | Affected Line Item in the Statement | ||||||||
(In thousands) | 2014 | 2014 | Where Net Income is Presented | ||||||||
Unrealized gains on securities | $ | -17 | $ | -143 | Net (gains) losses on investment securities | ||||||
-17 | -143 | Total before tax | |||||||||
6 | 50 | Provision for income taxes | |||||||||
$ | -11 | $ | -93 | Net of tax | |||||||
Pension and postretirement benefit plans | $ | 34 | $ | 66 | Compensation and benefits | ||||||
34 | 66 | Total before tax | |||||||||
-13 | -24 | Provision for income taxes | |||||||||
$ | 21 | $ | 42 | Net of tax | |||||||
Total reclassification adjustments | $ | 10 | $ | -51 | |||||||
Three Months | Six Months | ||||||||||
Details about Accumulated Other | Ended | Ended | |||||||||
Comprehensive Income Components | June 30, | June 30, | Affected Line Item in the Statement | ||||||||
(In thousands) | 2013 | 2013 | Where Net Income is Presented | ||||||||
Unrealized gains on securities | $ | 13 | $ | 13 | Net (gains) losses on investment securities | ||||||
13 | 13 | Total before tax | |||||||||
-5 | -5 | Provision for income taxes | |||||||||
$ | 8 | $ | 8 | Net of tax | |||||||
Pension and postretirement benefit plans | $ | 87 | $ | 179 | Compensation and benefits | ||||||
87 | 179 | Total before tax | |||||||||
-31 | -63 | Provision for income taxes | |||||||||
$ | 56 | $ | 116 | Net of tax | |||||||
Total reclassification adjustments | $ | 64 | $ | 124 | |||||||
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' |
Noninterest expense reduction | ($10,096) | ($9,577) | ($20,250) | ($19,326) |
Income tax expense increase | 1,003 | 1,323 | 2,080 | 2,610 |
Efective tax rate | 17.00% | 21.00% | 17.00% | 21.00% |
Accounting Standards Update 2014-01 [Member] | Scenario, Adjustment [Member] | ' | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' |
Noninterest expense reduction | $327 | $270 | $654 | $540 |
Accounting Standards Update 2014-01 [Member] | Scenario, Actual [Member] | ' | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' |
Efective tax rate | 23.00% | 25.00% | 23.00% | 26.00% |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Transferred From Available-For-Sale to Held-To-Maturity [Member] | Transferred From Available-For-Sale to Held-To-Maturity [Member] | CLOs [Member] | CLOs [Member] | ||||||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of securities pledged | $257,890,000 | ' | $257,890,000 | ' | $315,530,000 | ' | ' | ' | ' |
Securities classified as trading | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 166,000 |
Net gains | 17,000 | -13,000 | 143,000 | -13,000 | ' | ' | ' | 27,410,000 | ' |
Securities transferred from available-for-sale to held-to-maturity category, amortized cost | ' | ' | 12,626,000 | ' | ' | 12,630,000 | ' | ' | ' |
Securities transferred from available-for-sale to held-to-maturity category, fair value | ' | ' | ' | ' | ' | 12,640,000 | ' | ' | ' |
Securities transferred from available-for-sale to held-to-maturity category, unrealized holding loss | 0 | 0 | -8,000 | 0 | ' | 8,310,000 | ' | ' | ' |
Securities transferred from available-for-sale to held-to-maturity, remaining unamortized balance | ' | ' | ' | ' | ' | ' | 4,710,000 | ' | ' |
Securities transferred from available-for-sale to held-to-maturity, remaining unamortized balance, net of tax | ' | ' | ' | ' | ' | ' | $3,060,000 | ' | ' |
Investment_Securities_Summary_
Investment Securities (Summary Of Amortized Cost And Fair Values Of Securities Classified As Available For Sale And Held To Maturity) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Available for Sale, Amortized Cost | $186,352 | $252,733 |
Available for Sale, Gross Unrealized Gains | 3,397 | 3,234 |
Available for Sale, Gross Unrealized Losses | 1,156 | 3,454 |
Available for Sale, Fair Value | 188,593 | 252,513 |
Held to Maturity, Amortized Cost | 146,848 | 140,826 |
Held to Maturity, Gross Unrealized Gains | 470 | 25 |
Held to Maturity, Gross Unrealized Losses | 1,588 | 3,764 |
Held-to-maturity Securities, Fair Value | 145,730 | 137,087 |
U.S. Treasury Obligations [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Available for Sale, Amortized Cost | 100 | 100 |
Available for Sale, Fair Value | 100 | 100 |
U.S. Agency Obligations [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity, Amortized Cost | 22,864 | 23,580 |
Held to Maturity, Gross Unrealized Gains | 209 | ' |
Held to Maturity, Gross Unrealized Losses | 18 | 458 |
Held-to-maturity Securities, Fair Value | 23,055 | 23,122 |
U.S. GSEs [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity, Amortized Cost | 9,470 | 9,442 |
Held to Maturity, Gross Unrealized Losses | 171 | 512 |
Held-to-maturity Securities, Fair Value | 9,299 | 8,930 |
FHLB Obligations [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity, Amortized Cost | 4,702 | 4,684 |
Held to Maturity, Gross Unrealized Gains | 21 | ' |
Held to Maturity, Gross Unrealized Losses | ' | 191 |
Held-to-maturity Securities, Fair Value | 4,723 | 4,493 |
Agency MBSs [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Available for Sale, Amortized Cost | 92,116 | 97,882 |
Available for Sale, Gross Unrealized Gains | 3,049 | 2,876 |
Available for Sale, Gross Unrealized Losses | 341 | 1,487 |
Available for Sale, Fair Value | 94,824 | 99,271 |
Held to Maturity, Amortized Cost | 8,588 | 9,015 |
Held to Maturity, Gross Unrealized Gains | 134 | 25 |
Held to Maturity, Gross Unrealized Losses | ' | 177 |
Held-to-maturity Securities, Fair Value | 8,722 | 8,863 |
Agency CMBSs [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Available for Sale, Amortized Cost | 18,126 | 18,398 |
Available for Sale, Gross Unrealized Losses | 442 | 760 |
Available for Sale, Fair Value | 17,684 | 17,638 |
Agency CMOs [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Available for Sale, Amortized Cost | 66,246 | 98,162 |
Available for Sale, Gross Unrealized Gains | 310 | 254 |
Available for Sale, Gross Unrealized Losses | 324 | 1,207 |
Available for Sale, Fair Value | 66,232 | 97,209 |
Held to Maturity, Amortized Cost | 101,224 | 94,105 |
Held to Maturity, Gross Unrealized Gains | 106 | ' |
Held to Maturity, Gross Unrealized Losses | 1,399 | 2,426 |
Held-to-maturity Securities, Fair Value | 99,931 | 91,679 |
CLOs [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Available for Sale, Amortized Cost | 9,409 | 37,834 |
Available for Sale, Gross Unrealized Gains | ' | 73 |
Available for Sale, Gross Unrealized Losses | 49 | ' |
Available for Sale, Fair Value | 9,360 | 37,907 |
ABSs [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Available for Sale, Amortized Cost | 355 | 357 |
Available for Sale, Gross Unrealized Gains | 38 | 31 |
Available for Sale, Fair Value | $393 | $388 |
Investment_Securities_Summary_1
Investment Securities (Summary Of Contractual Maturity Of Debt Securities Classified As Available For Sale) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available for Sale (at fair value), Within One Year | $199 |
Available for Sale (at fair value), After One But Within Five Years | 3,276 |
Available for Sale (at fair value), After Five But Within Ten Years | 43,871 |
Available for Sale (at fair value), After Ten Years | 141,247 |
Total Available for Sale Securities, Fair Value | 188,593 |
Available for Sale (at amortized cost), Within One Year | 193 |
Available for Sale (at amortized cost), After One But Within Five Years | 3,086 |
Available for Sale (at amortized cost), After Five But Within Ten Years | 43,352 |
Available for Sale (at amortized cost), After Ten Years | 139,721 |
Total Available for Sale Securities, Amortized Cost | 186,352 |
U.S. Treasury Obligations [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available for Sale (at fair value), Within One Year | 100 |
Total Available for Sale Securities, Fair Value | 100 |
Available for Sale (at amortized cost), Within One Year | 100 |
Total Available for Sale Securities, Amortized Cost | 100 |
Agency MBSs [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available for Sale (at fair value), Within One Year | 99 |
Available for Sale (at fair value), After One But Within Five Years | 3,276 |
Available for Sale (at fair value), After Five But Within Ten Years | 18,492 |
Available for Sale (at fair value), After Ten Years | 72,957 |
Total Available for Sale Securities, Fair Value | 94,824 |
Available for Sale (at amortized cost), Within One Year | 93 |
Available for Sale (at amortized cost), After One But Within Five Years | 3,086 |
Available for Sale (at amortized cost), After Five But Within Ten Years | 17,639 |
Available for Sale (at amortized cost), After Ten Years | 71,298 |
Total Available for Sale Securities, Amortized Cost | 92,116 |
Agency CMBSs [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available for Sale (at fair value), After Five But Within Ten Years | 13,337 |
Available for Sale (at fair value), After Ten Years | 4,347 |
Total Available for Sale Securities, Fair Value | 17,684 |
Available for Sale (at amortized cost), After Five But Within Ten Years | 13,640 |
Available for Sale (at amortized cost), After Ten Years | 4,486 |
Total Available for Sale Securities, Amortized Cost | 18,126 |
Agency CMOs [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available for Sale (at fair value), After Five But Within Ten Years | 2,682 |
Available for Sale (at fair value), After Ten Years | 63,550 |
Total Available for Sale Securities, Fair Value | 66,232 |
Available for Sale (at amortized cost), After Five But Within Ten Years | 2,664 |
Available for Sale (at amortized cost), After Ten Years | 63,582 |
Total Available for Sale Securities, Amortized Cost | 66,246 |
CLOs [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available for Sale (at fair value), After Five But Within Ten Years | 9,360 |
Total Available for Sale Securities, Fair Value | 9,360 |
Available for Sale (at amortized cost), After Five But Within Ten Years | 9,409 |
Total Available for Sale Securities, Amortized Cost | 9,409 |
ABSs [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available for Sale (at fair value), After Ten Years | 393 |
Total Available for Sale Securities, Fair Value | 393 |
Available for Sale (at amortized cost), After Ten Years | 355 |
Total Available for Sale Securities, Amortized Cost | $355 |
Investment_Securities_Summary_2
Investment Securities (Summary Of Contractual Maturity Of Debt Securities Classified As Held To Maturity) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity (at fair value), Within One Year | $1 | ' |
Held to Maturity (at fair value), After One But Within Five Years | 19 | ' |
Held to Maturity (at fair value), After Five But Within Ten Years | 14,144 | ' |
Held to Maturity (at amortized cost), After Ten Years | 131,566 | ' |
Held-to-maturity Securities, Fair Value | 145,730 | 137,087 |
Held to Maturity (at amortized cost), Within One Year | 1 | ' |
Held to Maturity (at amortized cost), After One But Within Five Years | 18 | ' |
Held to Maturity (at amortized cost), After Five But Within Ten Years | 14,279 | ' |
Held to Maturity (at amortized cost), After Ten Years | 132,550 | ' |
Total Held to Maturity Securities, Amortized Cost | 146,848 | 140,826 |
U.S. Agency Obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity (at amortized cost), After Ten Years | 23,055 | ' |
Held-to-maturity Securities, Fair Value | 23,055 | 23,122 |
Held to Maturity (at amortized cost), After Ten Years | 22,864 | ' |
Total Held to Maturity Securities, Amortized Cost | 22,864 | 23,580 |
U.S. GSEs [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity (at fair value), After Five But Within Ten Years | 9,299 | ' |
Held-to-maturity Securities, Fair Value | 9,299 | 8,930 |
Held to Maturity (at amortized cost), After Five But Within Ten Years | 9,470 | ' |
Total Held to Maturity Securities, Amortized Cost | 9,470 | 9,442 |
FHLB Obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity (at fair value), After Five But Within Ten Years | 4,723 | ' |
Held-to-maturity Securities, Fair Value | 4,723 | 4,493 |
Held to Maturity (at amortized cost), After Five But Within Ten Years | 4,702 | ' |
Total Held to Maturity Securities, Amortized Cost | 4,702 | 4,684 |
Agency MBSs [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity (at fair value), Within One Year | 1 | ' |
Held to Maturity (at fair value), After One But Within Five Years | 19 | ' |
Held to Maturity (at fair value), After Five But Within Ten Years | 122 | ' |
Held to Maturity (at amortized cost), After Ten Years | 8,580 | ' |
Held-to-maturity Securities, Fair Value | 8,722 | 8,863 |
Held to Maturity (at amortized cost), Within One Year | 1 | ' |
Held to Maturity (at amortized cost), After One But Within Five Years | 18 | ' |
Held to Maturity (at amortized cost), After Five But Within Ten Years | 107 | ' |
Held to Maturity (at amortized cost), After Ten Years | 8,462 | ' |
Total Held to Maturity Securities, Amortized Cost | 8,588 | 9,015 |
Agency CMOs [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity (at amortized cost), After Ten Years | 99,931 | ' |
Held-to-maturity Securities, Fair Value | 99,931 | 91,679 |
Held to Maturity (at amortized cost), After Ten Years | 101,224 | ' |
Total Held to Maturity Securities, Amortized Cost | $101,224 | $94,105 |
Investment_Securities_Summary_3
Investment Securities (Summary Of Proceeds, Gross Gains and Gross Losses On Available For Sale Securities) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments [Abstract] | ' | ' | ' | ' |
Proceeds | $18,574 | $51,213 | $45,215 | $51,213 |
Gross gains | 77 | 547 | 302 | 547 |
Gross losses | -60 | -560 | -159 | -560 |
Net gains | $17 | ($13) | $143 | ($13) |
Investment_Securities_Summary_4
Investment Securities (Summary Of Gross Unrealized Losses On Investment Securities Available For Sale And Length Of Time) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Available-for-sale Securities, Less Than 12 Months, Fair Value | $24,815 | $117,229 |
Available-for-sale Securities, Less Than 12 Months, Loss | 98 | 3,042 |
Available-for-sale Securities, 12 Months or More, Fair Value | 58,612 | 8,417 |
Available-for-sale Securities, 12 Months or More, Loss | 1,058 | 412 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 83,427 | 125,646 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 1,156 | 3,454 |
Held to Maturity Securities, Less Than 12 Months, Fair Value | 52,023 | 101,917 |
Held to Maturity Securities, Less Than 12 Months, Loss | 736 | 2,597 |
Held to Maturity Securities, 12 Months or More, Fair Value | 47,710 | 34,876 |
Held to Maturity Securities, 12 Months or More, Loss | 852 | 1,167 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 99,733 | 136,793 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 1,588 | 3,764 |
U.S. Agency Obligations [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity Securities, Less Than 12 Months, Fair Value | 9,160 | 13,722 |
Held to Maturity Securities, Less Than 12 Months, Loss | 18 | 307 |
Held to Maturity Securities, 12 Months or More, Fair Value | ' | 9,400 |
Held to Maturity Securities, 12 Months or More, Loss | ' | 151 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 9,160 | 23,122 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 18 | 458 |
U.S. GSEs [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity Securities, Less Than 12 Months, Fair Value | ' | 8,930 |
Held to Maturity Securities, Less Than 12 Months, Loss | ' | 512 |
Held to Maturity Securities, 12 Months or More, Fair Value | 9,299 | ' |
Held to Maturity Securities, 12 Months or More, Loss | 171 | ' |
Held to Maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 9,299 | 8,930 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 171 | 512 |
FHLB Obligations [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity Securities, Less Than 12 Months, Fair Value | ' | 4,493 |
Held to Maturity Securities, Less Than 12 Months, Loss | ' | 191 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | ' | 4,493 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | ' | 191 |
Agency MBSs [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Available-for-sale Securities, Less Than 12 Months, Fair Value | 5,201 | 46,547 |
Available-for-sale Securities, Less Than 12 Months, Loss | 17 | 1,487 |
Available-for-sale Securities, 12 Months or More, Fair Value | 28,984 | ' |
Available-for-sale Securities, 12 Months or More, Loss | 324 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 34,185 | 46,547 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 341 | 1,487 |
Held to Maturity Securities, Less Than 12 Months, Fair Value | ' | 8,569 |
Held to Maturity Securities, Less Than 12 Months, Loss | ' | 177 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | ' | 8,569 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | ' | 177 |
Agency CMBSs [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Available-for-sale Securities, Less Than 12 Months, Fair Value | ' | 12,778 |
Available-for-sale Securities, Less Than 12 Months, Loss | ' | 578 |
Available-for-sale Securities, 12 Months or More, Fair Value | 17,684 | 4,860 |
Available-for-sale Securities, 12 Months or More, Loss | 442 | 182 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 17,684 | 17,638 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 442 | 760 |
Agency CMOs [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Available-for-sale Securities, Less Than 12 Months, Fair Value | 10,254 | 57,904 |
Available-for-sale Securities, Less Than 12 Months, Loss | 32 | 977 |
Available-for-sale Securities, 12 Months or More, Fair Value | 11,944 | 3,557 |
Available-for-sale Securities, 12 Months or More, Loss | 292 | 230 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 22,198 | 61,461 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 324 | 1,207 |
Held to Maturity Securities, Less Than 12 Months, Fair Value | 42,863 | 66,203 |
Held to Maturity Securities, Less Than 12 Months, Loss | 718 | 1,410 |
Held to Maturity Securities, 12 Months or More, Fair Value | 38,411 | 25,476 |
Held to Maturity Securities, 12 Months or More, Loss | 681 | 1,016 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 81,274 | 91,679 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 1,399 | 2,426 |
CLOs [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Available-for-sale Securities, Less Than 12 Months, Fair Value | 9,360 | ' |
Available-for-sale Securities, Less Than 12 Months, Loss | 49 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 9,360 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | $49 | ' |
Loans_And_The_Allowance_For_Cr2
Loans And The Allowance For Credit Losses (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Loans | $1,126,511,000 | ' | $1,126,511,000 | ' | $1,166,233,000 |
Net deferred loan origination cost | 582,000 | ' | 582,000 | ' | 618,000 |
Overdrawn deposit balances classified as loan balances | 252,000 | ' | 252,000 | ' | 895,000 |
Past due loans | 527,000 | ' | 527,000 | ' | 916,000 |
Greater than 90 days past due | 435,000 | ' | 435,000 | ' | 542,000 |
Nonaccruing TDR's | 230,000 | ' | 230,000 | ' | 235,000 |
Troubled debt restructured loans ("TDRs") | 437,000 | ' | 437,000 | ' | 406,000 |
Commitments to lend additional funds to borrowers | 0 | ' | 0 | ' | ' |
Exposure threshold for loans subject to formal review | ' | ' | 1,000,000 | ' | ' |
Amount of interest which was not earned, but which would have been earned had our nonaccrual and restructured loans | 10,000 | 32,000 | 18,000 | 76,000 | ' |
Real Estate Loans b Residential [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Loans | 476,696,000 | ' | 476,696,000 | ' | 489,706,000 |
Real Estate Loans b Commercial [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Loans | 372,825,000 | ' | 372,825,000 | ' | 371,319,000 |
Commercial, Financial And Agricultural [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Loans | 193,806,000 | ' | 193,806,000 | ' | 172,810,000 |
Past due loans | 39,000 | ' | 39,000 | ' | 20,000 |
Greater than 90 days past due | ' | ' | ' | ' | 20,000 |
Residential And Commerical Loans Serviced For Others [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Loans | 13,460,000 | ' | 13,460,000 | ' | 13,830,000 |
Performing [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Past due loans | 92,000 | ' | 92,000 | ' | 374,000 |
Non-Performing [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Past due loans | 435,000 | ' | 435,000 | ' | 542,000 |
Accruing [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Greater than 90 days past due | 79,000 | ' | 79,000 | ' | 75,000 |
Restructured [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Past due loans | ' | ' | ' | ' | 42,000 |
Number of loans | ' | ' | 4 | ' | ' |
Restructured [Member] | Real Estate Loans b Residential [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Number of loans | ' | ' | 6 | ' | ' |
Troubled debt restructured loans ("TDRs") | 227,000 | ' | 227,000 | ' | ' |
Restructured [Member] | Real Estate Loans b Commercial [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Number of loans | ' | ' | 1 | ' | ' |
Troubled debt restructured loans ("TDRs") | 157,000 | ' | 157,000 | ' | ' |
Restructured [Member] | Commercial, Financial And Agricultural [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Number of loans | ' | ' | 3 | ' | ' |
Troubled debt restructured loans ("TDRs") | $53,000 | ' | $53,000 | ' | ' |
Loans_And_The_Allowance_For_Cr3
Loans And The Allowance For Credit Losses (Composition of Loan Portfolio) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | $1,126,511 | $1,166,233 |
Commercial, Financial And Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 193,806 | 172,810 |
Municipal Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 46,358 | 94,007 |
Real Estate Loans b Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 476,696 | 489,706 |
Real Estate Loans b Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 372,825 | 371,319 |
Real Estate Loans b Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 32,336 | 31,841 |
Installment Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 4,238 | 5,655 |
All Other Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | $252 | $895 |
Loans_And_The_Allowance_For_Cr4
Loans And The Allowance For Credit Losses (Loan Loss Experience And Activity In The Allowance For Credit Losses) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | $12,929 | $12,588 | $12,828 | $12,312 |
Charge-offs | -81 | -124 | -103 | -152 |
Recoveries | 8 | 44 | 31 | 98 |
Provision (credit) | 50 | 150 | 150 | 400 |
Ending balance | 12,906 | 12,658 | 12,906 | 12,658 |
Commercial, Financial And Agricultural [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 3,378 | 3,411 | 3,354 | 3,447 |
Charge-offs | -34 | ' | -34 | ' |
Recoveries | 1 | 40 | 3 | 49 |
Provision (credit) | 311 | -177 | 333 | -222 |
Ending balance | 3,656 | 3,274 | 3,656 | 3,274 |
Municipal Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 693 | 655 | 768 | 522 |
Provision (credit) | -307 | -255 | -382 | -122 |
Ending balance | 386 | 400 | 386 | 400 |
Real Estate Loans b Residential [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 3,352 | 3,708 | 3,081 | 3,582 |
Charge-offs | -16 | -96 | -18 | -103 |
Recoveries | 2 | 1 | 20 | 4 |
Provision (credit) | -92 | -52 | 163 | 78 |
Ending balance | 3,246 | 3,561 | 3,246 | 3,561 |
Real Estate Loans b Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 5,119 | 4,511 | 5,085 | 4,499 |
Charge-offs | ' | ' | ' | -1 |
Recoveries | ' | ' | ' | 40 |
Provision (credit) | -30 | 331 | 4 | 304 |
Ending balance | 5,089 | 4,842 | 5,089 | 4,842 |
Real Estate Loans b Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 360 | 275 | 512 | 234 |
Recoveries | ' | ' | ' | 1 |
Provision (credit) | 134 | 276 | -18 | 316 |
Ending balance | 494 | 551 | 494 | 551 |
Installment Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 18 | 16 | 18 | 17 |
Charge-offs | ' | ' | ' | ' |
Recoveries | 1 | ' | 1 | ' |
Provision (credit) | -1 | 5 | -1 | 4 |
Ending balance | 18 | 21 | 18 | 21 |
All Other Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 9 | 12 | 10 | 11 |
Charge-offs | -31 | -28 | -51 | -48 |
Recoveries | 4 | 3 | 7 | 4 |
Provision (credit) | 35 | 22 | 51 | 42 |
Ending balance | $17 | $9 | $17 | $9 |
Loans_And_The_Allowance_For_Cr5
Loans And The Allowance For Credit Losses (Allowance For Loan Losses And The Recorded Investment In Loans) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Ending balance individually evaluated for impairment | $119 | ' | $112 | ' | ' | ' |
Ending balance collectively evaluated for impairment | 12,787 | ' | 12,716 | ' | ' | ' |
Financing receivables, Ending balance individually evaluated for impairment | 888 | ' | 906 | ' | ' | ' |
Financing receivables, Ending balance collectively evaluated for impairment | 1,125,623 | ' | 1,165,327 | ' | ' | ' |
Financing receivables, Totals | 1,126,511 | ' | 1,166,233 | ' | ' | ' |
Allowance for loan losses | 12,040 | ' | 12,042 | ' | ' | ' |
Reserve for undisbursed lines of credit | 866 | ' | 786 | ' | ' | ' |
Total allowance for credit losses | 12,906 | 12,929 | 12,828 | 12,658 | 12,588 | 12,312 |
Commercial, Financial And Agricultural [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Ending balance individually evaluated for impairment | ' | ' | 2 | ' | ' | ' |
Ending balance collectively evaluated for impairment | 3,656 | ' | 3,352 | ' | ' | ' |
Financing receivables, Ending balance individually evaluated for impairment | 70 | ' | 20 | ' | ' | ' |
Financing receivables, Ending balance collectively evaluated for impairment | 193,736 | ' | 172,790 | ' | ' | ' |
Financing receivables, Totals | 193,806 | ' | 172,810 | ' | ' | ' |
Allowance for loan losses | 2,978 | ' | 2,740 | ' | ' | ' |
Reserve for undisbursed lines of credit | 678 | ' | 614 | ' | ' | ' |
Total allowance for credit losses | 3,656 | 3,378 | 3,354 | 3,274 | 3,411 | 3,447 |
Municipal Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Ending balance collectively evaluated for impairment | 386 | ' | 768 | ' | ' | ' |
Financing receivables, Ending balance collectively evaluated for impairment | 46,358 | ' | 94,007 | ' | ' | ' |
Financing receivables, Totals | 46,358 | ' | 94,007 | ' | ' | ' |
Allowance for loan losses | 381 | ' | 758 | ' | ' | ' |
Reserve for undisbursed lines of credit | 5 | ' | 10 | ' | ' | ' |
Total allowance for credit losses | 386 | 693 | 768 | 400 | 655 | 522 |
Real Estate Loans b Residential [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Ending balance individually evaluated for impairment | 52 | ' | 41 | ' | ' | ' |
Ending balance collectively evaluated for impairment | 3,194 | ' | 3,040 | ' | ' | ' |
Financing receivables, Ending balance individually evaluated for impairment | 661 | ' | 722 | ' | ' | ' |
Financing receivables, Ending balance collectively evaluated for impairment | 476,035 | ' | 488,984 | ' | ' | ' |
Financing receivables, Totals | 476,696 | ' | 489,706 | ' | ' | ' |
Allowance for loan losses | 3,158 | ' | 2,995 | ' | ' | ' |
Reserve for undisbursed lines of credit | 88 | ' | 86 | ' | ' | ' |
Total allowance for credit losses | 3,246 | 3,352 | 3,081 | 3,561 | 3,708 | 3,582 |
Real Estate Loans b Commercial [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Ending balance individually evaluated for impairment | 67 | ' | 69 | ' | ' | ' |
Ending balance collectively evaluated for impairment | 5,022 | ' | 5,016 | ' | ' | ' |
Financing receivables, Ending balance individually evaluated for impairment | 157 | ' | 164 | ' | ' | ' |
Financing receivables, Ending balance collectively evaluated for impairment | 372,668 | ' | 371,155 | ' | ' | ' |
Financing receivables, Totals | 372,825 | ' | 371,319 | ' | ' | ' |
Allowance for loan losses | 5,053 | ' | 5,040 | ' | ' | ' |
Reserve for undisbursed lines of credit | 36 | ' | 45 | ' | ' | ' |
Total allowance for credit losses | 5,089 | 5,119 | 5,085 | 4,842 | 4,511 | 4,499 |
Real Estate Loans b Construction [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Ending balance collectively evaluated for impairment | 494 | ' | 512 | ' | ' | ' |
Financing receivables, Ending balance collectively evaluated for impairment | 32,336 | ' | 31,841 | ' | ' | ' |
Financing receivables, Totals | 32,336 | ' | 31,841 | ' | ' | ' |
Allowance for loan losses | 439 | ' | 481 | ' | ' | ' |
Reserve for undisbursed lines of credit | 55 | ' | 31 | ' | ' | ' |
Total allowance for credit losses | 494 | 360 | 512 | 551 | 275 | 234 |
Installment Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Ending balance collectively evaluated for impairment | 18 | ' | 18 | ' | ' | ' |
Financing receivables, Ending balance collectively evaluated for impairment | 4,238 | ' | 5,655 | ' | ' | ' |
Financing receivables, Totals | 4,238 | ' | 5,655 | ' | ' | ' |
Allowance for loan losses | 15 | ' | 18 | ' | ' | ' |
Reserve for undisbursed lines of credit | 3 | ' | ' | ' | ' | ' |
Total allowance for credit losses | 18 | 18 | 18 | 21 | 16 | 17 |
All Other Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Ending balance collectively evaluated for impairment | 17 | ' | 10 | ' | ' | ' |
Financing receivables, Ending balance collectively evaluated for impairment | 252 | ' | 895 | ' | ' | ' |
Financing receivables, Totals | 252 | ' | 895 | ' | ' | ' |
Allowance for loan losses | 16 | ' | 10 | ' | ' | ' |
Reserve for undisbursed lines of credit | 1 | ' | ' | ' | ' | ' |
Total allowance for credit losses | $17 | $9 | $10 | $9 | $12 | $11 |
Loans_And_The_Allowance_For_Cr6
Loans And The Allowance For Credit Losses (Recorded Investment Of Loans, Including Nonaccrual And Restructured Loans, By Class) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | $92 | $76 |
60-89 Days Past Due | ' | 298 |
90 Days or More Past Due | 435 | 542 |
Total Past Due | 527 | 916 |
Current | 1,125,984 | 1,165,317 |
Financing receivables, Totals | 1,126,511 | 1,166,233 |
Greater Than 90 Days and Accruing | 79 | 75 |
Installment Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 4,238 | 5,655 |
Financing receivables, Totals | 4,238 | 5,655 |
All Other Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 252 | 895 |
Financing receivables, Totals | 252 | 895 |
Commercial, Financial And Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 39 | ' |
90 Days or More Past Due | ' | 20 |
Total Past Due | 39 | 20 |
Current | 193,767 | 172,790 |
Financing receivables, Totals | 193,806 | 172,810 |
Municipal Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 46,358 | 94,007 |
Financing receivables, Totals | 46,358 | 94,007 |
Real Estate Loans b Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing receivables, Totals | 476,696 | 489,706 |
Real Estate Loans b Residential [Member] | First Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 45 | 4 |
60-89 Days Past Due | ' | 294 |
90 Days or More Past Due | 278 | 341 |
Total Past Due | 323 | 639 |
Current | 439,106 | 452,440 |
Financing receivables, Totals | 439,429 | 453,079 |
Real Estate Loans b Residential [Member] | Second Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 8 | ' |
60-89 Days Past Due | ' | 4 |
90 Days or More Past Due | 157 | 181 |
Total Past Due | 165 | 185 |
Current | 37,102 | 36,442 |
Financing receivables, Totals | 37,267 | 36,627 |
Greater Than 90 Days and Accruing | 79 | 75 |
Real Estate Loans b Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing receivables, Totals | 372,825 | 371,319 |
Real Estate Loans b Commercial [Member] | Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 224,728 | 224,416 |
Financing receivables, Totals | 224,728 | 224,416 |
Real Estate Loans b Commercial [Member] | Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | 72 |
Total Past Due | ' | 72 |
Current | 148,097 | 146,831 |
Financing receivables, Totals | 148,097 | 146,903 |
Real Estate Loans b Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing receivables, Totals | 32,336 | 31,841 |
Real Estate Loans b Construction [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 4,129 | 2,495 |
Financing receivables, Totals | 4,129 | 2,495 |
Real Estate Loans b Construction [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 28,207 | 29,346 |
Financing receivables, Totals | $28,207 | $29,346 |
Loans_And_The_Allowance_For_Cr7
Loans And The Allowance For Credit Losses (Impaired Loans By Class) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | $888 | ' | $888 | ' | $906 |
Unpaid Principal Balance | 1,031 | ' | 1,031 | ' | 1,178 |
Related Allowance | 119 | ' | 119 | ' | 112 |
Average Recorded Investment | 1,015 | 2,288 | 916 | 2,655 | ' |
Interest Income Recognized | 5 | 31 | 7 | 87 | ' |
Installment Loans [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Average Recorded Investment | ' | 9 | ' | 8 | ' |
Commercial, Financial And Agricultural [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 70 | ' | 70 | ' | 20 |
Unpaid Principal Balance | 71 | ' | 71 | ' | 21 |
Related Allowance | ' | ' | ' | ' | 2 |
Average Recorded Investment | 124 | 571 | 89 | 545 | ' |
Interest Income Recognized | 1 | 19 | 1 | 27 | ' |
Real Estate Loans b Residential [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 661 | ' | 661 | ' | 722 |
Unpaid Principal Balance | 787 | ' | 787 | ' | 982 |
Related Allowance | 52 | ' | 52 | ' | 41 |
Average Recorded Investment | 682 | 1,430 | 642 | 1,858 | ' |
Interest Income Recognized | 3 | 12 | 5 | 45 | ' |
Real Estate Loans b Commercial [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 157 | ' | 157 | ' | 164 |
Unpaid Principal Balance | 173 | ' | 173 | ' | 175 |
Related Allowance | 67 | ' | 67 | ' | 69 |
Average Recorded Investment | 209 | 278 | 185 | 244 | ' |
Interest Income Recognized | 1 | ' | 1 | 15 | ' |
With No Related Allowance Recorded [Member] | Installment Loans [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | 2 | ' |
With No Related Allowance Recorded [Member] | Commercial, Financial And Agricultural [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 70 | ' | 70 | ' | ' |
Unpaid Principal Balance | 71 | ' | 71 | ' | ' |
Average Recorded Investment | 95 | 292 | 65 | 199 | ' |
Interest Income Recognized | 1 | 19 | 1 | 27 | ' |
With No Related Allowance Recorded [Member] | Real Estate Loans b Residential [Member] | First Mortgage [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 290 | ' | 290 | ' | 410 |
Unpaid Principal Balance | 416 | ' | 416 | ' | 629 |
Average Recorded Investment | 306 | 562 | 285 | 701 | ' |
Interest Income Recognized | 2 | 11 | 4 | 44 | ' |
With No Related Allowance Recorded [Member] | Real Estate Loans b Residential [Member] | Second Mortgage [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 157 | ' | 157 | ' | 181 |
Unpaid Principal Balance | 157 | ' | 157 | ' | 218 |
Average Recorded Investment | 162 | 142 | 168 | 105 | ' |
Interest Income Recognized | 1 | 1 | 1 | 1 | ' |
With No Related Allowance Recorded [Member] | Real Estate Loans b Commercial [Member] | Owner Occupied [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Average Recorded Investment | 51 | 107 | 25 | 71 | ' |
Interest Income Recognized | 1 | ' | 1 | 15 | ' |
With Related Allowance Recorded [Member] | Installment Loans [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Average Recorded Investment | ' | 9 | ' | 6 | ' |
With Related Allowance Recorded [Member] | Commercial, Financial And Agricultural [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | ' | ' | ' | ' | 20 |
Unpaid Principal Balance | ' | ' | ' | ' | 21 |
Related Allowance | ' | ' | ' | ' | 2 |
Average Recorded Investment | 29 | 279 | 24 | 346 | ' |
With Related Allowance Recorded [Member] | Real Estate Loans b Residential [Member] | First Mortgage [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 214 | ' | 214 | ' | 131 |
Unpaid Principal Balance | 214 | ' | 214 | ' | 135 |
Related Allowance | 52 | ' | 52 | ' | 41 |
Average Recorded Investment | 214 | 493 | 189 | 585 | ' |
With Related Allowance Recorded [Member] | Real Estate Loans b Residential [Member] | Second Mortgage [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Average Recorded Investment | ' | 233 | ' | 467 | ' |
With Related Allowance Recorded [Member] | Real Estate Loans b Commercial [Member] | Owner Occupied [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment | 157 | ' | 157 | ' | 164 |
Unpaid Principal Balance | 173 | ' | 173 | ' | 175 |
Related Allowance | 67 | ' | 67 | ' | 69 |
Average Recorded Investment | $158 | $171 | $160 | $173 | ' |
Loans_And_The_Allowance_For_Cr8
Loans And The Allowance For Credit Losses (Nonperforming Loans) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans And The Allowance For Credit Losses [Abstract] | ' | ' |
Nonaccrual loans | $372 | $425 |
Loans greater than 90 days and accruing | 79 | 75 |
Troubled debt restructurings ("TDRs") | 437 | 406 |
Total nonperforming loans | $888 | $906 |
Loans_And_The_Allowance_For_Cr9
Loans And The Allowance For Credit Losses (Nonaccrual Loans By Class) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccruing non-TDR loans | $372 | $425 |
Total nonaccrual loans including TDRs | 602 | 660 |
Commercial, Financial And Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccruing non-TDR loans | 15 | 20 |
Nonaccruing TDR's | 7 | ' |
Real Estate Loans b Residential [Member] | First Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccruing TDR's | 66 | 71 |
Real Estate Loans b Residential [Member] | Second Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccruing non-TDR loans | 79 | 106 |
Real Estate Loans b Commercial [Member] | First Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccruing non-TDR loans | 278 | 299 |
Real Estate Loans b Commercial [Member] | Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonaccruing TDR's | $157 | $164 |
Recovered_Sheet1
Loans And The Allowance For Credit Losses (Summary Of Loans By Credit Quality Indicator) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $1,126,511 | $1,166,233 |
Installment Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 4,238 | 5,655 |
All Other Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 252 | 895 |
Unrated Residential and Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 479,188 | 495,348 |
Unrated Residential and Consumer [Member] | Installment Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 4,200 | 5,655 |
Unrated Residential and Consumer [Member] | All Other Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 252 | 895 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 538,790 | 572,179 |
Pass [Member] | Installment Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 38 | ' |
Pass-Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 67,750 | 68,198 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 8,151 | 4,730 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 32,632 | 25,778 |
Commercial, Financial And Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 193,806 | 172,810 |
Commercial, Financial And Agricultural [Member] | Unrated Residential and Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 247 | 242 |
Commercial, Financial And Agricultural [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 162,296 | 152,466 |
Commercial, Financial And Agricultural [Member] | Pass-Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 18,371 | 14,092 |
Commercial, Financial And Agricultural [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 2,817 | 96 |
Commercial, Financial And Agricultural [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 10,075 | 5,914 |
Municipal Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 46,358 | 94,007 |
Municipal Loans [Member] | Unrated Residential and Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 20 | 28 |
Municipal Loans [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 25,481 | 65,474 |
Municipal Loans [Member] | Pass-Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 20,483 | 26,548 |
Municipal Loans [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 374 | 1,957 |
Real Estate Loans b Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 476,696 | 489,706 |
Real Estate Loans b Residential [Member] | First Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 439,429 | 453,079 |
Real Estate Loans b Residential [Member] | Second Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 37,267 | 36,627 |
Real Estate Loans b Residential [Member] | Unrated Residential and Consumer [Member] | First Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 435,985 | 449,951 |
Real Estate Loans b Residential [Member] | Unrated Residential and Consumer [Member] | Second Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 37,267 | 36,599 |
Real Estate Loans b Residential [Member] | Pass [Member] | First Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 2,929 | 2,520 |
Real Estate Loans b Residential [Member] | Special Mention [Member] | First Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 65 |
Real Estate Loans b Residential [Member] | Substandard [Member] | First Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 515 | 543 |
Real Estate Loans b Residential [Member] | Substandard [Member] | Second Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 28 |
Real Estate Loans b Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 372,825 | 371,319 |
Real Estate Loans b Commercial [Member] | Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 224,728 | 224,416 |
Real Estate Loans b Commercial [Member] | Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 148,097 | 146,903 |
Real Estate Loans b Commercial [Member] | Unrated Residential and Consumer [Member] | Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 176 | 165 |
Real Estate Loans b Commercial [Member] | Unrated Residential and Consumer [Member] | Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 113 | 171 |
Real Estate Loans b Commercial [Member] | Pass [Member] | Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 185,549 | 187,779 |
Real Estate Loans b Commercial [Member] | Pass [Member] | Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 134,832 | 134,222 |
Real Estate Loans b Commercial [Member] | Pass-Watch [Member] | Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 16,325 | 17,236 |
Real Estate Loans b Commercial [Member] | Pass-Watch [Member] | Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 10,819 | 9,841 |
Real Estate Loans b Commercial [Member] | Special Mention [Member] | Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 4,960 | 2,342 |
Real Estate Loans b Commercial [Member] | Special Mention [Member] | Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 270 |
Real Estate Loans b Commercial [Member] | Substandard [Member] | Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 17,718 | 16,894 |
Real Estate Loans b Commercial [Member] | Substandard [Member] | Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 2,333 | 2,399 |
Real Estate Loans b Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 32,336 | 31,841 |
Real Estate Loans b Construction [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 4,129 | 2,495 |
Real Estate Loans b Construction [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 28,207 | 29,346 |
Real Estate Loans b Construction [Member] | Unrated Residential and Consumer [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 731 | 904 |
Real Estate Loans b Construction [Member] | Unrated Residential and Consumer [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 197 | 738 |
Real Estate Loans b Construction [Member] | Pass [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 2,104 | 1,591 |
Real Estate Loans b Construction [Member] | Pass [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 25,561 | 28,127 |
Real Estate Loans b Construction [Member] | Pass-Watch [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,294 | ' |
Real Estate Loans b Construction [Member] | Pass-Watch [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 458 | 481 |
Real Estate Loans b Construction [Member] | Substandard [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $1,991 | ' |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Of Financial Instruments [Abstract] | ' | ' |
The fair value of commitments to extend credit and standby letters of credit | $75 | $47 |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | $188,980 | $253,316 |
Liabilities | 1,013 | 1,529 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 188,980 | 253,316 |
Liabilities | 1,013 | 1,529 |
U.S. Treasury Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 100 | 100 |
U.S. Treasury Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 100 | 100 |
Agency MBSs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 94,824 | 99,271 |
Agency MBSs [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 94,824 | 99,271 |
Agency CMBSs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 17,684 | 17,638 |
Agency CMBSs [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 17,684 | 17,638 |
Agency CMOs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 66,232 | 97,209 |
Agency CMOs [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 66,232 | 97,209 |
CLOs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 9,360 | 37,907 |
CLOs [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 9,360 | 37,907 |
ABSs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 393 | 388 |
ABSs [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 393 | 388 |
Interest Rate Swaps [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 387 | 803 |
Liabilities | 1,013 | 1,529 |
Interest Rate Swaps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 387 | 803 |
Liabilities | $1,013 | $1,529 |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments (Financial Instruments Measured At Fair Value) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale, at fair value | $188,593 | $252,513 |
Securities held to maturity, fair value | 145,730 | 137,087 |
Nonrecurring Basis [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 101,748 | 115,471 |
Securities available for sale, at fair value | 188,593 | 252,513 |
Securities held to maturity, fair value | 146,848 | 140,826 |
FHLB stock | 5,877 | 7,496 |
Loans, net of allowance for loan losses | 1,114,471 | 1,154,191 |
Interest rate swap agreement | ' | 803 |
Interest rate contract-cash flow hedge | 387 | ' |
Accrued interest receivable | 3,158 | 3,982 |
Total assets | 1,561,082 | 1,675,282 |
Deposits | 1,310,699 | 1,323,576 |
Securities sold under agreement to repurchase | 141,064 | 250,314 |
Other long-term debt | 2,362 | 2,403 |
Junior subordinated debentures issued to unconsolidated subsidiary trust | 20,619 | 20,619 |
Interest rate contract-cash flow hedge | 1,013 | ' |
Interest rate swap agreements | ' | 1,529 |
Accrued interest payable | 175 | 214 |
Total liabilities | 1,475,932 | 1,598,655 |
Nonrecurring Basis [Member] | Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 101,748 | 115,471 |
Securities available for sale, at fair value | 188,593 | 252,513 |
Securities held to maturity, fair value | 145,730 | 137,087 |
Loans, net of allowance for loan losses | 1,119,384 | 1,155,348 |
Interest rate swap agreement | ' | 803 |
Interest rate contract-cash flow hedge | 387 | ' |
Accrued interest receivable | 3,158 | 3,982 |
Total assets | 1,559,000 | 1,665,204 |
Deposits | 1,311,450 | 1,324,634 |
Securities sold under agreement to repurchase | 141,048 | 250,290 |
Other long-term debt | 2,306 | 2,287 |
Junior subordinated debentures issued to unconsolidated subsidiary trust | 14,379 | 14,189 |
Interest rate contract-cash flow hedge | 1,013 | ' |
Interest rate swap agreements | ' | 1,529 |
Accrued interest payable | 175 | 214 |
Total liabilities | 1,470,371 | 1,593,143 |
Nonrecurring Basis [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 101,748 | 115,471 |
Total assets | 101,748 | 115,471 |
Deposits | 1,049,801 | 1,018,470 |
Accrued interest payable | 15 | 15 |
Total liabilities | 1,049,816 | 1,018,485 |
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale, at fair value | 188,593 | 252,513 |
Securities held to maturity, fair value | 145,730 | 137,087 |
Interest rate swap agreement | ' | 803 |
Interest rate contract-cash flow hedge | 387 | ' |
Accrued interest receivable | 840 | 958 |
Total assets | 335,550 | 391,361 |
Deposits | 261,649 | 306,162 |
Securities sold under agreement to repurchase | 141,048 | 250,290 |
Other long-term debt | 2,306 | 2,287 |
Junior subordinated debentures issued to unconsolidated subsidiary trust | 14,379 | 14,189 |
Interest rate contract-cash flow hedge | 1,013 | ' |
Interest rate swap agreements | ' | 1,529 |
Accrued interest payable | 160 | 199 |
Total liabilities | 420,555 | 574,656 |
Nonrecurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans, net of allowance for loan losses | 1,119,384 | 1,155,348 |
Accrued interest receivable | 2,318 | 3,024 |
Total assets | $1,121,702 | $1,158,372 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Employee Benefit Plans [Abstract] | ' | ' | ' | ' |
Interest cost | $116,000 | $105,000 | $232,000 | $209,000 |
Expected return on plan assets | -265,000 | -247,000 | -530,000 | -494,000 |
Service costs | 11,000 | 15,000 | 22,000 | 30,000 |
Net loss amortization | 34,000 | 87,000 | 66,000 | 179,000 |
Net periodic pension cost | -104,000 | -40,000 | -210,000 | -76,000 |
Minimum required contribution for 2014 | ' | ' | $0 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $3,413 | $4,025 | $6,816 | $7,634 |
Weighted average common shares outstanding | 6,325,000 | 6,298,000 | 6,323,000 | 6,292,000 |
Dilutive effect of common stock equivalents | 19,000 | 12,000 | 20,000 | 12,000 |
Weighted average common and common equivalent shares outstanding | 6,344,000 | 6,310,000 | 6,343,000 | 6,304,000 |
Basic earnings per common share | $0.54 | $0.64 | $1.08 | $1.21 |
Diluted earnings per common share | $0.54 | $0.64 | $1.07 | $1.21 |
Average stock options outstanding which were not included in the calculation of diluted earnings per share | 0 | 0 | 0 | 0 |
Stock_Repurchase_Program_Detai
Stock Repurchase Program (Details) (USD $) | 6 Months Ended | 12 Months Ended | 90 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Stock Repurchase Program [Abstract] | ' | ' | ' |
Stock repurchase program, number of shares authorized to be repurchased | 200,000 | ' | 200,000 |
Common stock shares repurchased | 0 | 0 | 143,475 |
Average price per share of repurchased shares | $22.94 | ' | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Standby Letters of Credit [Member] | Standby Letters of Credit [Member] | Loan Sales Commitments [Member] | Loan Sales Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' | ' | ' |
Contingent Obligations | ' | $7,510,000 | $4,730,000 | $0 | $0 |
Expiration term of contingent obligations, months | '12 months | ' | ' | ' | ' |
Comprehensive_Income_Accumulat
Comprehensive Income (Accumulated Balances for Each Classification of Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Transferred From Available-For-Sale to Held-To-Maturity [Member] | Unrealized Gains (Losses) on Securities [Member] | Unrealized Gains (Losses) on Securities [Member] | Unrealized Gains (Losses) on Securities [Member] | Unrealized Gains (Losses) on Securities [Member] | Pension and Postretirement Benefit Plans [Member] | Pension and Postretirement Benefit Plans [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Available-For-Sale [Member] | Available-For-Sale [Member] | Transferred From Available-For-Sale to Held-To-Maturity [Member] | Transferred From Available-For-Sale to Held-To-Maturity [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | ' | ($5,720) | ' | ' | $540 | ($162) | ($3,175) | ($3,296) | ($1,769) | ($1,790) | ($431) | ($472) | ($4,835) | ($5,720) |
Other comprehensive income before reclassifications | ' | ' | ' | ' | ' | 907 | 1,699 | ' | ' | ' | ' | 24 | 65 | 931 | 1,764 |
Transfer of securities from available-for-sale to held-to-maturity | 0 | 0 | 8 | 0 | -8,310 | ' | -8 | ' | 8 | ' | ' | ' | ' | ' | ' |
Accretion of unrealized losses of securities transferred from available-for-sale to held-to-maturity recognized in other comprehensive income | 111 | 0 | 224 | 0 | ' | ' | ' | 111 | 224 | ' | ' | ' | ' | 111 | 224 |
Reclassification adjustments for (gains) losses reclassified into income | ' | ' | ' | ' | ' | -11 | -93 | ' | ' | 21 | 42 | ' | ' | 10 | -51 |
Other comprehensive income (loss) | 1,052 | -6,671 | 1,937 | -7,848 | ' | 896 | 1,598 | 111 | 232 | 21 | 42 | 24 | 65 | 1,052 | 1,937 |
Balance | ($3,783) | ' | ($3,783) | ' | ' | $1,436 | $1,436 | ($3,064) | ($3,064) | ($1,748) | ($1,748) | ($407) | ($407) | ($3,783) | ($3,783) |
Comprehensive_Income_Reclassif
Comprehensive Income (Reclassification Adjustment Details) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net (gains) losses on investment securities | ($17) | $13 | ($143) | $13 |
Provision for income taxes | 1,003 | 1,323 | 2,080 | 2,610 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Reclassification adjustments, Net of tax | 10 | 64 | -51 | 124 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Securities [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net (gains) losses on investment securities | -17 | 13 | -143 | 13 |
Total before tax | -17 | 13 | -143 | 13 |
Provision for income taxes | 6 | -5 | 50 | -5 |
Reclassification adjustments, Net of tax | -11 | 8 | -93 | 8 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Pension and Postretirement Benefit Plans [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Compensation and benefits | 34 | 87 | 66 | 179 |
Total before tax | 34 | 87 | 66 | 179 |
Provision for income taxes | -13 | -31 | -24 | -63 |
Reclassification adjustments, Net of tax | $21 | $56 | $42 | $116 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Cash Flow Hedge [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Ineffective portion recognized in earnings | $0 | $0 | $0 | $0 | ' |
Fair values of effective portion of hedges reflected in Other Comprehensive Income | ' | ' | -626,000 | ' | -726,000 |
Fair Value Hedge [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Average receive rate | 1.54% | ' | 1.54% | ' | ' |
Average pay rate | 3.26% | ' | 3.26% | ' | ' |
Weighted average maturity | ' | ' | '18 years 1 month 6 days | ' | ' |
Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate swaps, notional amount | 10,000,000 | ' | 10,000,000 | ' | 10,000,000 |
Designated as Hedging Instrument [Member] | Fair Value Hedge [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate swaps, notional amount | 9,440,000 | ' | 9,440,000 | ' | ' |
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate swaps, notional amount | 40,800,000 | ' | 40,800,000 | ' | ' |
Average receive rate | 1.84% | ' | 1.84% | ' | ' |
Average pay rate | 3.63% | ' | 3.63% | ' | ' |
Weighted average maturity | ' | ' | '12 years 6 months | ' | ' |
Interest rate derivative assets, fair value | $387,000 | ' | $387,000 | ' | $803,000 |