Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 29, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | MERCHANTS BANCSHARES INC | |
Trading Symbol | mbvt | |
Entity Central Index Key | 726517 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 6,330,635 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $25,627 | $23,745 |
Interest earning deposits with banks and other short-term investments | 42,292 | 130,714 |
Total cash and cash equivalents | 67,919 | 154,459 |
Investments: | ||
Securities available for sale, at fair value | 248,987 | 203,473 |
Securities held to maturity (fair value of $136,237 and $139,171) | 134,245 | 138,421 |
Total investments | 383,232 | 341,894 |
Loans | 1,200,170 | 1,182,334 |
Less: Allowance for loan losses | 11,989 | 11,833 |
Net loans | 1,188,181 | 1,170,501 |
Federal Home Loan Bank stock | 4,378 | 4,378 |
Bank premises and equipment, net | 15,581 | 15,492 |
Investment in real estate limited partnerships | 5,470 | 5,196 |
Bank owned life insurance | 10,372 | 10,311 |
Other assets | 19,852 | 21,233 |
Total assets | 1,694,985 | 1,723,464 |
LIABILITIES | ||
Demand (noninterest bearing) | 583,486 | 566,366 |
Savings, interest bearing checking and money market accounts | 541,878 | 530,722 |
Time deposits | 204,433 | 211,684 |
Total deposits | 1,329,797 | 1,308,772 |
Securities sold under agreements to repurchase | 206,386 | 258,464 |
Other long-term debt | 2,300 | 2,320 |
Junior subordinated debentures issued to unconsolidated subsidiary trust | 20,619 | 20,619 |
Other liabilities | 7,422 | 7,468 |
Total liabilities | 1,566,524 | 1,597,643 |
SHAREHOLDERS' EQUITY | ||
Common stock, $.01 par value Authorized: 10,000,000 shares; Issued: 6,651,760 at March 31, 2015 and December 31, 2014 | 67 | 67 |
Capital in excess of par value | 37,407 | 37,404 |
Retained earnings | 102,261 | 100,697 |
Treasury stock, at cost: 322,942 shares at March 31, 2015 and 324,534 shares at December 31, 2014 | -13,431 | -13,865 |
Deferred compensation arrangements: 285,832 shares at March 31, 2015 and 308,670 shares at December 31, 2014 | 6,210 | 6,566 |
Accumulated other comprehensive (loss) income | -4,053 | -5,048 |
Total shareholders' equity | 128,461 | 125,821 |
Total liabilities and shareholders' equity | 1,694,985 | 1,723,464 |
Preferred Class A Non-Voting [Member] | ||
SHAREHOLDERS' EQUITY | ||
Preferred stock | ||
Preferred Class B Voting [Member] | ||
SHAREHOLDERS' EQUITY | ||
Preferred stock |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Securities held to maturity, fair value | $136,237 | $139,171 |
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 |
Treasury stock, shares | 322,942 | 324,534 |
Deferred compensation arrangements, shares | 285,832 | 308,670 |
Preferred Class A Non-Voting [Member] | ||
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred Class B Voting [Member] | ||
Preferred stock, shares authorized | 1,500,000 | 1,500,000 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
INTEREST AND DIVIDEND INCOME | ||
Interest and fees on loans | $10,623 | $10,762 |
Investment income: | ||
Interest and dividends on investment securities | 1,910 | 2,214 |
Interest on interest earning deposits with banks and other short-term investments | 73 | 39 |
Total interest and dividend income | 12,606 | 13,015 |
INTEREST EXPENSE | ||
Savings, interest bearing checking and money market accounts | 367 | 430 |
Time deposits | 334 | 472 |
Securities sold under agreement to repurchase and other short-term debt | 155 | 92 |
Long-term debt | 197 | 197 |
Total interest expense | 1,053 | 1,191 |
Net interest income | 11,553 | 11,824 |
Provision for credit losses | 0 | 100 |
Net interest income after provision for credit losses | 11,553 | 11,724 |
NONINTEREST INCOME | ||
Net gains on investment securities | 0 | 126 |
Trust division income | 895 | 852 |
Service charges on deposits | 786 | 944 |
Net debit card income | 693 | 621 |
Other | 296 | 367 |
Total noninterest income | 2,670 | 2,910 |
NONINTEREST EXPENSE | ||
Compensation and benefits | 5,048 | 4,923 |
Occupancy expense | 1,143 | 1,168 |
Equipment expense | 766 | 972 |
Legal and professional fees | 442 | 638 |
Marketing | 152 | 243 |
State franchise taxes | 286 | 377 |
FDIC insurance | 218 | 216 |
Conversion costs | 0 | 171 |
Other Real Estate Owned ("OREO") expenses | 17 | 16 |
Other | 1,935 | 1,430 |
Total noninterest expense | 10,007 | 10,154 |
Income before provision for income taxes | 4,216 | 4,480 |
Provision for income taxes | 880 | 1,077 |
NET INCOME | $3,336 | $3,403 |
Basic earnings per common share | $0.53 | $0.54 |
Diluted earnings per common share | $0.53 | $0.54 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $3,336 | $3,403 |
Other comprehensive income, net of tax: | ||
Unrealized holding gain on securities available for sale, net of taxes of $422 and $422 | 783 | 784 |
Unrealized holding gain arising during the period for securities transferred from available for sale to held to maturity, net of taxes of $0 and $4 | 0 | 8 |
Amortization of unrealized holding losses of securities transferred from available for sale to held maturity, net of taxes of $67 and $61 | 124 | 113 |
Reclassification adjustments for net securities gains included in net income, net of taxes of $0 and $(44) | 0 | -82 |
Change in net unrealized loss on interest rate swaps, net of taxes of $11 and $22 | 21 | 41 |
Pension liability adjustment, net of taxes of $36 and $11 | 67 | 21 |
Other comprehensive income | 995 | 885 |
Comprehensive income | $4,331 | $4,288 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Unrealized holding gain (loss) on securities available for sale, net of tax | $422 | $422 |
Unrealized holding gain arising during the period for securities transferred from available for sale to held to maturity, net of tax | 0 | 4 |
Amortization of unrealized holding losses of securities transferred from available for sale to held to maturity, net of taxes | 67 | 61 |
Reclassification adjustments for net securities gains included in net income, net of tax | 0 | -44 |
Change in net unrealized loss on interest rate swaps, net of tax | 11 | 22 |
Pension liability adjustment, net of tax | $36 | $11 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $3,336 | $3,403 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 0 | 100 |
Depreciation and amortization | 523 | 632 |
Amortization of investment security premiums and accretion of discounts, net | 252 | 136 |
Stock based compensation | 33 | 46 |
Net gains on sales of investment securities | 0 | -126 |
Accretion of deferred gain on sale of premises | -129 | -129 |
Gains on sale of other real estate owned | -12 | |
Equity in losses of real estate limited partnerships, net | 282 | 327 |
Increase in cash surrender value of bank owned life insurance | -61 | -80 |
Changes in assets and liabilities: | ||
Net change in interest receivable | -360 | -335 |
Net change in other assets | 1,300 | 1,069 |
Net change in interest payable | -9 | -29 |
Net change in other liabilities | 356 | -593 |
Net cash provided by operating activities | 5,523 | 4,409 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of investment securities available for sale | 26,641 | |
Proceeds from maturities of investment securities available for sale | 10,284 | 9,556 |
Proceeds from maturities of investment securities held to maturity | 4,295 | 3,195 |
Purchases of investment securities available for sale | -54,778 | -10,135 |
Loan originations in excess of principal payments | -17,912 | -5,503 |
Proceeds from sales of other real estate owned | 36 | |
Real estate limited partnership investments | -543 | -25 |
Purchases of bank premises and equipment | -612 | -247 |
Net cash provided by (used in) investing activities | -59,266 | 23,518 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in deposits | 21,025 | 2,481 |
Net decrease in securities sold under agreement to repurchase, short-term | -52,078 | -67,667 |
Principal payments on long-term debt | -20 | -21 |
Cash dividends paid | -1,772 | -1,770 |
Increase in deferred compensation arrangements | 48 | 63 |
Net cash used in financing activities | -32,797 | -66,914 |
Decrease in cash and cash equivalents | -86,540 | -38,987 |
Cash and cash equivalents beginning of period | 154,459 | 115,471 |
Cash and cash equivalents end of period | 67,919 | 76,484 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Total interest payments | 1,062 | 1,220 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Distribution of stock under deferred compensation arrangements | 515 | 553 |
Transfer of securities from available for sale to held to maturity | $12,626 |
Financial_Statement_Presentati
Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Financial Statement Presentation [Abstract] | |
Financial Statement Presentation | NOTE 1: FINANCIAL STATEMENT PRESENTATION |
Basis of Presentation | |
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) 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 GAAP for complete financial statements. All adjustments necessary for a fair presentation of our interim consolidated financial statements as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014 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 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 | 3 Months Ended |
Mar. 31, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS |
There are no recent Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) pronouncements that are pertinent to Merchants Bancshares, Inc. since what was listed in the form 10-K. | |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Investment Securities [Abstract] | |||||||
Investment Securities | NOTE 3: INVESTMENT SECURITIES | ||||||
Investments in securities are classified as available for sale or held to maturity as of March 31, 2015 and December 31, 2014. The amortized cost and fair values of the securities classified as available for sale and held to maturity as of March 31, 2015 are as follows: | |||||||
Gross | Gross | ||||||
Amortized | Unrealized | Unrealized | Fair | ||||
(In thousands) | Cost | Gains | Losses | Value | |||
Available for Sale: | |||||||
U.S. Treasury Obligations | $ 25,051 | $ 271 | $ - | $ 25,322 | |||
Federal Home Loan Bank ("FHLB") Obligations | 10,119 | 19 | 4 | 10,134 | |||
Residential Real Estate Mortgage-backed Securities ("Agency MBSs") | 113,454 | 2,977 | 84 | 116,347 | |||
Agency Commercial Mortgage Backed Securities ("Agency CMBSs") | 25,080 | 19 | 243 | 24,856 | |||
Agency Collateralized Mortgage Obligations ("Agency CMOs") | 71,423 | 613 | 92 | 71,944 | |||
Asset Backed Securities ("ABSs") | 344 | 40 | - | 384 | |||
Total Available for Sale | $ 245,471 | $ 3,939 | $ 423 | $ 248,987 | |||
Gross | Gross | ||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||
(In thousands) | Cost | Gains | Losses | Value | |||
Held to Maturity: | |||||||
U.S. Agency Obligations | $ 21,387 | $ 672 | $ - | 22,059 | |||
U.S. Government Sponsored Enterprises ("U.S. GSEs") | 9,512 | 195 | - | 9,707 | |||
FHLB Obligations | 4,730 | 176 | - | 4,906 | |||
Agency CMOs | 90,760 | 817 | 115 | 91,462 | |||
Agency MBSs | 7,856 | 247 | - | 8,103 | |||
Total Held to Maturity | $ 134,245 | $ 2,107 | $ 115 | $ 136,237 | |||
The amortized cost and fair values of the securities classified as available for sale and held to maturity as of December 31, 2014 are as follows: | |||||||
Gross | Gross | ||||||
Amortized | Unrealized | Unrealized | Fair | ||||
(In thousands) | Cost | Gains | Losses | Value | |||
Available for Sale: | |||||||
U.S. Treasury Obligations | $ 25,048 | $ 57 | $ 12 | $ 25,093 | |||
Agency MBSs | 92,827 | 2,680 | 100 | 95,407 | |||
Agency CMBSs | 22,056 | 20 | 372 | 21,704 | |||
Agency CMOs | 60,880 | 241 | 239 | 60,882 | |||
ABSs | 351 | 36 | - | 387 | |||
Total Available for Sale | $ 201,162 | $ 3,034 | $ 723 | $ 203,473 | |||
Gross | Gross | ||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||
(In thousands) | Cost | Gains | Losses | Value | |||
Held to Maturity: | |||||||
U.S. Agency Obligations | $ 22,072 | $ 597 | $ - | $ 22,669 | |||
U.S. GSEs | 9,498 | 59 | - | 9,557 | |||
FHLB Obligations | 4,720 | 100 | - | 4,820 | |||
Agency CMOs | 94,022 | 280 | 519 | 93,783 | |||
Agency MBSs | 8,109 | 233 | - | 8,342 | |||
Total Held to Maturity | $ 138,421 | $ 1,269 | $ 519 | $ 139,171 | |||
The contractual final maturity distribution of the debt securities classified as available for sale as of March 31, 2015, 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 | $ - | $ 25,322 | $ - | $ - | $ 25,322 | ||
FHLB Obligations | - | 10,134 | - | - | 10,134 | ||
Agency MBSs | 26 | 4,152 | 38,391 | 73,778 | 116,347 | ||
Agency CMBSs | 2,291 | 13,313 | 5,087 | 4,165 | 24,856 | ||
Agency CMOs | - | - | 2,133 | 69,811 | 71,944 | ||
ABSs | - | - | - | 384 | 384 | ||
Total Available for Sale | $ 2,317 | $ 52,921 | $ 45,611 | $ 148,138 | $ 248,987 | ||
Available for Sale (at amortized cost): | |||||||
U.S. Treasury Obligations | $ - | $ 25,051 | $ - | $ - | $ 25,051 | ||
FHLB Obligations | - | 10,119 | - | - | 10,119 | ||
Agency MBSs | 26 | 4,014 | 37,592 | 71,822 | 113,454 | ||
Agency CMBSs | 2,271 | 13,451 | 5,112 | 4,246 | 25,080 | ||
Agency CMOs | - | - | 2,119 | 69,304 | 71,423 | ||
ABSs | - | - | - | 344 | 344 | ||
Total Available for Sale | $ 2,297 | $ 52,635 | $ 44,823 | $ 145,716 | $ 245,471 | ||
The contractual final maturity distribution of the debt securities classified as held to maturity as of March 31 2015, 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 | $ - | $ - | $ - | $ 22,059 | $ 22,059 | ||
U.S. GSEs | - | - | 9,707 | - | 9,707 | ||
FHLB Obligations | - | - | 4,906 | - | 4,906 | ||
Agency CMOs | - | - | - | 91,462 | 91,462 | ||
Agency MBSs | - | 9 | 107 | 7,987 | 8,103 | ||
Total Held to Maturity | $ - | $ 9 | $ 14,720 | $ 121,508 | $ 136,237 | ||
Held to Maturity (at amortized cost): | |||||||
U.S. Agency Obligations | $ - | $ - | $ - | $ 21,387 | $ 21,387 | ||
U.S. GSEs | - | - | 9,512 | - | 9,512 | ||
FHLB Obligations | - | - | 4,730 | - | 4,730 | ||
Agency CMOs | - | - | - | 90,760 | 90,760 | ||
Agency MBSs | - | 9 | 94 | 7,753 | 7,856 | ||
Total Held to Maturity | $ - | $ 9 | $ 14,336 | $ 119,900 | $ 134,245 | ||
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 months ended March 31, 2015 and 2014. | |||||||
(In thousands) | 2015 | 2014 | |||||
Proceeds | $ - | $ 26,641 | |||||
Gross gains | - | 225 | |||||
Gross losses | - | -99 | |||||
Net gains | $ - | $ 126 | |||||
Securities with a carrying amount of $305.84 million and $317.22 million at March 31, 2015 and December 31, 2014, 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 March 31, 2015 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: | |||||||
FHLB Obligations | $ 5,103 | $ 4 | $ - | $ - | $ 5,103 | $ 4 | |
Agency MBSs | 17,239 | 84 | - | - | 17,239 | 84 | |
Agency CMBSs | 5,087 | 25 | 17,479 | 218 | 22,566 | 243 | |
Agency CMOs | 6,577 | 35 | 7,258 | 57 | 13,835 | 92 | |
Total Available for Sale | $ 34,006 | $ 148 | $ 24,737 | $ 275 | $ 58,743 | $ 423 | |
Held to Maturity: | |||||||
U.S. Agency Obligations | $ - | $ - | $ - | $ - | $ - | $ - | |
Agency CMOs | 7,926 | 44 | 6,428 | 71 | 14,354 | 115 | |
Agency MBSs | - | - | - | - | - | - | |
Total Held to Maturity | $ 7,926 | $ 44 | $ 6,428 | $ 71 | $ 14,354 | $ 115 | |
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, 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: | |||||||
U.S. Treasury Obligations | $ 5,080 | $ 12 | $ - | $ - | $ 5,080 | $ 12 | |
Agency MBSs | 7,893 | 23 | 10,763 | 77 | 18,656 | 100 | |
Agency CMBSs | - | - | 17,478 | 372 | 17,478 | 372 | |
Agency CMOs | 11,384 | 49 | 10,962 | 190 | 22,346 | 239 | |
Total Available for Sale | $ 24,357 | $ 84 | $ 39,203 | $ 639 | $ 63,560 | $ 723 | |
Held to Maturity: | |||||||
U.S. Agency Obligations | $ - | $ - | $ - | $ - | $ - | $ - | |
U.S. GSEs | - | - | - | - | - | - | |
FHLB Obligations | - | - | - | - | - | - | |
Agency CMOs | 14,338 | 108 | 43,911 | 411 | 58,249 | 519 | |
Agency MBSs | - | - | - | - | - | - | |
Total Held to Maturity | $ 14,338 | $ 108 | $ 43,911 | $ 411 | $ 58,249 | $ 519 | |
There were no securities classified as trading at March 31, 2015 and December 31, 2014. | |||||||
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 March 31, 2015, all of our Agency MBSs and Agency 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 March 31, 2015. | |||||||
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. We periodically test the values provided to us by the pricing service 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 and the third and fourth quarters of 2013, we transferred securities from available for sale to held to maturity. The unrealized holding loss 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 2014 was $4.15 million, or $2.70 million, net of tax at March 31, 2015. | |||||||
Loans_And_The_Allowance_For_Cr
Loans And The Allowance For Credit Losses | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014 was as follows: | |||||||||||||||||
(In thousands) | 31-Mar-15 | 31-Dec-14 | |||||||||||||||
Commercial, financial and agricultural | $ | 195,782 | $ | 177,597 | |||||||||||||
Municipal loans | 91,410 | 94,366 | |||||||||||||||
Real estate loans – residential | 461,459 | 469,529 | |||||||||||||||
Real estate loans – commercial | 419,500 | 412,447 | |||||||||||||||
Real estate loans – construction | 28,512 | 23,858 | |||||||||||||||
Installment loans | 3,454 | 4,504 | |||||||||||||||
All other loans | 53 | 33 | |||||||||||||||
Total loans | $ | 1,200,170 | $ | 1,182,334 | |||||||||||||
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 $702 thousand and $734 thousand of net deferred loan origination costs at March 31, 2015 and December 31, 2014, respectively. The aggregate amount of overdrawn deposit balances classified as loan balances was $219 thousand and $235 thousand at March 31, 2015 and December 31, 2014, 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 March 31, 2015: | |||||||||||||||||
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 | $ | 3,331 | $ | 636 | $ | 3,127 | $ | 5,251 | $ | 415 | $ | 13 | $ | 42 | $ | 12,815 | |
Charge-offs | -29 | - | -55 | - | - | -74 | - | -158 | |||||||||
Recoveries | 25 | - | 3 | 1 | - | 53 | - | 82 | |||||||||
Provision (credit) | 41 | -93 | 35 | -35 | 23 | 71 | -42 | - | |||||||||
Ending balance | $ | 3,368 | $ | 543 | $ | 3,110 | $ | 5,217 | $ | 438 | $ | 63 | $ | - | $ | 12,739 | |
The following table reflects our loan loss experience and activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 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 | - | - | -2 | - | - | - | -20 | -22 | |||||||||
Recoveries | 2 | - | 18 | - | - | - | 3 | 23 | |||||||||
Provision (credit) | 22 | -75 | 255 | 34 | -152 | - | 16 | 100 | |||||||||
Ending balance | $ | 3,378 | $ | 693 | $ | 3,352 | $ | 5,119 | $ | 360 | $ | 18 | $ | 9 | $ | 12,929 | |
The allowance for credit losses consists of the allowance for loan losses and the reserve for undisbursed lines and letters of credit. The reserve for undisbursed lines and letters 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 March 31, 2015: | |||||||||||||||||
Commercial, | |||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | ||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | All Other | Total | |||||||||
Allowance for credit losses: | |||||||||||||||||
Ending balance individually | $ | 68 | $ | - | $ | 110 | $ | - | $ | - | $ | - | $ | - | $ | 178 | |
evaluated for impairment | |||||||||||||||||
Ending balance collectively | 3,300 | 543 | 3,000 | 5,217 | 438 | 63 | - | 12,561 | |||||||||
evaluated for impairment | |||||||||||||||||
Totals | $ | 3,368 | $ | 543 | $ | 3,110 | $ | 5,217 | $ | 438 | $ | 63 | $ | - | $ | 12,739 | |
Financing receivables: | |||||||||||||||||
Ending balance individually | $ | 590 | $ | - | $ | 708 | $ | - | $ | - | $ | - | $ | - | $ | 1,298 | |
evaluated for impairment | |||||||||||||||||
Ending balance collectively | 195,192 | 91,410 | 460,751 | 419,500 | 28,512 | 3,454 | 53 | 1,198,872 | |||||||||
evaluated for impairment | |||||||||||||||||
Totals | $ | 195,782 | $ | 91,410 | $ | 461,459 | $ | 419,500 | $ | 28,512 | $ | 3,454 | $ | 53 | $ | 1,200,170 | |
Components: | |||||||||||||||||
Allowance for loan losses | $ | 2,859 | $ | 530 | $ | 3,024 | $ | 5,149 | $ | 364 | $ | 63 | $ | - | $ | 11,989 | |
Reserve for undisbursed | 509 | 13 | 86 | 68 | 74 | - | - | 750 | |||||||||
lines of credit | |||||||||||||||||
Total allowance for | $ | 3,368 | $ | 543 | $ | 3,110 | $ | 5,217 | $ | 438 | $ | 63 | $ | - | $ | 12,739 | |
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, 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: | |||||||||||||||||
Ending balance individually | $ | - | $ | - | $ | 63 | $ | - | $ | - | $ | - | $ | - | $ | 63 | |
evaluated for impairment | |||||||||||||||||
Ending balance collectively | 3,331 | 636 | 3,064 | 5,251 | 415 | 13 | 42 | 12,752 | |||||||||
evaluated for impairment | |||||||||||||||||
Totals | $ | 3,331 | $ | 636 | $ | 3,127 | $ | 5,251 | $ | 415 | $ | 13 | $ | 42 | $ | 12,815 | |
Financing receivables: | |||||||||||||||||
Ending balance individually | $ | 134 | $ | - | $ | 657 | $ | - | $ | - | $ | - | $ | - | $ | 791 | |
evaluated for impairment | |||||||||||||||||
Ending balance collectively | 177,463 | 94,366 | 468,872 | 412,447 | 23,858 | 4,504 | 33 | 1,181,543 | |||||||||
evaluated for impairment | |||||||||||||||||
Totals | $ | 177,597 | $ | 94,366 | $ | 469,529 | $ | 412,447 | $ | 23,858 | $ | 4,504 | $ | 33 | $ | 1,182,334 | |
Components: | |||||||||||||||||
Allowance for loan losses | $ | 2,583 | $ | 623 | $ | 3,038 | $ | 5,209 | $ | 325 | $ | 13 | $ | 42 | $ | 11,833 | |
Reserve for undisbursed | 748 | 13 | 89 | 42 | 90 | - | - | 982 | |||||||||
lines of credit | |||||||||||||||||
Total allowance for credit losses | $ | 3,331 | $ | 636 | $ | 3,127 | $ | 5,251 | $ | 415 | $ | 13 | $ | 42 | $ | 12,815 | |
The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by us over the most recent 5 years. This actual loss experience is supplemented with other factors based on the risks present for each portfolio segment. These factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. Due to the added risks associated with loans which are graded as pass-watch, special mention, and substandard that are not classified as impaired, an additional analysis is performed to determine whether an allowance is needed that is not fully captured by the historical loss experience. While historical loss experience by loan segment and migration of loans into higher risk classifications are considered, the following factors are also considered in determining the level of needed allowance on such loans: the historical loss rates of loans specifically classified as pass-watch, special mention, or substandard; and the trends in the collateral on the loans included within these classifications. This analysis created an additional $702 thousand at March 31, 2015 compared to $1.23 million at December 31, 2014 in needed allowance for loan loss. | |||||||||||||||||
The table below presents the recorded investment of loans, including nonaccrual and restructured loans, segregated by class, with delinquency aging as of March 31, 2015: | |||||||||||||||||
91 Days or | |||||||||||||||||
31-60 | 61-90 | 91 Days | Total | more past | |||||||||||||
Days | Days | or More | Past | due and | |||||||||||||
(In thousands) | Past Due | Past Due | Past Due | Due | Current | Total | Accruing | ||||||||||
Commercial, financial and agricultural | $ | 497 | $ | - | $ | - | $ | 497 | $ | 195,285 | $ | 195,782 | $ | - | |||
Municipal | - | - | - | - | 91,410 | 91,410 | - | ||||||||||
Real estate-residential: | |||||||||||||||||
First mortgage | 68 | - | 471 | 539 | 424,182 | 424,721 | - | ||||||||||
Second mortgage | 16 | 17 | 79 | 112 | 36,626 | 36,738 | - | ||||||||||
Real estate-commercial: | |||||||||||||||||
Owner occupied | - | - | - | - | 178,060 | 178,060 | - | ||||||||||
Non-owner occupied | 143 | - | - | 143 | 241,297 | 241,440 | - | ||||||||||
Real estate-construction: | |||||||||||||||||
Residential | - | - | - | - | 2,739 | 2,739 | - | ||||||||||
Commercial | - | - | - | - | 25,773 | 25,773 | - | ||||||||||
Installment | 2 | - | - | 2 | 3,452 | 3,454 | - | ||||||||||
Other | - | - | - | - | 53 | 53 | - | ||||||||||
Total | $ | 726 | $ | 17 | $ | 550 | $ | 1,293 | $ | 1,198,877 | $ | 1,200,170 | $ | - | |||
Of the total past due loans in the aging table above, $1.07 million are non-performing of which $0 are restructured loans and $0 were greater than 91 days past due and accruing. There were $228 thousand past due performing loans at March 31, 2015. | |||||||||||||||||
The table below presents the recorded investment of loans, including nonaccrual and restructured loans, segregated by class, with delinquency aging as of December 31, 2014: | |||||||||||||||||
91 Days or | |||||||||||||||||
31-60 | 61-90 | 91 Days | Total | more past | |||||||||||||
Days | Days | or More | Past | due and | |||||||||||||
(In thousands) | Past Due | Past Due | Past Due | Due | Current | Total | Accruing | ||||||||||
Commercial, financial and agricultural | $ | 49 | $ | - | $ | - | $ | 49 | $ | 177,548 | $ | 177,597 | $ | - | |||
Municipal | - | - | - | - | 94,366 | 94,366 | - | ||||||||||
Real estate-residential: | |||||||||||||||||
First mortgage | 157 | - | 391 | 548 | 431,191 | 431,739 | - | ||||||||||
Second mortgage | 33 | - | 79 | 112 | 37,678 | 37,790 | - | ||||||||||
Real estate-commercial: | |||||||||||||||||
Owner occupied | - | 22 | - | 22 | 260,075 | 260,097 | - | ||||||||||
Non-owner occupied | 202 | - | - | 202 | 152,148 | 152,350 | - | ||||||||||
Real estate-construction: | |||||||||||||||||
Residential | - | - | - | - | 4,131 | 4,131 | - | ||||||||||
Commercial | - | - | - | - | 19,727 | 19,727 | - | ||||||||||
Installment | - | - | - | - | 4,504 | 4,504 | - | ||||||||||
Other | - | - | - | - | 33 | 33 | - | ||||||||||
Total | $ | 441 | $ | 22 | $ | 470 | $ | 933 | $ | 1,181,401 | $ | 1,182,334 | $ | - | |||
Of the total past due loans in the aging table above, $519 thousand are non-performing, of which $0 are restructured loans and $0 are greater than 91 days past due and accruing. There were $414 thousand past due performing loans at December 31, 2014. | |||||||||||||||||
Impaired loans by class at March 31, 2015 and for the three months ended March 31, 2015 are as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar-15 | |||||||||||||||||
Unpaid | Average | ||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | |||||||||||||
With no related allowance recorded | |||||||||||||||||
Commercial, financial and agricultural | $ 93 | $ 96 | $ - | $ 109 | |||||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 154 | 283 | - | 147 | |||||||||||||
Second mortgage | 79 | 79 | - | 79 | |||||||||||||
With related allowance recorded | |||||||||||||||||
Commercial, financial and agricultural | 497 | 497 | 68 | 166 | |||||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 458 | 458 | 93 | 439 | |||||||||||||
Second mortgage | 17 | 17 | 17 | 6 | |||||||||||||
Real estate – commercial: | |||||||||||||||||
Owner occupied | - | - | - | - | |||||||||||||
Total | |||||||||||||||||
Commercial, financial and agricultural | 590 | 593 | 68 | 275 | |||||||||||||
Real estate – residential | 708 | 837 | 110 | 671 | |||||||||||||
Real estate – commercial | - | - | - | - | |||||||||||||
Total | $ 1,298 | $ 1,430 | $ 178 | $ 946 | |||||||||||||
Impaired loans by class at December 31, 2014 and for the three months ended March 31, 2014 are as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
Unpaid | Average | ||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | |||||||||||||
With no related allowance recorded | |||||||||||||||||
Commercial, financial and agricultural | $ 134 | $ 136 | $ - | $ 34 | |||||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 147 | 257 | - | 264 | |||||||||||||
Second mortgage | 79 | 79 | - | 174 | |||||||||||||
Real estate – commercial: | |||||||||||||||||
Owner occupied | - | - | - | - | |||||||||||||
Installment | - | - | - | - | |||||||||||||
With related allowance recorded | |||||||||||||||||
Commercial, financial and agricultural | - | - | - | 19 | |||||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 431 | 432 | 63 | 164 | |||||||||||||
Second mortgage | - | - | - | - | |||||||||||||
Real estate – commercial: | |||||||||||||||||
Owner occupied | - | - | - | 162 | |||||||||||||
Installment | - | - | - | - | |||||||||||||
Total | |||||||||||||||||
Commercial, financial and agricultural | 134 | 136 | - | 53 | |||||||||||||
Real estate – residential | 657 | 768 | 63 | 602 | |||||||||||||
Real estate – commercial | - | - | - | 162 | |||||||||||||
Total | $ 791 | $ 904 | $ 63 | $ 817 | |||||||||||||
Residential and commercial loans serviced for others at March 31, 2015 and December 31, 2014 amounted to approximately $13.66 million and $13.53 million, respectively. | |||||||||||||||||
Nonperforming loans at March 31, 2015 and December 31, 2014 are as follows: | |||||||||||||||||
(In thousands) | 31-Mar-15 | 31-Dec-14 | |||||||||||||||
Nonaccrual loans | $ | 1,118 | $ | 598 | |||||||||||||
Loans greater than 90 days and accruing | - | - | |||||||||||||||
Troubled debt restructurings ("TDRs") | 180 | $ | 193 | ||||||||||||||
Total nonperforming loans | $ | 1,298 | $ | 791 | |||||||||||||
Of the total TDRs in the table above, $58 thousand at March 31, 2015 and $63 thousand at December 31, 2014 are nonaccruing. We have reviewed all restructurings that occurred on or after January 1, 2015 for identification as TDRs. There were zero TDRs that were restructured during the three months ended March 31, 2015. 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. All TDRs at March 31, 2015 continue to pay as agreed according to the modified terms and all but one of these loans is considered well-secured. At March 31, 2015, 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 91 days past due and still accruing at March 31, 2015. Interest income on restructured loans during the three months ended March 31, 2015 and 2014 was insignificant. | |||||||||||||||||
Nonaccrual loans by class as of March 31, 2015 and December 31, 2014 are as follows: | |||||||||||||||||
(In thousands) | 31-Mar-15 | 31-Dec-14 | |||||||||||||||
Commercial, financial and agricultural | $ | 551 | $ | 88 | |||||||||||||
Real estate - residential: | |||||||||||||||||
First mortgage | 471 | 431 | |||||||||||||||
Second mortgage | 96 | 79 | |||||||||||||||
Total nonaccruing non-TDR loans | 1,118 | 598 | |||||||||||||||
Nonaccruing TDR’s | |||||||||||||||||
Commercial, financial and agricultural | 4 | 5 | |||||||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 54 | 58 | |||||||||||||||
Real estate - commercial: | |||||||||||||||||
Owner occupied | - | - | |||||||||||||||
Total nonaccrual loans including TDRs | $ | 1,176 | $ | 661 | |||||||||||||
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 March 31, 2015: | |||||||||||||||||
Pass- | Special | Sub- | |||||||||||||||
(In thousands) | Unrated | Pass | Watch | Mention | Standard | Total | |||||||||||
Commercial, financial and agricultural | $ | 300 | $ | 161,028 | $ | 18,509 | $ | 3,712 | $ | 12,233 | $ | 195,782 | |||||
Municipal | 32 | 81,858 | 7,631 | 1,889 | - | 91,410 | |||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 420,488 | 3,537 | 169 | - | 527 | 424,721 | |||||||||||
Second mortgage | 36,721 | - | - | - | 17 | 36,738 | |||||||||||
Real estate – commercial: | |||||||||||||||||
Owner occupied | 133 | 144,666 | 14,826 | 3,366 | 15,069 | 178,060 | |||||||||||
Non-owner occupied | 199 | 216,536 | 22,299 | 660 | 1,746 | 241,440 | |||||||||||
Real estate – construction: | |||||||||||||||||
Residential | 350 | 2,389 | - | - | 2,739 | ||||||||||||
Commercial | 150 | 23,690 | 37 | - | 1,896 | 25,773 | |||||||||||
Installment | 3,454 | - | - | - | - | 3,454 | |||||||||||
All other loans | 53 | - | - | - | - | 53 | |||||||||||
Total | $ | 461,880 | $ | 633,704 | $ | 63,471 | $ | 9,627 | $ | 31,488 | $ | 1,200,170 | |||||
Below is a summary of loans by credit quality indicator as of December 31, 2014: | |||||||||||||||||
Pass- | Special | Sub- | |||||||||||||||
(In thousands) | Unrated Residential and | Pass | Watch | Mention | Standard | Total | |||||||||||
Commercial, financial and agricultural | $ | 352 | $ | 143,813 | $ | 21,563 | $ | 3,942 | $ | 7,927 | $ | 177,597 | |||||
Municipal | 40 | 75,337 | 17,101 | 1,888 | - | 94,366 | |||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 428,073 | 3,046 | 170 | - | 450 | 431,739 | |||||||||||
Second mortgage | 37,790 | - | - | - | - | 37,790 | |||||||||||
Real estate – commercial: | |||||||||||||||||
Owner occupied | 187 | 220,651 | 18,708 | 1,378 | 19,173 | 260,097 | |||||||||||
Non-owner occupied | 189 | 130,218 | 20,773 | - | 1,170 | 152,350 | |||||||||||
Real estate – construction: | |||||||||||||||||
Residential | 288 | 3,843 | - | - | - | 4,131 | |||||||||||
Commercial | 170 | 17,588 | 40 | - | 1,929 | 19,727 | |||||||||||
Installment | 4,504 | - | - | - | - | 4,504 | |||||||||||
All other loans | 33 | - | - | - | - | 33 | |||||||||||
Total | $ | 471,626 | $ | 594,496 | $ | 78,355 | $ | 7,208 | $ | 30,649 | $ | 1,182,334 | |||||
Fair_Value
Fair Value | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Fair Value [Abstract] | ||||||
Fair Value | NOTE 5: FAIR VALUE | |||||
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 March 31, 2015 measured at fair value on a recurring basis: | ||||||
Fair Value Measurements at Reporting Date Using | ||||||
Quoted Prices in | Significant | |||||
Active Markets | Other | Significant | ||||
for Identical | Observable | Unobservable | ||||
Assets | Inputs | Inputs | ||||
(In thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||
Assets | ||||||
U.S. Treasury Obligations | $ 25,322 | $ - | $ 25,322 | $ - | ||
FHLB Obligations | 10,134 | 10,134 | ||||
Agency MBSs | 116,347 | - | 116,347 | - | ||
Agency CMBSs | 24,856 | - | 24,856 | - | ||
Agency CMOs | 71,944 | - | 71,944 | - | ||
ABSs | 384 | - | 384 | - | ||
Interest rate swap agreements | 936 | - | 936 | - | ||
Total assets | $ 249,923 | $ - | $ 249,923 | $ - | ||
Liabilities | ||||||
Interest rate swap agreements | 1,383 | - | 1,383 | - | ||
Total liabilities | $ 1,383 | $ - | $ 1,383 | $ - | ||
The table below presents the balance of financial assets and liabilities at December 31, 2014 measured at fair value on a recurring basis: | ||||||
Fair Value Measurements at Reporting Date Using | ||||||
Quoted Prices in | Significant | |||||
Active Markets | Other | Significant | ||||
for Identical | Observable | Unobservable | ||||
Assets | Inputs | Inputs | ||||
(In thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||
Assets | ||||||
U.S. Treasury Obligations | $ 25,093 | $ - | $ 25,093 | $ - | ||
Agency MBSs | 95,407 | - | 95,407 | - | ||
Agency CMBSs | 21,704 | - | 21,704 | - | ||
Agency CMOs | 60,882 | - | 60,882 | - | ||
ABSs | 387 | - | 387 | - | ||
Interest rate swap agreements | 618 | - | 618 | - | ||
Total assets | $ 204,091 | $ - | $ 204,091 | $ - | ||
Liabilities | ||||||
Interest rate swap agreements | 1,096 | - | 1,096 | - | ||
Total liabilities | $ 1,096 | $ - | $ 1,096 | $ - | ||
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 months ended March 31, 2015 and 2014. There were no Level 3 assets measured at fair value on a recurring basis at March 31, 2015 or December 31, 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 March 31, 2015 or December 31, 2014. These financial assets include impaired loans and OREO. | ||||||
The table below presents the balance of financial instruments by class at March 31, 2015 measured at fair value: | ||||||
Carrying | ||||||
(In thousands) | Amount | Fair Value | Level 1 | Level 2 | Level 3 | |
Cash and cash equivalents | $ 67,919 | $ 67,919 | $ 67,919 | $ - | $ - | |
Securities available for sale | 248,987 | 248,987 | - | 248,987 | - | |
Securities held to maturity | 134,245 | 136,237 | - | 136,237 | - | |
FHLB stock | 4,378 | N/A | N/A | N/A | N/A | |
Loans, net of allowance for loan losses | 1,188,181 | 1,192,612 | - | - | 1,192,612 | |
Interest rate swap agreement | 936 | 936 | - | 936 | - | |
Accrued interest receivable | 4,147 | 4,147 | 4 | 932 | 3,211 | |
Total assets | $ 1,648,793 | $ 1,650,838 | $ 67,923 | $ 387,092 | $ | |
1,195,823 | ||||||
Deposits | $ 1,329,797 | $ 1,330,130 | $ 1,125,364 | $ 204,766 | $ - | |
Securities sold under agreement to repurchase | 206,386 | 206,364 | - | 206,364 | - | |
Other long-term debt | 2,300 | 2,284 | - | 2,284 | - | |
Junior subordinated debentures issued to unconsolidated subsidiary trust | 20,619 | 14,677 | - | 14,677 | - | |
Interest rate swap agreement | 1,383 | 1,383 | - | 1,383 | - | |
Accrued interest payable | 156 | 156 | 18 | 138 | - | |
Total liabilities | $ 1,560,641 | $ 1,554,994 | $ 1,125,382 | $ 429,612 | $ - | |
The table below presents the balance of financial instruments by class at December 31, 2014 measured at fair value: | ||||||
Carrying | ||||||
(In thousands) | Amount | Fair Value | Level 1 | Level 2 | Level 3 | |
Cash and cash equivalents | $ 154,459 | $ 154,459 | $ 154,459 | $ - | $ - | |
Securities available for sale | 203,473 | 203,473 | - | 203,473 | - | |
Securities held to maturity | 138,421 | 139,171 | - | 139,171 | - | |
FHLB stock | 4,378 | N/A | N/A | N/A | N/A | |
Loans, net of allowance for loan losses | 1,170,501 | 1,172,517 | - | - | 1,172,517 | |
Interest rate swap agreement | 618 | 618 | - | 618 | - | |
Accrued interest receivable | 3,787 | 3,787 | - | 847 | 2,940 | |
Total assets | $ 1,675,637 | $ 1,674,025 | $ 154,459 | $ 344,109 | $ | |
1,175,457 | ||||||
Deposits | $ 1,308,772 | $ 1,308,904 | $ 1,097,088 | $ 211,816 | $ - | |
Securities sold under agreement to repurchase | 258,464 | 258,438 | - | 258,438 | - | |
Other long-term debt | 2,320 | 2,277 | - | 2,277 | - | |
Junior subordinated debentures issued to unconsolidated subsidiary trust | 20,619 | 14,476 | - | 14,476 | - | |
Interest rate swap agreement | 1,096 | 1,096 | - | 1,096 | - | |
Accrued interest payable | 165 | 165 | 19 | 146 | - | |
Total liabilities | $ 1,591,436 | $ 1,585,356 | $ 1,097,107 | $ 488,249 | $ - | |
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 $41 thousand at March 31, 2015 and $47 thousand as of December 31, 2014, 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 | 3 Months Ended | ||
Mar. 31, 2015 | |||
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 months ended March 31, 2015 and 2014: | |||
(In thousands) | 2015 | 2014 | |
Interest cost | $ 112 | $ 116 | |
Expected return on plan assets | -264 | -265 | |
Service costs | 13 | 10 | |
Net loss amortization | 103 | 32 | |
Net periodic pension cost | $ (36) | $ (107) | |
We have no minimum required contribution for 2015. | |||
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 | 3 Months Ended | ||
Mar. 31, 2015 | |||
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 months ended March 31, 2015 and 2014: | |||
(In thousands except per share data) | 2015 | 2014 | |
Net income | $ 3,336 | $ 3,403 | |
Weighted average common shares outstanding | 6,329 | 6,320 | |
Dilutive effect of common stock equivalents | 13 | 22 | |
Weighted average common and common equivalent | |||
shares outstanding | 6,342 | 6,342 | |
Basic earnings per common share | $ 0.53 | $ 0.54 | |
Diluted earnings per common share | $ 0.53 | $ 0.54 | |
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 months ended March 31, 2015 and 2014. The computation of diluted earnings per share includes the effect of assumed exercises of outstanding stock options. There were no anti-dilutive options outstanding for the three months ended March 31, 2015 or 2014. | |||
Stock_Repurchase_Program
Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2015 | |
Stock Repurchase Program [Abstract] | |
Stock Repurchase Program | NOTE 8: STOCK REPURCHASE PROGRAM |
We extended our stock buyback program through January 2016. 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 $23.00 since the program’s adoption. We did not repurchase any of our shares during 2014 or during the three months ended March 31, 2015, and do not expect to repurchase shares in the near future. | |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
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 $5.74 million and $8.77 million at March 31, 2015 and December 31, 2014, 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 March 31, 2015 or December 31, 2014. | |
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. | |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||||
Accumulated Other Comprehensive Income (Loss) | NOTE 10: ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||
The following tables present the changes in accumulated other comprehensive (loss) by component, net of tax, for the three months ending March 31, 2015 and 2014: | ||||||
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 December 31, 2014 | $ 1,482 | $ (2,824) | $ (3,395) | $ (311) | $ (5,048) | |
Other comprehensive income before reclassifications | 783 | - | - | 21 | 804 | |
Transfer of securities from available-for-sale to held-to-maturity | - | - | - | - | - | |
Accretion of unrealized losses of securities transferred from available-for-sale to held-to-maturity recognized in other comprehensive income | - | 124 | - | - | 124 | |
Reclassification adjustments for (gains) losses reclassified into income | - | - | 67 | - | 67 | |
Net current period other comprehensive income | 783 | 124 | 67 | 21 | 995 | |
Balance March 31, 2015 | $ 2,265 | $ (2,700) | $ (3,328) | $ (290) | $ (4,053) | |
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 December 31, 2013 | $ (162) | $ (3,296) | $ (1,790) | $ (472) | $ (5,720) | |
Other comprehensive income before reclassifications | 792 | - | - | 41 | 833 | |
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 | - | 113 | - | - | 113 | |
Reclassification adjustments for (gains) losses reclassified into income | -82 | - | 21 | - | -61 | |
Net current period other comprehensive income | 702 | 121 | 21 | 41 | 885 | |
Balance March 31, 2014 | $ 540 | $ (3,175) | $ (1,769) | $ (431) | $ (4,835) | |
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 months ended March 31, 2015 and 2014 are presented below based upon their impact on net income: | ||||||
Details about Accumulated Other | ||||||
Comprehensive Income Components | March 31, | March 31, | Affected Line Item in the Statement | |||
(In thousands) | 2015 | 2014 | Where Net Income is Presented | |||
Unrealized gains on securities | $ | - | $ | 126 | Net gains on investment securities | |
- | 126 | Total before tax | ||||
- | -44 | Provision for income taxes | ||||
$ | - | $ | 82 | Net of tax | ||
Amortization of actuarial loss for | ||||||
defined benefit pension plan | $ | -103 | $ | -32 | Compensation and benefits | |
-103 | -32 | Total before tax | ||||
36 | 11 | Provision for income taxes | ||||
$ | -67 | $ | -21 | Net of tax | ||
Total reclassification adjustments | $ | -67 | $ | 61 | ||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2015 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | NOTE 11: DERIVATIVE FINANCIAL INSTRUMENTS |
At March 31, 2015 and December 31, 2014, 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 months ended March 31, 2015 or March 31, 2014. The fair value of $(447) thousand and $(479) thousand was reflected in other comprehensive income in the accompanying consolidated balance sheets at March 31, 2015 and December 31, 2014, respectively. | |
We entered into interest rate swaps with a notional amount of $39.0 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 $39.0 million (pay fixed/receive floating swaps). At March 31, 2015, the weighted average receive rate of these interest rate swaps was 1.86%, the weighted average pay rate was 3.64% and the weighted average maturity was 11.8 years. The fair values of $936 thousand and $936 thousand were reflected in other assets and other liabilities, respectively, in the accompanying consolidated balance sheets at March 31, 2015. The fair values of $618 thousand and $618 thousand were reflected in other assets and other liabilities, respectively, in the accompanying consolidated balance sheets at December 31, 2014. 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 entered into interest rate swaps with notional amounts totaling $9.35 million at March 31, 2015, and $9.36 million at December 31, 2014, that were designated as fair value hedges of certain fixed rate loans with municipalities. At March 31, 2015, the weighted average receive rate of these interest rate swaps was 1.56%, the weighted average pay rate was 3.26% and the weighted average maturity was 17.3 years. The ineffective portion of the interest swaps was immaterial and as such, amounts are not recognized in earnings. | |
We assessed our counterparty risk at March 31, 2015 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. | |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 12: SUBSEQUENT EVENTS |
On April 27, 2015 Merchants Bancshares, Inc. (“Merchants”) announced the signing of a definitive agreement pursuant to which Merchants Bancshares, Inc. will acquire NUVO Bank & Trust Company (“NUVO) for approximately $21.8 million in stock and cash, which represents $7.15 per share. | |
Under the terms of the agreement, shareholders of NUVO will be entitled to elect to receive either 0.2416 shares of Merchants common stock or $7.15 in cash for each share of NUVO common stock outstanding, subject to total consideration being comprised of approximately 75% stock and 25% cash. Holders of NUVO common stock options will receive a cash payment for the difference between $7.15 and the exercise price of the option, while warrant holders of NUVO may either be cashed out in a similar fashion or receive an equivalent warrant to acquire Merchants stock. The merger price of $7.15 per share is equivalent to approximately 133% of NUVO’s tangible book value at December 31, 2014 and 51.9 times NUVO’s last twelve months’ earnings. | |
The agreement has been approved by both of the Boards of Directors of Merchants and NUVO. The closing is anticipated to occur during the fourth quarter of 2015, subject to approval by NUVO shareholders, receipt of required regulatory approvals and other customary closing conditions. Merchants expects the transaction to be accretive to its earnings in the first full year of combined operations. | |
For further information, reference is made to the Form 8-K filed by the Company with the SEC on April 27, 2015. | |
Financial_Statement_Presentati1
Financial Statement Presentation (Policy) | 3 Months Ended |
Mar. 31, 2015 | |
Financial Statement Presentation [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) 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 GAAP for complete financial statements. All adjustments necessary for a fair presentation of our interim consolidated financial statements as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014 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 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) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
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 March 31, 2015 are as follows: | ||||||
Gross | Gross | ||||||
Amortized | Unrealized | Unrealized | Fair | ||||
(In thousands) | Cost | Gains | Losses | Value | |||
Available for Sale: | |||||||
U.S. Treasury Obligations | $ 25,051 | $ 271 | $ - | $ 25,322 | |||
Federal Home Loan Bank ("FHLB") Obligations | 10,119 | 19 | 4 | 10,134 | |||
Residential Real Estate Mortgage-backed Securities ("Agency MBSs") | 113,454 | 2,977 | 84 | 116,347 | |||
Agency Commercial Mortgage Backed Securities ("Agency CMBSs") | 25,080 | 19 | 243 | 24,856 | |||
Agency Collateralized Mortgage Obligations ("Agency CMOs") | 71,423 | 613 | 92 | 71,944 | |||
Asset Backed Securities ("ABSs") | 344 | 40 | - | 384 | |||
Total Available for Sale | $ 245,471 | $ 3,939 | $ 423 | $ 248,987 | |||
Gross | Gross | ||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||
(In thousands) | Cost | Gains | Losses | Value | |||
Held to Maturity: | |||||||
U.S. Agency Obligations | $ 21,387 | $ 672 | $ - | 22,059 | |||
U.S. Government Sponsored Enterprises ("U.S. GSEs") | 9,512 | 195 | - | 9,707 | |||
FHLB Obligations | 4,730 | 176 | - | 4,906 | |||
Agency CMOs | 90,760 | 817 | 115 | 91,462 | |||
Agency MBSs | 7,856 | 247 | - | 8,103 | |||
Total Held to Maturity | $ 134,245 | $ 2,107 | $ 115 | $ 136,237 | |||
The amortized cost and fair values of the securities classified as available for sale and held to maturity as of December 31, 2014 are as follows: | |||||||
Gross | Gross | ||||||
Amortized | Unrealized | Unrealized | Fair | ||||
(In thousands) | Cost | Gains | Losses | Value | |||
Available for Sale: | |||||||
U.S. Treasury Obligations | $ 25,048 | $ 57 | $ 12 | $ 25,093 | |||
Agency MBSs | 92,827 | 2,680 | 100 | 95,407 | |||
Agency CMBSs | 22,056 | 20 | 372 | 21,704 | |||
Agency CMOs | 60,880 | 241 | 239 | 60,882 | |||
ABSs | 351 | 36 | - | 387 | |||
Total Available for Sale | $ 201,162 | $ 3,034 | $ 723 | $ 203,473 | |||
Gross | Gross | ||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||
(In thousands) | Cost | Gains | Losses | Value | |||
Held to Maturity: | |||||||
U.S. Agency Obligations | $ 22,072 | $ 597 | $ - | $ 22,669 | |||
U.S. GSEs | 9,498 | 59 | - | 9,557 | |||
FHLB Obligations | 4,720 | 100 | - | 4,820 | |||
Agency CMOs | 94,022 | 280 | 519 | 93,783 | |||
Agency MBSs | 8,109 | 233 | - | 8,342 | |||
Total Held to Maturity | $ 138,421 | $ 1,269 | $ 519 | $ 139,171 | |||
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 March 31, 2015, 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 | $ - | $ 25,322 | $ - | $ - | $ 25,322 | ||
FHLB Obligations | - | 10,134 | - | - | 10,134 | ||
Agency MBSs | 26 | 4,152 | 38,391 | 73,778 | 116,347 | ||
Agency CMBSs | 2,291 | 13,313 | 5,087 | 4,165 | 24,856 | ||
Agency CMOs | - | - | 2,133 | 69,811 | 71,944 | ||
ABSs | - | - | - | 384 | 384 | ||
Total Available for Sale | $ 2,317 | $ 52,921 | $ 45,611 | $ 148,138 | $ 248,987 | ||
Available for Sale (at amortized cost): | |||||||
U.S. Treasury Obligations | $ - | $ 25,051 | $ - | $ - | $ 25,051 | ||
FHLB Obligations | - | 10,119 | - | - | 10,119 | ||
Agency MBSs | 26 | 4,014 | 37,592 | 71,822 | 113,454 | ||
Agency CMBSs | 2,271 | 13,451 | 5,112 | 4,246 | 25,080 | ||
Agency CMOs | - | - | 2,119 | 69,304 | 71,423 | ||
ABSs | - | - | - | 344 | 344 | ||
Total Available for Sale | $ 2,297 | $ 52,635 | $ 44,823 | $ 145,716 | $ 245,471 | ||
The contractual final maturity distribution of the debt securities classified as held to maturity as of March 31 2015, 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 | $ - | $ - | $ - | $ 22,059 | $ 22,059 | ||
U.S. GSEs | - | - | 9,707 | - | 9,707 | ||
FHLB Obligations | - | - | 4,906 | - | 4,906 | ||
Agency CMOs | - | - | - | 91,462 | 91,462 | ||
Agency MBSs | - | 9 | 107 | 7,987 | 8,103 | ||
Total Held to Maturity | $ - | $ 9 | $ 14,720 | $ 121,508 | $ 136,237 | ||
Held to Maturity (at amortized cost): | |||||||
U.S. Agency Obligations | $ - | $ - | $ - | $ 21,387 | $ 21,387 | ||
U.S. GSEs | - | - | 9,512 | - | 9,512 | ||
FHLB Obligations | - | - | 4,730 | - | 4,730 | ||
Agency CMOs | - | - | - | 90,760 | 90,760 | ||
Agency MBSs | - | 9 | 94 | 7,753 | 7,856 | ||
Total Held to Maturity | $ - | $ 9 | $ 14,336 | $ 119,900 | $ 134,245 | ||
Summary of Proceeds, Gross Gains and Gross Losses | |||||||
(In thousands) | 2015 | 2014 | |||||
Proceeds | $ - | $ 26,641 | |||||
Gross gains | - | 225 | |||||
Gross losses | - | -99 | |||||
Net gains | $ - | $ 126 | |||||
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 March 31, 2015 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: | |||||||
FHLB Obligations | $ 5,103 | $ 4 | $ - | $ - | $ 5,103 | $ 4 | |
Agency MBSs | 17,239 | 84 | - | - | 17,239 | 84 | |
Agency CMBSs | 5,087 | 25 | 17,479 | 218 | 22,566 | 243 | |
Agency CMOs | 6,577 | 35 | 7,258 | 57 | 13,835 | 92 | |
Total Available for Sale | $ 34,006 | $ 148 | $ 24,737 | $ 275 | $ 58,743 | $ 423 | |
Held to Maturity: | |||||||
U.S. Agency Obligations | $ - | $ - | $ - | $ - | $ - | $ - | |
Agency CMOs | 7,926 | 44 | 6,428 | 71 | 14,354 | 115 | |
Agency MBSs | - | - | - | - | - | - | |
Total Held to Maturity | $ 7,926 | $ 44 | $ 6,428 | $ 71 | $ 14,354 | $ 115 | |
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, 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: | |||||||
U.S. Treasury Obligations | $ 5,080 | $ 12 | $ - | $ - | $ 5,080 | $ 12 | |
Agency MBSs | 7,893 | 23 | 10,763 | 77 | 18,656 | 100 | |
Agency CMBSs | - | - | 17,478 | 372 | 17,478 | 372 | |
Agency CMOs | 11,384 | 49 | 10,962 | 190 | 22,346 | 239 | |
Total Available for Sale | $ 24,357 | $ 84 | $ 39,203 | $ 639 | $ 63,560 | $ 723 | |
Held to Maturity: | |||||||
U.S. Agency Obligations | $ - | $ - | $ - | $ - | $ - | $ - | |
U.S. GSEs | - | - | - | - | - | - | |
FHLB Obligations | - | - | - | - | - | - | |
Agency CMOs | 14,338 | 108 | 43,911 | 411 | 58,249 | 519 | |
Agency MBSs | - | - | - | - | - | - | |
Total Held to Maturity | $ 14,338 | $ 108 | $ 43,911 | $ 411 | $ 58,249 | $ 519 | |
Loans_And_The_Allowance_For_Cr1
Loans And The Allowance For Credit Losses (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Loans And The Allowance For Credit Losses [Abstract] | |||||||||||||||||
Composition Of The Loan Portfolio | |||||||||||||||||
(In thousands) | 31-Mar-15 | 31-Dec-14 | |||||||||||||||
Commercial, financial and agricultural | $ | 195,782 | $ | 177,597 | |||||||||||||
Municipal loans | 91,410 | 94,366 | |||||||||||||||
Real estate loans – residential | 461,459 | 469,529 | |||||||||||||||
Real estate loans – commercial | 419,500 | 412,447 | |||||||||||||||
Real estate loans – construction | 28,512 | 23,858 | |||||||||||||||
Installment loans | 3,454 | 4,504 | |||||||||||||||
All other loans | 53 | 33 | |||||||||||||||
Total loans | $ | 1,200,170 | $ | 1,182,334 | |||||||||||||
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 March 31, 2015: | ||||||||||||||||
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 | $ | 3,331 | $ | 636 | $ | 3,127 | $ | 5,251 | $ | 415 | $ | 13 | $ | 42 | $ | 12,815 | |
Charge-offs | -29 | - | -55 | - | - | -74 | - | -158 | |||||||||
Recoveries | 25 | - | 3 | 1 | - | 53 | - | 82 | |||||||||
Provision (credit) | 41 | -93 | 35 | -35 | 23 | 71 | -42 | - | |||||||||
Ending balance | $ | 3,368 | $ | 543 | $ | 3,110 | $ | 5,217 | $ | 438 | $ | 63 | $ | - | $ | 12,739 | |
The following table reflects our loan loss experience and activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 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 | - | - | -2 | - | - | - | -20 | -22 | |||||||||
Recoveries | 2 | - | 18 | - | - | - | 3 | 23 | |||||||||
Provision (credit) | 22 | -75 | 255 | 34 | -152 | - | 16 | 100 | |||||||||
Ending balance | $ | 3,378 | $ | 693 | $ | 3,352 | $ | 5,119 | $ | 360 | $ | 18 | $ | 9 | $ | 12,929 | |
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 March 31, 2015: | ||||||||||||||||
Commercial, | |||||||||||||||||
financial and | Real estate- | Real estate- | Real estate- | ||||||||||||||
(In thousands) | agricultural | Municipal | residential | commercial | construction | Installment | All Other | Total | |||||||||
Allowance for credit losses: | |||||||||||||||||
Ending balance individually | $ | 68 | $ | - | $ | 110 | $ | - | $ | - | $ | - | $ | - | $ | 178 | |
evaluated for impairment | |||||||||||||||||
Ending balance collectively | 3,300 | 543 | 3,000 | 5,217 | 438 | 63 | - | 12,561 | |||||||||
evaluated for impairment | |||||||||||||||||
Totals | $ | 3,368 | $ | 543 | $ | 3,110 | $ | 5,217 | $ | 438 | $ | 63 | $ | - | $ | 12,739 | |
Financing receivables: | |||||||||||||||||
Ending balance individually | $ | 590 | $ | - | $ | 708 | $ | - | $ | - | $ | - | $ | - | $ | 1,298 | |
evaluated for impairment | |||||||||||||||||
Ending balance collectively | 195,192 | 91,410 | 460,751 | 419,500 | 28,512 | 3,454 | 53 | 1,198,872 | |||||||||
evaluated for impairment | |||||||||||||||||
Totals | $ | 195,782 | $ | 91,410 | $ | 461,459 | $ | 419,500 | $ | 28,512 | $ | 3,454 | $ | 53 | $ | 1,200,170 | |
Components: | |||||||||||||||||
Allowance for loan losses | $ | 2,859 | $ | 530 | $ | 3,024 | $ | 5,149 | $ | 364 | $ | 63 | $ | - | $ | 11,989 | |
Reserve for undisbursed | 509 | 13 | 86 | 68 | 74 | - | - | 750 | |||||||||
lines of credit | |||||||||||||||||
Total allowance for | $ | 3,368 | $ | 543 | $ | 3,110 | $ | 5,217 | $ | 438 | $ | 63 | $ | - | $ | 12,739 | |
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, 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: | |||||||||||||||||
Ending balance individually | $ | - | $ | - | $ | 63 | $ | - | $ | - | $ | - | $ | - | $ | 63 | |
evaluated for impairment | |||||||||||||||||
Ending balance collectively | 3,331 | 636 | 3,064 | 5,251 | 415 | 13 | 42 | 12,752 | |||||||||
evaluated for impairment | |||||||||||||||||
Totals | $ | 3,331 | $ | 636 | $ | 3,127 | $ | 5,251 | $ | 415 | $ | 13 | $ | 42 | $ | 12,815 | |
Financing receivables: | |||||||||||||||||
Ending balance individually | $ | 134 | $ | - | $ | 657 | $ | - | $ | - | $ | - | $ | - | $ | 791 | |
evaluated for impairment | |||||||||||||||||
Ending balance collectively | 177,463 | 94,366 | 468,872 | 412,447 | 23,858 | 4,504 | 33 | 1,181,543 | |||||||||
evaluated for impairment | |||||||||||||||||
Totals | $ | 177,597 | $ | 94,366 | $ | 469,529 | $ | 412,447 | $ | 23,858 | $ | 4,504 | $ | 33 | $ | 1,182,334 | |
Components: | |||||||||||||||||
Allowance for loan losses | $ | 2,583 | $ | 623 | $ | 3,038 | $ | 5,209 | $ | 325 | $ | 13 | $ | 42 | $ | 11,833 | |
Reserve for undisbursed | 748 | 13 | 89 | 42 | 90 | - | - | 982 | |||||||||
lines of credit | |||||||||||||||||
Total allowance for credit losses | $ | 3,331 | $ | 636 | $ | 3,127 | $ | 5,251 | $ | 415 | $ | 13 | $ | 42 | $ | 12,815 | |
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 March 31, 2015: | ||||||||||||||||
91 Days or | |||||||||||||||||
31-60 | 61-90 | 91 Days | Total | more past | |||||||||||||
Days | Days | or More | Past | due and | |||||||||||||
(In thousands) | Past Due | Past Due | Past Due | Due | Current | Total | Accruing | ||||||||||
Commercial, financial and agricultural | $ | 497 | $ | - | $ | - | $ | 497 | $ | 195,285 | $ | 195,782 | $ | - | |||
Municipal | - | - | - | - | 91,410 | 91,410 | - | ||||||||||
Real estate-residential: | |||||||||||||||||
First mortgage | 68 | - | 471 | 539 | 424,182 | 424,721 | - | ||||||||||
Second mortgage | 16 | 17 | 79 | 112 | 36,626 | 36,738 | - | ||||||||||
Real estate-commercial: | |||||||||||||||||
Owner occupied | - | - | - | - | 178,060 | 178,060 | - | ||||||||||
Non-owner occupied | 143 | - | - | 143 | 241,297 | 241,440 | - | ||||||||||
Real estate-construction: | |||||||||||||||||
Residential | - | - | - | - | 2,739 | 2,739 | - | ||||||||||
Commercial | - | - | - | - | 25,773 | 25,773 | - | ||||||||||
Installment | 2 | - | - | 2 | 3,452 | 3,454 | - | ||||||||||
Other | - | - | - | - | 53 | 53 | - | ||||||||||
Total | $ | 726 | $ | 17 | $ | 550 | $ | 1,293 | $ | 1,198,877 | $ | 1,200,170 | $ | - | |||
Of the total past due loans in the aging table above, $1.07 million are non-performing of which $0 are restructured loans and $0 were greater than 91 days past due and accruing. There were $228 thousand past due performing loans at March 31, 2015. | |||||||||||||||||
The table below presents the recorded investment of loans, including nonaccrual and restructured loans, segregated by class, with delinquency aging as of December 31, 2014: | |||||||||||||||||
91 Days or | |||||||||||||||||
31-60 | 61-90 | 91 Days | Total | more past | |||||||||||||
Days | Days | or More | Past | due and | |||||||||||||
(In thousands) | Past Due | Past Due | Past Due | Due | Current | Total | Accruing | ||||||||||
Commercial, financial and agricultural | $ | 49 | $ | - | $ | - | $ | 49 | $ | 177,548 | $ | 177,597 | $ | - | |||
Municipal | - | - | - | - | 94,366 | 94,366 | - | ||||||||||
Real estate-residential: | |||||||||||||||||
First mortgage | 157 | - | 391 | 548 | 431,191 | 431,739 | - | ||||||||||
Second mortgage | 33 | - | 79 | 112 | 37,678 | 37,790 | - | ||||||||||
Real estate-commercial: | |||||||||||||||||
Owner occupied | - | 22 | - | 22 | 260,075 | 260,097 | - | ||||||||||
Non-owner occupied | 202 | - | - | 202 | 152,148 | 152,350 | - | ||||||||||
Real estate-construction: | |||||||||||||||||
Residential | - | - | - | - | 4,131 | 4,131 | - | ||||||||||
Commercial | - | - | - | - | 19,727 | 19,727 | - | ||||||||||
Installment | - | - | - | - | 4,504 | 4,504 | - | ||||||||||
Other | - | - | - | - | 33 | 33 | - | ||||||||||
Total | $ | 441 | $ | 22 | $ | 470 | $ | 933 | $ | 1,181,401 | $ | 1,182,334 | $ | - | |||
Impaired Loans By Class | Impaired loans by class at March 31, 2015 and for the three months ended March 31, 2015 are as follows: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar-15 | |||||||||||||||||
Unpaid | Average | ||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | |||||||||||||
With no related allowance recorded | |||||||||||||||||
Commercial, financial and agricultural | $ 93 | $ 96 | $ - | $ 109 | |||||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 154 | 283 | - | 147 | |||||||||||||
Second mortgage | 79 | 79 | - | 79 | |||||||||||||
With related allowance recorded | |||||||||||||||||
Commercial, financial and agricultural | 497 | 497 | 68 | 166 | |||||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 458 | 458 | 93 | 439 | |||||||||||||
Second mortgage | 17 | 17 | 17 | 6 | |||||||||||||
Real estate – commercial: | |||||||||||||||||
Owner occupied | - | - | - | - | |||||||||||||
Total | |||||||||||||||||
Commercial, financial and agricultural | 590 | 593 | 68 | 275 | |||||||||||||
Real estate – residential | 708 | 837 | 110 | 671 | |||||||||||||
Real estate – commercial | - | - | - | - | |||||||||||||
Total | $ 1,298 | $ 1,430 | $ 178 | $ 946 | |||||||||||||
Impaired loans by class at December 31, 2014 and for the three months ended March 31, 2014 are as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
Unpaid | Average | ||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | |||||||||||||
With no related allowance recorded | |||||||||||||||||
Commercial, financial and agricultural | $ 134 | $ 136 | $ - | $ 34 | |||||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 147 | 257 | - | 264 | |||||||||||||
Second mortgage | 79 | 79 | - | 174 | |||||||||||||
Real estate – commercial: | |||||||||||||||||
Owner occupied | - | - | - | - | |||||||||||||
Installment | - | - | - | - | |||||||||||||
With related allowance recorded | |||||||||||||||||
Commercial, financial and agricultural | - | - | - | 19 | |||||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 431 | 432 | 63 | 164 | |||||||||||||
Second mortgage | - | - | - | - | |||||||||||||
Real estate – commercial: | |||||||||||||||||
Owner occupied | - | - | - | 162 | |||||||||||||
Installment | - | - | - | - | |||||||||||||
Total | |||||||||||||||||
Commercial, financial and agricultural | 134 | 136 | - | 53 | |||||||||||||
Real estate – residential | 657 | 768 | 63 | 602 | |||||||||||||
Real estate – commercial | - | - | - | 162 | |||||||||||||
Total | $ 791 | $ 904 | $ 63 | $ 817 | |||||||||||||
Nonperforming Loans | |||||||||||||||||
(In thousands) | 31-Mar-15 | 31-Dec-14 | |||||||||||||||
Nonaccrual loans | $ | 1,118 | $ | 598 | |||||||||||||
Loans greater than 90 days and accruing | - | - | |||||||||||||||
Troubled debt restructurings ("TDRs") | 180 | $ | 193 | ||||||||||||||
Total nonperforming loans | $ | 1,298 | $ | 791 | |||||||||||||
Nonaccrual Loans By Class | |||||||||||||||||
(In thousands) | 31-Mar-15 | 31-Dec-14 | |||||||||||||||
Commercial, financial and agricultural | $ | 551 | $ | 88 | |||||||||||||
Real estate - residential: | |||||||||||||||||
First mortgage | 471 | 431 | |||||||||||||||
Second mortgage | 96 | 79 | |||||||||||||||
Total nonaccruing non-TDR loans | 1,118 | 598 | |||||||||||||||
Nonaccruing TDR’s | |||||||||||||||||
Commercial, financial and agricultural | 4 | 5 | |||||||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 54 | 58 | |||||||||||||||
Real estate - commercial: | |||||||||||||||||
Owner occupied | - | - | |||||||||||||||
Total nonaccrual loans including TDRs | $ | 1,176 | $ | 661 | |||||||||||||
Summary Of Loans By Credit Quality Indicator | |||||||||||||||||
Below is a summary of loans by credit quality indicator as of March 31, 2015: | |||||||||||||||||
Pass- | Special | Sub- | |||||||||||||||
(In thousands) | Unrated | Pass | Watch | Mention | Standard | Total | |||||||||||
Commercial, financial and agricultural | $ | 300 | $ | 161,028 | $ | 18,509 | $ | 3,712 | $ | 12,233 | $ | 195,782 | |||||
Municipal | 32 | 81,858 | 7,631 | 1,889 | - | 91,410 | |||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 420,488 | 3,537 | 169 | - | 527 | 424,721 | |||||||||||
Second mortgage | 36,721 | - | - | - | 17 | 36,738 | |||||||||||
Real estate – commercial: | |||||||||||||||||
Owner occupied | 133 | 144,666 | 14,826 | 3,366 | 15,069 | 178,060 | |||||||||||
Non-owner occupied | 199 | 216,536 | 22,299 | 660 | 1,746 | 241,440 | |||||||||||
Real estate – construction: | |||||||||||||||||
Residential | 350 | 2,389 | - | - | 2,739 | ||||||||||||
Commercial | 150 | 23,690 | 37 | - | 1,896 | 25,773 | |||||||||||
Installment | 3,454 | - | - | - | - | 3,454 | |||||||||||
All other loans | 53 | - | - | - | - | 53 | |||||||||||
Total | $ | 461,880 | $ | 633,704 | $ | 63,471 | $ | 9,627 | $ | 31,488 | $ | 1,200,170 | |||||
Below is a summary of loans by credit quality indicator as of December 31, 2014: | |||||||||||||||||
Pass- | Special | Sub- | |||||||||||||||
(In thousands) | Unrated Residential and | Pass | Watch | Mention | Standard | Total | |||||||||||
Commercial, financial and agricultural | $ | 352 | $ | 143,813 | $ | 21,563 | $ | 3,942 | $ | 7,927 | $ | 177,597 | |||||
Municipal | 40 | 75,337 | 17,101 | 1,888 | - | 94,366 | |||||||||||
Real estate – residential: | |||||||||||||||||
First mortgage | 428,073 | 3,046 | 170 | - | 450 | 431,739 | |||||||||||
Second mortgage | 37,790 | - | - | - | - | 37,790 | |||||||||||
Real estate – commercial: | |||||||||||||||||
Owner occupied | 187 | 220,651 | 18,708 | 1,378 | 19,173 | 260,097 | |||||||||||
Non-owner occupied | 189 | 130,218 | 20,773 | - | 1,170 | 152,350 | |||||||||||
Real estate – construction: | |||||||||||||||||
Residential | 288 | 3,843 | - | - | - | 4,131 | |||||||||||
Commercial | 170 | 17,588 | 40 | - | 1,929 | 19,727 | |||||||||||
Installment | 4,504 | - | - | - | - | 4,504 | |||||||||||
All other loans | 33 | - | - | - | - | 33 | |||||||||||
Total | $ | 471,626 | $ | 594,496 | $ | 78,355 | $ | 7,208 | $ | 30,649 | $ | 1,182,334 | |||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Fair Value [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 March 31, 2015 measured at fair value on a recurring basis: | |||||
Fair Value Measurements at Reporting Date Using | ||||||
Quoted Prices in | Significant | |||||
Active Markets | Other | Significant | ||||
for Identical | Observable | Unobservable | ||||
Assets | Inputs | Inputs | ||||
(In thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||
Assets | ||||||
U.S. Treasury Obligations | $ 25,322 | $ - | $ 25,322 | $ - | ||
FHLB Obligations | 10,134 | 10,134 | ||||
Agency MBSs | 116,347 | - | 116,347 | - | ||
Agency CMBSs | 24,856 | - | 24,856 | - | ||
Agency CMOs | 71,944 | - | 71,944 | - | ||
ABSs | 384 | - | 384 | - | ||
Interest rate swap agreements | 936 | - | 936 | - | ||
Total assets | $ 249,923 | $ - | $ 249,923 | $ - | ||
Liabilities | ||||||
Interest rate swap agreements | 1,383 | - | 1,383 | - | ||
Total liabilities | $ 1,383 | $ - | $ 1,383 | $ - | ||
The table below presents the balance of financial assets and liabilities at December 31, 2014 measured at fair value on a recurring basis: | ||||||
Fair Value Measurements at Reporting Date Using | ||||||
Quoted Prices in | Significant | |||||
Active Markets | Other | Significant | ||||
for Identical | Observable | Unobservable | ||||
Assets | Inputs | Inputs | ||||
(In thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||
Assets | ||||||
U.S. Treasury Obligations | $ 25,093 | $ - | $ 25,093 | $ - | ||
Agency MBSs | 95,407 | - | 95,407 | - | ||
Agency CMBSs | 21,704 | - | 21,704 | - | ||
Agency CMOs | 60,882 | - | 60,882 | - | ||
ABSs | 387 | - | 387 | - | ||
Interest rate swap agreements | 618 | - | 618 | - | ||
Total assets | $ 204,091 | $ - | $ 204,091 | $ - | ||
Liabilities | ||||||
Interest rate swap agreements | 1,096 | - | 1,096 | - | ||
Total liabilities | $ 1,096 | $ - | $ 1,096 | $ - | ||
Financial Instruments Measured At Fair Value | The table below presents the balance of financial instruments by class at March 31, 2015 measured at fair value: | |||||
Carrying | ||||||
(In thousands) | Amount | Fair Value | Level 1 | Level 2 | Level 3 | |
Cash and cash equivalents | $ 67,919 | $ 67,919 | $ 67,919 | $ - | $ - | |
Securities available for sale | 248,987 | 248,987 | - | 248,987 | - | |
Securities held to maturity | 134,245 | 136,237 | - | 136,237 | - | |
FHLB stock | 4,378 | N/A | N/A | N/A | N/A | |
Loans, net of allowance for loan losses | 1,188,181 | 1,192,612 | - | - | 1,192,612 | |
Interest rate swap agreement | 936 | 936 | - | 936 | - | |
Accrued interest receivable | 4,147 | 4,147 | 4 | 932 | 3,211 | |
Total assets | $ 1,648,793 | $ 1,650,838 | $ 67,923 | $ 387,092 | $ | |
1,195,823 | ||||||
Deposits | $ 1,329,797 | $ 1,330,130 | $ 1,125,364 | $ 204,766 | $ - | |
Securities sold under agreement to repurchase | 206,386 | 206,364 | - | 206,364 | - | |
Other long-term debt | 2,300 | 2,284 | - | 2,284 | - | |
Junior subordinated debentures issued to unconsolidated subsidiary trust | 20,619 | 14,677 | - | 14,677 | - | |
Interest rate swap agreement | 1,383 | 1,383 | - | 1,383 | - | |
Accrued interest payable | 156 | 156 | 18 | 138 | - | |
Total liabilities | $ 1,560,641 | $ 1,554,994 | $ 1,125,382 | $ 429,612 | $ - | |
The table below presents the balance of financial instruments by class at December 31, 2014 measured at fair value: | ||||||
Carrying | ||||||
(In thousands) | Amount | Fair Value | Level 1 | Level 2 | Level 3 | |
Cash and cash equivalents | $ 154,459 | $ 154,459 | $ 154,459 | $ - | $ - | |
Securities available for sale | 203,473 | 203,473 | - | 203,473 | - | |
Securities held to maturity | 138,421 | 139,171 | - | 139,171 | - | |
FHLB stock | 4,378 | N/A | N/A | N/A | N/A | |
Loans, net of allowance for loan losses | 1,170,501 | 1,172,517 | - | - | 1,172,517 | |
Interest rate swap agreement | 618 | 618 | - | 618 | - | |
Accrued interest receivable | 3,787 | 3,787 | - | 847 | 2,940 | |
Total assets | $ 1,675,637 | $ 1,674,025 | $ 154,459 | $ 344,109 | $ | |
1,175,457 | ||||||
Deposits | $ 1,308,772 | $ 1,308,904 | $ 1,097,088 | $ 211,816 | $ - | |
Securities sold under agreement to repurchase | 258,464 | 258,438 | - | 258,438 | - | |
Other long-term debt | 2,320 | 2,277 | - | 2,277 | - | |
Junior subordinated debentures issued to unconsolidated subsidiary trust | 20,619 | 14,476 | - | 14,476 | - | |
Interest rate swap agreement | 1,096 | 1,096 | - | 1,096 | - | |
Accrued interest payable | 165 | 165 | 19 | 146 | - | |
Total liabilities | $ 1,591,436 | $ 1,585,356 | $ 1,097,107 | $ 488,249 | $ - | |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||
Mar. 31, 2015 | |||
Employee Benefit Plans [Abstract] | |||
Net Periodic Benefit Costs | |||
(In thousands) | 2015 | 2014 | |
Interest cost | $ 112 | $ 116 | |
Expected return on plan assets | -264 | -265 | |
Service costs | 13 | 10 | |
Net loss amortization | 103 | 32 | |
Net periodic pension cost | $ (36) | $ (107) | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||
Mar. 31, 2015 | |||
Earnings Per Share [Abstract] | |||
Reconciliations Of Calculations Of Basic And Diluted Earnings Per Share | |||
(In thousands except per share data) | 2015 | 2014 | |
Net income | $ 3,336 | $ 3,403 | |
Weighted average common shares outstanding | 6,329 | 6,320 | |
Dilutive effect of common stock equivalents | 13 | 22 | |
Weighted average common and common equivalent | |||
shares outstanding | 6,342 | 6,342 | |
Basic earnings per common share | $ 0.53 | $ 0.54 | |
Diluted earnings per common share | $ 0.53 | $ 0.54 | |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Accumulated Other Comprehensive Income (Loss) [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 December 31, 2014 | $ 1,482 | $ (2,824) | $ (3,395) | $ (311) | $ (5,048) | |
Other comprehensive income before reclassifications | 783 | - | - | 21 | 804 | |
Transfer of securities from available-for-sale to held-to-maturity | - | - | - | - | - | |
Accretion of unrealized losses of securities transferred from available-for-sale to held-to-maturity recognized in other comprehensive income | - | 124 | - | - | 124 | |
Reclassification adjustments for (gains) losses reclassified into income | - | - | 67 | - | 67 | |
Net current period other comprehensive income | 783 | 124 | 67 | 21 | 995 | |
Balance March 31, 2015 | $ 2,265 | $ (2,700) | $ (3,328) | $ (290) | $ (4,053) | |
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 December 31, 2013 | $ (162) | $ (3,296) | $ (1,790) | $ (472) | $ (5,720) | |
Other comprehensive income before reclassifications | 792 | - | - | 41 | 833 | |
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 | - | 113 | - | - | 113 | |
Reclassification adjustments for (gains) losses reclassified into income | -82 | - | 21 | - | -61 | |
Net current period other comprehensive income | 702 | 121 | 21 | 41 | 885 | |
Balance March 31, 2014 | $ 540 | $ (3,175) | $ (1,769) | $ (431) | $ (4,835) | |
Reclassification Adjustment Details | ||||||
Details about Accumulated Other | ||||||
Comprehensive Income Components | March 31, | March 31, | Affected Line Item in the Statement | |||
(In thousands) | 2015 | 2014 | Where Net Income is Presented | |||
Unrealized gains on securities | $ | - | $ | 126 | Net gains on investment securities | |
- | 126 | Total before tax | ||||
- | -44 | Provision for income taxes | ||||
$ | - | $ | 82 | Net of tax | ||
Amortization of actuarial loss for | ||||||
defined benefit pension plan | $ | -103 | $ | -32 | Compensation and benefits | |
-103 | -32 | Total before tax | ||||
36 | 11 | Provision for income taxes | ||||
$ | -67 | $ | -21 | Net of tax | ||
Total reclassification adjustments | $ | -67 | $ | 61 | ||
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Available-For-Sale And Held-To-Maturity Securities [Line Items] | |||
Carrying value of securities pledged | $305,840,000 | $317,220,000 | |
Securities classified as trading | 0 | 0 | |
Net gains | 126,000 | ||
Transferred From Available-For-Sale to Held-To-Maturity [Member] | |||
Schedule Of Available-For-Sale And Held-To-Maturity Securities [Line Items] | |||
Securities transferred from available-for-sale to held-to-maturity, remaining unamortized balance | 4,150,000 | ||
Securities transferred from available-for-sale to held-to-maturity, remaining unamortized balance, net of tax | $2,700,000 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule Of Available-For-Sale And Held-To-Maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost | $245,471 | $201,162 |
Available for Sale, Gross Unrealized Gains | 3,939 | 3,034 |
Available for Sale, Gross Unrealized Losses | 423 | 723 |
Available for Sale, Fair Value | 248,987 | 203,473 |
Held to Maturity, Amortized Cost | 134,245 | 138,421 |
Held to Maturity, Gross Unrealized Gains | 2,107 | 1,269 |
Held to Maturity, Gross Unrealized Losses | 115 | 519 |
Held-to-maturity Securities, Fair Value | 136,237 | 139,171 |
U.S. Treasury Obligations [Member] | ||
Schedule Of Available-For-Sale And Held-To-Maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost | 25,051 | 25,048 |
Available for Sale, Gross Unrealized Gains | 271 | 57 |
Available for Sale, Gross Unrealized Losses | 12 | |
Available for Sale, Fair Value | 25,322 | 25,093 |
U.S. Agency Obligations [Member] | ||
Schedule Of Available-For-Sale And Held-To-Maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost | 21,387 | 22,072 |
Held to Maturity, Gross Unrealized Gains | 672 | 597 |
Held-to-maturity Securities, Fair Value | 22,059 | 22,669 |
U.S. GSEs [Member] | ||
Schedule Of Available-For-Sale And Held-To-Maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost | 9,512 | 9,498 |
Held to Maturity, Gross Unrealized Gains | 195 | 59 |
Held-to-maturity Securities, Fair Value | 9,707 | 9,557 |
FHLB Obligations [Member] | ||
Schedule Of Available-For-Sale And Held-To-Maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost | 10,119 | |
Available for Sale, Gross Unrealized Gains | 19 | |
Available for Sale, Gross Unrealized Losses | 4 | |
Available for Sale, Fair Value | 10,134 | |
Held to Maturity, Amortized Cost | 4,730 | 4,720 |
Held to Maturity, Gross Unrealized Gains | 176 | 100 |
Held-to-maturity Securities, Fair Value | 4,906 | 4,820 |
Agency MBSs [Member] | ||
Schedule Of Available-For-Sale And Held-To-Maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost | 113,454 | 92,827 |
Available for Sale, Gross Unrealized Gains | 2,977 | 2,680 |
Available for Sale, Gross Unrealized Losses | 84 | 100 |
Available for Sale, Fair Value | 116,347 | 95,407 |
Held to Maturity, Amortized Cost | 7,856 | 8,109 |
Held to Maturity, Gross Unrealized Gains | 247 | 233 |
Held-to-maturity Securities, Fair Value | 8,103 | 8,342 |
Agency CMBSs [Member] | ||
Schedule Of Available-For-Sale And Held-To-Maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost | 25,080 | 22,056 |
Available for Sale, Gross Unrealized Gains | 19 | 20 |
Available for Sale, Gross Unrealized Losses | 243 | 372 |
Available for Sale, Fair Value | 24,856 | 21,704 |
Agency CMOs [Member] | ||
Schedule Of Available-For-Sale And Held-To-Maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost | 71,423 | 60,880 |
Available for Sale, Gross Unrealized Gains | 613 | 241 |
Available for Sale, Gross Unrealized Losses | 92 | 239 |
Available for Sale, Fair Value | 71,944 | 60,882 |
Held to Maturity, Amortized Cost | 90,760 | 94,022 |
Held to Maturity, Gross Unrealized Gains | 817 | 280 |
Held to Maturity, Gross Unrealized Losses | 115 | 519 |
Held-to-maturity Securities, Fair Value | 91,462 | 93,783 |
ABSs [Member] | ||
Schedule Of Available-For-Sale And Held-To-Maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost | 344 | 351 |
Available for Sale, Gross Unrealized Gains | 40 | 36 |
Available for Sale, Fair Value | $384 | $387 |
Investment_Securities_Summary_1
Investment Securities (Summary Of Contractual Maturity Of Debt Securities Classified As Available For Sale) (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | |
Available for Sale (at fair value), Within One Year | $2,317 |
Available for Sale (at fair value), After One But Within Five Years | 52,921 |
Available for Sale (at fair value), After Five But Within Ten Years | 45,611 |
Available for Sale (at fair value), After Ten Years | 148,138 |
Total Available for Sale Securities, Fair Value | 248,987 |
Available for Sale (at amortized cost), Within One Year | 2,297 |
Available for Sale (at amortized cost), After One But Within Five Years | 52,635 |
Available for Sale (at amortized cost), After Five But Within Ten Years | 44,823 |
Available for Sale (at amortized cost), After Ten Years | 145,716 |
Total Available for Sale Securities, Amortized Cost | 245,471 |
U.S. Treasury Obligations [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available for Sale (at fair value), After One But Within Five Years | 25,322 |
Total Available for Sale Securities, Fair Value | 25,322 |
Available for Sale (at amortized cost), After One But Within Five Years | 25,051 |
Total Available for Sale Securities, Amortized Cost | 25,051 |
FHLB Obligations [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available for Sale (at fair value), After One But Within Five Years | 10,134 |
Total Available for Sale Securities, Fair Value | 10,134 |
Available for Sale (at amortized cost), After One But Within Five Years | 10,119 |
Total Available for Sale Securities, Amortized Cost | 10,119 |
Agency MBSs [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available for Sale (at fair value), Within One Year | 26 |
Available for Sale (at fair value), After One But Within Five Years | 4,152 |
Available for Sale (at fair value), After Five But Within Ten Years | 38,391 |
Available for Sale (at fair value), After Ten Years | 73,778 |
Total Available for Sale Securities, Fair Value | 116,347 |
Available for Sale (at amortized cost), Within One Year | 26 |
Available for Sale (at amortized cost), After One But Within Five Years | 4,014 |
Available for Sale (at amortized cost), After Five But Within Ten Years | 37,592 |
Available for Sale (at amortized cost), After Ten Years | 71,822 |
Total Available for Sale Securities, Amortized Cost | 113,454 |
Agency CMBSs [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available for Sale (at fair value), Within One Year | 2,291 |
Available for Sale (at fair value), After One But Within Five Years | 13,313 |
Available for Sale (at fair value), After Five But Within Ten Years | 5,087 |
Available for Sale (at fair value), After Ten Years | 4,165 |
Total Available for Sale Securities, Fair Value | 24,856 |
Available for Sale (at amortized cost), Within One Year | 2,271 |
Available for Sale (at amortized cost), After One But Within Five Years | 13,451 |
Available for Sale (at amortized cost), After Five But Within Ten Years | 5,112 |
Available for Sale (at amortized cost), After Ten Years | 4,246 |
Total Available for Sale Securities, Amortized Cost | 25,080 |
Agency CMOs [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available for Sale (at fair value), After Five But Within Ten Years | 2,133 |
Available for Sale (at fair value), After Ten Years | 69,811 |
Total Available for Sale Securities, Fair Value | 71,944 |
Available for Sale (at amortized cost), After Five But Within Ten Years | 2,119 |
Available for Sale (at amortized cost), After Ten Years | 69,304 |
Total Available for Sale Securities, Amortized Cost | 71,423 |
ABSs [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available for Sale (at fair value), After Ten Years | 384 |
Total Available for Sale Securities, Fair Value | 384 |
Available for Sale (at amortized cost), After Ten Years | 344 |
Total Available for Sale Securities, Amortized Cost | $344 |
Investment_Securities_Summary_2
Investment Securities (Summary Of Contractual Maturity Of Debt Securities Classified As Held To Maturity) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity (at fair value), After One But Within Five Years | $9 | |
Held to Maturity (at fair value), After Five But Within Ten Years | 14,720 | |
Held to Maturity (at amortized cost), After Ten Years | 121,508 | |
Held-to-maturity Securities, Fair Value | 136,237 | 139,171 |
Held to Maturity (at amortized cost), After One But Within Five Years | 9 | |
Held to Maturity (at amortized cost), After Five But Within Ten Years | 14,336 | |
Held to Maturity (at amortized cost), After Ten Years | 119,900 | |
Total Held to Maturity Securities, Amortized Cost | 134,245 | 138,421 |
U.S. Agency Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity (at amortized cost), After Ten Years | 22,059 | |
Held-to-maturity Securities, Fair Value | 22,059 | 22,669 |
Held to Maturity (at amortized cost), After Ten Years | 21,387 | |
Total Held to Maturity Securities, Amortized Cost | 21,387 | 22,072 |
U.S. GSEs [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity (at fair value), After Five But Within Ten Years | 9,707 | |
Held-to-maturity Securities, Fair Value | 9,707 | 9,557 |
Held to Maturity (at amortized cost), After Five But Within Ten Years | 9,512 | |
Total Held to Maturity Securities, Amortized Cost | 9,512 | 9,498 |
FHLB Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity (at fair value), After Five But Within Ten Years | 4,906 | |
Held-to-maturity Securities, Fair Value | 4,906 | 4,820 |
Held to Maturity (at amortized cost), After Five But Within Ten Years | 4,730 | |
Total Held to Maturity Securities, Amortized Cost | 4,730 | 4,720 |
Agency MBSs [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity (at fair value), After One But Within Five Years | 9 | |
Held to Maturity (at fair value), After Five But Within Ten Years | 107 | |
Held to Maturity (at amortized cost), After Ten Years | 7,987 | |
Held-to-maturity Securities, Fair Value | 8,103 | 8,342 |
Held to Maturity (at amortized cost), After One But Within Five Years | 9 | |
Held to Maturity (at amortized cost), After Five But Within Ten Years | 94 | |
Held to Maturity (at amortized cost), After Ten Years | 7,753 | |
Total Held to Maturity Securities, Amortized Cost | 7,856 | 8,109 |
Agency CMOs [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity (at amortized cost), After Ten Years | 91,462 | |
Held-to-maturity Securities, Fair Value | 91,462 | 93,783 |
Held to Maturity (at amortized cost), After Ten Years | 90,760 | |
Total Held to Maturity Securities, Amortized Cost | $90,760 | $94,022 |
Investment_Securities_Summary_3
Investment Securities (Summary Of Proceeds, Gross Gains and Gross Losses On Available For Sale Securities) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Investments [Abstract] | |
Proceeds | $26,641 |
Gross gains | 225 |
Gross losses | -99 |
Net gains | $126 |
Investment_Securities_Summary_4
Investment Securities (Summary Of Gross Unrealized Losses On Investment Securities Available For Sale And Length Of Time) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | $34,006 | $24,357 |
Available-for-sale Securities, Less Than 12 Months, Loss | 148 | 84 |
Available-for-sale Securities, 12 Months or More, Fair Value | 24,737 | 39,203 |
Available-for-sale Securities, 12 Months or More, Loss | 275 | 639 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 58,743 | 63,560 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 423 | 723 |
Held to Maturity Securities, Less Than 12 Months, Fair Value | 7,926 | 14,338 |
Held to Maturity Securities, Less Than 12 Months, Loss | 44 | 108 |
Held to Maturity Securities, 12 Months or More, Fair Value | 6,428 | 43,911 |
Held to Maturity Securities, 12 Months or More, Loss | 71 | 411 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 14,354 | 58,249 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 115 | 519 |
U.S. Treasury Obligations [Member] | ||
Schedule Of Available-For-Sale And Held-To-Maturity Securities [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 5,080 | |
Available-for-sale Securities, Less Than 12 Months, Loss | 12 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 5,080 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 12 | |
FHLB Obligations [Member] | ||
Schedule Of Available-For-Sale And Held-To-Maturity Securities [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 5,103 | |
Available-for-sale Securities, Less Than 12 Months, Loss | 4 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 5,103 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 4 | |
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 | 17,239 | 7,893 |
Available-for-sale Securities, Less Than 12 Months, Loss | 84 | 23 |
Available-for-sale Securities, 12 Months or More, Fair Value | 10,763 | |
Available-for-sale Securities, 12 Months or More, Loss | 77 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 17,239 | 18,656 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 84 | 100 |
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 | 5,087 | |
Available-for-sale Securities, Less Than 12 Months, Loss | 25 | |
Available-for-sale Securities, 12 Months or More, Fair Value | 17,479 | 17,478 |
Available-for-sale Securities, 12 Months or More, Loss | 218 | 372 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 22,566 | 17,478 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 243 | 372 |
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 | 6,577 | 11,384 |
Available-for-sale Securities, Less Than 12 Months, Loss | 35 | 49 |
Available-for-sale Securities, 12 Months or More, Fair Value | 7,258 | 10,962 |
Available-for-sale Securities, 12 Months or More, Loss | 57 | 190 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 13,835 | 22,346 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 92 | 239 |
Held to Maturity Securities, Less Than 12 Months, Fair Value | 7,926 | 14,338 |
Held to Maturity Securities, Less Than 12 Months, Loss | 44 | 108 |
Held to Maturity Securities, 12 Months or More, Fair Value | 6,428 | 43,911 |
Held to Maturity Securities, 12 Months or More, Loss | 71 | 411 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 14,354 | 58,249 |
Held to Maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | $115 | $519 |
Loans_And_The_Allowance_For_Cr2
Loans And The Allowance For Credit Losses (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $1,200,170,000 | $1,182,334,000 |
Net deferred loan origination cost | 702,000 | 734,000 |
Overdrawn deposit balances classified as loan balances | 219,000 | 235,000 |
Allowance for loan losses | 11,989,000 | 11,833,000 |
Past due loans | 1,293,000 | 933,000 |
91 Days more past due and Accruing | 0 | |
Nonaccruing TDR's | 58,000 | 63,000 |
Commitments to lend additional funds to borrowers | 0 | |
Exposure threshold for loans subject to formal review | 1,000,000 | |
Real Estate Loans b Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 461,459,000 | 469,529,000 |
Allowance for loan losses | 3,024,000 | 3,038,000 |
Real Estate Loans b Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 419,500,000 | 412,447,000 |
Allowance for loan losses | 5,149,000 | 5,209,000 |
Commercial, Financial And Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 195,782,000 | 177,597,000 |
Allowance for loan losses | 2,859,000 | 2,583,000 |
Past due loans | 497,000 | 49,000 |
Residential And Commerical Loans Serviced For Others [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 13,660,000 | 13,530,000 |
Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past due loans | 228,000 | 414,000 |
Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past due loans | 1,070,000 | 519,000 |
Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
91 Days more past due and Accruing | 0 | |
Restructured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past due loans | 0 | 0 |
Number of loans | 0 | |
Additional Analysis [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Allowance for loan losses | $702,000 | $1,230,000 |
Loans_And_The_Allowance_For_Cr3
Loans And The Allowance For Credit Losses (Composition of Loan Portfolio) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $1,200,170 | $1,182,334 |
Commercial, Financial And Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 195,782 | 177,597 |
Municipal Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 91,410 | 94,366 |
Real Estate Loans b Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 461,459 | 469,529 |
Real Estate Loans b Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 419,500 | 412,447 |
Real Estate Loans b Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 28,512 | 23,858 |
Installment Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,454 | 4,504 |
All Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $53 | $33 |
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 | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $12,815 | $12,828 | |
Charge-offs | -158 | -22 | |
Recoveries | 82 | 23 | |
Provision (credit) | 0 | 100 | |
Ending balance | 12,739 | 12,929 | |
Commercial, Financial And Agricultural [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 3,331 | 3,354 | |
Charge-offs | -29 | ||
Recoveries | 25 | 2 | |
Provision (credit) | 41 | 22 | |
Ending balance | 3,368 | 3,378 | |
Municipal Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 636 | 768 | |
Provision (credit) | -93 | -75 | |
Ending balance | 543 | 693 | |
Real Estate Loans b Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 3,127 | 3,081 | |
Charge-offs | -55 | -2 | |
Recoveries | 3 | 18 | |
Provision (credit) | 35 | 255 | |
Ending balance | 3,110 | 3,352 | |
Real Estate Loans b Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 5,251 | 5,085 | |
Recoveries | 1 | ||
Provision (credit) | -35 | 34 | |
Ending balance | 5,217 | 5,119 | |
Real Estate Loans b Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 415 | 512 | |
Provision (credit) | 23 | -152 | |
Ending balance | 438 | 360 | |
Installment Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 13 | 18 | |
Charge-offs | -74 | ||
Recoveries | 53 | ||
Provision (credit) | 71 | ||
Ending balance | 63 | 18 | 18 |
All Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 42 | 10 | |
Charge-offs | -20 | ||
Recoveries | 3 | ||
Provision (credit) | -42 | 16 | |
Ending balance | $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 $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Ending balance individually evaluated for impairment | $178 | $63 | ||
Ending balance collectively evaluated for impairment | 12,561 | 12,752 | ||
Financing receivables, Ending balance individually evaluated for impairment | 1,298 | 791 | ||
Financing receivables, Ending balance collectively evaluated for impairment | 1,198,872 | 1,181,543 | ||
Financing receivables, Totals | 1,200,170 | 1,182,334 | ||
Allowance for loan losses | 11,989 | 11,833 | ||
Reserve for undisbursed lines of credit | 750 | 982 | ||
Total allowance for credit losses | 12,739 | 12,815 | 12,929 | 12,828 |
Commercial, Financial And Agricultural [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Ending balance individually evaluated for impairment | 68 | |||
Ending balance collectively evaluated for impairment | 3,300 | 3,331 | ||
Financing receivables, Ending balance individually evaluated for impairment | 590 | 134 | ||
Financing receivables, Ending balance collectively evaluated for impairment | 195,192 | 177,463 | ||
Financing receivables, Totals | 195,782 | 177,597 | ||
Allowance for loan losses | 2,859 | 2,583 | ||
Reserve for undisbursed lines of credit | 509 | 748 | ||
Total allowance for credit losses | 3,368 | 3,331 | 3,378 | 3,354 |
Municipal Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Ending balance collectively evaluated for impairment | 543 | 636 | ||
Financing receivables, Ending balance collectively evaluated for impairment | 91,410 | 94,366 | ||
Financing receivables, Totals | 91,410 | 94,366 | ||
Allowance for loan losses | 530 | 623 | ||
Reserve for undisbursed lines of credit | 13 | 13 | ||
Total allowance for credit losses | 543 | 636 | 693 | 768 |
Real Estate Loans b Residential [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Ending balance individually evaluated for impairment | 110 | 63 | ||
Ending balance collectively evaluated for impairment | 3,000 | 3,064 | ||
Financing receivables, Ending balance individually evaluated for impairment | 708 | 657 | ||
Financing receivables, Ending balance collectively evaluated for impairment | 460,751 | 468,872 | ||
Financing receivables, Totals | 461,459 | 469,529 | ||
Allowance for loan losses | 3,024 | 3,038 | ||
Reserve for undisbursed lines of credit | 86 | 89 | ||
Total allowance for credit losses | 3,110 | 3,127 | 3,352 | 3,081 |
Real Estate Loans b Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Ending balance collectively evaluated for impairment | 5,217 | 5,251 | ||
Financing receivables, Ending balance collectively evaluated for impairment | 419,500 | 412,447 | ||
Financing receivables, Totals | 419,500 | 412,447 | ||
Allowance for loan losses | 5,149 | 5,209 | ||
Reserve for undisbursed lines of credit | 68 | 42 | ||
Total allowance for credit losses | 5,217 | 5,251 | 5,119 | 5,085 |
Real Estate Loans b Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Ending balance collectively evaluated for impairment | 438 | 415 | ||
Financing receivables, Ending balance collectively evaluated for impairment | 28,512 | 23,858 | ||
Financing receivables, Totals | 28,512 | 23,858 | ||
Allowance for loan losses | 364 | 325 | ||
Reserve for undisbursed lines of credit | 74 | 90 | ||
Total allowance for credit losses | 438 | 415 | 360 | 512 |
Installment Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Ending balance collectively evaluated for impairment | 63 | 13 | ||
Financing receivables, Ending balance collectively evaluated for impairment | 3,454 | 4,504 | ||
Financing receivables, Totals | 3,454 | 4,504 | ||
Allowance for loan losses | 63 | 13 | ||
Total allowance for credit losses | 63 | 13 | 18 | 18 |
All Other Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Ending balance collectively evaluated for impairment | 42 | |||
Financing receivables, Ending balance collectively evaluated for impairment | 53 | 33 | ||
Financing receivables, Totals | 53 | 33 | ||
Allowance for loan losses | 42 | |||
Total allowance for credit losses | $42 | $9 | $10 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
31-60 Days Past Due | $726,000 | $441,000 |
61-90 Days Past Due | 17,000 | 22,000 |
91 Days or More Past Due | 550,000 | 470,000 |
Total Past Due | 1,293,000 | 933,000 |
Current | 1,198,877,000 | 1,181,401,000 |
Financing receivables, Totals | 1,200,170,000 | 1,182,334,000 |
91 Days more past due and Accruing | 0 | |
Commercial, Financial And Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
31-60 Days Past Due | 497,000 | 49,000 |
Total Past Due | 497,000 | 49,000 |
Current | 195,285,000 | 177,548,000 |
Financing receivables, Totals | 195,782,000 | 177,597,000 |
Municipal Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 91,410,000 | 94,366,000 |
Financing receivables, Totals | 91,410,000 | 94,366,000 |
Real Estate Loans b Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, Totals | 461,459,000 | 469,529,000 |
Real Estate Loans b Residential [Member] | First Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
31-60 Days Past Due | 68,000 | 157,000 |
91 Days or More Past Due | 471,000 | 391,000 |
Total Past Due | 539,000 | 548,000 |
Current | 424,182,000 | 431,191,000 |
Financing receivables, Totals | 424,721,000 | 431,739,000 |
Real Estate Loans b Residential [Member] | Second Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
31-60 Days Past Due | 16,000 | 33,000 |
61-90 Days Past Due | 17,000 | |
91 Days or More Past Due | 79,000 | 79,000 |
Total Past Due | 112,000 | 112,000 |
Current | 36,626,000 | 37,678,000 |
Financing receivables, Totals | 36,738,000 | 37,790,000 |
Real Estate Loans b Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, Totals | 419,500,000 | 412,447,000 |
Real Estate Loans b Commercial [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
61-90 Days Past Due | 22,000 | |
Total Past Due | 22,000 | |
Current | 178,060,000 | 260,075,000 |
Financing receivables, Totals | 178,060,000 | 260,097,000 |
Real Estate Loans b Commercial [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
31-60 Days Past Due | 143,000 | 202,000 |
Total Past Due | 143,000 | 202,000 |
Current | 241,297,000 | 152,148,000 |
Financing receivables, Totals | 241,440,000 | 152,350,000 |
Real Estate Loans b Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, Totals | 28,512,000 | 23,858,000 |
Real Estate Loans b Construction [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,739,000 | 4,131,000 |
Financing receivables, Totals | 2,739,000 | 4,131,000 |
Real Estate Loans b Construction [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 25,773,000 | 19,727,000 |
Financing receivables, Totals | 25,773,000 | 19,727,000 |
Installment Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
31-60 Days Past Due | 2,000 | |
Total Past Due | 2,000 | |
Current | 3,452,000 | 4,504,000 |
Financing receivables, Totals | 3,454,000 | 4,504,000 |
All Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 53,000 | 33,000 |
Financing receivables, Totals | $53,000 | $33,000 |
Loans_And_The_Allowance_For_Cr7
Loans And The Allowance For Credit Losses (Impaired Loans By Class) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | |||
Recorded investment, Total | $1,298 | $791 | |
Unpaid Principal Balance, Total | 1,430 | 904 | |
Related Allowance | 178 | 63 | |
Average Recorded Investment, Total | 946 | 817 | |
Commercial, Financial And Agricultural [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded investment | 93 | 134 | |
With related allowance recorded, Recorded investment | 497 | ||
Recorded investment, Total | 590 | 134 | |
With no related allowance recorded, Unpaid Principal Balance | 96 | 136 | |
With related allowance recorded, Unpaid Principal Balance | 497 | ||
Unpaid Principal Balance, Total | 593 | 136 | |
Related Allowance | 68 | ||
With no related allowance recorded, Average Recorded Investment | 109 | 34 | |
With related allowance recorded, Average Recorded Investment | 166 | 19 | |
Average Recorded Investment, Total | 275 | 53 | |
Real Estate Loans b Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment, Total | 708 | 657 | |
Unpaid Principal Balance, Total | 837 | 768 | |
Related Allowance | 110 | 63 | |
Average Recorded Investment, Total | 671 | 602 | |
Real Estate Loans b Residential [Member] | First Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded investment | 154 | 147 | |
With related allowance recorded, Recorded investment | 458 | 431 | |
With no related allowance recorded, Unpaid Principal Balance | 283 | 257 | |
With related allowance recorded, Unpaid Principal Balance | 458 | 432 | |
Related Allowance | 93 | 63 | |
With no related allowance recorded, Average Recorded Investment | 147 | 264 | |
With related allowance recorded, Average Recorded Investment | 439 | 164 | |
Real Estate Loans b Residential [Member] | Second Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded investment | 79 | 79 | |
With related allowance recorded, Recorded investment | 17 | ||
With no related allowance recorded, Unpaid Principal Balance | 79 | 79 | |
With related allowance recorded, Unpaid Principal Balance | 17 | ||
Related Allowance | 17 | ||
With no related allowance recorded, Average Recorded Investment | 79 | 174 | |
With related allowance recorded, Average Recorded Investment | 6 | ||
Real Estate Loans b Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, Total | 162 | ||
Real Estate Loans b Commercial [Member] | Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With related allowance recorded, Average Recorded Investment | $162 |
Loans_And_The_Allowance_For_Cr8
Loans And The Allowance For Credit Losses (Nonperforming Loans) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Loans And The Allowance For Credit Losses [Abstract] | ||
Nonaccrual loans | $1,118,000 | $598,000 |
Loans greater than 90 days and accruing | 0 | |
Troubled debt restructurings ("TDRs") | 180,000 | 193,000 |
Total nonperforming loans | $1,298,000 | $791,000 |
Loans_And_The_Allowance_For_Cr9
Loans And The Allowance For Credit Losses (Nonaccrual Loans By Class) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccruing non-TDR loans | $1,118 | $598 |
Total nonaccrual loans including TDRs | 1,176 | 661 |
Commercial, Financial And Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccruing non-TDR loans | 551 | 88 |
Nonaccruing TDR's | 4 | 5 |
Real Estate Loans b Residential [Member] | First Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccruing non-TDR loans | 471 | 431 |
Nonaccruing TDR's | 54 | 58 |
Real Estate Loans b Residential [Member] | Second Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccruing non-TDR loans | $96 | $79 |
Recovered_Sheet1
Loans And The Allowance For Credit Losses (Summary Of Loans By Credit Quality Indicator) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $1,200,170 | $1,182,334 |
Unrated Residential and Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 461,880 | 471,626 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 633,704 | 594,496 |
Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 63,471 | 78,355 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,627 | 7,208 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 31,488 | 30,649 |
Commercial, Financial And Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 195,782 | 177,597 |
Commercial, Financial And Agricultural [Member] | Unrated Residential and Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 300 | 352 |
Commercial, Financial And Agricultural [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 161,028 | 143,813 |
Commercial, Financial And Agricultural [Member] | Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 18,509 | 21,563 |
Commercial, Financial And Agricultural [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,712 | 3,942 |
Commercial, Financial And Agricultural [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 12,233 | 7,927 |
Municipal Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 91,410 | 94,366 |
Municipal Loans [Member] | Unrated Residential and Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 32 | 40 |
Municipal Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 81,858 | 75,337 |
Municipal Loans [Member] | Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,631 | 17,101 |
Municipal Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,889 | 1,888 |
Real Estate Loans b Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 461,459 | 469,529 |
Real Estate Loans b Residential [Member] | First Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 424,721 | 431,739 |
Real Estate Loans b Residential [Member] | Second Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 36,738 | 37,790 |
Real Estate Loans b Residential [Member] | Unrated Residential and Consumer [Member] | First Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 420,488 | 428,073 |
Real Estate Loans b Residential [Member] | Unrated Residential and Consumer [Member] | Second Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 36,721 | 37,790 |
Real Estate Loans b Residential [Member] | Pass [Member] | First Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,537 | 3,046 |
Real Estate Loans b Residential [Member] | Pass-Watch [Member] | First Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 169 | 170 |
Real Estate Loans b Residential [Member] | Substandard [Member] | First Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 527 | 450 |
Real Estate Loans b Residential [Member] | Substandard [Member] | Second Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17 | |
Real Estate Loans b Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 419,500 | 412,447 |
Real Estate Loans b Commercial [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 178,060 | 260,097 |
Real Estate Loans b Commercial [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 241,440 | 152,350 |
Real Estate Loans b Commercial [Member] | Unrated Residential and Consumer [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 133 | 187 |
Real Estate Loans b Commercial [Member] | Unrated Residential and Consumer [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 199 | 189 |
Real Estate Loans b Commercial [Member] | Pass [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 144,666 | 220,651 |
Real Estate Loans b Commercial [Member] | Pass [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 216,536 | 130,218 |
Real Estate Loans b Commercial [Member] | Pass-Watch [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,826 | 18,708 |
Real Estate Loans b Commercial [Member] | Pass-Watch [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 22,299 | 20,773 |
Real Estate Loans b Commercial [Member] | Special Mention [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,366 | 1,378 |
Real Estate Loans b Commercial [Member] | Special Mention [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 660 | |
Real Estate Loans b Commercial [Member] | Substandard [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15,069 | 19,173 |
Real Estate Loans b Commercial [Member] | Substandard [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,746 | 1,170 |
Real Estate Loans b Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 28,512 | 23,858 |
Real Estate Loans b Construction [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,739 | 4,131 |
Real Estate Loans b Construction [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 25,773 | 19,727 |
Real Estate Loans b Construction [Member] | Unrated Residential and Consumer [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 350 | 288 |
Real Estate Loans b Construction [Member] | Unrated Residential and Consumer [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 150 | 170 |
Real Estate Loans b Construction [Member] | Pass [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,389 | 3,843 |
Real Estate Loans b Construction [Member] | Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 23,690 | 17,588 |
Real Estate Loans b Construction [Member] | Pass-Watch [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 37 | 40 |
Real Estate Loans b Construction [Member] | Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,896 | 1,929 |
Installment Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,454 | 4,504 |
Installment Loans [Member] | Unrated Residential and Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,454 | 4,504 |
All Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 53 | 33 |
All Other Loans [Member] | Unrated Residential and Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $53 | $33 |
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value [Abstract] | ||
The fair value of commitments to extend credit and standby letters of credit | $41 | $47 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $249,923 | $204,091 |
Liabilities | 1,383 | 1,096 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 249,923 | 204,091 |
Liabilities | 1,383 | 1,096 |
U.S. Treasury Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 25,322 | 25,093 |
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 | 25,322 | 25,093 |
FHLB Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 10,134 | |
FHLB Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 10,134 | |
Agency MBSs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 116,347 | 95,407 |
Agency MBSs [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 116,347 | 95,407 |
Agency CMBSs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 24,856 | 21,704 |
Agency CMBSs [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 24,856 | 21,704 |
Agency CMOs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 71,944 | 60,882 |
Agency CMOs [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 71,944 | 60,882 |
ABSs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 384 | 387 |
ABSs [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 384 | 387 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 936 | 618 |
Liabilities | 1,383 | 1,096 |
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 | 936 | 618 |
Liabilities | $1,383 | $1,096 |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Financial Instruments Measured At Fair Value) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale, at fair value | $248,987 | $203,473 |
Securities held to maturity, fair value | 136,237 | 139,171 |
Nonrecurring Basis [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 67,919 | 154,459 |
Securities available for sale, at fair value | 248,987 | 203,473 |
Securities held to maturity, fair value | 134,245 | 138,421 |
FHLB stock | 4,378 | 4,378 |
Loans, net of allowance for loan losses | 1,188,181 | 1,170,501 |
Interest rate swap agreement | 936 | 618 |
Interest rate swap agreement | 1,383 | 1,096 |
Accrued interest receivable | 4,147 | 3,787 |
Total assets | 1,648,793 | 1,675,637 |
Deposits | 1,329,797 | 1,308,772 |
Securities sold under agreement to repurchase | 206,386 | 258,464 |
Other long-term debt | 2,300 | 2,320 |
Junior subordinated debentures issued to unconsolidated subsidiary trust | 20,619 | 20,619 |
Accrued interest payable | 156 | 165 |
Total liabilities | 1,560,641 | 1,591,436 |
Nonrecurring Basis [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 67,919 | 154,459 |
Securities available for sale, at fair value | 248,987 | 203,473 |
Securities held to maturity, fair value | 136,237 | 139,171 |
Loans, net of allowance for loan losses | 1,192,612 | 1,172,517 |
Interest rate swap agreement | 936 | 618 |
Interest rate swap agreement | 1,383 | 1,096 |
Accrued interest receivable | 4,147 | 3,787 |
Total assets | 1,650,838 | 1,674,025 |
Deposits | 1,330,130 | 1,308,904 |
Securities sold under agreement to repurchase | 206,364 | 258,438 |
Other long-term debt | 2,284 | 2,277 |
Junior subordinated debentures issued to unconsolidated subsidiary trust | 14,677 | 14,476 |
Interest rate contract-cash flow hedge | 1,383 | 1,096 |
Accrued interest payable | 156 | 165 |
Total liabilities | 1,554,994 | 1,585,356 |
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 | 67,919 | 154,459 |
Accrued interest receivable | 4 | |
Total assets | 67,923 | 154,459 |
Deposits | 1,125,364 | 1,097,088 |
Accrued interest payable | 18 | 19 |
Total liabilities | 1,125,382 | 1,097,107 |
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 | 248,987 | 203,473 |
Securities held to maturity, fair value | 136,237 | 139,171 |
Interest rate swap agreement | 936 | 618 |
Interest rate swap agreement | 1,383 | 1,096 |
Accrued interest receivable | 932 | 847 |
Total assets | 387,092 | 344,109 |
Deposits | 204,766 | 211,816 |
Securities sold under agreement to repurchase | 206,364 | 258,438 |
Other long-term debt | 2,284 | 2,277 |
Junior subordinated debentures issued to unconsolidated subsidiary trust | 14,677 | 14,476 |
Interest rate contract-cash flow hedge | 1,383 | 1,096 |
Accrued interest payable | 138 | 146 |
Total liabilities | 429,612 | 488,249 |
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 | 1,192,612 | 1,172,517 |
Accrued interest receivable | 3,211 | 2,940 |
Total assets | $1,195,823 | $1,175,457 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Employee Benefit Plans [Abstract] | ||
Interest cost | $112,000 | $116,000 |
Expected return on plan assets | -264,000 | -265,000 |
Service costs | 13,000 | 10,000 |
Net loss amortization | 103,000 | 32,000 |
Net periodic pension cost | -36,000 | -107,000 |
Minimum required contribution for 2015 | $0 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net income | $3,336 | $3,403 |
Weighted average common shares outstanding | 6,329,000 | 6,320,000 |
Dilutive effect of common stock equivalents | 13,000 | 22,000 |
Weighted average common and common equivalent shares outstanding | 6,342,000 | 6,342,000 |
Basic earnings per common share | $0.53 | $0.54 |
Diluted earnings per common share | $0.53 | $0.54 |
Average stock options outstanding which were not included in the calculation of diluted earnings per share | 0 | 0 |
Stock_Repurchase_Program_Detai
Stock Repurchase Program (Details) (USD $) | 3 Months Ended | 12 Months Ended | 15 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
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 | $23 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Expiration term of contingent obligations, months | 12 months | |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contingent Obligations | 5,740,000 | $8,770,000 |
Loan Sales Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contingent Obligations | 0 | $0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Accumulated Balances for Each Classification of Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | ($5,048) | |
Transfer of securities from available-for-sale to held-to-maturity | 0 | 8 |
Accretion of unrealized losses of securities transferred from available-for-sale to held-to-maturity recognized in other comprehensive income | 124 | 113 |
Other comprehensive income | 995 | 885 |
Ending Balance | -4,053 | |
Unrealized Gains on Securities [Member] | Available-For-Sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 1,482 | -162 |
Other comprehensive income before reclassifications | 783 | 792 |
Transfer of securities from available-for-sale to held-to-maturity | -8 | |
Reclassification adjustments for (gains) losses reclassified into income | -82 | |
Other comprehensive income | 783 | 702 |
Ending Balance | 2,265 | 540 |
Unrealized Gains on Securities [Member] | Transferred From Available-For-Sale to Held-To-Maturity [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | -2,824 | -3,296 |
Transfer of securities from available-for-sale to held-to-maturity | 8 | |
Accretion of unrealized losses of securities transferred from available-for-sale to held-to-maturity recognized in other comprehensive income | 124 | 113 |
Other comprehensive income | 124 | 121 |
Ending Balance | -2,700 | -3,175 |
Pension Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | -3,395 | -1,790 |
Reclassification adjustments for (gains) losses reclassified into income | 67 | 21 |
Other comprehensive income | 67 | 21 |
Ending Balance | -3,328 | -1,769 |
Interest Rate Swaps [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | -311 | -472 |
Other comprehensive income before reclassifications | 21 | 41 |
Other comprehensive income | 21 | 41 |
Ending Balance | -290 | -431 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | -5,048 | -5,720 |
Other comprehensive income before reclassifications | 804 | 833 |
Accretion of unrealized losses of securities transferred from available-for-sale to held-to-maturity recognized in other comprehensive income | 124 | 113 |
Reclassification adjustments for (gains) losses reclassified into income | 67 | -61 |
Other comprehensive income | 995 | 885 |
Ending Balance | ($4,053) | ($4,835) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Reclassification Adjustment Details) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net gains on investment securities | $0 | $126 |
Total before tax | 4,216 | 4,480 |
Provision for income taxes | -880 | -1,077 |
Reclassification adjustments, Net of tax | 3,336 | 3,403 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification adjustments, Net of tax | -67 | 61 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains on Securities [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net gains on investment securities | 126 | |
Total before tax | 126 | |
Provision for income taxes | -44 | |
Reclassification adjustments, Net of tax | 82 | |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Pension Plan [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Compensation and benefits | -103 | -32 |
Total before tax | -103 | -32 |
Provision for income taxes | 36 | 11 |
Reclassification adjustments, Net of tax | ($67) | ($21) |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Ineffective portion recognized in earnings | $0 | $0 | |
Fair values of effective portion of hedges reflected in Other Comprehensive Income | -447,000 | -479,000 | |
Fair Value Hedge [Member] | |||
Derivative [Line Items] | |||
Interest rate swaps, notional amount | 9,350,000 | 9,360,000 | |
Average receive rate | 1.56% | ||
Average pay rate | 3.26% | ||
Weighted average maturity | 17 years 3 months 18 days | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Interest rate swaps, notional amount | 10,000,000 | 10,000,000 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Interest rate swaps, notional amount | 39,000,000 | ||
Average receive rate | 1.86% | ||
Average pay rate | 3.64% | ||
Weighted average maturity | 11 years 9 months 18 days | ||
Interest rate derivative assets, fair value | 936,000 | 618,000 | |
Interest rate derivative liabilities, fair value | $936,000 | $618,000 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], NUVO Bank & Trust Company [Member], USD $) | 1 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Apr. 27, 2015 |
Subsequent Event [Member] | NUVO Bank & Trust Company [Member] | |
Subsequent Event [Line Items] | |
Business Combination, Consideration Transferred | $21.80 |
Business Acquisition, Share Price | $7.15 |
Business Acquisition, Stock Conversion Ratio | 0.2416 |
Business Acquisition, Percentage Of Total Consideration Comprised Of Stock | 75.00% |
Business Acquisition, Percentage Of Total Consideration Comprised Of Cash | 25.00% |
Percentage Of Tangible Book Value | 133.00% |
Factor Of Earnings | 51.9 |