Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document And Entity Information | ' | ' | ' |
Entity Registrant Name | 'CAPITAL CITY BANK GROUP INC | ' | ' |
Entity Central Index Key | '0000726601 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity a Well-known Seasoned Issuer | 'No | ' | ' |
Entity a Voluntary Filer | 'No | ' | ' |
Entity's Reporting Status Current | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $120,914,224 |
Entity Common Stock, Shares Outstanding | ' | 17,412,900 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and Due From Banks | $55,209 | $66,238 |
Federal Funds Sold and Interest Bearing Deposits | 474,719 | 443,494 |
Total Cash and Cash Equivalents | 529,928 | 509,732 |
Investment Securities, Available-for-Sale | 251,420 | 296,985 |
Investment Securities, Held to Maturity, at amortized cost (fair value of $146,961) | 148,211 | ' |
Total Investment Securities | 399,631 | 296,985 |
Loans Held For Sale | 11,065 | 14,189 |
Loans, Net of Unearned Income | 1,388,604 | 1,507,113 |
Allowance for Loan Losses | -23,095 | -29,167 |
Loans, Net | 1,365,509 | 1,477,946 |
Premises and Equipment, Net | 103,385 | 107,092 |
Goodwill | 84,811 | 84,811 |
Other Intangible Assets | 32 | 242 |
Other Real Estate Owned | 48,071 | 53,426 |
Other Assets | 69,471 | 89,561 |
Total Assets | 2,611,903 | 2,633,984 |
Deposits: | ' | ' |
Noninterest Bearing Deposits | 641,463 | 609,235 |
Interest Bearing Deposits | 1,494,785 | 1,535,761 |
Total Deposits | 2,136,248 | 2,144,996 |
Short-Term Borrowings | 51,321 | 47,435 |
Subordinated Notes Payable | 62,887 | 62,887 |
Other Long-Term Borrowings | 38,043 | 46,859 |
Other Liabilities | 47,004 | 84,918 |
Total Liabilities | 2,335,503 | 2,387,095 |
SHAREOWNERS' EQUITY | ' | ' |
Preferred Stock, $.01 par value; 3,000,000 shares authorized; no shares issued and outstanding | ' | ' |
Common Stock, $.01 par value; 90,000,000 shares authorized; 17,360,960 and 17,232,380 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 174 | 172 |
Additional Paid-In Capital | 41,152 | 38,707 |
Retained Earnings | 243,614 | 237,569 |
Accumulated Other Comprehensive Loss, Net of Tax | -8,540 | -29,559 |
Total Shareowners' Equity | 276,400 | 246,889 |
Total Liabilities and Shareowners' Equity | $2,611,903 | $2,633,984 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Investment Securities, Held to Maturity, at amortized cost | $146,961 | $0 |
Preferred Stock, par value (in dollar per share) | $0.01 | $0.01 |
Preferred Stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred Stock, shares outstanding | 0 | 0 |
Preferred Stock, shares issued | 0 | 0 |
Common Stock, par value (in dollar per share) | $0.01 | $0.01 |
Common Stock, shares authorized | 90,000,000 | 90,000,000 |
Common Stock, shares issued | 17,360,960 | 17,232,380 |
Common Stock, shares outstanding | 17,360,960 | 17,232,380 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
INTEREST INCOME | ' | ' | ' |
Loans, including Fees | $78,184 | $85,394 | $94,944 |
Investment Securities: | ' | ' | ' |
Taxable Securities | 2,345 | 2,912 | 3,321 |
Tax Exempt Securities | 546 | 428 | 647 |
Funds Sold | 1,077 | 946 | 547 |
Total Interest Income | 82,152 | 89,680 | 99,459 |
INTEREST EXPENSE | ' | ' | ' |
Deposits | 1,431 | 2,108 | 3,947 |
Short-Term Borrowings | 235 | 196 | 305 |
Subordinated Notes Payable | 1,420 | 1,477 | 1,380 |
Other Long-Term Borrowings | 1,330 | 1,587 | 1,905 |
Total Interest Expense | 4,416 | 5,368 | 7,537 |
NET INTEREST INCOME | 77,736 | 84,312 | 91,922 |
Provision for Loan Losses | 3,472 | 16,166 | 18,996 |
Net Interest Income After Provision for Loan Losses | 74,264 | 68,146 | 72,926 |
NONINTEREST INCOME | ' | ' | ' |
Deposit Fees | 25,254 | 25,792 | 25,451 |
Bank Card Fees | 10,786 | 10,783 | 10,141 |
Wealth Management Fees | 8,179 | 7,181 | 7,615 |
Mortgage Banking Fees | 3,534 | 3,600 | 2,675 |
Data Processing Fees | 2,674 | 2,713 | 3,230 |
Securities Transactions | 3 | ' | ' |
Other | 5,986 | 5,116 | 9,736 |
Total Noninterest Income | 56,416 | 55,185 | 58,848 |
NONINTEREST EXPENSE | ' | ' | ' |
Compensation | 66,127 | 64,242 | 63,642 |
Occupancy, Net | 17,331 | 18,055 | 18,271 |
Intangible Amortization | 210 | 431 | 675 |
Other Real Estate | 9,539 | 11,428 | 12,586 |
Other | 29,503 | 30,403 | 31,074 |
Total Noninterest Expense | 122,710 | 124,559 | 126,248 |
INCOME (LOSS) BEFORE INCOME TAXES | 7,970 | -1,228 | 5,526 |
Income Tax (Benefit) Expense | 1,925 | -1,336 | 629 |
NET INCOME (LOSS) | $6,045 | $108 | $4,897 |
BASIC NET INCOME (LOSS) PER SHARE (in dollars per shares) | $0.35 | $0.01 | $0.29 |
DILUTED NET INCOME (LOSS) PER SHARE (in dollars per shares) | $0.35 | $0.01 | $0.29 |
Average Basic Common Shares Outstanding (in shares) | 17,325 | 17,205 | 17,140 |
Average Diluted Common Shares Outstanding (in shares) | 17,399 | 17,220 | 17,140 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
NET INCOME (LOSS) | $6,045 | $108 | $4,897 |
Investment Securities: | ' | ' | ' |
Change in net unrealized gain (loss) | -1,252 | -786 | 600 |
Unrealized losses on securities transferred from available for sale to held to maturity | -523 | ' | ' |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity | 25 | ' | ' |
Reclassification adjustment for net gain included in net income | 3 | ' | ' |
Reclassification adjustment for impairment loss realized in net income | 600 | ' | ' |
Total Investment Securities | -1,147 | -786 | 600 |
Benefit Plans: | ' | ' | ' |
Reclassification adjustment for amortization of prior service cost | 504 | 548 | 643 |
Reclassification adjustment for amortization of net loss | 4,079 | 3,021 | 1,810 |
Current year actuarial gain (loss) | 30,784 | -12,587 | -15,763 |
Total Benefit Plans | 35,367 | -9,018 | -13,310 |
Other comprehensive income (loss), before tax | 34,220 | -9,804 | -12,710 |
Deferred tax (expense) benefit related to other comprehensive income | -13,201 | 3,774 | 4,932 |
Other comprehensive income (loss), net of tax | 21,019 | -6,030 | -7,778 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $27,064 | ($5,922) | ($2,881) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (USD $) | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss, Net of Taxes | Total |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2010 | $171 | $36,920 | $237,679 | ($15,751) | $259,019 |
Balance, Shares at Dec. 31, 2010 | 17,100,081 | ' | ' | ' | ' |
Net Income | ' | ' | 4,897 | ' | 4,897 |
Other Comprehensive Income (Loss), net of tax | ' | ' | ' | -7,778 | -7,778 |
Cash Dividends ($.3000 per share) | ' | ' | -5,115 | ' | -5,115 |
Stock Compensation Expense | ' | ' | ' | ' | ' |
Issuance of Common Stock | 1 | 918 | ' | ' | 919 |
Issuance of Common Stock (In Shares) | 60,193 | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 172 | 37,838 | 237,461 | -23,529 | 251,942 |
Balance, Shares at Dec. 31, 2011 | 17,160,274 | ' | ' | ' | ' |
Net Income | ' | ' | 108 | ' | 108 |
Other Comprehensive Income (Loss), net of tax | ' | ' | ' | -6,030 | -6,030 |
Stock Compensation Expense | ' | 262 | ' | ' | 262 |
Issuance of Common Stock | ' | 607 | ' | ' | 607 |
Issuance of Common Stock (In Shares) | 72,106 | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 172 | 38,707 | 237,569 | -29,559 | 246,889 |
Balance, Shares at Dec. 31, 2012 | 17,232,380 | ' | ' | ' | 17,232,380 |
Net Income | ' | ' | 6,045 | ' | 6,045 |
Other Comprehensive Income (Loss), net of tax | ' | ' | ' | 21,019 | 21,019 |
Stock Compensation Expense | ' | 1,296 | ' | ' | 1,296 |
Issuance of Common Stock | 2 | 1,149 | ' | ' | 1,151 |
Issuance of Common Stock (In Shares) | 128,580 | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $174 | $41,152 | $243,614 | ($8,540) | $276,400 |
Balance, Shares at Dec. 31, 2013 | 17,360,960 | ' | ' | ' | 17,360,960 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended |
Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' |
Cash Dividends (in dollars per share) | $0.30 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
NET INCOME (LOSS) | $6,045 | $108 | $4,897 |
Adjustment to Reconcile Net Income (Loss) to Cash Provided by Operating Activities: | ' | ' | ' |
Provision for Loan Losses | 3,472 | 16,166 | 18,996 |
Depreciation | 6,396 | 6,759 | 6,770 |
Amortization of Premiums, Discounts, and Fees (net) | 4,756 | 3,358 | 3,726 |
Amortization of Intangible Assets | 210 | 431 | 675 |
Gain on Securities Transactions | -3 | ' | ' |
Loss on Impaired Security | 600 | ' | ' |
Net Decrease (Increase) in Loans Held-for-Sale | 3,124 | 7,036 | -9,654 |
Stock-Based Compensation | 1,296 | 262 | ' |
Deferred Income Taxes | 1,805 | -2,805 | -2,919 |
Loss on Sales and Write-Downs of Other Real Estate Owned | 4,573 | 6,314 | 6,351 |
Net Decrease (Increase) in Other Assets | 5,087 | 5,665 | -4,163 |
Net (Decrease) Increase in Other Liabilities | -2,547 | 13,393 | 12,844 |
Net Cash Provided By Operating Activities | 34,814 | 56,687 | 37,523 |
Securities Held to Maturity: | ' | ' | ' |
Purchases | -95,946 | ' | ' |
Payments, Maturities, and Calls | 9,768 | ' | ' |
Securities Available-for-Sale: | ' | ' | ' |
Purchases | -149,111 | -141,863 | -81,984 |
Sales | 7,506 | 805 | ' |
Payments, Maturities, and Calls | 118,142 | 146,862 | 81,405 |
Net Decrease in Loans | 84,969 | 59,751 | 78,889 |
Proceeds From Sales of Other Real Estate Owned | 25,270 | 25,636 | 26,424 |
Proceeds From Sales of Premises & Equipment | ' | 25 | ' |
Purchase of Premises & Equipment | -2,689 | -2,885 | -2,405 |
Net Cash (Used In) Provided By Investing Activities | -2,091 | 88,331 | 102,329 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net (Decrease) Increase in Deposits | -8,748 | -27,523 | 68,543 |
Net Decrease in Short-Term Borrowings | -542 | -3,121 | -49,556 |
Proceeds from Other Long-Term Borrowings | 1,303 | 12,591 | 789 |
Repayment of Other Long-Term Borrowings | -5,691 | -3,154 | -6,284 |
Dividends Paid | ' | ' | -5,142 |
Issuance of Common Stock | 1,151 | 607 | 919 |
Net Cash (Used In) Provided By Financing Activities | -12,527 | -20,600 | 9,269 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 20,196 | 124,418 | 149,121 |
Cash and Cash Equivalents at Beginning of Year | 509,732 | 385,314 | 236,193 |
Cash and Cash Equivalents at End of Year | 529,928 | 509,732 | 385,314 |
SUPPLEMENTAL DISCLOSURES: | ' | ' | ' |
Interest Paid | 6,012 | 6,662 | 8,176 |
Income Taxes Paid, Net of Refunds Received | -3,202 | -3,799 | 1,601 |
Noncash Investing and Financing Activities: | ' | ' | ' |
Transfer of Securities Available for Sale to Held to Maturity | 62,488 | ' | ' |
Loans Transferred to Other Real Estate Owned | 24,488 | 22,777 | 37,438 |
Transfer of Current Portion of Long-Term Borrowings | $4,428 | $7,184 | ' |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
SIGNIFICANT ACCOUNTING POLICIES | ' |
Note 1 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Operations | |
Capital City Bank Group, Inc. (“CCBG” or the “Company”) provides a full range of banking and banking-related services to individual and corporate clients through its subsidiary, Capital City Bank, with banking offices located in Florida, Georgia, and Alabama. The Company is subject to competition from other financial institutions, is subject to regulation by certain government agencies and undergoes periodic examinations by those regulatory authorities. | |
Basis of Presentation | |
The consolidated financial statements include the accounts of Capital City Bank Group, Inc. (“CCBG”), and its wholly owned subsidiary, Capital City Bank (“CCB” or the “Bank” and together with CCBG, the “Company”). All material inter-company transactions and accounts have been eliminated. | |
The Company, which operates a single reportable business segment that is comprised of commercial banking within the states of Florida, Georgia, and Alabama, follows accounting principles generally accepted in the United States of America and reporting practices applicable to the banking industry. The principles which materially affect the financial position, results of operations and cash flows are summarized below. | |
The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under accounting principles generally accepted in the United States of America. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provide the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (“VIE’s”) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in an entity is present when an enterprise has a variable interest, or a combination of variable interests, that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. CCBG's wholly owned subsidiaries, CCBG Capital Trust I (established November 1, 2004) and CCBG Capital Trust II (established May 24, 2005) are VIEs for which the Company is not the primary beneficiary. Accordingly, the accounts of these entities are not included in the Company’s consolidated financial statements. | |
Certain previously reported amounts have been reclassified to conform to the current year’s presentation. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the consolidated financial statements included in this Annual Report on Form 10-K were filed with the United States Securities and Exchange Commission. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from these estimates. Material estimates that are particularly susceptible to significant changes in the near-term relate to the determination of the allowance for loan losses, pension expense, income taxes, loss contingencies, and valuation of goodwill and other intangibles and their respective analysis of impairment. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash and due from banks, interest-bearing deposits in other banks, and federal funds sold. Generally, federal funds are purchased and sold for one-day periods and all other cash equivalents have a maturity of 90 days or less. The Company is required to maintain average reserve balances with the Federal Reserve Bank based upon a percentage of deposits. The average amounts of these required reserve balances for the years ended December 31, 2013 and 2012 were $17.6 million and $24.3 million, respectively. | |
Investment Securities | |
Securities are classified as held to maturity and carried at amortized cost when the Company has the positive intent and ability to hold them until maturity. Securities to be held for indefinite periods of time are classified as available for sale and carried at fair value, with the unrealized holding gains and losses reported as a component of other comprehensive income, net of tax. The Company determines the appropriate classification of securities at the time of purchase. Securities with limited marketability, such as stock in the Federal Reserve Bank and the Federal Home Loan Bank, are carried at cost. Securities transferred from available for sale to held to maturity are recorded at fair value at the time of transfer. The respective gain or loss is reclassified as a separate component of other comprehensive income and amortized as an adjustment to interest income over the remaining life of the security. | |
Interest income includes amortization of purchase premiums and discounts. Realized gains and losses are derived from the amortized cost of the security sold. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, the Company considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer and (iii) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |
Loans Held For Sale | |
Certain residential mortgage loans are originated for sale in the secondary mortgage loan market. Additionally, certain other loans are periodically identified to be sold. The Company has the ability and intent to sell these loans and they are classified as loans held for sale and carried at the lower of cost or estimated fair value. Fair value is determined on the basis of rates quoted in the respective secondary market for the type of loan held for sale. Loans are generally sold with servicing released at a premium or discount from the carrying amount of the loans. Such premium or discount is recognized as mortgage banking revenue at the date of sale. Fixed commitments are generally used at the time loans are originated or identified for sale to mitigate interest rate risk. The fair value of fixed commitments to originate and sell loans held for sale is not material. | |
Loans | |
Loans are stated at the principal amount outstanding, net of unearned income. Interest income is accrued on the effective yield method based on outstanding balances. Fees charged to originate loans and direct loan origination costs are deferred and amortized over the life of the loan as a yield adjustment. | |
The Company defines loans as past due when one full payment is past due or a contractual maturity is over 30 days late. The accrual of interest is generally suspended on loans more than 90 days past due with respect to principal or interest. When a loan is placed on nonaccrual status, all previously accrued and uncollected interest is reversed against current income. Interest income on nonaccrual loans is recognized when the ultimate collectability is no longer considered doubtful. Loans are returned to accrual status when the principal and interest amounts contractually due are brought current or when future payments are reasonably assured. | |
Loan charge-offs on commercial and investor real estate loans are recorded when the facts and circumstances of the individual loan confirm the loan is not fully collectible and the loss is reasonably quantifiable. Factors considered in making these determinations are the borrower’s and any guarantor’s ability and willingness to pay, the status of the account in bankruptcy court (if applicable), and collateral value. Charge-off decisions for consumer loans are dictated by the Federal Financial Institutions Examination Council’s (FFEIC) Uniform Retail Credit Classification and Account Management Policy which establishes standards for the classification and treatment of consumer loans, which generally require charge-off after 120 days of delinquency. | |
Allowance for Loan Losses | |
The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing portfolio of loans. The allowance is that amount considered adequate to absorb losses inherent in the loan portfolio based on management’s evaluation of credit risk as of the balance sheet date. | |
The allowance for loan losses includes allowance allocations calculated in accordance with FASB ASC Topic 310 – Receivables and ASC Topic 450 - Contingencies. The level of the allowance reflects management’s continuing evaluation of specific credit risks, loan loss experience, current loan portfolio quality, present economic conditions and unidentified losses inherent in the current loan portfolio, as well as trends in the foregoing. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. | |
The Company’s allowance for loan losses consists of two components: (i) specific reserves established for probable losses on impaired loans; and (ii) general reserve for non-homogenous loans not deemed impaired and homogenous loan pools based on, but not limited to, historical loan loss experience, current economic conditions, levels of past due loans, and levels of problem loans. | |
Loans are deemed to be impaired when, based on current information and events, it is probable that the Company will not be able to collect all amounts due (principal and interest payments), according to the contractual terms of the loan agreement. Loans to borrowers who are experiencing financial difficulties and whose loans were modified with concessions are classified as troubled debt restructurings and measured for impairment. Loans to borrowers that have filed Chapter 7 bankruptcy, but continue to perform as agreed are classified as troubled debt restructurings and measured for impairment. | |
Long-Lived Assets | |
Premises and equipment is stated at cost less accumulated depreciation, computed on the straight-line method over the estimated useful lives for each type of asset with premises being depreciated over a range of 10 to 40 years, and equipment being depreciated over a range of 3 to 10 years. Additions, renovations and leasehold improvements to premises are capitalized and depreciated over the lesser of the useful life or the remaining lease term. Repairs and maintenance are charged to noninterest expense as incurred. | |
Intangible assets, other than goodwill, consist of core deposit intangible assets and client relationship assets that were recognized in connection with various acquisitions. Core deposit intangible assets are amortized on the straight-line method over various periods, with the majority being amortized over an average of 5 to 10 years. Other identifiable intangibles are amortized on the straight-line method over their estimated useful lives. At December 31, 2013, all of the Company’s core deposit intangible assets were fully amortized. | |
Long-lived assets are evaluated for impairment if circumstances suggest that their carrying value may not be recoverable, by comparing the carrying value to estimated undiscounted cash flows. If the asset is deemed impaired, an impairment charge is recorded equal to the carrying value less the fair value. | |
Goodwill | |
Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. In accordance with FASB ASC Topic 350, the Company determined it has one goodwill reporting unit. Goodwill is tested for impairment at least annually or on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. See Note 5 – Intangible Assets for additional information. | |
Other Real Estate Owned | |
Assets acquired through or instead of loan foreclosure are held for sale and are initially recorded at the lower of cost or fair value less estimated selling costs. Subsequent declines in the fair value of the asset and gains (losses) on sales are reflected as noninterest expense. Costs after acquisition are generally expensed. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. | |
Loss Contingencies | |
Loss contingencies, including claims and legal actions arising in the ordinary course of business are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. | |
Revenue Recognition | |
The Company recognizes revenue as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Certain specific policies include the following: | |
Service Charges on Deposit Accounts. Service charges on deposit accounts are primarily overdraft and insufficient fund fees and monthly transaction-based fees. These fees are recognized as earned or as transactions occur and services are provided. | |
Bank Card Fees. Bank card fees primarily includes interchange income from client use of consumer and business debit cards. Interchange income is a fee paid by a merchant bank to the card-issuing bank through the interchange network. Interchange fees are set by the credit card associations and are based on cardholder purchase volumes. The Company records interchange income as transactions occur. | |
Income Taxes | |
Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. | |
The Company files a consolidated federal income tax return and each subsidiary files a separate state income tax return. | |
Earnings Per Common Share | |
Basic earnings per common share is based on net income divided by the weighted-average number of common shares outstanding during the period excluding non-vested stock. Diluted earnings per common share include the dilutive effect of stock options and non-vested stock awards granted using the treasury stock method. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 12 — Earnings Per Share. | |
Comprehensive Income | |
Comprehensive income includes all changes in shareowners’ equity during a period, except those resulting from transactions with shareowners. Besides net income, other components of the Company’s comprehensive income include the after tax effect of changes in the net unrealized gain/loss on securities available for sale and changes in the funded status of defined benefit and supplemental executive retirement plans. Comprehensive income is reported in the accompanying Consolidated Statements of Comprehensive Income and Changes in Shareowners’ Equity. | |
Stock Based Compensation | |
Compensation cost is recognized for share based awards issued to employees, based on the fair value of these awards at the date of grant. The market price of the Company’s common stock at the date of the grant is used for restricted stock awards. For stock option awards, a Black-Scholes model is utilized to estimate the fair value of the options. Compensation cost is recognized over the requisite service period, generally defined as the vesting period. | |
NEW AUTHORITATIVE ACCOUNTING GUIDANCE | |
ASU 2013-02 “Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 requires an entity to separately present the amount reclassified out of accumulated other comprehensive income (“AOCI”) for each component of AOCI and to disclose, for each affected line item in the income statement, the amount of AOCI that has been reclassified into that line item. If the reclassification doesn't go directly to an income statement line it is acceptable to cross reference that amount to another footnote that provides the required disclosure. ASU 2013-02 became effective for the Company on January 1, 2013 and did not have a significant impact on the Company’s financial statements. | |
ASU 2014-01 “Investments – Equity Method and Joint Ventures (Topic 323) – Accounting for Investments in Qualified Affordable Housing Projects.” ASU 2014-01 provides guidance related to the accounting for investments in qualified affordable housing projects. The guidance allows the holder of low income housing tax credit (“LIHTC”) investments to apply a proportional amortization method that would recognize the cost of the investment as a part of income tax expense, provided that the investment meets certain criteria. The guidance is silent regarding statement of financial position classification, although it would not be appropriate to classify the investment as a deferred tax asset. The decision to apply the proportional amortization method is an accounting policy election. Entities may also elect to continue to account for these investments using the equity method. The guidance will be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The Company does not believe this pronouncement will have a significant impact on its financial statements. | |
ASU 2014-04 “Receivables – Troubled Debt Restructurings by Creditors (Topic 310-40) – Reclassification of Residential Real Estate Collateralized Consumer Loans Upon Foreclosure.”ASU 2014-04 provides guidance regarding the reclassification of residential real estate collateralized consumer mortgage loans upon foreclosures. The guidance requires reclassification of a consumer mortgage loan to other real estate owned upon obtaining legal title to the residential property, which could occur either through foreclosure or through a deed in lieu of foreclosure or similar legal agreement. The existence of a borrower redemption right will not prevent the lender from reclassifying a loan to real estate once the lender obtains legal title to the property. In addition, entities are required to disclose the amount of foreclosed residential real estate properties and the recorded investment in residential real estate mortgage loans in the process of foreclosure on both an interim and annual basis. The guidance may be applied prospectively or on a modified retrospective basis in fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted. The Company is in the process of reviewing the potential impact the adoption of this guidance will have to its financial statements. |
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
INVESTMENT SECURITIES | ' | ||||||||||||||||||||||||||||||||
Note 2 | |||||||||||||||||||||||||||||||||
INVESTMENT SECURITIES | |||||||||||||||||||||||||||||||||
Investment Portfolio Composition. The amortized cost and related market value of investment securities at December 31 were as follows: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | Amortized | Unrealized | Unrealized | Market | ||||||||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gain | Losses | Value | ||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||
U.S. Government Treasury | $ | 71,791 | $ | 82 | $ | 40 | $ | 71,833 | $ | 96,745 | $ | 504 | $ | — | $ | 97,249 | |||||||||||||||||
U.S. Government Agency | 75,275 | 127 | 256 | 75,146 | 51,468 | 221 | 25 | 51,664 | |||||||||||||||||||||||||
States and Political | 91,605 | 167 | 19 | 91,753 | 79,818 | 124 | 63 | 79,879 | |||||||||||||||||||||||||
Subdivisions | |||||||||||||||||||||||||||||||||
Mortgage-Backed Securities | 2,583 | 212 | — | 2,795 | 56,217 | 805 | 40 | 56,982 | |||||||||||||||||||||||||
Other Securities(1) | 9,893 | — | — | 9,893 | 11,811 | — | 600 | 11,211 | |||||||||||||||||||||||||
Total | $ | 251,147 | $ | 588 | $ | 315 | $ | 251,420 | $ | 296,059 | $ | 1,654 | $ | 728 | $ | 296,985 | |||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||
U.S. Government Treasury | $ | 43,533 | $ | 84 | $ | 38 | $ | 43,579 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
U.S. Government Agency | 15,794 | 38 | 22 | 15,810 | — | — | — | — | |||||||||||||||||||||||||
States and Political Subdivisions | 33,216 | 53 | 4 | 33,265 | — | — | — | — | |||||||||||||||||||||||||
Mortgage-Backed Securities | 55,668 | 12 | 1,373 | 54,307 | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 148,211 | $ | 187 | $ | 1,437 | $ | 146,961 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Total Investment Securities | $ | 399,358 | $ | 775 | $ | 1,752 | $ | 398,381 | $ | 296,059 | $ | 1,654 | $ | 728 | $ | 296,985 | |||||||||||||||||
-1 | Includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $5.0 million and $4.8 million, respectively, at December 31, 2013 and $6.4 million and $4.8 million, respectively, at December 31, 2012. | ||||||||||||||||||||||||||||||||
During the third quarter of 2013, the Company transferred certain securities from available for sale to held to maturity. Transfers of securities into the held to maturity categories from available for sale are made at fair value on the date of the transfer. The securities had an aggregate fair value of $63.0 million with an aggregate net unrealized loss of $523,000 on the date of the transfer. The net unamortized, unrealized loss on the transferred securities included in accumulated other comprehensive income in the accompanying balance sheet as of December 31, 2013 totaled $498,000. This amount will be amortized out of accumulated other comprehensive income over the remaining life of the underlying securities as an adjustment of the yield on those securities. | |||||||||||||||||||||||||||||||||
Securities with an amortized cost of $258.5 million and $152.3 million at December 31, 2013 and December 31, 2012, respectively, were pledged to secure public deposits and for other purposes. | |||||||||||||||||||||||||||||||||
The Bank, as a member of the Federal Home Loan Bank of Atlanta (“FHLB”), is required to own capital stock in the FHLB based generally upon the balances of residential and commercial real estate loans, and FHLB advances. FHLB stock which is included in other securities is pledged to secure FHLB advances. No ready market exists for this stock, and it has no quoted market value; however, redemption of this stock has historically been at par value. | |||||||||||||||||||||||||||||||||
Investment Sales. The total proceeds from the sale of investment securities and the gross realized gains and losses from the sale of such securities for each of the last three years are as follows: | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Year | Total | Gross | Gross | |||||||||||||||||||||||||||||
Proceeds | Realized Gains | Realized Losses | |||||||||||||||||||||||||||||||
2013 | $ | 7,506 | $ | 3 | $ | — | |||||||||||||||||||||||||||
2012 | 805 | — | — | ||||||||||||||||||||||||||||||
2011 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Maturity Distribution. As of December 31, 2013, the Company's investment securities had the following maturity distribution based on contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. Mortgage-backed securities and certain amortizing U.S. government agency securities are shown separately since they are not due at a certain maturity date. | |||||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Amortized | Market | Amortized | Market | |||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||
Due in one year or less | $ | 97,227 | $ | 97,361 | $ | 13,980 | $ | 14,003 | |||||||||||||||||||||||||
Due after one through five years | 81,107 | 81,172 | 78,563 | 78,651 | |||||||||||||||||||||||||||||
No Maturity | 9,893 | 9,893 | — | — | |||||||||||||||||||||||||||||
U.S. Government Agency | 60,337 | 60,199 | — | — | |||||||||||||||||||||||||||||
Mortgage-Backed Securities | 2,583 | 2,795 | 55,668 | 54,307 | |||||||||||||||||||||||||||||
Total | $ | 251,147 | $ | 251,420 | $ | 148,211 | $ | 146,961 | |||||||||||||||||||||||||
Other Than Temporarily Impaired Securities. The following table summarizes the investment securities with unrealized losses at December 31, aggregated by major security type and length of time in a continuous unrealized loss position: | |||||||||||||||||||||||||||||||||
Less Than | Greater Than | Total | |||||||||||||||||||||||||||||||
12 Months | 12 Months | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Market | Unrealized | Market | Unrealized | Market | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||
U.S. Government Treasury | $ | 24,924 | $ | 40 | $ | — | $ | — | $ | 24,924 | $ | 40 | |||||||||||||||||||||
U.S. Government Agency | 40,944 | 235 | 4,842 | 21 | 45,786 | 256 | |||||||||||||||||||||||||||
States and Political Subdivisions | 4,101 | 7 | 511 | 12 | 4,612 | 19 | |||||||||||||||||||||||||||
Total | 69,969 | 282 | 5,353 | 33 | 75,322 | 315 | |||||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||
U.S. Government Treasury | 10,054 | 38 | — | — | 10,054 | 38 | |||||||||||||||||||||||||||
U.S. Government Agency | 5,676 | 22 | — | — | 5,676 | 22 | |||||||||||||||||||||||||||
States and Political Subdivisions | 3,316 | 4 | — | — | 3,316 | 4 | |||||||||||||||||||||||||||
Mortgage-Backed Securities | 44,031 | 1,373 | — | — | 44,031 | 1,373 | |||||||||||||||||||||||||||
Total | $ | 63,077 | $ | 1,437 | $ | — | $ | — | $ | 63,077 | $ | 1,437 | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||
U.S. Government Agency | $ | 8,464 | $ | 23 | $ | 790 | $ | 2 | $ | 9,254 | $ | 25 | |||||||||||||||||||||
States and Political Subdivisions | 30,302 | 55 | 5,028 | 8 | 35,330 | 63 | |||||||||||||||||||||||||||
Mortgage-Backed Securities | 3,921 | 15 | 1,624 | 25 | 5,545 | 40 | |||||||||||||||||||||||||||
Other Securities | — | — | 600 | 600 | 600 | 600 | |||||||||||||||||||||||||||
Total | $ | 42,687 | $ | 93 | $ | 8,042 | $ | 635 | $ | 50,729 | $ | 728 | |||||||||||||||||||||
Management evaluates securities for other than temporary impairment at least quarterly, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to: 1) the length of time and the extent to which the fair value has been less than amortized cost, 2) the financial condition and near-term prospects of the issuer, and 3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in cost. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by rating agencies have occurred, regulatory issues, and analysts’ reports. | |||||||||||||||||||||||||||||||||
Approximately $5.4 million of investment securities, with an unrealized loss of approximately $33,000, have been in a loss position for greater than 12 months. These debt securities are in a loss position because they were acquired when the general level of interest rates was lower than that on December 31, 2013. The Company believes that the unrealized losses in these debt securities are temporary in nature and that the full principal will be collected as anticipated. Because the declines in the market value of these investments are attributable to changes in interest rates and not credit quality and because the Company has the present ability and intent to hold these investments until there is a recovery in fair value, which may be at maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2013. |
LOANS
LOANS | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
LOANS | ' | ||||||||||||||||||||||||||||||||
NOTE 3 – LOANS, NET | |||||||||||||||||||||||||||||||||
Loan Portfolio Composition. The composition of the loan portfolio at December 31 was as follows: | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 126,607 | $ | 139,850 | |||||||||||||||||||||||||||||
Real Estate – Construction | 31,012 | 37,512 | |||||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 533,871 | 613,625 | |||||||||||||||||||||||||||||||
Real Estate– Residential(1) | 309,692 | 321,986 | |||||||||||||||||||||||||||||||
Real Estate – Home Equity | 227,922 | 236,263 | |||||||||||||||||||||||||||||||
Consumer | 159,500 | 157,877 | |||||||||||||||||||||||||||||||
Loans, Net of Unearned Income | $ | 1,388,604 | $ | 1,507,113 | |||||||||||||||||||||||||||||
-1 | Includes loans in process with outstanding balances of $6.8 million and $11.9 million for 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
Net deferred fees included in loans were $1.5 million and $1.6 million at December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||
The Company has pledged a blanket floating lien on all 1-4 family residential mortgage loans, commercial real estate mortgage loans, and home equity loans to support available borrowing capacity at the FHLB of Atlanta and has pledged a blanket floating lien on all consumer loans, commercial loans, and construction loans to support available borrowing capacity at the Federal Reserve Bank of Atlanta. | |||||||||||||||||||||||||||||||||
Nonaccrual Loans. Loans are generally placed on nonaccrual status if principal or interest payments become 90 days past due and/or management deems the collectability of the principal and/or interest to be doubtful. Loans are returned to accrual status when the principal and interest amounts contractually due are brought current or when future payments are reasonably assured. | |||||||||||||||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans at December 31: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Nonaccrual | 90 + Days | Nonaccrual | 90 + Days | |||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 188 | — | $ | 1,069 | — | |||||||||||||||||||||||||||
Real Estate – Construction | 426 | — | 4,071 | — | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 25,227 | — | 41,045 | — | |||||||||||||||||||||||||||||
Real Estate– Residential | 6,440 | — | 13,429 | — | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 4,084 | — | 4,034 | — | |||||||||||||||||||||||||||||
Consumer | 599 | — | 574 | — | |||||||||||||||||||||||||||||
Total Nonaccrual Loans | $ | 36,964 | — | $ | 64,222 | — | |||||||||||||||||||||||||||
Loan Portfolio Aging. A loan is defined as a past due loan when one full payment is past due or a contractual maturity is over 30 days past due (“DPD”). | |||||||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans by class of loans at December 31, | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 + | Total | Total | Total | ||||||||||||||||||||||||||||
(Dollars in Thousands) | DPD | DPD | DPD | Past Due | Current | Loans | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 258 | $ | 100 | $ | — | $ | 358 | $ | 126,062 | $ | 126,607 | |||||||||||||||||||||
Real Estate – Construction | — | — | — | — | 30,587 | 31,012 | |||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 1,548 | 672 | — | 2,220 | 506,424 | 533,871 | |||||||||||||||||||||||||||
Real Estate – Residential | 1,647 | 1,090 | — | 2,737 | 300,514 | 309,692 | |||||||||||||||||||||||||||
Real Estate – Home Equity | 848 | 212 | — | 1,060 | 222,778 | 227,922 | |||||||||||||||||||||||||||
Consumer | 1,127 | 244 | — | 1,371 | 157,529 | 159,500 | |||||||||||||||||||||||||||
Total Past Due Loans | $ | 5,428 | $ | 2,318 | $ | — | $ | 7,746 | $ | 1,343,894 | $ | 1,388,604 | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 302 | $ | 314 | $ | — | $ | 616 | $ | 138,165 | $ | 139,850 | |||||||||||||||||||||
Real Estate – Construction | 375 | — | — | 375 | 33,066 | 37,512 | |||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 1,090 | 583 | — | 1,673 | 570,907 | 613,625 | |||||||||||||||||||||||||||
Real Estate – Residential | 2,788 | 1,199 | — | 3,987 | 304,570 | 321,986 | |||||||||||||||||||||||||||
Real Estate – Home Equity | 711 | 487 | — | 1,198 | 231,031 | 236,263 | |||||||||||||||||||||||||||
Consumer | 1,693 | 392 | — | 2,085 | 155,218 | 157,877 | |||||||||||||||||||||||||||
Total Past Due Loans | $ | 6,959 | $ | 2,975 | $ | — | $ | 9,934 | $ | 1,432,957 | $ | 1,507,113 | |||||||||||||||||||||
Allowance for Loan Losses. The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing portfolio of loans. Loans are charged-off to the allowance when losses are deemed to be probable and reasonably quantifiable. | |||||||||||||||||||||||||||||||||
The following table details the activity in the allowance for loan losses by portfolio class for the years ended December 31, 2013 and 2012. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Commercial, Financial, Agricultural | Real Estate Construction | Real Estate | Real Estate Residential | Real Estate Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Commercial Mortgage | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,253 | $ | 2,856 | $ | 11,081 | $ | 8,678 | $ | 2,945 | $ | 1,327 | $ | 1,027 | $ | 29,167 | |||||||||||||||||
Provision for Loan Losses | (15 | ) | (207 | ) | (83 | ) | 3,392 | 971 | 441 | (1,027 | ) | 3,472 | |||||||||||||||||||||
Charge-Offs | (748 | ) | (1,070 | ) | (3,651 | ) | (3,835 | ) | (1,159 | ) | (1,751 | ) | — | (12,214 | ) | ||||||||||||||||||
Recoveries | 209 | 1 | 363 | 838 | 294 | 965 | — | 2,670 | |||||||||||||||||||||||||
Net Charge-Offs | (539 | ) | (1,069 | ) | (3,288 | ) | (2,997 | ) | (865 | ) | (786 | ) | — | (9,544 | ) | ||||||||||||||||||
Ending Balance | $ | 699 | $ | 1,580 | $ | 7,710 | $ | 9,073 | $ | 3,051 | $ | 982 | $ | — | $ | 23,095 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,534 | $ | 1,133 | $ | 10,660 | $ | 12,518 | $ | 2,392 | $ | 1,887 | $ | 911 | $ | 31,035 | |||||||||||||||||
Provision for Loan Losses | 251 | 2,309 | 5,770 | 4,588 | 3,050 | 82 | 116 | 16,166 | |||||||||||||||||||||||||
Charge-Offs | (822 | ) | (629 | ) | (6,031 | ) | (9,719 | ) | (2,896 | ) | (2,125 | ) | — | (22,222 | ) | ||||||||||||||||||
Recoveries | 290 | 43 | 682 | 1,291 | 399 | 1,483 | — | 4,188 | |||||||||||||||||||||||||
Net Charge-Offs | (532 | ) | (586 | ) | (5,349 | ) | (8,428 | ) | (2,497 | ) | (642 | ) | — | (18,034 | ) | ||||||||||||||||||
Ending Balance | $ | 1,253 | $ | 2,856 | $ | 11,081 | $ | 8,678 | $ | 2,945 | $ | 1,327 | $ | 1,027 | $ | 29,167 | |||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,544 | $ | 2,060 | $ | 8,645 | $ | 17,046 | $ | 2,522 | $ | 2,612 | $ | 1,007 | $ | 35,436 | |||||||||||||||||
Provision for Loan Losses | 1,446 | (827 | ) | 8,477 | 6,864 | 2,383 | 749 | (96 | ) | 18,996 | |||||||||||||||||||||||
Charge-Offs | (1,843 | ) | (114 | ) | (6,713 | ) | (11,870 | ) | (2,727 | ) | (2,924 | ) | — | (26,191 | ) | ||||||||||||||||||
Recoveries | 387 | 14 | 251 | 478 | 214 | 1,450 | — | 2,794 | |||||||||||||||||||||||||
Net Charge-Offs | (1,456 | ) | (100 | ) | (6,462 | ) | (11,392 | ) | (2,513 | ) | (1,474 | ) | — | (23,397 | ) | ||||||||||||||||||
Ending Balance | $ | 1,534 | $ | 1,133 | $ | 10,660 | $ | 12,518 | $ | 2,392 | $ | 1,887 | $ | 911 | $ | 31,035 | |||||||||||||||||
The following table details the amount of the allowance for loan losses by portfolio class at December 31, disaggregated on the basis of the Company’s impairment methodology. | |||||||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | Real Estate Construction | Real Estate Commercial Mortgage | Real Estate Residential | Real Estate Home Equity | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Period-end amount | |||||||||||||||||||||||||||||||||
Allocated to: | |||||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment | $ | 75 | $ | 66 | $ | 4,336 | $ | 2,047 | $ | 682 | $ | 23 | $ | — | $ | 7,229 | |||||||||||||||||
Loans Collectively Evaluated for Impairment | 624 | 1,514 | 3,374 | 7,026 | 2,369 | 959 | — | 15,866 | |||||||||||||||||||||||||
Ending Balance | $ | 699 | $ | 1,580 | $ | 7,710 | $ | 9,073 | $ | 3,051 | $ | 982 | $ | — | $ | 23,095 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Period-end amount | |||||||||||||||||||||||||||||||||
Allocated to: | |||||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment | $ | 210 | $ | 714 | $ | 6,641 | $ | 2,778 | $ | 546 | $ | 32 | $ | — | $ | 10,921 | |||||||||||||||||
Loans Collectively Evaluated for Impairment | 1,043 | 2,142 | 4,440 | 5,900 | 2,399 | 1,295 | 1,027 | 18,246 | |||||||||||||||||||||||||
Ending Balance | $ | 1,253 | $ | 2,856 | $ | 11,081 | $ | 8,678 | $ | 2,945 | $ | 1,327 | $ | 1,027 | $ | 29,167 | |||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Period-end amount | |||||||||||||||||||||||||||||||||
Allocated to: | |||||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment | $ | 311 | $ | 68 | $ | 5,828 | $ | 4,702 | $ | 239 | $ | 26 | $ | — | $ | 11,174 | |||||||||||||||||
Loans Collectively Evaluated for Impairment | 1,223 | 1,065 | 4,832 | 7,816 | 2,153 | 1,861 | 911 | 19,861 | |||||||||||||||||||||||||
Ending Balance | $ | 1,534 | $ | 1,133 | $ | 10,660 | $ | 12,518 | $ | 2,392 | $ | 1,887 | $ | 911 | $ | 31,035 | |||||||||||||||||
The Company’s recorded investment in loans as of December 31 related to each balance in the allowance for loan losses by portfolio class and disaggregated on the basis of the Company’s impairment methodology was as follows: | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Commercial, Financial, Agricultural | Real Estate Construction | Real Estate | Real Estate Residential | Real Estate Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Commercial Mortgage | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 1,580 | $ | 557 | $ | 49,973 | $ | 20,470 | $ | 3,359 | $ | 355 | $ | — | $ | 76,294 | |||||||||||||||||
Collectively Evaluated for Impairment | 125,027 | 30,455 | 483,898 | 289,222 | 224,563 | 159,145 | — | 1,312,310 | |||||||||||||||||||||||||
Total | $ | 126,607 | $ | 31,012 | $ | 533,871 | $ | 309,692 | $ | 227,922 | $ | 159,500 | $ | — | $ | 1,388,604 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 2,325 | $ | 4,232 | $ | 74,650 | $ | 23,030 | $ | 3,858 | $ | 687 | $ | — | $ | 108,782 | |||||||||||||||||
Collectively Evaluated for Impairment | 137,525 | 33,280 | 538,975 | 298,956 | 232,405 | 157,190 | — | 1,398,331 | |||||||||||||||||||||||||
Total | $ | 139,850 | $ | 37,512 | $ | 613,625 | $ | 321,986 | $ | 236,263 | $ | 157,877 | $ | — | $ | 1,507,113 | |||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 1,653 | $ | 511 | $ | 65,624 | $ | 36,324 | $ | 3,527 | $ | 143 | $ | — | $ | 107,782 | |||||||||||||||||
Collectively Evaluated for Impairment | 129,226 | 18,381 | 573,516 | 349,297 | 240,736 | 188,520 | — | 1,499,676 | |||||||||||||||||||||||||
Total | $ | 130,879 | $ | 18,892 | $ | 639,140 | $ | 385,621 | $ | 244,263 | $ | 188,663 | $ | — | $ | 1,607,458 | |||||||||||||||||
Impaired Loans. Loans are deemed to be impaired when, based on current information and events, it is probable that the Company will not be able to collect all amounts due (principal and interest payments), according to the contractual terms of the loan agreement. Loans, for which the terms have been modified, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. | |||||||||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans at December 31: | |||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Related Allowance | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 1,580 | $ | 443 | $ | 1,137 | $ | 75 | |||||||||||||||||||||||||
Real Estate – Construction | 557 | — | 557 | 66 | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 49,973 | 19,860 | 30,113 | 4,336 | |||||||||||||||||||||||||||||
Real Estate– Residential | 20,470 | 4,330 | 16,140 | 2,047 | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 3,359 | 646 | 2,713 | 682 | |||||||||||||||||||||||||||||
Consumer | 355 | 90 | 265 | 23 | |||||||||||||||||||||||||||||
Total | $ | 76,294 | $ | 25,369 | $ | 50,925 | $ | 7,229 | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 2,325 | $ | 527 | $ | 1,797 | $ | 210 | |||||||||||||||||||||||||
Real Estate – Construction | 4,232 | — | 4,232 | 714 | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 74,650 | 22,594 | 52,056 | 6,641 | |||||||||||||||||||||||||||||
Real Estate – Residential | 23,030 | 2,635 | 20,395 | 2,778 | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 3,858 | 890 | 2,968 | 546 | |||||||||||||||||||||||||||||
Consumer | 687 | 123 | 565 | 32 | |||||||||||||||||||||||||||||
Total | $ | 108,782 | $ | 26,769 | $ | 82,013 | $ | 10,921 | |||||||||||||||||||||||||
The following table summarizes the average recorded investment and interest income recognized for 2013, 2012, and 2011 by class of impaired loans: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | Average | Total Interest Income | Average | Total Interest Income | Average | Total Interest Income | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | Investment | |||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 2,861 | $ | 140 | $ | 2,018 | $ | 81 | $ | 1,554 | $ | 62 | |||||||||||||||||||||
Real Estate – Construction | 1,181 | 7 | 4,443 | 70 | 1,775 | 36 | |||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 60,043 | 2,062 | 70,701 | 2,113 | 50,706 | 1,285 | |||||||||||||||||||||||||||
Real Estate– Residential | 21,238 | 860 | 28,680 | 853 | 30,988 | 667 | |||||||||||||||||||||||||||
Real Estate – Home Equity | 4,037 | 72 | 3,540 | 95 | 2,743 | 61 | |||||||||||||||||||||||||||
Consumer | 501 | 10 | 229 | 3 | 90 | 3 | |||||||||||||||||||||||||||
Total | $ | 89,861 | $ | 3,151 | $ | 109,611 | $ | 3,215 | $ | 87,856 | $ | 2,114 | |||||||||||||||||||||
Credit Risk Management. The Company has adopted comprehensive lending policies, underwriting standards and loan review procedures designed to maximize loan income within an acceptable level of risk. Management and the Board of Directors review and approve these policies and procedures on a regular basis (at least annually). | |||||||||||||||||||||||||||||||||
Reporting systems have been implemented to monitor loan originations, loan quality, concentrations of credit, loan delinquencies and nonperforming loans and potential problem loans. Management and the Credit Risk Oversight Committee periodically review our lines of business to monitor asset quality trends and the appropriateness of credit policies. In addition, total borrower exposure limits are established and concentration risk is monitored. As part of this process, the overall composition of the portfolio is reviewed to gauge diversification of risk, client concentrations, industry group, loan type, geographic area, or other relevant classifications of loans. Specific segments of the loan portfolio are monitored and reported to the Board on a quarterly basis and have strategic plans in place to supplement Board approved credit policies governing exposure limits and underwriting standards. Detailed below are the types of loans within the Company’s loan portfolio and risk characteristics unique to each. | |||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural – Loans in this category are primarily made based on identified cash flows of the borrower with consideration given to underlying collateral and personal or other guarantees. Lending policy establishes debt service coverage ratio limits that require a borrower’s cash flow to be sufficient to cover principal and interest payments on all new and existing debt. The majority of these loans are secured by the assets being financed or other business assets such as accounts receivable, inventory, or equipment. Collateral values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established policy guidelines. | |||||||||||||||||||||||||||||||||
Real Estate Construction – Loans in this category consist of short-term construction loans, revolving and non-revolving credit lines and construction/permanent loans made to individuals and investors to finance the acquisition, development, construction or rehabilitation of real property. These loans are primarily made based on identified cash flows of the borrower or project and generally secured by the property being financed, including 1-4 family residential properties and commercial properties that are either owner-occupied or investment in nature. These properties may include either vacant or improved property. Construction loans are generally based upon estimates of costs and value associated with the completed project. Collateral values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established policy guidelines. The disbursement of funds for construction loans is made in relation to the progress of the project and as such these loans are closely monitored by on-site inspections. | |||||||||||||||||||||||||||||||||
Real Estate Commercial Mortgage – Loans in this category consists of commercial mortgage loans secured by property that is either owner-occupied or investment in nature. These loans are primarily made based on identified cash flows of the borrower or project with consideration given to underlying real estate collateral and personal guarantees. Lending policy establishes debt service coverage ratios and loan to value ratios specific to the property type. Collateral values are determined based upon third party appraisals and evaluations. | |||||||||||||||||||||||||||||||||
Real Estate Residential – Residential mortgage loans held in the Company’s loan portfolio are made to borrowers that demonstrate the ability to make scheduled payments with full consideration to underwriting factors such as current income, employment status, current assets, and other financial resources, credit history, and the value of the collateral. Collateral consists of mortgage liens on 1-4 family residential properties. Collateral values are determined based upon third party appraisals and evaluations. The Company does not originate sub-prime loans. | |||||||||||||||||||||||||||||||||
Real Estate Home Equity – Home equity loans and lines are made to qualified individuals for legitimate purposes generally secured by senior or junior mortgage liens on owner-occupied 1-4 family homes or vacation homes. Borrower qualifications include favorable credit history combined with supportive income and debt ratio requirements and combined loan to value ratios within established policy guidelines. Collateral values are determined based upon third party appraisals and evaluations. | |||||||||||||||||||||||||||||||||
Consumer Loans – This loan portfolio includes personal installment loans, direct and indirect automobile financing, and overdraft lines of credit. The majority of the consumer loan portfolio consists of indirect and direct automobile loans. Lending policy establishes maximum debt to income ratios, minimum credit scores, and includes guidelines for verification of applicants’ income and receipt of credit reports. | |||||||||||||||||||||||||||||||||
Credit Quality Indicators. As part of the ongoing monitoring of the Company’s loan portfolio quality, management categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment performance, credit documentation, and current economic/market trends, among other factors. Risk ratings are assigned to each loan and revised as needed through established monitoring procedures for individual loan relationships over a predetermined amount and review of smaller balance homogenous loan pools. The Company uses the definitions noted below for categorizing and managing its criticized loans. Loans categorized as “Pass” do not meet the criteria set forth for the Special Mention, Substandard, or Doubtful categories and are not considered criticized. | |||||||||||||||||||||||||||||||||
Special Mention – Loans in this category are presently protected from loss, but weaknesses are apparent which, if not corrected, could cause future problems. Loans in this category may not meet required underwriting criteria and have no mitigating factors. More than the ordinary amount of attention is warranted for these loans. | |||||||||||||||||||||||||||||||||
Substandard – Loans in this category exhibit well-defined weaknesses that would typically bring normal repayment into jeopardy. These loans are no longer adequately protected due to well-defined weaknesses that affect the repayment capacity of the borrower. The possibility of loss is much more evident and above average supervision is required for these loans. | |||||||||||||||||||||||||||||||||
Doubtful – Loans in this category have all the weaknesses inherent in a loan categorized as Substandard, with the characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |||||||||||||||||||||||||||||||||
The following table presents the risk category of loans by segment at December 31: | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Commercial, Financial, Agriculture | Real Estate | Consumer | Total Criticized Loans | |||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Special Mention | $ | 3,656 | $ | 45,870 | $ | 115 | $ | 49,641 | |||||||||||||||||||||||||
Substandard | 4,243 | 108,990 | 1,496 | 114,729 | |||||||||||||||||||||||||||||
Doubtful | — | 900 | — | 900 | |||||||||||||||||||||||||||||
Total Criticized Loans | $ | 7,899 | $ | 155,760 | $ | 1,611 | $ | 165,270 | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Special Mention | $ | 4,380 | $ | 54,938 | $ | 142 | $ | 59,460 | |||||||||||||||||||||||||
Substandard | 10,863 | 177,277 | 1,624 | 189,764 | |||||||||||||||||||||||||||||
Doubtful | 158 | 1,515 | — | 1,673 | |||||||||||||||||||||||||||||
Total Criticized Loans | $ | 15,401 | $ | 233,730 | $ | 1,766 | $ | 250,897 | |||||||||||||||||||||||||
Troubled Debt Restructurings (“TDRs”). TDRs are loans in which the borrower is experiencing financial difficulty and the Company has granted an economic concession to the borrower that it would not otherwise consider. In these instances, as part of a work-out alternative, the Company will make concessions including the extension of the loan term, a principal moratorium, a reduction in the interest rate, or a combination thereof. The impact of the TDR modifications and defaults are factored into the allowance for loan losses on a loan-by-loan basis as all TDRs are, by definition, impaired loans. Thus, specific reserves are established based upon the results of either a discounted cash flow analysis or the underlying collateral value, if the loan is deemed to be collateral dependent. In the limited circumstances that a loan is removed from TDR classification it is the Company's policy to also remove it from the impaired loan category, but to continue to individually evaluate loan impairment based on the contractual terms specified by the loan agreement. | |||||||||||||||||||||||||||||||||
The following table presents loans classified as TDRs at December 31: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Accruing | Nonaccruing | Accruing | Nonaccruing | |||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 1,511 | $ | — | $ | 1,462 | $ | 508 | |||||||||||||||||||||||||
Real Estate – Construction | 156 | — | 161 | — | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 24,735 | 10,308 | 29,870 | 8,425 | |||||||||||||||||||||||||||||
Real Estate– Residential | 16,441 | 458 | 13,824 | 936 | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 1,576 | 241 | 1,587 | — | |||||||||||||||||||||||||||||
Consumer | 345 | — | 570 | 10 | |||||||||||||||||||||||||||||
Total TDRs | $ | 44,764 | $ | 11,007 | $ | 47,474 | $ | 9,879 | |||||||||||||||||||||||||
Loans classified as TDRs during 2013, 2012, and 2011 are presented in the table below. The modifications made during the reporting period involved either an extension of the loan term, a principal moratorium, a reduction in the interest rate, or a combination thereof. The financial impact of these modifications was not material. | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Recorded | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||
Contracts | Investment(1) | Contracts | Investment(1) | Contracts | Investment(1) | ||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | 4 | $ | 337 | 12 | $ | 1,857 | 7 | $ | 547 | ||||||||||||||||||||||||
Real Estate – Construction | — | — | 6 | 976 | 5 | 3,752 | |||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 13 | 9,653 | 54 | 16,011 | 46 | 16,311 | |||||||||||||||||||||||||||
Real Estate– Residential | 18 | 2,073 | 68 | 6,955 | 79 | 15,487 | |||||||||||||||||||||||||||
Real Estate – Home Equity | 9 | 587 | 19 | 731 | 9 | 660 | |||||||||||||||||||||||||||
Consumer | 6 | 93 | 60 | 656 | 2 | 23 | |||||||||||||||||||||||||||
Total TDRs | 50 | $ | 12,743 | 219 | $ | 27,186 | 148 | $ | 36,780 | ||||||||||||||||||||||||
-1 | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. | ||||||||||||||||||||||||||||||||
Loans classified as TDRs during 2013, 2012, and 2011 that have subsequently defaulted during the twelve months ended December 31, 2013, 2012 and 2011 are presented in the table below. | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Recorded | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||
Contracts | Investment(1) | Contracts | Investment(1) | Contracts | Investment(1) | ||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | — | $ | — | — | $ | — | 2 | $ | 218 | ||||||||||||||||||||||||
Real Estate – Construction | — | — | 4 | 713 | 1 | 2,327 | |||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 1 | 73 | 3 | 1,001 | 12 | 5,221 | |||||||||||||||||||||||||||
Real Estate– Residential | — | — | 7 | 1,906 | 7 | 1,424 | |||||||||||||||||||||||||||
Real Estate – Home Equity | 1 | 50 | — | — | — | — | |||||||||||||||||||||||||||
Consumer | — | — | 1 | 2 | — | — | |||||||||||||||||||||||||||
Total TDRs | 2 | $ | 123 | 15 | $ | 3,622 | 22 | $ | 9,190 | ||||||||||||||||||||||||
-1 | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. | ||||||||||||||||||||||||||||||||
PREMISES_AND_EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
PREMISES AND EQUIPMENT | ' | ||||||||
Note 4 | |||||||||
PREMISES AND EQUIPMENT | |||||||||
The composition of the Company's premises and equipment at December 31 was as follows: | |||||||||
(Dollars in Thousands) | 2013 | 2012 | |||||||
Land | $ | 24,522 | $ | 24,404 | |||||
Buildings | 112,706 | 113,693 | |||||||
Fixtures and Equipment | 57,498 | 57,112 | |||||||
Total | 194,726 | 195,209 | |||||||
Accumulated Depreciation | (91,341 | ) | (88,117 | ) | |||||
Premises and Equipment, Net | $ | 103,385 | $ | 107,092 |
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
INTANGIBLE ASSETS | ' | ||||||||||||||||
NOTE 5 - INTANGIBLE ASSETS | |||||||||||||||||
The Company had net intangible assets of $84.8 million and $85.1 million at December 31, 2013 and December 31, 2012, respectively. Intangible assets were as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands) | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||
Core Deposit Intangibles | $ | 47,176 | $ | 47,176 | $ | 47,176 | $ | 47,157 | |||||||||
Goodwill | 84,811 | — | 84,811 | — | |||||||||||||
Customer Relationship Intangible | 1,867 | 1,835 | 1,867 | 1,644 | |||||||||||||
Total Intangible Assets | $ | 133,854 | $ | 49,011 | $ | 133,854 | $ | 48,801 | |||||||||
Net Core Deposit Intangibles: As of December 31, 2013, the Company’s core deposit intangibles were fully amortized. Amortization expense for the twelve months of 2013, 2012, and 2011 was $19,000, 200,000, and $500,000, respectively. | |||||||||||||||||
Goodwill: As of December 31, 2013 and December 31, 2012, the Company had goodwill, net of accumulated amortization, of $84.8 million. Goodwill is tested for impairment on an annual basis, or more often if impairment indicators exist. A goodwill impairment test consists of two steps. Step One compares the estimated fair value of the reporting unit to its carrying amount. If the carrying amount exceeds the estimated fair value, Step Two is performed by comparing the fair value of the reporting unit’s implied goodwill to the carrying value of goodwill. If the carrying value of the reporting unit’s goodwill exceeds the estimated fair value, an impairment charge is recorded equal to the excess. | |||||||||||||||||
As of December 31, 2013, the Company’s net book value, including goodwill, exceeded its market capitalization, and as such, the Company performed goodwill impairment testing. The Step One test indicated that the carrying amount (including goodwill) of the Company’s reporting unit was less than its estimated fair value, therefore, no impairment was recorded. The Company will continue to evaluate goodwill for impairment as defined by ASC Topic 350. | |||||||||||||||||
Other: As of December 31, 2013 and December 31, 2012, the Company had a customer relationship intangible asset, net of accumulated amortization, of $32,000 and $223,000, respectively. This intangible asset was recorded as a result of the acquisition of trust customer relationships. Annual amortization expense during 2013, 2012, and 2011 was approximately $191,000. The Company’s customer relationship intangible asset will be fully amortized by February 2014. |
DEPOSITS
DEPOSITS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||
DEPOSITS | ' | ||||||||||||
Note 6 | |||||||||||||
DEPOSITS | |||||||||||||
The composition of the Company's interest bearing deposits at December 31 was follows: | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | |||||||||||
NOW Accounts | $ | 794,746 | $ | 842,435 | |||||||||
Money Market Accounts | 268,449 | 267,766 | |||||||||||
Savings Deposits | 211,668 | 184,541 | |||||||||||
Other Time Deposits | 219,922 | 241,019 | |||||||||||
Total Interest Bearing Deposits | $ | 1,494,785 | $ | 1,535,761 | |||||||||
At December 31, 2013 and 2012, $2.8 million and $7.1 million, respectively, in overdrawn deposit accounts were reclassified as loans. | |||||||||||||
Time deposits in denominations of $100,000 or more totaled $60.7 million and $63.1 million at December 31, 2013 and December 31, 2012, respectively. | |||||||||||||
At December 31, the scheduled maturities of time deposits were as follows: | |||||||||||||
(Dollars in Thousands) | 2013 | ||||||||||||
2014 | $ | 189,596 | |||||||||||
2015 | 19,548 | ||||||||||||
2016 | 6,478 | ||||||||||||
2017 | 2,675 | ||||||||||||
2018 and thereafter | 1,625 | ||||||||||||
Total | $ | 219,922 | |||||||||||
Interest expense on deposits for the three years ended December 31, was as follows: | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
NOW Accounts | $ | 483 | $ | 634 | $ | 890 | |||||||
Money Market Accounts | 211 | 255 | 437 | ||||||||||
Savings Deposits | 100 | 87 | 73 | ||||||||||
Time Deposits < $100,000 | 505 | 912 | 1,958 | ||||||||||
Time Deposits > $100,000 | 132 | 220 | 589 | ||||||||||
Total | $ | 1,431 | $ | 2,108 | $ | 3,947 |
SHORTTERM_BORROWINGS
SHORT-TERM BORROWINGS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
SHORT-TERM BORROWINGS | ' | ||||||||||||
Note 7 | |||||||||||||
SHORT-TERM BORROWINGS | |||||||||||||
Short-term borrowings included the following: | |||||||||||||
(Dollars in Thousands) | Federal | Securities | Other | ||||||||||
Funds | Sold Under | Short-Term | |||||||||||
Purchased | Repurchase | Borrowings | |||||||||||
Agreements(1) | |||||||||||||
2013 | |||||||||||||
Balance at December 31 | $ | — | $ | 47,312 | $ | 4,009 | -2 | ||||||
Maximum indebtedness at any month end | — | 55,261 | 8,929 | ||||||||||
Daily average indebtedness outstanding | 11 | 48,337 | 5,573 | ||||||||||
Average rate paid for the year | 0.76 | % | 0.05 | % | 3.79 | % | |||||||
Average rate paid on period-end borrowings | — | % | 0.05 | % | 3.25 | % | |||||||
2012 | |||||||||||||
Balance at December 31 | $ | — | $ | 40,639 | $ | 6,796 | -2 | ||||||
Maximum indebtedness at any month end | — | 62,458 | 6,991 | ||||||||||
Daily average indebtedness outstanding | — | 47,485 | 4,679 | ||||||||||
Average rate paid for the year | — | % | 0.05 | % | 3.68 | % | |||||||
Average rate paid on period-end borrowings | — | % | 0.05 | % | 3.69 | % | |||||||
2011 | |||||||||||||
Balance at December 31 | $ | — | $ | 43,372 | $ | — | |||||||
Maximum indebtedness at any month end | 7,575 | 75,525 | 11,222 | ||||||||||
Daily average indebtedness outstanding | 1,213 | 58,973 | 7,875 | ||||||||||
Average rate paid for the year | 0.03 | % | 0.09 | % | 3.17 | % | |||||||
Average rate paid on period-end borrowings | — | % | 0.05 | % | — | % | |||||||
-1 | Balances are fully collateralized by government treasury or agency securities held in the Company’s investment portfolio. | ||||||||||||
-2 | Comprised of FHLB debt. |
LONGTERM_BORROWINGS
LONG-TERM BORROWINGS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
LONG-TERM BORROWINGS | ' | ||||
Note 8 | |||||
LONG-TERM BORROWINGS | |||||
Federal Home Loan Bank Advances. FHLB advances totaled $38.0 million at December 31, 2013 and $46.9 million at December 31, 2012. The advances mature at varying dates from 2014 through 2025 and had a weighted-average rate of 3.20% and 3.38% at December 31, 2013 and 2012, respectively. The FHLB advances are collateralized by a blanket floating lien on all 1-4 family residential mortgage loans, commercial real estate mortgage loans, and home equity mortgage loans. Interest on the FHLB advances is paid on a monthly basis. | |||||
Scheduled minimum future principal payments on FHLB advances at December 31 were as follows: | |||||
(Dollars in Thousands) | 2013 | ||||
2014 | $ | 2,976 | |||
2015 | 6,222 | ||||
2016 | 2,938 | ||||
2017 | 6,581 | ||||
2018 | 7,780 | ||||
2019 and thereafter | 11,546 | ||||
Total | $ | 38,043 | |||
Junior Subordinated Deferrable Interest Notes. The Company has issued two junior subordinated deferrable interest notes to wholly owned Delaware statutory trusts. The first note for $30.9 million was issued to CCBG Capital Trust I. The second note for $32.0 million was issued to CCBG Capital Trust II. The two trusts are considered variable interest entities for which the Company is not the primary beneficiary. Accordingly, the accounts of the trusts are not included in the Company’s consolidated financial statements. See Note 1 - Summary of Significant Accounting Policies for additional information about the Company’s consolidation policy. Details of the Company’s transaction with the two trusts are provided below. | |||||
In November 2004, CCBG Capital Trust I issued $30.0 million of trust preferred securities which represent interest in the assets of the trust. The interest payments are due quarterly at LIBOR plus a margin of 1.90%, adjusted quarterly. The trust preferred securities will mature on December 31, 2034, and are redeemable upon approval of the Federal Reserve in whole or in part at the option of the Company at any time after December 31, 2009 and in whole at any time upon occurrence of certain events affecting their tax or regulatory capital treatment. Distributions on the trust preferred securities are payable quarterly on March 31, June 30, September 30, and December 31 of each year. CCBG Capital Trust I also issued $928,000 of common equity securities to CCBG. The proceeds of the offering of trust preferred securities and common equity securities were used to purchase a $30.9 million junior subordinated deferrable interest note issued by the Company, which has terms similar to the trust preferred securities. | |||||
In May 2005, CCBG Capital Trust II issued $31.0 million of trust preferred securities which represent interest in the assets of the trust. The interest payments are due quarterly at LIBOR plus a margin of 1.80%, adjusted annually. The trust preferred securities will mature on June 15, 2035, and are redeemable upon approval of the Federal Reserve in whole or in part at the option of the Company at any time after May 20, 2010 and in whole at any time upon occurrence of certain events affecting their tax or regulatory capital treatment. Distributions on the trust preferred securities are payable quarterly on March 15, June 15, September 15, and December 15 of each year. CCBG Capital Trust II also issued $959,000 of common equity securities to CCBG. The proceeds of the offering of trust preferred securities and common equity securities were used to purchase a $32.0 million junior subordinated deferrable interest note issued by the Company, which has terms substantially similar to the trust preferred securities. | |||||
The Company has the right to defer payments of interest on the two notes at any time or from time to time for a period of up to twenty consecutive quarterly interest payment periods. Under the terms of each note, in the event that under certain circumstances there is an event of default under the note or the Company has elected to defer interest on the note, the Company may not, with certain exceptions, declare or pay any dividends or distributions on its capital stock or purchase or acquire any of its capital stock. In accordance with restrictions adopted by the Company’s Board of Directors at the request of the Federal Reserve, the Company deferred the interest payments on the notes in the first quarter of 2012. The Company continued the accrual of interest on the notes in accordance with their contractual obligations. In December 2013, the Company’s Board of Directors rescinded the resolutions restricting the payment of interest of the notes and the accrued and unpaid interest on the notes in the amount of $2.8 million was paid in full. | |||||
The Company has entered into agreements to guarantee the payments of distributions on the trust preferred securities and payments of redemption of the trust preferred securities. Under these agreements, the Company also agrees, on a subordinated basis, to pay expenses and liabilities of the two trusts other than those arising under the trust preferred securities. The obligations of the Company under the two junior subordinated notes, the trust agreements establishing the two trusts, the guarantee and agreement as to expenses and liabilities, in aggregate, constitute a full and unconditional guarantee by the Company of the two trusts' obligations under the two trust preferred security issuances. | |||||
Despite the fact that the accounts of CCBG Capital Trust I and CCBG Capital Trust II are not included in the Company’s consolidated financial statements, the $30.0 million and $31.0 million, respectively, in trust preferred securities issued by these subsidiary trusts are included in the Tier I Capital of Capital City Bank Group, Inc. as allowed by Federal Reserve guidelines. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
Note 9 | |||||||||||||
INCOME TAXES | |||||||||||||
The provision for income taxes reflected in the statements of comprehensive income is comprised of the following components: | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | (75 | ) | $ | 1,189 | $ | 3,124 | ||||||
State | 195 | 280 | 424 | ||||||||||
120 | 1,469 | 3,548 | |||||||||||
Deferred: | |||||||||||||
Federal | 1,650 | (1,260 | ) | (1,828 | ) | ||||||||
State | 99 | (1,597 | ) | (1,350 | ) | ||||||||
Valuation Allowance | 56 | 52 | 259 | ||||||||||
1,805 | (2,805 | ) | (2,919 | ) | |||||||||
Total: | |||||||||||||
Federal | 1,575 | (71 | ) | 1,296 | |||||||||
State | 294 | (1,317 | ) | (926 | ) | ||||||||
Valuation Allowance | 56 | 52 | 259 | ||||||||||
Total | $ | 1,925 | $ | (1,336 | ) | $ | 629 | ||||||
Income taxes provided were different than the tax expense computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following: | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Tax Expense at Federal Statutory Rate | $ | 2,790 | $ | (430 | ) | $ | 1,934 | ||||||
Increases (Decreases) Resulting From: | |||||||||||||
Tax-Exempt Interest Income | (385 | ) | (402 | ) | (612 | ) | |||||||
Change in Reserve for Uncertain Tax Positions | (777 | ) | (347 | ) | (168 | ) | |||||||
State Taxes, Net of Federal Benefit | 191 | (856 | ) | (602 | ) | ||||||||
Other | 50 | 199 | (182 | ) | |||||||||
Change in Valuation Allowance | 56 | 52 | 259 | ||||||||||
Increase Deferred Tax Liability for Equity Investment | — | 448 | — | ||||||||||
Actual Tax Expense | $ | 1,925 | $ | (1,336 | ) | $ | 629 | ||||||
Deferred income tax liabilities and assets result from differences between assets and liabilities measured for financial reporting purposes and for income tax return purposes. These assets and liabilities are measured using the enacted tax rates and laws that are currently in effect. The net deferred tax asset and the temporary differences comprising that balance at December 31, 2013 and 2012 are as follows: | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | |||||||||||
Deferred Tax Assets Attributable to: | |||||||||||||
Allowance for Loan Losses | $ | 8,910 | $ | 11,253 | |||||||||
Accrued Pension/SERP | 5,284 | 18,927 | |||||||||||
State Net Operating Loss and Tax Credit Carry-Forwards | 4,906 | 5,002 | |||||||||||
Other Real Estate Owned | 9,459 | 9,869 | |||||||||||
Other | 5,304 | 7,100 | |||||||||||
Total Deferred Tax Assets | $ | 33,863 | $ | 52,151 | |||||||||
Deferred Tax Liabilities Attributable to: | |||||||||||||
Depreciation on Premises and Equipment | $ | 6,322 | $ | 7,117 | |||||||||
Deferred Loan Fees and Costs | 2,446 | 2,864 | |||||||||||
Intangible Assets | 3,419 | 3,119 | |||||||||||
Accrued Pension/SERP | — | 1,870 | |||||||||||
Other | 526 | 1,082 | |||||||||||
Total Deferred Tax Liabilities | 12,713 | 16,052 | |||||||||||
Valuation Allowance | 1,226 | 1,170 | |||||||||||
Net Deferred Tax Asset | $ | 19,924 | $ | 34,929 | |||||||||
In the opinion of management, it is more likely than not that all of the deferred tax assets, with the exception of the separate state net operating loss carry-forward of CCBG, the separate state net operating loss carry-forwards of an inactive subsidiary, and certain of the Bank’s separate state tax credit carry-forwards, will be realized. Accordingly, a valuation allowance for CCBG’s separate state net operating loss carry-forward was recorded in 2008 and increased for CCBG’s additional state operating loss carry-forward generated in 2009 through 2013. This valuation allowance at year-end 2013 was $1.0 million. In addition, a valuation allowance for the inactive subsidiary’s separate state net operating loss carry-forwards and for certain of the Bank’s state tax credit carry-forwards totaled $0.2 million at year-end 2013. At year-end 2013, the Company had state loss and tax credit carry-forwards of approximately $4.9 million, which expire at various dates from 2014 through 2032, and federal and tax credit carry-forwards of approximately $0.3 million that never expire. | |||||||||||||
The Company had unrecognized tax benefits at December 31, 2013, 2012, and 2011 of $3.2 million, $4.2 million, and $4.6 million, respectively, of which $2.1 million would increase income from continuing operations, and thus impact the Company’s effective tax rate, if ultimately recognized into income. | |||||||||||||
A reconciliation of the beginning and ending unrecognized tax benefit is as follows: | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at January 1, | $ | 4,209 | $ | 4,577 | $ | 4,770 | |||||||
Additions Based on Tax Positions Related to Current Year | — | 508 | 522 | ||||||||||
Decrease Due to Lapse in Statue of Limitations | (981 | ) | (876 | ) | (715 | ) | |||||||
Balance at December 31 | $ | 3,228 | $ | 4,209 | $ | 4,577 | |||||||
It is the Company’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in their respective federal or state income taxes accounts. The total amounts of interest and penalties recorded in the income statement – income taxes for the years ended December 31, 2013, 2012, and 2011 were $139,000, $108,000, and $43,000, respectively. The amounts accrued for interest and penalties at December 31, 2013 and 2012 were $0.8 million and $0.9 million respectively. | |||||||||||||
The Company expects a $3.2 million decrease in the amount of unrecognized tax benefits in the next 12 months due to the resolution of certain tax contingencies. | |||||||||||||
The Company and its subsidiaries file a consolidated U.S. federal income tax return, as well as file various returns in states where its banking offices are located. The Company is no longer subject to U.S. federal or state tax examinations for years before 2010. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||||
Note 10 | |||||||||||||||||
STOCK-BASED COMPENSATION | |||||||||||||||||
As of December 31, 2013, the Company had three stock-based compensation plans, consisting of the 2011 Associate Incentive Plan (“AIP”), the 2011 Associate Stock Purchase Plan (“ASPP”), and the 2011 Director Stock Purchase Plan (“DSPP”). These plans, which were approved by the shareowners in April 2011, replaced substantially similar plans approved by the shareowners in 2004. Total compensation expense associated with these plans for 2011 through 2013 was $0.1 million, $0.5 million, and $1.4 million, respectively. | |||||||||||||||||
AIP. The AIP allows the Company's Board of Directors to award key associates various forms of equity-based incentive compensation. Under the 2011 AIP there were 875,000 shares reserved for issuance. In 2013, the Company, pursuant to the terms and conditions of the AIP, created the 2013 Incentive Plan (“2013 Plan”), under which all participants in the 2013 Plan were eligible to earn performance shares. Awards under the 2013 Plan were tied to internally established earnings goals. At base level targets, the grant-date fair value of the shares eligible to be awarded in 2013 was approximately $0.7 million. In addition, each plan participant is eligible to receive from the Company a tax supplement bonus equal to 31% of the stock award value at the time of issuance. For 2013, a total of 56,326 shares were eligible for issuance, but additional shares could be earned if performance exceeded established goals. A total of 63,037 shares were earned for 2013 reflective of goal achievement that exceeded the base level targets. The Company recognized expense of $965,000 and $255,000 for 2013 and 2012, respectively. There was no expense for this plan in 2011. | |||||||||||||||||
Executive Long-Term Incentive Plan (“LTIP”). Prior to 2007, the Company maintained a stock option program for a key executive officer (William G. Smith, Jr. - Chairman, President and CEO, CCBG). The status of the options granted under this arrangement is detailed in the table provided below. In 2007, the Company replaced its practice of entering into an annual stock option arrangement by establishing a Performance Share Unit Plan under the provisions of the AIP that allows the executive to earn shares based on the compound annual growth rate in diluted earnings per share over a three-year period. The Company recognized $0.3 million in expense for 2013 under the executive’s LTIP. There was no expense for years 2012 and 2011. | |||||||||||||||||
A summary of the status of the Company’s option shares is presented below: | |||||||||||||||||
Options | Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding at January 1, 2013 | 60,384 | $ | 32.79 | $ | 1.9 | $ | — | ||||||||||
Granted | — | — | — | — | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Forfeited or expired | — | — | — | — | |||||||||||||
Outstanding at December 31, 2013 | 60,384 | $ | 32.79 | $ | 0.9 | $ | — | ||||||||||
Exercisable at December 31, 2013 | 60,384 | $ | 32.79 | $ | 0.9 | $ | — | ||||||||||
DSPP. The Company’s DSPP allows the directors to purchase the Company’s common stock at a price equal to 90% of the closing price on the date of purchase. Stock purchases under the DSPP are limited to the amount of the directors' annual retainer and meeting fees. Under the 2011 DSPP there were 150,000 shares reserved for issuance. For 2013, the Company issued 13,348 shares under the DSPP and recognized approximately $15,000 in expense related to this plan. For 2012, the Company issued 25,864 shares and recognized approximately $21,000 in expense related to the DSPP. For 2011, the Company issued 21,872 shares and recognized approximately $23,000 in expense under the DSPP. | |||||||||||||||||
ASPP. Under the Company’s ASPP, substantially all associates may purchase the Company’s common stock through payroll deductions at a price equal to 90% of the lower of the fair market value at the beginning or end of each six-month offering period. Stock purchases under the ASPP are limited to 10% of an associate's eligible compensation, up to a maximum of $25,000 (fair market value on each enrollment date) in any plan year. Under the 2011 ASPP there were 593,750 shares of common stock reserved for issuance. For 2013, 31,597 shares were acquired under the ASPP and approximately $69,000 in expense was recognized related to this plan. For 2012, 75,257 shares were acquired and approximately $119,000 in expense was recognized related to the ASPP. For 2011, 38,210 shares were acquired and approximately $72,000 in expense was recognized under the ASPP. | |||||||||||||||||
Based on the Black-Scholes option pricing model, the weighted average estimated fair value of each of the purchase rights granted under the ASPP was $2.21 for 2013. For 2012 and 2011, the weighted average fair value purchase right granted was $1.61 and $1.74, respectively. In calculating compensation, the fair value of each stock purchase right was estimated on the date of grant using the following weighted average assumptions: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Dividend yield | — | % | — | % | 3.5 | % | |||||||||||
Expected volatility | 32 | % | 32 | % | 31 | % | |||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.2 | % | |||||||||||
Expected life (in years) | 0.5 | 0.5 | 0.5 |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||
Note 11 | |||||||||||||
EMPLOYEE BENEFIT PLANS | |||||||||||||
Pension Plan | |||||||||||||
The Company sponsors a noncontributory pension plan covering substantially all of its associates. Benefits under this plan generally are based on the associate's total years of service and average of the five highest years of compensation during the ten years immediately preceding their departure. The Company’s general funding policy is to contribute amounts sufficient to meet minimum funding requirements as set by law and to ensure deductibility for federal income tax purposes. | |||||||||||||
The following table details on a consolidated basis the changes in benefit obligation, changes in plan assets, the funded status of the plan, components of pension expense, amounts recognized in the Company's consolidated statements of financial condition, and major assumptions used to determine these amounts. | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Change in Projected Benefit Obligation: | |||||||||||||
Benefit Obligation at Beginning of Year | $ | 134,950 | $ | 116,173 | $ | 97,393 | |||||||
Service Cost | 6,999 | 6,397 | 6,027 | ||||||||||
Interest Cost | 5,566 | 5,587 | 5,243 | ||||||||||
Actuarial (Gain)Loss | (18,965 | ) | 14,156 | 9,430 | |||||||||
Benefits Paid | (12,946 | ) | (7,138 | ) | (1,846 | ) | |||||||
Expenses Paid | (319 | ) | (225 | ) | (245 | ) | |||||||
Plan Amendment | — | — | 171 | ||||||||||
Projected Benefit Obligation at End of Year | $ | 115,285 | $ | 134,950 | $ | 116,173 | |||||||
Change in Plan Assets: | |||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 94,164 | $ | 87,844 | $ | 84,658 | |||||||
Actual Return on Plan Assets | 17,943 | 8,683 | 277 | ||||||||||
Employer Contributions | 5,000 | 5,000 | 5,000 | ||||||||||
Benefits Paid | (12,946 | ) | (7,138 | ) | (1,846 | ) | |||||||
Expenses Paid | (319 | ) | (225 | ) | (245 | ) | |||||||
Fair Value of Plan Assets at End of Year | $ | 103,842 | $ | 94,164 | $ | 87,844 | |||||||
Funded Status of Plan and Accrued Liability Recognized at End of Year: | |||||||||||||
Other Liabilities | $ | 11,442 | $ | 40,786 | $ | 28,330 | |||||||
Accumulated Benefit Obligation at End of Year | $ | 98,796 | $ | 110,985 | $ | 94,121 | |||||||
Components of Net Periodic Benefit Costs: | |||||||||||||
Service Cost | $ | 6,999 | $ | 6,397 | $ | 6,027 | |||||||
Interest Cost | 5,566 | 5,587 | 5,243 | ||||||||||
Expected Return on Plan Assets | (7,371 | ) | (6,793 | ) | (6,555 | ) | |||||||
Amortization of Prior Service Costs | 317 | 359 | 462 | ||||||||||
Net Loss Amortization | 4,316 | 3,390 | 2,223 | ||||||||||
Net Periodic Benefit Cost | $ | 9,827 | $ | 8,940 | $ | 7,400 | |||||||
Weighted-Average Assumptions Used to Determine Benefit Obligation: | |||||||||||||
Discount Rate | 5 | % | 4.25 | % | 5 | % | |||||||
Rate of Compensation Increase | 3.25 | % | 3.75 | % | 4 | % | |||||||
Measurement Date | 12/31/13 | 12/31/12 | 12/31/11 | ||||||||||
Weighted-Average Assumptions Used to Determine Benefit Cost: | |||||||||||||
Discount Rate | 4.25 | % | 5 | % | 5.55 | % | |||||||
Expected Return on Plan Assets | 8 | % | 8 | % | 8 | % | |||||||
Rate of Compensation Increase | 3.75 | % | 4 | % | 4.25 | % | |||||||
Amortization Amounts from Accumulated Other Comprehensive Income: | |||||||||||||
Net Actuarial (Gain) Loss | $ | (33,850 | ) | $ | 8,875 | $ | 13,690 | ||||||
Prior Service Cost | (317 | ) | (359 | ) | (496 | ) | |||||||
Deferred Tax Expense (Benefit) | 13,180 | (3,285 | ) | (5,090 | ) | ||||||||
Other Comprehensive (Gain) Loss, net of tax | $ | (20,987 | ) | $ | 5,231 | $ | 8,104 | ||||||
Amounts Recognized in Accumulated Other Comprehensive Income: | |||||||||||||
Net Actuarial Losses | $ | 13,947 | $ | 47,800 | $ | 38,924 | |||||||
Prior Service Cost | 1,383 | 1,700 | 2,060 | ||||||||||
Deferred Tax Benefit | (5,914 | ) | (19,097 | ) | (15,812 | ) | |||||||
Accumulated Other Comprehensive Loss, net of tax | $ | 9,416 | $ | 30,403 | $ | 25,172 | |||||||
The Company expects to recognize $1.3 million of the net actuarial loss and $0.3 million of the prior service cost reflected in accumulated other comprehensive income at December 31, 2013 as a component of net periodic benefit cost during 2014. | |||||||||||||
Plan Assets. The Company’s pension plan asset allocation at year-end 2013 and 2012, and the target asset allocation for 2014 are as follows: | |||||||||||||
Target Allocation | Percentage of Plan | ||||||||||||
Assets at Year-End(1) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Equity Securities | 77 | % | 72 | % | 61 | % | |||||||
Debt Securities | 20 | % | 23 | % | 29 | % | |||||||
Cash and Cash Equivalents | 3 | % | 5 | % | 10 | % | |||||||
Total | 100 | % | 100 | % | 100 | % | |||||||
-1 | Represents asset allocation at year-end which may differ from the average target allocation for the year due to the year-end cash contribution to the plan. | ||||||||||||
The Company’s pension plan assets are overseen by the CCBG Retirement Committee. Capital City Trust Company acts as the investment manager for the plan. The investment strategy is to maximize return on investments while minimizing risk. The Company believes the best way to accomplish this goal is to take a conservative approach to its investment strategy by investing in high-grade equity and debt securities. The overall expected long-term rate of return on assets is a weighted-average expectation for the return on plan assets. The Company considers historical performance data and economic/financial data to arrive at expected long-term rates of return for each asset category. | |||||||||||||
The major categories of assets in the Company’s pension plan as of December 31 are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (see Note 18 – Fair Value Measurements). | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | |||||||||||
Level 1: | |||||||||||||
U.S. Government Treasury | $ | 768 | $ | 2,143 | |||||||||
Common Stocks | 21,564 | 16,799 | |||||||||||
Mutual Funds | 70,993 | 58,480 | |||||||||||
Cash and Cash Equivalents | 5,571 | 7,819 | |||||||||||
Level 2: | |||||||||||||
U.S. Government Agency | 4,946 | 8,923 | |||||||||||
Total Fair Value of Plan Assets | $ | 103,842 | $ | 94,164 | |||||||||
Expected Benefit Payments. As of December 31, expected benefit payments related to the defined benefit pension plan were as follows: | |||||||||||||
(Dollars in Thousands) | 2013 | ||||||||||||
2014 | $ | 6,495 | |||||||||||
2015 | 7,536 | ||||||||||||
2016 | 6,998 | ||||||||||||
2017 | 7,347 | ||||||||||||
2018 | 8,701 | ||||||||||||
2019 through 2023 | 44,814 | ||||||||||||
Total | $ | 81,891 | |||||||||||
Contributions. The following table details the amounts contributed to the pension plan in 2013 and 2012, and the expected amount to be contributed in 2014. | |||||||||||||
2013(2) | 2012(2) | Expected Range | |||||||||||
of Contribution | |||||||||||||
(Dollars in Thousands) | 2014(1) | ||||||||||||
Actual Contributions | $ | 5,000 | $ | 5,000 | $5,000 - $10,000 | ||||||||
-1 | For 2014, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances. | ||||||||||||
-2 | For the 2012 plan year, the Company made two separate $5.0 million contributions, one during the 2013 calendar year and one during the 2012 calendar year. As of December 31, 2013, no contributions were made for the 2013 plan year. | ||||||||||||
Supplemental Executive Retirement Plan | |||||||||||||
The Company has a Supplemental Executive Retirement Plan (“SERP”) covering selected executive officers. Benefits under this plan generally are based on the same service and compensation as used for the pension plan, except the benefits are calculated without regard to the limits set by the Internal Revenue Code on compensation and benefits. The net benefit payable from the SERP is the difference between this gross benefit and the benefit payable by the pension plan. | |||||||||||||
The following table details on a consolidated basis the changes in benefit obligation, the funded status of the plan, components of pension expense, amounts recognized in the Company's consolidated statements of financial condition, and major assumptions used to determine these amounts. | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Change in Projected Benefit Obligation: | |||||||||||||
Benefit Obligation at Beginning of Year | $ | 3,492 | $ | 3,030 | $ | 3,001 | |||||||
Service Cost | — | — | — | ||||||||||
Interest Cost | 137 | 140 | 147 | ||||||||||
Actuarial Loss(Gain) | (1,250 | ) | 322 | (151 | ) | ||||||||
Plan Amendment | — | — | 33 | ||||||||||
Projected Benefit Obligation at End of Year | $ | 2,379 | $ | 3,492 | $ | 3,030 | |||||||
Funded Status of Plan and Accrued Liability Recognized at End of Year: | |||||||||||||
Other Liabilities | $ | 2,379 | $ | 3,492 | $ | 3,030 | |||||||
Accumulated Benefit Obligation at End of Year | $ | 2,379 | $ | 3,492 | $ | 3,030 | |||||||
Components of Net Periodic Benefit Costs: | |||||||||||||
Service Cost | $ | — | $ | — | $ | — | |||||||
Interest Cost | 137 | 140 | 147 | ||||||||||
Amortization of Prior Service Cost | 187 | 189 | 180 | ||||||||||
Net Gain Amortization | (237 | ) | (369 | ) | (413 | ) | |||||||
Net Periodic Benefit Cost | $ | 87 | $ | (40 | ) | $ | (86 | ) | |||||
Weighted-Average Assumptions Used to Determine Benefit Obligation: | |||||||||||||
Discount Rate | 5 | % | 4.25 | % | 5 | % | |||||||
Rate of Compensation Increase | 3.25 | % | 3.75 | % | 4 | % | |||||||
Measurement Date | 12/31/13 | 12/31/12 | 12/31/11 | ||||||||||
Weighted-Average Assumptions Used to Determine Benefit Cost: | |||||||||||||
Discount Rate | 4.25 | % | 5 | % | 5.5 | % | |||||||
Rate of Compensation Increase | 3.75 | % | 4 | % | 4.25 | % | |||||||
Amortization Amounts from Accumulated Other Comprehensive Income: | |||||||||||||
Net Actuarial (Gain)Loss | $ | (1,013 | ) | $ | 691 | $ | 263 | ||||||
Prior Service Cost | (187 | ) | (189 | ) | (147 | ) | |||||||
Deferred Tax Expense (Benefit) | 463 | (194 | ) | (45 | ) | ||||||||
Other Comprehensive (Gain) Loss, net of tax | $ | (737 | ) | $ | 308 | $ | 71 | ||||||
Amounts Recognized in Accumulated Other Comprehensive Income: | |||||||||||||
Net Actuarial Gain | $ | (1,812 | ) | $ | (799 | ) | $ | (1,490 | ) | ||||
Prior Service Cost | 171 | 358 | 547 | ||||||||||
Defined Tax Liability | 633 | 170 | 364 | ||||||||||
Accumulated Other Comprehensive Gain, net of tax | $ | (1,008 | ) | $ | (271 | ) | $ | (579 | ) | ||||
The Company expects to recognize approximately $0.7 million of the net actuarial gain and $0.2 million of the prior service cost reflected in accumulated other comprehensive income at December 31, 2013 as a component of net periodic benefit cost during 2014. | |||||||||||||
Expected Benefit Payments. As of December 31, 2013, expected benefit payments related to the SERP were as follows: | |||||||||||||
(Dollars in Thousands) | |||||||||||||
2014 | $ | 496 | |||||||||||
2015 | 563 | ||||||||||||
2016 | 293 | ||||||||||||
2017 | 109 | ||||||||||||
2018 | 90 | ||||||||||||
2019 through 2023 | 82 | ||||||||||||
Total | $ | 1,633 | |||||||||||
401(k) Plan | |||||||||||||
The Company has a 401(k) Plan which enables associates to defer a portion of their salary on a pre-tax basis. The plan covers substantially all associates of the Company who meet minimum age requirements. The plan is designed to enable participants to elect to have an amount from 1% to 15% of their compensation withheld in any plan year placed in the 401(k) Plan trust account. Matching contributions of 50% from the Company are made up to 6% of the participant's compensation for eligible associates. During 2013, 2012, and 2011, the Company made matching contributions of $0.4 million for each respective year. The participant may choose to invest their contributions into twenty-seven investment options available to 401(k) participants, including the Company’s common stock. A total of 50,000 shares of CCBG common stock have been reserved for issuance. Shares issued to participants have historically been purchased in the open market. | |||||||||||||
Other Plans | |||||||||||||
The Company has a Dividend Reinvestment and Optional Stock Purchase Plan. A total of 250,000 shares have been reserved for issuance. In recent years, shares for the Dividend Reinvestment and Optional Stock Purchase Plan have been acquired in the open market and, thus, the Company did not issue any shares under this plan in 2013, 2012 and 2011. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
Note 12 | |||||||||||||
EARNINGS PER SHARE | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||
(Dollars and Per Share Data in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Numerator: | |||||||||||||
Net Income | $ | 6,045 | $ | 108 | $ | 4,897 | |||||||
Denominator: | |||||||||||||
Denominator for Basic Earnings Per Share Weighted-Average Shares | 17,325 | 17,205 | 17,140 | ||||||||||
Effects of Dilutive Securities Stock Compensation Plans | 74 | 15 | — | ||||||||||
Denominator for Diluted Earnings Per Share Adjusted Weighted-Average Shares and Assumed Conversions | 17,399 | 17,220 | 17,140 | ||||||||||
Basic Earnings Per Share | $ | 0.35 | $ | 0.01 | $ | 0.29 | |||||||
Diluted Earnings Per Share | $ | 0.35 | $ | 0.01 | $ | 0.29 | |||||||
Stock options for 23,138 and 37,246 shares of common stock related to awards earned in 2003 and 2004, respectively, were not considered in computing diluted earnings per common share for 2013, 2012 and 2011 because they were anti-dilutive. |
REGULATORY_MATTERS
REGULATORY MATTERS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||||||||
REGULATORY MATTERS | ' | ||||||||||||||||||||||||
Note 13 | |||||||||||||||||||||||||
REGULATORY MATTERS | |||||||||||||||||||||||||
Regulatory Capital Requirements. The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company and Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2013 and 2012, that the Company and the Bank meet all capital adequacy requirements to which they are subject. | |||||||||||||||||||||||||
As of December 31, 2013, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk based and Tier 1 leverage ratios as set forth in the following tables. There are not conditions or events since the notification that management believes have changed the Bank’s category. The Company and Bank’s actual capital amounts and ratios as of December 31, 2013 and 2012 are also presented in the table. | |||||||||||||||||||||||||
Actual | Required | To Be Well- | |||||||||||||||||||||||
For Capital | Capitalized Under | ||||||||||||||||||||||||
Adequacy Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Tier I Capital: | |||||||||||||||||||||||||
CCBG | $ | 256,338 | 16.56 | % | $ | 62,058 | 4 | % | * | * | |||||||||||||||
CCB | 256,554 | 16.59 | % | 61,992 | 4 | % | $ | 92,988 | 6 | % | |||||||||||||||
Total Capital: | |||||||||||||||||||||||||
CCBG | 277,618 | 17.94 | % | 124,116 | 8 | % | * | * | |||||||||||||||||
CCB | 275,927 | 17.85 | % | 123,984 | 8 | % | 154,980 | 10 | % | ||||||||||||||||
Tier I Leverage: | |||||||||||||||||||||||||
CCBG | 256,338 | 10.46 | % | 98,029 | 4 | % | * | * | |||||||||||||||||
CCB | 256,554 | 10.48 | % | 97,931 | 4 | % | 122,414 | 5 | % | ||||||||||||||||
2012 | |||||||||||||||||||||||||
Tier I Capital: | |||||||||||||||||||||||||
CCBG | $ | 239,520 | 14.35 | % | $ | 67,104 | 4 | % | * | * | |||||||||||||||
CCB | 239,955 | 14.39 | % | 67,045 | 4 | % | $ | 100,567 | 6 | % | |||||||||||||||
Total Capital: | |||||||||||||||||||||||||
CCBG | 262,377 | 15.72 | % | 134,207 | 8 | % | * | * | |||||||||||||||||
CCB | 260,906 | 15.64 | % | 134,089 | 8 | % | 167,612 | 10 | % | ||||||||||||||||
Tier I Leverage: | |||||||||||||||||||||||||
CCBG | 239,520 | 9.9 | % | 96,824 | 4 | % | * | * | |||||||||||||||||
CCB | 239,955 | 9.93 | % | 96,694 | 4 | % | 120,868 | 5 | % | ||||||||||||||||
* | Not applicable to bank holding companies. | ||||||||||||||||||||||||
Dividend Restrictions. In the ordinary course of business, the Company is dependent upon dividends from its banking subsidiary to provide funds for the payment of dividends to shareowners and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Company’s banking subsidiary to fall below specified minimum levels. Approval is also required if dividends declared exceed the net profits of the banking subsidiary for that year combined with the retained net profits for proceeding two years. In 2014, the bank subsidiary may declare dividends without regulatory approval of $4.5 million plus an additional amount equal to net profits of the Company’s subsidiary bank for 2014 up to the date of any such dividend declaration. | |||||||||||||||||||||||||
OTHER_COMPREHENSIVE_INCOME_LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ||||||||||||
Note 14 | |||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||
FASB Topic ASC 220, “Comprehensive Income” requires that certain transactions and other economic events that bypass the income statement be displayed as other comprehensive income. Total comprehensive income is reported in the consolidated statements of comprehensive income and changes in shareowners’ equity. | |||||||||||||
The following table summarizes the tax effects for each component of other comprehensive income (loss): | |||||||||||||
(Dollars in Thousands) | Before | Tax | Net of | ||||||||||
Tax Amount | (Expense) Benefit | Tax Amount | |||||||||||
2013 | |||||||||||||
Investment Securities: | |||||||||||||
Change in net unrealized (gain) loss | $ | (1,252 | ) | $ | 483 | $ | (769 | ) | |||||
Unrealized losses on securities transferred from available for sale to held to maturity | (523 | ) | 202 | (321 | ) | ||||||||
Amortization of losses on securities transferred from available for sale to held to maturity | 25 | (10 | ) | 15 | |||||||||
Reclassification adjustment for net gain included in net income | 3 | (1 | ) | 2 | |||||||||
Reclassification adjustment for impairment loss realized in net income | 600 | (232 | ) | 368 | |||||||||
Total Investment Securities | (1,147 | ) | 442 | (705 | ) | ||||||||
Benefit Plans: | |||||||||||||
Reclassification adjustment for amortization of prior service cost | 504 | (194 | ) | 310 | |||||||||
Reclassification adjustment for amortization of net loss | 4,079 | (1,574 | ) | 2,505 | |||||||||
Current year actuarial gain | 30,784 | (11,875 | ) | 18,909 | |||||||||
Total Benefit Plans | 35,367 | (13,643 | ) | 21,724 | |||||||||
Total Other Comprehensive Income | $ | 34,220 | $ | (13,201 | ) | $ | 21,019 | ||||||
2012 | |||||||||||||
Investment Securities: | |||||||||||||
Change in net unrealized (gain) loss | $ | (786 | ) | $ | 295 | $ | (491 | ) | |||||
Total Investment Securities | (786 | ) | 295 | (491 | ) | ||||||||
Benefit Plans: | |||||||||||||
Reclassification adjustment for amortization of prior service cost | 548 | (211 | ) | 337 | |||||||||
Reclassification adjustment for amortization of net loss | 3,021 | (1,165 | ) | 1,856 | |||||||||
Current year actuarial loss | (12,587 | ) | 4,855 | (7,732 | ) | ||||||||
Total Benefit Plans | (9,018 | ) | 3,479 | (5,539 | ) | ||||||||
Total Other Comprehensive Loss | $ | (9,804 | ) | $ | 3,774 | $ | (6,030 | ) | |||||
2011 | |||||||||||||
Investment Securities: | |||||||||||||
Change in net unrealized (gain) loss | $ | 600 | $ | (203 | ) | $ | 397 | ||||||
Total Investment Securities | 600 | (203 | ) | 397 | |||||||||
Benefit Plans: | |||||||||||||
Reclassification adjustment for amortization of prior service cost | 643 | (248 | ) | 395 | |||||||||
Reclassification adjustment for amortization of net loss | 1,810 | (698 | ) | 1,112 | |||||||||
Current year actuarial loss | (15,763 | ) | 6,081 | (9,682 | ) | ||||||||
Total Benefit Plans | (13,310 | ) | 5,135 | (8,175 | ) | ||||||||
Total Other Comprehensive Loss | $ | (12,710 | ) | $ | 4,932 | $ | (7,778 | ) | |||||
Accumulated other comprehensive loss was comprised of the following components: | |||||||||||||
(Dollars in Thousands) | Securities Available for Sale | Retirement Plans | Accumulated Other Comprehensive Loss | ||||||||||
Balance as of January 1, 2013 | $ | 573 | $ | (30,132 | ) | $ | (29,559 | ) | |||||
Other comprehensive (loss) income during the period | (705 | ) | 21,724 | 21,019 | |||||||||
Balance as of December 31, 2013 | $ | (132 | ) | $ | (8,408 | ) | $ | (8,540 | ) | ||||
Balance as of January 1, 2012 | $ | 1,064 | $ | (24,593 | ) | $ | (23,529 | ) | |||||
Other comprehensive loss during the period | (491 | ) | (5,539 | ) | (6,030 | ) | |||||||
Balance as of December 31, 2012 | $ | 573 | $ | (30,132 | ) | $ | (29,559 | ) | |||||
Balance as of January 1, 2011 | $ | 667 | $ | (16,418 | ) | $ | (15,751 | ) | |||||
Other comprehensive income (loss) during the period | 397 | (8,175 | ) | (7,778 | ) | ||||||||
Balance as of December 31, 2011 | $ | 1,064 | $ | (24,593 | ) | $ | (23,529 | ) |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
Note 15 | |
RELATED PARTY TRANSACTIONS | |
At December 31, 2013 and 2012, certain officers and directors were indebted to the Company’s bank subsidiary in the aggregate amount of $18.3 million and $19.8 million, respectively. During 2013, $35.0 million in new loans were made and repayments totaled $36.5 million. In the opinion of management, these loans were made on similar terms as loans to other individuals of comparable creditworthiness and were all current at year-end. | |
Deposits from certain directors, executive officers, and their related interests totaled $24.0 million and $18.6 million at December 31, 2013 and 2012, respectively. | |
Under a lease agreement expiring in 2024, the Bank leases land from a partnership in which several directors and officers have an interest. The lease agreement with Smith Interests General Partnership L.L.P. provides for annual lease payments of approximately $136,000, to be adjusted for inflation in future years. |
OTHER_NONINTEREST_EXPENSE
OTHER NONINTEREST EXPENSE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Notes to Financial Statements | ' | ||||||||||||
OTHER NONINTEREST EXPENSE | ' | ||||||||||||
Note 16 | |||||||||||||
OTHER NONINTEREST EXPENSE | |||||||||||||
Components of other noninterest expense in excess of 1% of the sum of total interest income and noninterest income, which are not disclosed separately elsewhere, are presented below for each of the respective years. | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Maintenance and Repairs – Bldg. | $ | 1,889 | $ | 1,866 | $ | 2,167 | |||||||
Utilities | 1,513 | 1,609 | 1,764 | ||||||||||
Maintenance Agreements - FF&E | 2,837 | 3,220 | 3,114 | ||||||||||
Legal Fees | 3,663 | 4,303 | 4,106 | ||||||||||
Professional Fees | 4,304 | 4,882 | 3,832 | ||||||||||
Telephone | 1,891 | 1,896 | 1,895 | ||||||||||
Advertising | 1,719 | 1,815 | 2,471 | ||||||||||
Processing Services | 5,396 | 3,967 | 3,708 | ||||||||||
Insurance – Other | 4,144 | 4,104 | 4,474 | ||||||||||
Postage | 1,309 | -1 | 1,595 | 1,780 | |||||||||
Other | 838 | 1,146 | 1,763 | ||||||||||
Total | $ | 29,503 | $ | 30,403 | $ | 31,074 | |||||||
-1 | Amount less than 1% for the current year but was greater than 1% for prior year(s). | ||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||||||||||||||
Note 17 | |||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||||||
Lending Commitments. The Company is a party to financial instruments with off-balance sheet risks in the normal course of business to meet the financing needs of its clients. These financial instruments consist of commitments to extend credit and standby letters of credit. | |||||||||||||||||||||||||
The Company’s maximum exposure to credit loss under standby letters of credit and commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in establishing commitments and issuing letters of credit as it does for on-balance sheet instruments. As of December 31, the amounts associated with the Company’s off-balance sheet obligations were as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in Thousands) | Fixed | Variable | Total | Fixed | Variable | Total | |||||||||||||||||||
Commitments to Extend Credit(1) | $ | 36,927 | $ | 234,342 | $ | 271,269 | $ | 48,618 | $ | 245,087 | $ | 293,705 | |||||||||||||
Standby Letters of Credit | 10,979 | — | 10,979 | 11,249 | — | 11,249 | |||||||||||||||||||
Total | $ | 47,906 | $ | 234,342 | $ | 282,248 | $ | 59,867 | $ | 245,087 | $ | 304,954 | |||||||||||||
-1 | Commitments include unfunded loans, revolving lines of credit, and other unused commitments. | ||||||||||||||||||||||||
Commitments to extend credit are agreements to lend to a client so long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. | |||||||||||||||||||||||||
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a client to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities. In general, management does not anticipate any material losses as a result of participating in these types of transactions. However, any potential losses arising from such transactions are reserved for in the same manner as management reserves for its other credit facilities. | |||||||||||||||||||||||||
For both on- and off-balance sheet financial instruments, the Company requires collateral to support such instruments when it is deemed necessary. The Company evaluates each client’s creditworthiness on a case-by-case basis. The amount of collateral obtained upon extension of credit is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include deposits held in financial institutions; U.S. Treasury securities; other marketable securities; real estate; accounts receivable; property, plant and equipment; and inventory. | |||||||||||||||||||||||||
Other Commitments. In the normal course of business, the Company enters into lease commitments which are classified as operating leases. Rent expense incurred under these leases was approximately $0.7 million in 2013, $0.6 million in 2012, and $0.6 million in 2011. Minimum lease payments under these leases due in each of the five years subsequent to December 31, 2013, are as follows (dollars in millions): 2014, $0.5; 2015, $0.5; 2016, $0.5; 2017, $0.4, thereafter, $4.0. | |||||||||||||||||||||||||
Contingencies. The Company is a party to lawsuits and claims arising out of the normal course of business. In management's opinion, there are no known pending claims or litigation, the outcome of which would, individually or in the aggregate, have a material effect on the consolidated results of operations, financial position, or cash flows of the Company. | |||||||||||||||||||||||||
Indemnification Obligation. The Company is a member of the Visa U.S.A. network. Visa U.S.A believes that its member banks are required to indemnify it for potential future settlement of certain litigation (the “Covered Litigation”) that relates to several antitrust lawsuits challenging the practices of Visa and MasterCard International. In 2008, the Company, as a member of the Visa U.S.A. network, obtained Class B shares of Visa, Inc. upon its initial public offering. Since its initial public offering, Visa, Inc. has funded a litigation reserve for the Covered Litigation resulting in a reduction in the Class B shares held by the Company. During the first quarter of 2011, the Company sold its remaining Class B shares resulting in a $3.2 million pre-tax gain. Associated with this sale, the Company entered into a swap contract with the purchaser of the shares that requires a payment to the counterparty in the event that Visa, Inc. makes subsequent revisions to the conversion ratio for its Class B shares. Further information on the swap contract is contained within Note 18 below. | |||||||||||||||||||||||||
In December 2013, a settlement agreement was approved by the court in resolution of the aforementioned Covered Litigation matter. Visa’s share of the settlement is to be paid from the litigation reserve account. Based on the aforementioned settlement agreement, the Company does not expect to make any additional payments to the counterparty other than certain fixed charges included in the liability, which are payable quarterly until the litigation reserve is fully liquidated and at which time the aforementioned swap contract will be terminated. Quarterly payments during 2013 averaged approximately $30,000. Conversion ratio payments and ongoing fixed quarterly charges are reflected in earnings in the period incurred. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
Note 18 | |||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | |||||||||||||||||
§ | Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||||||||||||||||
§ | Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from, or corroborated, by market data by correlation or other means. | ||||||||||||||||
§ | Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||
Securities Available for Sale. U.S. Treasury securities and certain U.S. Government Agency securities are reported at fair value utilizing Level 1 inputs. Other securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. 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, credit information and the bond’s terms and conditions, among other things. | |||||||||||||||||
In general, the Company does not purchase securities that have a complicated structure. The Company’s entire portfolio consists of traditional investments, nearly all of which are U.S. Treasury obligations, federal agency bullet or mortgage pass-through securities, or general obligation or revenue based municipal bonds. Pricing for such instruments is easily obtained. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. | |||||||||||||||||
Fair Value Swap. The Company entered into a stand-alone derivative contract with the purchaser of its Visa Class B shares. The valuation represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses and related carrying cost obligations required under the contract. | |||||||||||||||||
A summary of fair values for assets and liabilities recorded at fair value at December 31 consisted of the following: | |||||||||||||||||
(Dollars in Thousands) | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||||||||||
2013 | |||||||||||||||||
Securities Available for Sale: | |||||||||||||||||
U.S. Government Treasury | $ | 71,833 | $ | — | $ | — | $ | 71,833 | |||||||||
U.S. Government Agency | — | 75,146 | — | 75,146 | |||||||||||||
States and Political Subdivisions | — | 91,753 | — | 91,753 | |||||||||||||
Mortgage-Backed Securities | — | 2,795 | — | 2,795 | |||||||||||||
Other Securities | — | 9,893 | — | 9,893 | |||||||||||||
2012 | |||||||||||||||||
Securities Available for Sale: | |||||||||||||||||
U.S. Government Treasury | $ | 97,249 | $ | — | $ | — | $ | 97,249 | |||||||||
U.S. Government Agency | — | 51,664 | — | 51,664 | |||||||||||||
State and Political Subdivisions | — | 79,879 | — | 79,879 | |||||||||||||
Mortgage-Backed Securities | — | 56,982 | — | 56,982 | |||||||||||||
Other Securities | — | 11,211 | — | 11,211 | |||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||
Certain assets are measured at fair value on a non-recurring basis (i.e., the assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances). An example would be assets exhibiting evidence of impairment). The following is a description of valuation methodologies used for assets measured on a non-recurring basis. | |||||||||||||||||
Impaired Loans. Impairment for collateral dependent loans is measured using the fair value of the collateral less selling costs. The fair value of collateral is determined by an independent valuation or professional appraisal in conformance with banking regulations. Collateral values are estimated using Level 3 inputs due to the volatility in the real estate market, and the judgment and estimation involved in the real estate appraisal process. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly. Valuation techniques are consistent with those techniques applied in prior periods. Impaired collateral dependent loans had a carrying value of $31.5 million with a valuation allowance of $3.1 million at December 31, 2013 and $61.3 million and $6.8 million, respectively, at December 31, 2012. | |||||||||||||||||
Loans Held for Sale. These loans are carried at the lower of cost or fair value and are adjusted to fair value on a non-recurring basis. Fair value is based on observable markets rates for comparable loan products, which is considered a Level 2 fair value measurement. | |||||||||||||||||
Other Real Estate Owned. During 2013, certain foreclosed assets, upon initial recognition, were measured and reported at fair value through a charge-off to the allowance for loan losses based on the fair value of the foreclosed asset less estimated cost to sell. The fair value of the foreclosed asset is determined by an independent valuation or professional appraisal in conformance with banking regulations. On an ongoing basis, we obtain updated appraisals on foreclosed assets and realize valuation adjustments as necessary. The fair value of foreclosed assets is estimated using Level 3 inputs due to the judgment and estimation involved in the real estate valuation process. Foreclosed assets measured at fair value upon initial recognition totaled $24.5 million for the year ended December 31, 2013. The Company disposed of $25.9 million in foreclosed assets, recognized subsequent write-downs totaling $3.6 million for properties that were re-valued, and realized miscellaneous adjustments totaling $0.3 million for the year ended December 31 2013. The valuation allowance associated with foreclosed real estate was $11.0 million at December 31, 2013 and $9.6 million at December 31, 2012. | |||||||||||||||||
Assets and Liabilities Disclosed at Fair Value | |||||||||||||||||
The Company is required to disclose the estimated fair value of financial instruments, both assets and liabilities, for which it is practical to estimate fair value and the following is a description of valuation methodologies used for those assets and liabilities. | |||||||||||||||||
Cash and Short-Term Investments. The carrying amount of cash and short-term investments is used to approximate fair value, given the short time frame to maturity and as such assets do not present unanticipated credit concerns. | |||||||||||||||||
Securities Held to Maturity. Securities held to maturity are valued in accordance with the methodology previously noted in this footnote under the caption “Assets and Liabilities Measured at Fair Value on a Recurring Basis – Securities Available for Sale”. | |||||||||||||||||
Loans. The loan portfolio is segregated into categories and the fair value of each loan category is calculated using present value techniques based upon projected cash flows and estimated discount rates that reflect the credit, interest rate, and liquidity risks inherent in each loan category. The calculated present values are then reduced by an allocation of the allowance for loan losses against each respective loan category. | |||||||||||||||||
Deposits. The fair value of Noninterest Bearing Deposits, NOW Accounts, Money Market Accounts and Savings Accounts are the amounts payable on demand at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using present value techniques and rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||
Subordinated Notes Payable. The fair value of each note is calculated using present value techniques, based upon projected cash flows and estimated discount rates as well as rates being offered for similar obligations. | |||||||||||||||||
Short-Term and Long-Term Borrowings. The fair value of each note is calculated using present value techniques, based upon projected cash flows and estimated discount rates as well as rates being offered for similar debt. | |||||||||||||||||
A summary of estimated fair values of significant financial instruments at December 31 consisted of the following: | |||||||||||||||||
2013 | |||||||||||||||||
(Dollars in Thousands) | Carrying | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||
Value | |||||||||||||||||
ASSETS: | |||||||||||||||||
Cash | $ | 55,209 | $ | 55,209 | $ | — | $ | — | |||||||||
Short-Term Investments | 474,719 | 474,719 | — | — | |||||||||||||
Investment Securities, Available for Sale | 251,420 | 71,833 | 179,587 | — | |||||||||||||
Investment Securities, Held to Maturity | 148,211 | 43,579 | 103,382 | — | |||||||||||||
Loans Held for Sale | 11,065 | — | 11,065 | ||||||||||||||
Loans, Net of Allowance for Loan Losses | 1,365,509 | — | 1,265,827 | ||||||||||||||
LIABILITIES: | |||||||||||||||||
Deposits | $ | 2,136,248 | $ | — | $ | 2,136,737 | $ | — | |||||||||
Short-Term Borrowings | 51,321 | — | 50,754 | — | |||||||||||||
Subordinated Notes Payable | 62,887 | — | 62,886 | — | |||||||||||||
Long-Term Borrowings | 38,043 | — | 39,450 | — | |||||||||||||
2012 | |||||||||||||||||
(Dollars in Thousands) | Carrying | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||
Value | |||||||||||||||||
ASSETS: | |||||||||||||||||
Cash | $ | 66,238 | $ | 66,238 | $ | — | $ | — | |||||||||
Short-Term Investments | 443,494 | 443,494 | — | — | |||||||||||||
Investment Securities, Available for Sale | 296,985 | 97,249 | 199,736 | — | |||||||||||||
Loans Held for Sale | 14,189 | — | 14,189 | — | |||||||||||||
Loans, Net of Allowance for Loan Losses | 1,477,946 | — | — | 1,370,056 | |||||||||||||
LIABILITIES: | |||||||||||||||||
Deposits | $ | 2,144,996 | $ | — | $ | 2,145,547 | $ | — | |||||||||
Short-Term Borrowings | 47,435 | — | 46,503 | — | |||||||||||||
Subordinated Notes Payable | 62,887 | — | 62,896 | — | |||||||||||||
Long-Term Borrowings | 46,859 | — | 50,003 | — | |||||||||||||
All non-financial instruments are excluded from the above table. The disclosures also do not include certain intangible assets such as client relationships, deposit base intangibles and goodwill. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. |
PARENT_COMPANY_FINANCIAL_INFOR
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
PARENT COMPANY FINANCIAL INFORMATION | ' | ||||||||||||
Note 19 | |||||||||||||
PARENT COMPANY FINANCIAL INFORMATION | |||||||||||||
The following are condensed statements of financial condition of the parent company at December 31: | |||||||||||||
Parent Company Statements of Financial Condition | |||||||||||||
(Dollars in Thousands, Except Per Share Data) | 2013 | 2012 | |||||||||||
ASSETS | |||||||||||||
Cash and Due From Subsidiary Bank | $ | 6,209 | $ | 7,061 | |||||||||
Investment in Subsidiary Bank | 337,809 | 309,114 | |||||||||||
Other Assets | 3,347 | 3,435 | |||||||||||
Total Assets | $ | 347,365 | $ | 319,610 | |||||||||
LIABILITIES | |||||||||||||
Subordinated Notes Payable | $ | 62,887 | $ | 62,887 | |||||||||
Other Liabilities | 8,078 | 9,834 | |||||||||||
Total Liabilities | 70,965 | 72,721 | |||||||||||
SHAREOWNERS’ EQUITY | |||||||||||||
Preferred Stock, $.01 par value, 3,000,000 shares authorized; no shares issued and outstanding | — | ||||||||||||
Common Stock, $.01 par value; 90,000,000 shares authorized; 17,360,960 and 17,232,380 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 174 | 172 | |||||||||||
Additional Paid-In Capital | 41,152 | 38,707 | |||||||||||
Retained Earnings | 243,614 | 237,569 | |||||||||||
Accumulated Other Comprehensive Loss, Net of Tax | (8,540 | ) | (29,559 | ) | |||||||||
Total Shareowners' Equity | 276,400 | 246,889 | |||||||||||
Total Liabilities and Shareowners’ Equity | $ | 347,365 | $ | 319,610 | |||||||||
The operating results of the parent company for the three years ended December 31 are shown below: | |||||||||||||
Parent Company Statements of Operations | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
OPERATING INCOME | |||||||||||||
Income Received from Subsidiary Bank: | |||||||||||||
Overhead Fees | $ | 4,417 | $ | 4,536 | $ | 3,364 | |||||||
Other Income | 208 | 130 | 48 | ||||||||||
Total Operating Income | 4,625 | 4,666 | 3,412 | ||||||||||
OPERATING EXPENSE | |||||||||||||
Salaries and Associate Benefits | 3,130 | 2,059 | 1,974 | ||||||||||
Interest on Subordinated Notes Payable | 1,419 | 1,477 | 1,380 | ||||||||||
Professional Fees | 1,491 | 1,781 | 1,251 | ||||||||||
Advertising | 142 | 140 | 135 | ||||||||||
Legal Fees | 245 | 332 | 249 | ||||||||||
Other | 1,117 | 478 | 440 | ||||||||||
Total Operating Expense | 7,544 | 6,267 | 5,429 | ||||||||||
Loss Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank | (2,919 | ) | (1,601 | ) | (2,017 | ) | |||||||
Income Tax Benefit | (1,036 | ) | (10 | ) | (666 | ) | |||||||
Loss Before Equity in Undistributed Earnings of Subsidiary Bank | (1,883 | ) | (1,591 | ) | (1,351 | ) | |||||||
Equity in Undistributed Earnings of Subsidiary Bank | 7,928 | 1,699 | 6,248 | ||||||||||
Net Income | $ | 6,045 | $ | 108 | $ | 4,897 | |||||||
The cash flows for the parent company for the three years ended December 31 were as follows: | |||||||||||||
Parent Company Statements of Cash Flows | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net Income | $ | 6,045 | $ | 108 | $ | 4,897 | |||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||||
Equity in Undistributed Earnings of Subsidiary Bank | (7,928 | ) | (1,699 | ) | (6,248 | ) | |||||||
Stock-Based Compensation | 1,296 | 262 | — | ||||||||||
Decrease (Increase) in Other Assets | 339 | (491 | ) | (324 | ) | ||||||||
(Decrease) Increase in Other Liabilities | (1,755 | ) | 2,005 | 1,181 | |||||||||
Net Cash (Used In) Provided by Operating Activities | (2,003 | ) | 185 | (494 | ) | ||||||||
CASH FROM FINANCING ACTIVITIES: | |||||||||||||
Payment of Dividends | — | — | (5,142 | ) | |||||||||
Issuance of Common Stock | 1,151 | 607 | 919 | ||||||||||
Net Cash Provided By (Used In) in Financing Activities | 1,151 | 607 | (4,223 | ) | |||||||||
Net (Decrease) Increase in Cash | (852 | ) | 792 | (4,717 | ) | ||||||||
Cash at Beginning of Year | 7,061 | 6,269 | 10,986 | ||||||||||
Cash at End of Year | $ | 6,209 | $ | 7,061 | $ | 6,269 |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies Policies | ' |
Nature of Operations | ' |
Nature of Operations | |
Capital City Bank Group, Inc. (“CCBG” or the “Company”) provides a full range of banking and banking-related services to individual and corporate clients through its subsidiary, Capital City Bank, with banking offices located in Florida, Georgia, and Alabama. The Company is subject to competition from other financial institutions, is subject to regulation by certain government agencies and undergoes periodic examinations by those regulatory authorities. | |
Basis of Presentation | ' |
Basis of Presentation | |
The consolidated financial statements include the accounts of Capital City Bank Group, Inc. (“CCBG”), and its wholly owned subsidiary, Capital City Bank (“CCB” or the “Bank” and together with CCBG, the “Company”). All material inter-company transactions and accounts have been eliminated. | |
The Company, which operates a single reportable business segment that is comprised of commercial banking within the states of Florida, Georgia, and Alabama, follows accounting principles generally accepted in the United States of America and reporting practices applicable to the banking industry. The principles which materially affect the financial position, results of operations and cash flows are summarized below. | |
The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under accounting principles generally accepted in the United States of America. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provide the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (“VIE’s”) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in an entity is present when an enterprise has a variable interest, or a combination of variable interests, that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. CCBG's wholly owned subsidiaries, CCBG Capital Trust I (established November 1, 2004) and CCBG Capital Trust II (established May 24, 2005) are VIEs for which the Company is not the primary beneficiary. Accordingly, the accounts of these entities are not included in the Company’s consolidated financial statements. | |
Certain previously reported amounts have been reclassified to conform to the current year’s presentation. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the consolidated financial statements included in this Annual Report on Form 10-K were filed with the United States Securities and Exchange Commission. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from these estimates. Material estimates that are particularly susceptible to significant changes in the near-term relate to the determination of the allowance for loan losses, pension expense, income taxes, loss contingencies, and valuation of goodwill and other intangibles and their respective analysis of impairment. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash and due from banks, interest-bearing deposits in other banks, and federal funds sold. Generally, federal funds are purchased and sold for one-day periods and all other cash equivalents have a maturity of 90 days or less. The Company is required to maintain average reserve balances with the Federal Reserve Bank based upon a percentage of deposits. The average amounts of these required reserve balances for the years ended December 31, 2013 and 2012 were $17.6 million and $24.3 million, respectively. | |
Investment Securities | ' |
Investment Securities | |
Securities are classified as held to maturity and carried at amortized cost when the Company has the positive intent and ability to hold them until maturity. Securities to be held for indefinite periods of time are classified as available for sale and carried at fair value, with the unrealized holding gains and losses reported as a component of other comprehensive income, net of tax. The Company determines the appropriate classification of securities at the time of purchase. Securities with limited marketability, such as stock in the Federal Reserve Bank and the Federal Home Loan Bank, are carried at cost. Securities transferred from available for sale to held to maturity are recorded at fair value at the time of transfer. The respective gain or loss is reclassified as a separate component of other comprehensive income and amortized as an adjustment to interest income over the remaining life of the security. | |
Interest income includes amortization of purchase premiums and discounts. Realized gains and losses are derived from the amortized cost of the security sold. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, the Company considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer and (iii) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |
Loans Held For Sale | ' |
Loans Held For Sale | |
Certain residential mortgage loans are originated for sale in the secondary mortgage loan market. Additionally, certain other loans are periodically identified to be sold. The Company has the ability and intent to sell these loans and they are classified as loans held for sale and carried at the lower of cost or estimated fair value. Fair value is determined on the basis of rates quoted in the respective secondary market for the type of loan held for sale. Loans are generally sold with servicing released at a premium or discount from the carrying amount of the loans. Such premium or discount is recognized as mortgage banking revenue at the date of sale. Fixed commitments are generally used at the time loans are originated or identified for sale to mitigate interest rate risk. The fair value of fixed commitments to originate and sell loans held for sale is not material. | |
Loans | ' |
Loans | |
Loans are stated at the principal amount outstanding, net of unearned income. Interest income is accrued on the effective yield method based on outstanding balances. Fees charged to originate loans and direct loan origination costs are deferred and amortized over the life of the loan as a yield adjustment. | |
The Company defines loans as past due when one full payment is past due or a contractual maturity is over 30 days late. The accrual of interest is generally suspended on loans more than 90 days past due with respect to principal or interest. When a loan is placed on nonaccrual status, all previously accrued and uncollected interest is reversed against current income. Interest income on nonaccrual loans is recognized when the ultimate collectability is no longer considered doubtful. Loans are returned to accrual status when the principal and interest amounts contractually due are brought current or when future payments are reasonably assured. | |
Loan charge-offs on commercial and investor real estate loans are recorded when the facts and circumstances of the individual loan confirm the loan is not fully collectible and the loss is reasonably quantifiable. Factors considered in making these determinations are the borrower’s and any guarantor’s ability and willingness to pay, the status of the account in bankruptcy court (if applicable), and collateral value. Charge-off decisions for consumer loans are dictated by the Federal Financial Institutions Examination Council’s (FFEIC) Uniform Retail Credit Classification and Account Management Policy which establishes standards for the classification and treatment of consumer loans, which generally require charge-off after 120 days of delinquency. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses | |
The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing portfolio of loans. The allowance is that amount considered adequate to absorb losses inherent in the loan portfolio based on management’s evaluation of credit risk as of the balance sheet date. | |
The allowance for loan losses includes allowance allocations calculated in accordance with FASB ASC Topic 310 – Receivables and ASC Topic 450 - Contingencies. The level of the allowance reflects management’s continuing evaluation of specific credit risks, loan loss experience, current loan portfolio quality, present economic conditions and unidentified losses inherent in the current loan portfolio, as well as trends in the foregoing. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. | |
The Company’s allowance for loan losses consists of two components: (i) specific reserves established for probable losses on impaired loans; and (ii) general reserve for non-homogenous loans not deemed impaired and homogenous loan pools based on, but not limited to, historical loan loss experience, current economic conditions, levels of past due loans, and levels of problem loans. | |
Loans are deemed to be impaired when, based on current information and events, it is probable that the Company will not be able to collect all amounts due (principal and interest payments), according to the contractual terms of the loan agreement. Loans to borrowers who are experiencing financial difficulties and whose loans were modified with concessions are classified as troubled debt restructurings and measured for impairment. Loans to borrowers that have filed Chapter 7 bankruptcy, but continue to perform as agreed are classified as troubled debt restructurings and measured for impairment. | |
Long-Lived Assets | ' |
Long-Lived Assets | |
Premises and equipment is stated at cost less accumulated depreciation, computed on the straight-line method over the estimated useful lives for each type of asset with premises being depreciated over a range of 10 to 40 years, and equipment being depreciated over a range of 3 to 10 years. Additions, renovations and leasehold improvements to premises are capitalized and depreciated over the lesser of the useful life or the remaining lease term. Repairs and maintenance are charged to noninterest expense as incurred. | |
Intangible assets, other than goodwill, consist of core deposit intangible assets and client relationship assets that were recognized in connection with various acquisitions. Core deposit intangible assets are amortized on the straight-line method over various periods, with the majority being amortized over an average of 5 to 10 years. Other identifiable intangibles are amortized on the straight-line method over their estimated useful lives. At December 31, 2013, all of the Company’s core deposit intangible assets were fully amortized. | |
Long-lived assets are evaluated for impairment if circumstances suggest that their carrying value may not be recoverable, by comparing the carrying value to estimated undiscounted cash flows. If the asset is deemed impaired, an impairment charge is recorded equal to the carrying value less the fair value. | |
Goodwill | ' |
Goodwill | |
Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. In accordance with FASB ASC Topic 350, the Company determined it has one goodwill reporting unit. Goodwill is tested for impairment at least annually or on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. See Note 5 – Intangible Assets for additional information. | |
Other Real Estate Owned | ' |
Other Real Estate Owned | |
Assets acquired through or instead of loan foreclosure are held for sale and are initially recorded at the lower of cost or fair value less estimated selling costs. Subsequent declines in the fair value of the asset and gains (losses) on sales are reflected as noninterest expense. Costs after acquisition are generally expensed. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. | |
Loss Contingencies | ' |
Loss Contingencies | |
Loss contingencies, including claims and legal actions arising in the ordinary course of business are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes revenue as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Certain specific policies include the following: | |
Service Charges on Deposit Accounts. Service charges on deposit accounts are primarily overdraft and insufficient fund fees and monthly transaction-based fees. These fees are recognized as earned or as transactions occur and services are provided. | |
Bank Card Fees. Bank card fees primarily includes interchange income from client use of consumer and business debit cards. Interchange income is a fee paid by a merchant bank to the card-issuing bank through the interchange network. Interchange fees are set by the credit card associations and are based on cardholder purchase volumes. The Company records interchange income as transactions occur. | |
Income Taxes | ' |
Income Taxes | |
Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. | |
The Company files a consolidated federal income tax return and each subsidiary files a separate state income tax return. | |
Earnings Per Common Share | ' |
Earnings Per Common Share | |
Basic earnings per common share is based on net income divided by the weighted-average number of common shares outstanding during the period excluding non-vested stock. Diluted earnings per common share include the dilutive effect of stock options and non-vested stock awards granted using the treasury stock method. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 12 — Earnings Per Share. | |
Comprehensive Income | ' |
Comprehensive Income | |
Comprehensive income includes all changes in shareowners’ equity during a period, except those resulting from transactions with shareowners. Besides net income, other components of the Company’s comprehensive income include the after tax effect of changes in the net unrealized gain/loss on securities available for sale and changes in the funded status of defined benefit and supplemental executive retirement plans. Comprehensive income is reported in the accompanying Consolidated Statements of Comprehensive Income and Changes in Shareowners’ Equity. | |
Stock Based Compensation | ' |
Stock Based Compensation | |
Compensation cost is recognized for share based awards issued to employees, based on the fair value of these awards at the date of grant. The market price of the Company’s common stock at the date of the grant is used for restricted stock awards. For stock option awards, a Black-Scholes model is utilized to estimate the fair value of the options. Compensation cost is recognized over the requisite service period, generally defined as the vesting period. | |
NEW AUTHORITATIVE ACCOUNTING GUIDANCE | ' |
NEW AUTHORITATIVE ACCOUNTING GUIDANCE | |
ASU 2013-02 “Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 requires an entity to separately present the amount reclassified out of accumulated other comprehensive income (“AOCI”) for each component of AOCI and to disclose, for each affected line item in the income statement, the amount of AOCI that has been reclassified into that line item. If the reclassification doesn't go directly to an income statement line it is acceptable to cross reference that amount to another footnote that provides the required disclosure. ASU 2013-02 became effective for the Company on January 1, 2013 and did not have a significant impact on the Company’s financial statements. | |
ASU 2014-01 “Investments – Equity Method and Joint Ventures (Topic 323) – Accounting for Investments in Qualified Affordable Housing Projects.” ASU 2014-01 provides guidance related to the accounting for investments in qualified affordable housing projects. The guidance allows the holder of low income housing tax credit (“LIHTC”) investments to apply a proportional amortization method that would recognize the cost of the investment as a part of income tax expense, provided that the investment meets certain criteria. The guidance is silent regarding statement of financial position classification, although it would not be appropriate to classify the investment as a deferred tax asset. The decision to apply the proportional amortization method is an accounting policy election. Entities may also elect to continue to account for these investments using the equity method. The guidance will be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The Company does not believe this pronouncement will have a significant impact on its financial statements. | |
ASU 2014-04 “Receivables – Troubled Debt Restructurings by Creditors (Topic 310-40) – Reclassification of Residential Real Estate Collateralized Consumer Loans Upon Foreclosure.”ASU 2014-04 provides guidance regarding the reclassification of residential real estate collateralized consumer mortgage loans upon foreclosures. The guidance requires reclassification of a consumer mortgage loan to other real estate owned upon obtaining legal title to the residential property, which could occur either through foreclosure or through a deed in lieu of foreclosure or similar legal agreement. The existence of a borrower redemption right will not prevent the lender from reclassifying a loan to real estate once the lender obtains legal title to the property. In addition, entities are required to disclose the amount of foreclosed residential real estate properties and the recorded investment in residential real estate mortgage loans in the process of foreclosure on both an interim and annual basis. The guidance may be applied prospectively or on a modified retrospective basis in fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted. The Company is in the process of reviewing the potential impact the adoption of this guidance will have to its financial statements. |
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Investment Securities Tables | ' | ||||||||||||||||||||||||||||||||
Schedule of amortized cost and related market value of investment securities available-for-sale | ' | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | Amortized | Unrealized | Unrealized | Market | ||||||||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gain | Losses | Value | ||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||
U.S. Government Treasury | $ | 71,791 | $ | 82 | $ | 40 | $ | 71,833 | $ | 96,745 | $ | 504 | $ | — | $ | 97,249 | |||||||||||||||||
U.S. Government Agency | 75,275 | 127 | 256 | 75,146 | 51,468 | 221 | 25 | 51,664 | |||||||||||||||||||||||||
States and Political Subdivisions | 91,605 | 167 | 19 | 91,753 | 79,818 | 124 | 63 | 79,879 | |||||||||||||||||||||||||
Mortgage-Backed Securities | 2,583 | 212 | — | 2,795 | 56,217 | 805 | 40 | 56,982 | |||||||||||||||||||||||||
Other Securities(1) | 9,893 | — | — | 9,893 | 11,811 | — | 600 | 11,211 | |||||||||||||||||||||||||
Total | $ | 251,147 | $ | 588 | $ | 315 | $ | 251,420 | $ | 296,059 | $ | 1,654 | $ | 728 | $ | 296,985 | |||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||
U.S. Government Treasury | $ | 43,533 | $ | 84 | $ | 38 | $ | 43,579 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
U.S. Government Agency | 15,794 | 38 | 22 | 15,810 | — | — | — | — | |||||||||||||||||||||||||
States and Political Subdivisions | 33,216 | 53 | 4 | 33,265 | — | — | — | — | |||||||||||||||||||||||||
Mortgage-Backed Securities | 55,668 | 12 | 1,373 | 54,307 | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 148,211 | $ | 187 | $ | 1,437 | $ | 146,961 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Total Investment Securities | $ | 399,358 | $ | 775 | $ | 1,752 | $ | 398,381 | $ | 296,059 | $ | 1,654 | $ | 728 | $ | 296,985 | |||||||||||||||||
-1 | Includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $5.0 million and $4.8 million, respectively, at December 31, 2013 and $6.4 million and $4.8 million, respectively, at December 31, 2012. | ||||||||||||||||||||||||||||||||
Schedule of proceeds from sale and gross realized gains and losses from the securities | ' | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Year | Total | Gross | Gross | |||||||||||||||||||||||||||||
Proceeds | Realized Gains | Realized Losses | |||||||||||||||||||||||||||||||
2013 | $ | 7,506 | $ | 3 | $ | — | |||||||||||||||||||||||||||
2012 | 805 | — | — | ||||||||||||||||||||||||||||||
2011 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Schedule of investment securities with maturity distribution based on contractual maturities | ' | ||||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Amortized | Market | Amortized | Market | |||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||
Due in one year or less | $ | 97,227 | $ | 97,361 | $ | 13,980 | $ | 14,003 | |||||||||||||||||||||||||
Due after one through five years | 81,107 | 81,172 | 78,563 | 78,651 | |||||||||||||||||||||||||||||
No Maturity | 9,893 | 9,893 | — | — | |||||||||||||||||||||||||||||
U.S. Government Agency | 60,337 | 60,199 | — | — | |||||||||||||||||||||||||||||
Mortgage-Backed Securities | 2,583 | 2,795 | 55,668 | 54,307 | |||||||||||||||||||||||||||||
Total | $ | 251,147 | $ | 251,420 | $ | 148,211 | $ | 146,961 | |||||||||||||||||||||||||
Schedule of investment securities with continuous unrealized loss position | ' | ||||||||||||||||||||||||||||||||
Less Than | Greater Than | Total | |||||||||||||||||||||||||||||||
12 Months | 12 Months | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Market | Unrealized | Market | Unrealized | Market | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||
U.S. Government Treasury | $ | 24,924 | $ | 40 | $ | — | $ | — | $ | 24,924 | $ | 40 | |||||||||||||||||||||
U.S. Government Agency | 40,944 | 235 | 4,842 | 21 | 45,786 | 256 | |||||||||||||||||||||||||||
States and Political Subdivisions | 4,101 | 7 | 511 | 12 | 4,612 | 19 | |||||||||||||||||||||||||||
Total | 69,969 | 282 | 5,353 | 33 | 75,322 | 315 | |||||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||
U.S. Government Treasury | 10,054 | 38 | — | — | 10,054 | 38 | |||||||||||||||||||||||||||
U.S. Government Agency | 5,676 | 22 | — | — | 5,676 | 22 | |||||||||||||||||||||||||||
States and Political Subdivisions | 3,316 | 4 | — | — | 3,316 | 4 | |||||||||||||||||||||||||||
Mortgage-Backed Securities | 44,031 | 1,373 | — | — | 44,031 | 1,373 | |||||||||||||||||||||||||||
Total | $ | 63,077 | $ | 1,437 | $ | — | $ | — | $ | 63,077 | $ | 1,437 | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||
U.S. Government Agency | $ | 8,464 | $ | 23 | $ | 790 | $ | 2 | $ | 9,254 | $ | 25 | |||||||||||||||||||||
States and Political Subdivisions | 30,302 | 55 | 5,028 | 8 | 35,330 | 63 | |||||||||||||||||||||||||||
Mortgage-Backed Securities | 3,921 | 15 | 1,624 | 25 | 5,545 | 40 | |||||||||||||||||||||||||||
Other Securities | — | — | 600 | 600 | 600 | 600 | |||||||||||||||||||||||||||
Total | $ | 42,687 | $ | 93 | $ | 8,042 | $ | 635 | $ | 50,729 | $ | 728 |
LOANS_Tables
LOANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Loans Tables | ' | ||||||||||||||||||||||||||||||||
Schedule of composition of the loan portfolio | ' | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 126,607 | $ | 139,850 | |||||||||||||||||||||||||||||
Real Estate – Construction | 31,012 | 37,512 | |||||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 533,871 | 613,625 | |||||||||||||||||||||||||||||||
Real Estate– Residential(1) | 309,692 | 321,986 | |||||||||||||||||||||||||||||||
Real Estate – Home Equity | 227,922 | 236,263 | |||||||||||||||||||||||||||||||
Consumer | 159,500 | 157,877 | |||||||||||||||||||||||||||||||
Loans, Net of Unearned Income | $ | 1,388,604 | $ | 1,507,113 | |||||||||||||||||||||||||||||
-1 | Includes loans in process with outstanding balances of $6.8 million and $11.9 million for 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
Schedule of recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ' | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Nonaccrual | 90 + Days | Nonaccrual | 90 + Days | |||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 188 | — | $ | 1,069 | — | |||||||||||||||||||||||||||
Real Estate – Construction | 426 | — | 4,071 | — | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 25,227 | — | 41,045 | — | |||||||||||||||||||||||||||||
Real Estate– Residential | 6,440 | — | 13,429 | — | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 4,084 | — | 4,034 | — | |||||||||||||||||||||||||||||
Consumer | 599 | — | 574 | — | |||||||||||||||||||||||||||||
Total Nonaccrual Loans | $ | 36,964 | — | $ | 64,222 | — | |||||||||||||||||||||||||||
Schedule of aging of past due loans by class of loans | ' | ||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 + | Total | Total | Total | ||||||||||||||||||||||||||||
(Dollars in Thousands) | DPD | DPD | DPD | Past Due | Current | Loans | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 258 | $ | 100 | $ | — | $ | 358 | $ | 126,062 | $ | 126,607 | |||||||||||||||||||||
Real Estate – Construction | — | — | — | — | 30,587 | 31,012 | |||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 1,548 | 672 | — | 2,220 | 506,424 | 533,871 | |||||||||||||||||||||||||||
Real Estate – Residential | 1,647 | 1,090 | — | 2,737 | 300,514 | 309,692 | |||||||||||||||||||||||||||
Real Estate – Home Equity | 848 | 212 | — | 1,060 | 222,778 | 227,922 | |||||||||||||||||||||||||||
Consumer | 1,127 | 244 | — | 1,371 | 157,529 | 159,500 | |||||||||||||||||||||||||||
Total Past Due Loans | $ | 5,428 | $ | 2,318 | $ | — | $ | 7,746 | $ | 1,343,894 | $ | 1,388,604 | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 302 | $ | 314 | $ | — | $ | 616 | $ | 138,165 | $ | 139,850 | |||||||||||||||||||||
Real Estate – Construction | 375 | — | — | 375 | 33,066 | 37,512 | |||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 1,090 | 583 | — | 1,673 | 570,907 | 613,625 | |||||||||||||||||||||||||||
Real Estate – Residential | 2,788 | 1,199 | — | 3,987 | 304,570 | 321,986 | |||||||||||||||||||||||||||
Real Estate – Home Equity | 711 | 487 | — | 1,198 | 231,031 | 236,263 | |||||||||||||||||||||||||||
Consumer | 1,693 | 392 | — | 2,085 | 155,218 | 157,877 | |||||||||||||||||||||||||||
Total Past Due Loans | $ | 6,959 | $ | 2,975 | $ | — | $ | 9,934 | $ | 1,432,957 | $ | 1,507,113 | |||||||||||||||||||||
Schedule of activity in the allowance for loan losses by portfolio class | ' | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Commercial, Financial, Agricultural | Real Estate Construction | Real Estate | Real Estate Residential | Real Estate Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Commercial Mortgage | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,253 | $ | 2,856 | $ | 11,081 | $ | 8,678 | $ | 2,945 | $ | 1,327 | $ | 1,027 | $ | 29,167 | |||||||||||||||||
Provision for Loan Losses | (15 | ) | (207 | ) | (83 | ) | 3,392 | 971 | 441 | (1,027 | ) | 3,472 | |||||||||||||||||||||
Charge-Offs | (748 | ) | (1,070 | ) | (3,651 | ) | (3,835 | ) | (1,159 | ) | (1,751 | ) | — | (12,214 | ) | ||||||||||||||||||
Recoveries | 209 | 1 | 363 | 838 | 294 | 965 | — | 2,670 | |||||||||||||||||||||||||
Net Charge-Offs | (539 | ) | (1,069 | ) | (3,288 | ) | (2,997 | ) | (865 | ) | (786 | ) | — | (9,544 | ) | ||||||||||||||||||
Ending Balance | $ | 699 | $ | 1,580 | $ | 7,710 | $ | 9,073 | $ | 3,051 | $ | 982 | $ | — | $ | 23,095 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,534 | $ | 1,133 | $ | 10,660 | $ | 12,518 | $ | 2,392 | $ | 1,887 | $ | 911 | $ | 31,035 | |||||||||||||||||
Provision for Loan Losses | 251 | 2,309 | 5,770 | 4,588 | 3,050 | 82 | 116 | 16,166 | |||||||||||||||||||||||||
Charge-Offs | (822 | ) | (629 | ) | (6,031 | ) | (9,719 | ) | (2,896 | ) | (2,125 | ) | — | (22,222 | ) | ||||||||||||||||||
Recoveries | 290 | 43 | 682 | 1,291 | 399 | 1,483 | — | 4,188 | |||||||||||||||||||||||||
Net Charge-Offs | (532 | ) | (586 | ) | (5,349 | ) | (8,428 | ) | (2,497 | ) | (642 | ) | — | (18,034 | ) | ||||||||||||||||||
Ending Balance | $ | 1,253 | $ | 2,856 | $ | 11,081 | $ | 8,678 | $ | 2,945 | $ | 1,327 | $ | 1,027 | $ | 29,167 | |||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,544 | $ | 2,060 | $ | 8,645 | $ | 17,046 | $ | 2,522 | $ | 2,612 | $ | 1,007 | $ | 35,436 | |||||||||||||||||
Provision for Loan Losses | 1,446 | (827 | ) | 8,477 | 6,864 | 2,383 | 749 | (96 | ) | 18,996 | |||||||||||||||||||||||
Charge-Offs | (1,843 | ) | (114 | ) | (6,713 | ) | (11,870 | ) | (2,727 | ) | (2,924 | ) | — | (26,191 | ) | ||||||||||||||||||
Recoveries | 387 | 14 | 251 | 478 | 214 | 1,450 | — | 2,794 | |||||||||||||||||||||||||
Net Charge-Offs | (1,456 | ) | (100 | ) | (6,462 | ) | (11,392 | ) | (2,513 | ) | (1,474 | ) | — | (23,397 | ) | ||||||||||||||||||
Ending Balance | $ | 1,534 | $ | 1,133 | $ | 10,660 | $ | 12,518 | $ | 2,392 | $ | 1,887 | $ | 911 | $ | 31,035 | |||||||||||||||||
Schedule of allowance for loan losses by portfolio class and disaggregated on the basis of the impairment methodology | ' | ||||||||||||||||||||||||||||||||
Commercial, Financial, Agricultural | Real Estate Construction | Real Estate Commercial Mortgage | Real Estate Residential | Real Estate Home Equity | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Period-end amount | |||||||||||||||||||||||||||||||||
Allocated to: | |||||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment | $ | 75 | $ | 66 | $ | 4,336 | $ | 2,047 | $ | 682 | $ | 23 | $ | — | $ | 7,229 | |||||||||||||||||
Loans Collectively Evaluated for Impairment | 624 | 1,514 | 3,374 | 7,026 | 2,369 | 959 | — | 15,866 | |||||||||||||||||||||||||
Ending Balance | $ | 699 | $ | 1,580 | $ | 7,710 | $ | 9,073 | $ | 3,051 | $ | 982 | $ | — | $ | 23,095 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Period-end amount | |||||||||||||||||||||||||||||||||
Allocated to: | |||||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment | $ | 210 | $ | 714 | $ | 6,641 | $ | 2,778 | $ | 546 | $ | 32 | $ | — | $ | 10,921 | |||||||||||||||||
Loans Collectively Evaluated for Impairment | 1,043 | 2,142 | 4,440 | 5,900 | 2,399 | 1,295 | 1,027 | 18,246 | |||||||||||||||||||||||||
Ending Balance | $ | 1,253 | $ | 2,856 | $ | 11,081 | $ | 8,678 | $ | 2,945 | $ | 1,327 | $ | 1,027 | $ | 29,167 | |||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Period-end amount | |||||||||||||||||||||||||||||||||
Allocated to: | |||||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment | $ | 311 | $ | 68 | $ | 5,828 | $ | 4,702 | $ | 239 | $ | 26 | $ | — | $ | 11,174 | |||||||||||||||||
Loans Collectively Evaluated for Impairment | 1,223 | 1,065 | 4,832 | 7,816 | 2,153 | 1,861 | 911 | 19,861 | |||||||||||||||||||||||||
Ending Balance | $ | 1,534 | $ | 1,133 | $ | 10,660 | $ | 12,518 | $ | 2,392 | $ | 1,887 | $ | 911 | $ | 31,035 | |||||||||||||||||
Schedule of allowance for loan losses by portfolio class | ' | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Commercial, Financial, Agricultural | Real Estate Construction | Real Estate | Real Estate Residential | Real Estate Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Commercial Mortgage | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 1,580 | $ | 557 | $ | 49,973 | $ | 20,470 | $ | 3,359 | $ | 355 | $ | — | $ | 76,294 | |||||||||||||||||
Collectively Evaluated for Impairment | 125,027 | 30,455 | 483,898 | 289,222 | 224,563 | 159,145 | — | 1,312,310 | |||||||||||||||||||||||||
Total | $ | 126,607 | $ | 31,012 | $ | 533,871 | $ | 309,692 | $ | 227,922 | $ | 159,500 | $ | — | $ | 1,388,604 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 2,325 | $ | 4,232 | $ | 74,650 | $ | 23,030 | $ | 3,858 | $ | 687 | $ | — | $ | 108,782 | |||||||||||||||||
Collectively Evaluated for Impairment | 137,525 | 33,280 | 538,975 | 298,956 | 232,405 | 157,190 | — | 1,398,331 | |||||||||||||||||||||||||
Total | $ | 139,850 | $ | 37,512 | $ | 613,625 | $ | 321,986 | $ | 236,263 | $ | 157,877 | $ | — | $ | 1,507,113 | |||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 1,653 | $ | 511 | $ | 65,624 | $ | 36,324 | $ | 3,527 | $ | 143 | $ | — | $ | 107,782 | |||||||||||||||||
Collectively Evaluated for Impairment | 129,226 | 18,381 | 573,516 | 349,297 | 240,736 | 188,520 | — | 1,499,676 | |||||||||||||||||||||||||
Total | $ | 130,879 | $ | 18,892 | $ | 639,140 | $ | 385,621 | $ | 244,263 | $ | 188,663 | $ | — | $ | 1,607,458 | |||||||||||||||||
Schedule of loans individually evaluated for impairment by class of loans | ' | ||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Related Allowance | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 1,580 | $ | 443 | $ | 1,137 | $ | 75 | |||||||||||||||||||||||||
Real Estate – Construction | 557 | — | 557 | 66 | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 49,973 | 19,860 | 30,113 | 4,336 | |||||||||||||||||||||||||||||
Real Estate– Residential | 20,470 | 4,330 | 16,140 | 2,047 | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 3,359 | 646 | 2,713 | 682 | |||||||||||||||||||||||||||||
Consumer | 355 | 90 | 265 | 23 | |||||||||||||||||||||||||||||
Total | $ | 76,294 | $ | 25,369 | $ | 50,925 | $ | 7,229 | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 2,325 | $ | 527 | $ | 1,797 | $ | 210 | |||||||||||||||||||||||||
Real Estate – Construction | 4,232 | — | 4,232 | 714 | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 74,650 | 22,594 | 52,056 | 6,641 | |||||||||||||||||||||||||||||
Real Estate – Residential | 23,030 | 2,635 | 20,395 | 2,778 | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 3,858 | 890 | 2,968 | 546 | |||||||||||||||||||||||||||||
Consumer | 687 | 123 | 565 | 32 | |||||||||||||||||||||||||||||
Total | $ | 108,782 | $ | 26,769 | $ | 82,013 | $ | 10,921 | |||||||||||||||||||||||||
Schedule of Average recorded investment and interest income recognized by class of impaired loans | ' | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | Average | Total Interest Income | Average | Total Interest Income | Average | Total Interest Income | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | Investment | |||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 2,861 | $ | 140 | $ | 2,018 | $ | 81 | $ | 1,554 | $ | 62 | |||||||||||||||||||||
Real Estate – Construction | 1,181 | 7 | 4,443 | 70 | 1,775 | 36 | |||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 60,043 | 2,062 | 70,701 | 2,113 | 50,706 | 1,285 | |||||||||||||||||||||||||||
Real Estate– Residential | 21,238 | 860 | 28,680 | 853 | 30,988 | 667 | |||||||||||||||||||||||||||
Real Estate – Home Equity | 4,037 | 72 | 3,540 | 95 | 2,743 | 61 | |||||||||||||||||||||||||||
Consumer | 501 | 10 | 229 | 3 | 90 | 3 | |||||||||||||||||||||||||||
Total | $ | 89,861 | $ | 3,151 | $ | 109,611 | $ | 3,215 | $ | 87,856 | $ | 2,114 | |||||||||||||||||||||
Schedule of risk category of loans by segment | ' | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Commercial, Financial, Agriculture | Real Estate | Consumer | Total Criticized Loans | |||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Special Mention | $ | 3,656 | $ | 45,870 | $ | 115 | $ | 49,641 | |||||||||||||||||||||||||
Substandard | 4,243 | 108,990 | 1,496 | 114,729 | |||||||||||||||||||||||||||||
Doubtful | — | 900 | — | 900 | |||||||||||||||||||||||||||||
Total Criticized Loans | $ | 7,899 | $ | 155,760 | $ | 1,611 | $ | 165,270 | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Special Mention | $ | 4,380 | $ | 54,938 | $ | 142 | $ | 59,460 | |||||||||||||||||||||||||
Substandard | 10,863 | 177,277 | 1,624 | 189,764 | |||||||||||||||||||||||||||||
Doubtful | 158 | 1,515 | — | 1,673 | |||||||||||||||||||||||||||||
Total Criticized Loans | $ | 15,401 | $ | 233,730 | $ | 1,766 | $ | 250,897 | |||||||||||||||||||||||||
Schedule of troubled debt restructurings loans | ' | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Accruing | Nonaccruing | Accruing | Nonaccruing | |||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 1,511 | $ | — | $ | 1,462 | $ | 508 | |||||||||||||||||||||||||
Real Estate – Construction | 156 | — | 161 | — | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 24,735 | 10,308 | 29,870 | 8,425 | |||||||||||||||||||||||||||||
Real Estate– Residential | 16,441 | 458 | 13,824 | 936 | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 1,576 | 241 | 1,587 | — | |||||||||||||||||||||||||||||
Consumer | 345 | — | 570 | 10 | |||||||||||||||||||||||||||||
Total TDRs | $ | 44,764 | $ | 11,007 | $ | 47,474 | $ | 9,879 | |||||||||||||||||||||||||
Schedule of loans classified as troubled debt in which modifications made | ' | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Recorded | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||
Contracts | Investment(1) | Contracts | Investment(1) | Contracts | Investment(1) | ||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | 4 | $ | 337 | 12 | $ | 1,857 | 7 | $ | 547 | ||||||||||||||||||||||||
Real Estate – Construction | — | — | 6 | 976 | 5 | 3,752 | |||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 13 | 9,653 | 54 | 16,011 | 46 | 16,311 | |||||||||||||||||||||||||||
Real Estate– Residential | 18 | 2,073 | 68 | 6,955 | 79 | 15,487 | |||||||||||||||||||||||||||
Real Estate – Home Equity | 9 | 587 | 19 | 731 | 9 | 660 | |||||||||||||||||||||||||||
Consumer | 6 | 93 | 60 | 656 | 2 | 23 | |||||||||||||||||||||||||||
Total TDRs | 50 | $ | 12,743 | 219 | $ | 27,186 | 148 | $ | 36,780 | ||||||||||||||||||||||||
-1 | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. | ||||||||||||||||||||||||||||||||
Schedule of loans classified as troubled debt subsequently defaulted | ' | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Recorded | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||
Contracts | Investment(1) | Contracts | Investment(1) | Contracts | Investment(1) | ||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | — | $ | — | — | $ | — | 2 | $ | 218 | ||||||||||||||||||||||||
Real Estate – Construction | — | — | 4 | 713 | 1 | 2,327 | |||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 1 | 73 | 3 | 1,001 | 12 | 5,221 | |||||||||||||||||||||||||||
Real Estate– Residential | — | — | 7 | 1,906 | 7 | 1,424 | |||||||||||||||||||||||||||
Real Estate – Home Equity | 1 | 50 | — | — | — | — | |||||||||||||||||||||||||||
Consumer | — | — | 1 | 2 | — | — | |||||||||||||||||||||||||||
Total TDRs | 2 | $ | 123 | 15 | $ | 3,622 | 22 | $ | 9,190 | ||||||||||||||||||||||||
-1 | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. | ||||||||||||||||||||||||||||||||
PREMISES_AND_EQUIPMENT_Tables
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Premises And Equipment Tables | ' | ||||||||
Schedule of composition of premises and equipment | ' | ||||||||
(Dollars in Thousands) | 2013 | 2012 | |||||||
Land | $ | 24,522 | $ | 24,404 | |||||
Buildings | 112,706 | 113,693 | |||||||
Fixtures and Equipment | 57,498 | 57,112 | |||||||
Total | 194,726 | 195,209 | |||||||
Accumulated Depreciation | (91,341 | ) | (88,117 | ) | |||||
Premises and Equipment, Net | $ | 103,385 | $ | 107,092 |
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Intangible Assets Tables | ' | ||||||||||||||||
Schedule of Intangible assets | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands) | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||
Core Deposit Intangibles | $ | 47,176 | $ | 47,176 | $ | 47,176 | $ | 47,157 | |||||||||
Goodwill | 84,811 | — | 84,811 | — | |||||||||||||
Customer Relationship Intangible | 1,867 | 1,835 | 1,867 | 1,644 | |||||||||||||
Total Intangible Assets | $ | 133,854 | $ | 49,011 | $ | 133,854 | $ | 48,801 |
DEPOSITS_Tables
DEPOSITS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Deposits Tables | ' | ||||||||||||
Schedule of Interest bearing deposits | ' | ||||||||||||
(Dollars in Thousands) | 2013 | 2012 | |||||||||||
NOW Accounts | $ | 794,746 | $ | 842,435 | |||||||||
Money Market Accounts | 268,449 | 267,766 | |||||||||||
Savings Deposits | 211,668 | 184,541 | |||||||||||
Other Time Deposits | 219,922 | 241,019 | |||||||||||
Total Interest Bearing Deposits | $ | 1,494,785 | $ | 1,535,761 | |||||||||
Schedule of maturities of time deposits | ' | ||||||||||||
(Dollars in Thousands) | 2013 | ||||||||||||
2014 | $ | 189,596 | |||||||||||
2015 | 19,548 | ||||||||||||
2016 | 6,478 | ||||||||||||
2017 | 2,675 | ||||||||||||
2018 and thereafter | 1,625 | ||||||||||||
Total | $ | 219,922 | |||||||||||
Schedule of interest expense on deposits | ' | ||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
NOW Accounts | $ | 483 | $ | 634 | $ | 890 | |||||||
Money Market Accounts | 211 | 255 | 437 | ||||||||||
Savings Deposits | 100 | 87 | 73 | ||||||||||
Time Deposits < $100,000 | 505 | 912 | 1,958 | ||||||||||
Time Deposits > $100,000 | 132 | 220 | 589 | ||||||||||
Total | $ | 1,431 | $ | 2,108 | $ | 3,947 |
SHORTTERM_BORROWINGS_Tables
SHORT-TERM BORROWINGS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Short-Term Borrowings Tables | ' | ||||||||||||
Schedule of Short-term borrowings | ' | ||||||||||||
(Dollars in Thousands) | Federal | Securities | Other | ||||||||||
Funds | Sold Under | Short-Term | |||||||||||
Purchased | Repurchase | Borrowings | |||||||||||
Agreements(1) | |||||||||||||
2013 | |||||||||||||
Balance at December 31 | $ | — | $ | 47,312 | $ | 4,009 | -2 | ||||||
Maximum indebtedness at any month end | — | 55,261 | 8,929 | ||||||||||
Daily average indebtedness outstanding | 11 | 48,337 | 5,573 | ||||||||||
Average rate paid for the year | 0.76 | % | 0.05 | % | 3.79 | % | |||||||
Average rate paid on period-end borrowings | — | % | 0.05 | % | 3.25 | % | |||||||
2012 | |||||||||||||
Balance at December 31 | $ | — | $ | 40,639 | $ | 6,796 | -2 | ||||||
Maximum indebtedness at any month end | — | 62,458 | 6,991 | ||||||||||
Daily average indebtedness outstanding | — | 47,485 | 4,679 | ||||||||||
Average rate paid for the year | — | % | 0.05 | % | 3.68 | % | |||||||
Average rate paid on period-end borrowings | — | % | 0.05 | % | 3.69 | % | |||||||
2011 | |||||||||||||
Balance at December 31 | $ | — | $ | 43,372 | $ | — | |||||||
Maximum indebtedness at any month end | 7,575 | 75,525 | 11,222 | ||||||||||
Daily average indebtedness outstanding | 1,213 | 58,973 | 7,875 | ||||||||||
Average rate paid for the year | 0.03 | % | 0.09 | % | 3.17 | % | |||||||
Average rate paid on period-end borrowings | — | % | 0.05 | % | — | % | |||||||
-1 | Balances are fully collateralized by government treasury or agency securities held in the Company’s investment portfolio. | ||||||||||||
-2 | Comprised of FHLB debt. |
LONGTERM_BORROWINGS_Tables
LONG-TERM BORROWINGS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Long-Term Borrowings Tables | ' | ||||
Schedule of minimum future principal payments on FHLB advances | ' | ||||
(Dollars in Thousands) | 2013 | ||||
2014 | $ | 2,976 | |||
2015 | 6,222 | ||||
2016 | 2,938 | ||||
2017 | 6,581 | ||||
2018 | 7,780 | ||||
2019 and thereafter | 11,546 | ||||
Total | $ | 38,043 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes Tables | ' | ||||||||||||
Schedule of provision for income taxes | ' | ||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | (75 | ) | $ | 1,189 | $ | 3,124 | ||||||
State | 195 | 280 | 424 | ||||||||||
120 | 1,469 | 3,548 | |||||||||||
Deferred: | |||||||||||||
Federal | 1,650 | (1,260 | ) | (1,828 | ) | ||||||||
State | 99 | (1,597 | ) | (1,350 | ) | ||||||||
Valuation Allowance | 56 | 52 | 259 | ||||||||||
1,805 | (2,805 | ) | (2,919 | ) | |||||||||
Total: | |||||||||||||
Federal | 1,575 | (71 | ) | 1,296 | |||||||||
State | 294 | (1,317 | ) | (926 | ) | ||||||||
Valuation Allowance | 56 | 52 | 259 | ||||||||||
Total | $ | 1,925 | $ | (1,336 | ) | $ | 629 | ||||||
Schedule of effective income tax rate reconciliation | ' | ||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Tax Expense at Federal Statutory Rate | $ | 2,790 | $ | (430 | ) | $ | 1,934 | ||||||
Increases (Decreases) Resulting From: | |||||||||||||
Tax-Exempt Interest Income | (385 | ) | (402 | ) | (612 | ) | |||||||
Change in Reserve for Uncertain Tax Positions | (777 | ) | (347 | ) | (168 | ) | |||||||
State Taxes, Net of Federal Benefit | 191 | (856 | ) | (602 | ) | ||||||||
Other | 50 | 199 | (182 | ) | |||||||||
Change in Valuation Allowance | 56 | 52 | 259 | ||||||||||
Increase Deferred Tax Liability for Equity Investment | — | 448 | — | ||||||||||
Actual Tax Expense | $ | 1,925 | $ | (1,336 | ) | $ | 629 | ||||||
Schedule of deferred income tax liabilities and assets | ' | ||||||||||||
(Dollars in Thousands) | 2013 | 2012 | |||||||||||
Deferred Tax Assets Attributable to: | |||||||||||||
Allowance for Loan Losses | $ | 8,910 | $ | 11,253 | |||||||||
Accrued Pension/SERP | 5,284 | 18,927 | |||||||||||
State Net Operating Loss and Tax Credit Carry-Forwards | 4,906 | 5,002 | |||||||||||
Other Real Estate Owned | 9,459 | 9,869 | |||||||||||
Other | 5,304 | 7,100 | |||||||||||
Total Deferred Tax Assets | $ | 33,863 | $ | 52,151 | |||||||||
Deferred Tax Liabilities Attributable to: | |||||||||||||
Depreciation on Premises and Equipment | $ | 6,322 | $ | 7,117 | |||||||||
Deferred Loan Fees and Costs | 2,446 | 2,864 | |||||||||||
Intangible Assets | 3,419 | 3,119 | |||||||||||
Accrued Pension/SERP | — | 1,870 | |||||||||||
Other | 526 | 1,082 | |||||||||||
Total Deferred Tax Liabilities | 12,713 | 16,052 | |||||||||||
Valuation Allowance | 1,226 | 1,170 | |||||||||||
Net Deferred Tax Asset | $ | 19,924 | $ | 34,929 | |||||||||
Schedule of beginning and ending unrecognized tax benefit | ' | ||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at January 1, | $ | 4,209 | $ | 4,577 | $ | 4,770 | |||||||
Additions Based on Tax Positions Related to Current Year | — | 508 | 522 | ||||||||||
Decrease Due to Lapse in Statue of Limitations | (981 | ) | (876 | ) | (715 | ) | |||||||
Balance at December 31 | $ | 3,228 | $ | 4,209 | $ | 4,577 |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock-Based Compensation Tables | ' | ||||||||||||||||
Schedule of option shares | ' | ||||||||||||||||
Options | Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding at January 1, 2013 | 60,384 | $ | 32.79 | $ | 1.9 | $ | — | ||||||||||
Granted | — | — | — | — | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Forfeited or expired | — | — | — | — | |||||||||||||
Outstanding at December 31, 2013 | 60,384 | $ | 32.79 | $ | 0.9 | $ | — | ||||||||||
Exercisable at December 31, 2013 | 60,384 | $ | 32.79 | $ | 0.9 | $ | — | ||||||||||
Schedule of stock purchase right estimated on the date of grant using weighted average assumption | ' | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Dividend yield | — | % | — | % | 3.5 | % | |||||||||||
Expected volatility | 32 | % | 32 | % | 31 | % | |||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.2 | % | |||||||||||
Expected life (in years) | 0.5 | 0.5 | 0.5 |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Employee Benefit Plans Tables | ' | ||||||||||||
Schedule of components of pension expense, the funded status of the plan, amounts recognized in the consolidated statements of financial condition, and major assumptions | ' | ||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Change in Projected Benefit Obligation: | |||||||||||||
Benefit Obligation at Beginning of Year | $ | 134,950 | $ | 116,173 | $ | 97,393 | |||||||
Service Cost | 6,999 | 6,397 | 6,027 | ||||||||||
Interest Cost | 5,566 | 5,587 | 5,243 | ||||||||||
Actuarial (Gain)Loss | (18,965 | ) | 14,156 | 9,430 | |||||||||
Benefits Paid | (12,946 | ) | (7,138 | ) | (1,846 | ) | |||||||
Expenses Paid | (319 | ) | (225 | ) | (245 | ) | |||||||
Plan Amendment | — | — | 171 | ||||||||||
Projected Benefit Obligation at End of Year | $ | 115,285 | $ | 134,950 | $ | 116,173 | |||||||
Change in Plan Assets: | |||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 94,164 | $ | 87,844 | $ | 84,658 | |||||||
Actual Return on Plan Assets | 17,943 | 8,683 | 277 | ||||||||||
Employer Contributions | 5,000 | 5,000 | 5,000 | ||||||||||
Benefits Paid | (12,946 | ) | (7,138 | ) | (1,846 | ) | |||||||
Expenses Paid | (319 | ) | (225 | ) | (245 | ) | |||||||
Fair Value of Plan Assets at End of Year | $ | 103,842 | $ | 94,164 | $ | 87,844 | |||||||
Funded Status of Plan and Accrued Liability Recognized at End of Year: | |||||||||||||
Other Liabilities | $ | 11,442 | $ | 40,786 | $ | 28,330 | |||||||
Accumulated Benefit Obligation at End of Year | $ | 98,796 | $ | 110,985 | $ | 94,121 | |||||||
Components of Net Periodic Benefit Costs: | |||||||||||||
Service Cost | $ | 6,999 | $ | 6,397 | $ | 6,027 | |||||||
Interest Cost | 5,566 | 5,587 | 5,243 | ||||||||||
Expected Return on Plan Assets | (7,371 | ) | (6,793 | ) | (6,555 | ) | |||||||
Amortization of Prior Service Costs | 317 | 359 | 462 | ||||||||||
Net Loss Amortization | 4,316 | 3,390 | 2,223 | ||||||||||
Net Periodic Benefit Cost | $ | 9,827 | $ | 8,940 | $ | 7,400 | |||||||
Weighted-Average Assumptions Used to Determine Benefit Obligation: | |||||||||||||
Discount Rate | 5 | % | 4.25 | % | 5 | % | |||||||
Rate of Compensation Increase | 3.25 | % | 3.75 | % | 4 | % | |||||||
Measurement Date | 12/31/13 | 12/31/12 | 12/31/11 | ||||||||||
Weighted-Average Assumptions Used to Determine Benefit Cost: | |||||||||||||
Discount Rate | 4.25 | % | 5 | % | 5.55 | % | |||||||
Expected Return on Plan Assets | 8 | % | 8 | % | 8 | % | |||||||
Rate of Compensation Increase | 3.75 | % | 4 | % | 4.25 | % | |||||||
Amortization Amounts from Accumulated Other Comprehensive Income: | |||||||||||||
Net Actuarial (Gain) Loss | $ | (33,850 | ) | $ | 8,875 | $ | 13,690 | ||||||
Prior Service Cost | (317 | ) | (359 | ) | (496 | ) | |||||||
Deferred Tax Expense (Benefit) | 13,180 | (3,285 | ) | (5,090 | ) | ||||||||
Other Comprehensive (Gain) Loss, net of tax | $ | (20,987 | ) | $ | 5,231 | $ | 8,104 | ||||||
Amounts Recognized in Accumulated Other Comprehensive Income: | |||||||||||||
Net Actuarial Losses | $ | 13,947 | $ | 47,800 | $ | 38,924 | |||||||
Prior Service Cost | 1,383 | 1,700 | 2,060 | ||||||||||
Deferred Tax Benefit | (5,914 | ) | (19,097 | ) | (15,812 | ) | |||||||
Accumulated Other Comprehensive Loss, net of tax | $ | 9,416 | $ | 30,403 | $ | 25,172 | |||||||
Schedule of pension plan asset allocation and the target asset allocation | ' | ||||||||||||
Target Allocation | Percentage of Plan | ||||||||||||
Assets at Year-End(1) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Equity Securities | 77 | % | 72 | % | 61 | % | |||||||
Debt Securities | 20 | % | 23 | % | 29 | % | |||||||
Cash and Cash Equivalents | 3 | % | 5 | % | 10 | % | |||||||
Total | 100 | % | 100 | % | 100 | % | |||||||
-1 | Represents asset allocation at year-end which may differ from the average target allocation for the year due to the year-end cash contribution to the plan. | ||||||||||||
Schedule of fair value of plan assets by level of the valuation inputs within the fair value hierarchy | ' | ||||||||||||
(Dollars in Thousands) | 2013 | 2012 | |||||||||||
Level 1: | |||||||||||||
U.S. Government Treasury | $ | 768 | $ | 2,143 | |||||||||
Common Stocks | 21,564 | 16,799 | |||||||||||
Mutual Funds | 70,993 | 58,480 | |||||||||||
Cash and Cash Equivalents | 5,571 | 7,819 | |||||||||||
Level 2: | |||||||||||||
U.S. Government Agency | 4,946 | 8,923 | |||||||||||
Total Fair Value of Plan Assets | $ | 103,842 | $ | 94,164 | |||||||||
Schedule of expected benefit payments related to the defined benefit pension plan | ' | ||||||||||||
(Dollars in Thousands) | 2013 | ||||||||||||
2014 | $ | 6,495 | |||||||||||
2015 | 7,536 | ||||||||||||
2016 | 6,998 | ||||||||||||
2017 | 7,347 | ||||||||||||
2018 | 8,701 | ||||||||||||
2019 through 2023 | 44,814 | ||||||||||||
Total | $ | 81,891 | |||||||||||
Schedule of amounts contributed to the pension plan and the expected amount to be contributed | ' | ||||||||||||
2013(2) | 2012(2) | Expected Range | |||||||||||
of Contribution | |||||||||||||
(Dollars in Thousands) | 2014(1) | ||||||||||||
Actual Contributions | $ | 5,000 | $ | 5,000 | $5,000 - $10,000 | ||||||||
-1 | For 2014, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances. | ||||||||||||
-2 | For the 2012 plan year, the Company made two separate $5.0 million contributions, one during the 2013 calendar year and one during the 2012 calendar year. As of December 31, 2013, no contributions were made for the 2013 plan year. | ||||||||||||
Schedule of components of SERP's periodic benefit cost, the funded status of the plan, amounts recognized in the consolidated statements of financial condition, and major assumptions | ' | ||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Change in Projected Benefit Obligation: | |||||||||||||
Benefit Obligation at Beginning of Year | $ | 3,492 | $ | 3,030 | $ | 3,001 | |||||||
Service Cost | — | — | — | ||||||||||
Interest Cost | 137 | 140 | 147 | ||||||||||
Actuarial Loss(Gain) | (1,250 | ) | 322 | (151 | ) | ||||||||
Plan Amendment | — | — | 33 | ||||||||||
Projected Benefit Obligation at End of Year | $ | 2,379 | $ | 3,492 | $ | 3,030 | |||||||
Funded Status of Plan and Accrued Liability Recognized at End of Year: | |||||||||||||
Other Liabilities | $ | 2,379 | $ | 3,492 | $ | 3,030 | |||||||
Accumulated Benefit Obligation at End of Year | $ | 2,379 | $ | 3,492 | $ | 3,030 | |||||||
Components of Net Periodic Benefit Costs: | |||||||||||||
Service Cost | $ | — | $ | — | $ | — | |||||||
Interest Cost | 137 | 140 | 147 | ||||||||||
Amortization of Prior Service Cost | 187 | 189 | 180 | ||||||||||
Net Gain Amortization | (237 | ) | (369 | ) | (413 | ) | |||||||
Net Periodic Benefit Cost | $ | 87 | $ | (40 | ) | $ | (86 | ) | |||||
Weighted-Average Assumptions Used to Determine Benefit Obligation: | |||||||||||||
Discount Rate | 5 | % | 4.25 | % | 5 | % | |||||||
Rate of Compensation Increase | 3.25 | % | 3.75 | % | 4 | % | |||||||
Measurement Date | 12/31/13 | 12/31/12 | 12/31/11 | ||||||||||
Weighted-Average Assumptions Used to Determine Benefit Cost: | |||||||||||||
Discount Rate | 4.25 | % | 5 | % | 5.5 | % | |||||||
Rate of Compensation Increase | 3.75 | % | 4 | % | 4.25 | % | |||||||
Amortization Amounts from Accumulated Other Comprehensive Income: | |||||||||||||
Net Actuarial (Gain)Loss | $ | (1,013 | ) | $ | 691 | $ | 263 | ||||||
Prior Service Cost | (187 | ) | (189 | ) | (147 | ) | |||||||
Deferred Tax Expense (Benefit) | 463 | (194 | ) | (45 | ) | ||||||||
Other Comprehensive (Gain) Loss, net of tax | $ | (737 | ) | $ | 308 | $ | 71 | ||||||
Amounts Recognized in Accumulated Other Comprehensive Income: | |||||||||||||
Net Actuarial Gain | $ | (1,812 | ) | $ | (799 | ) | $ | (1,490 | ) | ||||
Prior Service Cost | 171 | 358 | 547 | ||||||||||
Defined Tax Liability | 633 | 170 | 364 | ||||||||||
Accumulated Other Comprehensive Gain, net of tax | $ | (1,008 | ) | $ | (271 | ) | $ | (579 | ) | ||||
Schedule of expected benefit payments related to the SERP | ' | ||||||||||||
(Dollars in Thousands) | |||||||||||||
2014 | $ | 496 | |||||||||||
2015 | 563 | ||||||||||||
2016 | 293 | ||||||||||||
2017 | 109 | ||||||||||||
2018 | 90 | ||||||||||||
2019 through 2023 | 82 | ||||||||||||
Total | $ | 1,633 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share Tables | ' | ||||||||||||
Schedule of computation of basic and diluted earnings per share | ' | ||||||||||||
(Dollars and Per Share Data in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Numerator: | |||||||||||||
Net Income | $ | 6,045 | $ | 108 | $ | 4,897 | |||||||
Denominator: | |||||||||||||
Denominator for Basic Earnings Per Share Weighted-Average Shares | 17,325 | 17,205 | 17,140 | ||||||||||
Effects of Dilutive Securities Stock Compensation Plans | 74 | 15 | — | ||||||||||
Denominator for Diluted Earnings Per Share Adjusted Weighted-Average Shares and Assumed Conversions | 17,399 | 17,220 | 17,140 | ||||||||||
Basic Earnings Per Share | $ | 0.35 | $ | 0.01 | $ | 0.29 | |||||||
Diluted Earnings Per Share | $ | 0.35 | $ | 0.01 | $ | 0.29 |
REGULATORY_MATTERS_Tables
REGULATORY MATTERS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Regulatory Matters Tables | ' | ||||||||||||||||||||||||
Schedule of actual capital amount and ratios | ' | ||||||||||||||||||||||||
Actual | Required | To Be Well- | |||||||||||||||||||||||
For Capital | Capitalized Under | ||||||||||||||||||||||||
Adequacy Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Tier I Capital: | |||||||||||||||||||||||||
CCBG | $ | 256,338 | 16.56 | % | $ | 62,058 | 4 | % | * | * | |||||||||||||||
CCB | 256,554 | 16.59 | % | 61,992 | 4 | % | $ | 92,988 | 6 | % | |||||||||||||||
Total Capital: | |||||||||||||||||||||||||
CCBG | 277,618 | 17.94 | % | 124,116 | 8 | % | * | * | |||||||||||||||||
CCB | 275,927 | 17.85 | % | 123,984 | 8 | % | 154,980 | 10 | % | ||||||||||||||||
Tier I Leverage: | |||||||||||||||||||||||||
CCBG | 256,338 | 10.46 | % | 98,029 | 4 | % | * | * | |||||||||||||||||
CCB | 256,554 | 10.48 | % | 97,931 | 4 | % | 122,414 | 5 | % | ||||||||||||||||
2012 | |||||||||||||||||||||||||
Tier I Capital: | |||||||||||||||||||||||||
CCBG | $ | 239,520 | 14.35 | % | $ | 67,104 | 4 | % | * | * | |||||||||||||||
CCB | 239,955 | 14.39 | % | 67,045 | 4 | % | $ | 100,567 | 6 | % | |||||||||||||||
Total Capital: | |||||||||||||||||||||||||
CCBG | 262,377 | 15.72 | % | 134,207 | 8 | % | * | * | |||||||||||||||||
CCB | 260,906 | 15.64 | % | 134,089 | 8 | % | 167,612 | 10 | % | ||||||||||||||||
Tier I Leverage: | |||||||||||||||||||||||||
CCBG | 239,520 | 9.9 | % | 96,824 | 4 | % | * | * | |||||||||||||||||
CCB | 239,955 | 9.93 | % | 96,694 | 4 | % | 120,868 | 5 | % |
OTHER_COMPREHENSIVE_INCOME_LOS1
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Comprehensive Income Loss Tables | ' | ||||||||||||
Schedule of other comprehensive income loss | ' | ||||||||||||
(Dollars in Thousands) | Before | Tax | Net of | ||||||||||
Tax Amount | (Expense) Benefit | Tax Amount | |||||||||||
2013 | |||||||||||||
Investment Securities: | |||||||||||||
Change in net unrealized (gain) loss | $ | (1,252 | ) | $ | 483 | $ | (769 | ) | |||||
Unrealized losses on securities transferred from available for sale to held to maturity | (523 | ) | 202 | (321 | ) | ||||||||
Amortization of losses on securities transferred from available for sale to held to maturity | 25 | (10 | ) | 15 | |||||||||
Reclassification adjustment for net gain included in net income | 3 | (1 | ) | 2 | |||||||||
Reclassification adjustment for impairment loss realized in net income | 600 | (232 | ) | 368 | |||||||||
Total Investment Securities | (1,147 | ) | 442 | (705 | ) | ||||||||
Benefit Plans: | |||||||||||||
Reclassification adjustment for amortization of prior service cost | 504 | (194 | ) | 310 | |||||||||
Reclassification adjustment for amortization of net loss | 4,079 | (1,574 | ) | 2,505 | |||||||||
Current year actuarial gain | 30,784 | (11,875 | ) | 18,909 | |||||||||
Total Benefit Plans | 35,367 | (13,643 | ) | 21,724 | |||||||||
Total Other Comprehensive Income | $ | 34,220 | $ | (13,201 | ) | $ | 21,019 | ||||||
2012 | |||||||||||||
Investment Securities: | |||||||||||||
Change in net unrealized (gain) loss | $ | (786 | ) | $ | 295 | $ | (491 | ) | |||||
Total Investment Securities | (786 | ) | 295 | (491 | ) | ||||||||
Benefit Plans: | |||||||||||||
Reclassification adjustment for amortization of prior service cost | 548 | (211 | ) | 337 | |||||||||
Reclassification adjustment for amortization of net loss | 3,021 | (1,165 | ) | 1,856 | |||||||||
Current year actuarial loss | (12,587 | ) | 4,855 | (7,732 | ) | ||||||||
Total Benefit Plans | (9,018 | ) | 3,479 | (5,539 | ) | ||||||||
Total Other Comprehensive Loss | $ | (9,804 | ) | $ | 3,774 | $ | (6,030 | ) | |||||
2011 | |||||||||||||
Investment Securities: | |||||||||||||
Change in net unrealized (gain) loss | $ | 600 | $ | (203 | ) | $ | 397 | ||||||
Total Investment Securities | 600 | (203 | ) | 397 | |||||||||
Benefit Plans: | |||||||||||||
Reclassification adjustment for amortization of prior service cost | 643 | (248 | ) | 395 | |||||||||
Reclassification adjustment for amortization of net loss | 1,810 | (698 | ) | 1,112 | |||||||||
Current year actuarial loss | (15,763 | ) | 6,081 | (9,682 | ) | ||||||||
Total Benefit Plans | (13,310 | ) | 5,135 | (8,175 | ) | ||||||||
Total Other Comprehensive Loss | $ | (12,710 | ) | $ | 4,932 | $ | (7,778 | ) | |||||
Activity in accumulated other comprehensive loss, net of tax | ' | ||||||||||||
(Dollars in Thousands) | Securities Available for Sale | Retirement Plans | Accumulated Other Comprehensive Loss | ||||||||||
Balance as of January 1, 2013 | $ | 573 | $ | (30,132 | ) | $ | (29,559 | ) | |||||
Other comprehensive (loss) income during the period | (705 | ) | 21,724 | 21,019 | |||||||||
Balance as of December 31, 2013 | $ | (132 | ) | $ | (8,408 | ) | $ | (8,540 | ) | ||||
Balance as of January 1, 2012 | $ | 1,064 | $ | (24,593 | ) | $ | (23,529 | ) | |||||
Other comprehensive loss during the period | (491 | ) | (5,539 | ) | (6,030 | ) | |||||||
Balance as of December 31, 2012 | $ | 573 | $ | (30,132 | ) | $ | (29,559 | ) | |||||
Balance as of January 1, 2011 | $ | 667 | $ | (16,418 | ) | $ | (15,751 | ) | |||||
Other comprehensive income (loss) during the period | 397 | (8,175 | ) | (7,778 | ) | ||||||||
Balance as of December 31, 2011 | $ | 1,064 | $ | (24,593 | ) | $ | (23,529 | ) |
OTHER_NONINTEREST_EXPENSE_Tabl
OTHER NONINTEREST EXPENSE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Noninterest Expense Tables | ' | ||||||||||||
Schedule of components of other noninterest expense | ' | ||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Maintenance and Repairs – Bldg. | $ | 1,889 | $ | 1,866 | $ | 2,167 | |||||||
Utilities | 1,513 | 1,609 | 1,764 | ||||||||||
Maintenance Agreements - FF&E | 2,837 | 3,220 | 3,114 | ||||||||||
Legal Fees | 3,663 | 4,303 | 4,106 | ||||||||||
Professional Fees | 4,304 | 4,882 | 3,832 | ||||||||||
Telephone | 1,891 | 1,896 | 1,895 | ||||||||||
Advertising | 1,719 | 1,815 | 2,471 | ||||||||||
Processing Services | 5,396 | 3,967 | 3,708 | ||||||||||
Insurance – Other | 4,144 | 4,104 | 4,474 | ||||||||||
Postage | 1,309 | -1 | 1,595 | 1,780 | |||||||||
Other | 838 | 1,146 | 1,763 | ||||||||||
Total | $ | 29,503 | $ | 30,403 | $ | 31,074 | |||||||
-1 | Amount less than 1% for the current year but was greater than 1% for prior year(s). |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Commitments And Contingencies Tables | ' | ||||||||||||||||||||||||
Schedule of amounts associated with the entities off-balance sheet obligations | ' | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in Thousands) | Fixed | Variable | Total | Fixed | Variable | Total | |||||||||||||||||||
Commitments to Extend Credit(1) | $ | 36,927 | $ | 234,342 | $ | 271,269 | $ | 48,618 | $ | 245,087 | $ | 293,705 | |||||||||||||
Standby Letters of Credit | 10,979 | — | 10,979 | 11,249 | — | 11,249 | |||||||||||||||||||
Total | $ | 47,906 | $ | 234,342 | $ | 282,248 | $ | 59,867 | $ | 245,087 | $ | 304,954 | |||||||||||||
-1 | Commitments include unfunded loans, revolving lines of credit, and other unused commitments. |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Measurements Tables | ' | ||||||||||||||||
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||
(Dollars in Thousands) | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||||||||||
2013 | |||||||||||||||||
Securities Available for Sale: | |||||||||||||||||
U.S. Government Treasury | $ | 71,833 | $ | — | $ | — | $ | 71,833 | |||||||||
U.S. Government Agency | — | 75,146 | — | 75,146 | |||||||||||||
States and Political Subdivisions | — | 91,753 | — | 91,753 | |||||||||||||
Mortgage-Backed Securities | — | 2,795 | — | 2,795 | |||||||||||||
Other Securities | — | 9,893 | — | 9,893 | |||||||||||||
2012 | |||||||||||||||||
Securities Available for Sale: | |||||||||||||||||
U.S. Government Treasury | $ | 97,249 | $ | — | $ | — | $ | 97,249 | |||||||||
U.S. Government Agency | — | 51,664 | — | 51,664 | |||||||||||||
State and Political Subdivisions | — | 79,879 | — | 79,879 | |||||||||||||
Mortgage-Backed Securities | — | 56,982 | — | 56,982 | |||||||||||||
Other Securities | — | 11,211 | — | 11,211 | |||||||||||||
Schedule of financial instruments with estimated fair values | ' | ||||||||||||||||
2013 | |||||||||||||||||
(Dollars in Thousands) | Carrying | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||
Value | |||||||||||||||||
ASSETS: | |||||||||||||||||
Cash | $ | 55,209 | $ | 55,209 | $ | — | $ | — | |||||||||
Short-Term Investments | 474,719 | 474,719 | — | — | |||||||||||||
Investment Securities, Available for Sale | 251,420 | 71,833 | 179,587 | — | |||||||||||||
Investment Securities, Held to Maturity | 148,211 | 43,579 | 103,382 | — | |||||||||||||
Loans Held for Sale | 11,065 | — | 11,065 | ||||||||||||||
Loans, Net of Allowance for Loan Losses | 1,365,509 | — | 1,265,827 | ||||||||||||||
LIABILITIES: | |||||||||||||||||
Deposits | $ | 2,136,248 | $ | — | $ | 2,136,737 | $ | — | |||||||||
Short-Term Borrowings | 51,321 | — | 50,754 | — | |||||||||||||
Subordinated Notes Payable | 62,887 | — | 62,886 | — | |||||||||||||
Long-Term Borrowings | 38,043 | — | 39,450 | — | |||||||||||||
2012 | |||||||||||||||||
(Dollars in Thousands) | Carrying | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||
Value | |||||||||||||||||
ASSETS: | |||||||||||||||||
Cash | $ | 66,238 | $ | 66,238 | $ | — | $ | — | |||||||||
Short-Term Investments | 443,494 | 443,494 | — | — | |||||||||||||
Investment Securities, Available for Sale | 296,985 | 97,249 | 199,736 | — | |||||||||||||
Loans Held for Sale | 14,189 | — | 14,189 | — | |||||||||||||
Loans, Net of Allowance for Loan Losses | 1,477,946 | — | — | 1,370,056 | |||||||||||||
LIABILITIES: | |||||||||||||||||
Deposits | $ | 2,144,996 | $ | — | $ | 2,145,547 | $ | — | |||||||||
Short-Term Borrowings | 47,435 | — | 46,503 | — | |||||||||||||
Subordinated Notes Payable | 62,887 | — | 62,896 | — | |||||||||||||
Long-Term Borrowings | 46,859 | — | 50,003 | — |
PARENT_COMPANY_FINANCIAL_INFOR1
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Parent Company Financial Information Tables | ' | ||||||||||||
Schedule of condensed statements of financial condition of the parent company | ' | ||||||||||||
(Dollars in Thousands, Except Per Share Data) | 2013 | 2012 | |||||||||||
ASSETS | |||||||||||||
Cash and Due From Subsidiary Bank | $ | 6,209 | $ | 7,061 | |||||||||
Investment in Subsidiary Bank | 337,809 | 309,114 | |||||||||||
Other Assets | 3,347 | 3,435 | |||||||||||
Total Assets | $ | 347,365 | $ | 319,610 | |||||||||
LIABILITIES | |||||||||||||
Subordinated Notes Payable | $ | 62,887 | $ | 62,887 | |||||||||
Other Liabilities | 8,078 | 9,834 | |||||||||||
Total Liabilities | 70,965 | 72,721 | |||||||||||
SHAREOWNERS’ EQUITY | |||||||||||||
Preferred Stock, $.01 par value, 3,000,000 shares authorized; no shares issued and outstanding | — | ||||||||||||
Common Stock, $.01 par value; 90,000,000 shares authorized; 17,360,960 and 17,232,380 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 174 | 172 | |||||||||||
Additional Paid-In Capital | 41,152 | 38,707 | |||||||||||
Retained Earnings | 243,614 | 237,569 | |||||||||||
Accumulated Other Comprehensive Loss, Net of Tax | (8,540 | ) | (29,559 | ) | |||||||||
Total Shareowners' Equity | 276,400 | 246,889 | |||||||||||
Total Liabilities and Shareowners’ Equity | $ | 347,365 | $ | 319,610 | |||||||||
Schedule of operating results of the parent company | ' | ||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
OPERATING INCOME | |||||||||||||
Income Received from Subsidiary Bank: | |||||||||||||
Overhead Fees | $ | 4,417 | $ | 4,536 | $ | 3,364 | |||||||
Other Income | 208 | 130 | 48 | ||||||||||
Total Operating Income | 4,625 | 4,666 | 3,412 | ||||||||||
OPERATING EXPENSE | |||||||||||||
Salaries and Associate Benefits | 3,130 | 2,059 | 1,974 | ||||||||||
Interest on Subordinated Notes Payable | 1,419 | 1,477 | 1,380 | ||||||||||
Professional Fees | 1,491 | 1,781 | 1,251 | ||||||||||
Advertising | 142 | 140 | 135 | ||||||||||
Legal Fees | 245 | 332 | 249 | ||||||||||
Other | 1,117 | 478 | 440 | ||||||||||
Total Operating Expense | 7,544 | 6,267 | 5,429 | ||||||||||
Loss Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank | (2,919 | ) | (1,601 | ) | (2,017 | ) | |||||||
Income Tax Benefit | (1,036 | ) | (10 | ) | (666 | ) | |||||||
Loss Before Equity in Undistributed Earnings of Subsidiary Bank | (1,883 | ) | (1,591 | ) | (1,351 | ) | |||||||
Equity in Undistributed Earnings of Subsidiary Bank | 7,928 | 1,699 | 6,248 | ||||||||||
Net Income | $ | 6,045 | $ | 108 | $ | 4,897 | |||||||
Schedule of cash flows for the parent company | ' | ||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net Income | $ | 6,045 | $ | 108 | $ | 4,897 | |||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||||
Equity in Undistributed Earnings of Subsidiary Bank | (7,928 | ) | (1,699 | ) | (6,248 | ) | |||||||
Stock-Based Compensation | 1,296 | 262 | — | ||||||||||
Decrease (Increase) in Other Assets | 339 | (491 | ) | (324 | ) | ||||||||
(Decrease) Increase in Other Liabilities | (1,755 | ) | 2,005 | 1,181 | |||||||||
Net Cash (Used In) Provided by Operating Activities | (2,003 | ) | 185 | (494 | ) | ||||||||
CASH FROM FINANCING ACTIVITIES: | |||||||||||||
Payment of Dividends | — | — | (5,142 | ) | |||||||||
Issuance of Common Stock | 1,151 | 607 | 919 | ||||||||||
Net Cash Provided By (Used In) in Financing Activities | 1,151 | 607 | (4,223 | ) | |||||||||
Net (Decrease) Increase in Cash | (852 | ) | 792 | (4,717 | ) | ||||||||
Cash at Beginning of Year | 7,061 | 6,269 | 10,986 | ||||||||||
Cash at End of Year | $ | 6,209 | $ | 7,061 | $ | 6,269 |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Details Textuals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Core deposit intangible assets | Core deposit intangible assets | Core deposit intangible assets | Premises | Premises | Premises | Equipment | Equipment | Equipment | ||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Federal Reserves | $17,600 | $24,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life (in years) | ' | ' | ' | ' | ' | ' | '10 years | '40 years | ' | '3 years | '10 years |
Depreciation Method | ' | ' | 'Straight-line method | ' | ' | 'Straight-line method | ' | ' | 'Straight-line method | ' | ' |
Finite lived intangible assets, estimated useful life (in years) | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' |
INVESTMENT_SECURITIES_Details
INVESTMENT SECURITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Available For Sale | ' | ' | ||
Amortized Cost | $251,147 | $296,059 | ||
Unrealized Gains | 588 | 1,654 | ||
Unrealized Losses | 315 | 728 | ||
Market Value | 251,420 | 296,985 | ||
Amortized cost of securities pledged to secure public deposits and other purposes | 258,500 | 152,300 | ||
Aggregate Fair value of Available for sale transferred to held to maturity | 63,000 | ' | ||
Aggregate Net unrealized loss on date of transfer from Available for sale to held to maturity | 523 | ' | ||
Net unamortized Unrealized loss on transfer of securities | 498 | ' | ||
Held-to-maturity Securities | ' | ' | ||
Amortized Cost | 148,211 | ' | ||
Unrealized Gains | 187 | ' | ||
Unrealized Loss | 1,437 | ' | ||
Fair Value | 146,961 | 0 | ||
Total Investment Securities | ' | ' | ||
Amortizied Cost | 399,358 | 296,059 | ||
Unrealized Gains | 775 | 1,654 | ||
Unrealized Loss | 1,752 | 728 | ||
Fair Value | 398,381 | 296,985 | ||
U.S. Government Treasury | ' | ' | ||
Available For Sale | ' | ' | ||
Amortized Cost | 71,791 | 96,745 | ||
Unrealized Gains | 82 | 504 | ||
Unrealized Losses | 40 | ' | ||
Market Value | 71,833 | 97,249 | ||
Held-to-maturity Securities | ' | ' | ||
Amortized Cost | 43,533 | ' | ||
Unrealized Gains | 84 | ' | ||
Unrealized Loss | 38 | ' | ||
Fair Value | 43,579 | ' | ||
U.S. Government Agency | ' | ' | ||
Available For Sale | ' | ' | ||
Amortized Cost | 75,275 | 51,468 | ||
Unrealized Gains | 127 | 221 | ||
Unrealized Losses | 256 | 25 | ||
Market Value | 75,146 | 51,664 | ||
Held-to-maturity Securities | ' | ' | ||
Amortized Cost | 15,794 | ' | ||
Unrealized Gains | 38 | ' | ||
Unrealized Loss | 22 | ' | ||
Fair Value | 15,810 | ' | ||
States and Political Subdivisions | ' | ' | ||
Available For Sale | ' | ' | ||
Amortized Cost | 91,605 | 79,818 | ||
Unrealized Gains | 167 | 124 | ||
Unrealized Losses | 19 | 63 | ||
Market Value | 91,753 | 79,879 | ||
Held-to-maturity Securities | ' | ' | ||
Amortized Cost | 33,216 | ' | ||
Unrealized Gains | 53 | ' | ||
Unrealized Loss | 4 | ' | ||
Fair Value | 33,265 | ' | ||
Mortgage-Backed Securities | ' | ' | ||
Available For Sale | ' | ' | ||
Amortized Cost | 2,583 | 56,217 | ||
Unrealized Gains | 212 | 805 | ||
Unrealized Losses | ' | 40 | ||
Market Value | 2,795 | 56,982 | ||
Held-to-maturity Securities | ' | ' | ||
Amortized Cost | 55,668 | ' | ||
Unrealized Gains | 12 | ' | ||
Unrealized Loss | 1,373 | ' | ||
Fair Value | 54,307 | ' | ||
Other Securities | ' | ' | ||
Available For Sale | ' | ' | ||
Amortized Cost | 9,893 | [1] | 11,811 | [1] |
Unrealized Gains | ' | [1] | ' | [1] |
Unrealized Losses | ' | [1] | 600 | [1] |
Market Value | 9,893 | [1] | 11,211 | [1] |
Federal Home Loan Bank Stock, Recorded cost | 5,000 | 6,400 | ||
Federal Reserve Bank stock, Recorded cost | $4,800 | $4,800 | ||
[1] | Includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $5.0 million and $4.8 million, respectively, at December 31, 2013 and $6.4 million and $4.8 million, respectively, at December 31, 2012. |
INVESTMENT_SECURITIES_Details2
INVESTMENT SECURITIES (Details2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment Securities Details2 | ' | ' | ' |
Total Proceeds | $7,506 | $805 | ' |
Gross Realized Gains | 3 | ' | ' |
Gross Realized Losses | ' | ' | ' |
INVESTMENT_SECURITIES_Details3
INVESTMENT SECURITIES (Details3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment securities, Amortized Cost | ' | ' |
Due in one year or less | $97,227 | ' |
Due after one through five years | 81,107 | ' |
No Maturity | 9,893 | ' |
Mortgage-Backed Securities | 60,337 | ' |
U.S. Government Agency | 2,583 | ' |
Total Investment Securities | 251,147 | ' |
Investment securities, Market Value | ' | ' |
Due in one year or less | 97,361 | ' |
Due after one through five years | 81,172 | ' |
No Maturity | 9,893 | ' |
Mortgage-Backed Securities | 60,199 | ' |
U.S. Government Agency | 2,795 | ' |
Total Investment Securities | 251,420 | ' |
Amortized Cost | ' | ' |
Due in one year or less | 13,980 | ' |
Due after one through five years | 78,563 | ' |
No Maturity | ' | ' |
U.S. Government Agency | ' | ' |
Mortgage-Backed Securities | 55,668 | ' |
Total Investment Securities | 148,211 | ' |
Market Value | ' | ' |
Due in one year or less | 14,003 | ' |
Due after one through five years | 78,651 | ' |
No Maturity | ' | ' |
U.S. Government Agency | ' | ' |
Mortgage-Backed Securities | 54,307 | ' |
Total Investment Securities | $146,961 | $0 |
INVESTMENT_SECURITIES_Details4
INVESTMENT SECURITIES (Details4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available For Sale Securities | ' | ' |
Less than 12 Months, Market Value | $69,969 | $42,687 |
Less than 12 Months, Unrealized Losses | 282 | 93 |
Greater than 12 Months, Market Value | 5,353 | 8,042 |
Greater than 12 Months, Unrealized Losses | 33 | 635 |
Total, Market Value | 75,322 | 50,729 |
Total, Unrealized Losses | 315 | 728 |
Held to Maturity | ' | ' |
Less than 12 Months, Market Value | 63,077 | ' |
Less than 12 Months, Unrealized Losses | 1,437 | ' |
Greater than 12 Months, Market Value | ' | ' |
Greater than 12 Months, Unrealized Losses | ' | ' |
Total, Market Value | 63,077 | ' |
Total, Unrealized Losses | 1,437 | ' |
U.S. Government Agency | ' | ' |
Available For Sale Securities | ' | ' |
Less than 12 Months, Market Value | 40,944 | 8,464 |
Less than 12 Months, Unrealized Losses | 235 | 23 |
Greater than 12 Months, Market Value | 4,842 | 790 |
Greater than 12 Months, Unrealized Losses | 21 | 2 |
Total, Market Value | 45,786 | 9,254 |
Total, Unrealized Losses | 256 | 25 |
Held to Maturity | ' | ' |
Less than 12 Months, Market Value | 5,676 | ' |
Less than 12 Months, Unrealized Losses | 22 | ' |
Greater than 12 Months, Market Value | ' | ' |
Greater than 12 Months, Unrealized Losses | ' | ' |
Total, Market Value | 5,676 | ' |
Total, Unrealized Losses | 22 | ' |
States and Political Subdivisions | ' | ' |
Available For Sale Securities | ' | ' |
Less than 12 Months, Market Value | 4,101 | 30,302 |
Less than 12 Months, Unrealized Losses | 7 | 55 |
Greater than 12 Months, Market Value | 511 | 5,028 |
Greater than 12 Months, Unrealized Losses | 12 | 8 |
Total, Market Value | 4,612 | 35,330 |
Total, Unrealized Losses | 19 | 63 |
Held to Maturity | ' | ' |
Less than 12 Months, Market Value | 3,316 | ' |
Less than 12 Months, Unrealized Losses | 4 | ' |
Greater than 12 Months, Market Value | ' | ' |
Greater than 12 Months, Unrealized Losses | ' | ' |
Total, Market Value | 3,316 | ' |
Total, Unrealized Losses | 4 | ' |
Mortgage-Backed Securities | ' | ' |
Available For Sale Securities | ' | ' |
Less than 12 Months, Market Value | ' | 3,921 |
Less than 12 Months, Unrealized Losses | ' | 15 |
Greater than 12 Months, Market Value | ' | 1,624 |
Greater than 12 Months, Unrealized Losses | ' | 25 |
Total, Market Value | ' | 5,545 |
Total, Unrealized Losses | ' | 40 |
Held to Maturity | ' | ' |
Less than 12 Months, Market Value | 44,031 | ' |
Less than 12 Months, Unrealized Losses | 1,373 | ' |
Greater than 12 Months, Market Value | ' | ' |
Greater than 12 Months, Unrealized Losses | ' | ' |
Total, Market Value | 44,031 | ' |
Total, Unrealized Losses | 1,373 | ' |
Other Securities | ' | ' |
Available For Sale Securities | ' | ' |
Less than 12 Months, Market Value | ' | ' |
Less than 12 Months, Unrealized Losses | ' | ' |
Greater than 12 Months, Market Value | ' | 600 |
Greater than 12 Months, Unrealized Losses | ' | 600 |
Total, Market Value | ' | 600 |
Total, Unrealized Losses | ' | 600 |
U.S. Government Treasury | ' | ' |
Available For Sale Securities | ' | ' |
Less than 12 Months, Market Value | 24,924 | ' |
Less than 12 Months, Unrealized Losses | 40 | ' |
Greater than 12 Months, Market Value | ' | ' |
Greater than 12 Months, Unrealized Losses | ' | ' |
Total, Market Value | 24,924 | ' |
Total, Unrealized Losses | 48 | ' |
Held to Maturity | ' | ' |
Less than 12 Months, Market Value | 10,054 | ' |
Less than 12 Months, Unrealized Losses | 38 | ' |
Greater than 12 Months, Market Value | ' | ' |
Greater than 12 Months, Unrealized Losses | ' | ' |
Total, Market Value | 10,054 | ' |
Total, Unrealized Losses | $38 | ' |
INVESTMENT_SECURITIES_Details_
INVESTMENT SECURITIES (Details Textuals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities with continuous unrealized losses for more than 12 months | $5,353 | $8,042 |
Unrealized losses on securities 12 month or more | 33 | 635 |
Investment Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities with continuous unrealized losses for more than 12 months | 5,400 | ' |
Unrealized losses on securities 12 month or more | $33 | ' |
LOANS_NET_Details
LOANS, NET (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, Net of Unearned Income | $1,388,604 | $1,507,113 | ||
Net deferred fees | 1,500 | 1,600 | ||
Commercial, Financial and Agricultural | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, Net of Unearned Income | 126,607 | 139,850 | ||
Real Estate-Construction | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, Net of Unearned Income | 31,012 | 37,512 | ||
Real Estate-Commercial Mortgage | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, Net of Unearned Income | 533,871 | 613,625 | ||
Real Estate-Residential | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, Net of Unearned Income | 309,692 | [1] | 321,986 | [1] |
Loans in process, outstanding balances | 6,800 | 11,900 | ||
Real Estate-Home Equity | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, Net of Unearned Income | 227,922 | 236,263 | ||
Consumer | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, Net of Unearned Income | $159,500 | $157,877 | ||
[1] | Includes loans in process with outstanding balances of $6.8 million and $11.9 million for 2013 and 2012, respectively. |
LOANS_NET_Details2
LOANS, NET (Details2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ' | ' |
Nonaccrual | $36,964 | $64,222 |
90 + Days | ' | ' |
Nonaccrual Loans description | 'Loans are generally placed on non-accrual status if principal or interest payments become 90 days past due and/or management deems the collectability of the principal and/or interest to be doubtful | ' |
Commercial, Financial and Agricultural | ' | ' |
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ' | ' |
Nonaccrual | 188 | 1,069 |
90 + Days | ' | ' |
Real Estate-Construction | ' | ' |
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ' | ' |
Nonaccrual | 426 | 4,071 |
90 + Days | ' | ' |
Real Estate-Commercial Mortgage | ' | ' |
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ' | ' |
Nonaccrual | 25,227 | 41,045 |
90 + Days | ' | ' |
Real Estate-Residential | ' | ' |
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ' | ' |
Nonaccrual | 6,440 | 13,429 |
90 + Days | ' | ' |
Real Estate-Home Equity | ' | ' |
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ' | ' |
Nonaccrual | 4,084 | 4,034 |
90 + Days | ' | ' |
Consumer | ' | ' |
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ' | ' |
Nonaccrual | 599 | 574 |
90 + Days | ' | ' |
LOANS_NET_Details3
LOANS, NET (Details3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | $5,428 | $6,959 |
60-89 DPD | 2,318 | 2,975 |
90 + DPD | ' | ' |
Total Past Due | 7,746 | 9,934 |
Total Current | 1,343,894 | 1,432,957 |
Total Loans | 1,388,604 | 1,507,113 |
Past due loans description | 'A loan is defined as a past due loan when one full payment is past due or a contractual maturity is over 30 days past due ("DPD") | ' |
Commercial, Financial and Agricultural | ' | ' |
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | 258 | 302 |
60-89 DPD | 100 | 314 |
90 + DPD | ' | ' |
Total Past Due | 358 | 616 |
Total Current | 126,062 | 138,165 |
Total Loans | 126,607 | 139,850 |
Real Estate-Construction | ' | ' |
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | ' | 375 |
60-89 DPD | ' | ' |
90 + DPD | ' | ' |
Total Past Due | ' | 375 |
Total Current | 30,587 | 33,066 |
Total Loans | 31,012 | 37,512 |
Real Estate-Commercial Mortgage | ' | ' |
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | 1,548 | 1,090 |
60-89 DPD | 672 | 583 |
90 + DPD | ' | ' |
Total Past Due | 2,220 | 1,673 |
Total Current | 506,424 | 570,907 |
Total Loans | 533,871 | 613,625 |
Real Estate-Residential | ' | ' |
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | 1,647 | 2,788 |
60-89 DPD | 1,090 | 1,199 |
90 + DPD | ' | ' |
Total Past Due | 2,737 | 3,987 |
Total Current | 300,514 | 304,570 |
Total Loans | 309,692 | 321,986 |
Real Estate-Home Equity | ' | ' |
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | 848 | 711 |
60-89 DPD | 212 | 487 |
90 + DPD | ' | ' |
Total Past Due | 1,060 | 1,198 |
Total Current | 222,778 | 231,031 |
Total Loans | 227,922 | 236,263 |
Consumer | ' | ' |
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | 1,127 | 1,693 |
60-89 DPD | 244 | 392 |
90 + DPD | ' | ' |
Total Past Due | 1,371 | 2,085 |
Total Current | 157,529 | 155,218 |
Total Loans | $159,500 | $157,877 |
LOANS_NET_Details4
LOANS, NET (Details4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | $29,167 | $31,035 | $35,436 |
Provision for Loan Losses | 3,472 | 16,166 | 18,996 |
Charge-Offs | -12,214 | -22,222 | -26,191 |
Recoveries | 2,670 | 4,188 | 2,794 |
Net Charge-Offs | -9,544 | -18,034 | -23,397 |
Ending Balance | 23,095 | 29,167 | 31,035 |
Commercial, Financial and Agricultural | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 1,253 | 1,534 | 1,544 |
Provision for Loan Losses | -15 | 251 | 1,446 |
Charge-Offs | -748 | -822 | -1,843 |
Recoveries | 209 | 290 | 387 |
Net Charge-Offs | -539 | -532 | -1,456 |
Ending Balance | 699 | 1,253 | 1,534 |
Real Estate-Construction | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 2,856 | 1,133 | 2,060 |
Provision for Loan Losses | -207 | 2,309 | -4,188 |
Charge-Offs | -1,070 | -629 | -5,877 |
Recoveries | 1 | 43 | 8 |
Net Charge-Offs | -1,069 | -586 | -5,869 |
Ending Balance | 1,580 | 2,856 | 1,133 |
Real Estate-Commercial Mortgage | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 11,081 | 10,660 | 8,645 |
Provision for Loan Losses | -83 | 5,770 | 8,477 |
Charge-Offs | -3,651 | -6,031 | -6,713 |
Recoveries | 363 | 682 | 251 |
Net Charge-Offs | -3,288 | -5,349 | -6,462 |
Ending Balance | 7,710 | 11,081 | 10,660 |
Real Estate-Residential | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 8,678 | 12,518 | 17,046 |
Provision for Loan Losses | 3,392 | 4,588 | 6,864 |
Charge-Offs | -3,835 | -9,719 | -11,870 |
Recoveries | 838 | 1,291 | 478 |
Net Charge-Offs | -2,997 | -8,428 | -11,392 |
Ending Balance | 9,073 | 8,678 | 12,518 |
Real Estate-Home Equity | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 2,945 | 2,392 | 2,522 |
Provision for Loan Losses | 971 | 3,050 | 2,383 |
Charge-Offs | -1,159 | -2,896 | -2,727 |
Recoveries | 294 | 399 | 214 |
Net Charge-Offs | -865 | -2,497 | -2,513 |
Ending Balance | 3,051 | 2,945 | 2,392 |
Consumer | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 1,327 | 1,887 | 2,612 |
Provision for Loan Losses | 441 | 82 | 749 |
Charge-Offs | -1,751 | -2,125 | -2,924 |
Recoveries | 965 | 1,483 | 1,450 |
Net Charge-Offs | -786 | -642 | -1,474 |
Ending Balance | 982 | 1,327 | 1,887 |
Unallocated | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 1,027 | 911 | 1,007 |
Provision for Loan Losses | -1,027 | 116 | -96 |
Charge-Offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Net Charge-Offs | ' | ' | ' |
Ending Balance | ' | $1,027 | $911 |
LOANS_NET_Details5
LOANS, NET (Details5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | $7,229 | $10,921 | $11,174 |
Loans Collectively Evaluated for Impairment | 15,866 | 18,246 | 19,861 |
Ending Balance | 23,095 | 29,167 | 31,035 |
Commercial, Financial and Agricultural | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | 75 | 210 | 311 |
Loans Collectively Evaluated for Impairment | 624 | 1,043 | 1,223 |
Ending Balance | 699 | 1,253 | 1,534 |
Real Estate-Construction | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | 66 | 714 | 68 |
Loans Collectively Evaluated for Impairment | 1,514 | 2,142 | 1,065 |
Ending Balance | 1,580 | 2,856 | 1,133 |
Real Estate-Commercial Mortgage | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | 4,336 | 6,641 | 5,828 |
Loans Collectively Evaluated for Impairment | 3,374 | 4,440 | 4,832 |
Ending Balance | 7,710 | 11,081 | 10,660 |
Real Estate-Residential | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | 2,047 | 2,778 | 4,702 |
Loans Collectively Evaluated for Impairment | 7,026 | 5,900 | 7,816 |
Ending Balance | 9,073 | 8,678 | 12,518 |
Real Estate-Home Equity | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | 682 | 546 | 239 |
Loans Collectively Evaluated for Impairment | 2,369 | 2,399 | 2,153 |
Ending Balance | 3,051 | 2,945 | 2,392 |
Consumer | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | 23 | 32 | 26 |
Loans Collectively Evaluated for Impairment | 959 | 1,295 | 1,861 |
Ending Balance | 982 | 1,327 | 1,887 |
Unallocated | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | ' | ' | ' |
Loans Collectively Evaluated for Impairment | ' | 1,027 | 911 |
Ending Balance | ' | $1,027 | $911 |
LOANS_NET_Details6
LOANS, NET (Details6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Recorded investment in loans | ' | ' | ' |
Individually Evaluated for Impairment | $76,294 | $108,782 | $107,782 |
Collectively Evaluated for Impairment | 1,312,310 | 1,398,331 | 1,499,676 |
Total | 1,388,604 | 1,507,113 | 1,607,458 |
Commercial, Financial and Agricultural | ' | ' | ' |
Recorded investment in loans | ' | ' | ' |
Individually Evaluated for Impairment | 1,580 | 2,325 | 1,653 |
Collectively Evaluated for Impairment | 125,027 | 137,525 | 129,226 |
Total | 126,607 | 139,850 | 130,879 |
Real Estate-Construction | ' | ' | ' |
Recorded investment in loans | ' | ' | ' |
Individually Evaluated for Impairment | 557 | 4,232 | 511 |
Collectively Evaluated for Impairment | 30,455 | 33,280 | 18,381 |
Total | 31,012 | 37,512 | 18,892 |
Real Estate-Commercial Mortgage | ' | ' | ' |
Recorded investment in loans | ' | ' | ' |
Individually Evaluated for Impairment | 49,973 | 74,650 | 65,624 |
Collectively Evaluated for Impairment | 483,898 | 538,975 | 573,516 |
Total | 533,871 | 613,625 | 639,140 |
Real Estate-Residential | ' | ' | ' |
Recorded investment in loans | ' | ' | ' |
Individually Evaluated for Impairment | 20,470 | 23,030 | 36,324 |
Collectively Evaluated for Impairment | 289,222 | 298,956 | 349,297 |
Total | 309,692 | 321,986 | 385,621 |
Real Estate-Home Equity | ' | ' | ' |
Recorded investment in loans | ' | ' | ' |
Individually Evaluated for Impairment | 3,359 | 3,858 | 3,527 |
Collectively Evaluated for Impairment | 224,563 | 232,405 | 240,736 |
Total | 227,922 | 236,263 | 244,263 |
Consumer | ' | ' | ' |
Recorded investment in loans | ' | ' | ' |
Individually Evaluated for Impairment | 355 | 687 | 143 |
Collectively Evaluated for Impairment | 159,145 | 157,190 | 188,520 |
Total | 159,500 | 157,877 | 188,663 |
Unallocated | ' | ' | ' |
Recorded investment in loans | ' | ' | ' |
Individually Evaluated for Impairment | ' | ' | ' |
Collectively Evaluated for Impairment | ' | ' | ' |
Total | ' | ' | ' |
LOANS_NET_Details7
LOANS, NET (Details7) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Unpaid Principal Balance and Recorded Investment With or With No Allowance | ' | ' |
Unpaid Principal Balance | $76,294 | $108,782 |
Recorded Investment With No Allowance | 25,369 | 26,769 |
Recorded Investment With Allowance | 50,925 | 82,013 |
Related Allowance | 7,229 | 10,921 |
Commercial, Financial and Agricultural | ' | ' |
Unpaid Principal Balance and Recorded Investment With or With No Allowance | ' | ' |
Unpaid Principal Balance | 1,580 | 2,325 |
Recorded Investment With No Allowance | 443 | 527 |
Recorded Investment With Allowance | 1,137 | 1,797 |
Related Allowance | 75 | 210 |
Real Estate-Construction | ' | ' |
Unpaid Principal Balance and Recorded Investment With or With No Allowance | ' | ' |
Unpaid Principal Balance | 557 | 4,232 |
Recorded Investment With No Allowance | ' | ' |
Recorded Investment With Allowance | 557 | 4,232 |
Related Allowance | 66 | 714 |
Real Estate-Commercial Mortgage | ' | ' |
Unpaid Principal Balance and Recorded Investment With or With No Allowance | ' | ' |
Unpaid Principal Balance | 49,973 | 74,650 |
Recorded Investment With No Allowance | 19,860 | 22,594 |
Recorded Investment With Allowance | 30,113 | 52,056 |
Related Allowance | 4,336 | 6,641 |
Real Estate-Residential | ' | ' |
Unpaid Principal Balance and Recorded Investment With or With No Allowance | ' | ' |
Unpaid Principal Balance | 20,470 | 23,030 |
Recorded Investment With No Allowance | 4,330 | 2,635 |
Recorded Investment With Allowance | 16,140 | 20,395 |
Related Allowance | 2,047 | 2,778 |
Real Estate-Home Equity | ' | ' |
Unpaid Principal Balance and Recorded Investment With or With No Allowance | ' | ' |
Unpaid Principal Balance | 3,359 | 3,858 |
Recorded Investment With No Allowance | 646 | 890 |
Recorded Investment With Allowance | 2,713 | 2,968 |
Related Allowance | 682 | 546 |
Consumer | ' | ' |
Unpaid Principal Balance and Recorded Investment With or With No Allowance | ' | ' |
Unpaid Principal Balance | 355 | 687 |
Recorded Investment With No Allowance | 90 | 123 |
Recorded Investment With Allowance | 265 | 565 |
Related Allowance | $23 | $32 |
LOANS_NET_Details8
LOANS, NET (Details8) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | $89,861 | $109,611 | $87,856 |
Total Interest Income | 3,151 | 3,215 | 2,114 |
Commercial, Financial and Agricultural | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 2,861 | 2,018 | 1,554 |
Total Interest Income | 140 | 81 | 62 |
Real Estate-Construction | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 1,181 | 4,443 | 1,775 |
Total Interest Income | 7 | 70 | 36 |
Real Estate-Commercial Mortgage | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 60,043 | 70,701 | 50,706 |
Total Interest Income | 2,062 | 2,113 | 1,285 |
Real Estate-Residential | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 21,238 | 28,680 | 30,988 |
Total Interest Income | 860 | 853 | 667 |
Real Estate-Home Equity | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 4,037 | 3,540 | 2,743 |
Total Interest Income | 72 | 95 | 61 |
Consumer | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 501 | 229 | 90 |
Total Interest Income | $10 | $3 | $3 |
LOANS_NET_Details9
LOANS, NET (Details9) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | $165,270 | $250,897 |
Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 49,641 | 59,460 |
Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 114,729 | 189,764 |
Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 900 | 1,673 |
Commercial, Financial and Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 7,899 | 15,401 |
Commercial, Financial and Agricultural | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 3,656 | 4,380 |
Commercial, Financial and Agricultural | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 4,243 | 10,863 |
Commercial, Financial and Agricultural | Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | ' | 158 |
Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 155,760 | 233,730 |
Real Estate | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 45,870 | 54,938 |
Real Estate | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 108,990 | 177,277 |
Real Estate | Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 900 | 1,515 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 1,611 | 1,766 |
Consumer | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 115 | 142 |
Consumer | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | 1,496 | 1,624 |
Consumer | Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable | ' | ' |
LOANS_NET_Details10
LOANS, NET (Details10) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Accruing | $44,764 | $47,474 |
Nonaccruing | 11,007 | 9,879 |
Commercial, Financial and Agricultural | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Accruing | 1,511 | 1,462 |
Nonaccruing | ' | 508 |
Real Estate-Construction | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Accruing | 156 | 161 |
Nonaccruing | ' | ' |
Real Estate-Commercial Mortgage | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Accruing | 24,735 | 29,870 |
Nonaccruing | 10,308 | 8,425 |
Real Estate-Residential | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Accruing | 16,441 | 13,824 |
Nonaccruing | 458 | 936 |
Real Estate-Home Equity | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Accruing | 1,576 | 1,587 |
Nonaccruing | 241 | ' |
Consumer | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Accruing | 345 | 570 |
Nonaccruing | ' | $10 |
LOANS_NET_Details11
LOANS, NET (Details11) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
N | N | N | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | |||
Number of Contracts | 50 | 219 | 148 | |||
Recorded Investment | $12,743 | [1] | $27,186 | [1] | $36,780 | [1] |
Number of Financing Receivable Contracts Modified, Subsequent Default | 2 | 15 | 22 | |||
Recorded Investment of Financing Receivable Modified, Subsequent Default, | 123 | [1] | 3,622 | [1] | 9,190 | [1] |
Commercial, Financial and Agricultural | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | |||
Number of Contracts | 4 | 12 | 7 | |||
Recorded Investment | 337 | [1] | 1,857 | [1] | 547 | [1] |
Number of Financing Receivable Contracts Modified, Subsequent Default | ' | ' | 2 | |||
Recorded Investment of Financing Receivable Modified, Subsequent Default, | ' | [1] | ' | [1] | 218 | [1] |
Real Estate-Construction | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | |||
Number of Contracts | ' | 6 | 5 | |||
Recorded Investment | ' | [1] | 976 | [1] | 3,752 | [1] |
Number of Financing Receivable Contracts Modified, Subsequent Default | ' | 4 | 1 | |||
Recorded Investment of Financing Receivable Modified, Subsequent Default, | ' | [1] | 713 | [1] | 2,327 | [1] |
Real Estate-Commercial Mortgage | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | |||
Number of Contracts | 13 | 54 | 46 | |||
Recorded Investment | 9,653 | [1] | 16,011 | [1] | 16,311 | [1] |
Number of Financing Receivable Contracts Modified, Subsequent Default | 1 | 3 | 12 | |||
Recorded Investment of Financing Receivable Modified, Subsequent Default, | 73 | [1] | 1,001 | [1] | 5,221 | [1] |
Real Estate-Residential | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | |||
Number of Contracts | 18 | 68 | 79 | |||
Recorded Investment | 2,073 | [1] | 6,955 | [1] | 15,487 | [1] |
Number of Financing Receivable Contracts Modified, Subsequent Default | ' | 7 | 7 | |||
Recorded Investment of Financing Receivable Modified, Subsequent Default, | ' | [1] | 1,906 | [1] | 1,424 | [1] |
Real Estate-Home Equity | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | |||
Number of Contracts | 9 | 19 | 9 | |||
Recorded Investment | 587 | [1] | 731 | [1] | 660 | [1] |
Number of Financing Receivable Contracts Modified, Subsequent Default | 1 | ' | ' | |||
Recorded Investment of Financing Receivable Modified, Subsequent Default, | 50 | [1] | ' | [1] | ' | [1] |
Consumer | ' | ' | ' | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | |||
Number of Contracts | 6 | 60 | 2 | |||
Recorded Investment | 93 | [1] | 656 | [1] | 23 | [1] |
Number of Financing Receivable Contracts Modified, Subsequent Default | ' | 1 | ' | |||
Recorded Investment of Financing Receivable Modified, Subsequent Default, | ' | [1] | $2 | [1] | ' | [1] |
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
PREMISES_AND_EQUIPMENT_Details
PREMISES AND EQUIPMENT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $194,726 | $195,209 |
Accumulated Depreciation | -91,341 | -88,117 |
Premises and Equipment, Net | 103,385 | 107,092 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 24,522 | 24,404 |
Buildings | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 112,706 | 113,693 |
Fixtures and Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $57,498 | $57,112 |
INTANGIBLE_ASSETS_Details_Text
INTANGIBLE ASSETS (Details Textuals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Assets Details Textuals | ' | ' |
Net intangible assets including goodwill | $84,800 | $85,100 |
INTANGIBLE_ASSETS_Details
INTANGIBLE ASSETS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amount | $133,854 | $133,854 |
Accumulated Amortization | 49,011 | 48,801 |
Core deposit intangible assets | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amount | 47,176 | 47,176 |
Accumulated Amortization | 47,176 | 47,157 |
Goodwill | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amount | 84,811 | 84,811 |
Accumulated Amortization | ' | ' |
Customer Relationship Intangible | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amount | 1,867 | 1,867 |
Accumulated Amortization | $1,835 | $1,644 |
INTANGIBLE_ASSETS_Details_Text1
INTANGIBLE ASSETS (Details Textuals2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | $210 | $431 | $675 |
Core deposit intangible assets | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | 19 | 200 | 500 |
Goodwill | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Net Intangible assets | 84,800 | 84,800 | ' |
Customer Relationship Intangible | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Net Intangible assets | 32 | 223 | ' |
Amortization expense | $191 | $191 | $191 |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Assets Details Textuals | ' | ' |
NOW Accounts | $794,746 | $842,435 |
Money Market Accounts | 268,449 | 267,766 |
Savings Accounts | 211,668 | 184,541 |
Other Time Deposits | 219,922 | 241,019 |
Total Interest Bearing Deposits | $1,494,785 | $1,535,761 |
DEPOSITS_Details_Textuals
DEPOSITS (Details Textuals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits Details Textuals | ' | ' |
Overdrawn deposit accounts of loan | $2,800 | $7,100 |
Time deposits in denominations of $100,000 or more | $60,700 | $63,100 |
DEPOSITS_Details2
DEPOSITS (Details2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits Details2 | ' | ' |
2014 | $189,596 | ' |
2015 | 19,548 | ' |
2016 | 6,478 | ' |
2017 | 2,675 | ' |
2018 and thereafter | 1,625 | ' |
Total | $219,922 | $241,019 |
DEPOSITS_Details3
DEPOSITS (Details3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deposits Details3 | ' | ' | ' |
NOW Accounts | $483 | $634 | $890 |
Money Market Accounts | 211 | 255 | 437 |
Savings Accounts | 100 | 87 | 73 |
Time Deposits Less Than $100,000 | 505 | 912 | 1,958 |
Time Deposits Greater Than $100,000 | 132 | 220 | 589 |
Total | $1,431 | $2,108 | $3,947 |
SHORTTERM_BORROWINGS_Details
SHORT-TERM BORROWINGS (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Short-term Debt [Line Items] | ' | ' | ' | |||
Balance at December 31 | $51,321 | $47,435 | ' | |||
Federal Funds Purchased | ' | ' | ' | |||
Short-term Debt [Line Items] | ' | ' | ' | |||
Balance at December 31 | ' | ' | ' | |||
Maximum indebtedness at any month end | ' | ' | 7,575 | |||
Daily average indebtedness outstanding | 11 | ' | 1,213 | |||
Average rate paid for the year (in percent) | 0.76% | ' | 0.03% | |||
Average rate paid on period-end borrowings (in percent) | ' | ' | ' | |||
Securities Sold Under Repurchase Agreements | ' | ' | ' | |||
Short-term Debt [Line Items] | ' | ' | ' | |||
Balance at December 31 | 43,372 | [1] | 40,639 | 43,372 | [1] | |
Maximum indebtedness at any month end | 55,261 | [1] | 62,458 | [1] | 75,525 | [1] |
Daily average indebtedness outstanding | 48,337 | [1] | 47,485 | [1] | 58,973 | [1] |
Average rate paid for the year (in percent) | 0.05% | [1] | 0.05% | [1] | 0.09% | [1] |
Average rate paid on period-end borrowings (in percent) | 0.05% | [1] | 0.05% | 0.05% | [1] | |
Other Short-Term Borrowings | ' | ' | ' | |||
Short-term Debt [Line Items] | ' | ' | ' | |||
Balance at December 31 | 4,009 | [2] | 6,796 | [2] | ' | |
Maximum indebtedness at any month end | 8,929 | 6,991 | 11,222 | |||
Daily average indebtedness outstanding | $5,573 | $4,679 | $7,875 | |||
Average rate paid for the year (in percent) | 3.79% | 3.68% | 3.17% | |||
Average rate paid on period-end borrowings (in percent) | 3.25% | 3.69% | ' | |||
[1] | Balances are fully collateralized by government treasury or agency securities held in the Company's investment portfolio. | |||||
[2] | Comprised of FHLB debt. |
LONGTERM_BORROWINGS_Details_Te
LONG-TERM BORROWINGS (Details Textuals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Long-Term Borrowings Details Textuals | ' | ' |
FHLB advances | $38,000 | $46,900 |
Weighted-average rate (in percent) | 3.20% | 3.38% |
Debt instrument payment terms | 'The advances mature at varying dates from 2014 through 2025 and had a weighted-average rate of 3.20% and 3.38% at December 31, 2013 and 2012, respectively. | ' |
LONGTERM_BORROWINGS_Details
LONG-TERM BORROWINGS (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Long-Term Borrowings Details | ' |
2014 | $2,976 |
2015 | 6,222 |
2016 | 2,938 |
2017 | 6,581 |
2018 | 7,780 |
2019 and thereafter | 11,546 |
Total | $38,043 |
LONGTERM_BORROWINGS_Details_Te1
LONG-TERM BORROWINGS (Details Textuals2) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2004 | Dec. 31, 2013 | 31-May-05 | Dec. 31, 2013 |
Junior Subordinated Deferrable Interest Notes | Junior Subordinated Deferrable Interest Notes | Junior Subordinated Deferrable Interest Notes | Junior Subordinated Deferrable Interest Notes | Junior Subordinated Deferrable Interest Notes | ||
N | CCBG Capital Trust I | CCBG Capital Trust I | CCBG Capital Trust II | CCBG Capital Trust II | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Number of notes issued to trust | ' | 2 | ' | ' | ' | ' |
Notes Issued | ' | ' | ' | $30,900 | ' | $32,000 |
Debt Instrument Issued | ' | ' | 30,000 | ' | 31,000 | ' |
Description of interest rate basis | ' | ' | 'LIBOR plus a margin of 1.90% | ' | 'LIBOR plus a margin of 1.80% | ' |
Trust preferred securities mature | ' | ' | 31-Dec-34 | ' | 15-Jun-35 | ' |
Interest rate, basis spread (in percent) | ' | ' | 1.90% | ' | 1.80% | ' |
Common equity secruities issued to parent (in shares) | ' | ' | 928 | ' | 959 | ' |
Proceeds received from the Trust | ' | ' | 30,900 | ' | 32,000 | ' |
Accured and Unpaid interest on the notes paid | 2,800 | ' | ' | ' | ' | ' |
Capital | ' | ' | ' | $30,000 | ' | $31,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | ($75) | $1,189 | $3,124 |
State | 195 | 280 | 424 |
Total | 120 | 1,469 | 3,548 |
Deferred: | ' | ' | ' |
Federal | 1,650 | -1,260 | -1,828 |
State | 99 | -1,597 | -1,350 |
Valuation Allowance | 56 | 52 | 259 |
Total | 1,805 | -2,805 | -2,919 |
Total | ' | ' | ' |
Federal | 1,575 | -71 | 1,296 |
State | 294 | -1,317 | -926 |
Valuation Allowance | 56 | 52 | 259 |
Total | $1,925 | ($1,336) | $629 |
INCOME_TAXES_Details_Textuals
INCOME TAXES (Details Textuals) | 12 Months Ended |
Dec. 31, 2013 | |
Income Taxes Details Textuals | ' |
Statutory federal income tax rate to pre-tax income (in percent) | 35.00% |
INCOME_TAXES_Details2
INCOME TAXES (Details2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes Details2 | ' | ' | ' |
Tax Expense at Federal Statutory Rate | $2,790 | ($430) | ($1,184) |
Increases (Decreases) Resulting From: | ' | ' | ' |
Tax-Exempt Interest Income | -385 | -402 | -612 |
Change in Reserve for Uncertain Tax Position | -777 | -347 | -168 |
State Taxes, Net of Federal Benefit | 191 | -856 | -602 |
Other | 50 | 199 | -182 |
Change in Valuation Allowance | 56 | 52 | 259 |
Increase Deferred Tax Liability for Equity Investment | ' | 448 | ' |
Actual Tax Expense | $1,925 | ($1,336) | $629 |
INCOME_TAXES_Details3
INCOME TAXES (Details3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets attributable to: | ' | ' |
Allowance for Loan Losses | $8,910 | $11,253 |
Accrued Pension/SERP | 5,284 | 18,927 |
State Net Operating Loss and Tax Credit Carry-Forwards | 4,906 | 5,002 |
Other Real Estate Owned | 9,459 | 9,869 |
Other | 5,304 | 7,100 |
Total Deferred Tax Assets | 33,863 | 52,151 |
Deferred Tax Liabilities attributable to: | ' | ' |
Depreciation on Premises and Equipment | 6,322 | 7,117 |
Deferred Loan Fees and Costs | 2,446 | 2,864 |
Intangible Assets | 3,419 | 3,119 |
Accrued Pension/SERP | ' | 1,870 |
Other | 526 | 1,082 |
Total Deferred Tax Liabilities | 12,713 | 16,052 |
Valuation Allowance | 1,226 | 1,170 |
Net Deferred Tax Assets | $19,924 | $34,929 |
INCOME_TAXES_Details_Textuals2
INCOME TAXES (Details Textuals2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation Allowance | $1,226 | $1,170 | ' |
Increase income from continuing operations | 2,100 | ' | ' |
Unrecognized tax benefits | 3,200 | 4,200 | 4,600 |
Maximum | ' | ' | ' |
Increase income from continuing operations | 3,200 | ' | ' |
State | ' | ' | ' |
Valuation Allowance | 1,000 | ' | ' |
Operating loss carryforwards, valuation allowance | 1,000 | ' | ' |
Operating loss of inactive subsidiary and Tax credit carryforward, valuation allowance | 200 | ' | ' |
Tax credit carry forwards | 4,900 | ' | ' |
Tax credit carry forwards, expiration dates | 'from 2014 through 2032 | ' | ' |
Federal | Maximum | ' | ' | ' |
Tax credit carry forwards | $300 | ' | ' |
INCOME_TAXES_Details_4
INCOME TAXES (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at January 1, | $4,209 | $4,577 | $4,770 |
Additions Based on Tax Positions Related to Current Year | ' | 508 | 522 |
Decrease Due to Lapse in Statue of Limitations | -981 | -876 | -715 |
Balance at December 31 | $3,228 | $4,209 | $4,577 |
INCOME_TAXES_Details_Textuals_
INCOME TAXES (Details Textuals 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Interest and penalties | $139 | $108 | $43 |
Amounts accrued for interest and penalties | 800 | 900 | ' |
Anticipated decrease in Unrecognized tax benefits | 2,100 | ' | ' |
Maximum | ' | ' | ' |
Anticipated decrease in Unrecognized tax benefits | $3,200 | ' | ' |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details Textuals) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | $1,400 | $500 | $100 |
Tax supplement bonus (in percent) | 31.00% | ' | ' |
2011 Associate Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | 965 | 255 | ' |
Shares reserved for issuance (in shares) | 875,000 | ' | ' |
Grant-date fair value | 700 | ' | ' |
Shares issuance (in shares) | 56,326 | ' | ' |
Shares Earned (in shares) | 63,037 | ' | ' |
Executive Long-Term Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | $300 | ' | ' |
STOCKBASED_COMPENSATION_Detail1
STOCK-BASED COMPENSATION (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
N | |
Options Shares | ' |
Outstanding at January 1, 2013 | 60,384 |
Granted | ' |
Exercised | ' |
Forfeited or expired | ' |
Outstanding at December 31, 2013 | 60,384 |
Exercisable at December 31, 2013 | 60,384 |
Weighted Average Exercise Price | ' |
Outstanding at January 1, 2013 | $32.79 |
Granted | ' |
Exercised | ' |
Forfeited or expired | ' |
Outstanding at December 31, 2013 | $32.79 |
Exercisable at December 31, 2013 | $32.79 |
Weighted Average Remaining Contractual Term | ' |
Outstanding at January 1, 2013 | 1.9 |
Granted | ' |
Exercised | ' |
Forfeited or expired | ' |
Outstanding at December 31, 2013 | 0.9 |
Exercisable at December 31, 2013 | 0.9 |
Aggregate Intrinsic Value | ' |
Outstanding at January 1, 2013 | ' |
Granted | ' |
Exercised | ' |
Forfeited or expired | ' |
Outstanding at December 31, 2013 | ' |
Exercisable at December 31, 2013 | ' |
STOCKBASED_COMPENSATION_Detail2
STOCK-BASED COMPENSATION (Details Textuals2) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation Expense | $1,400 | $500 | $100 |
2011Director Stock Purchase Plan Member | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of common stock purchase (in percent) | 90.00% | ' | ' |
Shares reserved for issuance (in shares) | 150,000 | ' | ' |
Shares issued (in shares) | 13,348 | 25,864 | 21,872 |
Compensation Expense | 15 | 21 | 23 |
2011Associate Stock Purchase Plan Member | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of common stock purchase (in percent) | 90.00% | ' | ' |
Shares issued (in shares) | 31,597 | 75,257 | 38,210 |
Compensation Expense | 69 | 119 | 72 |
Percentage of outstanding stock purchase (in percent) | 10.00% | ' | ' |
Maximum Stock purchases under the plan | $25 | ' | ' |
Common stock shares reserved for issuance (in shares) | 593,750 | ' | ' |
Weighted average estimated fair value (in dollars per shares) | $2.21 | $1.61 | $1.74 |
STOCKBASED_COMPENSATION_Detail3
STOCK-BASED COMPENSATION (Details2) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock-Based Compensation Details2 | ' | ' | ' |
Dividend yield | ' | ' | 3.50% |
Expected volatility | 32.00% | 32.00% | 31.00% |
Risk-free interest rate | 0.10% | 0.10% | 0.20% |
Expected life (in months) | '6 months | '6 months | '6 months |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Projected Benefit Obligation: | ' | ' | ' |
Actuarial (Gain) Loss | $30,784 | ($12,587) | ($15,763) |
Change in Plan Assets: | ' | ' | ' |
Fair Value of Plan Assets at Beginning of Year | 94,164 | ' | ' |
Fair Value of Plan Assets at End of Year | 103,842 | 94,164 | ' |
Components of Net Periodic Benefit Costs: | ' | ' | ' |
Amortization of Prior Service Costs | -504 | -548 | -643 |
Net Loss Amortization | 4,079 | 3,021 | 1,810 |
Net Periodic Benefit Cost | -35,367 | 9,018 | 13,310 |
Defined benefit pension plan | ' | ' | ' |
Change in Projected Benefit Obligation: | ' | ' | ' |
Benefit Obligation at Beginning of Year | 134,950 | 116,173 | 97,393 |
Service Cost | 6,999 | 6,397 | 6,027 |
Interest Cost | 5,566 | 5,587 | 5,243 |
Actuarial (Gain) Loss | -18,965 | 14,156 | 9,430 |
Benefits Paid | -12,946 | -7,138 | -1,846 |
Expenses Paid | -319 | -225 | -245 |
Plan Amendment | ' | ' | 171 |
Projected Benefit Obligation at End of Year | 115,285 | 134,950 | 116,173 |
Change in Plan Assets: | ' | ' | ' |
Fair Value of Plan Assets at Beginning of Year | 94,164 | 87,844 | 84,658 |
Actual Return on Plan Assets | 17,943 | 8,683 | 277 |
Employer Contributions | 5,000 | 5,000 | 5,000 |
Benefits Paid | -12,946 | -7,138 | -1,846 |
Expenses Paid | -319 | -225 | -245 |
Fair Value of Plan Assets at End of Year | 103,842 | 94,164 | 87,844 |
Funded Status of Plan and Accrued Liability Recognized at End of Year: | ' | ' | ' |
Other Liabilities | 11,442 | 40,786 | 28,330 |
Accumulated Benefit Obligation at End of Year | 98,796 | 110,985 | 94,121 |
Components of Net Periodic Benefit Costs: | ' | ' | ' |
Service Cost | 6,999 | 6,397 | 6,027 |
Interest Cost | 5,566 | 5,587 | 5,243 |
Expected Return on Plan Assets | -7,371 | -6,793 | -6,555 |
Amortization of Prior Service Costs | 317 | 359 | 462 |
Net Loss Amortization | 4,316 | 3,390 | 2,223 |
Net Periodic Benefit Cost | 9,827 | 8,940 | 7,400 |
Weighted-average assumptions used to determine benefit obligations: | ' | ' | ' |
Discount Rate (in percent) | 5.00% | 4.25% | 5.00% |
Rate of Compensation Increase (in percent) | 3.25% | 3.75% | 4.00% |
Measurement Date | '12/31/13 | '12/31/12 | '12/31/11 |
Weighted-Average Assumptions Used to Determine Benefit Cost: | ' | ' | ' |
Discount Rate (in percent) | 4.25% | 5.00% | 5.55% |
Expected Return on Plan Assets (in percent) | 8.00% | 8.00% | 8.00% |
Rate of Compensation Increase (in percent) | 3.75% | 4.00% | 4.25% |
Amortization Amounts from Accumulated Other Comprehensive Income: | ' | ' | ' |
Net Actuarial Loss | -33,850 | 8,875 | 13,690 |
Prior Service Cost | -317 | -359 | -496 |
Deferred Tax Benefit | 13,180 | -3,285 | -5,090 |
Other Comprehensive Loss, net of tax | -20,987 | 5,231 | 8,104 |
Amounts Recognized in Accumulated Other Comprehensive Income: | ' | ' | ' |
Net Actuarial Losses (Gains) | 13,947 | 47,800 | 38,924 |
Prior Service Cost | 1,383 | 1,700 | 2,060 |
Deferred Tax Liability (Benefit) | -5,914 | -19,097 | -15,812 |
Accumulated Other Comprehensive Loss (Gain), net of tax | $9,416 | $30,403 | $25,172 |
EMPLOYEE_BENEFIT_PLANS_Details1
EMPLOYEE BENEFIT PLANS (Details Textuals) (Defined benefit pension plan, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Defined benefit pension plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net actuarial loss | $1,300 |
EMPLOYEE_BENEFIT_PLANS_Details2
EMPLOYEE BENEFIT PLANS (Details2) (Defined benefit pension plan) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Target Allocation 2014 (in percent) | 100.00% | ' | ||
Percentage of Plan Assets at Year-End (in percent) | 100.00% | [1] | 100.00% | [1] |
Equity Securities | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Target Allocation 2014 (in percent) | 77.00% | ' | ||
Percentage of Plan Assets at Year-End (in percent) | 72.00% | [1] | 61.00% | [1] |
Debt Securities | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Target Allocation 2014 (in percent) | 20.00% | ' | ||
Percentage of Plan Assets at Year-End (in percent) | 23.00% | [1] | 29.00% | [1] |
Cash and Cash Equivalents | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Target Allocation 2014 (in percent) | 3.00% | ' | ||
Percentage of Plan Assets at Year-End (in percent) | 5.00% | [1] | 10.00% | [1] |
[1] | Represents asset allocation at year-end which may differ from the average target allocation for the year due to the year-end cash contribution to the plan. |
EMPLOYEE_BENEFIT_PLANS_Details3
EMPLOYEE BENEFIT PLANS (Details3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Fair Value of Plan Assets | $103,842 | $94,164 | ' | ' |
Defined benefit pension plan | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Fair Value of Plan Assets | 103,842 | 94,164 | 87,844 | 84,658 |
Defined benefit pension plan | U.S. Government Treasury | Level 1 Inputs | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Fair Value of Plan Assets | 768 | 2,143 | ' | ' |
Defined benefit pension plan | Common Stocks | Level 1 Inputs | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Fair Value of Plan Assets | 21,564 | 16,799 | ' | ' |
Defined benefit pension plan | Mutual Funds | Level 1 Inputs | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Fair Value of Plan Assets | 70,993 | 58,480 | ' | ' |
Defined benefit pension plan | Cash and Cash Equivalents | Level 1 Inputs | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Fair Value of Plan Assets | 5,571 | 7,819 | ' | ' |
Defined benefit pension plan | U.S. Government Agency | Level 2 Inputs | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Fair Value of Plan Assets | $4,946 | $8,923 | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Details4
EMPLOYEE BENEFIT PLANS (Details4) (Defined benefit pension plan, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined benefit pension plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $6,495 |
2015 | 7,536 |
2016 | 6,998 |
2017 | 7,347 |
2018 | 8,701 |
2019 through 2023 | 44,814 |
Total | $81,891 |
EMPLOYEE_BENEFIT_PLANS_Details5
EMPLOYEE BENEFIT PLANS (Details5) (Defined benefit pension plan, USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Actual Contributions | $5,000 | [1] | $5,000 | [1] |
Minimum | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Expected contribution for 2013 | 5,000 | [2] | ' | |
Maximum | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Expected contribution for 2013 | $10,000 | [2] | ' | |
[1] | For the 2012 plan year, the Company made two separate $5.0 million contributions, one during the 2013 calendar year and one during the 2012 calendar year. As of December 31, 2013, no contributions were made for the 2013 plan year. | |||
[2] | For 2014, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances. |
EMPLOYEE_BENEFIT_PLANS_Details6
EMPLOYEE BENEFIT PLANS (Details6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Projected Benefit Obligation: | ' | ' | ' |
Actuarial Loss/(Gain) | $30,784 | ($12,587) | ($15,763) |
Components of Net Periodic Benefit Costs: | ' | ' | ' |
Amortization of Prior Service Cost | -504 | -548 | -643 |
Net Gain Amortization | 4,079 | 3,021 | 1,810 |
Net Periodic Benefit Cost | -35,367 | 9,018 | 13,310 |
Supplemental Executive Retirement Plan ("SERP") | ' | ' | ' |
Change in Projected Benefit Obligation: | ' | ' | ' |
Benefit Obligation at Beginning of Year | 3,492 | 3,030 | 3,001 |
Service Cost | ' | ' | ' |
Interest Cost | 137 | 140 | 147 |
Actuarial Loss/(Gain) | -1,250 | 322 | -151 |
Plan Amendment | ' | ' | 33 |
Projected Benefit Obligation at End of Year | 2,379 | 3,492 | 3,030 |
Funded Status of Plan and Accrued Liability Recognized at End of Year: | ' | ' | ' |
Other Liabilities | 2,379 | 3,492 | 3,030 |
Accumulated Benefit Obligation at End of Year | 2,379 | 3,492 | 3,030 |
Components of Net Periodic Benefit Costs: | ' | ' | ' |
Service Cost | ' | ' | ' |
Interest Cost | 137 | 140 | 147 |
Amortization of Prior Service Cost | 187 | 189 | 180 |
Net Gain Amortization | -237 | -369 | -413 |
Net Periodic Benefit Cost | 87 | -40 | -86 |
Weighted-average used to determine the benefit obligations: | ' | ' | ' |
Discount Rate (in percent) | 5.00% | 4.25% | 5.00% |
Rate of Compensation Increase (in percent) | 3.25% | 3.75% | 4.00% |
Measurement Date | '12/31/13 | '12/31/12 | '12/31/11 |
Weighted-Average Assumptions Used to Determine Benefit Cost: | ' | ' | ' |
Discount Rate (in percent) | 4.25% | 5.00% | 5.50% |
Rate of Compensation Increase (in percent) | 3.75% | 4.00% | 4.25% |
Amortization Amounts from Accumulated Other Comprehensive Income: | ' | ' | ' |
Net Actuarial Loss | -1,013 | 691 | 263 |
Prior Service Cost | -187 | -189 | -147 |
Deferred Tax Benefit | 463 | -194 | -45 |
Other Comprehensive Loss, net of tax | -737 | 308 | 71 |
Amounts Recognized in Accumulated Other Comprehensive Income: | ' | ' | ' |
Net Actuarial Losses (Gains) | -1,812 | -799 | -1,490 |
Prior Service Cost | 171 | 358 | 547 |
Deferred Tax Liability (Benefit) | 633 | 170 | 364 |
Accumulated Other Comprehensive Loss (Gain), net of tax | ($1,008) | ($271) | ($579) |
EMPLOYEE_BENEFIT_PLANS_Details7
EMPLOYEE BENEFIT PLANS (Details Textuals2) (Supplemental Executive Retirement Plan ("SERP"), USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Supplemental Executive Retirement Plan ("SERP") | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net actuarial gain | $700 |
EMPLOYEE_BENEFIT_PLANS_Details8
EMPLOYEE BENEFIT PLANS (Details7) (Supplemental Executive Retirement Plan ("SERP"), USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Supplemental Executive Retirement Plan ("SERP") | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $496 |
2015 | 563 |
2016 | 293 |
2017 | 109 |
2018 | 90 |
2019 through 2023 | 82 |
Total | $1,633 |
EMPLOYEE_BENEFIT_PLANS_Details9
EMPLOYEE BENEFIT PLANS (Details Textuals3) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit 401 K Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Minimum employee's compensation (in percent) | 1.00% | ' | ' |
Maximum employee's compensation (in percent) | 15.00% | ' | ' |
Matching contributions (in percent) | 50.00% | ' | ' |
Participant's compensation for eligible associates (in percent) | 6.00% | ' | ' |
Matching contributions | $400 | $400 | $400 |
Common stock reserved for issuance (in shares) | 50,000 | ' | ' |
Other Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Common stock reserved for issuance (in shares) | 250,000 | ' | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' |
Net Income (Loss) | $6,045 | $108 | $4,897 |
Denominator: | ' | ' | ' |
Denominator for Basic Earnings Per Share Weighted-Average Shares | 17,325 | 17,205 | 17,140 |
Effects of Dilutive Securities Stock Compensation Plans | 74 | 15 | ' |
Denominator for Diluted Earnings Per Share Adjusted Weighted-Average Shares and Assumed Conversions | 17,399 | 17,220 | 17,140 |
Basic Earnings Per Share (in dollers per shares) | $0.35 | $0.01 | $0.29 |
Diluted Earnings Per Share (in dollers per shares) | $0.35 | $0.01 | $0.29 |
EARNINGS_PER_SHARE_Details_Tex
EARNINGS PER SHARE (Details Textuals) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share Details Textuals | ' | ' | ' |
Stock options considered to be anti-dilutive to earnings share earned in 2003 | 23,138 | 23,138 | 23,138 |
Stock options considered to be anti-dilutive to earnings share earned in 2004 | 37,246 | 37,246 | 37,246 |
CAPITAL_Details
CAPITAL (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Capital City Bank Group | ' | ' | ||
Tier I Capital ,Actual | ' | ' | ||
Tier I capital to total average assets | $256,338 | $239,520 | ||
Tier I capital to risk-weighted assets (in percentage) | 16.56% | 14.35% | ||
Total Capital,Actual | ' | ' | ||
Capital | 277,618 | 262,377 | ||
Capital to risk-weighted assets (in percentage) | 17.94% | 15.72% | ||
Tier I Leverage , Actual | ' | ' | ||
Tier I leverage capital to total average assets | 256,338 | 239,520 | ||
Tier I leverage capital to total average assets (in percentage) | 10.46% | 9.90% | ||
Tier I Capital , Required For Capital Adequacy Purposes | ' | ' | ||
Tier I capital to total average assets, Regulatory Requirement | 62,058 | 67,104 | ||
Tier I capital to risk-weighted assets Regulatory Requirement (in percentage) | 4.00% | 4.00% | ||
Total Capital , Required For Capital Adequacy Purposes | ' | ' | ||
Capital Required For Capital Adequacy | 124,116 | 134,207 | ||
Capital to risk-weighted assets Regulatory Requirement (in percentage) | 8.00% | 8.00% | ||
Tier I Leverage , Required For Capital Adequacy Purposes | ' | ' | ||
Tier I leverage capital to total average assets Regulatory Requirement | 98,029 | 96,824 | ||
Tier I leverage to risk-weighted assets Regulatory Requirement (in percentage) | 4.00% | 4.00% | ||
Tier I Capital , Required to be Well Capitalized Under Prompt Corrective Action Provisions | ' | ' | ||
Tier I capital to total average assets, Required to be Well Capitalized | 0 | [1] | 0 | [1] |
Tier I capital to risk-weighted assets Required to be Well Capitalized (in percentage) | 0.00% | [1] | 0.00% | [1] |
Total Capital , Required to be Well Capitalized Under Prompt Corrective Action Provisions | ' | ' | ||
Capital Required To Be Well Capitalized | 0 | [1] | 0 | [1] |
Capital to risk-weighted assets Required to be Well Capitalized (in percentage) | 0.00% | [1] | 0.00% | [1] |
Tier I Leverage , Required to be Well Capitalized Under Prompt Corrective Action Provisions | ' | ' | ||
Tier I leverage to total average assets, Required to be Well Capitalized | 0 | [1] | 0 | [1] |
Tier I leverage to risk-weighted assets Required to be Well Capitalized (as a percentage) | 0.00% | [1] | 0.00% | [1] |
Capital City Bank | ' | ' | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ||
Statutory Amount Available for Dividend Payments without Regulatory Approval | 4,500 | ' | ||
Tier I Capital ,Actual | ' | ' | ||
Tier I capital to total average assets | 256,554 | 239,955 | ||
Tier I capital to risk-weighted assets (in percentage) | 16.59% | 14.39% | ||
Total Capital,Actual | ' | ' | ||
Capital | 275,927 | 260,906 | ||
Capital to risk-weighted assets (in percentage) | 17.85% | 15.64% | ||
Tier I Leverage , Actual | ' | ' | ||
Tier I leverage capital to total average assets | 256,554 | 239,955 | ||
Tier I leverage capital to total average assets (in percentage) | 10.48% | 9.93% | ||
Tier I Capital , Required For Capital Adequacy Purposes | ' | ' | ||
Tier I capital to total average assets, Regulatory Requirement | 61,992 | 67,045 | ||
Tier I capital to risk-weighted assets Regulatory Requirement (in percentage) | 4.00% | 4.00% | ||
Total Capital , Required For Capital Adequacy Purposes | ' | ' | ||
Capital Required For Capital Adequacy | 123,984 | 134,089 | ||
Capital to risk-weighted assets Regulatory Requirement (in percentage) | 8.00% | 8.00% | ||
Tier I Leverage , Required For Capital Adequacy Purposes | ' | ' | ||
Tier I leverage capital to total average assets Regulatory Requirement | 97,931 | 96,694 | ||
Tier I leverage to risk-weighted assets Regulatory Requirement (in percentage) | 4.00% | 4.00% | ||
Tier I Capital , Required to be Well Capitalized Under Prompt Corrective Action Provisions | ' | ' | ||
Tier I capital to total average assets, Required to be Well Capitalized | 92,988 | 100,567 | ||
Tier I capital to risk-weighted assets Required to be Well Capitalized (in percentage) | 6.00% | 6.00% | ||
Total Capital , Required to be Well Capitalized Under Prompt Corrective Action Provisions | ' | ' | ||
Capital Required To Be Well Capitalized | 154,980 | 167,612 | ||
Capital to risk-weighted assets Required to be Well Capitalized (in percentage) | 10.00% | 10.00% | ||
Tier I Leverage , Required to be Well Capitalized Under Prompt Corrective Action Provisions | ' | ' | ||
Tier I leverage to total average assets, Required to be Well Capitalized | $122,414 | $83,806 | ||
Tier I leverage to risk-weighted assets Required to be Well Capitalized (as a percentage) | 5.00% | 5.00% | ||
[1] | Not applicable to bank holding companies. |
COMPREHENSIVE_INCOME_Details
COMPREHENSIVE INCOME (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment Securities Before Tax Amount [Abstract] | ' | ' | ' |
Change in net unrealized gain (loss) before tax | ($1,252) | ($786) | $600 |
Unrealized losses on securities transferred from available for sale to held to maturity before tax | -523 | ' | ' |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity before tax | 25 | ' | ' |
Reclassification adjustment for net gain included in net income | 3 | ' | ' |
Reclassification adjustment for impairment loss realized in net income | 600 | ' | ' |
Other comprehensive income (loss), before tax | -1,147 | -786 | 600 |
Benefit Plans: | ' | ' | ' |
Reclassification adjustment for amortization of prior service cost | 504 | 548 | 643 |
Reclassification adjustment for amortization of net loss | 4,079 | 3,021 | 1,810 |
Current year actuarial gain (loss) | 30,784 | -12,587 | -15,763 |
Total Benefit Plans | 35,367 | -9,018 | -13,310 |
Other comprehensive income (loss) | 34,220 | -9,804 | -12,710 |
Investment Securities Tax Expense (Benefit) [Abstract] | ' | ' | ' |
Change in net unrealized gain (loss) tax expense (benefit) | 483 | 295 | -203 |
Unrealized losses on securities transferred from available for sale to held to maturity tax expense (benefit) | 202 | ' | ' |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity tax expense (benefit) | -10 | ' | ' |
Reclassification adjustment for net gain included in net income | -1 | ' | ' |
Reclassification adjustment for impairment loss realized in net income tax expense (benefit) | -232 | ' | ' |
Other comprehensive income (loss), tax expense (benefit) | 442 | 295 | -203 |
Benefit Plans: | ' | ' | ' |
Reclassification adjustment for amortization of prior service cost | -194 | -211 | -248 |
Reclassification adjustment for amortization of net loss | -1,574 | -1,165 | -698 |
Current year actuarial gain (loss) | -11,875 | 4,855 | 6,081 |
Total Benefit Plans | -13,643 | 3,479 | 5,135 |
Other comprehensive income (loss) | -13,201 | 3,774 | 4,932 |
Investment Securities Net of Tax Amount [Abstract] | ' | ' | ' |
Change in net unrealized gain (loss) Net of Tax amount | -769 | -491 | 397 |
Unrealized losses on securities transferred from available for sale to held to maturity net of tax | -321 | ' | ' |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity net of tax | 15 | ' | ' |
Reclassification adjustment for net gain included in net income | 2 | ' | ' |
Reclassification adjustment for impairment loss realized in net income net of tax | 368 | ' | ' |
Total other comprehensive income (loss) Net of Tax | -705 | -491 | 397 |
Benefit Plans: | ' | ' | ' |
Reclassification adjustment for amortization of prior service cost | 310 | 337 | 395 |
Reclassification adjustment for amortization of net loss | 2,505 | 1,856 | 1,112 |
Current year actuarial gain (loss) | 18,909 | -7,732 | -9,682 |
Total Benefit Plans | 21,724 | -5,539 | -8,175 |
Other comprehensive income (loss) | $21,019 | ($6,030) | ($7,778) |
COMPREHENSIVE_INCOME_Details_2
COMPREHENSIVE INCOME (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Securities Available for Sale | ' | ' | ' |
Activity in accumulated other comprehensive loss, net of tax | ' | ' | ' |
Balance, Begining | $573 | $1,064 | $667 |
Net other comprehensive loss during the period | -705 | -491 | 397 |
Balance, Ending | -132 | 573 | 1,064 |
Retirement Plans | ' | ' | ' |
Activity in accumulated other comprehensive loss, net of tax | ' | ' | ' |
Balance, Begining | -30,132 | -24,593 | -16,418 |
Net other comprehensive loss during the period | 21,724 | -5,539 | -8,175 |
Balance, Ending | -8,408 | -30,132 | -24,593 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' |
Activity in accumulated other comprehensive loss, net of tax | ' | ' | ' |
Balance, Begining | -29,559 | -23,529 | -15,751 |
Net other comprehensive loss during the period | 21,019 | -6,030 | -7,778 |
Balance, Ending | ($8,540) | ($29,559) | ($23,529) |
RELATED_PARTY_INFORMATION_Deta
RELATED PARTY INFORMATION (Details Textuals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' |
Deposits | $2,136,248 | $2,144,996 |
Lease Agreement | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Annual lease payments of approximately | 136 | ' |
Management Member | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Officers and directors indebted aggregate amount | 18,300 | 19,800 |
Loan taken | 35,000 | ' |
Loan payment made | 36,500 | ' |
Deposits | $24,000 | $18,600 |
OTHER_NONINTEREST_EXPENSE_Deta
OTHER NONINTEREST EXPENSE (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Noninterest Expense: | ' | ' | ' | |
Maintenance and Repairs - Bldg. | $1,889 | $1,866 | $2,167 | |
Utilities | 1,513 | 1,609 | 1,764 | |
Maintenance Agreements - FF&E | 2,837 | 3,220 | 3,114 | |
Legal Fees | 3,663 | 4,303 | 4,106 | |
Professional Fees | 4,304 | 4,882 | 3,832 | |
Telephone | 1,891 | 1,896 | 1,895 | |
Advertising | 1,719 | 1,815 | 2,471 | |
Processing Services | 5,396 | 3,967 | 3,708 | |
Insurance - Other | 4,144 | 4,104 | 4,474 | |
Postage | 1,309 | [1] | 1,595 | 1,780 |
Other | 838 | 1,146 | 1,763 | |
Total | $29,503 | $30,403 | $31,074 | |
[1] | Amount less than 1% for the current year but was greater than 1% for prior year(s). |
OTHER_NONINTEREST_EXPENSE_Deta1
OTHER NONINTEREST EXPENSE (Details Textuals) | 12 Months Ended |
Dec. 31, 2013 | |
Other Noninterest Expense Details Textuals | ' |
Expense not disclosed separately of percentage of total interest and non interest expense | 1.00% |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Loss Contingencies [Line Items] | ' | ' | ||
Fixed | $47,906 | $59,867 | ||
Variable | 234,342 | 245,087 | ||
Total | 282,248 | 304,954 | ||
Commitments to Extend Credit | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ||
Fixed | 36,927 | [1] | 48,618 | [1] |
Variable | 234,342 | [1] | 245,087 | [1] |
Total | 271,269 | [1] | 293,705 | [1] |
Standby Letters of Credit | ' | ' | ||
Loss Contingencies [Line Items] | ' | ' | ||
Fixed | 10,979 | 11,249 | ||
Variable | ' | ' | ||
Total | $10,979 | $11,249 | ||
[1] | Commitments include unfunded loans, revolving lines of credit, and other unused commitments. |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Textuals) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 |
Covered Litigation | |||||
Rent expense | ' | $700 | $600 | $1,200 | ' |
Operating Leases, Future Minimum Payments Due | ' | ' | ' | ' | ' |
2014 | ' | 500 | ' | ' | ' |
2015 | ' | 500 | ' | ' | ' |
2016 | ' | 500 | ' | ' | ' |
2017 | ' | 400 | ' | ' | ' |
thereafter | ' | 400 | ' | ' | ' |
Pre-tax gain on Class B shares | 3,200 | ' | ' | ' | ' |
Quartely payment until settlement is finalized | ' | ' | ' | ' | $30 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | $251,420 | $296,985 | ||
U.S. Government Treasury | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 71,833 | 97,249 | ||
U.S. Government Agency | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 75,146 | 51,664 | ||
States and Political Subdivisions | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 91,753 | 79,879 | ||
Mortgage-Backed Securities | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 2,795 | 56,982 | ||
Other Securities | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 9,893 | [1] | 11,211 | [1] |
Level 1 Inputs | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 71,833 | 97,249 | ||
Level 2 Inputs | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 179,587 | 199,736 | ||
Level 3 Inputs | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | ' | ' | ||
Fair Value measured on a Recurring Basis | U.S. Government Treasury | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 71,833 | 97,249 | ||
Fair Value measured on a Recurring Basis | U.S. Government Agency | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 75,146 | 51,664 | ||
Fair Value measured on a Recurring Basis | States and Political Subdivisions | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 91,753 | 79,879 | ||
Fair Value measured on a Recurring Basis | Mortgage-Backed Securities | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 2,795 | 56,982 | ||
Fair Value measured on a Recurring Basis | Other Securities | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 9,893 | 11,211 | ||
Fair Value measured on a Recurring Basis | Level 1 Inputs | U.S. Government Treasury | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 71,833 | 97,249 | ||
Fair Value measured on a Recurring Basis | Level 1 Inputs | U.S. Government Agency | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | ' | ' | ||
Fair Value measured on a Recurring Basis | Level 1 Inputs | States and Political Subdivisions | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | ' | ' | ||
Fair Value measured on a Recurring Basis | Level 1 Inputs | Mortgage-Backed Securities | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | ' | ' | ||
Fair Value measured on a Recurring Basis | Level 1 Inputs | Other Securities | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | ' | ' | ||
Fair Value measured on a Recurring Basis | Level 2 Inputs | U.S. Government Treasury | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | ' | ' | ||
Fair Value measured on a Recurring Basis | Level 2 Inputs | U.S. Government Agency | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 75,146 | 51,664 | ||
Fair Value measured on a Recurring Basis | Level 2 Inputs | States and Political Subdivisions | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 91,753 | 79,879 | ||
Fair Value measured on a Recurring Basis | Level 2 Inputs | Mortgage-Backed Securities | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 2,795 | 56,982 | ||
Fair Value measured on a Recurring Basis | Level 2 Inputs | Other Securities | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | 9,893 | 11,211 | ||
Fair Value measured on a Recurring Basis | Level 3 Inputs | U.S. Government Treasury | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | ' | ' | ||
Fair Value measured on a Recurring Basis | Level 3 Inputs | U.S. Government Agency | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | ' | ' | ||
Fair Value measured on a Recurring Basis | Level 3 Inputs | States and Political Subdivisions | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | ' | ' | ||
Fair Value measured on a Recurring Basis | Level 3 Inputs | Mortgage-Backed Securities | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | ' | ' | ||
Fair Value measured on a Recurring Basis | Level 3 Inputs | Other Securities | ' | ' | ||
ASSETS | ' | ' | ||
Investment Securities, Available-for-Sale | ' | ' | ||
[1] | Includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $5.0 million and $4.8 million, respectively, at December 31, 2013 and $6.4 million and $4.8 million, respectively, at December 31, 2012. |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details Textuals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impaired loans valuation allowance | $7,229 | $10,921 | ' |
Write-downs of foreclosed assets | 9,539 | 11,428 | 12,586 |
Fair Value measured on a Nonrecurring Basis | Level 3 Inputs | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Carrying value of Impaired loans | 31,500 | 61,300 | ' |
Impaired loans valuation allowance | 3,100 | 6,800 | ' |
Foreclosed assets measured at fair value | 24,500 | ' | ' |
Disposed of foreclosed assets | 25,900 | ' | ' |
Write-downs of foreclosed assets | 3,600 | ' | ' |
Re-valued and realized miscellaneous adjustments | 300 | ' | ' |
Fair Value measured on a Recurring Basis | Level 3 Inputs | Foreclosed real estate | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impaired loans valuation allowance | $11,000 | $9,600 | ' |
FAIR_VALUE_MEASUREMENTS_Detail2
FAIR VALUE MEASUREMENTS (Details2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ' | ' |
Short-Term Investments | $474,719 | $443,494 |
Investment Securities, Available For Sale | 251,420 | 296,985 |
Investment Securities - Held For Maturity | 148,211 | ' |
Level 1 Inputs | ' | ' |
Financial Assets: | ' | ' |
Cash | 55,209 | 66,238 |
Short-Term Investments | 474,719 | 443,494 |
Investment Securities, Available For Sale | 71,833 | 97,249 |
Investment Securities - Held For Maturity | 43,579 | ' |
Loans Held for Sale | ' | ' |
Loans, Net of Allowance for Loan Losses | ' | ' |
Financial Liabilities: | ' | ' |
Deposits | ' | ' |
Short-Term Borrowings | ' | ' |
Subordinated Notes Payable | ' | ' |
Long-Term Borrowings | ' | ' |
Level 2 Inputs | ' | ' |
Financial Assets: | ' | ' |
Cash | ' | ' |
Short-Term Investments | ' | ' |
Investment Securities, Available For Sale | 179,587 | 199,736 |
Investment Securities - Held For Maturity | 103,382 | ' |
Loans Held for Sale | 11,065 | 14,189 |
Loans, Net of Allowance for Loan Losses | ' | ' |
Financial Liabilities: | ' | ' |
Deposits | 2,136,737 | 2,145,547 |
Short-Term Borrowings | 50,754 | 46,503 |
Subordinated Notes Payable | 62,886 | 62,896 |
Long-Term Borrowings | 39,450 | 50,003 |
Level 3 Inputs | ' | ' |
Financial Assets: | ' | ' |
Cash | ' | ' |
Short-Term Investments | ' | ' |
Investment Securities, Available For Sale | ' | ' |
Investment Securities - Held For Maturity | ' | ' |
Loans Held for Sale | ' | ' |
Loans, Net of Allowance for Loan Losses | 1,265,827 | 1,370,056 |
Financial Liabilities: | ' | ' |
Deposits | ' | ' |
Short-Term Borrowings | ' | ' |
Subordinated Notes Payable | ' | ' |
Long-Term Borrowings | ' | ' |
Carrying Value | ' | ' |
Financial Assets: | ' | ' |
Cash | 55,209 | 66,238 |
Short-Term Investments | 474,719 | 443,494 |
Investment Securities, Available For Sale | 251,420 | 296,985 |
Investment Securities - Held For Maturity | 148,211 | ' |
Loans Held for Sale | 11,065 | 14,189 |
Loans, Net of Allowance for Loan Losses | 1,365,509 | 1,477,946 |
Financial Liabilities: | ' | ' |
Deposits | 2,136,248 | 2,144,996 |
Short-Term Borrowings | 51,321 | 47,435 |
Subordinated Notes Payable | 62,887 | 62,887 |
Long-Term Borrowings | $38,043 | $46,859 |
PARENT_COMPANY_FINANCIAL_INFOR2
PARENT COMPANY FINANCIAL INFORMATION - Statements of Financial Condition (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and Due From Subsidiary Bank | $55,209 | $66,238 | ' | ' |
Other Assets | 69,471 | 89,561 | ' | ' |
Total Assets | 2,611,903 | 2,633,984 | ' | ' |
LIABILITIES | ' | ' | ' | ' |
Subordinated Notes Payable | 62,887 | 62,887 | ' | ' |
Other Liabilities | 47,004 | 84,918 | ' | ' |
Total Liabilities | 2,335,503 | 2,387,095 | ' | ' |
SHAREOWNERS' EQUITY | ' | ' | ' | ' |
Preferred Stock, $.01 par value, 3,000,000 shares authorized; no shares issued and outstanding | ' | ' | ' | ' |
Common Stock, $.01 par value; 90,000,000 shares authorized; 17,360,960 and 17,232,380 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 174 | 172 | ' | ' |
Additional Paid-In Capital | 41,152 | 38,707 | ' | ' |
Retained Earnings | 243,614 | 237,569 | ' | ' |
Accumulated Other Comprehensive Loss, Net of Tax | -8,540 | -29,559 | ' | ' |
Total Shareowners' Equity | 276,400 | 246,889 | 251,942 | 259,019 |
Total Liabilities and Shareowners' Equity | 2,611,903 | 2,633,984 | ' | ' |
CCBG | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and Due From Subsidiary Bank | 6,209 | 7,061 | ' | ' |
Investment in Subsidiary Bank | 337,809 | 309,114 | ' | ' |
Other Assets | 3,347 | 3,435 | ' | ' |
Total Assets | 347,365 | 319,610 | ' | ' |
LIABILITIES | ' | ' | ' | ' |
Subordinated Notes Payable | 62,887 | 62,887 | ' | ' |
Other Liabilities | 8,078 | 9,834 | ' | ' |
Total Liabilities | 70,965 | 72,721 | ' | ' |
SHAREOWNERS' EQUITY | ' | ' | ' | ' |
Preferred Stock, $.01 par value, 3,000,000 shares authorized; no shares issued and outstanding | ' | ' | ' | ' |
Common Stock, $.01 par value; 90,000,000 shares authorized; 17,360,960 and 17,232,380 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 174 | 172 | ' | ' |
Additional Paid-In Capital | 41,152 | 38,707 | ' | ' |
Retained Earnings | 243,614 | 237,569 | ' | ' |
Accumulated Other Comprehensive Loss, Net of Tax | -8,540 | -29,559 | ' | ' |
Total Shareowners' Equity | 276,400 | 246,889 | ' | ' |
Total Liabilities and Shareowners' Equity | $347,365 | $319,610 | ' | ' |
PARENT_COMPANY_FINANCIAL_INFOR3
PARENT COMPANY FINANCIAL INFORMATION - Statements of Financial Condition (Parentheticals) (Details2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Preferred stock, par value (in dollar per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollar per share) | $0.01 | $0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 17,360,960 | 17,232,380 |
Common stock, shares outstanding | 17,360,960 | 17,232,380 |
CCBG | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Preferred stock, par value (in dollar per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollar per share) | $0.01 | $0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 17,360,960 | 17,232,380 |
Common stock, shares outstanding | 17,360,960 | 17,232,380 |
PARENT_COMPANY_FINANCIAL_INFOR4
PARENT COMPANY FINANCIAL INFORMATION - Statements of Operations (Details3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING EXPENSE | ' | ' | ' |
Salaries and Associate Benefits | $66,127 | $64,242 | $63,642 |
Interest on Subordinated Notes Payable | 1,420 | 1,477 | 1,380 |
Professional Fees | 4,304 | 4,882 | 3,832 |
Advertising | 1,719 | 1,815 | 2,471 |
Legal Fees | 3,663 | 4,303 | 4,106 |
INCOME (LOSS) BEFORE INCOME TAXES | 7,970 | -1,228 | 5,526 |
Income Tax Benefit | 1,925 | -1,336 | 629 |
NET INCOME (LOSS) | 6,045 | 108 | 4,897 |
CCBG | ' | ' | ' |
OPERATING INCOME | ' | ' | ' |
Overhead Fees | 4,417 | 4,536 | 3,364 |
Other Income | 208 | 130 | 48 |
Total Operating Income | 4,625 | 4,666 | 3,412 |
OPERATING EXPENSE | ' | ' | ' |
Salaries and Associate Benefits | 3,130 | 2,059 | 1,974 |
Interest on Subordinated Notes Payable | 1,419 | 1,477 | 1,380 |
Professional Fees | 1,491 | 1,781 | 1,251 |
Advertising | 142 | 140 | 135 |
Legal Fees | 245 | 332 | 249 |
Other | 1,117 | 478 | 440 |
Total Operating Expense | 7,544 | 6,267 | 5,429 |
INCOME (LOSS) BEFORE INCOME TAXES | -2,919 | -1,601 | -2,017 |
Income Tax Benefit | -1,036 | -10 | -666 |
Loss Before Equity in Undistributed Earnings of Subsidiary Bank | -1,883 | -1,591 | -1,351 |
Equity in Undistributed Earnings of Subsidiary Bank | 7,928 | 1,699 | 6,248 |
NET INCOME (LOSS) | $6,045 | $108 | $4,897 |
PARENT_COMPANY_FINANCIAL_INFOR5
PARENT COMPANY FINANCIAL INFORMATION - Statements of Cash Flows (Details4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
NET INCOME (LOSS) | $6,045 | $108 | $4,897 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ' | ' | ' |
Stock-Based Compensation | 1,296 | 262 | ' |
Decrease (Increase) in Other Assets | 5,087 | 5,665 | -4,163 |
(Decrease) Increase in Other Liabilities | -2,547 | 13,393 | 12,844 |
Net Cash (Used In) Provided by Operating Activities | 34,814 | 56,687 | 37,523 |
CASH FROM FINANCING ACTIVITIES: | ' | ' | ' |
Payment of Dividends | ' | ' | -5,142 |
Issuance of Common Stock | -1,151 | -607 | -919 |
Net Cash Provided By (Used In) Financing Activities | -12,527 | -20,600 | 9,269 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 20,196 | 124,418 | 149,121 |
Cash and Cash Equivalents at Beginning of Year | 509,732 | 385,314 | 236,193 |
Cash and Cash Equivalents at End of Year | 529,928 | 509,732 | 385,314 |
CCBG | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
NET INCOME (LOSS) | 6,045 | 108 | 4,897 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ' | ' | ' |
Equity in Undistributed Earnings of Subsidiary Bank | -7,928 | -1,699 | -6,248 |
Stock-Based Compensation | 1,296 | 262 | ' |
Decrease (Increase) in Other Assets | 339 | -491 | -324 |
(Decrease) Increase in Other Liabilities | -1,755 | 2,005 | 1,181 |
Net Cash (Used In) Provided by Operating Activities | -2,003 | 185 | -494 |
CASH FROM FINANCING ACTIVITIES: | ' | ' | ' |
Payment of Dividends | ' | ' | -5,142 |
Issuance of Common Stock | 1,151 | 607 | 919 |
Net Cash Provided By (Used In) Financing Activities | 1,151 | 607 | -4,223 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -852 | 792 | -4,717 |
Cash and Cash Equivalents at Beginning of Year | 7,061 | 6,269 | 10,986 |
Cash and Cash Equivalents at End of Year | $6,209 | $7,061 | $6,269 |