Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CAPITAL CITY BANK GROUP INC | ' |
Entity Central Index Key | '0000726601 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
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 Common Stock, Shares Outstanding | ' | 17,426,654 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and Due From Banks | $59,288 | $55,209 |
Federal Funds Sold and Interest Bearing Deposits | 468,805 | 474,719 |
Total Cash and Cash Equivalents | 528,093 | 529,928 |
Investment Securities, Available for Sale, at fair value | 229,615 | 251,420 |
Investment Securities, Held to Maturity, at amortized cost (fair value of $190,984 and $146,961) | 191,645 | 148,211 |
Total Investment Securities | 421,260 | 399,631 |
Loans Held For Sale | 12,313 | 11,065 |
Loans, Net of Unearned Income | 1,394,777 | 1,388,604 |
Allowance for Loan Losses | -22,110 | -23,095 |
Loans, Net | 1,372,667 | 1,365,509 |
Premises and Equipment, Net | 102,655 | 103,385 |
Goodwill | 84,811 | 84,811 |
Other Intangible Assets | ' | 32 |
Other Real Estate Owned | 44,036 | 48,071 |
Other Assets | 67,205 | 69,471 |
Total Assets | 2,633,040 | 2,611,903 |
LIABILITIES | ' | ' |
Noninterest Bearing Deposits | 657,548 | 641,463 |
Interest Bearing Deposits | 1,506,165 | 1,494,785 |
Total Deposits | 2,163,713 | 2,136,248 |
Short-Term Borrowings | 48,733 | 51,321 |
Subordinated Notes Payable | 62,887 | 62,887 |
Other Long-Term Borrowings | 33,971 | 38,043 |
Other Liabilities | 43,856 | 47,004 |
Total Liabilities | 2,353,160 | 2,335,503 |
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; 17,426,651 and 17,360,960 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 174 | 174 |
Additional Paid-In Capital | 41,220 | 41,152 |
Retained Earnings | 247,017 | 243,614 |
Accumulated Other Comprehensive Loss, Net of Tax | -8,531 | -8,540 |
Total Shareowners' Equity | 279,880 | 276,400 |
Total Liabilities and Shareowners' Equity | $2,633,040 | $2,611,903 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Held to Maturity (Fair Value) | $190,984 | $146,961 |
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 | 17,426,651 | 17,360,960 |
Common stock, shares outstanding | 17,426,651 | 17,360,960 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
INTEREST INCOME | ' | ' |
Loans, including Fees | $18,098 | $20,154 |
Investment Securities: | ' | ' |
Taxable Securities | 703 | 590 |
Tax Exempt Securities | 144 | 114 |
Federal Funds Sold and Interest Bearing Deposits | 291 | 270 |
Total Interest Income | 19,236 | 21,128 |
INTEREST EXPENSE | ' | ' |
Deposits | 308 | 415 |
Short-Term Borrowings | 20 | 82 |
Subordinated Notes Payable | 331 | 339 |
Other Long-Term Borrowings | 291 | 347 |
Total Interest Expense | 950 | 1,183 |
NET INTEREST INCOME | 18,286 | 19,945 |
Provision for Loan Losses | 359 | 1,070 |
Net Interest Income After Provision for Loan Losses | 17,927 | 18,875 |
NONINTEREST INCOME | ' | ' |
Deposit Fees | 5,869 | 6,165 |
Bank Card Fees | 2,707 | 2,661 |
Wealth Management Fees | 1,918 | 1,915 |
Mortgage Banking Fees | 625 | 1,043 |
Data Processing Fees | 541 | 653 |
Other | 1,125 | 1,091 |
Total Noninterest Income | 12,785 | 13,528 |
NONINTEREST EXPENSE | ' | ' |
Compensation | 15,781 | 16,739 |
Occupancy, Net | 4,298 | 4,418 |
Intangible Amortization | 32 | 68 |
Other Real Estate Owned, net | 1,399 | 2,824 |
Other | 6,856 | 7,091 |
Total Noninterest Expense | 28,366 | 31,140 |
INCOME (LOSS) BEFORE INCOME TAXES | 2,346 | 1,263 |
Income Tax (Benefit) Expense | -1,405 | 424 |
NET INCOME | $3,751 | $839 |
BASIC NET INCOME PER SHARE | $0.22 | $0.05 |
DILUTED NET INCOME PER SHARE | $0.22 | $0.05 |
Average Basic Common Shares Outstanding | 17,399 | 17,302 |
Average Diluted Common Shares Outstanding | 17,439 | 17,309 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements Of Comprehensive Income | ' | ' |
NET INCOME | $3,751 | $839 |
Investment Securities: | ' | ' |
Change in net unrealized gain (loss) | -5 | 7 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity | 20 | ' |
Total Investment Securities | 15 | 7 |
Other comprehensive income, before tax | 15 | 7 |
Deferred tax expense related to other comprehensive income | -6 | -1 |
Other comprehensive income, net of tax | 9 | 6 |
TOTAL COMPREHENSIVE INCOME | $3,760 | $845 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (Unaudited) (USD $) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2012 | $172 | $38,707 | $237,569 | ($29,559) | $246,889 |
Balance, Shares at Dec. 31, 2012 | 17,232,380 | ' | ' | ' | ' |
Net Income | ' | ' | 839 | ' | 839 |
Other Comprehensive Income, Net of Tax | ' | ' | ' | 6 | 6 |
Stock Based Compensation | ' | 216 | ' | ' | 216 |
Impact of Transactions Under Compensation Plans, net | 1 | 657 | ' | ' | 658 |
Impact of Transactions Under Compensation Plans, net (in Shares) | 86,406 | ' | ' | ' | ' |
Balance at Mar. 31, 2013 | 173 | 39,580 | 238,408 | -29,553 | 248,608 |
Balance, Shares at Mar. 31, 2013 | 17,318,786 | ' | ' | ' | ' |
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 |
Net Income | ' | ' | 3,751 | ' | 3,751 |
Other Comprehensive Income, Net of Tax | ' | ' | ' | 9 | 9 |
Cash Dividends ($0.0200 per share) | ' | ' | -348 | ' | -348 |
Stock Based Compensation | ' | 317 | ' | ' | 317 |
Impact of Transactions Under Compensation Plans, net | ' | -249 | ' | ' | -249 |
Impact of Transactions Under Compensation Plans, net (in Shares) | 65,691 | ' | ' | ' | ' |
Balance at Mar. 31, 2014 | $174 | $41,220 | $247,017 | ($8,531) | $279,880 |
Balance, Shares at Mar. 31, 2014 | 17,426,651 | ' | ' | ' | 17,426,651 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ' |
Cash Dividends (in dollars per share) | $0.02 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | $3,751 | $839 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ' | ' |
Provision for Loan Losses | 359 | 1,070 |
Depreciation | 1,589 | 1,628 |
Amortization of Premiums, Discounts, and Fees (net) | 1,315 | 992 |
Amortization of Intangible Assets | 32 | 68 |
Net (Increase) Decrease in Loans Held-for-Sale | -1,248 | 2,767 |
Stock-Based Compensation | 317 | 216 |
Deferred Income Taxes | 1,497 | 1,715 |
Loss on Sales and Write-Downs of Other Real Estate Owned | 840 | 1,883 |
Net Decrease (Increase) in Other Assets | 783 | -7,768 |
Net (Decrease) Increase in Other Liabilities | -3,448 | 3,020 |
Net Cash Provided By Operating Activities | 5,787 | 6,430 |
Securities Held to Maturity: | ' | ' |
Purchases | -51,311 | ' |
Payments, Maturities, and Calls | 7,479 | ' |
Securities Available-for-Sale: | ' | ' |
Purchases | -9,980 | -47,863 |
Payments, Maturities, and Calls | 30,751 | 36,270 |
Net (Increase) Decrease in Loans | -8,695 | 36,892 |
Proceeds From Sales of Other Real Estate Owned | 4,485 | 6,101 |
Purchase of Premises & Equipment | -859 | -419 |
Net Cash (Used In) Provided By Investing Activities | -28,130 | 30,981 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Net Increase (Decrease) in Deposits | 27,465 | -31,014 |
Net Decrease in Short-Term Borrowings | -3,828 | -657 |
Repayment of Other Long-Term Borrowings | -2,832 | -1,731 |
Dividends Paid | -348 | ' |
Issuance of Common Stock Under Compensation Plans | 51 | 650 |
Net Cash Provided By (Used In) Financing Activities | 20,508 | -32,752 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | -1,835 | 4,659 |
Cash and Cash Equivalents at Beginning of Period | 529,928 | 509,732 |
Cash and Cash Equivalents at End of Period | 528,093 | 514,391 |
Supplemental Cash Flow Disclosures: | ' | ' |
Interest Paid | 914 | 865 |
Income Taxes Paid | 1,030 | 12 |
Noncash Investing and Financing Activities: | ' | ' |
Loans Transferred to Other Real Estate Owned | 1,290 | 12,979 |
Transfer of Current Portion of Long-Term Borrowings | $1,240 | $3,904 |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2014 | |
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 in this Quarterly Report on Form 10-Q include the accounts of CCBG and its wholly-owned subsidiary, Capital City Bank (“CCB” or the “Bank” and together with the Company). All material inter-company transactions and accounts have been eliminated. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ended December 31, 2014. | |
The consolidated statement of financial condition at December 31, 2013 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. | |
For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2013. |
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
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 available-for-sale were as follows: | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | Amortized | Unrealized | Unrealized | Market | ||||||||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gain | Losses | Value | ||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 64,258 | $ | 50 | $ | 22 | $ | 64,286 | $ | 71,791 | $ | 82 | $ | 40 | $ | 71,833 | |||||||||||||||||
U.S. Government Agency | 80,102 | 160 | 265 | 79,997 | 75,275 | 127 | 256 | 75,146 | |||||||||||||||||||||||||
States and Political Subdivisions | 73,632 | 147 | 15 | 73,764 | 91,605 | 167 | 19 | 91,753 | |||||||||||||||||||||||||
Mortgage-Backed Securities | 2,509 | 213 | — | 2,722 | 2,583 | 212 | — | 2,795 | |||||||||||||||||||||||||
Other Securities(1) | 8,846 | — | — | 8,846 | 9,893 | — | — | 9,893 | |||||||||||||||||||||||||
Total | 229,347 | $ | 570 | $ | 302 | $ | 229,615 | $ | 251,147 | $ | 588 | $ | 315 | $ | 251,420 | ||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 71,417 | $ | 88 | $ | 87 | $ | 71,418 | $ | 43,533 | $ | 84 | $ | 38 | $ | 43,579 | |||||||||||||||||
U.S. Government Agency | 33,854 | 47 | 48 | 33,853 | 15,794 | 38 | 22 | 15,810 | |||||||||||||||||||||||||
States and Political Subdivisions | 34,410 | 63 | 14 | 34,459 | 33,216 | 53 | 4 | 33,265 | |||||||||||||||||||||||||
Mortgage-Backed Securities | 51,964 | 12 | 722 | 51,254 | 55,668 | 12 | 1,373 | 54,307 | |||||||||||||||||||||||||
Other Securities | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 191,645 | $ | 210 | $ | 871 | $ | 190,984 | $ | 148,211 | $ | 187 | $ | 1,437 | $ | 146,961 | |||||||||||||||||
-1 | Includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $4.0 million and $4.8 million, respectively, at March 31, 2014 and $5.0 million and $4.8 million, respectively, at December 31, 2013. | ||||||||||||||||||||||||||||||||
Securities with an amortized cost of $252.4 million and $258.5 million at March 31, 2014 and December 31, 2013, 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. | |||||||||||||||||||||||||||||||||
Maturity Distribution. As of March 31, 2014, 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 because 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 | $ | 96,559 | $ | 96,670 | $ | 15,374 | $ | 15,392 | |||||||||||||||||||||||||
Due after one through five years | 56,260 | 56,327 | 124,307 | 124,338 | |||||||||||||||||||||||||||||
No Maturity | 8,846 | 8,846 | — | — | |||||||||||||||||||||||||||||
U.S. Government Agency | 65,173 | 65,050 | — | — | |||||||||||||||||||||||||||||
Mortgage-Backed Securities | 2,509 | 2,722 | 51,964 | 51,254 | |||||||||||||||||||||||||||||
Total | $ | 229,347 | $ | 229,615 | $ | 191,645 | $ | 190,984 | |||||||||||||||||||||||||
Unrealized Losses on Investment Securities. The following table summarizes the investment securities with unrealized losses at March 31, 2014, 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 | ||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||
U.S. Government Treasury | $ | 19,952 | $ | 22 | $ | — | $ | — | $ | 19,952 | $ | 22 | |||||||||||||||||||||
U.S. Government Agency | 31,184 | 223 | 6,133 | 42 | 37,317 | 265 | |||||||||||||||||||||||||||
States and Political Subdivisions | 529 | — | 1,258 | 15 | 1,787 | 15 | |||||||||||||||||||||||||||
Total | $ | 51,665 | $ | 245 | $ | 7,391 | $ | 57 | $ | 59,056 | $ | 302 | |||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||
U.S. Government Treasury | 39,968 | 88 | — | — | 39,968 | 88 | |||||||||||||||||||||||||||
U.S. Government Agency | 23,178 | 48 | — | — | 23,178 | 48 | |||||||||||||||||||||||||||
States and Political Subdivisions | 4.637 | 14 | — | — | 4.637 | 14 | |||||||||||||||||||||||||||
Mortgage-Backed Securities | 40,969 | 721 | — | — | 40,969 | 721 | |||||||||||||||||||||||||||
Total | $ | 108,752 | $ | 871 | $ | — | $ | — | $ | 108,752 | $ | 871 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||
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 $7.4 million of investment securities, with an unrealized loss of approximately $57,000, 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 March 31, 2014. 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 March 31, 2014. | |||||||||||||||||||||||||||||||||
LOANS_NET
LOANS, NET | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
LOANS, NET | ' | ||||||||||||||||||||||||||||||||
NOTE 3 – LOANS, NET | |||||||||||||||||||||||||||||||||
Loan Portfolio Composition. The composition of the loan portfolio was as follows: | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | 31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 138,664 | $ | 126,607 | |||||||||||||||||||||||||||||
Real Estate – Construction | 36,454 | 31,012 | |||||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 522,019 | 533,871 | |||||||||||||||||||||||||||||||
Real Estate – Residential(1) | 305,112 | 309,692 | |||||||||||||||||||||||||||||||
Real Estate – Home Equity | 226,411 | 227,922 | |||||||||||||||||||||||||||||||
Consumer | 166,117 | 159,500 | |||||||||||||||||||||||||||||||
Loans, Net of Unearned Income | $ | 1,394,777 | $ | 1,388,604 | |||||||||||||||||||||||||||||
-1 | Includes loans in process with outstanding balances of $8.2 million and $6.8 million at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
Net deferred fees included in loans were $1.5 million at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Nonaccrual | 90 + Days | Nonaccrual | 90 + Days | |||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 150 | — | $ | 188 | — | |||||||||||||||||||||||||||
Real Estate – Construction | 581 | — | 426 | — | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 23,014 | — | 25,227 | — | |||||||||||||||||||||||||||||
Real Estate – Residential | 6,892 | — | 6,440 | — | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 3,373 | — | 4,084 | — | |||||||||||||||||||||||||||||
Consumer | 548 | — | 599 | — | |||||||||||||||||||||||||||||
Total Nonaccrual Loans | $ | 34,558 | — | $ | 36,964 | — | |||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 + | Total | Total | Total | ||||||||||||||||||||||||||||
(Dollars in Thousands) | DPD | DPD | DPD | Past Due | Current | Loans | |||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 370 | $ | 167 | $ | — | $ | 537 | $ | 137,977 | $ | 138,664 | |||||||||||||||||||||
Real Estate – Construction | 303 | — | — | 303 | 35,570 | 36,454 | |||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 878 | — | — | 878 | 498,127 | 522,019 | |||||||||||||||||||||||||||
Real Estate – Residential | 1,536 | 197 | — | 1,733 | 296,487 | 305,112 | |||||||||||||||||||||||||||
Real Estate – Home Equity | 626 | 49 | — | 675 | 222,363 | 226,411 | |||||||||||||||||||||||||||
Consumer | 639 | 137 | — | 776 | 164,793 | 166,117 | |||||||||||||||||||||||||||
Total Past Due Loans | $ | 4,352 | $ | 550 | $ | — | $ | 4,902 | $ | 1,355,317 | $ | 1,394,777 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||
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. 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 Commercial Mortgage | Real Estate Residential | Real Estate Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 699 | $ | 1,580 | $ | 7,710 | $ | 9,073 | $ | 3,051 | $ | 982 | $ | — | $ | 23,095 | |||||||||||||||||
Provision for Loan Losses | (130 | ) | 258 | (63 | ) | 105 | 194 | (5 | ) | — | 359 | ||||||||||||||||||||||
Charge-Offs | (11 | ) | — | (594 | ) | (731 | ) | (403 | ) | (405 | ) | — | (2,144 | ) | |||||||||||||||||||
Recoveries | 75 | 4 | 27 | 395 | 11 | 288 | — | 800 | |||||||||||||||||||||||||
Net Charge-Offs | 64 | 4 | (567 | ) | (336 | ) | (392 | ) | (117 | ) | — | (1,344 | ) | ||||||||||||||||||||
Ending Balance | $ | 633 | $ | 1,842 | $ | 7,080 | $ | 8,842 | $ | 2,853 | $ | 860 | $ | — | $ | 22,110 | |||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,253 | $ | 2,856 | $ | 11,081 | $ | 8,678 | $ | 2,945 | $ | 1,327 | $ | 1,027 | $ | 29,167 | |||||||||||||||||
Provision for Loan Losses | (293 | ) | 141 | 923 | 174 | 227 | (75 | ) | (27 | ) | 1,070 | ||||||||||||||||||||||
Charge-Offs | (154 | ) | (610 | ) | (1,044 | ) | (682 | ) | (113 | ) | (296 | ) | — | (2,899 | ) | ||||||||||||||||||
Recoveries | 51 | — | 38 | 96 | 18 | 262 | — | 465 | |||||||||||||||||||||||||
Net Charge-Offs | (103 | ) | (610 | ) | (1,006 | ) | (586 | ) | (95 | ) | (34 | ) | — | (2,434 | ) | ||||||||||||||||||
Ending Balance | $ | 857 | $ | 2,387 | $ | 10,998 | $ | 8,266 | $ | 3,077 | $ | 1,218 | $ | 1,000 | $ | 27,803 | |||||||||||||||||
The following table details the amount of the allowance for loan losses by portfolio class disaggregated on the basis of the Company’s impairment methodology. | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Commercial, Financial, Agricultural | Real Estate Construction | Real Estate Commercial Mortgage | Real Estate Residential | Real Estate Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Period-end amount Allocated to: | |||||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment | $ | 102 | $ | 89 | $ | 4,205 | $ | 2,281 | $ | 508 | $ | 32 | $ | — | $ | 7,217 | |||||||||||||||||
Loans Collectively Evaluated for Impairment | 531 | 1,753 | 2,875 | 6,561 | 2,345 | 828 | — | 14,893 | |||||||||||||||||||||||||
Ending Balance | $ | 633 | $ | 1,842 | $ | 7,080 | $ | 8,842 | $ | 2,853 | $ | 860 | $ | — | $ | 22,110 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||||||||||
Period-end amount Allocated to: | |||||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment | $ | 180 | $ | 274 | $ | 6,244 | $ | 2,493 | $ | 544 | $ | 16 | $ | — | $ | 9,751 | |||||||||||||||||
Loans Collectively Evaluated for Impairment | 677 | 2,113 | 4,754 | 5,773 | 2,533 | 1,202 | 1,000 | 18,052 | |||||||||||||||||||||||||
Ending Balance | $ | 857 | $ | 2,387 | $ | 10,998 | $ | 8,266 | $ | 3,077 | $ | 1,218 | $ | 1,000 | $ | 27,803 | |||||||||||||||||
The Company’s recorded investment in loans 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 Commercial Mortgage | Real Estate Residential | Real Estate Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 1,585 | $ | 556 | $ | 49,914 | $ | 20,844 | $ | 2,973 | $ | 361 | $ | — | $ | 76,233 | |||||||||||||||||
Collectively Evaluated for Impairment | 137,079 | 35,898 | 472,105 | 284,268 | 223,438 | 165,756 | — | 1,318,544 | |||||||||||||||||||||||||
Total | $ | 138,664 | $ | 36,454 | $ | 522,019 | $ | 305,112 | $ | 226,411 | $ | 166,117 | $ | — | $ | 1,394,777 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 2,397 | $ | 2,080 | $ | 63,041 | $ | 22,073 | $ | 4,069 | $ | 647 | $ | — | $ | 94,307 | |||||||||||||||||
Collectively Evaluated for Impairment | 123,508 | 35,869 | 536,476 | 287,900 | 229,136 | 147,703 | — | 1,360,592 | |||||||||||||||||||||||||
Total | $ | 125,905 | $ | 37,949 | $ | 599,517 | $ | 309,973 | $ | 233,205 | $ | 148,350 | $ | — | $ | 1,454,899 | |||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Related Allowance | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 1,585 | $ | 481 | $ | 1,104 | $ | 102 | |||||||||||||||||||||||||
Real Estate – Construction | 556 | — | 556 | 89 | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 49,914 | 21,342 | 28,572 | 4,205 | |||||||||||||||||||||||||||||
Real Estate – Residential | 20,844 | 5,302 | 15,542 | 2,281 | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 2,973 | 761 | 2,212 | 508 | |||||||||||||||||||||||||||||
Consumer | 361 | 94 | 267 | 32 | |||||||||||||||||||||||||||||
Total | $ | 76,233 | $ | 27,980 | $ | 48,253 | $ | 7,217 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
The following table summarizes the average recorded investment and interest income recognized by class of impaired loans. | |||||||||||||||||||||||||||||||||
For Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Average | Total Interest Income | Average | Total Interest Income | |||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 1,582 | $ | 19 | $ | 2,361 | $ | 42 | |||||||||||||||||||||||||
Real Estate - Construction | 557 | 1 | 3,156 | 2 | |||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | 49,943 | 529 | 68,845 | 541 | |||||||||||||||||||||||||||||
Real Estate - Residential | 20,656 | 209 | 22,552 | 206 | |||||||||||||||||||||||||||||
Real Estate - Home Equity | 3,166 | 17 | 3,963 | 19 | |||||||||||||||||||||||||||||
Consumer | 360 | 2 | 668 | 2 | |||||||||||||||||||||||||||||
Total | $ | 76,264 | $ | 777 | $ | 101,545 | $ | 812 | |||||||||||||||||||||||||
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 and are 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. | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Commercial, Financial, Agriculture | Real Estate | Consumer | Total Criticized Loans | |||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Special Mention | $ | 3,464 | $ | 44,397 | $ | 117 | $ | 47,978 | |||||||||||||||||||||||||
Substandard | 4,211 | 101,055 | 1,192 | 106,458 | |||||||||||||||||||||||||||||
Doubtful | — | 962 | — | 962 | |||||||||||||||||||||||||||||
Total Criticized Loans | $ | 7,675 | $ | 146,414 | $ | 1,309 | $ | 155,398 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Accruing | Nonaccruing | Accruing | Nonaccruing | |||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 1,522 | $ | — | $ | 1,511 | $ | — | |||||||||||||||||||||||||
Real Estate – Construction | — | 155 | 156 | — | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 26,585 | 4,649 | 24,735 | 10,308 | |||||||||||||||||||||||||||||
Real Estate – Residential | 16,168 | 1,098 | 16,441 | 458 | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 1,630 | 387 | 1,576 | 241 | |||||||||||||||||||||||||||||
Consumer | 344 | — | 345 | — | |||||||||||||||||||||||||||||
Total TDRs | $ | 46,249 | $ | 6,289 | $ | 44,764 | $ | 11,007 | |||||||||||||||||||||||||
Loans classified as TDRs during the periods indicated are presented in the table below. The modifications made during the reporting period involved either an extension of the loan term or a principal moratorium and the financial impact of these modifications was not material. | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of Contracts | Pre-Modified | Post-Modified | Number of Contracts | Pre-Modified | Post-Modified | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | 1 | $ | 52 | $ | 54 | 2 | $ | 26 | $ | 78 | |||||||||||||||||||||||
Real Estate - Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | 1 | 584 | 584 | 5 | 4,387 | 4,432 | |||||||||||||||||||||||||||
Real Estate - Residential | 3 | 836 | 890 | 3 | 372 | 381 | |||||||||||||||||||||||||||
Real Estate - Home Equity | 3 | 248 | 248 | 1 | 88 | 90 | |||||||||||||||||||||||||||
Consumer | 1 | 34 | 34 | 1 | 35 | 33 | |||||||||||||||||||||||||||
Total TDRs | 9 | $ | 1,754 | $ | 1,810 | 12 | $ | 4,908 | $ | 5,014 | |||||||||||||||||||||||
Loans modified as TDRs within the previous 12 months that have subsequently defaulted during the periods indicated are presented in the table below. | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||
Contracts | Investment(1) | Contracts | Investment(1) | ||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | — | $ | — | — | $ | — | |||||||||||||||||||||||||||
Real Estate - Construction | — | — | — | — | |||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | — | — | 2 | 227 | |||||||||||||||||||||||||||||
Real Estate - Residential | — | — | 2 | 77 | |||||||||||||||||||||||||||||
Real Estate - Home Equity | — | — | — | — | |||||||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||||||
Total TDRs | — | $ | — | 4 | $ | 304 | |||||||||||||||||||||||||||
-1 | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. | ||||||||||||||||||||||||||||||||
The following table provides information on how TDRs were modified during the periods indicated. | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of Contracts | Recorded Investment(1) | Number of Contracts | Recorded Investment(1) | |||||||||||||||||||||||||||||
Extended amortization | 3 | $ | 1,262 | 3 | $ | 379 | |||||||||||||||||||||||||||
Interest rate adjustment | 1 | 156 | 2 | 325 | |||||||||||||||||||||||||||||
Extended amortization and interest rate adjustment | 2 | 197 | 4 | 4,142 | |||||||||||||||||||||||||||||
Other | 3 | 195 | 3 | 168 | |||||||||||||||||||||||||||||
Total TDRs | 9 | $ | 1,810 | 12 | $ | 5,014 | |||||||||||||||||||||||||||
(1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
INTANGIBLE ASSETS | ' | ||||||||||||||||
NOTE 4 - INTANGIBLE ASSETS | |||||||||||||||||
The Company had net intangible assets of $84.8 million at March 31, 2014 and December 31, 2013, respectively. Intangible assets were as follows: | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
(Dollars in Thousands) | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||
Core Deposit Intangibles | $ | 47,176 | $ | 47,176 | $ | 47,176 | $ | 47,176 | |||||||||
Goodwill | 84,811 | — | 84,811 | — | |||||||||||||
Customer Relationship Intangible | 1,867 | 1,867 | 1,867 | 1,835 | |||||||||||||
Total Intangible Assets | $ | 133,854 | $ | 49,043 | $ | 133,854 | $ | 49,011 | |||||||||
Goodwill: As of March 31, 2014 and December 31, 2013, 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 March 31, 2014, 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_REAL_ESTATE_OWNED
OTHER REAL ESTATE OWNED | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Notes to Financial Statements | ' | ||||||||
OTHER REAL ESTATE OWNED | ' | ||||||||
NOTE 5 – OTHER REAL ESTATE OWNED | |||||||||
The following table presents other real estate owned activity for the periods indicated. | |||||||||
Three Months Ended March 31, | |||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Beginning Balance | $ | 48,071 | $ | 53,426 | |||||
Additions | 1,290 | 12,979 | |||||||
Valuation Write-downs | (730 | ) | (1,145 | ) | |||||
Sales | (4,595 | ) | (6,740 | ) | |||||
Other | — | (99 | ) | ||||||
Ending Balance | $ | 44,036 | $ | 58,421 | |||||
Net expenses applicable to other real estate owned include the following: | |||||||||
Three Months Ended March 31, | |||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Gains from the Sale of Properties | $ | (246 | ) | $ | (60 | ) | |||
Losses from the Sale of Properties | 356 | 798 | |||||||
Rental Income from Properties | (213 | ) | (17 | ) | |||||
Property Carrying Costs | 772 | 958 | |||||||
Valuation Adjustments | 730 | 1,145 | |||||||
Total | $ | 1,399 | $ | 2,824 |
DEPOSITS
DEPOSITS | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Deposits Disclosure [Abstract] | ' | ||||||||
DEPOSITS | ' | ||||||||
NOTE 6 - DEPOSITS | |||||||||
The composition of the Company’s interest bearing deposits were as follows: | |||||||||
(Dollars in Thousands) | March 31, | December 31, | |||||||
2014 | 2013 | ||||||||
NOW Accounts | $ | 775,439 | $ | 794,746 | |||||
Money Market Accounts | 292,923 | 268,449 | |||||||
Savings Deposits | 225,481 | 211,668 | |||||||
Other Time Deposits | 212,322 | 219,922 | |||||||
Total Interest Bearing Deposits | $ | 1,506,165 | $ | 1,494,785 |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||
NOTE 7 - EMPLOYEE BENEFIT PLANS | |||||||||
The Company has a defined benefit pension plan covering substantially all full-time and eligible part-time associates and a Supplemental Executive Retirement Plan (“SERP”) covering its executive officers. | |||||||||
The components of the net periodic benefit costs for the Company’s qualified benefit pension plan were as follows: | |||||||||
Three Months Ended March 31, | |||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Service Cost | $ | 1,500 | $ | 1,875 | |||||
Interest Cost | 1,400 | 1,400 | |||||||
Expected Return on Plan Assets | (1,875 | ) | (1,825 | ) | |||||
Prior Service Cost Amortization | 75 | 75 | |||||||
Net Loss Amortization | 325 | 1,075 | |||||||
Net Periodic Benefit Cost | $ | 1,425 | $ | 2,600 | |||||
Discount Rate | 5 | % | 4.25 | % | |||||
Long-Term Rate of Return on Assets | 7.5 | % | 8 | % | |||||
The components of the net periodic benefit costs for the Company’s SERP were as follows: | |||||||||
Three Months Ended March 31, | |||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Interest Cost | 28 | 35 | |||||||
Prior Service Cost Amortization | 40 | 48 | |||||||
Net Gain Amortization | (183 | ) | (63 | ) | |||||
Net Periodic Benefit (Income) Cost | $ | (115 | ) | $ | 20 | ||||
Discount Rate | 5 | % | 4.25 | % |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||||||||||||||
NOTE 8 - 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. The amounts associated with the Company’s off-balance sheet obligations were as follows: | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
(Dollars in Thousands) | Fixed | Variable | Total | Fixed | Variable | Total | |||||||||||||||||||
Commitments to Extend Credit (1) | $ | 33,858 | $ | 239,141 | $ | 272,999 | $ | 36,927 | $ | 234,342 | $ | 271,269 | |||||||||||||
Standby Letters of Credit | 10,848 | — | 10,848 | 10,979 | — | 10,979 | |||||||||||||||||||
Total | $ | 44,706 | $ | 239,141 | $ | 283,847 | $ | 47,906 | $ | 234,342 | $ | 282,248 | |||||||||||||
-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. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
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 average approximately $50,000. Conversion ratio payments and ongoing fixed quarterly charges are reflected in earnings in the period incurred. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
NOTE 9 – 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 consisted of the following: | |||||||||||||||||
(Dollars in Thousands) | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||||||||||
31-Mar-14 | |||||||||||||||||
Securities Available for Sale: | |||||||||||||||||
U.S. Treasury | $ | 64,286 | $ | — | $ | — | $ | 64,286 | |||||||||
U.S. Government Agency | — | 79,997 | — | 79,997 | |||||||||||||
States and Political Subdivisions | — | 73,764 | — | 73,764 | |||||||||||||
Mortgage-Backed Securities | — | 2,722 | — | 2,722 | |||||||||||||
Other Securities | — | 8,846 | — | 8,846 | |||||||||||||
31-Dec-13 | |||||||||||||||||
Securities Available for Sale: | |||||||||||||||||
U.S. Treasury | $ | 71,833 | $ | — | $ | — | $ | 71,833 | |||||||||
U.S. Government Agency | — | 75,146 | — | 75,146 | |||||||||||||
State and Political Subdivisions | — | 91,753 | — | 91,753 | |||||||||||||
Mortgage-Backed Securities | — | 2,795 | — | 2,795 | |||||||||||||
Other Securities | — | 9,893 | — | 9,893 | |||||||||||||
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 $31.4 million with a valuation allowance of $3.5 million at March 31, 2014 and $31.5 million and $3.1 million, respectively, at December 31, 2013. | |||||||||||||||||
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 the first three months of 2014, 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. | |||||||||||||||||
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 consisted of the following: | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
(Dollars in Thousands) | Carrying | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||
Value | |||||||||||||||||
ASSETS: | |||||||||||||||||
Cash | $ | 59,288 | $ | 59,288 | $ | $ | |||||||||||
Short-Term Investments | 468,805 | 468,805 | |||||||||||||||
Investment Securities, Available for Sale | 229,615 | 64,286 | 165,329 | ||||||||||||||
Investment Securities, Held to Maturity | 191,645 | 71,418 | 119,566 | ||||||||||||||
Loans Held for Sale | 12,313 | 12,313 | |||||||||||||||
Loans, Net of Allowance for Loan Losses | 1,372,667 | 1,303,785 | |||||||||||||||
LIABILITIES: | |||||||||||||||||
Deposits | $ | 2,163,713 | $ | $ | 2,163,540 | $ | |||||||||||
Short-Term Borrowings | 48,733 | 48,160 | |||||||||||||||
Subordinated Notes Payable | 62,887 | 62,889 | |||||||||||||||
Long-Term Borrowings | 33,971 | 35,320 | |||||||||||||||
31-Dec-13 | |||||||||||||||||
(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 | — | |||||||||||||
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. |
OTHER_COMPREHENSIVE_INCOME_LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ||||||||||||
NOTE 10 – OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||
The amounts allocated to other comprehensive income (loss) are presented in the table below. Reclassification adjustments related to securities held for sale are included in net gain (loss) on securities transactions in the accompanying consolidated statements of comprehensive income. For the periods presented, reclassifications adjustments related to securities held for sale was not material. | |||||||||||||
(Dollars in Thousands) | Before | Tax | Net of | ||||||||||
Tax Amount | (Expense) | Tax Amount | |||||||||||
Benefit | |||||||||||||
31-Mar-14 | |||||||||||||
Investment Securities: | |||||||||||||
Change in net unrealized (gain) loss | $ | (5 | ) | $ | 2 | $ | (3 | ) | |||||
Amortization of losses on securities transferred from available for sale to held to maturity | 20 | (8 | ) | 12 | |||||||||
Total Other Comprehensive Income | $ | 15 | $ | (6 | ) | $ | 9 | ||||||
31-Mar-13 | |||||||||||||
Investment Securities: | |||||||||||||
Change in net unrealized (gain) loss | $ | 7 | $ | (1 | ) | $ | 6 | ||||||
Total Other Comprehensive Income | $ | 7 | $ | (1 | ) | $ | 6 | ||||||
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, 2014 | $ | (132 | ) | $ | (8,408 | ) | $ | (8,540 | ) | ||||
Other comprehensive income during the period | 9 | — | 9 | ||||||||||
Balance as of March 31, 2014 | $ | (123 | ) | $ | (8,408 | ) | $ | (8,531 | ) | ||||
Balance as of January 1, 2013 | $ | 573 | $ | (30,132 | ) | $ | (29,599 | ) | |||||
Other comprehensive income during the period | 6 | — | 6 | ||||||||||
Balance as of March 31, 2013 | $ | 579 | $ | (30,132 | ) | $ | (29,553 | ) | |||||
ACCOUNTING_STANDARDS_UPDATES
ACCOUNTING STANDARDS UPDATES | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
ACCOUNTING STANDARDS UPDATES | ' |
NOTE 11 – ACCOUNTING STANDARDS UPDATES | |
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. |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
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 in this Quarterly Report on Form 10-Q include the accounts of CCBG and its wholly-owned subsidiary, Capital City Bank (“CCB” or the “Bank” and together with the Company). All material inter-company transactions and accounts have been eliminated. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ended December 31, 2014. | |
The consolidated statement of financial condition at December 31, 2013 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. | |
For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2013. |
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Amortized cost and related market value of investment securities | ' | ||||||||||||||||||||||||||||||||
Investment Portfolio Composition. The amortized cost and related market value of investment securities available-for-sale were as follows: | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | Amortized | Unrealized | Unrealized | Market | ||||||||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gain | Losses | Value | ||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 64,258 | $ | 50 | $ | 22 | $ | 64,286 | $ | 71,791 | $ | 82 | $ | 40 | $ | 71,833 | |||||||||||||||||
U.S. Government Agency | 80,102 | 160 | 265 | 79,997 | 75,275 | 127 | 256 | 75,146 | |||||||||||||||||||||||||
States and Political Subdivisions | 73,632 | 147 | 15 | 73,764 | 91,605 | 167 | 19 | 91,753 | |||||||||||||||||||||||||
Mortgage-Backed Securities | 2,509 | 213 | — | 2,722 | 2,583 | 212 | — | 2,795 | |||||||||||||||||||||||||
Other Securities(1) | 8,846 | — | — | 8,846 | 9,893 | — | — | 9,893 | |||||||||||||||||||||||||
Total | 229,347 | $ | 570 | $ | 302 | $ | 229,615 | $ | 251,147 | $ | 588 | $ | 315 | $ | 251,420 | ||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 71,417 | $ | 88 | $ | 87 | $ | 71,418 | $ | 43,533 | $ | 84 | $ | 38 | $ | 43,579 | |||||||||||||||||
U.S. Government Agency | 33,854 | 47 | 48 | 33,853 | 15,794 | 38 | 22 | 15,810 | |||||||||||||||||||||||||
States and Political Subdivisions | 34,410 | 63 | 14 | 34,459 | 33,216 | 53 | 4 | 33,265 | |||||||||||||||||||||||||
Mortgage-Backed Securities | 51,964 | 12 | 722 | 51,254 | 55,668 | 12 | 1,373 | 54,307 | |||||||||||||||||||||||||
Other Securities | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 191,645 | $ | 210 | $ | 871 | $ | 190,984 | $ | 148,211 | $ | 187 | $ | 1,437 | $ | 146,961 | |||||||||||||||||
-1 | Includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $4.0 million and $4.8 million, respectively, at March 31, 2014 and $5.0 million and $4.8 million, respectively, at December 31, 2013. | ||||||||||||||||||||||||||||||||
Maturity Distribution | ' | ||||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Amortized | Market | Amortized | Market | |||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||
Due in one year or less | $ | 96,559 | $ | 96,670 | $ | 15,374 | $ | 15,392 | |||||||||||||||||||||||||
Due after one through five years | 56,260 | 56,327 | 124,307 | 124,338 | |||||||||||||||||||||||||||||
No Maturity | 8,846 | 8,846 | — | — | |||||||||||||||||||||||||||||
U.S. Government Agency | 65,173 | 65,050 | — | — | |||||||||||||||||||||||||||||
Mortgage-Backed Securities | 2,509 | 2,722 | 51,964 | 51,254 | |||||||||||||||||||||||||||||
Total | $ | 229,347 | $ | 229,615 | $ | 191,645 | $ | 190,984 | |||||||||||||||||||||||||
Investment securities with unrealized losses | ' | ||||||||||||||||||||||||||||||||
Unrealized Losses on Investment Securities. The following table summarizes the investment securities with unrealized losses at March 31, 2014, 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 | ||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||
U.S. Government Treasury | $ | 19,952 | $ | 22 | $ | — | $ | — | $ | 19,952 | $ | 22 | |||||||||||||||||||||
U.S. Government Agency | 31,184 | 223 | 6,133 | 42 | 37,317 | 265 | |||||||||||||||||||||||||||
States and Political Subdivisions | 529 | — | 1,258 | 15 | 1,787 | 15 | |||||||||||||||||||||||||||
Total | $ | 51,665 | $ | 245 | $ | 7,391 | $ | 57 | $ | 59,056 | $ | 302 | |||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||
U.S. Government Treasury | 39,968 | 88 | — | — | 39,968 | 88 | |||||||||||||||||||||||||||
U.S. Government Agency | 23,178 | 48 | — | — | 23,178 | 48 | |||||||||||||||||||||||||||
States and Political Subdivisions | 4.637 | 14 | — | — | 4.637 | 14 | |||||||||||||||||||||||||||
Mortgage-Backed Securities | 40,969 | 721 | — | — | 40,969 | 721 | |||||||||||||||||||||||||||
Total | $ | 108,752 | $ | 871 | $ | — | $ | — | $ | 108,752 | $ | 871 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||
LOANS_NET_Tables
LOANS, NET (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loan Portfolio Composition | ' | ||||||||||||||||||||||||||||||||
Loan Portfolio Composition. The composition of the loan portfolio was as follows: | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | 31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 138,664 | $ | 126,607 | |||||||||||||||||||||||||||||
Real Estate – Construction | 36,454 | 31,012 | |||||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 522,019 | 533,871 | |||||||||||||||||||||||||||||||
Real Estate – Residential(1) | 305,112 | 309,692 | |||||||||||||||||||||||||||||||
Real Estate – Home Equity | 226,411 | 227,922 | |||||||||||||||||||||||||||||||
Consumer | 166,117 | 159,500 | |||||||||||||||||||||||||||||||
Loans, Net of Unearned Income | $ | 1,394,777 | $ | 1,388,604 | |||||||||||||||||||||||||||||
-1 | Includes loans in process with outstanding balances of $8.2 million and $6.8 million at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ' | ||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Nonaccrual | 90 + Days | Nonaccrual | 90 + Days | |||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 150 | — | $ | 188 | — | |||||||||||||||||||||||||||
Real Estate – Construction | 581 | — | 426 | — | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 23,014 | — | 25,227 | — | |||||||||||||||||||||||||||||
Real Estate – Residential | 6,892 | — | 6,440 | — | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 3,373 | — | 4,084 | — | |||||||||||||||||||||||||||||
Consumer | 548 | — | 599 | — | |||||||||||||||||||||||||||||
Total Nonaccrual Loans | $ | 34,558 | — | $ | 36,964 | — | |||||||||||||||||||||||||||
Aging of the recorded investment in past due loans by class of loans | ' | ||||||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in 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 | |||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 370 | $ | 167 | $ | — | $ | 537 | $ | 137,977 | $ | 138,664 | |||||||||||||||||||||
Real Estate – Construction | 303 | — | — | 303 | 35,570 | 36,454 | |||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 878 | — | — | 878 | 498,127 | 522,019 | |||||||||||||||||||||||||||
Real Estate – Residential | 1,536 | 197 | — | 1,733 | 296,487 | 305,112 | |||||||||||||||||||||||||||
Real Estate – Home Equity | 626 | 49 | — | 675 | 222,363 | 226,411 | |||||||||||||||||||||||||||
Consumer | 639 | 137 | — | 776 | 164,793 | 166,117 | |||||||||||||||||||||||||||
Total Past Due Loans | $ | 4,352 | $ | 550 | $ | — | $ | 4,902 | $ | 1,355,317 | $ | 1,394,777 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||
Activity in the allowance for loan losses by portfolio class | ' | ||||||||||||||||||||||||||||||||
The following table details the activity in the allowance for loan losses by portfolio class. 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 Commercial Mortgage | Real Estate Residential | Real Estate Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 699 | $ | 1,580 | $ | 7,710 | $ | 9,073 | $ | 3,051 | $ | 982 | $ | — | $ | 23,095 | |||||||||||||||||
Provision for Loan Losses | (130 | ) | 258 | (63 | ) | 105 | 194 | (5 | ) | — | 359 | ||||||||||||||||||||||
Charge-Offs | (11 | ) | — | (594 | ) | (731 | ) | (403 | ) | (405 | ) | — | (2,144 | ) | |||||||||||||||||||
Recoveries | 75 | 4 | 27 | 395 | 11 | 288 | — | 800 | |||||||||||||||||||||||||
Net Charge-Offs | 64 | 4 | (567 | ) | (336 | ) | (392 | ) | (117 | ) | — | (1,344 | ) | ||||||||||||||||||||
Ending Balance | $ | 633 | $ | 1,842 | $ | 7,080 | $ | 8,842 | $ | 2,853 | $ | 860 | $ | — | $ | 22,110 | |||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,253 | $ | 2,856 | $ | 11,081 | $ | 8,678 | $ | 2,945 | $ | 1,327 | $ | 1,027 | $ | 29,167 | |||||||||||||||||
Provision for Loan Losses | (293 | ) | 141 | 923 | 174 | 227 | (75 | ) | (27 | ) | 1,070 | ||||||||||||||||||||||
Charge-Offs | (154 | ) | (610 | ) | (1,044 | ) | (682 | ) | (113 | ) | (296 | ) | — | (2,899 | ) | ||||||||||||||||||
Recoveries | 51 | — | 38 | 96 | 18 | 262 | — | 465 | |||||||||||||||||||||||||
Net Charge-Offs | (103 | ) | (610 | ) | (1,006 | ) | (586 | ) | (95 | ) | (34 | ) | — | (2,434 | ) | ||||||||||||||||||
Ending Balance | $ | 857 | $ | 2,387 | $ | 10,998 | $ | 8,266 | $ | 3,077 | $ | 1,218 | $ | 1,000 | $ | 27,803 | |||||||||||||||||
Allowance for loan losses by portfolio class disaggregated on the basis | ' | ||||||||||||||||||||||||||||||||
The following table details the amount of the allowance for loan losses by portfolio class disaggregated on the basis of the Company’s impairment methodology. | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Commercial, Financial, Agricultural | Real Estate Construction | Real Estate Commercial Mortgage | Real Estate Residential | Real Estate Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Period-end amount Allocated to: | |||||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment | $ | 102 | $ | 89 | $ | 4,205 | $ | 2,281 | $ | 508 | $ | 32 | $ | — | $ | 7,217 | |||||||||||||||||
Loans Collectively Evaluated for Impairment | 531 | 1,753 | 2,875 | 6,561 | 2,345 | 828 | — | 14,893 | |||||||||||||||||||||||||
Ending Balance | $ | 633 | $ | 1,842 | $ | 7,080 | $ | 8,842 | $ | 2,853 | $ | 860 | $ | — | $ | 22,110 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||||||||||
Period-end amount Allocated to: | |||||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment | $ | 180 | $ | 274 | $ | 6,244 | $ | 2,493 | $ | 544 | $ | 16 | $ | — | $ | 9,751 | |||||||||||||||||
Loans Collectively Evaluated for Impairment | 677 | 2,113 | 4,754 | 5,773 | 2,533 | 1,202 | 1,000 | 18,052 | |||||||||||||||||||||||||
Ending Balance | $ | 857 | $ | 2,387 | $ | 10,998 | $ | 8,266 | $ | 3,077 | $ | 1,218 | $ | 1,000 | $ | 27,803 | |||||||||||||||||
Recorded investment in loans related to each balance in the allowance for loan losses | ' | ||||||||||||||||||||||||||||||||
The Company’s recorded investment in loans 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 Commercial Mortgage | Real Estate Residential | Real Estate Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 1,585 | $ | 556 | $ | 49,914 | $ | 20,844 | $ | 2,973 | $ | 361 | $ | — | $ | 76,233 | |||||||||||||||||
Collectively Evaluated for Impairment | 137,079 | 35,898 | 472,105 | 284,268 | 223,438 | 165,756 | — | 1,318,544 | |||||||||||||||||||||||||
Total | $ | 138,664 | $ | 36,454 | $ | 522,019 | $ | 305,112 | $ | 226,411 | $ | 166,117 | $ | — | $ | 1,394,777 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 2,397 | $ | 2,080 | $ | 63,041 | $ | 22,073 | $ | 4,069 | $ | 647 | $ | — | $ | 94,307 | |||||||||||||||||
Collectively Evaluated for Impairment | 123,508 | 35,869 | 536,476 | 287,900 | 229,136 | 147,703 | — | 1,360,592 | |||||||||||||||||||||||||
Total | $ | 125,905 | $ | 37,949 | $ | 599,517 | $ | 309,973 | $ | 233,205 | $ | 148,350 | $ | — | $ | 1,454,899 | |||||||||||||||||
Loans individually evaluated for impairment by class of loans | ' | ||||||||||||||||||||||||||||||||
The following table presents 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) | |||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 1,585 | $ | 481 | $ | 1,104 | $ | 102 | |||||||||||||||||||||||||
Real Estate – Construction | 556 | — | 556 | 89 | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 49,914 | 21,342 | 28,572 | 4,205 | |||||||||||||||||||||||||||||
Real Estate – Residential | 20,844 | 5,302 | 15,542 | 2,281 | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 2,973 | 761 | 2,212 | 508 | |||||||||||||||||||||||||||||
Consumer | 361 | 94 | 267 | 32 | |||||||||||||||||||||||||||||
Total | $ | 76,233 | $ | 27,980 | $ | 48,253 | $ | 7,217 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Average recorded investment and interest income recognized by class of impaired loans | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the average recorded investment and interest income recognized by class of impaired loans. | |||||||||||||||||||||||||||||||||
For Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Average | Total Interest Income | Average | Total Interest Income | |||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 1,582 | $ | 19 | $ | 2,361 | $ | 42 | |||||||||||||||||||||||||
Real Estate - Construction | 557 | 1 | 3,156 | 2 | |||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | 49,943 | 529 | 68,845 | 541 | |||||||||||||||||||||||||||||
Real Estate - Residential | 20,656 | 209 | 22,552 | 206 | |||||||||||||||||||||||||||||
Real Estate - Home Equity | 3,166 | 17 | 3,963 | 19 | |||||||||||||||||||||||||||||
Consumer | 360 | 2 | 668 | 2 | |||||||||||||||||||||||||||||
Total | $ | 76,264 | $ | 777 | $ | 101,545 | $ | 812 | |||||||||||||||||||||||||
Risk category of loans by segment | ' | ||||||||||||||||||||||||||||||||
The following table presents the risk category of loans by segment. | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Commercial, Financial, Agriculture | Real Estate | Consumer | Total Criticized Loans | |||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Special Mention | $ | 3,464 | $ | 44,397 | $ | 117 | $ | 47,978 | |||||||||||||||||||||||||
Substandard | 4,211 | 101,055 | 1,192 | 106,458 | |||||||||||||||||||||||||||||
Doubtful | — | 962 | — | 962 | |||||||||||||||||||||||||||||
Total Criticized Loans | $ | 7,675 | $ | 146,414 | $ | 1,309 | $ | 155,398 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Loans classified as TDRs | ' | ||||||||||||||||||||||||||||||||
The following table presents loans classified as TDRs. | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Accruing | Nonaccruing | Accruing | Nonaccruing | |||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 1,522 | $ | — | $ | 1,511 | $ | — | |||||||||||||||||||||||||
Real Estate – Construction | — | 155 | 156 | — | |||||||||||||||||||||||||||||
Real Estate – Commercial Mortgage | 26,585 | 4,649 | 24,735 | 10,308 | |||||||||||||||||||||||||||||
Real Estate – Residential | 16,168 | 1,098 | 16,441 | 458 | |||||||||||||||||||||||||||||
Real Estate – Home Equity | 1,630 | 387 | 1,576 | 241 | |||||||||||||||||||||||||||||
Consumer | 344 | — | 345 | — | |||||||||||||||||||||||||||||
Total TDRs | $ | 46,249 | $ | 6,289 | $ | 44,764 | $ | 11,007 | |||||||||||||||||||||||||
Loans classified as TDRs during the three months ended | ' | ||||||||||||||||||||||||||||||||
Loans classified as TDRs during the periods indicated are presented in the table below. The modifications made during the reporting period involved either an extension of the loan term or a principal moratorium and the financial impact of these modifications was not material. | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of Contracts | Pre-Modified | Post-Modified | Number of Contracts | Pre-Modified | Post-Modified | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | 1 | $ | 52 | $ | 54 | 2 | $ | 26 | $ | 78 | |||||||||||||||||||||||
Real Estate - Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | 1 | 584 | 584 | 5 | 4,387 | 4,432 | |||||||||||||||||||||||||||
Real Estate - Residential | 3 | 836 | 890 | 3 | 372 | 381 | |||||||||||||||||||||||||||
Real Estate - Home Equity | 3 | 248 | 248 | 1 | 88 | 90 | |||||||||||||||||||||||||||
Consumer | 1 | 34 | 34 | 1 | 35 | 33 | |||||||||||||||||||||||||||
Total TDRs | 9 | $ | 1,754 | $ | 1,810 | 12 | $ | 4,908 | $ | 5,014 | |||||||||||||||||||||||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ' | ||||||||||||||||||||||||||||||||
Loans modified as TDRs within the previous 12 months that have subsequently defaulted during the periods indicated are presented in the table below. | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||
Contracts | Investment(1) | Contracts | Investment(1) | ||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | — | $ | — | — | $ | — | |||||||||||||||||||||||||||
Real Estate - Construction | — | — | — | — | |||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | — | — | 2 | 227 | |||||||||||||||||||||||||||||
Real Estate - Residential | — | — | 2 | 77 | |||||||||||||||||||||||||||||
Real Estate - Home Equity | — | — | — | — | |||||||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||||||
Total TDRs | — | $ | — | 4 | $ | 304 | |||||||||||||||||||||||||||
-1 | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. | ||||||||||||||||||||||||||||||||
Loans modified as TDRs information | ' | ||||||||||||||||||||||||||||||||
The following table provides information on how TDRs were modified during the periods indicated. | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of Contracts | Recorded Investment(1) | Number of Contracts | Recorded Investment(1) | |||||||||||||||||||||||||||||
Extended amortization | 3 | $ | 1,262 | 3 | $ | 379 | |||||||||||||||||||||||||||
Interest rate adjustment | 1 | 156 | 2 | 325 | |||||||||||||||||||||||||||||
Extended amortization and interest rate adjustment | 2 | 197 | 4 | 4,142 | |||||||||||||||||||||||||||||
Other | 3 | 195 | 3 | 168 | |||||||||||||||||||||||||||||
Total TDRs | 9 | $ | 1,810 | 12 | $ | 5,014 | |||||||||||||||||||||||||||
(1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Intangible assets | ' | ||||||||||||||||
The Company had net intangible assets of $84.8 million at March 31, 2014 and December 31, 2013, respectively. Intangible assets were as follows: | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
(Dollars in Thousands) | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||
Core Deposit Intangibles | $ | 47,176 | $ | 47,176 | $ | 47,176 | $ | 47,176 | |||||||||
Goodwill | 84,811 | — | 84,811 | — | |||||||||||||
Customer Relationship Intangible | 1,867 | 1,867 | 1,867 | 1,835 | |||||||||||||
Total Intangible Assets | $ | 133,854 | $ | 49,043 | $ | 133,854 | $ | 49,011 |
OTHER_REAL_ESTATE_OWNED_Tables
OTHER REAL ESTATE OWNED (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Real Estate Owned Tables | ' | ||||||||
Activity of other real estate owned | ' | ||||||||
The following table presents other real estate owned activity for the periods indicated. | |||||||||
Three Months Ended March 31, | |||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Beginning Balance | $ | 48,071 | $ | 53,426 | |||||
Additions | 1,290 | 12,979 | |||||||
Valuation Write-downs | (730 | ) | (1,145 | ) | |||||
Sales | (4,595 | ) | (6,740 | ) | |||||
Other | — | (99 | ) | ||||||
Ending Balance | $ | 44,036 | $ | 58,421 | |||||
Activity of net expenses other real estate owned | ' | ||||||||
Net expenses applicable to other real estate owned include the following: | |||||||||
Three Months Ended March 31, | |||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Gains from the Sale of Properties | $ | (246 | ) | $ | (60 | ) | |||
Losses from the Sale of Properties | 356 | 798 | |||||||
Rental Income from Properties | (213 | ) | (17 | ) | |||||
Property Carrying Costs | 772 | 958 | |||||||
Valuation Adjustments | 730 | 1,145 | |||||||
Total | $ | 1,399 | $ | 2,824 | |||||
DEPOSITS_Tables
DEPOSITS (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Deposits Disclosure [Abstract] | ' | ||||||||
Composition of Company's interest bearing deposits | ' | ||||||||
The composition of the Company’s interest bearing deposits were as follows: | |||||||||
(Dollars in Thousands) | March 31, | December 31, | |||||||
2014 | 2013 | ||||||||
NOW Accounts | $ | 775,439 | $ | 794,746 | |||||
Money Market Accounts | 292,923 | 268,449 | |||||||
Savings Deposits | 225,481 | 211,668 | |||||||
Other Time Deposits | 212,322 | 219,922 | |||||||
Total Interest Bearing Deposits | $ | 1,506,165 | $ | 1,494,785 |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Components of net periodic benefit costs, Defined benefit pension plan | ' | ||||||||
The components of the net periodic benefit costs for the Company’s qualified benefit pension plan were as follows: | |||||||||
Three Months Ended March 31, | |||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Service Cost | $ | 1,500 | $ | 1,875 | |||||
Interest Cost | 1,400 | 1,400 | |||||||
Expected Return on Plan Assets | (1,875 | ) | (1,825 | ) | |||||
Prior Service Cost Amortization | 75 | 75 | |||||||
Net Loss Amortization | 325 | 1,075 | |||||||
Net Periodic Benefit Cost | $ | 1,425 | $ | 2,600 | |||||
Discount Rate | 5 | % | 4.25 | % | |||||
Long-Term Rate of Return on Assets | 7.5 | % | 8 | % | |||||
Components of net periodic benefit costs for Company's SERP | ' | ||||||||
The components of the net periodic benefit costs for the Company’s SERP were as follows: | |||||||||
Three Months Ended March 31, | |||||||||
(Dollars in Thousands) | 2014 | 2013 | |||||||
Interest Cost | 28 | 35 | |||||||
Prior Service Cost Amortization | 40 | 48 | |||||||
Net Gain Amortization | (183 | ) | (63 | ) | |||||
Net Periodic Benefit (Income) Cost | $ | (115 | ) | $ | 20 | ||||
Discount Rate | 5 | % | 4.25 | % | |||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Company's off-balance sheet obligations | ' | ||||||||||||||||||||||||
The amounts associated with the Company’s off-balance sheet obligations were as follows: | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
(Dollars in Thousands) | Fixed | Variable | Total | Fixed | Variable | Total | |||||||||||||||||||
Commitments to Extend Credit (1) | $ | 33,858 | $ | 239,141 | $ | 272,999 | $ | 36,927 | $ | 234,342 | $ | 271,269 | |||||||||||||
Standby Letters of Credit | 10,848 | — | 10,848 | 10,979 | — | 10,979 | |||||||||||||||||||
Total | $ | 44,706 | $ | 239,141 | $ | 283,847 | $ | 47,906 | $ | 234,342 | $ | 282,248 | |||||||||||||
-1 | Commitments include unfunded loans, revolving lines of credit, and other unused commitments. |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of fair values for assets and liabilities recorded at fair value | ' | ||||||||||||||||
A summary of fair values for assets and liabilities consisted of the following: | |||||||||||||||||
(Dollars in Thousands) | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||||||||||
31-Mar-14 | |||||||||||||||||
Securities Available for Sale: | |||||||||||||||||
U.S. Treasury | $ | 64,286 | $ | — | $ | — | $ | 64,286 | |||||||||
U.S. Government Agency | — | 79,997 | — | 79,997 | |||||||||||||
States and Political Subdivisions | — | 73,764 | — | 73,764 | |||||||||||||
Mortgage-Backed Securities | — | 2,722 | — | 2,722 | |||||||||||||
Other Securities | — | 8,846 | — | 8,846 | |||||||||||||
31-Dec-13 | |||||||||||||||||
Securities Available for Sale: | |||||||||||||||||
U.S. Treasury | $ | 71,833 | $ | — | $ | — | $ | 71,833 | |||||||||
U.S. Government Agency | — | 75,146 | — | 75,146 | |||||||||||||
State and Political Subdivisions | — | 91,753 | — | 91,753 | |||||||||||||
Mortgage-Backed Securities | — | 2,795 | — | 2,795 | |||||||||||||
Other Securities | — | 9,893 | — | 9,893 | |||||||||||||
Summary of estimated fair values of significant financial instruments | ' | ||||||||||||||||
A summary of estimated fair values of significant financial instruments consisted of the following: | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
(Dollars in Thousands) | Carrying | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||
Value | |||||||||||||||||
ASSETS: | |||||||||||||||||
Cash | $ | 59,288 | $ | 59,288 | $ | $ | |||||||||||
Short-Term Investments | 468,805 | 468,805 | |||||||||||||||
Investment Securities, Available for Sale | 229,615 | 64,286 | 165,329 | ||||||||||||||
Investment Securities, Held to Maturity | 191,645 | 71,418 | 119,566 | ||||||||||||||
Loans Held for Sale | 12,313 | 12,313 | |||||||||||||||
Loans, Net of Allowance for Loan Losses | 1,372,667 | 1,303,785 | |||||||||||||||
LIABILITIES: | |||||||||||||||||
Deposits | $ | 2,163,713 | $ | $ | 2,163,540 | $ | |||||||||||
Short-Term Borrowings | 48,733 | 48,160 | |||||||||||||||
Subordinated Notes Payable | 62,887 | 62,889 | |||||||||||||||
Long-Term Borrowings | 33,971 | 35,320 | |||||||||||||||
31-Dec-13 | |||||||||||||||||
(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 | — |
OTHER_COMPREHENSIVE_INCOME_LOS1
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Amounts allocated to other comprehensive income (loss) | ' | ||||||||||||
The amounts allocated to other comprehensive income (loss) are presented in the table below. Reclassification adjustments related to securities held for sale are included in net gain (loss) on securities transactions in the accompanying consolidated statements of comprehensive income. For the periods presented, reclassifications adjustments related to securities held for sale was not material. | |||||||||||||
(Dollars in Thousands) | Before | Tax | Net of | ||||||||||
Tax Amount | (Expense) | Tax Amount | |||||||||||
Benefit | |||||||||||||
31-Mar-14 | |||||||||||||
Investment Securities: | |||||||||||||
Change in net unrealized (gain) loss | $ | (5 | ) | $ | 2 | $ | (3 | ) | |||||
Amortization of losses on securities transferred from available for sale to held to maturity | 20 | (8 | ) | 12 | |||||||||
Total Other Comprehensive Income | $ | 15 | $ | (6 | ) | $ | 9 | ||||||
31-Mar-13 | |||||||||||||
Investment Securities: | |||||||||||||
Change in net unrealized (gain) loss | $ | 7 | $ | (1 | ) | $ | 6 | ||||||
Total Other Comprehensive Income | $ | 7 | $ | (1 | ) | $ | 6 | ||||||
Activity in accumulated other comprehensive loss, net of tax | ' | ||||||||||||
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, 2014 | $ | (132 | ) | $ | (8,408 | ) | $ | (8,540 | ) | ||||
Other comprehensive income during the period | 9 | — | 9 | ||||||||||
Balance as of March 31, 2014 | $ | (123 | ) | $ | (8,408 | ) | $ | (8,531 | ) | ||||
Balance as of January 1, 2013 | $ | 573 | $ | (30,132 | ) | $ | (29,599 | ) | |||||
Other comprehensive income during the period | 6 | — | 6 | ||||||||||
Balance as of March 31, 2013 | $ | 579 | $ | (30,132 | ) | $ | (29,553 | ) |
INVESTMENT_SECURITIES_Details
INVESTMENT SECURITIES (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Available-for-sale | ' | ' | ||
Amortized Cost | $229,347 | $251,147 | ||
Unrealized Gains | 570 | 588 | ||
Unrealized Losses | 302 | 315 | ||
Market value | 229,615 | 251,420 | ||
Federal Home Loan Bank | 4,000 | 5,000 | ||
Federal Reserve Bank stock | 4,800 | 4,800 | ||
Held to Maturity | ' | ' | ||
Amortized Cost | 191,645 | 148,211 | ||
Unrealized Gains | 210 | 187 | ||
Unrealized Losses | 871 | 1,437 | ||
Market value | 190,984 | 146,961 | ||
Mortgage-Backed Securities | ' | ' | ||
Available-for-sale | ' | ' | ||
Amortized Cost | 2,509 | 2,583 | ||
Unrealized Gains | 213 | 212 | ||
Unrealized Losses | ' | ' | ||
Market value | 2,722 | 2,795 | ||
Held to Maturity | ' | ' | ||
Amortized Cost | 51,964 | 55,668 | ||
Unrealized Gains | 12 | 12 | ||
Unrealized Losses | 722 | 1,373 | ||
Market value | 51,254 | 54,307 | ||
U.S. Treasury | ' | ' | ||
Available-for-sale | ' | ' | ||
Amortized Cost | 64,258 | 71,791 | ||
Unrealized Gains | 50 | 82 | ||
Unrealized Losses | 22 | 40 | ||
Market value | 64,286 | 71,833 | ||
Held to Maturity | ' | ' | ||
Amortized Cost | 71,417 | 43,533 | ||
Unrealized Gains | 88 | 84 | ||
Unrealized Losses | 87 | 38 | ||
Market value | 71,418 | 43,579 | ||
U.S. Government Agency | ' | ' | ||
Available-for-sale | ' | ' | ||
Amortized Cost | 80,102 | 75,275 | ||
Unrealized Gains | 160 | 127 | ||
Unrealized Losses | 265 | 256 | ||
Market value | 79,997 | 75,146 | ||
Held to Maturity | ' | ' | ||
Amortized Cost | 33,854 | 15,794 | ||
Unrealized Gains | 47 | 38 | ||
Unrealized Losses | 48 | 22 | ||
Market value | 33,853 | 15,810 | ||
States and Political Subdivisions | ' | ' | ||
Available-for-sale | ' | ' | ||
Amortized Cost | 73,632 | 91,605 | ||
Unrealized Gains | 147 | 167 | ||
Unrealized Losses | 15 | 19 | ||
Market value | 73,764 | 91,753 | ||
Held to Maturity | ' | ' | ||
Amortized Cost | 34,410 | 33,216 | ||
Unrealized Gains | 63 | 53 | ||
Unrealized Losses | 14 | 4 | ||
Market value | 34,459 | 33,265 | ||
Other Securities | ' | ' | ||
Available-for-sale | ' | ' | ||
Amortized Cost | 8,846 | [1] | 9,893 | [1] |
Unrealized Gains | ' | [1] | ' | [1] |
Unrealized Losses | ' | [1] | ' | [1] |
Market value | 8,846 | [1] | 9,893 | [1] |
Held to Maturity | ' | ' | ||
Amortized Cost | ' | ' | ||
Unrealized Gains | ' | ' | ||
Unrealized Losses | ' | ' | ||
Market value | ' | ' | ||
[1] | Includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $4.0 million and $4.8 million, respectively, at March 31, 2014 and $5.0 million and $4.8 million, respectively, at December 31, 2013. |
INVESTMENT_SECURITIES_Details_
INVESTMENT SECURITIES (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ' | ' |
Due in one year or less | $96,559 | ' |
Due after one through five years | 56,260 | ' |
No Maturity | 8,846 | ' |
U.S. Government Agency | 65,173 | ' |
Mortgage-Backed Securities | 2,509 | ' |
Total Investment Securities | 229,347 | ' |
Market Value | ' | ' |
Due in one year or less | 96,670 | ' |
Due after one through five years | 56,327 | ' |
No Maturity | 8,846 | ' |
U.S. Government Agency | 65,050 | ' |
Mortgage-Backed Securities | 2,722 | ' |
Total Investment Securities | 229,615 | ' |
Amortized Cost | ' | ' |
Due in one year or less | 15,374 | ' |
Due after one through five years | 124,307 | ' |
No Maturity | ' | ' |
U.S. Government Agency | ' | ' |
Mortgage-Backed Securities | 51,964 | ' |
Total Investment Securities | 191,645 | 148,211 |
Market Value | ' | ' |
Due in one year or less | 15,392 | ' |
Due after one through five years | 124,338 | ' |
No Maturity | ' | ' |
U.S. Government Agency | ' | ' |
Mortgage-Backed Securities | 51,254 | ' |
Total Investment Securities | $190,984 | $146,961 |
INVESTMENT_SECURITIES_Details_1
INVESTMENT SECURITIES (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available for Sale [Abstract] | ' | ' |
Less than 12 Months, Market Value | $51,665 | $69,969 |
Less than 12 Months, Unrealized Losses | 245 | 282 |
Greater than 12 Months, Market Value | 7,391 | 5,353 |
Greater than 12 Months, Unrealized Losses | 57 | 33 |
Total, Market Value | 59,056 | 75,322 |
Total, Unrealized Losses | 302 | 315 |
Held to Maturity [Abstract] | ' | ' |
Less than 12 Months, Market Value | 108,752 | 63,077 |
Less than 12 Months, Unrealized Losses | 871 | 1,437 |
Greater than 12 Months, Market Value | ' | ' |
Greater than 12 Months, Unrealized Losses | ' | ' |
Total, Market Value | 108,752 | 63,077 |
Total, Unrealized Losses | 871 | 1,437 |
U.S. Treasury | ' | ' |
Available for Sale [Abstract] | ' | ' |
Less than 12 Months, Market Value | 19,952 | 24,924 |
Less than 12 Months, Unrealized Losses | 22 | 40 |
Greater than 12 Months, Market Value | ' | ' |
Greater than 12 Months, Unrealized Losses | ' | ' |
Total, Market Value | 19,952 | 24,924 |
Total, Unrealized Losses | 22 | 40 |
Held to Maturity [Abstract] | ' | ' |
Less than 12 Months, Market Value | 39,968 | 10,054 |
Less than 12 Months, Unrealized Losses | 88 | 38 |
Greater than 12 Months, Market Value | ' | ' |
Greater than 12 Months, Unrealized Losses | ' | ' |
Total, Market Value | 39,968 | 10,054 |
Total, Unrealized Losses | 88 | 38 |
U.S. Government Agency | ' | ' |
Available for Sale [Abstract] | ' | ' |
Less than 12 Months, Market Value | 31,184 | 40,944 |
Less than 12 Months, Unrealized Losses | 223 | 235 |
Greater than 12 Months, Market Value | 6,133 | 4,842 |
Greater than 12 Months, Unrealized Losses | 42 | 21 |
Total, Market Value | 37,317 | 45,786 |
Total, Unrealized Losses | 265 | 256 |
Held to Maturity [Abstract] | ' | ' |
Less than 12 Months, Market Value | 23,178 | 5,676 |
Less than 12 Months, Unrealized Losses | 48 | 22 |
Greater than 12 Months, Market Value | ' | ' |
Greater than 12 Months, Unrealized Losses | ' | ' |
Total, Market Value | 23,178 | 5,676 |
Total, Unrealized Losses | 48 | 22 |
States and Political Subdivisions | ' | ' |
Available for Sale [Abstract] | ' | ' |
Less than 12 Months, Market Value | 529 | 4,101 |
Less than 12 Months, Unrealized Losses | ' | 7 |
Greater than 12 Months, Market Value | 1,258 | 511 |
Greater than 12 Months, Unrealized Losses | 15 | 12 |
Total, Market Value | 1,787 | 4,612 |
Total, Unrealized Losses | 15 | 19 |
Held to Maturity [Abstract] | ' | ' |
Less than 12 Months, Market Value | 4,637 | 3,316 |
Less than 12 Months, Unrealized Losses | 14 | 4 |
Greater than 12 Months, Market Value | ' | ' |
Greater than 12 Months, Unrealized Losses | ' | ' |
Total, Market Value | 4,637 | 3,316 |
Total, Unrealized Losses | 14 | 4 |
Mortgage-Backed Securities | ' | ' |
Held to Maturity [Abstract] | ' | ' |
Less than 12 Months, Market Value | 40,969 | 44,031 |
Less than 12 Months, Unrealized Losses | 721 | 1,373 |
Greater than 12 Months, Market Value | ' | ' |
Greater than 12 Months, Unrealized Losses | ' | ' |
Total, Market Value | 40,969 | 44,031 |
Total, Unrealized Losses | $721 | $1,373 |
INVESTMENT_SECURITIES_Details_2
INVESTMENT SECURITIES (Details Narrative) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Investment Securities (Textual) [Abstract] | ' | ' |
Securities with an amortized cost | $252,400 | $258,500 |
Securities with continuous unrealized losses for more than 12 months | 7,391 | 5,353 |
Unrealized losses on securities 12 month or more | $57 | ' |
LOANS_NET_Details
LOANS, NET (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Loan Portfolio Composition | ' | ' | ||
Loans, Net of Unearned Income | $1,394,777 | $1,388,604 | ||
Net deferred fees | 1,500 | 1,500 | ||
Loans in Process with outstanding balances | 8,200 | 6,800 | ||
Real Estate - Home Equity | ' | ' | ||
Loan Portfolio Composition | ' | ' | ||
Loans, Net of Unearned Income | 226,411 | 227,922 | ||
Commercial, Financial and Agricultural | ' | ' | ||
Loan Portfolio Composition | ' | ' | ||
Loans, Net of Unearned Income | 138,664 | 126,607 | ||
Real Estate - Construction | ' | ' | ||
Loan Portfolio Composition | ' | ' | ||
Loans, Net of Unearned Income | 36,454 | 31,012 | ||
Real Estate - Commercial Mortgage | ' | ' | ||
Loan Portfolio Composition | ' | ' | ||
Loans, Net of Unearned Income | 522,019 | 533,871 | ||
Real Estate - Residential | ' | ' | ||
Loan Portfolio Composition | ' | ' | ||
Loans, Net of Unearned Income | 305,112 | [1] | 309,692 | [1] |
Consumer | ' | ' | ||
Loan Portfolio Composition | ' | ' | ||
Loans, Net of Unearned Income | $166,117 | $159,500 | ||
[1] | Includes loans in process with outstanding balances of $8.2 million and $6.8 million at March 31, 2014 and December 31, 2013, respectively. |
LOANS_NET_Details_2
LOANS, NET (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ' | ' |
Nonaccrual | $34,558 | $36,964 |
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 | 3,373 | 4,084 |
90 + Days | ' | ' |
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 | 150 | 188 |
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 | 581 | 426 |
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 | 23,014 | 25,227 |
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 | 6,892 | 6,440 |
90 + Days | ' | ' |
Consumer | ' | ' |
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ' | ' |
Nonaccrual | 548 | 599 |
90 + Days | ' | ' |
LOANS_NET_Details_3
LOANS, NET (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | $4,352 | $5,428 |
60-89 DPD | 550 | 2,318 |
90 + DPD | ' | ' |
Total Past Due | 4,902 | 7,746 |
Total Current | 1,355,317 | 1,343,894 |
Total Loans | 1,394,777 | 1,388,604 |
Real Estate - Home Equity | ' | ' |
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | 626 | 848 |
60-89 DPD | 49 | 212 |
90 + DPD | ' | ' |
Total Past Due | 675 | 1,060 |
Total Current | 222,363 | 222,778 |
Total Loans | 226,411 | 227,922 |
Commercial, Financial and Agricultural | ' | ' |
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | 370 | 258 |
60-89 DPD | 167 | 100 |
90 + DPD | ' | ' |
Total Past Due | 537 | 358 |
Total Current | 137,977 | 126,062 |
Total Loans | 138,664 | 126,607 |
Real Estate - Construction | ' | ' |
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | 303 | ' |
60-89 DPD | ' | ' |
90 + DPD | ' | ' |
Total Past Due | 303 | ' |
Total Current | 35,570 | 30,587 |
Total Loans | 36,454 | 31,012 |
Real Estate - Commercial Mortgage | ' | ' |
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | 878 | 1,548 |
60-89 DPD | ' | 672 |
90 + DPD | ' | ' |
Total Past Due | 878 | 2,220 |
Total Current | 498,127 | 506,424 |
Total Loans | 522,019 | 533,871 |
Real Estate - Residential | ' | ' |
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | 1,536 | 1,647 |
60-89 DPD | 197 | 1,090 |
90 + DPD | ' | ' |
Total Past Due | 1,733 | 2,737 |
Total Current | 296,487 | 300,514 |
Total Loans | 305,112 | 309,692 |
Consumer | ' | ' |
Aging of the recorded investment in past due loans by class of loans | ' | ' |
30-59 DPD | 639 | 1,127 |
60-89 DPD | 137 | 244 |
90 + DPD | ' | ' |
Total Past Due | 776 | 1,371 |
Total Current | 164,793 | 157,529 |
Total Loans | $166,117 | $159,500 |
LOANS_NET_Details_4
LOANS, NET (Details 4) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Activity in the allowance for loan losses by portfolio class | ' | ' |
Beginning Balance | $23,095 | $29,167 |
Provision for Loan Losses | 359 | 1,070 |
Charge-Offs | -2,144 | -2,899 |
Recoveries | 800 | 465 |
Net Charge-Offs | -1,344 | -2,434 |
Ending Balance | 22,110 | 27,803 |
Commercial, Financial and Agricultural | ' | ' |
Activity in the allowance for loan losses by portfolio class | ' | ' |
Beginning Balance | 699 | 1,253 |
Provision for Loan Losses | -130 | -293 |
Charge-Offs | -11 | -154 |
Recoveries | 75 | 51 |
Net Charge-Offs | 64 | -103 |
Ending Balance | 633 | 857 |
Real Estate - Construction | ' | ' |
Activity in the allowance for loan losses by portfolio class | ' | ' |
Beginning Balance | 1,580 | 2,856 |
Provision for Loan Losses | 258 | 141 |
Charge-Offs | ' | -610 |
Recoveries | 4 | ' |
Net Charge-Offs | 4 | -610 |
Ending Balance | 1,842 | 2,387 |
Real Estate - Commercial Mortgage | ' | ' |
Activity in the allowance for loan losses by portfolio class | ' | ' |
Beginning Balance | 7,710 | 11,081 |
Provision for Loan Losses | -63 | 923 |
Charge-Offs | -594 | -1,044 |
Recoveries | 27 | 38 |
Net Charge-Offs | -567 | -1,006 |
Ending Balance | 7,080 | 10,998 |
Real Estate - Residential | ' | ' |
Activity in the allowance for loan losses by portfolio class | ' | ' |
Beginning Balance | 9,073 | 8,678 |
Provision for Loan Losses | 105 | 174 |
Charge-Offs | -731 | -682 |
Recoveries | 395 | 96 |
Net Charge-Offs | -336 | -586 |
Ending Balance | 8,842 | 8,266 |
Real Estate - Home Equity | ' | ' |
Activity in the allowance for loan losses by portfolio class | ' | ' |
Beginning Balance | 3,051 | 2,945 |
Provision for Loan Losses | 194 | 227 |
Charge-Offs | -403 | -113 |
Recoveries | 11 | 18 |
Net Charge-Offs | -392 | -95 |
Ending Balance | 2,853 | 3,077 |
Consumer | ' | ' |
Activity in the allowance for loan losses by portfolio class | ' | ' |
Beginning Balance | 982 | 1,327 |
Provision for Loan Losses | -5 | -75 |
Charge-Offs | -405 | -296 |
Recoveries | 288 | 262 |
Net Charge-Offs | -117 | -34 |
Ending Balance | 860 | 1,218 |
Unallocated Financing Receivables | ' | ' |
Activity in the allowance for loan losses by portfolio class | ' | ' |
Beginning Balance | ' | 1,027 |
Provision for Loan Losses | ' | -27 |
Charge-Offs | ' | ' |
Recoveries | ' | ' |
Net Charge-Offs | ' | ' |
Ending Balance | ' | $1,000 |
LOANS_NET_Details_5
LOANS, NET (Details 5) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | $7,217 | $7,229 | $9,751 |
Loans Collectively Evaluated for Impairment | 14,893 | 15,866 | 18,052 |
Ending Balance | 22,110 | 23,095 | 27,803 |
Commercial, Financial and Agricultural | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | 102 | 75 | 180 |
Loans Collectively Evaluated for Impairment | 531 | 624 | 677 |
Ending Balance | 633 | 699 | 857 |
Real Estate - Construction | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | 89 | 66 | 274 |
Loans Collectively Evaluated for Impairment | 1,753 | 1,514 | 2,113 |
Ending Balance | 1,842 | 1,580 | 2,387 |
Real Estate - Commercial Mortgage | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | 4,205 | 4,336 | 6,244 |
Loans Collectively Evaluated for Impairment | 2,875 | 3,374 | 4,754 |
Ending Balance | 7,080 | 7,710 | 10,998 |
Real Estate - Residential | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | 2,281 | 2,047 | 2,493 |
Loans Collectively Evaluated for Impairment | 6,561 | 7,026 | 5,773 |
Ending Balance | 8,842 | 9,073 | 8,266 |
Real Estate - Home Equity | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | 508 | 682 | 544 |
Loans Collectively Evaluated for Impairment | 2,345 | 2,369 | 2,533 |
Ending Balance | 2,853 | 3,051 | 3,077 |
Consumer | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | 32 | 23 | 16 |
Loans Collectively Evaluated for Impairment | 828 | 959 | 1,202 |
Ending Balance | 860 | 982 | 1,218 |
Unallocated Financing Receivables | ' | ' | ' |
Period-end amount allocated to: | ' | ' | ' |
Loans Individually Evaluated for Impairment | ' | ' | ' |
Loans Collectively Evaluated for Impairment | ' | ' | 1,000 |
Ending Balance | ' | ' | $1,000 |
LOANS_NET_Details_6
LOANS, NET (Details 6) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Recorded investment in loans related to each balance in the allowance for loan losses | ' | ' | ' |
Individually Evaluated for Impairment | $76,233 | $76,294 | $94,307 |
Financing Receivable, Collectively Evaluated for Impairment | 1,318,544 | 1,312,310 | 1,360,592 |
Total | 1,394,777 | 1,388,604 | 1,454,899 |
Commercial, Financial and Agricultural | ' | ' | ' |
Recorded investment in loans related to each balance in the allowance for loan losses | ' | ' | ' |
Individually Evaluated for Impairment | 1,585 | 1,580 | 2,397 |
Financing Receivable, Collectively Evaluated for Impairment | 137,079 | 125,027 | 123,508 |
Total | 138,664 | 126,607 | 125,905 |
Real Estate - Construction | ' | ' | ' |
Recorded investment in loans related to each balance in the allowance for loan losses | ' | ' | ' |
Individually Evaluated for Impairment | 556 | 557 | 2,080 |
Financing Receivable, Collectively Evaluated for Impairment | 35,898 | 30,455 | 35,869 |
Total | 36,454 | 31,012 | 37,949 |
Real Estate - Commercial Mortgage | ' | ' | ' |
Recorded investment in loans related to each balance in the allowance for loan losses | ' | ' | ' |
Individually Evaluated for Impairment | 49,914 | 49,973 | 63,041 |
Financing Receivable, Collectively Evaluated for Impairment | 472,105 | 483,898 | 536,476 |
Total | 522,019 | 533,871 | 599,517 |
Real Estate - Residential | ' | ' | ' |
Recorded investment in loans related to each balance in the allowance for loan losses | ' | ' | ' |
Individually Evaluated for Impairment | 20,844 | 20,470 | 22,073 |
Financing Receivable, Collectively Evaluated for Impairment | 284,268 | 289,222 | 287,900 |
Total | 305,112 | 309,692 | 309,973 |
Real Estate - Home Equity | ' | ' | ' |
Recorded investment in loans related to each balance in the allowance for loan losses | ' | ' | ' |
Individually Evaluated for Impairment | 2,973 | 3,359 | 4,069 |
Financing Receivable, Collectively Evaluated for Impairment | 223,438 | 224,563 | 229,136 |
Total | 226,411 | 227,922 | 233,205 |
Consumer | ' | ' | ' |
Recorded investment in loans related to each balance in the allowance for loan losses | ' | ' | ' |
Individually Evaluated for Impairment | 361 | 355 | 647 |
Financing Receivable, Collectively Evaluated for Impairment | 165,756 | 159,145 | 147,703 |
Total | 166,117 | 159,500 | 148,350 |
Unallocated Financing Receivables | ' | ' | ' |
Recorded investment in loans related to each balance in the allowance for loan losses | ' | ' | ' |
Individually Evaluated for Impairment | ' | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | ' | ' | ' |
Total | ' | ' | ' |
LOANS_NET_Details_7
LOANS, NET (Details 7) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance | $76,233 | $76,294 |
Recorded Investment With No Allowance | 27,980 | 25,369 |
Recorded Investment With Allowance | 48,253 | 50,925 |
Related Allowance | 7,217 | 7,229 |
Commercial, Financial and Agricultural | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance | 1,585 | 1,580 |
Recorded Investment With No Allowance | 481 | 443 |
Recorded Investment With Allowance | 1,104 | 1,137 |
Related Allowance | 102 | 75 |
Real Estate - Construction | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance | 556 | 557 |
Recorded Investment With No Allowance | ' | ' |
Recorded Investment With Allowance | 556 | 557 |
Related Allowance | 89 | 66 |
Real Estate - Commercial Mortgage | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance | 49,914 | 49,973 |
Recorded Investment With No Allowance | 21,342 | 19,860 |
Recorded Investment With Allowance | 28,572 | 30,113 |
Related Allowance | 4,205 | 4,336 |
Real Estate - Residential | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance | 20,844 | 20,470 |
Recorded Investment With No Allowance | 5,302 | 4,330 |
Recorded Investment With Allowance | 15,542 | 16,140 |
Related Allowance | 2,281 | 2,047 |
Real Estate - Home Equity | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance | 2,973 | 3,359 |
Recorded Investment With No Allowance | 761 | 646 |
Recorded Investment With Allowance | 2,212 | 2,713 |
Related Allowance | 508 | 682 |
Consumer | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance | 361 | 355 |
Recorded Investment With No Allowance | 94 | 90 |
Recorded Investment With Allowance | 267 | 265 |
Related Allowance | $32 | $23 |
LOANS_NET_Details_8
LOANS, NET (Details 8) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Average recorded investment and interest income recognized by class of impaired loans | ' | ' |
Average Recorded Investment | $76,264 | $101,545 |
Total Interest Income | 777 | 812 |
Commercial, Financial and Agricultural | ' | ' |
Average recorded investment and interest income recognized by class of impaired loans | ' | ' |
Average Recorded Investment | 1,582 | 2,361 |
Total Interest Income | 19 | 42 |
Real Estate - Construction | ' | ' |
Average recorded investment and interest income recognized by class of impaired loans | ' | ' |
Average Recorded Investment | 557 | 3,156 |
Total Interest Income | 1 | 2 |
Real Estate - Commercial Mortgage | ' | ' |
Average recorded investment and interest income recognized by class of impaired loans | ' | ' |
Average Recorded Investment | 49,943 | 68,845 |
Total Interest Income | 529 | 541 |
Real Estate - Residential | ' | ' |
Average recorded investment and interest income recognized by class of impaired loans | ' | ' |
Average Recorded Investment | 20,656 | 22,552 |
Total Interest Income | 209 | 206 |
Real Estate - Home Equity | ' | ' |
Average recorded investment and interest income recognized by class of impaired loans | ' | ' |
Average Recorded Investment | 3,166 | 3,963 |
Total Interest Income | 17 | 19 |
Consumer | ' | ' |
Average recorded investment and interest income recognized by class of impaired loans | ' | ' |
Average Recorded Investment | 360 | 668 |
Total Interest Income | $2 | $2 |
LOANS_NET_Details_9
LOANS, NET (Details 9) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Risk category of loans by segment | ' | ' |
Loans Receivable | $155,398 | $165,270 |
Commercial, Financial and Agricultural | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | 7,675 | 7,899 |
Real Estate | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | 146,414 | 155,760 |
Consumer | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | 1,309 | 1,611 |
Special Mention | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | 47,978 | 49,641 |
Special Mention | Commercial, Financial and Agricultural | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | 3,464 | 3,656 |
Special Mention | Real Estate | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | 44,397 | 45,870 |
Special Mention | Consumer | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | 117 | 115 |
Substandard | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | 106,458 | 114,729 |
Substandard | Commercial, Financial and Agricultural | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | 4,211 | 4,243 |
Substandard | Real Estate | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | 101,055 | 108,990 |
Substandard | Consumer | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | 1,192 | 1,496 |
Doubtful | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | 962 | 900 |
Doubtful | Commercial, Financial and Agricultural | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | ' | ' |
Doubtful | Real Estate | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | 962 | 900 |
Doubtful | Consumer | ' | ' |
Risk category of loans by segment | ' | ' |
Loans Receivable | ' | ' |
LOANS_NET_Details_10
LOANS, NET (Details 10) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans classified as TDRs | ' | ' |
Accruing | $46,249 | $44,764 |
Nonaccruing | 6,289 | 11,007 |
Commercial, Financial and Agricultural | ' | ' |
Loans classified as TDRs | ' | ' |
Accruing | 1,522 | 1,511 |
Nonaccruing | ' | ' |
Real Estate - Construction | ' | ' |
Loans classified as TDRs | ' | ' |
Accruing | ' | 156 |
Nonaccruing | 155 | ' |
Real Estate - Commercial Mortgage | ' | ' |
Loans classified as TDRs | ' | ' |
Accruing | 26,585 | 24,735 |
Nonaccruing | 4,649 | 10,308 |
Real Estate - Residential | ' | ' |
Loans classified as TDRs | ' | ' |
Accruing | 16,168 | 16,441 |
Nonaccruing | 1,098 | 458 |
Real Estate - Home Equity | ' | ' |
Loans classified as TDRs | ' | ' |
Accruing | 1,630 | 1,576 |
Nonaccruing | 387 | 241 |
Consumer | ' | ' |
Loans classified as TDRs | ' | ' |
Accruing | 344 | 345 |
Nonaccruing | ' | ' |
LOANS_NET_Details_11
LOANS, NET (Details 11) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Contract | Contract | |||
Loans classified as TDRs | ' | ' | ||
Number of Contracts | 9 | 12 | ||
Pre-Modified Recorded Investment | $1,754 | $4,908 | ||
Post-Modified Recorded Investment | 1,810 | [1] | 5,014 | [1] |
Commercial, Financial and Agricultural | ' | ' | ||
Loans classified as TDRs | ' | ' | ||
Number of Contracts | 1 | 2 | ||
Pre-Modified Recorded Investment | 52 | 26 | ||
Post-Modified Recorded Investment | 54 | 78 | ||
Real Estate - Construction | ' | ' | ||
Loans classified as TDRs | ' | ' | ||
Number of Contracts | ' | ' | ||
Pre-Modified Recorded Investment | ' | ' | ||
Post-Modified Recorded Investment | ' | ' | ||
Real Estate - Commercial Mortgage | ' | ' | ||
Loans classified as TDRs | ' | ' | ||
Number of Contracts | 1 | 5 | ||
Pre-Modified Recorded Investment | 584 | 4,387 | ||
Post-Modified Recorded Investment | 584 | 4,432 | ||
Real Estate - Residential | ' | ' | ||
Loans classified as TDRs | ' | ' | ||
Number of Contracts | 3 | 3 | ||
Pre-Modified Recorded Investment | 836 | 372 | ||
Post-Modified Recorded Investment | 890 | 381 | ||
Real Estate - Home Equity | ' | ' | ||
Loans classified as TDRs | ' | ' | ||
Number of Contracts | 3 | 1 | ||
Pre-Modified Recorded Investment | 248 | 88 | ||
Post-Modified Recorded Investment | 248 | 90 | ||
Consumer | ' | ' | ||
Loans classified as TDRs | ' | ' | ||
Number of Contracts | 1 | 1 | ||
Pre-Modified Recorded Investment | 34 | 35 | ||
Post-Modified Recorded Investment | $34 | $33 | ||
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
LOANS_NET_Details_12
LOANS, NET (Details 12) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Contract | Contract | |||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ' | ' | ||
Number of Contracts | ' | 4 | ||
Post-Modified Recorded Investment | ' | [1] | $304 | [1] |
Commercial, Financial and Agricultural | ' | ' | ||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ' | ' | ||
Number of Contracts | ' | ' | ||
Post-Modified Recorded Investment | ' | [1] | ' | [1] |
Real Estate - Construction | ' | ' | ||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ' | ' | ||
Number of Contracts | ' | ' | ||
Post-Modified Recorded Investment | ' | [1] | ' | [1] |
Real Estate - Commercial Mortgage | ' | ' | ||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ' | ' | ||
Number of Contracts | ' | 2 | ||
Post-Modified Recorded Investment | ' | [1] | 227 | [1] |
Real Estate - Residential | ' | ' | ||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ' | ' | ||
Number of Contracts | ' | 2 | ||
Post-Modified Recorded Investment | ' | [1] | 77 | [1] |
Real Estate - Home Equity | ' | ' | ||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ' | ' | ||
Number of Contracts | ' | ' | ||
Post-Modified Recorded Investment | ' | [1] | ' | [1] |
Consumer | ' | ' | ||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ' | ' | ||
Number of Contracts | ' | ' | ||
Post-Modified Recorded Investment | ' | [1] | ' | [1] |
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
LOANS_NET_Details_13
LOANS, NET (Details 13) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Contract | Contract | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 9 | 12 | ||
Post-Modified Recorded Investment | $1,810 | [1] | $5,014 | [1] |
Extended Amortization | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 3 | 3 | ||
Post-Modified Recorded Investment | 1,262 | [1] | 379 | [1] |
Interest Rate Adjustment | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 1 | 2 | ||
Post-Modified Recorded Investment | 156 | [1] | 325 | [1] |
Extended Amortization And Interest Rate Adjustment | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 2 | 4 | ||
Post-Modified Recorded Investment | 197 | [1] | 4,142 | [1] |
Other | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Contracts | 3 | 3 | ||
Post-Modified Recorded Investment | $195 | [1] | $168 | [1] |
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
INTANGIBLE_ASSETS_Details
INTANGIBLE ASSETS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets | ' | ' |
Gross Amount | $133,854 | $133,854 |
Accumulated Amortization | 49,043 | 49,011 |
Core Deposits | ' | ' |
Intangible Assets | ' | ' |
Gross Amount | 47,176 | 47,176 |
Accumulated Amortization | 47,176 | 47,176 |
Goodwill | ' | ' |
Intangible Assets | ' | ' |
Gross Amount | 84,811 | 84,811 |
Accumulated Amortization | ' | ' |
Customer Relationships | ' | ' |
Intangible Assets | ' | ' |
Gross Amount | 1,867 | 1,867 |
Accumulated Amortization | $1,867 | $1,835 |
INTANGIBLE_ASSETS_Details_Narr
INTANGIBLE ASSETS (Details Narrative) (Goodwill, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill | ' | ' |
Intangible Assets (Textual) [Abstract] | ' | ' |
Net Intangible assets | $84,800 | $84,800 |
OTHER_REAL_ESTATE_OWNED_Detail
OTHER REAL ESTATE OWNED (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Real Estate [Roll Forward] | ' | ' |
Beginning Balance | $48,071 | $53,426 |
Additions | 1,290 | 12,979 |
Valuation Write-downs | -730 | -1,145 |
Sales | -4,595 | -6,740 |
Other | ' | -99 |
Ending Balance | $44,036 | $58,421 |
OTHER_REAL_ESTATE_OWNED_Detail1
OTHER REAL ESTATE OWNED (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Real Estate [Abstract] | ' | ' |
Gains from the Sale of Properties | ($246) | ($60) |
Losses from the Sale of Properties | 356 | 798 |
Rental Income from Properties | -213 | -17 |
Property Carrying Costs | 772 | 958 |
Valuation Adjustments | 730 | 1,145 |
Total | $1,399 | $2,824 |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Composition of Company's interest bearing deposits | ' | ' |
NOW Accounts | $775,439 | $794,746 |
Money Market Accounts | 292,923 | 268,449 |
Savings Accounts | 225,481 | 211,668 |
Other Time Deposits | 212,322 | 219,922 |
Total Interest Bearing Deposits | $1,506,165 | $1,494,785 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plans, Defined Benefit | ' | ' |
Components of net periodic benefit costs, Defined benefit pension plan | ' | ' |
Service Cost | $1,500 | $1,875 |
Interest Cost | 1,400 | 1,400 |
Expected Return on Plan Assets | -1,875 | -1,825 |
Prior Service Cost Amortization | 75 | 75 |
Net Gain (Loss) Amortization | 325 | 1,075 |
Net Periodic Benefit Cost (Benefit) | 1,425 | 2,600 |
Discount Rate | 5.00% | 4.25% |
Long-Term Rate of Return on Assets | 7.50% | 8.00% |
Retirement Plans | ' | ' |
Components of net periodic benefit costs, Defined benefit pension plan | ' | ' |
Interest Cost | 28 | 35 |
Prior Service Cost Amortization | 40 | 48 |
Net Gain (Loss) Amortization | -183 | -63 |
Net Periodic Benefit Cost (Benefit) | ($115) | $20 |
Discount Rate | 5.00% | 4.25% |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Company's off-balance sheet obligations | ' | ' | ||
Fixed | $44,706 | $47,906 | ||
Variable | 239,141 | 234,342 | ||
Total | 283,847 | 282,248 | ||
Commitments to Extend Credit | ' | ' | ||
Company's off-balance sheet obligations | ' | ' | ||
Fixed | 33,858 | [1] | 36,927 | [1] |
Variable | 239,141 | [1] | 234,342 | [1] |
Total | 272,999 | [1] | 271,269 | [1] |
Standby Letters of Credit | ' | ' | ||
Company's off-balance sheet obligations | ' | ' | ||
Fixed | 10,848 | 10,979 | ||
Variable | ' | ' | ||
Total | $10,848 | $10,979 | ||
[1] | Commitments include unfunded loans, revolving lines of credit, and other unused commitments. |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) (Covered Litigation Matter Agreement, USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2011 | Dec. 31, 2013 |
Covered Litigation Matter Agreement | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' |
Pre-tax gain on Class B shares | $3,200 | ' |
Quarterly amount payable until the settlement is finalized | ' | $50 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
U.S. Treasury | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | $64,286 | $71,833 |
U.S. Government Agency | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | 79,997 | 75,146 |
States and Political Subdivisions | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | 73,764 | 91,753 |
Mortgage-Backed Securities | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | 2,722 | 2,795 |
Other Securities | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | 8,846 | 9,893 |
Fair Value, Inputs, Level 1 | U.S. Treasury | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | 64,286 | 71,833 |
Fair Value, Inputs, Level 1 | U.S. Government Agency | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | ' | ' |
Fair Value, Inputs, Level 1 | States and Political Subdivisions | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | ' | ' |
Fair Value, Inputs, Level 1 | Mortgage-Backed Securities | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | ' | ' |
Fair Value, Inputs, Level 1 | Other Securities | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | ' | ' |
Fair Value, Inputs, Level 2 | U.S. Treasury | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | ' | ' |
Fair Value, Inputs, Level 2 | U.S. Government Agency | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | 79,997 | 75,146 |
Fair Value, Inputs, Level 2 | States and Political Subdivisions | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | 73,764 | 91,753 |
Fair Value, Inputs, Level 2 | Mortgage-Backed Securities | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | 2,722 | 2,795 |
Fair Value, Inputs, Level 2 | Other Securities | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | 8,846 | 9,893 |
Fair Value, Inputs, Level 3 | U.S. Treasury | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | ' | ' |
Fair Value, Inputs, Level 3 | U.S. Government Agency | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | ' | ' |
Fair Value, Inputs, Level 3 | States and Political Subdivisions | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | ' | ' |
Fair Value, Inputs, Level 3 | Mortgage-Backed Securities | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | ' | ' |
Fair Value, Inputs, Level 3 | Other Securities | ' | ' |
Securities available for sale: | ' | ' |
Total Fair Value | ' | ' |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Short-Term Investments | $468,805 | $474,719 |
Investment Securities Available for Sale | 229,615 | 251,420 |
Investment Securities Held to Maturity | 191,645 | 148,211 |
Loans, Net of Allowance for Loan Losses | -22,110 | -23,095 |
Fair Value, Inputs, Level 1 | ' | ' |
ASSETS: | ' | ' |
Cash | 59,288 | 55,209 |
Short-Term Investments | 468,805 | 474,719 |
Investment Securities Available for Sale | 64,286 | 71,833 |
Investment Securities Held to Maturity | 71,418 | 43,579 |
Loans Held for Sale | ' | ' |
Loans, Net of Allowance for Loan Losses | ' | ' |
LIABILITIES: | ' | ' |
Deposits | ' | ' |
Short-Term Borrowings | ' | ' |
Subordinated Notes Payable | ' | ' |
Long-Term Borrowings | ' | ' |
Fair Value, Inputs, Level 2 | ' | ' |
ASSETS: | ' | ' |
Cash | ' | ' |
Short-Term Investments | ' | ' |
Investment Securities Available for Sale | 165,329 | 179,587 |
Investment Securities Held to Maturity | 119,566 | 103,382 |
Loans Held for Sale | 12,313 | 11,065 |
LIABILITIES: | ' | ' |
Deposits | 2,163,540 | 2,136,737 |
Short-Term Borrowings | 48,160 | 50,754 |
Subordinated Notes Payable | 62,889 | 62,886 |
Long-Term Borrowings | 35,320 | 39,450 |
Fair Value, Inputs, Level 3 | ' | ' |
ASSETS: | ' | ' |
Loans, Net of Allowance for Loan Losses | 1,303,785 | 1,265,827 |
Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
ASSETS: | ' | ' |
Cash | 59,288 | 55,209 |
Short-Term Investments | 468,805 | 474,719 |
Investment Securities Available for Sale | 229,615 | 251,420 |
Investment Securities Held to Maturity | 191,645 | 148,211 |
Loans Held for Sale | 12,313 | 11,065 |
Loans, Net of Allowance for Loan Losses | 1,372,667 | 1,365,509 |
LIABILITIES: | ' | ' |
Deposits | 2,163,713 | 2,136,248 |
Short-Term Borrowings | 48,733 | 51,321 |
Subordinated Notes Payable | 62,887 | 62,887 |
Long-Term Borrowings | $33,971 | $38,043 |
FAIR_VALUE_MEASUREMENTS_Detail2
FAIR VALUE MEASUREMENTS (Details Narrative) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements (Textual) [Abstract] | ' | ' |
Impaired loans valuation allowance | $7,217 | $7,229 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ' | ' |
Fair Value Measurements (Textual) [Abstract] | ' | ' |
Impaired loans, Carrying value | 31,400 | 31,500 |
Impaired loans valuation allowance | $3,500 | $3,100 |
OTHER_COMPREHENSIVE_INCOME_LOS2
OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Investment Securities Before Tax Amount [Abstract] | ' | ' |
Change in net unrealized gain (loss) before tax | ($5) | $7 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity before tax | -20 | ' |
Other comprehensive income (loss), before tax | 15 | 7 |
Investment Securities Tax Expense (Benefit) [Abstract] | ' | ' |
Change in net unrealized gain (loss) tax expense (benefit) | 2 | -1 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity tax expense (benefit) | -8 | ' |
Other comprehensive income (loss), tax expense (benefit) | -6 | -1 |
Investment Securities Net of Tax Amount [Abstract] | ' | ' |
Change in net unrealized gain (loss) Net of Tax amount | -3 | 6 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity net of tax | 12 | ' |
Total other comprehensive income (loss) Net of Tax | $9 | $6 |
OTHER_COMPREHENSIVE_INCOME_LOS3
OTHER COMPREHENSIVE INCOME (LOSS) (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Activity in accumulated other comprehensive loss, net of tax | ' | ' |
Balance, Begining | ($8,540) | ($29,599) |
Other comprehensive loss | 9 | 6 |
Balance, Ending | -8,531 | -29,553 |
Securities Available for Sale | ' | ' |
Activity in accumulated other comprehensive loss, net of tax | ' | ' |
Balance, Begining | -132 | 573 |
Other comprehensive loss | 9 | 6 |
Balance, Ending | -123 | 579 |
Retirement Plans | ' | ' |
Activity in accumulated other comprehensive loss, net of tax | ' | ' |
Balance, Begining | -8,408 | -30,132 |
Other comprehensive loss | ' | ' |
Balance, Ending | ($8,408) | ($30,132) |