Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | CAPITAL CITY BANK GROUP INC | |
Entity Central Index Key | 726,601 | |
Document Type | 10-Q | |
Trading Symbol | CCBG | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 17,144,404 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and Due From Banks | $ 42,917 | $ 55,467 |
Federal Funds Sold and Interest Bearing Deposits | 167,787 | 329,589 |
Total Cash and Cash Equivalents | 210,704 | 385,056 |
Investment Securities, Available for Sale, at fair value | 444,071 | 341,548 |
Investment Securities, Held to Maturity, at amortized cost (fair value of $194,840 and $163,412) | 193,964 | 163,581 |
Total Investment Securities | 638,035 | 505,129 |
Loans Held For Sale | 10,960 | 10,688 |
Loans, Net of Unearned Income | 1,475,183 | 1,431,374 |
Allowance for Loan Losses | (14,737) | (17,539) |
Loans, Net | 1,460,446 | 1,413,835 |
Premises and Equipment, Net | 98,218 | 101,899 |
Goodwill | 84,811 | 84,811 |
Other Real Estate Owned | 25,219 | 35,680 |
Other Assets | 86,701 | 90,071 |
Total Assets | 2,615,094 | 2,627,169 |
Deposits: | ||
Noninterest Bearing Deposits | 720,824 | 659,115 |
Interest Bearing Deposits | 1,394,159 | 1,487,679 |
Total Deposits | 2,114,983 | 2,146,794 |
Short-Term Borrowings | 65,355 | 49,425 |
Subordinated Notes Payable | 62,887 | 62,887 |
Other Long-Term Borrowings | 29,042 | 31,097 |
Other Liabilities | 69,168 | 64,426 |
Total Liabilities | $ 2,341,435 | $ 2,354,629 |
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; 17,144,401 and 17,447,223 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | $ 171 | $ 174 |
Additional Paid-In Capital | 37,738 | 42,569 |
Retained Earnings | 256,265 | 251,306 |
Accumulated Other Comprehensive Loss, Net of Tax | (20,515) | (21,509) |
Total Shareowners' Equity | 273,659 | 272,540 |
Total Liabilities and Shareowners' Equity | $ 2,615,094 | $ 2,627,169 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Investment Securities, Held to Maturity, fair value | $ 194,840 | $ 163,412 |
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 | ||
Preferred Stock, shares issued | ||
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 | 17,144,401 | 17,447,223 |
Common Stock, shares outstanding | 17,144,401 | 17,447,223 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
INTEREST INCOME | ||||
Loans, including Fees | $ 18,214 | $ 18,528 | $ 54,308 | $ 54,778 |
Investment Securities: | ||||
Taxable Securities | 1,330 | 921 | 3,814 | 2,440 |
Tax Exempt Securities | 210 | 113 | 471 | 380 |
Federal Funds Sold and Interest Bearing Deposits | 123 | 204 | 463 | 752 |
Total Interest Income | 19,877 | 19,766 | 59,056 | 58,350 |
INTEREST EXPENSE | ||||
Deposits | 220 | 255 | 725 | 856 |
Short-Term Borrowings | 14 | 17 | 50 | 54 |
Subordinated Notes Payable | 344 | 333 | 1,014 | 995 |
Other Long-Term Borrowings | 233 | 263 | 710 | 823 |
Total Interest Expense | 811 | 868 | 2,499 | 2,728 |
NET INTEREST INCOME | 19,066 | 18,898 | 56,557 | 55,622 |
Provision for Loan Losses | 413 | 424 | 1,081 | 1,282 |
Net Interest Income After Provision For Loan Losses | 18,653 | 18,474 | 55,476 | 54,340 |
NONINTEREST INCOME | ||||
Deposit Fees | 5,721 | 6,211 | 16,944 | 18,293 |
Bank Card Fees | 2,826 | 2,707 | 8,412 | 8,234 |
Wealth Management Fees | 1,818 | 2,050 | 5,640 | 5,820 |
Mortgage Banking Fees | 1,306 | 911 | 3,496 | 2,274 |
Data Processing Fees | 400 | 336 | 1,137 | 1,265 |
Other | 1,157 | 1,136 | 5,241 | 3,597 |
Total Noninterest Income | 13,228 | 13,351 | 40,870 | 39,483 |
NONINTEREST EXPENSE | ||||
Compensation | 16,653 | 15,378 | 49,581 | 46,365 |
Occupancy, Net | 4,446 | 4,575 | 13,100 | 13,378 |
Other Real Estate Owned, Net | 1,302 | 1,783 | 3,730 | 5,458 |
Other | 6,763 | 6,871 | 20,582 | 20,848 |
Total Noninterest Expense | 29,164 | 28,607 | 86,993 | 86,049 |
INCOME BEFORE INCOME TAXES | 2,717 | 3,218 | 9,353 | 7,774 |
Income Tax Expense | 1,034 | 1,103 | 2,839 | 435 |
NET INCOME | $ 1,683 | $ 2,115 | $ 6,514 | $ 7,339 |
BASIC NET INCOME PER SHARE (in dollars per shares) | $ 0.1 | $ 0.12 | $ 0.38 | $ 0.42 |
DILUTED NET INCOME PER SHARE (in dollars per shares) | $ 0.09 | $ 0.12 | $ 0.37 | $ 0.42 |
Average Basic Common Shares Outstanding (in shares) | 17,150 | 17,440 | 17,317 | 17,422 |
Average Diluted Common Shares Outstanding (in shares) | 17,229 | 17,519 | 17,379 | 17,482 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
NET INCOME | $ 1,683 | $ 2,115 | $ 6,514 | $ 7,339 |
Other comprehensive income, before tax: | ||||
Change in net unrealized gain/loss on securities available for sale | 533 | (173) | 1,562 | 78 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity | 21 | 17 | 56 | 53 |
Other comprehensive income (loss), before tax | 554 | (156) | 1,618 | 131 |
Deferred tax expense (benefit) related to other comprehensive income | 214 | (54) | 624 | 56 |
Other comprehensive income (loss), net of tax | 340 | (102) | 994 | 75 |
TOTAL COMPREHENSIVE INCOME | $ 2,023 | $ 2,013 | $ 7,508 | $ 7,414 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss, Net of Taxes [Member] | Total |
Balance at Dec. 31, 2013 | $ 174 | $ 41,152 | $ 243,614 | $ (8,540) | $ 276,400 |
Balance (in shares) at Dec. 31, 2013 | 17,360,960 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | $ 7,339 | 7,339 | |||
Other Comprehensive Loss, Net of Tax | $ 75 | 75 | |||
Cash Dividends | $ (1,046) | (1,046) | |||
Repurchase of Common Stock | $ (269) | (269) | |||
Repurchase of Common Stock (in shares) | (19,600) | ||||
Stock Compensation Expense | 635 | 635 | |||
Impact of Transactions Under Compensation Plans, net | 119 | 119 | |||
Impact of Transactions Under Compensation Plans, net (in shares) | 91,524 | ||||
Balance at Sep. 30, 2014 | $ 174 | 41,637 | $ 249,907 | $ (8,465) | 283,253 |
Balance, Shares at Sep. 30, 2014 | 17,432,884 | ||||
Balance at Dec. 31, 2014 | $ 174 | $ 42,569 | 251,306 | $ (21,509) | $ 272,540 |
Balance (in shares) at Dec. 31, 2014 | 17,447,223 | 17,447,223 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | $ 6,514 | $ 6,514 | |||
Other Comprehensive Loss, Net of Tax | $ 994 | 994 | |||
Cash Dividends | $ (1,555) | (1,555) | |||
Repurchase of Common Stock | $ (4) | $ (5,978) | (5,982) | ||
Repurchase of Common Stock (in shares) | (405,228) | ||||
Stock Compensation Expense | 783 | 783 | |||
Impact of Transactions Under Compensation Plans, net | $ 1 | 364 | 365 | ||
Impact of Transactions Under Compensation Plans, net (in shares) | 102,406 | ||||
Balance at Sep. 30, 2015 | $ 171 | $ 37,738 | $ 256,265 | $ (20,515) | $ 273,659 |
Balance, Shares at Sep. 30, 2015 | 17,144,401 | 17,144,401 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash Dividends (in dollars per share) | $ 0.0900 | $ 0.0600 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 6,514 | $ 7,339 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ||
Provision for Loan Losses | 1,081 | 1,282 |
Depreciation | 4,908 | 4,869 |
Amortization of Premiums, Discounts, and Fees (net) | $ 3,677 | 3,619 |
Amortization of Intangible Assets | $ 32 | |
Impairment Loss on Security | $ 90 | |
Net (Increase) Decrease in Loans Held-for-Sale | (272) | $ 2,365 |
Stock Based Compensation | 783 | 635 |
Deferred Income Taxes | 2,882 | 1,280 |
Loss on Sales and Write-Downs of Other Real Estate Owned | 2,138 | 3,423 |
Loss on Disposal of Equipment | 20 | 12 |
Net Decrease in Other Assets | 1,347 | 1,144 |
Net Increase (Decrease) in Other Liabilities | 4,792 | (2,248) |
Net Cash Provided By Operating Activities | 27,960 | 23,752 |
Securities Held to Maturity: | ||
Purchases | (65,190) | (56,249) |
Payments, Maturities, and Calls | 33,859 | 30,078 |
Securities Available for Sale: | ||
Purchases | (167,438) | (159,741) |
Payments, Maturities, and Calls | 63,278 | 86,149 |
Net Increase in Loans | (51,385) | (42,808) |
Proceeds From Sales of Other Real Estate Owned | 12,122 | 15,043 |
Purchases of Premises and Equipment | (2,400) | (4,042) |
Net Cash Used In Investing Activities | (177,154) | (131,570) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net Decrease in Deposits | (31,811) | (102,670) |
Net Increase (Decrease) in Short-Term Borrowings | 15,930 | (10,263) |
Repayment of Other Long-Term Borrowings | (2,055) | (4,210) |
Dividends Paid | (1,555) | (1,046) |
Payments to Repurchase Common Stock | (5,982) | (269) |
Issuance of Common Stock Under Compensation Plans | 315 | 371 |
Net Cash Used In Financing Activities | (25,158) | (118,087) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (174,352) | (225,905) |
Cash and Cash Equivalents at Beginning of Period | 385,056 | 529,928 |
Cash and Cash Equivalents at End of Period | 210,704 | 304,023 |
Supplemental Cash Flow Disclosures: | ||
Interest Paid | 2,511 | 2,678 |
Income Taxes Paid | 1,593 | 2,660 |
Noncash Investing and Financing Activities: | ||
Loans Transferred to Other Real Estate Owned | $ 4,073 | 12,121 |
Transfer of Current Portion of Long-Term Borrowings | $ 1,528 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Basis of Presentation 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. The consolidated statement of financial condition at December 31, 2014 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 Â’s annual report on Form 10-K for the year ended December 31, 2014. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE 2 – INVESTMENT SECURITIES Investment Portfolio Composition September 30, 2015 December 31, 2014 Amortized Unrealized Unrealized Market Amortized Unrealized Unrealized Market Available for Sale U.S. Government Treasury $ 242,659 $ 1,330 $ — $ 243,989 $ 185,830 $ 220 $ 19 $ 186,031 U.S. Government Agency 104,763 428 115 105,076 95,950 289 142 96,097 States and Political Subdivisions 83,971 283 14 84,240 48,405 65 82 48,388 Mortgage-Backed Securities 1,897 174 — 2,071 2,094 193 — 2,287 Equity Securities (1) 8,695 — — 8,695 8,745 — — 8,745 Total $ 441,985 $ 2,215 $ 129 $ 444,071 $ 341,024 $ 767 $ 243 $ 341,548 Held to Maturity U.S. Government Treasury $ 134,670 $ 757 $ — $ 135,427 $ 76,179 $ 144 $ 6 $ 76,317 U.S. Government Agency 10,060 35 — 10,095 19,807 29 19 19,817 States and Political Subdivisions 18,676 57 1 18,732 26,717 36 6 26,747 Mortgage-Backed Securities 30,558 96 68 30,586 40,878 33 380 40,531 Total $ 193,964 $ 945 $ 69 $ 194,840 $ 163,581 $ 242 $ 411 $ 163,412 Total Investment Securities $ 635,949 $ 3,160 $ 198 $ 638,911 $ 504,605 $ 1,009 $ 654 $ 504,960 (1) Includes Federal Home Loan Bank, Federal Reserve Bank, and FNBB, Inc. stock recorded at cost of $3.7 million, $4.8 million, and $0.2 million, respectively, as of September 30, 2015 and Federal Home Loan Bank, Federal Reserve Bank, and Bankers Bancorporation of Florida, Inc. stock recorded at cost of $3.9 million, $4.8 million, and $0.1 million, respectively, as of December 31, 2014. Securities with a carrying value of $243.8 million and $337.9 million at September 30, 2015 and December 31, 2014, 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 Available for Sale Held to Maturity (Dollars in Thousands) Amortized Market Amortized Market Due in one year or less $ 59,038 $ 59,115 $ 29,291 $ 29,385 Due after one through five years 299,404 300,992 134,115 134,869 Mortgage-Backed Securities 1,897 2,071 30,558 30,586 U.S. Government Agency 72,951 73,198 — — Equity Securities 8,695 8,695 — — Total $ 441,985 $ 444,071 $ 193,964 $ 194,840 Unrealized Losses on Investment Securities. Less Than Greater Than Total (Dollars in Thousands) Market Unrealized Market Unrealized Market Unrealized September 30, 2015 A vailable for Sale U.S. Government Agency $ 11,909 $ 50 $ 11,409 $ 65 $ 23,318 $ 115 States and Political Subdivisions 12,690 13 604 1 13,294 14 Total $ 24,599 $ 63 $ 12,013 $ 66 $ 36,612 $ 129 Held to Maturity States and Political Subdivisions $ 926 $ 1 $ — $ — $ 926 $ 1 Mortgage-Backed Securities 2,691 19 13,235 49 15,926 68 Total $ 3,617 $ 20 $ 13,235 $ 49 $ 16,852 $ 69 December 31, 2014 Available for Sale U.S. Government Treasury $ 35,838 $ 19 $ — $ — $ 35,838 $ 19 U.S. Government Agency 18,160 54 18,468 88 36,628 142 States and Political Subdivisions 16,497 77 505 5 17,002 82 Total $ 70,495 $ 150 $ 18,973 $ 93 $ 89,468 $ 243 Held to Maturity U.S. Government Treasury $ 15,046 $ 6 $ — $ — $ 15,046 $ 6 U.S. Government Agency 10,002 19 — — 10,002 19 States and Political Subdivisions 3,788 6 — — 3,788 6 Mortgage-Backed Securities 15,066 149 18,155 231 33,221 380 Total $ 43,902 $ 180 $ 18,155 $ 231 $ 62,057 $ 411 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 $12.0 million of investment securities, with an unrealized loss of approximately $66,000, 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 September 30, 2015. 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 does not intend to sell the investments and it is more likely than not that the Company will not be required to sell the investments before recovery of their amortized cost bases, which may be at maturity, the Company does not consider these investments to be other-than-temporarily impaired as of September 30, 2015. |
LOANS, NET
LOANS, NET | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
LOANS, NET | NOTE 3 – LOANS, NET Loan Portfolio Composition (Dollars in Thousands) September 30, 2015 December 31, 2014 Commercial, Financial and Agricultural $ 169,588 $ 136,925 Real Estate – Construction 49,475 41,596 Real Estate – Commercial Mortgage 491,734 510,120 Real Estate – Residential (1) 290,784 295,969 Real Estate – Home Equity 232,254 229,572 Consumer (2) 241,348 217,192 Loans, Net of Unearned Income $ 1,475,183 $ 1,431,374 (1) Includes loans in process with outstanding balances of $10.4 million and $7.4 million as of September 30, 2015 and December 31, 2014, respectively. (2) Includes overdraft balances of $2.5 million and $2.4 million as of September 30, 2015 and December 31, 2014, respectively. Net deferred fees included in loans were $0.9 million and $1.5 million as of September 30, 2015 and December 31, 2014, respectively. The Company has pledged a blanket floating lien on all 1-4 family residential mortgage loans, commercial real estate mortgage loans, and home equity loans to support available borrowing capacity at the FHLB of Atlanta and has pledged a blanket floating lien on all consumer loans, commercial loans, and construction loans to support available borrowing capacity at the Federal Reserve Bank of Atlanta. Nonaccrual Loans 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. September 30, 2015 December 31, 2014 (Dollars in Thousands) Nonaccrual 90 + Days Nonaccrual 90 + Days Commercial, Financial and Agricultural $ 60 $ — $ 507 $ — Real Estate – Construction 491 — 424 — Real Estate – Commercial Mortgage 5,844 — 5,806 — Real Estate – Residential 4,973 — 6,737 — Real Estate – Home Equity 1,679 — 2,544 — Consumer 91 — 751 — Total $ 13,138 $ — $ 16,769 $ — Loan Portfolio Aging. The following table presents the aging of the recorded investment in past due loans by class of loans. (Dollars in Thousands) 30-59 DPD 60-89 DPD 90 + DPD Total Past Due Total Current Total Loans September 30, 2015 Commercial, Financial and Agricultural $ 281 $ 3 $ — $ 284 $ 169,244 $ 169,588 Real Estate – Construction — 545 — 545 48,439 49,475 Real Estate – Commercial Mortgage 123 113 — 236 485,654 491,734 Real Estate – Residential 682 1,022 — 1,704 284,107 290,784 Real Estate – Home Equity 397 56 — 453 230,122 232,254 Consumer 883 230 — 1,113 240,144 241,348 Total $ 2,366 $ 1,969 $ — $ 4,335 $ 1,457,710 $ 1,475,183 December 31, 2014 Commercial, Financial and Agricultural $ 352 $ 155 $ — $ 507 $ 135,911 $ 136,925 Real Estate – Construction 690 — — 690 40,482 41,596 Real Estate – Commercial Mortgage 1,701 569 — 2,270 502,044 510,120 Real Estate – Residential 682 1,147 — 1,829 287,403 295,969 Real Estate – Home Equity 689 85 — 774 226,254 229,572 Consumer 625 97 — 722 215,719 217,192 Total $ 4,739 $ 2,053 $ — $ 6,792 $ 1,407,813 $ 1,431,374 Allowance for Loan Losses 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 Total Three Months Ended September 30, 2015 Beginning Balance $ 917 $ 360 $ 4,275 $ 5,654 $ 2,536 $ 1,494 $ 15,236 Provision for Loan Losses 183 (64 ) 333 (545 ) 273 233 413 Charge-Offs (365 ) — 26 (476 ) (370 ) (318 ) (1,503 ) Recoveries 45 — 86 193 42 225 591 Net Charge-Offs (320 ) — 112 (283 ) (328 ) (93 ) (912 ) Ending Balance $ 780 $ 296 $ 4,720 $ 4,826 $ 2,481 $ 1,634 $ 14,737 Nine Months Ended September 30, 2015 Beginning Balance $ 784 $ 843 $ 5,287 $ 6,520 $ 2,882 $ 1,223 $ 17,539 Provision for Loan Losses 708 (547 ) 426 (870 ) 506 858 1,081 Charge-Offs (894 ) — (1,163 ) (1,265 ) (1,006 ) (1,245 ) (5,573 ) Recoveries 182 — 170 441 99 798 1,690 Net Charge-Offs (712 ) — (993 ) (824 ) (907 ) (447 ) (3,883 ) Ending Balance $ 780 $ 296 $ 4,720 $ 4,826 $ 2,481 $ 1,634 $ 14,737 Three Months Ended September 30, 2014 Beginning Balance $ 706 $ 1,267 $ 6,147 $ 8,214 $ 3,066 $ 1,143 $ 20,543 Provision for Loan Losses 387 (280 ) 386 (505 ) 331 105 424 Charge-Offs (86 ) — (1,208 ) (212 ) (621 ) (386 ) (2,513 ) Recoveries 28 2 213 93 37 266 639 Net Charge-Offs (58 ) 2 (995 ) (119 ) (584 ) (120 ) (1,874 ) Ending Balance $ 1,035 $ 989 $ 5,538 $ 7,590 $ 2,813 $ 1,128 $ 19,093 Nine Months Ended September 30, 2014 Beginning Balance $ 699 $ 1,580 $ 7,710 $ 9,073 $ 3,051 $ 982 $ 23,095 Provision for Loan Losses 371 (598 ) 267 (385 ) 1,048 579 1,282 Charge-Offs (183 ) — (2,831 ) (1,638 ) (1,399 ) (1,212 ) (7,263 ) Recoveries 148 7 392 540 113 779 1,979 Net Charge-Offs (35 ) 7 (2,439 ) (1,098 ) (1,286 ) (433 ) (5,284 ) Ending Balance $ 1,035 $ 989 $ 5,538 $ 7,590 $ 2,813 $ 1,128 $ 19,093 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 Total September 30, 2015 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 81 $ — $ 2,001 $ 2,004 $ 365 $ 4 $ 4,455 Loans Collectively Evaluated for Impairment 699 296 2,719 2,822 2,116 1,630 10,282 Ending Balance $ 780 $ 296 $ 4,720 $ 4,826 $ 2,481 $ 1,634 $ 14,737 December 31, 2014 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 293 $ — $ 2,733 $ 2,113 $ 638 $ 5 $ 5,782 Loans Collectively Evaluated for Impairment 491 843 2,554 4,407 2,244 1,218 11,757 Ending Balance $ 784 $ 843 $ 5,287 $ 6,520 $ 2,882 $ 1,223 $ 17,539 September 30, 2014 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 576 $ 94 $ 3,359 $ 2,526 $ 471 $ 12 $ 7,038 Loans Collectively Evaluated for Impairment 459 895 2,179 5,064 2,342 1,116 12,055 Ending Balance $ 1,035 $ 989 $ 5,538 $ 7,590 $ 2,813 $ 1,128 $ 19,093 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 Total September 30, 2015 Individually Evaluated for Impairment $ 813 $ 468 $ 24,170 $ 18,079 $ 2,702 $ 161 $ 46,393 Collectively Evaluated for Impairment 168,775 49,007 467,564 272,705 229,552 241,187 1,428,790 Total $ 169,588 $ 49,475 $ 491,734 $ 290,784 $ 232,254 $ 241,348 $ 1,475,183 December 31, 2014 Individually Evaluated for Impairment $ 1,040 $ 401 $ 32,242 $ 20,120 $ 3,074 $ 216 $ 57,093 Collectively Evaluated for Impairment 135,885 41,195 477,878 275,849 226,498 216,976 1,374,281 Total $ 136,925 $ 41,596 $ 510,120 $ 295,969 $ 229,572 $ 217,192 $ 1,431,374 September 30, 2014 Individually Evaluated for Impairment $ 1,489 $ 835 $ 37,524 $ 22,087 $ 2,796 $ 271 $ 65,002 Collectively Evaluated for Impairment 132,267 37,286 464,339 286,208 226,172 203,101 1,349,373 Total $ 133,756 $ 38,121 $ 501,863 $ 308,295 $ 228,968 $ 203,372 $ 1,414,375 Impaired Loans The following table presents loans individually evaluated for impairment by class of loans. (Dollars in Thousands) Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Related Allowance September 30, 2015 Commercial, Financial and Agricultural $ 813 $ 286 $ 527 $ 81 Real Estate – Construction 468 311 157 — Real Estate – Commercial Mortgage 24,170 5,727 18,443 2,001 Real Estate – Residential 18,079 2,933 15,146 2,004 Real Estate – Home Equity 2,702 733 1,969 365 Consumer 161 61 100 4 Total $ 46,393 $ 10,051 $ 36,342 $ 4,455 December 31, 2014 Commercial, Financial and Agricultural $ 1,040 $ 189 $ 851 $ 293 Real Estate – Construction 401 401 — — Real Estate – Commercial Mortgage 32,242 11,984 20,258 2,733 Real Estate – Residential 20,120 5,492 14,628 2,113 Real Estate – Home Equity 3,074 758 2,316 638 Consumer 216 3 213 5 Total $ 57,093 $ 18,827 $ 38,266 $ 5,782 The following table summarizes the average recorded investment and interest income recognized by class of impaired loans. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in Thousands) Average Recorded Investment Total Interest Income Average Recorded Investment Total Interest Income Average Recorded Investment Total Interest Income Average Recorded Investment Total Interest Income Commercial, Financial and Agricultural $ 942 $ 12 $ 1,433 $ 15 $ 1,044 $ 34 $ 1,482 $ 50 Real Estate - Construction 389 — 828 1 395 — 738 4 Real Estate - Commercial Mortgage 26,959 250 39,020 381 29,343 821 42,671 1,298 Real Estate - Residential 18,499 215 22,180 284 19,239 626 21,610 800 Real Estate - Home Equity 2,831 20 2,680 18 2,965 64 2,906 52 Consumer 166 2 293 2 186 6 314 7 Total $ 49,786 $ 499 $ 66,434 $ 701 $ 53,172 $ 1,551 $ 69,721 $ 2,211 Credit Risk Management 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 loan 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 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 September 30, 2015 Special Mention $ 8,121 $ 36,078 $ 159 $ 44,358 Substandard 1,200 59,659 552 61,411 Doubtful — — — — Total Criticized Loans $ 9,321 $ 95,737 $ 711 $ 105,769 December 31, 2014 Special Mention $ 8,059 $ 51,060 $ 114 $ 59,233 Substandard 2,817 79,167 1,153 83,137 Doubtful — — — — Total Criticized Loans $ 10,876 $ 130,227 $ 1,267 $ 142,370 Troubled Debt Restructurings (“TDRs”) The following table presents loans classified as TDRs. September 30, 2015 December 31, 2014 (Dollars in Thousands) Accruing Nonaccruing Accruing Nonaccruing Commercial, Financial and Agricultural $ 876 $ — $ 838 $ 266 Real Estate – Construction — — — — Real Estate – Commercial Mortgage 18,526 737 26,565 1,591 Real Estate – Residential 14,400 1,682 14,940 2,532 Real Estate – Home Equity 2,000 8 1,856 356 Consumer 159 — 211 — Total TDRs $ 35,961 $ 2,427 $ 44,410 $ 4,745 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, an interest rate adjustment, or a principal moratorium, and the financial impact of these modifications was not material. Three Months Ended September 30, Nine Months Ended September 30, 2015 2015 (Dollars in Thousands) Number of Contracts Pre-Modified Post-Modified Number of Contracts Pre-Modified Post-Modified Commercial, Financial and Agricultural — $ — $ — — $ — $ — Real Estate - Construction — — — — — — Real Estate - Commercial Mortgage — — — 2 515 515 Real Estate - Residential 1 49 49 6 717 690 Real Estate - Home Equity 1 50 50 1 50 49 Consumer — — — — — — Total TDRs 2 $ 99 $ 99 9 $ 1,282 $ 1,254 Three Months Ended September 30, Nine Months Ended September 30, 2014 2014 (Dollars in Thousands) Number of Contracts Pre-Modified Post-Modified Number of Contracts Pre-Modified Post-Modified Commercial, Financial and Agricultural — $ — $ — 1 $ 51 $ 54 Real Estate – Construction — — — — — — Real Estate - Commercial Mortgage 1 303 1,125 3 947 1,769 Real Estate – Residential 2 201 182 8 1,308 1,390 Real Estate - Home Equity 5 453 438 8 701 686 Consumer — — — 1 34 33 Total TDRs 8 $ 957 $ 1,745 21 $ 3,041 $ 3,932 For the three and nine months ended September 30, 2015, there were no defaults for TDR loans that had been modified within the previous 12 months. For the three and nine months ended September 30, 2014, 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 September 30, Nine Months Ended September 30, 2014 2014 (Dollars in Thousands) Number of Post-Modified Recorded Investment (1) Number of Post-Modified Recorded Investment (1) Commercial, Financial and Agricultural — $ — — $ — Real Estate – Construction — — — — Real Estate - Commercial Mortgage — — — — Real Estate – Residential 3 334 4 451 Real Estate - Home Equity — — 1 153 Consumer — — — — Total TDRs 3 $ 334 5 $ 604 (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. Three Months Ended September 30, Nine Months Ended September 30, 2015 2015 (Dollars in Thousands) Number of Contracts Recorded Investment (1) Number of Contracts Recorded Investment (1) Extended amortization 1 $ 49 2 $ 167 Interest rate adjustment — — 1 156 Extended amortization and interest rate adjustment 1 50 6 931 Total TDRs 2 $ 99 9 $ 1,254 Three Months Ended September 30, Nine Months Ended September 30, 2014 2014 (Dollars in Thousands) Number of Contracts Recorded Investment (1) Number of Contracts Recorded Investment (1) Extended amortization 2 $ 158 8 $ 1,736 Interest rate adjustment — — 1 156 Extended amortization and interest rate adjustment 2 231 5 488 Other 4 1,356 7 1,552 Total TDRs 8 $ 1,745 21 $ 3,932 (1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 9 Months Ended |
Sep. 30, 2015 | |
DisclosureOtherRealEstateOwnedAbstract | |
Other Real Estate Owned | NOTE 4 – OTHER REAL ESTATE OWNED The following table presents other real estate owned activity for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in Thousands) 2015 2014 2015 2014 Beginning Balance $ 30,167 $ 42,579 $ 35,680 $ 48,071 Additions 1,242 2,854 4,072 12,121 Valuation Write-downs (269 ) (664 ) (1,575 ) (2,216 ) Sales (5,921 ) (2,693 ) (12,684 ) (15,900 ) Other — (350 ) (274 ) (350 ) Ending Balance $ 25,219 $ 41,726 $ 25,219 $ 41,726 Net expenses applicable to other real estate owned include the following: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in Thousands) 2015 2014 2015 2014 Gains from the Sale of Properties $ (31 ) $ (107 ) $ (686 ) $ (441 ) Losses from the Sale of Properties 591 483 1,249 1,648 Rental Income from Properties (13 ) (81 ) (244 ) (356 ) Property Carrying Costs 486 824 1,836 2,391 Valuation Adjustments 269 664 1,575 2,216 Total $ 1,302 $ 1,783 $ 3,730 $ 5,458 As of September 30, 2015, the Company had $2.1 million of loans secured by residential real estate in the process of foreclosure . |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | NOTE 5 - 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 September 30, Nine Months Ended September 30, (Dollars in Thousands) 2015 2014 2015 2014 Service Cost $ 1,715 $ 1,500 $ 5,145 $ 4,500 Interest Cost 1,438 1,400 4,313 4,200 Expected Return on Plan Assets (1,955 ) (1,875 ) (5,865 ) (5,625 ) Prior Service Cost Amortization 77 75 232 225 Net Loss Amortization 891 325 2,673 975 Net Periodic Cost $ 2,166 $ 1,425 $ 6,498 $ 4,275 Discount Rate 4.15 % 5.00 % 4.15 % 5.00 % Long-Term Rate of Return on Assets 7.50 % 7.50 % 7.50 % 7.50 % The components of the net periodic benefit costs for the Company's SERP were as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in Thousands) 2015 2014 2015 2014 Interest Cost $ 34 $ 28 $ 101 $ 84 Prior Service Cost Amortization 2 40 5 120 Net Gain Amortization 44 (183 ) 134 (549 ) Net Periodic (Benefit) Cost $ 80 $ (115 ) $ 240 $ (345 ) Discount Rate 4.15 % 5.00 % 4.15 % 5.00 % |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 - COMMITMENTS AND CONTINGENCIES Lending Commitments 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: September 30, 2015 December 31, 2014 (Dollars in Thousands) Fixed Variable Total Fixed Variable Total Commitments to Extend Credit (1) $ 55,147 $ 303,795 $ 358,942 $ 33,633 $ 278,438 $ 312,071 Standby Letters of Credit 6,299 — 6,299 8,307 — 8,307 Total $ 61,446 $ 303,795 $ 365,241 $ 41,940 $ 278,438 $ 320,378 (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 Indemnification Obligation 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, which was further funded during the third quarter of 2014 resulting in a payment of $161,000 to the counterparty. Fixed charges included in the liability are payable quarterly until the litigation reserve is fully liquidated and at which time the aforementioned swap contract will be terminated. Quarterly fixed payments approximate $63,000. Conversion ratio payments and ongoing fixed quarterly charges are reflected in earnings in the period incurred. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 7 – 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 - . § Level 2 Inputs - . § Level 3 Inputs - Assets and Liabilities Measured at Fair Value on a Recurring Basis Securities Available for Sale. 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. A summary of fair values for assets and liabilities consisted of the following: (Dollars in Thousands) Level 1 Inputs Level 2 Level 3 Total Fair September 30, 2015 ASSETS: Securities Available for Sale: U.S. Treasury $ 243,989 $ — $ — $ 243,989 U.S. Government Agency — 105,076 — 105,076 States and Political Subdivisions — 84,240 — 84,240 Mortgage-Backed Securities — 2,071 — 2,071 Equity Securities — 8,695 — 8,695 LIABILITIES: December 31, 2014 ASSETS: Securities Available for Sale: U.S. Treasury $ 186,031 $ — $ — $ 186,031 U.S. Government Agency — 96,097 — 96,097 State and Political Subdivisions — 48,388 — 48,388 Mortgage-Backed Securities — 2,287 — 2,287 Equity Securities — 8,745 — 8,745 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 Loans Held for Sale Other Real Estate Owned 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 Federal Funds Sold/Interest Bearing Deposits. Securities Held to Maturity Loans. Deposits. Subordinated Notes Payable. Short-Term and Long-Term Borrowings. A summary of estimated fair values of significant financial instruments consisted of the following: September 30, 2015 (Dollars in Thousands) Carrying Value Level 1 Level 2 Level 3 ASSETS: Cash $ 42,917 $ 42,917 $ — $ — Federal Funds Sold and Interest Bearing Deposits 167,787 167,787 — — Investment Securities, Available for Sale 444,071 243,989 200,082 — Investment Securities, Held to Maturity 193,964 135,427 59,413 — Loans Held for Sale 10,960 — 10,960 — Loans, Net of Allowance for Loan Losses 1,460,446 — — 1,473,849 LIABILITIES: Deposits $ 2,114,983 $ — $ 2,065,792 $ — Short-Term Borrowings 65,355 — 65,601 — Subordinated Notes Payable 62,887 — 45,850 — Long-Term Borrowings 29,042 — 29,794 — December 31, 2014 (Dollars in Thousands) Carrying Value Level 1 Level 2 Level 3 ASSETS: Cash $ 55,467 $ 55,467 $ — $ — Federal Funds Sold and Interest Bearing Deposits 329,589 329,589 — — Investment Securities, Available for Sale 341,548 186,031 155,517 — Investment Securities, Held to Maturity 163,581 76,317 87,095 — Loans Held for Sale 10,688 — 10,688 Loans, Net of Allowance for Loan Losses 1,413,835 — — 1,369,314 LIABILITIES: Deposits $ 2,146,794 $ — $ 2,146,510 $ — Short-Term Borrowings 49,425 — 48,760 — Subordinated Notes Payable 62,887 — 62,887 — Long-Term Borrowings 31,097 — 32,313 — All non-financial instruments are excluded from the above table. The disclosures also do not include 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) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME | NOTE 8 – 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 Amount Tax (Expense) Benefit Net of Tax Amount Three Months Ended September 30, 2015 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ 533 $ (206 ) $ 327 Amortization of losses on securities transferred from available for sale to held to maturity 21 (8 ) 13 Total Other Comprehensive Income $ 554 $ (214 ) $ 340 Nine Months Ended September 30, 2015 Investment Securities: Change in net unrealized gain/ loss on securities available for sale $ 1,562 $ (602 ) $ 960 Amortization of losses on securities transferred from available for sale to held to maturity 56 (22 ) 34 Total Other Comprehensive Income $ 1,618 $ (624 ) $ 994 (Dollars in Thousands) Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Three Months Ended September 30, 2014 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ (173 ) $ 61 $ (112 ) Amortization of losses on securities transferred from available for sale to held to maturity 17 (7 ) 10 Total Other Comprehensive Loss $ (156 ) $ 54 $ (102 ) Nine Months Ended September 30, 2014 Investment Securities: Change in net unrealized gain/ loss on securities available for sale $ 78 $ (36 ) $ 42 Amortization of losses on securities transferred from available for sale to held to maturity 53 (20 ) 33 Total Other Comprehensive Income $ 131 $ (56 ) $ 75 Accumulated other comprehensive loss was comprised of the following components: (Dollars in Thousands) Securities Retirement Accumulated Balance as of January 1, 2015 $ 59 $ (21,568 ) $ (21,509 ) Other comprehensive income during the period 994 — 994 Balance as of September 30, 2015 $ 1,053 $ (21,568 ) $ (20,515 ) Balance as of January 1, 2014 $ (132 ) $ (8,408 ) $ (8,540 ) Other comprehensive income during the period 75 — 75 Balance as of September 30, 2014 $ (57 ) $ (8,408 ) $ (8,465 ) |
ACCOUNTING STANDARDS UPDATES
ACCOUNTING STANDARDS UPDATES | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Standards Updates | |
ACCOUNTING STANDARDS UPDATES | NOTE 9 – ACCOUNTING STANDARDS UPDATES ASU 2014-04 “Receivables – Troubled Debt Restructurings by Creditors (Topic 310-40) – Reclassification of Residential Real Estate Collateralized Consumer Loans Upon Foreclosure.” ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs” requires companies to present debt issuance costs the same way they currently present debt discounts, as a direct deduction from the carrying value of that debt liability. ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) – Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date.” ASU 2015-15, “ Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting |
Disclosure - SIGNIFICANT ACCOUN
Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure - Significant Accounting Policies Policies | |
Nature of Operations | Nature of Operations |
Basis of Presentation | Basis of Presentation 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. The consolidated statement of financial condition at December 31, 2014 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 CompanyÂ’s annual report on Form 10-K for the year ended December 31, 2014. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investment Securities Tables | |
Schedule of amortized cost and related market value of investment securities available-for-sale | The amortized cost and related market value of investment securities available-for-sale were as follows: September 30, 2015 December 31, 2014 Amortized Unrealized Unrealized Market Amortized Unrealized Unrealized Market Available for Sale U.S. Government Treasury $ 242,659 $ 1,330 $ — $ 243,989 $ 185,830 $ 220 $ 19 $ 186,031 U.S. Government Agency 104,763 428 115 105,076 95,950 289 142 96,097 States and Political Subdivisions 83,971 283 14 84,240 48,405 65 82 48,388 Mortgage-Backed Securities 1,897 174 — 2,071 2,094 193 — 2,287 Equity Securities (1) 8,695 — — 8,695 8,745 — — 8,745 Total $ 441,985 $ 2,215 $ 129 $ 444,071 $ 341,024 $ 767 $ 243 $ 341,548 Held to Maturity U.S. Government Treasury $ 134,670 $ 757 $ — $ 135,427 $ 76,179 $ 144 $ 6 $ 76,317 U.S. Government Agency 10,060 35 — 10,095 19,807 29 19 19,817 States and Political Subdivisions 18,676 57 1 18,732 26,717 36 6 26,747 Mortgage-Backed Securities 30,558 96 68 30,586 40,878 33 380 40,531 Total $ 193,964 $ 945 $ 69 $ 194,840 $ 163,581 $ 242 $ 411 $ 163,412 Total Investment Securities $ 635,949 $ 3,160 $ 198 $ 638,911 $ 504,605 $ 1,009 $ 654 $ 504,960 (1) Includes Federal Home Loan Bank, Federal Reserve Bank, and FNBB, Inc. stock recorded at cost of $3.7 million, $4.8 million, and $0.2 million, respectively, as of September 30, 2015 and Federal Home Loan Bank, Federal Reserve Bank, and Bankers Bancorporation of Florida, Inc. stock recorded at cost of $3.9 million, $4.8 million, and $0.1 million, respectively, as of December 31, 2014. |
Schedule of investment securities with maturity distribution based on contractual maturities | 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 Due in one year or less $ 59,038 $ 59,115 $ 29,291 $ 29,385 Due after one through five years 299,404 300,992 134,115 134,869 Mortgage-Backed Securities 1,897 2,071 30,558 30,586 U.S. Government Agency 72,951 73,198 — — Equity Securities 8,695 8,695 — — Total $ 441,985 $ 444,071 $ 193,964 $ 194,84 0 |
Schedule of investment securities with continuous unrealized loss position | The following table summarizes the investment securities with unrealized losses as of September 30, 2015, aggregated by major security type and length of time in a continuous unrealized loss position: Less Than Greater Than Total (Dollars in Thousands) Market Unrealized Market Unrealized Market Unrealized September 30, 2015 A vailable for Sale U.S. Government Agency $ 11,909 $ 50 $ 11,409 $ 65 $ 23,318 $ 115 States and Political Subdivisions 12,690 13 604 1 13,294 14 Total $ 24,599 $ 63 $ 12,013 $ 66 $ 36,612 $ 129 Held to Maturity States and Political Subdivisions $ 926 $ 1 $ — $ — $ 926 $ 1 Mortgage-Backed Securities 2,691 19 13,235 49 15,926 68 Total $ 3,617 $ 20 $ 13,235 $ 49 $ 16,852 $ 69 December 31, 2014 Available for Sale U.S. Government Treasury $ 35,838 $ 19 $ — $ — $ 35,838 $ 19 U.S. Government Agency 18,160 54 18,468 88 36,628 142 States and Political Subdivisions 16,497 77 505 5 17,002 82 Total $ 70,495 $ 150 $ 18,973 $ 93 $ 89,468 $ 243 Held to Maturity U.S. Government Treasury $ 15,046 $ 6 $ — $ — $ 15,046 $ 6 U.S. Government Agency 10,002 19 — — 10,002 19 States and Political Subdivisions 3,788 6 — — 3,788 6 Mortgage-Backed Securities 15,066 149 18,155 231 33,221 380 Total $ 43,902 $ 180 $ 18,155 $ 231 $ 62,057 $ 411 |
LOANS, NET (Tables)
LOANS, NET (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans Net Tables | |
Schedule of composition of the loan portfolio | Loan Portfolio Composition (Dollars in Thousands) September 30, 2015 December 31, 2014 Commercial, Financial and Agricultural $ 169,588 $ 136,925 Real Estate – Construction 49,475 41,596 Real Estate – Commercial Mortgage 491,734 510,120 Real Estate – Residential (1) 290,784 295,969 Real Estate – Home Equity 232,254 229,572 Consumer (2) 241,348 217,192 Loans, Net of Unearned Income $ 1,475,183 $ 1,431,374 (1) Includes loans in process with outstanding balances of $10.4 million and $7.4 million as of September 30, 2015 and December 31, 2014, respectively. (2) Includes overdraft balances of $2.5 million and $2.4 million as of September 30, 2015 and December 31, 2014, respectively. |
Schedule of 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. September 30, 2015 December 31, 2014 (Dollars in Thousands) Nonaccrual 90 + Days Nonaccrual 90 + Days Commercial, Financial and Agricultural $ 60 $ — $ 507 $ — Real Estate – Construction 491 — 424 — Real Estate – Commercial Mortgage 5,844 — 5,806 — Real Estate – Residential 4,973 — 6,737 — Real Estate – Home Equity 1,679 — 2,544 — Consumer 91 — 751 — Total $ 13,138 $ — $ 16,769 $ — |
Schedule of aging of 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. (Dollars in Thousands) 30-59 DPD 60-89 DPD 90 + DPD Total Past Due Total Current Total Loans September 30, 2015 Commercial, Financial and Agricultural $ 281 $ 3 $ — $ 284 $ 169,244 $ 169,588 Real Estate – Construction — 545 — 545 48,439 49,475 Real Estate – Commercial Mortgage 123 113 — 236 485,654 491,734 Real Estate – Residential 682 1,022 — 1,704 284,107 290,784 Real Estate – Home Equity 397 56 — 453 230,122 232,254 Consumer 883 230 — 1,113 240,144 241,348 Total $ 2,366 $ 1,969 $ — $ 4,335 $ 1,457,710 $ 1,475,183 December 31, 2014 Commercial, Financial and Agricultural $ 352 $ 155 $ — $ 507 $ 135,911 $ 136,925 Real Estate – Construction 690 — — 690 40,482 41,596 Real Estate – Commercial Mortgage 1,701 569 — 2,270 502,044 510,120 Real Estate – Residential 682 1,147 — 1,829 287,403 295,969 Real Estate – Home Equity 689 85 — 774 226,254 229,572 Consumer 625 97 — 722 215,719 217,192 Total $ 4,739 $ 2,053 $ — $ 6,792 $ 1,407,813 $ 1,431,37 4 |
Schedule of 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, Real Estate Real Estate Real Estate Real Estate Consumer Total Three Months Ended September 30, 2015 Beginning Balance $ 917 $ 360 $ 4,275 $ 5,654 $ 2,536 $ 1,494 $ 15,236 Provision for Loan Losses 183 (64 ) 333 (545 ) 273 233 413 Charge-Offs (365 ) — 26 (476 ) (370 ) (318 ) (1,503 ) Recoveries 45 — 86 193 42 225 591 Net Charge-Offs (320 ) — 112 (283 ) (328 ) (93 ) (912 ) Ending Balance $ 780 $ 296 $ 4,720 $ 4,826 $ 2,481 $ 1,634 $ 14,737 Nine Months Ended September 30, 2015 Beginning Balance $ 784 $ 843 $ 5,287 $ 6,520 $ 2,882 $ 1,223 $ 17,539 Provision for Loan Losses 708 (547 ) 426 (870 ) 506 858 1,081 Charge-Offs (894 ) — (1,163 ) (1,265 ) (1,006 ) (1,245 ) (5,573 ) Recoveries 182 — 170 441 99 798 1,690 Net Charge-Offs (712 ) — (993 ) (824 ) (907 ) (447 ) (3,883 ) Ending Balance $ 780 $ 296 $ 4,720 $ 4,826 $ 2,481 $ 1,634 $ 14,737 Three Months Ended September 30, 2014 Beginning Balance $ 706 $ 1,267 $ 6,147 $ 8,214 $ 3,066 $ 1,143 $ 20,543 Provision for Loan Losses 387 (280 ) 386 (505 ) 331 105 424 Charge-Offs (86 ) — (1,208 ) (212 ) (621 ) (386 ) (2,513 ) Recoveries 28 2 213 93 37 266 639 Net Charge-Offs (58 ) 2 (995 ) (119 ) (584 ) (120 ) (1,874 ) Ending Balance $ 1,035 $ 989 $ 5,538 $ 7,590 $ 2,813 $ 1,128 $ 19,093 Nine Months Ended September 30, 2014 Beginning Balance $ 699 $ 1,580 $ 7,710 $ 9,073 $ 3,051 $ 982 $ 23,095 Provision for Loan Losses 371 (598 ) 267 (385 ) 1,048 579 1,282 Charge-Offs (183 ) — (2,831 ) (1,638 ) (1,399 ) (1,212 ) (7,263 ) Recoveries 148 7 392 540 113 779 1,979 Net Charge-Offs (35 ) 7 (2,439 ) (1,098 ) (1,286 ) (433 ) (5,284 ) Ending Balance $ 1,035 $ 989 $ 5,538 $ 7,590 $ 2,813 $ 1,128 $ 19,09 3 |
Schedule of allowance for loan losses by portfolio class and disaggregated on the basis of the impairment methodology | 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, Real Estate Real Estate Real Estate Real Estate Consumer Total September 30, 2015 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 81 $ — $ 2,001 $ 2,004 $ 365 $ 4 $ 4,455 Loans Collectively Evaluated for Impairment 699 296 2,719 2,822 2,116 1,630 10,282 Ending Balance $ 780 $ 296 $ 4,720 $ 4,826 $ 2,481 $ 1,634 $ 14,737 December 31, 2014 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 293 $ — $ 2,733 $ 2,113 $ 638 $ 5 $ 5,782 Loans Collectively Evaluated for Impairment 491 843 2,554 4,407 2,244 1,218 11,757 Ending Balance $ 784 $ 843 $ 5,287 $ 6,520 $ 2,882 $ 1,223 $ 17,539 September 30, 2014 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 576 $ 94 $ 3,359 $ 2,526 $ 471 $ 12 $ 7,038 Loans Collectively Evaluated for Impairment 459 895 2,179 5,064 2,342 1,116 12,055 Ending Balance $ 1,035 $ 989 $ 5,538 $ 7,590 $ 2,813 $ 1,128 $ 19,09 3 |
Schedule of allowance for loan losses by portfolio class | The CompanyÂ’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 CompanyÂ’s impairment methodology was as follows: (Dollars in Thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Total September 30, 2015 Individually Evaluated for Impairment $ 813 $ 468 $ 24,170 $ 18,079 $ 2,702 $ 161 $ 46,393 Collectively Evaluated for Impairment 168,775 49,007 467,564 272,705 229,552 241,187 1,428,790 Total $ 169,588 $ 49,475 $ 491,734 $ 290,784 $ 232,254 $ 241,348 $ 1,475,183 December 31, 2014 Individually Evaluated for Impairment $ 1,040 $ 401 $ 32,242 $ 20,120 $ 3,074 $ 216 $ 57,093 Collectively Evaluated for Impairment 135,885 41,195 477,878 275,849 226,498 216,976 1,374,281 Total $ 136,925 $ 41,596 $ 510,120 $ 295,969 $ 229,572 $ 217,192 $ 1,431,374 September 30, 2014 Individually Evaluated for Impairment $ 1,489 $ 835 $ 37,524 $ 22,087 $ 2,796 $ 271 $ 65,002 Collectively Evaluated for Impairment 132,267 37,286 464,339 286,208 226,172 203,101 1,349,373 Total $ 133,756 $ 38,121 $ 501,863 $ 308,295 $ 228,968 $ 203,372 $ 1,414,37 5 |
Schedule of loans individually evaluated for impairment by class of loans | The following table presents loans individually evaluated for impairment by class of loans. (Dollars in Thousands) Unpaid Principal Recorded Investment Recorded Investment Related September 30, 2015 Commercial, Financial and Agricultural $ 813 $ 286 $ 527 $ 81 Real Estate – Construction 468 311 157 — Real Estate – Commercial Mortgage 24,170 5,727 18,443 2,001 Real Estate – Residential 18,079 2,933 15,146 2,004 Real Estate – Home Equity 2,702 733 1,969 365 Consumer 161 61 100 4 Total $ 46,393 $ 10,051 $ 36,342 $ 4,455 December 31, 2014 Commercial, Financial and Agricultural $ 1,040 $ 189 $ 851 $ 293 Real Estate – Construction 401 401 — — Real Estate – Commercial Mortgage 32,242 11,984 20,258 2,733 Real Estate – Residential 20,120 5,492 14,628 2,113 Real Estate – Home Equity 3,074 758 2,316 638 Consumer 216 3 213 5 Total $ 57,093 $ 18,827 $ 38,266 $ 5,78 2 |
Schedule of 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. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in Thousands) Average Recorded Investment Total Interest Income Average Recorded Investment Total Interest Income Average Recorded Investment Total Interest Income Average Recorded Investment Total Interest Income Commercial, Financial and Agricultural $ 942 $ 12 $ 1,433 $ 15 $ 1,044 $ 34 $ 1,482 $ 50 Real Estate - Construction 389 — 828 1 395 — 738 4 Real Estate - Commercial Mortgage 26,959 250 39,020 381 29,343 821 42,671 1,298 Real Estate - Residential 18,499 215 22,180 284 19,239 626 21,610 800 Real Estate - Home Equity 2,831 20 2,680 18 2,965 64 2,906 52 Consumer 166 2 293 2 186 6 314 7 Total $ 49,786 $ 499 $ 66,434 $ 701 $ 53,172 $ 1,551 $ 69,721 $ 2,211 |
Schedule of 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 September 30, 2015 Special Mention $ 8,121 $ 36,078 $ 159 $ 44,358 Substandard 1,200 59,659 552 61,411 Doubtful — — — — Total Criticized Loans $ 9,321 $ 95,737 $ 711 $ 105,769 December 31, 2014 Special Mention $ 8,059 $ 51,060 $ 114 $ 59,233 Substandard 2,817 79,167 1,153 83,137 Doubtful — — — — Total Criticized Loans $ 10,876 $ 130,227 $ 1,267 $ 142,37 0 |
Schedule of troubled debt restructurings loans | The following table presents loans classified as TDRs. September 30, 2015 December 31, 2014 (Dollars in Thousands) Accruing Nonaccruing Accruing Nonaccruing Commercial, Financial and Agricultural $ 876 $ — $ 838 $ 266 Real Estate – Construction — — — — Real Estate – Commercial Mortgage 18,526 737 26,565 1,591 Real Estate – Residential 14,400 1,682 14,940 2,532 Real Estate – Home Equity 2,000 8 1,856 356 Consumer 159 — 211 — Total TDRs $ 35,961 $ 2,427 $ 44,410 $ 4,74 5 |
Schedule of loans classified as TDRs | Loans classified as TDRs during the periods indicated are presented in the table below. Three Months Ended September 30, Nine Months Ended September 30, 2015 2015 (Dollars in Thousands) Number of Contracts Pre-Modified Post-Modified Number of Contracts Pre-Modified Post-Modified Commercial, Financial and Agricultural — $ — $ — — $ — $ — Real Estate - Construction — — — — — — Real Estate - Commercial Mortgage — — — 2 515 515 Real Estate - Residential 1 49 49 6 717 690 Real Estate - Home Equity 1 50 50 1 50 49 Consumer — — — — — — Total TDRs 2 $ 99 $ 99 9 $ 1,282 $ 1,254 Three Months Ended September 30, Nine Months Ended September 30, 2014 2014 (Dollars in Thousands) Number of Contracts Pre-Modified Post-Modified Number of Contracts Pre-Modified Post-Modified Commercial, Financial and Agricultural — $ — $ — 1 $ 51 $ 54 Real Estate – Construction — — — — — — Real Estate - Commercial Mortgage 1 303 1,125 3 947 1,769 Real Estate – Residential 2 201 182 8 1,308 1,390 Real Estate - Home Equity 5 453 438 8 701 686 Consumer — — — 1 34 33 Total TDRs 8 $ 957 $ 1,745 21 $ 3,041 $ 3, 932 |
Schedule of loans modified as TDRs within the previous 12 months and subsequently defaulted | For the three and nine months ended September 30, 2014, 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 September 30, Nine Months Ended September 30, 2014 2014 (Dollars in Thousands) Number of Post-Modified Recorded Investment (1) Number of Post-Modified Recorded Investment (1) Commercial, Financial and Agricultural — $ — — $ — Real Estate – Construction — — — — Real Estate - Commercial Mortgage — — — — Real Estate – Residential 3 334 4 451 Real Estate - Home Equity — — 1 153 Consumer — — — — Total TDRs 3 $ 334 5 $ 604 (1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
Schedule of loans modified as TDRs information | The following table provides information on how TDRs were modified during the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, 2015 2015 (Dollars in Thousands) Number of Contracts Recorded Investment (1) Number of Contracts Recorded Investment (1) Extended amortization 1 $ 49 2 $ 167 Interest rate adjustment — — 1 156 Extended amortization and interest rate adjustment 1 50 6 931 Total TDRs 2 $ 99 9 $ 1,254 Three Months Ended September 30, Nine Months Ended September 30, 2014 2014 (Dollars in Thousands) Number of Contracts Recorded Investment (1) Number of Contracts Recorded Investment (1) Extended amortization 2 $ 158 8 $ 1,736 Interest rate adjustment — — 1 156 Extended amortization and interest rate adjustment 2 231 5 488 Other 4 1,356 7 1,552 Total TDRs 8 $ 1,745 21 $ 3,932 (1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Real Estate Owned Tables | |
Schedule of other real estate owned activity | The following table presents other real estate owned activity for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in Thousands) 2015 2014 2015 2014 Beginning Balance $ 30,167 $ 42,579 $ 35,680 $ 48,071 Additions 1,242 2,854 4,072 12,121 Valuation Write-downs (269 ) (664 ) (1,575 ) (2,216 ) Sales (5,921 ) (2,693 ) (12,684 ) (15,900 ) Other — (350 ) (274 ) (350 ) Ending Balance $ 25,219 $ 41,726 $ 25,219 $ 41,72 6 |
Schedule of net expenses | Net expenses applicable to other real estate owned include the following: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in Thousands) 2015 2014 2015 2014 Gains from the Sale of Properties $ (31 ) $ (107 ) $ (686 ) $ (441 ) Losses from the Sale of Properties 591 483 1,249 1,648 Rental Income from Properties (13 ) (81 ) (244 ) (356 ) Property Carrying Costs 486 824 1,836 2,391 Valuation Adjustments 269 664 1,575 2,216 Total $ 1,302 $ 1,783 $ 3,730 $ 5,45 8 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Employee Benefit Plans Tables | |
Schedule of expected benefit payments related to the 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 September 30, Nine Months Ended September 30 (Dollars in Thousands) 2015 2014 2015 2014 Service Cost $ 1,715 $ 1,500 $ 5,145 $ 4,500 Interest Cost 1,438 1,400 4,313 4,200 Expected Return on Plan Assets (1,955 ) (1,875 ) (5,865 ) (5,625 ) Prior Service Cost Amortization 77 75 232 225 Net Loss Amortization 891 325 2,673 975 Net Periodic Cost $ 2,166 $ 1,425 $ 6,498 $ 4,275 Discount Rate 4.15 % 5.00 % 4.15 % 5.00 % Long-Term Rate of Return on Assets 7.50 % 7.50 % 7.50 % 7.50 % |
Schedule of expected benefit payments related to the SERP | The components of the net periodic benefit costs for the Company's SERP were as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in Thousands) 2015 2014 2015 2014 Interest Cost $ 34 $ 28 $ 101 $ 84 Prior Service Cost Amortization 2 40 5 120 Net Gain Amortization 44 (183 ) 134 (549 ) Net Periodic (Benefit) Cost $ 80 $ (115 ) $ 240 $ (345 ) Discount Rate 4.15 % 5.00 % 4.15 % 5.00 % |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies Tables | |
Schedule of amounts associated with the entities off-balance sheet obligations | The amounts associated with the Company’s off-balance sheet obligations were as follows: September 30, 2015 December 31, 2014 (Dollars in Thousands) Fixed Variable Total Fixed Variable Total Commitments to Extend Credit (1) $ 55,147 $ 303,795 $ 358,942 $ 33,633 $ 278,438 $ 312,071 Standby Letters of Credit 6,299 — 6,299 8,307 — 8,307 Total $ 61,446 $ 303,795 $ 365,241 $ 41,940 $ 278,438 $ 320,378 (1) Commitments include unfunded loans, revolving lines of credit, and other unused commitments. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements Tables | |
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis | A summary of fair values for assets and liabilities consisted of the following: (Dollars in Thousands) Level 1 Level 2 Level 3 Total Fair September 30, 2015 ASSETS: Securities Available for Sale: U.S. Treasury $ 243,989 $ — $ — $ 243,989 U.S. Government Agency — 105,076 — 105,076 States and Political Subdivisions — 84,240 — 84,240 Mortgage-Backed Securities — 2,071 — 2,071 Equity Securities — 8,695 — 8,695 LIABILITIES: December 31, 2014 ASSETS: Securities Available for Sale: U.S. Treasury $ 186,031 $ — $ — $ 186,031 U.S. Government Agency — 96,097 — 96,097 State and Political Subdivisions — 48,388 — 48,388 Mortgage-Backed Securities — 2,287 — 2,287 Equity Securities — 8,745 — 8,745 |
Schedule of financial instruments with estimated fair values | A summary of estimated fair values of significant financial instruments consisted of the following: September 30, 2015 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 ASSETS: Cash $ 42,917 $ 42,917 $ — $ — Federal Funds Sold and Interest Bearing Deposits 167,787 167,787 — — Investment Securities, Available for Sale 444,071 243,989 200,082 — Investment Securities, Held to Maturity 193,964 135,427 59,413 — Loans Held for Sale 10,960 — 10,960 — Loans, Net of Allowance for Loan Losses 1,460,446 — — 1,473,849 LIABILITIES: Deposits $ 2,114,983 $ — $ 2,065,792 $ — Short-Term Borrowings 65,355 — 65,601 — Subordinated Notes Payable 62,887 — 45,850 — Long-Term Borrowings 29,042 — 29,794 — December 31, 2014 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 ASSETS: Cash $ 55,467 $ 55,467 $ — $ — Federal Funds Sold and Interest Bearing Deposits 329,589 329,589 — — Investment Securities, Available for Sale 341,548 186,031 155,517 — Investment Securities, Held to Maturity 163,581 76,317 87,095 — Loans Held for Sale 10,688 — 10,688 Loans, Net of Allowance for Loan Losses 1,413,835 — — 1,369,314 LIABILITIES: Deposits $ 2,146,794 $ — $ 2,146,510 $ — Short-Term Borrowings 49,425 — 48,760 — Subordinated Notes Payable 62,887 — 62,887 — Long-Term Borrowings 31,097 — 32,313 — |
OTHER COMPREHENSIVE INCOME (L25
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Comprehensive Income Loss Tables | |
Schedule of other comprehensive income loss | For the periods presented, reclassifications adjustments related to securities held for sale was not material. (Dollars in Thousands) Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Three Months Ended September 30, 2015 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ 533 $ (206 ) $ 327 Amortization of losses on securities transferred from available for sale to held to maturity 21 (8 ) 13 Total Other Comprehensive Income $ 554 $ (214 ) $ 340 Nine Months Ended September 30, 2015 Investment Securities: Change in net unrealized gain/ loss on securities available for sale $ 1,562 $ (602 ) $ 960 Amortization of losses on securities transferred from available for sale to held to maturity 56 (22 ) 34 Total Other Comprehensive Income $ 1,618 $ (624 ) $ 994 (Dollars in Thousands) Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Three Months Ended September 30, 2014 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ (173 ) $ 61 $ (112 ) Amortization of losses on securities transferred from available for sale to held to maturity 17 (7 ) 10 Total Other Comprehensive Loss $ (156 ) $ 54 $ (102 ) Nine Months Ended September 30, 2014 Investment Securities: Change in net unrealized gain/ loss on securities available for sale $ 78 $ (36 ) $ 42 Amortization of losses on securities transferred from available for sale to held to maturity 53 (20 ) 33 Total Other Comprehensive Income $ 131 $ (56 ) $ 75 |
Schedule of activity in accumulated other comprehensive loss, net of tax | Accumulated other comprehensive loss was comprised of the following components: (Dollars in Thousands) Securities Retirement Accumulated Balance as of January 1, 2015 $ 59 $ (21,568 ) $ (21,509 ) Other comprehensive income during the period 994 — 994 Balance as of September 30, 2015 $ 1,053 $ (21,568 ) $ (20,515 ) Balance as of January 1, 2014 $ (132 ) $ (8,408 ) $ (8,540 ) Other comprehensive income during the period 75 — 75 Balance as of September 30, 2014 $ (57 ) $ (8,408 ) $ (8,465 ) |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | ||
Available-for-sale | |||
Amortized Cost | $ 441,985 | $ 341,024 | |
Unrealized Gains | 2,215 | 767 | |
Unrealized Losses | 129 | 243 | |
Market Value | 444,071 | 341,548 | |
Held to Maturity | |||
Amortized Cost | 193,964 | 163,581 | |
Unrealized Gains | 945 | 242 | |
Unrealized Losses | 69 | 411 | |
Market Value | 194,840 | 163,412 | |
Total | |||
Amortized Cost | 635,949 | 504,605 | |
Unrealized Gain | 3,160 | 1,009 | |
Unrealized Loss | 198 | 654 | |
Fair Value | 638,911 | 504,960 | |
U.S. Government Treasury [Member] | |||
Available-for-sale | |||
Amortized Cost | 242,659 | 185,830 | |
Unrealized Gains | $ 1,330 | 220 | |
Unrealized Losses | 19 | ||
Market Value | $ 243,989 | 186,031 | |
Held to Maturity | |||
Amortized Cost | 134,670 | 76,179 | |
Unrealized Gains | $ 757 | 144 | |
Unrealized Losses | 6 | ||
Market Value | $ 135,427 | 76,317 | |
U.S. Government Agency [Member] | |||
Available-for-sale | |||
Amortized Cost | 104,763 | 95,950 | |
Unrealized Gains | 428 | 289 | |
Unrealized Losses | 115 | 142 | |
Market Value | 105,076 | 96,097 | |
Held to Maturity | |||
Amortized Cost | 10,060 | 19,807 | |
Unrealized Gains | $ 35 | 29 | |
Unrealized Losses | 19 | ||
Market Value | $ 10,095 | 19,817 | |
States and Political Subdivisions [Member] | |||
Available-for-sale | |||
Amortized Cost | 83,971 | 48,405 | |
Unrealized Gains | 283 | 65 | |
Unrealized Losses | 14 | 82 | |
Market Value | 84,240 | 48,388 | |
Held to Maturity | |||
Amortized Cost | 18,676 | 26,717 | |
Unrealized Gains | 57 | 36 | |
Unrealized Losses | 1 | 6 | |
Market Value | 18,732 | 26,747 | |
Mortgage-Backed Securities [Member] | |||
Available-for-sale | |||
Amortized Cost | 1,897 | 2,094 | |
Unrealized Gains | $ 174 | $ 193 | |
Unrealized Losses | |||
Market Value | $ 2,071 | $ 2,287 | |
Held to Maturity | |||
Amortized Cost | 30,558 | 40,878 | |
Unrealized Gains | 96 | 33 | |
Unrealized Losses | 68 | 380 | |
Market Value | 30,586 | 40,531 | |
Equity Securities [Member] | |||
Available-for-sale | |||
Amortized Cost | [1] | $ 8,695 | $ 8,745 |
Unrealized Gains | [1] | ||
Unrealized Losses | [1] | ||
Market Value | [1] | $ 8,695 | $ 8,745 |
Federal Home Loan Bank | 3,700 | 3,900 | |
Federal Reserve Bank stock | 4,800 | 4,800 | |
FNBB, Inc. stock | $ 200 | ||
Bankers Bank stock | $ 100 | ||
[1] | Includes Federal Home Loan Bank, Federal Reserve Bank, and FNBB, Inc. stock recorded at cost of $3.7 million, $4.8 million, and $0.2 million, respectively, as of September 30, 2015 and Federal Home Loan Bank, Federal Reserve Bank, and Bankers Bancorporation of Florida, Inc. stock recorded at cost of $3.9 million, $4.8 million, and $0.1 million, respectively, as of December 31, 2014. |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Amortized Cost | ||
Due in one year or less | $ 59,038 | |
Due after one through five years | 299,404 | |
Total Investment Securities | 441,985 | |
Market Value | ||
Due in one year or less | 59,115 | |
Due after one through five years | 300,992 | |
Total Investment Securities | 444,071 | |
Amortized Cost | ||
Due in one year or less | 29,291 | |
Due after one through five years | 134,115 | |
Total Investment Securities | 193,964 | $ 163,581 |
Market Value | ||
Due in one year or less | 29,385 | |
Due after one through five years | 134,869 | |
Total Investment Securities | 194,840 | 163,412 |
Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Due without single maturity date | 1,897 | |
Market Value | ||
Due without single maturity date | 2,071 | |
Amortized Cost | ||
Due without single maturity date | 30,558 | |
Total Investment Securities | 30,558 | 40,878 |
Market Value | ||
Due without single maturity date | 30,586 | |
U.S. Government Agency [Member] | ||
Amortized Cost | ||
Due without single maturity date | 72,951 | |
Market Value | ||
Due without single maturity date | $ 73,198 | |
Amortized Cost | ||
Due without single maturity date | ||
Total Investment Securities | $ 10,060 | $ 19,807 |
Market Value | ||
Due without single maturity date | ||
Equity Securities [Member] | ||
Amortized Cost | ||
Due without single maturity date | $ 8,695 | |
Market Value | ||
Due without single maturity date | $ 8,695 | |
Amortized Cost | ||
Due without single maturity date | ||
Market Value | ||
Due without single maturity date |
INVESTMENT SECURITIES (Detail28
INVESTMENT SECURITIES (Details 3) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | $ 24,599 | $ 70,495 |
Less Than 12 Months, Unrealized Losses | 63 | 150 |
12 Months Or Longer, Fair Value | 12,013 | 18,973 |
12 Months Or Longer, Unrealized Losses | 66 | 93 |
Total Fair Value | 36,612 | 89,468 |
Total Unrealized Losses | 129 | 243 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 3,617 | 43,902 |
Less Than 12 Months, Unrealized Losses | 20 | 180 |
12 Months Or Longer, Fair Value | 13,235 | 18,155 |
12 Months Or Longer, Unrealized Losses | 49 | 231 |
Total Fair Value | 16,852 | 62,057 |
Total Unrealized Losses | 69 | 411 |
U.S. Government Treasury [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 35,838 | |
Less Than 12 Months, Unrealized Losses | $ 19 | |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | $ 35,838 | |
Total Unrealized Losses | 19 | |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 15,046 | |
Less Than 12 Months, Unrealized Losses | $ 6 | |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | $ 15,046 | |
Total Unrealized Losses | 6 | |
U.S. Government Agency [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 11,909 | 18,160 |
Less Than 12 Months, Unrealized Losses | 50 | 54 |
12 Months Or Longer, Fair Value | 11,409 | 18,468 |
12 Months Or Longer, Unrealized Losses | 65 | 88 |
Total Fair Value | 23,318 | 36,628 |
Total Unrealized Losses | 115 | 142 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 10,002 | |
Less Than 12 Months, Unrealized Losses | $ 19 | |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | $ 10,002 | |
Total Unrealized Losses | 19 | |
States and Political Subdivisions [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 12,690 | 16,497 |
Less Than 12 Months, Unrealized Losses | 13 | 77 |
12 Months Or Longer, Fair Value | 604 | 505 |
12 Months Or Longer, Unrealized Losses | 1 | 5 |
Total Fair Value | 13,294 | 17,002 |
Total Unrealized Losses | 14 | 82 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 926 | 3,788 |
Less Than 12 Months, Unrealized Losses | $ 1 | $ 6 |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | $ 926 | $ 3,788 |
Total Unrealized Losses | 1 | 6 |
Mortgage-Backed Securities [Member] | ||
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 2,691 | 15,066 |
Less Than 12 Months, Unrealized Losses | 19 | 149 |
12 Months Or Longer, Fair Value | 13,235 | 18,155 |
12 Months Or Longer, Unrealized Losses | 49 | 231 |
Total Fair Value | 15,926 | 33,221 |
Total Unrealized Losses | $ 68 | $ 380 |
INVESTMENT SECURITIES (Detail29
INVESTMENT SECURITIES (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged to secure public deposits | $ 243,800 | $ 337,900 |
LOANS, NET (Details)
LOANS, NET (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | $ 1,475,183 | $ 1,431,374 | |
Net deferred fees | 900 | 1,500 | |
Commercial, Financial and Agricultural [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | 169,588 | 136,925 | |
Real Estate - Construction [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | 49,475 | 41,596 | |
Real Estate - Commercial Mortgage [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | 491,734 | 510,120 | |
Real Estate - Residential [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | [1] | 290,784 | 295,969 |
Real Estate - Home Equity [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | 232,254 | 229,572 | |
Consumer [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | [2] | $ 241,348 | $ 217,192 |
[1] | Includes loans in process with outstanding balances of $10.4 million and $7.4 million as of September 30, 2015 and December 31, 2014, respectively. | ||
[2] | Includes overdraft balances of $2.5 million and $2.4 million as of September 30, 2015 and December 31, 2014, respectively. |
LOANS, NET (Details 2)
LOANS, NET (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | $ 13,138 | $ 16,769 |
Total Past Due | $ 4,335 | $ 6,792 |
90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due | ||
Commercial, Financial and Agricultural [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | $ 60 | $ 507 |
Total Past Due | $ 284 | $ 507 |
Commercial, Financial and Agricultural [Member] | 90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due | ||
Real Estate - Construction [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | $ 491 | $ 424 |
Total Past Due | $ 545 | $ 690 |
Real Estate - Construction [Member] | 90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due | ||
Real Estate - Commercial Mortgage [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | $ 5,844 | $ 5,806 |
Total Past Due | $ 236 | $ 2,270 |
Real Estate - Commercial Mortgage [Member] | 90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due | ||
Real Estate - Residential [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | $ 4,973 | $ 6,737 |
Total Past Due | $ 1,704 | $ 1,829 |
Real Estate - Residential [Member] | 90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due | ||
Real Estate - Home Equity [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | $ 1,679 | $ 2,544 |
Total Past Due | $ 453 | $ 774 |
Real Estate - Home Equity [Member] | 90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due | ||
Consumer [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | $ 91 | $ 751 |
Total Past Due | $ 1,113 | $ 722 |
Consumer [Member] | 90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due |
LOANS, NET (Details 3)
LOANS, NET (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 4,335 | $ 6,792 | |
Total Current | 1,457,710 | 1,407,813 | |
Total Loans | 1,475,183 | 1,431,374 | |
30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 2,366 | 4,739 | |
60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 1,969 | $ 2,053 | |
90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | |||
Commercial, Financial and Agricultural [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 284 | $ 507 | |
Total Current | 169,244 | 135,911 | |
Total Loans | 169,588 | 136,925 | |
Commercial, Financial and Agricultural [Member] | 30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 281 | 352 | |
Commercial, Financial and Agricultural [Member] | 60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 3 | $ 155 | |
Commercial, Financial and Agricultural [Member] | 90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | |||
Real Estate - Construction [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 545 | $ 690 | |
Total Current | 48,439 | 40,482 | |
Total Loans | $ 49,475 | 41,596 | |
Real Estate - Construction [Member] | 30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 690 | ||
Real Estate - Construction [Member] | 60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 545 | ||
Real Estate - Construction [Member] | 90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | |||
Real Estate - Commercial Mortgage [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 236 | $ 2,270 | |
Total Current | 485,654 | 502,044 | |
Total Loans | 491,734 | 510,120 | |
Real Estate - Commercial Mortgage [Member] | 30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 123 | 1,701 | |
Real Estate - Commercial Mortgage [Member] | 60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 113 | $ 569 | |
Real Estate - Commercial Mortgage [Member] | 90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | |||
Real Estate - Residential [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 1,704 | $ 1,829 | |
Total Current | 284,107 | 287,403 | |
Total Loans | [1] | 290,784 | 295,969 |
Real Estate - Residential [Member] | 30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 682 | 682 | |
Real Estate - Residential [Member] | 60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 1,022 | $ 1,147 | |
Real Estate - Residential [Member] | 90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | |||
Real Estate - Home Equity [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 453 | $ 774 | |
Total Current | 230,122 | 226,254 | |
Total Loans | 232,254 | 229,572 | |
Real Estate - Home Equity [Member] | 30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 397 | 689 | |
Real Estate - Home Equity [Member] | 60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 56 | $ 85 | |
Real Estate - Home Equity [Member] | 90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | |||
Consumer [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 1,113 | $ 722 | |
Total Current | 240,144 | 215,719 | |
Total Loans | [2] | 241,348 | 217,192 |
Consumer [Member] | 30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 883 | 625 | |
Consumer [Member] | 60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 230 | $ 97 | |
Consumer [Member] | 90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | |||
[1] | Includes loans in process with outstanding balances of $10.4 million and $7.4 million as of September 30, 2015 and December 31, 2014, respectively. | ||
[2] | Includes overdraft balances of $2.5 million and $2.4 million as of September 30, 2015 and December 31, 2014, respectively. |
LOANS, NET (Details 4)
LOANS, NET (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Activity in the allowance for loan losses by portfolio class | ||||
Beginning Balance | $ 15,236 | $ 20,543 | $ 17,539 | $ 23,095 |
Provision for Loan Losses | 413 | 424 | 1,081 | 1,282 |
Charge-Offs | (1,503) | (2,513) | (5,573) | (7,263) |
Recoveries | 591 | 639 | 1,690 | 1,979 |
Net Charge-Offs | (912) | (1,874) | (3,883) | (5,284) |
Ending Balance | 14,737 | 19,093 | 14,737 | 19,093 |
Commercial, Financial and Agricultural [Member] | ||||
Activity in the allowance for loan losses by portfolio class | ||||
Beginning Balance | 917 | 706 | 784 | 699 |
Provision for Loan Losses | 183 | 387 | 708 | 371 |
Charge-Offs | (365) | (86) | (894) | (183) |
Recoveries | 45 | 28 | 182 | 148 |
Net Charge-Offs | (320) | (58) | (712) | (35) |
Ending Balance | 780 | 1,035 | 780 | 1,035 |
Real Estate - Construction [Member] | ||||
Activity in the allowance for loan losses by portfolio class | ||||
Beginning Balance | 360 | 1,267 | 843 | 1,580 |
Provision for Loan Losses | $ (64) | $ (280) | $ (547) | $ (598) |
Charge-Offs | ||||
Recoveries | $ 2 | $ 7 | ||
Net Charge-Offs | 2 | 7 | ||
Ending Balance | $ 296 | 989 | $ 296 | 989 |
Real Estate - Commercial Mortgage [Member] | ||||
Activity in the allowance for loan losses by portfolio class | ||||
Beginning Balance | 4,275 | 6,147 | 5,287 | 7,710 |
Provision for Loan Losses | 333 | 386 | 426 | 267 |
Charge-Offs | 26 | (1,208) | (1,163) | (2,831) |
Recoveries | 86 | 213 | 170 | 392 |
Net Charge-Offs | 112 | (995) | (993) | (2,439) |
Ending Balance | 4,720 | 5,538 | 4,720 | 5,538 |
Real Estate - Residential [Member] | ||||
Activity in the allowance for loan losses by portfolio class | ||||
Beginning Balance | 5,654 | 8,214 | 6,520 | 9,073 |
Provision for Loan Losses | (545) | (505) | (870) | (385) |
Charge-Offs | (476) | (212) | (1,265) | (1,638) |
Recoveries | 193 | 93 | 441 | 540 |
Net Charge-Offs | (283) | (119) | (824) | (1,098) |
Ending Balance | 4,826 | 7,590 | 4,826 | 7,590 |
Real Estate - Home Equity [Member] | ||||
Activity in the allowance for loan losses by portfolio class | ||||
Beginning Balance | 2,536 | 3,066 | 2,882 | 3,051 |
Provision for Loan Losses | 273 | 331 | 506 | 1,048 |
Charge-Offs | (370) | (621) | (1,006) | (1,399) |
Recoveries | 42 | 37 | 99 | 113 |
Net Charge-Offs | (328) | (584) | (907) | (1,286) |
Ending Balance | 2,481 | 2,813 | 2,481 | 2,813 |
Consumer [Member] | ||||
Activity in the allowance for loan losses by portfolio class | ||||
Beginning Balance | 1,494 | 1,143 | 1,223 | 982 |
Provision for Loan Losses | 233 | 105 | 858 | 579 |
Charge-Offs | (318) | (386) | (1,245) | (1,212) |
Recoveries | 225 | 266 | 798 | 779 |
Net Charge-Offs | (93) | (120) | (447) | (433) |
Ending Balance | $ 1,634 | $ 1,128 | $ 1,634 | $ 1,128 |
LOANS, NET (Details 5)
LOANS, NET (Details 5) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | $ 4,455 | $ 5,782 | $ 7,038 |
Loans Collectively Evaluated for Impairment | 10,282 | 11,757 | 12,055 |
Ending Balance | 14,737 | 17,539 | 19,093 |
Commercial, Financial and Agricultural [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 81 | 293 | 576 |
Loans Collectively Evaluated for Impairment | 699 | 491 | 459 |
Ending Balance | $ 780 | $ 784 | 1,035 |
Real Estate - Construction [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 94 | ||
Loans Collectively Evaluated for Impairment | $ 296 | $ 843 | 895 |
Ending Balance | 296 | 843 | 989 |
Real Estate - Commercial Mortgage [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 2,001 | 2,733 | 3,359 |
Loans Collectively Evaluated for Impairment | 2,719 | 2,554 | 2,179 |
Ending Balance | 4,720 | 5,287 | 5,538 |
Real Estate - Residential [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 2,004 | 2,113 | 2,526 |
Loans Collectively Evaluated for Impairment | 2,822 | 4,407 | 5,064 |
Ending Balance | 4,826 | 6,520 | 7,590 |
Real Estate - Home Equity [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 365 | 638 | 471 |
Loans Collectively Evaluated for Impairment | 2,116 | 2,244 | 2,342 |
Ending Balance | 2,481 | 2,882 | 2,813 |
Consumer [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 4 | 5 | 12 |
Loans Collectively Evaluated for Impairment | 1,630 | 1,218 | 1,116 |
Ending Balance | $ 1,634 | $ 1,223 | $ 1,128 |
LOANS, NET (Details 6)
LOANS, NET (Details 6) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | $ 46,393 | $ 57,093 | $ 65,002 |
Financing Receivable, Collectively Evaluated for Impairment | 1,428,790 | 1,374,281 | 1,349,373 |
Total | 1,475,183 | 1,431,374 | 1,414,375 |
Commercial, Financial and Agricultural [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 813 | 1,040 | 1,489 |
Financing Receivable, Collectively Evaluated for Impairment | 168,775 | 135,885 | 132,267 |
Total | 169,588 | 136,925 | 133,756 |
Real Estate - Construction [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 468 | 401 | 835 |
Financing Receivable, Collectively Evaluated for Impairment | 49,007 | 41,195 | 37,286 |
Total | 49,475 | 41,596 | 38,121 |
Real Estate - Commercial Mortgage [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 24,170 | 32,242 | 37,524 |
Financing Receivable, Collectively Evaluated for Impairment | 467,564 | 477,878 | 464,339 |
Total | 491,734 | 510,120 | 501,863 |
Real Estate - Residential [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 18,079 | 20,120 | 22,087 |
Financing Receivable, Collectively Evaluated for Impairment | 272,705 | 275,849 | 286,208 |
Total | 290,784 | 295,969 | 308,295 |
Real Estate - Home Equity [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 2,702 | 3,074 | 2,796 |
Financing Receivable, Collectively Evaluated for Impairment | 229,552 | 226,498 | 226,172 |
Total | 232,254 | 229,572 | 228,968 |
Consumer [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 161 | 216 | 271 |
Financing Receivable, Collectively Evaluated for Impairment | 241,187 | 216,976 | 203,101 |
Total | $ 241,348 | $ 217,192 | $ 203,372 |
LOANS, NET (Details 7)
LOANS, NET (Details 7) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | $ 46,393 | $ 57,093 |
Recorded Investment With No Allowance | 10,051 | 18,827 |
Recorded Investment With Allowance | 36,342 | 38,266 |
Related Allowance | 4,455 | 5,782 |
Commercial, Financial and Agricultural [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 813 | 1,040 |
Recorded Investment With No Allowance | 286 | 189 |
Recorded Investment With Allowance | 527 | 851 |
Related Allowance | 81 | 293 |
Real Estate - Construction [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 468 | 401 |
Recorded Investment With No Allowance | 311 | $ 401 |
Recorded Investment With Allowance | $ 157 | |
Related Allowance | ||
Real Estate - Commercial Mortgage [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | $ 24,170 | $ 32,242 |
Recorded Investment With No Allowance | 5,727 | 11,984 |
Recorded Investment With Allowance | 18,443 | 20,258 |
Related Allowance | 2,001 | 2,733 |
Real Estate - Residential [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 18,079 | 20,120 |
Recorded Investment With No Allowance | 2,933 | 5,492 |
Recorded Investment With Allowance | 15,146 | 14,628 |
Related Allowance | 2,004 | 2,113 |
Real Estate - Home Equity [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 2,702 | 3,074 |
Recorded Investment With No Allowance | 733 | 758 |
Recorded Investment With Allowance | 1,969 | 2,316 |
Related Allowance | 365 | 638 |
Consumer [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 161 | 216 |
Recorded Investment With No Allowance | 61 | 3 |
Recorded Investment With Allowance | 100 | 213 |
Related Allowance | $ 4 | $ 5 |
LOANS, NET (Details 8)
LOANS, NET (Details 8) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Average recorded investment and interest income recognized by class of impaired loans | ||||
Average Recorded Investment | $ 49,786 | $ 66,434 | $ 53,172 | $ 69,721 |
Total Interest Income | 499 | 701 | 1,551 | 2,211 |
Commercial, Financial and Agricultural [Member] | ||||
Average recorded investment and interest income recognized by class of impaired loans | ||||
Average Recorded Investment | 942 | 1,433 | 1,044 | 1,482 |
Total Interest Income | 12 | 15 | 34 | 50 |
Real Estate - Construction [Member] | ||||
Average recorded investment and interest income recognized by class of impaired loans | ||||
Average Recorded Investment | $ 389 | 828 | $ 395 | 738 |
Total Interest Income | 1 | 4 | ||
Real Estate - Commercial Mortgage [Member] | ||||
Average recorded investment and interest income recognized by class of impaired loans | ||||
Average Recorded Investment | $ 26,959 | 39,020 | $ 29,343 | 42,671 |
Total Interest Income | 250 | 381 | 821 | 1,298 |
Real Estate - Residential [Member] | ||||
Average recorded investment and interest income recognized by class of impaired loans | ||||
Average Recorded Investment | 18,499 | 22,180 | 19,239 | 21,610 |
Total Interest Income | 215 | 284 | 626 | 800 |
Real Estate - Home Equity [Member] | ||||
Average recorded investment and interest income recognized by class of impaired loans | ||||
Average Recorded Investment | 2,831 | 2,680 | 2,965 | 2,906 |
Total Interest Income | 20 | 18 | 64 | 52 |
Consumer [Member] | ||||
Average recorded investment and interest income recognized by class of impaired loans | ||||
Average Recorded Investment | 166 | 293 | 186 | 314 |
Total Interest Income | $ 2 | $ 2 | $ 6 | $ 7 |
LOANS, NET (Details 9)
LOANS, NET (Details 9) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Risk category of loans by segment | ||
Total Criticized Loans | $ 105,769 | $ 142,370 |
Commercial, Financial and Agricultural [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 9,321 | 10,876 |
Real Estate [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 95,737 | 130,227 |
Consumer [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 711 | 1,267 |
Special Mention [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 44,358 | 59,233 |
Special Mention [Member] | Commercial, Financial and Agricultural [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 8,121 | 8,059 |
Special Mention [Member] | Real Estate [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 36,078 | 51,060 |
Special Mention [Member] | Consumer [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 159 | 114 |
Substandard [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 61,411 | 83,137 |
Substandard [Member] | Commercial, Financial and Agricultural [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 1,200 | 2,817 |
Substandard [Member] | Real Estate [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 59,659 | 79,167 |
Substandard [Member] | Consumer [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | $ 552 | $ 1,153 |
Doubtful [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | ||
Doubtful [Member] | Commercial, Financial and Agricultural [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | ||
Doubtful [Member] | Real Estate [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | ||
Doubtful [Member] | Consumer [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans |
LOANS, NET (Details 10)
LOANS, NET (Details 10) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Loans classified as TDRs | ||
Accruing | $ 35,961 | $ 44,410 |
Nonaccruing | 2,427 | 4,745 |
Commercial, Financial and Agricultural [Member] | ||
Loans classified as TDRs | ||
Accruing | $ 876 | 838 |
Nonaccruing | $ 266 | |
Real Estate - Construction [Member] | ||
Loans classified as TDRs | ||
Accruing | ||
Nonaccruing | ||
Real Estate - Commercial Mortgage [Member] | ||
Loans classified as TDRs | ||
Accruing | $ 18,526 | $ 26,565 |
Nonaccruing | 737 | 1,591 |
Real Estate - Residential [Member] | ||
Loans classified as TDRs | ||
Accruing | 14,400 | 14,940 |
Nonaccruing | 1,682 | 2,532 |
Real Estate - Home Equity [Member] | ||
Loans classified as TDRs | ||
Accruing | 2,000 | 1,856 |
Nonaccruing | 8 | 356 |
Consumer [Member] | ||
Loans classified as TDRs | ||
Accruing | $ 159 | $ 211 |
Nonaccruing |
LOANS, NET (Details 11)
LOANS, NET (Details 11) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)Number | Sep. 30, 2014USD ($)Number | Sep. 30, 2015USD ($)Number | Sep. 30, 2014USD ($)Number | ||
Loans classified as TDRs | |||||
Number of Contracts | Number | 2 | 8 | 9 | 21 | |
Pre-Modified Recorded Investment | $ 99 | $ 957 | $ 1,282 | $ 3,041 | |
Post-Modified Recorded Investment | [1] | $ 99 | $ 1,745 | $ 1,254 | $ 3,932 |
Commercial, Financial and Agricultural [Member] | |||||
Loans classified as TDRs | |||||
Number of Contracts | Number | 1 | ||||
Pre-Modified Recorded Investment | $ 51 | ||||
Post-Modified Recorded Investment | $ 54 | ||||
Real Estate - Construction [Member] | |||||
Loans classified as TDRs | |||||
Number of Contracts | Number | |||||
Pre-Modified Recorded Investment | |||||
Post-Modified Recorded Investment | |||||
Real Estate - Commercial Mortgage [Member] | |||||
Loans classified as TDRs | |||||
Number of Contracts | Number | 1 | 2 | 3 | ||
Pre-Modified Recorded Investment | $ 303 | $ 515 | $ 947 | ||
Post-Modified Recorded Investment | $ 1,125 | $ 515 | $ 1,769 | ||
Real Estate - Residential [Member] | |||||
Loans classified as TDRs | |||||
Number of Contracts | Number | 1 | 2 | 6 | 8 | |
Pre-Modified Recorded Investment | $ 49 | $ 201 | $ 717 | $ 1,308 | |
Post-Modified Recorded Investment | $ 49 | $ 182 | $ 690 | $ 1,390 | |
Real Estate - Home Equity [Member] | |||||
Loans classified as TDRs | |||||
Number of Contracts | Number | 1 | 5 | 1 | 8 | |
Pre-Modified Recorded Investment | $ 50 | $ 453 | $ 50 | $ 701 | |
Post-Modified Recorded Investment | $ 50 | $ 438 | $ 49 | $ 686 | |
Consumer [Member] | |||||
Loans classified as TDRs | |||||
Number of Contracts | Number | 1 | ||||
Pre-Modified Recorded Investment | $ 34 | ||||
Post-Modified Recorded Investment | $ 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) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014USD ($)Number | Sep. 30, 2014USD ($)Number | ||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | 3 | 5 | |
Post-Modified Recorded Investment | $ | [1] | $ 334 | $ 604 |
Commercial, Financial and Agricultural [Member] | |||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | |||
Post-Modified Recorded Investment | $ | [1] | ||
Real Estate - Construction [Member] | |||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | |||
Post-Modified Recorded Investment | $ | [1] | ||
Real Estate - Commercial Mortgage [Member] | |||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | |||
Post-Modified Recorded Investment | $ | [1] | ||
Real Estate - Residential [Member] | |||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | 3 | 4 | |
Post-Modified Recorded Investment | $ | [1] | $ 334 | $ 451 |
Real Estate - Home Equity [Member] | |||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | 1 | ||
Post-Modified Recorded Investment | $ | [1] | $ 153 | |
Consumer [Member] | |||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | |||
Post-Modified Recorded Investment | $ | [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) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)Number | Sep. 30, 2014USD ($)Number | Sep. 30, 2015USD ($)Number | Sep. 30, 2014USD ($)Number | ||
Financing Receivable, Modifications [Line Items] | |||||
Number of Contracts | 2 | 8 | 9 | 21 | |
Post-Modified Recorded Investment | $ | [1] | $ 99 | $ 1,745 | $ 1,254 | $ 3,932 |
Extended Amortization [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Contracts | 1 | 2 | 2 | 8 | |
Post-Modified Recorded Investment | $ | [1] | $ 49 | $ 158 | $ 167 | $ 1,736 |
Interest Rate Adjustment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Contracts | 1 | 1 | |||
Post-Modified Recorded Investment | $ | [1] | $ 156 | $ 156 | ||
Extended Amortization And Interest Rate Adjustment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Contracts | 1 | 2 | 6 | 5 | |
Post-Modified Recorded Investment | $ | [1] | $ 50 | $ 231 | $ 931 | $ 488 |
Other [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Contracts | 4 | 7 | |||
Post-Modified Recorded Investment | $ | [1] | $ 1,356 | $ 1,552 | ||
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
OTHER REAL ESTATE OWNED (Detail
OTHER REAL ESTATE OWNED (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Real Estate [Roll Forward] | ||||
Beginning Balance | $ 30,167 | $ 42,579 | $ 35,680 | $ 48,071 |
Additions | 1,242 | 2,854 | 4,072 | 12,121 |
Valuation Write-Downs | (269) | (664) | (1,575) | (2,216) |
Sales | $ (5,921) | (2,693) | (12,684) | (15,900) |
Other | (350) | (274) | (350) | |
Ending Balance | $ 25,219 | $ 41,726 | $ 25,219 | $ 41,726 |
OTHER REAL ESTATE OWNED (Deta44
OTHER REAL ESTATE OWNED (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Real Estate [Abstract] | ||||
Gains from the Sale of Properties | $ (31) | $ (107) | $ (686) | $ (441) |
Losses from the Sale of Properties | 591 | 483 | 1,249 | 1,648 |
Rental Income from Properties | (13) | (81) | (244) | (356) |
Property Carrying Costs | 486 | 824 | 1,836 | 2,391 |
Valuation Adjustments | 269 | 664 | 1,575 | 2,216 |
Total | $ 1,302 | $ 1,783 | $ 3,730 | $ 5,458 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Pension Plan [Member] | ||||
Components of Net Periodic Benefit Costs: | ||||
Service Cost | $ 1,715 | $ 1,500 | $ 5,145 | $ 4,500 |
Interest Cost | 1,438 | 1,400 | 4,313 | 4,200 |
Expected Return on Plan Assets | (1,955) | (1,875) | (5,865) | (5,625) |
Prior Service Cost Amortization | 77 | 75 | 232 | 225 |
Net Gain (Loss) Amortization | 891 | 325 | 2,673 | 975 |
Net Periodic Benefit Cost (Income) | $ 2,166 | $ 1,425 | $ 6,498 | $ 4,275 |
Discount Rate (in percent) | 4.15% | 5.00% | 4.15% | 5.00% |
Expected Return on Plan Assets (in percent) | 7.50% | 7.50% | 7.50% | 7.50% |
Supplemental Executive Retirement Plan [Member] | ||||
Components of Net Periodic Benefit Costs: | ||||
Interest Cost | $ 34 | $ 28 | $ 101 | $ 84 |
Prior Service Cost Amortization | 2 | 40 | 5 | 120 |
Net Gain (Loss) Amortization | 44 | (183) | 134 | (549) |
Net Periodic Benefit Cost (Income) | $ 80 | $ (115) | $ 240 | $ (345) |
Discount Rate (in percent) | 4.15% | 5.00% | 4.15% | 5.00% |
COMMITMENTS AND CONTINGENCIES46
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Fixed | $ 61,446 | $ 41,940 | |
Variable | 303,795 | 278,438 | |
Total | 365,241 | 320,378 | |
Commitments to Extend Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fixed | [1] | 55,147 | 33,633 |
Variable | [1] | 303,795 | 278,438 |
Total | [1] | 358,942 | 312,071 |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fixed | $ 6,299 | $ 8,307 | |
Variable | |||
Total | $ 6,299 | $ 8,307 | |
[1] | Commitments include unfunded loans, revolving lines of credit, and other unused commitments. |
COMMITMENTS AND CONTINGENCIES47
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Mar. 31, 2011 | Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Pre-tax gain on Class B shares | $ 3,200 | ||
Quartely payment until settlement is finalized | $ 161 | $ 63 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 243,989 | $ 186,031 |
U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 105,076 | 96,097 |
States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 84,240 | 48,388 |
Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 2,071 | 2,287 |
Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 8,695 | 8,745 |
Level 1 Inputs [Member] | U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 243,989 | $ 186,031 |
Level 1 Inputs [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Level 1 Inputs [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Level 1 Inputs [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Level 1 Inputs [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 2 [Member] | U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 2 [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 105,076 | $ 96,097 |
Fair Value, Inputs, Level 2 [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 84,240 | 48,388 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 2,071 | 2,287 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 8,695 | $ 8,745 |
Fair Value, Inputs, Level 3 [Member] | U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure |
FAIR VALUE MEASUREMENTS (Deta49
FAIR VALUE MEASUREMENTS (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Federal Funds Sold and Interest Bearing Deposits | $ 167,787 | $ 329,589 |
Investment Securities Available for Sale | 444,071 | 341,548 |
Investment Securities Held to Maturity | 194,840 | 163,412 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
ASSETS: | ||
Cash | 42,917 | 55,467 |
Federal Funds Sold and Interest Bearing Deposits | 167,787 | 329,589 |
Investment Securities Available for Sale | 444,071 | 341,548 |
Investment Securities Held to Maturity | 193,964 | 163,581 |
Loans Held for Sale | 10,960 | 10,688 |
Loans, Net of Allowance for Loan Losses | 1,460,446 | 1,413,835 |
LIABILITIES: | ||
Deposits | 2,114,983 | 2,146,794 |
Short-Term Borrowings | 65,355 | 49,425 |
Subordinated Notes Payable | 62,887 | 62,887 |
Long-Term Borrowings | 29,042 | 31,097 |
Level 1 Inputs [Member] | ||
ASSETS: | ||
Cash | 42,917 | 55,467 |
Federal Funds Sold and Interest Bearing Deposits | 167,787 | 329,589 |
Investment Securities Available for Sale | 243,989 | 186,031 |
Investment Securities Held to Maturity | $ 135,427 | $ 76,317 |
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 [Member] | ||
ASSETS: | ||
Cash | ||
Federal Funds Sold and Interest Bearing Deposits | ||
Investment Securities Available for Sale | $ 200,082 | $ 155,517 |
Investment Securities Held to Maturity | 59,413 | 87,095 |
Loans Held for Sale | $ 10,960 | $ 10,688 |
Loans, Net of Allowance for Loan Losses | ||
LIABILITIES: | ||
Deposits | $ 2,065,792 | $ 2,146,510 |
Short-Term Borrowings | 65,601 | 48,760 |
Subordinated Notes Payable | 45,850 | 62,887 |
Long-Term Borrowings | $ 29,794 | $ 32,313 |
Fair Value, Inputs, Level 3 [Member] | ||
ASSETS: | ||
Cash | ||
Federal Funds Sold and Interest Bearing Deposits | ||
Investment Securities Available for Sale | ||
Investment Securities Held to Maturity | ||
Loans Held for Sale | ||
Loans, Net of Allowance for Loan Losses | $ 1,473,849 | $ 1,369,314 |
LIABILITIES: | ||
Deposits | ||
Short-Term Borrowings | ||
Subordinated Notes Payable | ||
Long-Term Borrowings |
OTHER COMPREHENSIVE INCOME (L50
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investment Securities Before Tax Amount [Abstract] | ||||
Change in net unrealized gain/loss on securities available for sale before tax | $ 533 | $ (173) | $ 1,562 | $ 78 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity before tax | 21 | 17 | 56 | 53 |
Other comprehensive income (loss), before tax | 554 | (156) | 1,618 | 131 |
Investment Securities Tax Expense (Benefit) [Abstract] | ||||
Change in net unrealized gain/loss on securities available for sale tax expense (benefit) | (206) | 61 | (602) | (36) |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity tax expense (benefit) | (8) | (7) | (22) | (20) |
Other comprehensive income (loss), tax expense (benefit) | (214) | 54 | (624) | (56) |
Investment Securities Net of Tax Amount [Abstract] | ||||
Change in net unrealized gain/loss on securities available for sale Net of Tax amount | 327 | (112) | 960 | 42 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity net of tax | 13 | 10 | 34 | 33 |
Total other comprehensive income (loss) Net of Tax | $ 340 | $ (102) | $ 994 | $ 75 |
OTHER COMPREHENSIVE INCOME (L51
OTHER COMPREHENSIVE INCOME (LOSS) (Details 2) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Activity in accumulated other comprehensive loss, net of tax | ||
Balance, Begining | $ (21,509) | |
Other comprehensive loss during the period | 994 | $ 75 |
Balance, Ending | (20,515) | |
Securities Available for Sale [Member] | ||
Activity in accumulated other comprehensive loss, net of tax | ||
Balance, Begining | 59 | (132) |
Other comprehensive loss during the period | 994 | 75 |
Balance, Ending | 1,053 | (57) |
Retirement Plans [Member] | ||
Activity in accumulated other comprehensive loss, net of tax | ||
Balance, Begining | $ (21,568) | $ (8,408) |
Other comprehensive loss during the period | ||
Balance, Ending | $ (21,568) | $ (8,408) |
Accumulated Other Comprehensive Loss, Net of Taxes [Member] | ||
Activity in accumulated other comprehensive loss, net of tax | ||
Balance, Begining | (21,509) | (8,540) |
Other comprehensive loss during the period | 994 | 75 |
Balance, Ending | $ (20,515) | $ (8,465) |