Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | CAPITAL CITY BANK GROUP INC | ||
Entity Central Index Key | 726,601 | ||
Document Type | 10-K | ||
Trading Symbol | CCBG | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 159,934,867 | ||
Entity Common Stock, Shares Outstanding | 17,221,651 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and Due From Banks | $ 51,288 | $ 55,467 |
Federal Funds Sold and Interest Bearing Deposits | 327,617 | 329,589 |
Total Cash and Cash Equivalents | 378,905 | 385,056 |
Investment Securities, Available for Sale, at fair value | 451,028 | 341,548 |
Investment Securities, Held to Maturity, at amortized cost (fair value of $187,407 and $163,412) | 187,892 | 163,581 |
Total Investment Securities | 638,920 | 505,129 |
Loans Held For Sale | 11,632 | 10,688 |
Loans, Net of Unearned Income | 1,492,275 | 1,431,374 |
Allowance for Loan Losses | (13,953) | (17,539) |
Loans, Net | 1,478,322 | 1,413,835 |
Premises and Equipment, Net | 98,819 | 101,899 |
Goodwill | 84,811 | 84,811 |
Other Real Estate Owned | 19,290 | 35,680 |
Other Assets | 87,161 | 90,071 |
Total Assets | 2,797,860 | 2,627,169 |
Deposits: | ||
Noninterest Bearing Deposits | 758,283 | 659,115 |
Interest Bearing Deposits | 1,544,566 | 1,487,679 |
Total Deposits | 2,302,849 | 2,146,794 |
Short-Term Borrowings | 61,058 | 49,425 |
Subordinated Notes Payable | 62,887 | 62,887 |
Other Long-Term Borrowings | 28,265 | 31,097 |
Other Liabilities | 68,449 | 64,426 |
Total Liabilities | $ 2,523,508 | $ 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; 17,156,919 and 17,447,223 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively | $ 172 | $ 174 |
Additional Paid-In Capital | 38,256 | 42,569 |
Retained Earnings | 258,181 | 251,306 |
Accumulated Other Comprehensive Loss, Net of Tax | (22,257) | (21,509) |
Total Shareowners' Equity | 274,352 | 272,540 |
Total Liabilities and Shareowners' Equity | $ 2,797,860 | $ 2,627,169 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Investment securities, held to maturity, fair value | $ 187,407 | $ 163,412 |
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, authorized | 3,000,000 | 3,000,000 |
Preferred Stock, outstanding | 0 | 0 |
Preferred Stock, issued | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized | 90,000,000 | 90,000,000 |
Common Stock, issued | 17,156,919 | 17,447,223 |
Common Stock, outstanding | 17,156,919 | 17,447,223 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
INTEREST INCOME | |||
Loans, including Fees | $ 73,169 | $ 73,402 | $ 78,184 |
Investment Securities: | |||
Taxable | 5,224 | 3,394 | 2,345 |
Tax Exempt | 633 | 492 | 546 |
Funds Sold | 632 | 933 | 1,077 |
Total Interest Income | 79,658 | 78,221 | 82,152 |
INTEREST EXPENSE | |||
Deposits | 944 | 1,099 | 1,431 |
Short-Term Borrowings | 59 | 78 | 235 |
Subordinated Notes Payable | 1,368 | 1,328 | 1,420 |
Other Long-Term Borrowings | 936 | 1,075 | 1,330 |
Total Interest Expense | 3,307 | 3,580 | 4,416 |
NET INTEREST INCOME | 76,351 | 74,641 | 77,736 |
Provision for Loan Losses | 1,594 | 1,905 | 3,472 |
Net Interest Income After Provision for Loan Losses | 74,757 | 72,736 | 74,264 |
NONINTEREST INCOME | |||
Deposit Fees | 22,608 | 24,320 | 25,254 |
Bank Card Fees | 11,278 | 10,892 | 10,786 |
Wealth Management Fees | 7,533 | 7,808 | 8,179 |
Mortgage Banking Fees | 4,539 | 3,082 | 3,534 |
Data Processing Fees | 1,472 | 1,543 | 2,674 |
Other | 6,661 | 4,891 | 4,684 |
Total Noninterest Income | 54,091 | 52,536 | 55,111 |
NONINTEREST EXPENSE | |||
Compensation | 65,414 | 62,215 | 66,127 |
Occupancy, Net | 17,738 | 17,818 | 17,331 |
Other Real Estate Owned, Net | 4,971 | 6,811 | 8,234 |
Other | 27,150 | 27,514 | 29,713 |
Total Noninterest Expense | 115,273 | 114,358 | 121,405 |
INCOME BEFORE INCOME TAXES | 13,575 | 10,914 | 7,970 |
Income Tax Expense | 4,459 | 1,654 | 1,925 |
NET INCOME | $ 9,116 | $ 9,260 | $ 6,045 |
BASIC NET INCOME PER SHARE (in dollars per share) | $ 0.53 | $ 0.53 | $ 0.35 |
DILUTED NET INCOME PER SHARE (in dollars per share) | $ 0.53 | $ 0.53 | $ 0.35 |
Average Basic Common Shares Outstanding (in shares) | 17,273 | 17,425 | 17,325 |
Average Diluted Common Shares Outstanding (in shares) | 17,318 | 17,488 | 17,399 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
NET INCOME | $ 9,116 | $ 9,260 | $ 6,045 |
Investment Securities: | |||
Change in net unrealized gain/loss on securities available for sale | $ (378) | $ 250 | (1,252) |
Unrealized losses on securities transferred from available for sale to held to maturity | (523) | ||
Amortization of unrealized losses on securities transferred from available for sale to held to maturity | $ 76 | $ 70 | 25 |
Reclassification adjustment for net gains included in net income | $ 5 | $ 1 | 3 |
Reclassification adjustment for impairment loss realized in net income | 600 | ||
Total Investment Securities | $ (297) | $ 321 | (1,147) |
Benefit Plans: | |||
Reclassification adjustment for amortization of prior service cost | 316 | 473 | 504 |
Reclassification adjustment for amortization of net loss | 3,743 | 705 | 4,079 |
Current year actuarial (loss) gain | (4,975) | (22,603) | 30,784 |
Total Benefit Plans | (916) | (21,425) | 35,367 |
Other comprehensive (loss) income, before tax: | (1,213) | (21,104) | 34,220 |
Deferred tax benefit (expense) related to other comprehensive income | 465 | 8,135 | (13,201) |
Other comprehensive (loss) income, net of tax | (748) | (12,969) | 21,019 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 8,368 | $ (3,709) | $ 27,064 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY - USD ($) $ in Thousands | Equities [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss, Net of Taxes [Member] | Total |
Balance beginning at Dec. 31, 2012 | $ 172 | $ 38,707 | $ 237,569 | $ (29,559) | $ 246,889 |
Balance beginning (in shares) at Dec. 31, 2012 | 17,232,380 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | $ 6,045 | 6,045 | |||
Other Comprehensive Income (Loss), Net of Tax | $ 21,019 | 21,019 | |||
Stock Compensation Expense | $ 1,296 | 1,296 | |||
Impact of Transactions Under Compensation Plans, net | $ 2 | 1,149 | 1,151 | ||
Impact of Transactions Under Compensation Plans, net (in shares) | 128,580 | ||||
Balance ending at Dec. 31, 2013 | $ 174 | $ 41,152 | $ 243,614 | $ (8,540) | 276,400 |
Balance ending (in shares) at Dec. 31, 2013 | 17,360,960 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | $ 9,260 | 9,260 | |||
Other Comprehensive Income (Loss), Net of Tax | $ (12,969) | (12,969) | |||
Cash Dividends | $ (1,568) | (1,568) | |||
Repurchase of Common Stock | $ (269) | (269) | |||
Repurchase of Common Stock (in shares) | (19,600) | ||||
Stock Compensation Expense | 1,349 | 1,349 | |||
Impact of Transactions Under Compensation Plans, net | 337 | 337 | |||
Impact of Transactions Under Compensation Plans, net (in shares) | 105,863 | ||||
Balance ending at Dec. 31, 2014 | $ 174 | $ 42,569 | $ 251,306 | $ (21,509) | $ 272,540 |
Balance ending (in shares) at Dec. 31, 2014 | 17,447,223 | 17,447,223 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | $ 9,116 | $ 9,116 | |||
Other Comprehensive Income (Loss), Net of Tax | $ (748) | (748) | |||
Cash Dividends | $ (2,241) | (2,241) | |||
Repurchase of Common Stock | $ (4) | $ (5,977) | (5,981) | ||
Repurchase of Common Stock (in shares) | (405,228) | ||||
Stock Compensation Expense | 1,109 | 1,109 | |||
Impact of Transactions Under Compensation Plans, net | $ 2 | 555 | 557 | ||
Impact of Transactions Under Compensation Plans, net (in shares) | 114,924 | ||||
Balance ending at Dec. 31, 2015 | $ 172 | $ 38,256 | $ 258,181 | $ (22,257) | $ 274,352 |
Balance ending (in shares) at Dec. 31, 2015 | 17,156,919 | 17,156,919 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash Dividends (in dollars per share) | $ 0.09 | $ 0.13 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 9,116 | $ 9,260 | $ 6,045 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | |||
Provision for Loan Losses | 1,594 | 1,905 | 3,472 |
Depreciation | 6,586 | 6,490 | 6,396 |
Amortization of Premiums, Discounts, and Fees, net | $ 5,182 | 4,717 | 4,756 |
Amortization of Intangible Assets | 32 | 210 | |
Gain on Securities Transactions | $ (1) | (3) | |
Impairment Loss on Security | $ 90 | 600 | |
Net (Decrease) Increase in Loans Held-for-Sale | (944) | $ 377 | 3,124 |
Stock Compensation | 1,109 | 1,349 | 1,296 |
Deferred Income Taxes | 3,847 | 4,779 | 1,805 |
Loss on Sales and Write-Downs of Other Real Estate Owned | 2,943 | 4,462 | $ 4,573 |
Loss on Sale or Disposal of Premises and Equipment | 44 | 113 | |
Net Decrease (Increase) in Other Assets | 684 | (12,353) | $ 5,087 |
Net Increase (Decrease) in Other Liabilities | 3,510 | 4,021 | (2,510) |
Net Cash Provided By Operating Activities | 33,761 | 25,151 | 34,851 |
Securities Held to Maturity: | |||
Purchases | (66,021) | (56,249) | (95,946) |
Payments, Maturities, and Calls | 40,482 | 39,335 | 9,768 |
Securities Available for Sale: | |||
Purchases | $ (190,756) | $ (210,858) | (149,111) |
Sales | 7,506 | ||
Payments, Maturities, and Calls | $ 76,452 | $ 117,281 | 118,142 |
Net (Increase) Decrease in Loans | $ (71,432) | (64,975) | $ 84,969 |
Purchase of Bank Owned Life Insurance | (13,085) | ||
Proceeds From Sales of Other Real Estate Owned | $ 18,925 | 23,201 | $ 25,270 |
Purchases of Premises and Equipment, net | (4,703) | (5,117) | (2,689) |
Net Cash Used In by Investing Activities | (197,053) | (170,467) | (2,091) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net Increase (Decrease) in Deposits | 156,055 | 10,546 | (8,748) |
Net Increase (Decrease) in Short-Term Borrowings | $ 11,536 | $ (3,955) | (542) |
Proceeds from Other Long-Term Borrowings | 1,303 | ||
Repayment of Other Long-Term Borrowings | $ (2,735) | $ (4,888) | $ (5,691) |
Dividends Paid | (2,241) | (1,568) | |
Payments to Repurchase Common Stock | (5,981) | (269) | |
Issuance of Common Stock Under Compensation Plans | 507 | 578 | $ 1,114 |
Net Cash Provided By (Used In) Financing Activities | 157,141 | 444 | (12,564) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (6,151) | (144,872) | 20,196 |
Cash and Cash Equivalents at Beginning of Year | 385,056 | 529,928 | 509,732 |
Cash and Cash Equivalents at End of Year | 378,905 | 385,056 | 529,928 |
Supplemental Cash Flow Disclosures: | |||
Interest Paid | 3,314 | 3,562 | 6,012 |
Income Taxes Paid (Refunded) | $ 1,442 | $ 2,655 | (3,202) |
Noncash Investing and Financing Activities: | |||
Transfer of Securities Available for Sale to Held to Maturity | 62,488 | ||
Loans Transferred to Other Real Estate Owned | $ 5,752 | $ 15,271 | 24,488 |
Transfer of Current Portion of Long-Term Borrowings | $ 97 | $ 2,059 | $ 4,428 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | Note 1 SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Capital City Bank Group, Inc. (“CCBG” or the “Company”) provides a full range of banking and banking-related services to individual and corporate clients through its subsidiary, Capital City Bank, with banking offices located in Florida, Georgia, and Alabama. The Company is subject to competition from other financial institutions, is subject to regulation by certain government agencies and undergoes periodic examinations by those regulatory authorities. Basis of Presentation The consolidated financial statements include the accounts of Capital City Bank Group, Inc. (“CCBG”), and its wholly owned subsidiary, Capital City Bank (“CCB” or the “Bank” and together with CCBG, the “Company”). All material inter-company transactions and accounts have been eliminated. The Company, which operates a single reportable business segment that is comprised of commercial banking within the states of Florida, Georgia, and Alabama, follows accounting principles generally accepted in the United States of America and reporting practices applicable to the banking industry. The principles which materially affect the financial position, results of operations and cash flows are summarized below. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under accounting principles generally accepted in the United States of America. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provide the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (“VIE’s”) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in an entity is present when an enterprise has a variable interest, or a combination of variable interests, that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. CCBG’s wholly owned subsidiaries, CCBG Capital Trust I (established November 1, 2004) and CCBG Capital Trust II (established May 24, 2005) are VIEs for which the Company is not the primary beneficiary. Accordingly, the accounts of these entities are not included in the Company’s consolidated financial statements. Certain previously reported amounts have been reclassified to conform to the current year’s presentation. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the consolidated financial statements included in this Annual Report on Form 10-K were filed with the United States Securities and Exchange Commission. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from these estimates. Material estimates that are particularly susceptible to significant changes in the near-term relate to the determination of the allowance for loan losses, pension expense, income taxes, loss contingencies, and valuation of goodwill and their respective analysis of impairment. Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, interest-bearing deposits in other banks, and federal funds sold. Generally, federal funds are purchased and sold for one-day periods and all other cash equivalents have a maturity of 90 days or less. The Company is required to maintain average reserve balances with the Federal Reserve Bank based upon a percentage of deposits. The average amounts of these required reserve balances for the years ended December 31, 2015 and 2014 were $10.3 million and $13.2 million, respectively. Investment Securities Securities are classified as held to maturity and carried at amortized cost when the Company has the positive intent and ability to hold them until maturity. Securities not classified as held to maturity or trading securities are classified as available for sale and carried at fair value, with the unrealized holding gains and losses reported as a component of other comprehensive income, net of tax. The Company determines the appropriate classification of securities at the time of purchase. Securities with limited marketability, such as stock in the Federal Reserve Bank and the Federal Home Loan Bank, are carried at cost. Securities transferred from available for sale to held to maturity are recorded at fair value at the time of transfer. The respective gain or loss is reclassified as a separate component of other comprehensive income and amortized as an adjustment to interest income over the remaining life of the security. Interest income includes amortization of purchase premiums and discounts. Realized gains and losses are derived from the amortized cost of the security sold. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, the Company considers, (i) whether it has decided to sell the security, (ii) whether it is more likely than not that the Company will have to sell the security before its market value recovers, and (iii) whether the present value of expected cash flows is sufficient to recover the entire amortized cost basis. When assessing the security’s expected cash flows, the Company considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost and (ii) the financial condition and near-term prospects of the issuer. Loans Held For Sale Certain residential mortgage loans are originated for sale in the secondary mortgage loan market. Additionally, certain other loans are periodically identified to be sold. The Company has the ability and intent to sell these loans and they are classified as loans held for sale and carried at the lower of cost or estimated fair value. Fair value is determined on the basis of rates quoted in the respective secondary market for the type of loan held for sale. Loans are generally sold with servicing released at a premium or discount from the carrying amount of the loans. Such premium or discount is recognized as mortgage banking revenue at the date of sale. Fixed commitments are generally used at the time loans are originated or identified for sale to mitigate interest rate risk. The fair value of fixed commitments to originate and sell loans held for sale is not material. Loans Loans are stated at the principal amount outstanding, net of unearned income. Interest income is accrued on the effective yield method based on outstanding balances, and includes loan late fees. Fees charged to originate loans and direct loan origination costs are deferred and amortized over the life of the loan as a yield adjustment. The Company defines loans as past due when one full payment is past due or a contractual maturity is over 30 days late. The accrual of interest is generally suspended on loans more than 90 days past due with respect to principal or interest. When a loan is placed on nonaccrual status, all previously accrued and uncollected interest is reversed against current income. Interest income on nonaccrual loans is recognized when the ultimate collectability is no longer considered doubtful. Loans are returned to accrual status when the principal and interest amounts contractually due are brought current or when future payments are reasonably assured. Loan charge-offs on commercial and investor real estate loans are recorded when the facts and circumstances of the individual loan confirm the loan is not fully collectible and the loss is reasonably quantifiable. Factors considered in making these determinations are the borrower’s and any guarantor’s ability and willingness to pay, the status of the account in bankruptcy court (if applicable), and collateral value. Charge-off decisions for consumer loans are dictated by the Federal Financial Institutions Examination Council’s (FFIEC) Uniform Retail Credit Classification and Account Management Policy which establishes standards for the classification and treatment of consumer loans, which generally require charge-off after 120 days of delinquency. Allowance for Loan Losses The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing portfolio of loans. The allowance is that amount considered adequate to absorb losses inherent in the loan portfolio based on management’s evaluation of credit risk as of the balance sheet date. The allowance for loan losses includes allowance allocations calculated in accordance with FASB ASC Topic 310 – Receivables and ASC Topic 450 - Contingencies. The level of the allowance reflects management’s continuing evaluation of specific credit risks, loan loss experience, current loan portfolio quality, present economic conditions and unidentified losses inherent in the current loan portfolio, as well as trends in the foregoing. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The Company’s allowance for loan losses consists of two components: (i) specific reserves established for probable losses on impaired loans; and (ii) general reserve for non-homogenous loans not deemed impaired and homogenous loan pools based on, but not limited to, historical loan loss experience, current economic conditions, levels of past due loans, and levels of problem loans. Loans are deemed to be impaired when, based on current information and events, it is probable that the Company will not be able to collect all amounts due (principal and interest payments), according to the contractual terms of the loan agreement. Loans to borrowers who are experiencing financial difficulties and whose loans were modified with concessions are classified as troubled debt restructurings and measured for impairment. Loans to borrowers that have filed Chapter 7 bankruptcy, but continue to perform as agreed are classified as troubled debt restructurings and measured for impairment. Long-Lived Assets Premises and equipment is stated at cost less accumulated depreciation, computed on the straight-line method over the estimated useful lives for each type of asset with premises being depreciated over a range of 10 to 40 years, and equipment being depreciated over a range of 3 to 10 years. Additions, renovations and leasehold improvements to premises are capitalized and depreciated over the lesser of the useful life or the remaining lease term. Repairs and maintenance are charged to noninterest expense as incurred. Long-lived assets are evaluated for impairment if circumstances suggest that their carrying value may not be recoverable, by comparing the carrying value to estimated undiscounted cash flows. If the asset is deemed impaired, an impairment charge is recorded equal to the carrying value less the fair value. Bank Owned Life Insurance (BOLI) The Company, through its subsidiary bank, has purchased life insurance policies on certain key officers. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Goodwill Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. In accordance with FASB ASC Topic 350, the Company determined it has one goodwill reporting unit. Goodwill is tested for impairment annually during the fourth quarter or on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. See Note 5 – Intangible Assets for additional information. Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the lower of cost or fair value less estimated selling costs, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. Revenue and expenses from operations and changes in value are included in noninterest expense. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Revenue Recognition The Company recognizes revenue as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Certain specific policies include the following: Deposit Fees Bank Card Fees Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. The Company files a consolidated federal income tax return and each subsidiary files a separate state income tax return. Earnings Per Common Share Basic earnings per common share is based on net income divided by the weighted-average number of common shares outstanding during the period excluding non-vested stock. Diluted earnings per common share include the dilutive effect of stock options and non-vested stock awards granted using the treasury stock method. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 13 — Earnings Per Share. Comprehensive Income Comprehensive income includes all changes in shareowners’ equity during a period, except those resulting from transactions with shareowners. Besides net income, other components of the Company’s comprehensive income include the after tax effect of changes in the net unrealized gain/loss on securities available for sale and changes in the funded status of defined benefit and supplemental executive retirement plans. Comprehensive income is reported in the accompanying Consolidated Statements of Comprehensive Income and Changes in Shareowners’ Equity. Stock Based Compensation Compensation cost is recognized for share based awards issued to employees, based on the fair value of these awards at the date of grant. The market price of the Company’s common stock at the date of the grant is used for restricted stock awards. For stock option awards, a Black-Scholes model is utilized to estimate the fair value of the options. Compensation cost is recognized over the requisite service period, generally defined as the vesting period. NEW AUTHORITATIVE ACCOUNTING GUIDANCE ASU 2015-01, “Income Statement – Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis.” . 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 ASU 2015-16, “Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | Note 2 INVESTMENT SECURITIES Investment Portfolio Composition 2015 2014 Amortized Unrealized Unrealized Market Amortized Unrealized Unrealized Market Cost Gains Losses Value Cost Gain Losses Value Available for Sale U.S. Government Treasury $ 250,458 $ 101 $ 213 $ 250,346 $ 185,830 $ 220 $ 19 $ 186,031 U.S. Government Agency 101,730 357 263 101,824 95,950 289 142 96,097 States and Political 88,358 103 99 88,362 48,405 65 82 48,388 Mortgage-Backed Securities 1,742 159 — 1,901 2,094 193 — 2,287 Equity Securities (1) 8,595 — — 8,595 8,745 — — 8,745 Total $ 450,883 $ 720 $ 575 $ 451,028 $ 341,024 $ 767 $ 243 $ 341,548 Held to Maturity U.S. Government Treasury $ 134,554 $ 45 $ 160 $ 134,439 $ 76,179 $ 144 $ 6 $ 76,317 U.S. Government Agency 10,043 7 5 10,045 19,807 29 19 19,817 States and Political 15,693 38 7 15,724 26,717 36 6 26,747 Mortgage-Backed Securities 27,602 4 407 27,199 40,878 33 380 40,531 Total $ 187,892 $ 94 $ 579 $ 187,407 $ 163,581 $ 242 $ 411 $ 163,412 Total Investment Securities $ 638,775 $ 814 $ 1,154 $ 638,435 $ 504,605 $ 1,009 $ 654 $ 504,960 (1) Includes Federal Home Loan Bank, Federal Reserve Bank and FNBB Inc. stock recorded at cost of $3.6 million and $4.8 and $0.2 million, respectively, at December 31, 2015 and Federal Home Loan Bank and Federal Reserve Bank stock at $3.9 million and $4.8 million, respectively, at December 31, 2014. During the third quarter of 2013, the Company transferred certain securities from available for sale to held to maturity. Transfers of securities into the held to maturity categories from available for sale are made at fair value on the date of the transfer. The securities had an aggregate fair value of $63.0 million with an aggregate net unrealized loss of $523,000 on the date of the transfer. The net unamortized, unrealized loss on the transferred securities included in accumulated other comprehensive income in the accompanying balance sheet as of December 31, 2015 totaled $352,000. This amount will be amortized out of accumulated other comprehensive income over the remaining life of the underlying securities as an adjustment of the yield on those securities. Securities with an amortized cost of $370.1 million and $337.9 million at December 31, 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. Investment Sales (Dollars in Thousands) Year Total Gross Gross 2015 $ — $ — $ — 2014 — — — 2013 $ 7,506 $ 3 $ — Maturity Distribution Available for Sale Held to Maturity (Dollars in Thousands) Amortized Market Amortized Market Due in one year or less $ 90,331 $ 90,261 $ 44,267 $ 44,270 Due after one through five years 280,264 280,116 116,023 115,938 Mortgage-Backed Securities 1,742 1,901 27,602 27,199 U.S. Government Agency 69,951 70,155 — — Equity Securities 8,595 8,595 — — Total $ 450,883 $ 451,028 $ 187,892 $ 187,407 Other Than Temporarily Impaired Securities Less Than Greater Than Total (Dollars in Thousands) Market Unrealized Market Unrealized Market Unrealized 2015 Available for Sale U.S. Government Treasury $ 150,061 $ 213 $ — $ — $ 150,061 $ 213 U.S. Government Agency 43,508 200 9,644 63 53,152 263 States and Political Subdivisions 39,608 86 5,066 13 44,674 99 Total 233,177 499 14,710 76 247,887 575 Held to Maturity U.S. Government Treasury 92,339 160 — — 92,339 160 U.S. Government Agency 5,006 5 — — 5,006 5 States and Political Subdivisions 3,791 7 — — 3,791 7 Mortgage-Backed Securities 13,267 185 11,889 222 25,156 407 Total $ 114,403 $ 357 $ 11,889 $ 222 $ 126,292 $ 579 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. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, the Company considers, (i) whether it has decided to sell the security, (ii) whether it is more likely than not that the Company will have to sell the security before its market value recovers, and (iii) whether the present value of expected cash flows is sufficient to recover the entire amortized cost basis. When assessing a security’s expected cash flows, the Company considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost and (ii) the financial condition and near-term prospects of the issuer. 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. At December 31, 2015, there were 295 positions (combined AFS and HTM) with unrealized losses totaling $1.2 million. Of the 295 positions, 134 were Ginnie Mae mortgage-backed securities (GNMA), U.S. Treasuries, or SBA securities, all of which carry the full faith and credit guarantee of the U.S. Government. Of these 134 positions, there were 22 GNMA positions and 22 SBA positions in an unrealized loss position for longer than 12 months. There were 141 municipal bonds in an unrealized loss position that were pre-refunded, or rated “AA-“or better. Fourteen of these positions were in an unrealized loss position for longer than 12 months. The remaining 20 securities were government agency bonds, which have been in an unrealized loss position for less than 12 months. All of these debt securities are in a loss position because they were acquired when the general level of interest rates was lower than that on December 31, 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 has the present ability and intent to hold these investments until there is a recovery in fair value, which may be at maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2015. |
LOANS, NET
LOANS, NET | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
LOANS, NET | NOTE 3 – LOANS, NET Loan Portfolio Composition (Dollars in Thousands) 2015 2014 Commercial, Financial and Agricultural $ 179,816 $ 136,925 Real Estate – Construction 46,484 41,596 Real Estate – Commercial Mortgage 499,813 510,120 Real Estate – Residential (1) 290,585 295,969 Real Estate – Home Equity 233,901 229,572 Consumer 241,676 217,192 Loans, Net of Unearned Income $ 1,492,275 $ 1,431,374 (1) Includes loans in process with outstanding balances of $8.5 million and $7.4 million for 2015 and 2014, respectively. Net deferred fees included in loans were $0.5 million at December 31, 2015 and $1.5 million at December 31, 2014. 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 at December 31: 2015 2014 (Dollars in Thousands) Nonaccrual 90 + Days Nonaccrual 90 + Days Commercial, Financial and Agricultural $ 96 — $ 507 — Real Estate – Construction 97 — 424 — Real Estate – Commercial Mortgage 4,191 — 5,806 — Real Estate – Residential 4,739 — 6,737 — Real Estate – Home Equity 1,017 — 2,544 — Consumer 165 — 751 — Total $ 10,305 — $ 16,769 — Loan Portfolio Aging. The following table presents the aging of the recorded investment in past due loans by class of loans at December 31, (Dollars in Thousands) 30-59 DPD 60-89 90 + Total Total Total Loans 2015 Commercial, Financial and Agricultural $ 153 $ 18 $ — $ 171 $ 179,549 $ 179,816 Real Estate – Construction 690 — — 690 45,697 46,484 Real Estate – Commercial Mortgage 754 1,229 — 1,983 493,639 499,813 Real Estate – Residential 567 347 — 914 284,932 290,585 Real Estate – Home Equity 787 97 — 884 232,000 233,901 Consumer 735 398 — 1,133 240,378 241,676 Total $ 3,686 $ 2,089 $ — $ 5,775 $ 1,476,195 $ 1,492,275 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 for the years ended December 31. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Commercial, Real Estate Real Estate Financial, Real Estate Commercial Real Estate Home (Dollars in Thousands) Agricultural Construction Mortgage Residential Equity Consumer Unallocated Total 2015 Beginning Balance $ 784 $ 843 $ 5,287 $ 6,520 $ 2,882 $ 1,223 $ — $ 17,539 Provision for Loan Losses 911 (742 ) 278 (964 ) 858 1,253 — 1,594 Charge-Offs (1,029 ) — (1,250 ) (1,852 ) (1,403 ) (1,901 ) — (7,435 ) Recoveries 239 — 183 705 136 992 — 2,255 Net Charge-Offs (790 ) — (1,067 ) (1,147 ) (1,267 ) (909 ) — (5,180 ) Ending Balance $ 905 $ 101 $ 4,498 $ 4,409 $ 2,473 $ 1,567 $ — $ 13,953 2014 Beginning Balance $ 699 $ 1,580 $ 7,710 $ 9,073 $ 3,051 $ 982 $ — $ 23,095 Provision for Loan Losses 742 (718 ) 897 (1,145 ) 1,069 1,060 — 1,905 Charge-Offs (871 ) (28 ) (3,788 ) (2,160 ) (1,379 ) (1,820 ) — (10,046 ) Recoveries 214 9 468 752 141 1,001 — 2,585 Net Charge-Offs (657 ) (19 ) (3,320 ) (1,408 ) (1,238 ) (819 ) — (7,461 ) Ending Balance $ 784 $ 843 $ 5,287 $ 6,520 $ 2,882 $ 1,223 $ — $ 17,539 2013 Beginning Balance $ 1,253 $ 2,856 $ 11,081 $ 8,678 $ 2,945 $ 1,327 $ 1,027 $ 29,167 Provision for Loan Losses (15 ) (207 ) (83 ) 3,392 971 441 (1,027 ) 3,472 Charge-Offs (748 ) (1,070 ) (3,651 ) (3,835 ) (1,159 ) (1,751 ) — (12,214 ) Recoveries 209 1 363 838 294 965 — 2,670 Net Charge-Offs (539 ) (1,069 ) (3,288 ) (2,997 ) (865 ) (786 ) — (9,544 ) Ending Balance $ 699 $ 1,580 $ 7,710 $ 9,073 $ 3,051 $ 982 $ — $ 23,095 The following table details the amount of the allowance for loan losses by portfolio class at December 31, disaggregated on the basis of the Company’s impairment methodology. Commercial, Real Estate Real Estate Financial, Real Estate Commercial Real Estate Home (Dollars in Thousands) Agricultural Construction Mortgage Residential Equity Consumer Total 2015 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 77 $ — $ 2,049 $ 2,118 $ 384 $ 18 $ 4,646 Loans Collectively Evaluated for Impairment 828 101 2,449 2,291 2,089 1,549 9,307 Ending Balance $ 905 $ 101 $ 4,498 $ 4,409 $ 2,473 $ 1,567 $ 13,953 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 2013 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 75 $ 66 $ 4,336 $ 2,047 $ 682 $ 23 $ 7,229 Loans Collectively Evaluated for Impairment 624 1,514 3,374 7,026 2,369 959 15,866 Ending Balance $ 699 $ 1,580 $ 7,710 $ 9,073 $ 3,051 $ 982 $ 23,095 The Company’s recorded investment in loans as of December 31 related to each balance in the allowance for loan losses by portfolio class and disaggregated on the basis of the Company’s impairment methodology was as follows: Commercial, Real Estate Real Estate Financial, Real Estate Commercial Real Estate Home (Dollars in Thousands) Agricultural Construction Mortgage Residential Equity Consumer Total 2015 Individually Evaluated for Impairment $ 834 $ 97 $ 20,847 $ 18,569 $ 3,144 $ 261 $ 43,752 Collectively Evaluated for Impairment 178,982 46,387 478,966 272,016 230,757 241,415 1,448,523 Total $ 179,816 $ 46,484 $ 499,813 $ 290,585 $ 233,901 $ 241,676 $ 1,492,275 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 2013 Individually Evaluated for Impairment $ 1,580 $ 557 $ 49,973 $ 20,470 $ 3,359 $ 355 $ 76,294 Collectively Evaluated for Impairment 125,027 30,455 483,898 289,222 224,563 159,145 1,312,310 Total $ 126,607 $ 31,012 $ 533,871 $ 309,692 $ 227,922 $ 159,500 $ 1,388,604 Impaired Loans The following table presents loans individually evaluated for impairment by class of loans at December 31: (Dollars in Thousands) Unpaid Recorded Recorded Related Allowance 2015 Commercial, Financial and Agricultural $ 834 $ 279 $ 555 $ 77 Real Estate – Construction 97 97 — — Real Estate – Commercial Mortgage 20,847 3,265 17,582 2,049 Real Estate – Residential 18,569 2,941 15,628 2,118 Real Estate – Home Equity 3,144 1,101 2,043 384 Consumer 261 79 182 18 Total $ 43,752 $ 7,762 $ 35,990 $ 4,646 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 Nonaccrual loans include both smaller balance homogenous loans that are collectively evaluated for impairment and individually classified impaired loans. Therefore, the sum of nonaccrual loans and accruing troubled debt restructurings will differ from the total impaired amount. The following table summarizes the average recorded investment and interest income recognized for each of the last three years by class of impaired loans: 2015 2014 2013 (Dollars in Thousands) Average Total Average Total Average Total Commercial, Financial and Agricultural $ 1,002 $ 46 $ 1,440 $ 62 $ 2,861 $ 140 Real Estate – Construction 335 — 637 4 1,181 7 Real Estate – Commercial Mortgage 27,644 1,093 41,435 1,725 60,043 2,062 Real Estate – Residential 19,105 842 21,122 1,070 21,238 860 Real Estate – Home Equity 3,001 86 3,000 72 4,037 72 Consumer 201 7 294 9 501 10 Total $ 51,288 $ 2,074 $ 67,928 $ 2,942 $ 89,861 $ 3,151 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 portfolio is reviewed to gauge diversification of risk, client concentrations, industry group, loan type, geographic area, or other relevant classifications of loans. Specific segments of the loan portfolio are monitored and reported to the Board on a quarterly basis and have strategic plans in place to supplement Board approved credit policies governing exposure limits and underwriting standards. Detailed below are the types of loans within the Company’s loan portfolio and risk characteristics unique to each. Commercial, Financial, and Agricultural – Loans in this category are primarily made based on identified cash flows of the borrower with consideration given to underlying collateral and personal or other guarantees. Lending policy establishes debt service coverage ratio limits that require a borrower’s cash flow to be sufficient to cover principal and interest payments on all new and existing debt. The majority of these loans are secured by the assets being financed or other business assets such as accounts receivable, inventory, or equipment. Collateral values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established policy guidelines. Real Estate Construction – Loans in this category consist of short-term construction loans, revolving and non-revolving credit lines and construction/permanent loans made to individuals and investors to finance the acquisition, development, construction or rehabilitation of real property. These loans are primarily made based on identified cash flows of the borrower or project and generally secured by the property being financed, including 1-4 family residential properties and commercial properties that are either owner-occupied or investment in nature. These properties may include either vacant or improved property. Construction loans are generally based upon estimates of costs and value associated with the completed project. Collateral values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established policy guidelines. The disbursement of funds for construction loans is made in relation to the progress of the project and as such these loans are closely monitored by on-site inspections. Real Estate Commercial Mortgage – Loans in this category consists of commercial mortgage loans secured by property that is either owner-occupied or investment in nature. These loans are primarily made based on identified cash flows of the borrower or project with consideration given to underlying real estate collateral and personal guarantees. Lending policy establishes debt service coverage ratios and loan to value ratios specific to the property type. Collateral values are determined based upon third party appraisals and evaluations. Real Estate Residential – Residential mortgage loans held in the Company’s loan portfolio are made to borrowers that demonstrate the ability to make scheduled payments with full consideration to underwriting factors such as current income, employment status, current assets, and other financial resources, credit history, and the value of the collateral. Collateral consists of mortgage liens on 1-4 family residential properties. Collateral values are determined based upon third party appraisals and evaluations. The Company does not originate sub-prime loans. Real Estate Home Equity – Home equity loans and lines are made to qualified individuals for legitimate purposes generally secured by senior or junior mortgage liens on owner-occupied 1-4 family homes or vacation homes. Borrower qualifications include favorable credit history combined with supportive income and debt ratio requirements and combined loan to value ratios within established policy guidelines. Collateral values are determined based upon third party appraisals and evaluations. Consumer Loans – This loan portfolio includes personal installment loans, direct and indirect automobile financing, and overdraft lines of credit. The majority of the consumer loan portfolio consists of indirect and direct automobile loans. Lending policy establishes maximum debt to income ratios, minimum credit scores, and includes guidelines for verification of applicants’ income and receipt of credit reports. Credit Quality Indicators Special Mention – Loans in this category are presently protected from loss, but weaknesses are apparent which, if not corrected, could cause future problems. Loans in this category may not meet required underwriting criteria and have no mitigating factors. More than the ordinary amount of attention is warranted for these loans. Substandard – Loans in this category exhibit well-defined weaknesses that would typically bring normal repayment into jeopardy. These loans are no longer adequately protected due to well-defined weaknesses that affect the repayment capacity of the borrower. The possibility of loss is much more evident and above average supervision is required for these loans. Doubtful – Loans in this category have all the weaknesses inherent in a loan categorized as Substandard, with the characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following table presents the risk category of loans by segment at December 31: Commercial, Total (Dollars in Thousands) Agriculture Real Estate Consumer Loans 2015 Special Mention $ 5,938 $ 27,838 $ 69 $ 33,845 Substandard 1,307 51,425 819 53,551 Doubtful — — — — Total Criticized Loans $ 7,245 $ 79,263 $ 888 $ 87,396 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 at December 31: 2015 2014 (Dollars in Thousands) Accruing Nonaccruing Accruing Nonaccruing Commercial, Financial and Agricultural $ 897 $ — $ 838 $ 266 Real Estate – Construction — — — — Real Estate – Commercial Mortgage 16,621 1,070 26,565 1,591 Real Estate – Residential 14,979 1,582 14,940 2,531 Real Estate – Home Equity 2,914 — 1,856 356 Consumer 223 35 211 — Total TDRs $ 35,634 $ 2,687 $ 44,410 $ 4,744 Loans classified as TDRs during 2015, 2014, and 2013 are presented in the table below. The modifications made during the reporting period involved either an extension of the loan term, a principal moratorium, a reduction in the interest rate, or a combination thereof. The financial impact of these modifications was not material. 2015 2014 2013 Number Number Number of Recorded of Recorded of Recorded (Dollars in Thousands) Contracts Investment (1) Contracts Investment (1) Contracts Investment (1) Commercial, Financial and Agricultural 1 $ 40 3 $ 320 4 $ 337 Real Estate – Construction — — — — — — Real Estate – Commercial Mortgage 4 631 3 1,769 13 9,653 Real Estate – Residential 14 1,531 11 1,972 18 2,073 Real Estate – Home Equity 21 1,005 10 883 9 587 Consumer 3 110 1 34 6 93 Total TDRs 43 $ 3,317 28 $ 4,978 50 $ 12,743 (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 included. 2015 2014 2013 Number Post-Modified Number Post-Modified Number Post-Modified of Recorded of Recorded of Recorded (Dollars in Thousands) Contracts Investment Contracts Investment Contracts Investment Extended Amortization 16 $ 973 10 $ 1,894 15 $ 4,334 Interest Rate Adjustment 5 284 1 156 9 982 Extended Amortization and Interest Rate Adjustment 22 2,060 8 1,179 17 5,381 Principal Moratorium — — — — 1 1,700 Other — — 9 1,749 8 346 Total TDRs 43 $ 3,317 28 $ 4,978 50 $ 12,743 The following table presents loans classified as TDRs for which there was a payment default during the years presented and the loans were modified within the twelve months prior to default. 2015 2014 2013 Number Number Number of Recorded of Recorded of Recorded (Dollars in Thousands) Contracts Investment (1) Contracts Investment (1) Contracts Investment (1) Commercial, Financial and Agricultural — $ — — $ — — $ — Real Estate – Construction — — — — — — Real Estate – Commercial Mortgage — — 1 60 1 73 Real Estate – Residential — — 2 177 — — Real Estate – Home Equity — — 1 153 1 50 Consumer — — — — — — Total TDRs — $ — 4 $ 390 2 $ 123 (1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | Note 4 PREMISES AND EQUIPMENT The composition of the CompanyÂ’s premises and equipment at December 31 was as follows: (Dollars in Thousands) 2015 2014 Land $ 24,534 $ 24,548 Buildings 112,563 111,810 Fixtures and Equipment 55,265 57,579 Total 192,362 193,937 Accumulated Depreciation (93,543 ) (92,038 ) Premises and Equipment, Net $ 98,819 $ 101,899 |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | NOTE 5 - GOODWILL As of December 31, 2015 and December 31, 2014, the Company had goodwill of $84.8 million. Goodwill is tested for impairment on an annual basis, or more often if impairment indicators exist. A goodwill impairment test consists of two steps. Step One compares the estimated fair value of the reporting unit to its carrying amount. If the carrying amount exceeds the estimated fair value, Step Two is performed by comparing the fair value of the reporting unitÂ’s implied goodwill to the carrying value of goodwill. If the carrying value of the reporting unitÂ’s goodwill exceeds the estimated fair value, an impairment charge is recorded equal to the excess. During the fourth quarter of 2015, the Company performed its annual goodwill impairment testing. The Step One test indicated that the carrying amount (including goodwill) of the CompanyÂ’s reporting unit was less than its estimated fair value, therefore, no impairment was recorded. The Company will continue to evaluate goodwill for impairment as defined by ASC Topic 350. |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 12 Months Ended |
Dec. 31, 2015 | |
DisclosureOtherRealEstateOwnedAbstract | |
OTHER REAL ESTATE OWNED | Note 6 OTHER REAL ESTATE OWNED The following table presents other real estate owned activity as of December 31, (Dollars in Thousands) 2015 2014 2013 Beginning Balance $ 35,680 $ 48,071 $ 53,426 Additions 5,752 15,271 24,488 Valuation Write-Downs (1,713 ) (3,142 ) (3,592 ) Sales (20,155 ) (23,791 ) (25,940 ) Other (274 ) (729 ) (311 ) Ending Balance $ 19,290 $ 35,680 $ 48,071 Net expenses applicable to other real estate owned as of December 31, was as follows: (Dollars in Thousands) 2015 2014 2013 Gains from the Sale of Properties $ (938 ) $ (774 ) $ (1,306 ) Losses from the Sale of Properties 2,169 2,094 2,287 Rental Income from Properties (250 ) (523 ) (293 ) Property Carrying Costs 2,277 2,872 3,954 Valuation Adjustments 1,713 3,142 3,592 Total $ 4,971 $ 6,811 $ 8,234 As of December 31, 2015, the Company had $2.2 million of loans secured by residential real estate in the process of foreclosure . |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
DEPOSITS | Note 7 DEPOSITS The composition of the CompanyÂ’s interest bearing deposits at December 31 was as follows: (Dollars in Thousands) 2015 2014 NOW Accounts $ 848,330 $ 804,337 Money Market Accounts 248,367 254,149 Savings Deposits 269,162 233,612 Other Time Deposits 178,707 195,581 Total Interest Bearing Deposits $ 1,544,566 $ 1,487,679 At December 31, 2015 and 2014, $1.2 million and $2.4 million, respectively, in overdrawn deposit accounts were reclassified as loans. Time deposits that meet or exceed the FDIC insurance limit of $250,000 totaled $10.4 million and $11.6 million at December 31, 2015 and December 31, 2014, respectively. At December 31, the scheduled maturities of time deposits were as follows: (Dollars in Thousands) 2015 2016 $ 153,328 2017 15,878 2018 6,015 2019 1,906 2020 and thereafter 1,580 Total $ 178,707 Interest expense on deposits for the three years ended December 31, was as follows: (Dollars in Thousands) 2015 2014 2013 NOW Accounts $ 254 $ 318 $ 482 Money Market Accounts 134 190 211 Savings Deposits 126 112 101 Time Deposits < $250,000 377 463 505 Time Deposits > $250,000 53 16 132 Total $ 944 $ 1,099 $ 1,431 |
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
SHORT-TERM BORROWINGS | Note 8 SHORT-TERM BORROWINGS Short-term borrowings included the following: (Dollars in Thousands) Federal Securities (1) Other (2) 2015 Balance at December 31 $ — $ 60,977 $ 81 Maximum indebtedness at any month end — 64,935 2,003 Daily average indebtedness outstanding 12 57,689 780 Average rate paid for the year 0.74 % 0.05 % 3.98 % Average rate paid on period-end borrowings — % 0.05 % 5.23 % 2014 Balance at December 31 $ — $ 47,411 $ 2,014 Maximum indebtedness at any month end — 47,413 2,035 Daily average indebtedness outstanding 11 42,877 1,514 Average rate paid for the year 0.76 % 0.05 % 3.76 % Average rate paid on period-end borrowings — % 0.05 % 3.76 % 2013 Balance at December 31 $ — $ 47,312 $ 4,009 Maximum indebtedness at any month end — 55,261 8,929 Daily average indebtedness outstanding 11 48,337 5,573 Average rate paid for the year 0.76 % 0.05 % 3.79 % Average rate paid on period-end borrowings — % 0.05 % 3.25 % (1) Balances are fully collateralized by government treasury or agency securities held in the Company’s investment portfolio. (2) Comprised of FHLB debt. |
LONG-TERM BORROWINGS
LONG-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
LONG-TERM BORROWINGS | Note 9 LONG-TERM BORROWINGS Federal Home Loan Bank Advances. Scheduled minimum future principal payments on FHLB advances at December 31 were as follows: (Dollars in Thousands) 2015 2016 $ 2,748 2017 6,515 2018 7,714 2019 4,653 2020 2,054 2021 and thereafter 4,581 Total $ 28,265 Junior Subordinated Deferrable Interest Notes. In November 2004, CCBG Capital Trust I issued $30.0 million of trust preferred securities which represent interest in the assets of the trust. The interest payments are due quarterly at 3-month LIBOR plus a margin of 1.90%, adjusted quarterly. The trust preferred securities will mature on December 31, 2034, and are redeemable upon approval of the Federal Reserve in whole or in part at the option of the Company at any time after December 31, 2009 and in whole at any time upon occurrence of certain events affecting their tax or regulatory capital treatment. Distributions on the trust preferred securities are payable quarterly on March 31, June 30, September 30, and December 31 of each year. CCBG Capital Trust I also issued $928,000 of common equity securities to CCBG. The proceeds of the offering of trust preferred securities and common equity securities were used to purchase a $30.9 million junior subordinated deferrable interest note issued by the Company, which has terms similar to the trust preferred securities. In May 2005, CCBG Capital Trust II issued $31.0 million of trust preferred securities which represent interest in the assets of the trust. The interest payments are due quarterly at 3-month LIBOR plus a margin of 1.80%, adjusted annually. The trust preferred securities will mature on June 15, 2035, and are redeemable upon approval of the Federal Reserve in whole or in part at the option of the Company and in whole at any time upon occurrence of certain events affecting their tax or regulatory capital treatment. Distributions on the trust preferred securities are payable quarterly on March 15, June 15, September 15, and December 15 of each year. CCBG Capital Trust II also issued $959,000 of common equity securities to CCBG. The proceeds of the offering of trust preferred securities and common equity securities were used to purchase a $32.0 million junior subordinated deferrable interest note issued by the Company, which has terms substantially similar to the trust preferred securities. The Company has the right to defer payments of interest on the two notes at any time or from time to time for a period of up to twenty consecutive quarterly interest payment periods. Under the terms of each note, in the event that under certain circumstances there is an event of default under the note or the Company has elected to defer interest on the note, the Company may not, with certain exceptions, declare or pay any dividends or distributions on its capital stock or purchase or acquire any of its capital stock. As of December 31, 2015, the Company has paid all interest payments in full. The Company has entered into agreements to guarantee the payments of distributions on the trust preferred securities and payments of redemption of the trust preferred securities. Under these agreements, the Company also agrees, on a subordinated basis, to pay expenses and liabilities of the two trusts other than those arising under the trust preferred securities. The obligations of the Company under the two junior subordinated notes, the trust agreements establishing the two trusts, the guarantee and agreement as to expenses and liabilities, in aggregate, constitute a full and unconditional guarantee by the Company of the two trustsÂ’ obligations under the two trust preferred security issuances. Despite the fact that the accounts of CCBG Capital Trust I and CCBG Capital Trust II are not included in the CompanyÂ’s consolidated financial statements, the $30.0 million and $31.0 million, respectively, in trust preferred securities issued by these subsidiary trusts are included in the Tier 1 Capital of Capital City Bank Group, Inc. as allowed by Federal Reserve guidelines. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Note 10 INCOME TAXES The provision for income taxes reflected in the statements of comprehensive income is comprised of the following components: (Dollars in Thousands) 2015 2014 2013 Current: Federal $ 497 $ (51 ) $ (75 ) State 115 (2,916 ) 195 612 (2,967 ) 120 Deferred: Federal 3,258 4,270 1,650 State 475 249 99 Valuation Allowance 114 102 56 3,847 4,621 1,805 Total: Federal 3,755 4,219 1,575 State 590 (2,667 ) 294 Valuation Allowance 114 102 56 Total $ 4,459 $ 1,654 $ 1,925 Income taxes provided were different than the tax expense computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following: (Dollars in Thousands) 2015 2014 2013 Tax Expense at Federal Statutory Rate $ 4,751 $ 3,820 $ 2,790 Increases (Decreases) Resulting From: Tax-Exempt Interest Income (395 ) (327 ) (385 ) Change in Reserve for Uncertain Tax Positions — (2,902 ) (777 ) State Taxes, Net of Federal Benefit 390 892 191 Other 562 69 50 Change in Valuation Allowance 114 102 56 Tax-Exempt Cash Surrender Value Life Insurance Benefit (303 ) — — Excess Death Benefit Payment (660 ) — — Actual Tax Expense $ 4,459 $ 1,654 $ 1,925 Deferred income tax liabilities and assets result from differences between assets and liabilities measured for financial reporting purposes and for income tax return purposes. These assets and liabilities are measured using the enacted tax rates and laws that are currently in effect. The net deferred tax asset and the temporary differences comprising that balance at December 31, 2015 and 2014 are as follows: (Dollars in Thousands) 2015 2014 Deferred Tax Assets Attributable to: Allowance for Loan Losses $ 5,383 $ 6,767 Accrued Pension/SERP 13,901 13,547 State Net Operating Loss and Tax Credit Carry-Forwards 5,061 5,012 Other Real Estate Owned 5,012 8,229 Federal Net Operating Loss and Tax Credit Carry-Forwards 1,241 574 Other 4,351 3,652 Total Deferred Tax Assets $ 34,949 $ 37,781 Deferred Tax Liabilities Attributable to: Depreciation on Premises and Equipment $ 5,982 $ 6,247 Deferred Loan Fees and Costs 2,883 2,490 Intangible Assets 4,019 3,719 Other 687 612 Total Deferred Tax Liabilities 13,571 13,068 Valuation Allowance 1,442 1,328 Net Deferred Tax Asset $ 19,936 $ 23,385 In the opinion of management, it is more likely than not that all of the deferred tax assets, with the exception of the separate state net operating loss carry-forward of the parent holding company, the separate state net operating loss carry-forwards of an inactive subsidiary, and certain of the Bank’s separate state tax credit carry-forwards, will be realized. Accordingly, a valuation allowance for the parent holding company’s separate state net operating loss carry-forward was recorded in 2008 and increased for additional state operating loss carry-forwards generated in 2009 through 2015. This valuation allowance at December 31, 2015 was $1.1 million. In addition, a valuation allowance for the inactive subsidiary’s separate state net operating loss carry-forwards and for certain of the Bank’s state tax credit carry-forwards totaled $0.3 million at December 31, 2015. At December 31, 2015, the Company had state loss and tax credit carry-forwards of approximately $5.1 million, which expire at various dates from 2016 through 2035, federal net operating and capital loss carry-forwards of approximately $0.3 million which expire at various dates from 2019 through 2035, and federal credit carry-forwards of approximately $1.0 million that never expire. The Company had no unrecognized tax benefits at December 31, 2015 and December 31, 2014. The unrecognized tax benefit was $3.2 million at December 31, 2013. A reconciliation of the beginning and ending unrecognized tax benefit is as follows: (Dollars in Thousands) 2015 2014 2013 Balance at January 1, $ — $ 3,228 $ 4,209 Additions Based on Tax Positions Related to Current Year — — — Decrease Due to Lapse in Statue of Limitations — — (981 ) Decrease Due to Settlements With Taxing Authorities — (3,228 ) — Balance at December 31 $ — $ — $ 3,228 It is the Company’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in their respective federal or state income taxes accounts. For the year ended December 31, 2015, there were no interest and penalties recorded in the income statement – income taxes. For the years ended December 31, 2014 and 2013, the Company reversed previously accrued interest and penalties of $800,000 and $139,000, respectively. There were no amounts for accrued interest and penalties at December 31, 2015 and 2014. The Company and its subsidiaries file a consolidated U.S. federal income tax return, as well as file various returns in states where its banking offices are located. The Company is no longer subject to U.S. federal or state tax examinations for years before 2012. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | Note 11 STOCK-BASED COMPENSATION As of December 31, 2015, the Company had three stock-based compensation plans, consisting of the 2011 Associate Incentive Plan (“AIP”), the 2011 Associate Stock Purchase Plan (“ASPP”), and the 2011 Director Stock Purchase Plan (“DSPP”). These plans, which were approved by the shareowners in April 2011, replaced substantially similar plans approved by the shareowners in 2004. Total compensation expense associated with these plans for 2013 through 2015 was $1.4 million, $1.9 million, and $1.4 million, respectively. AIP. Executive Long-Term Incentive Plan (“LTIP”) DSPP. ASPP. Based on the Black-Scholes option pricing model, the weighted average estimated fair value of each of the purchase rights granted under the ASPP was $2.36 for 2015. For 2014 and 2013, the weighted average fair value purchase right granted was $2.12 and $2.21, respectively. In calculating compensation, the fair value of each stock purchase right was estimated on the date of grant using the following weighted average assumptions: 2015 2014 2013 Dividend yield 0.8 % 0.3 % — % Expected volatility 19.0 % 21.5 % 32.0 % Risk-free interest rate 0.1 % 0.1 % 0.1 % Expected life (in years) 0.5 0.5 0.5 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | Note 12 EMPLOYEE BENEFIT PLANS Pension Plan The Company sponsors a noncontributory pension plan covering substantially all of its associates. Benefits under this plan generally are based on the associate’s total years of service and average of the five highest years of compensation during the ten years immediately preceding their departure. The Company’s general funding policy is to contribute amounts sufficient to meet minimum funding requirements as set by law and to ensure deductibility for federal income tax purposes. The following table details on a consolidated basis the changes in benefit obligation, changes in plan assets, the funded status of the plan, components of pension expense, amounts recognized in the Company’s consolidated statements of financial condition, and major assumptions used to determine these amounts. (Dollars in Thousands) 2015 2014 2013 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 140,359 $ 115,285 $ 134,950 Service Cost 6,859 5,634 6,999 Interest Cost 5,750 5,513 5,566 Actuarial (Gain) Loss (6,880 ) 22,632 (18,965 ) Benefits Paid (4,825 ) (8,438 ) (12,946 ) Expenses Paid (224 ) (267 ) (319 ) Projected Benefit Obligation at End of Year $ 141,039 $ 140,359 $ 115,285 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 108,172 $ 103,842 $ 94,164 Actual Return on Plan Assets (2,331 ) 8,035 17,943 Employer Contributions 5,000 5,000 5,000 Benefits Paid (4,825 ) (8,438 ) (12,946 ) Expenses Paid (224 ) (267 ) (319 ) Fair Value of Plan Assets at End of Year $ 105,792 $ 108,172 $ 103,842 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 35,247 $ 32,186 $ 11,442 Accumulated Benefit Obligation at End of Year $ 121,609 $ 119,750 $ 98,796 Components of Net Periodic Benefit Costs: Service Cost $ 6,859 $ 5,634 $ 6,999 Interest Cost 5,750 5,513 5,566 Expected Return on Plan Assets (7,820 ) (7,487 ) (7,371 ) Amortization of Prior Service Costs 309 309 317 Net Loss Amortization 3,564 1,365 4,316 Net Periodic Benefit Cost $ 8,662 $ 5,334 $ 9,827 Weighted-Average Assumptions Used to Determine Benefit Obligation: Discount Rate 4.52 % 4.15 % 5.00 % Rate of Compensation Increase 3.25 % 3.25 % 3.25 % Measurement Date 12/31/15 12/31/14 12/31/13 Weighted-Average Assumptions Used to Determine Benefit Cost: Discount Rate 4.15 % 5.00 % 4.25 % Expected Return on Plan Assets 7.50 % 7.50 % 8.00 % Rate of Compensation Increase 3.25 % 3.25 % 3.75 % Amortization Amounts from Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 3,272 $ 22,083 $ (29,534 ) Prior Service Cost (309 ) (309 ) (317 ) Net Loss (3,564 ) (1,365 ) (4,316 ) Deferred Tax Expense (Benefit) 232 (7,873 ) 13,180 Other Comprehensive (Gain) Loss, net of tax $ (369 ) $ 12,536 $ (20,987 ) Amounts Recognized in Accumulated Other Comprehensive Income: Net Actuarial Losses $ 34,373 $ 34,665 $ 13,947 Prior Service Cost 766 1,075 1,383 Deferred Tax Benefit (13,556 ) (13,788 ) (5,914 ) Accumulated Other Comprehensive Loss, net of tax $ 21,583 $ 21,952 $ 9,416 The Company expects to recognize $3.2 million of the net actuarial loss and $0.3 million of the prior service cost reflected in accumulated other comprehensive income at December 31, 2015 as a component of net periodic benefit cost during 2016. Effective December 31, 2015, the Company changed the method used to estimate the service and interest components of net periodic benefit cost for the defined benefit and supplemental executive retirement plans. This new estimation approach discounts the individual expected cash flows underlying the service cost and interest cost using the applicable spot rates derived from the yield curve used to discount the cash flows for the benefit obligations. Historically, the estimated service and interest cost components utilized a single weighted-average discount rate derived from the yield curve used to measure the benefit obligations at the beginning of the period. The Company elected this change to provide a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. The change will be accounted for as a change in accounting estimate that is inseparable from a change in accounting principle and accordingly will be accounted for prospectively. While the benefit obligations for the plans measured under this approach are unchanged, the more granular application of the spot rates will decrease the combined service and interest costs for the defined benefit retirement plan for fiscal 2016 by $0.7 million. Plan Assets. Target Percentage of Plan (1) 2016 2015 2014 Equity Securities 70 % 68 % 74 % Debt Securities 25 % 20 % 21 % Cash and Cash Equivalents 5 % 12 % 5 % Total 100 % 100 % 100 % (1) Represents asset allocation at year-end which may differ from the average target allocation for the year due to the year-end cash contribution to the plan. The Company’s pension plan assets are overseen by the CCBG Retirement Committee. Capital City Trust Company acts as the investment manager for the plan. The investment strategy is to maximize return on investments while minimizing risk. The Company believes the best way to accomplish this goal is to take a conservative approach to its investment strategy by investing in high-grade equity and debt securities. The overall expected long-term rate of return on assets is a weighted-average expectation for the return on plan assets. The Company considers historical performance data and economic/financial data to arrive at expected long-term rates of return for each asset category. The major categories of assets in the Company’s pension plan as of December 31 are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (see Note 19 – Fair Value Measurements). (Dollars in Thousands) 2015 2014 Level 1: Equities $ 18,197 $ 23,199 Mutual Funds 71,829 75,421 Cash and Cash Equivalents 12,402 5,626 Level 2: U.S. Government Agency 3,364 3,926 Total Fair Value of Plan Assets $ 105,792 $ 108,172 Expected Benefit Payments (Dollars in Thousands) 2015 2016 $ 8,199 2017 8,859 2018 10,608 2019 10,912 2020 10,222 2021 through 2025 54,925 Total $ 103,724 Contributions. (Dollars in Thousands) 2014 2015 Expected Contribution 2016 (1) Actual Contributions $ 5,000 $ 5,000 $ 5,000 (1) For 2016, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances. Supplemental Executive Retirement Plan The Company has a Supplemental Executive Retirement Plan (“SERP”) covering selected executive officers. Benefits under this plan generally are based on the same service and compensation as used for the pension plan, except the benefits are calculated without regard to the limits set by the Internal Revenue Code on compensation and benefits. The net benefit payable from the SERP is the difference between this gross benefit and the benefit payable by the pension plan. The following table details on a consolidated basis the changes in benefit obligation, the funded status of the plan, components of pension expense, amounts recognized in the Company’s consolidated statements of financial condition, and major assumptions used to determine these amounts. (Dollars in Thousands) 2015 2014 2013 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 3,003 $ 2,379 $ 3,492 Service Cost 3 — — Interest Cost 133 104 137 Actuarial Loss (Gain) 1,703 520 (1,250 ) Projected Benefit Obligation at End of Year $ 4,842 $ 3,003 $ 2,379 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 4,842 $ 3,003 $ 2,379 Accumulated Benefit Obligation at End of Year $ 4,348 $ 2,982 $ 2,379 Components of Net Periodic Benefit Costs: Service Cost $ 3 $ — $ — Interest Cost 133 104 137 Amortization of Prior Service Cost 7 164 187 Net Loss (Gain) Amortization 179 (661 ) (237 ) Net Periodic Benefit Cost $ 322 $ (393 ) $ 87 Weighted-Average Assumptions Used to Determine Benefit Obligation: Discount Rate 4.13 % 4.15 % 5.00 % Rate of Compensation Increase 3.25 % 3.25 % 3.25 % Measurement Date 12/31/15 12/31/14 12/31/13 Weighted-Average Assumptions Used to Determine Benefit Cost: Discount Rate 4.15 % 5.00 % 4.25 % Rate of Compensation Increase 3.25 % 3.25 % 3.75 % Amortization Amounts from Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 1,703 $ 520 $ (1,250 ) Prior Service Cost (7 ) (164 ) (187 ) Net (Loss) Gain (179 ) 660 237 Deferred Tax (Benefit) Expense (585 ) (392 ) 463 Other Comprehensive Loss (Gain), net of tax $ 932 $ 624 $ (737 ) Amounts Recognized in Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 892 $ (632 ) $ (1,812 ) Prior Service Cost — 7 171 Deferred Tax Liability (344 ) 241 633 Accumulated Other Comprehensive Loss (Gain), net of tax $ 548 $ (384 ) $ (1,008 ) The Company expects to recognize approximately $0.8 million of the net actuarial loss reflected in accumulated other comprehensive income at December 31, 2015 as a component of net periodic benefit cost during 2016. Effective December 31, 2015, the Company changed the method used to estimate the service and interest components of net periodic benefit cost for the supplemental executive retirement plans to mirror the change previously noted for the defined benefit plan. While the benefit obligations for the plans measured under this approach are unchanged, the more granular application of the spot rates will decrease the combined service and interest costs for the supplemental executive retirement plan for fiscal 2016 by $34,000. Expected Benefit Payments (Dollars in Thousands) 2015 2016 $ 1,499 2017 1,036 2018 1,225 2019 1,196 2020 — 2021 through 2025 — Total $ 4,956 401(k) Plan The Company has a 401(k) Plan which enables associates to defer a portion of their salary on a pre-tax basis. The plan covers substantially all associates of the Company who meet minimum age requirements. The plan is designed to enable participants to elect to have an amount from 1% to 15% of their compensation withheld in any plan year placed in the 401(k) Plan trust account. Matching contributions of 50% from the Company are made up to 6% of the participant’s compensation for eligible associates. During 2015, the Company made matching contributions of $0.5 million. For the years 2014 and 2013, the Company made matching contributions of $0.5 and $0.4 million, respectively. The participant may choose to invest their contributions into twenty-seven investment options available to 401(k) participants, including the Company’s common stock. A total of 50,000 shares of CCBG common stock have been reserved for issuance. Shares issued to participants have historically been purchased in the open market. Other Plans The Company has a Dividend Reinvestment and Optional Stock Purchase Plan. A total of 250,000 shares have been reserved for issuance. In recent years, shares for the Dividend Reinvestment and Optional Stock Purchase Plan have been acquired in the open market and, thus, the Company did not issue any shares under this plan in 2015, 2014 and 2013. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | Note 13 EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: (Dollars and Per Share Data in Thousands) 2015 2014 2013 Numerator: Net Income $ 9,116 $ 9,260 $ 6,045 Denominator: Denominator for Basic Earnings Per Share Weighted-Average Shares 17,273 17,425 17,325 Effects of Dilutive Securities Stock Compensation Plans 45 63 74 Denominator for Diluted Earnings Per Share Adjusted Weighted-Average Shares and Assumed Conversions 17,318 17,488 17,399 Basic Earnings Per Share $ 0.53 $ 0.53 $ 0.35 Diluted Earnings Per Share $ 0.53 $ 0.53 $ 0.35 |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
REGULATORY MATTERS | Note 14 REGULATORY MATTERS Regulatory Capital Requirements guidelines the framework The final rules implementing Basel Committee on Banking SupervisionÂ’s capital guidelines for U.S. banks (Basel III rules) became effective for the Company on January 1, 2015 (subject to a phase-in period for certain provisions). Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of common equity Tier 1, total and tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2015 and 2014, that the Company and the Bank meet all capital adequacy requirements to which they are subject. As of December 31, 2015, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum common equity tier 1, total risk-based, tier 1 risk based and tier 1 leverage ratios as set forth in the following tables. There are not conditions or events since the notification that management believes have changed the BankÂ’s category. The Company and BankÂ’s actual capital amounts and ratios as of December 31, 2015 and 2014 are also presented in the table. To Be Well- Capitalized Under Required Prompt For Capital Corrective Actual Adequacy Purposes Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio 2015 Common Equity Tier 1: CCBG $ 215,075 12.84 % $ 75,385 4.50 % * * CCB 266,138 15.93 % 75,162 4.50 % $ 108,567 6.50 % Tier 1 Capital: CCBG 275,075 16.42 % 100,513 6.00 % * * CCB 266,138 15.93 % 100,216 6.00 % 133,621 8.00 % Total Capital: CCBG 289,028 17.25 % 134,018 8.00 % * * CCB 280,091 16.77 % 133,621 8.00 % 167,026 10.00 % Tier 1 Leverage: CCBG 275,075 10.65 % 103,342 4.00 % * * CCB 266,138 10.33 % 103,095 4.00 % 128,869 5.00 % 2014 Tier 1 Capital: CCBG $ 269,503 16.67 % $ 64,656 4.00 % * * CCB 261,655 16.24 % 64,458 4.00 % $ 96,687 6.00 % Total Capital: CCBG 287,042 17.76 % 129,313 8.00 % * * CCB 279,194 17.33 % 128,916 8.00 % 161,145 10.00 % Tier 1 Leverage: CCBG 269,503 10.99 % 98,090 4.00 % * * CCB 261,655 10.70 % 97,834 4.00 % 122,293 5.00 % * Not applicable to bank holding companies. Dividend Restrictions |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 16 RELATED PARTY TRANSACTIONS At December 31, 2015 and 2014, certain officers and directors were indebted to the CompanyÂ’s bank subsidiary in the aggregate amount of $9.7 million and $14.3 million, respectively. During 2015, $7.6 million in new loans were made and repayments totaled $12.3 million. In the opinion of management, these loans were made on similar terms as loans to other individuals of comparable creditworthiness and were all current at year-end. Deposits from certain directors, executive officers, and their related interests totaled $19.0 million and $18.8 million at December 31, 2015 and 2014, respectively. Under a lease agreement expiring in 2024, the Bank leases land from a partnership in which several directors and officers have an interest. The lease agreement with Smith Interests General Partnership L.L.P. provides for annual lease payments of approximately $170,000, to be adjusted for inflation in future years. |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | Note 15 OTHER COMPREHENSIVE INCOME (LOSS) FASB Topic ASC 220, “Comprehensive Income” requires that certain transactions and other economic events that bypass the income statement be displayed as other comprehensive income. Total comprehensive income is reported in the consolidated statements of comprehensive income and changes in shareowners’ equity. The following table summarizes the tax effects for each component of other comprehensive income (loss): Before Tax Net of Tax (Expense) Tax (Dollars in Thousands) Amount Benefit Amount 2015 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ (378 ) $ 145 $ (233 ) Amortization of losses on securities transferred from available for sale to 76 (31 ) 45 Reclassification adjustment for net gain included in net income 5 (2 ) 3 Total Investment Securities (297 ) 112 (185 ) Benefit Plans: Reclassification adjustment for amortization of prior service cost 316 (122 ) 194 Reclassification adjustment for amortization of net loss 3,743 (1,444 ) 2,299 Current year actuarial (loss) gain (4,975 ) 1,919 (3,056 ) Total Benefit Plans (916 ) 353 (563 ) Total Other Comprehensive Loss $ (1,213 ) $ 465 $ (748 ) 2014 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ 250 $ (103 ) $ 147 Amortization of losses on securities transferred from available for sale to 70 (27 ) 43 Reclassification adjustment for net gain included in net income 1 — 1 Total Investment Securities 321 (130 ) 191 Benefit Plans: Reclassification adjustment for amortization of prior service cost 473 (182 ) 291 Reclassification adjustment for amortization of net loss 705 (272 ) 433 Current year actuarial (loss) gain (22,603 ) 8,719 (13,884 ) Total Benefit Plans (21,425 ) 8,265 (13,160 ) Total Other Comprehensive Loss $ (21,104 ) $ 8,135 $ (12,969 ) 2013 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ (1,252 ) $ 483 $ (769 ) Unrealized losses on securities transferred from available for sale to (523 ) 202 (321 ) Amortization of losses on securities transferred from available for sale to 25 (10 ) 15 Reclassification adjustment for net gain included in net income 3 (1 ) 2 Reclassification adjustment for impairment loss realized in net income 600 (232 ) 368 Total Investment Securities (1,147 ) 442 (705 ) Benefit Plans: Reclassification adjustment for amortization of prior service cost 504 (194 ) 310 Reclassification adjustment for amortization of net loss 4,079 (1,574 ) 2,505 Current year actuarial gain (loss) 30,784 (11,875 ) 18,909 Total Benefit Plans 35,367 (13,643 ) 21,724 Total Other Comprehensive Income $ 34,220 $ (13,201 ) $ 21,019 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 (loss) during the period (186 ) (562 ) (748 ) Balance as of December 31, 2015 $ (127 ) $ (22,130 ) $ (22,257 ) Balance as of January 1, 2014 $ (132 ) $ (8,408 ) $ (8,540 ) Other comprehensive income (loss) during the period 191 (13,160 ) (12,969 ) Balance as of December 31, 2014 $ 59 $ (21,568 ) $ (21,509 ) Balance as of January 1, 2013 $ 573 $ (30,132 ) $ (29,559 ) Other comprehensive (loss) income during the period (705 ) 21,724 21,019 Balance as of December 31, 2013 $ (132 ) $ (8,408 ) $ (8,540 ) |
OTHER NONINTEREST EXPENSE
OTHER NONINTEREST EXPENSE | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
OTHER NONINTEREST EXPENSE | Note 17 OTHER NONINTEREST EXPENSE Components of other noninterest expense in excess of 1% of the sum of total interest income and noninterest income, which are not disclosed separately elsewhere, are presented below for each of the respective years. (Dollars in Thousands) 2015 2014 2013 Legal Fees 2,506 3,187 3,663 Professional Fees 3,789 3,732 4,304 Telephone 1,976 1,903 1,891 Advertising 1,391 1,461 1,719 Processing Services 6,540 6,062 5,396 Insurance – Other 2,737 2,934 4,144 Other 8,211 8,235 8,596 Total $ 27,150 $ 27,514 $ 29,713 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 18 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. As of December 31, the amounts associated with the Company’s off-balance sheet obligations were as follows: 2015 2014 (Dollars in Thousands) Fixed Variable Total Fixed Variable Total Commitments to Extend Credit (1) $ 57,571 $ 306,642 $ 364,213 $ 33,633 $ 278,438 $ 312,071 Standby Letters of Credit 6,095 — 6,095 8,307 — 8,307 Total $ 63,666 $ 306,642 $ 370,308 $ 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. Other Commitments 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 payments during 2015 totaled $261,000. Conversion ratio payments and ongoing fixed quarterly charges are reflected in earnings in the period incurred. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | Note 19 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. Fair Value Swap A summary of fair values for assets and liabilities recorded at fair value at December 31 consisted of the following: (Dollars in Thousands) Level 1 Level 2 Level 3 Total Fair 2015 Securities Available for Sale: U.S. Government Treasury $ 250,346 $ — $ — $ 250,346 U.S. Government Agency — 101,824 — 101,824 States and Political Subdivisions — 88,362 — 88,362 Mortgage-Backed Securities — 1,901 — 1,901 Equity Securities — 8,595 — 8,595 2014 Securities Available for Sale: U.S. Government 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 Short-Term Investments. 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 at December 31 consisted of the following: 2015 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 ASSETS: Cash $ 51,288 $ 51,288 $ — $ — Short-Term Investments 327,617 327,617 — — Investment Securities, Available for Sale 451,028 250,346 200,682 — Investment Securities, Held to Maturity 187,892 134,439 52,968 — Loans Held for Sale 11,632 — 11,632 Loans, Net of Allowance for Loan Losses 1,478,322 — — 1,483,926 LIABILITIES: Deposits $ 2,302,849 $ — $ 2,228,210 $ — Short-Term Borrowings 61,058 — 64,947 — Subordinated Notes Payable 62,887 — 49,230 — Long-Term Borrowings 28,265 — 30,448 — 2014 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 ASSETS: Cash $ 55,467 $ 55,467 $ — $ — Short-Term Investments 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. |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | Note 20 PARENT COMPANY FINANCIAL INFORMATION The following are condensed statements of financial condition of the parent company at December 31: Parent Company Statements of Financial Condition (Dollars in Thousands, Except Per Share Data) 2015 2014 ASSETS Cash and Due From Subsidiary Bank $ 13,527 $ 11,741 Investment in Subsidiary Bank 327,794 329,632 Other Assets 5,164 2,906 Total Assets $ 346,485 $ 344,279 LIABILITIES Subordinated Notes Payable $ 62,887 $ 62,887 Other Liabilities 9,246 8,852 Total Liabilities 72,133 71,739 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; 17,156,919 and 17,447,223 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively 172 174 Additional Paid-In Capital 38,256 42,569 Retained Earnings 258,181 251,306 Accumulated Other Comprehensive Loss, Net of Tax (22,257 ) (21,509 ) Total Shareowners’ Equity 274,352 272,540 Total Liabilities and Shareowners’ Equity $ 346,485 $ 344,279 The operating results of the parent company for the three years ended December 31 are shown below: Parent Company Statements of Operations (Dollars in Thousands) 2015 2014 2013 OPERATING INCOME Income Received from Subsidiary Bank: Overhead Fees $ 4,604 $ 4,468 $ 4,417 Dividends 9,200 6,000 — Other Income 424 138 208 Total Operating Income 14,228 10,606 4,625 OPERATING EXPENSE Salaries and Associate Benefits 3,395 3,156 3,130 Interest on Subordinated Notes Payable 1,368 1,328 1,419 Professional Fees 1,078 1,024 1,491 Advertising 105 141 142 Legal Fees 168 243 245 Other 699 624 1,117 Total Operating Expense 6,813 6,516 7,544 Earnings (Loss) Before Income Taxes and Equity in Undistributed 7,415 4,090 (2,919 ) Income Tax Benefit (342 ) (433 ) (1,036 ) Earnings (Loss) Before Equity in Undistributed Earnings of 7,757 4,523 (1,883 ) Equity in Undistributed Earnings of Subsidiary Bank 1,359 4,737 7,928 Net Income $ 9,116 $ 9,260 $ 6,045 The cash flows for the parent company for the three years ended December 31 were as follows: Parent Company Statements of Cash Flows (Dollars in Thousands) 2015 2014 2013 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 9,116 $ 9,260 $ 6,045 Adjustments to Reconcile Net Income to Net Cash Provided By (Used In) Operating Activities: Equity in Undistributed Earnings of Subsidiary Bank (1,359 ) (4,737 ) (7,928 ) Stock Compensation 1,109 1,349 1,296 Decrease in Other Assets 191 387 339 Increase (Decrease) in Other Liabilities 444 532 (1,755 ) Net Cash Provided By (Used In) Operating Activities 9,501 6,791 (2,003 ) CASH FROM FINANCING ACTIVITIES: Dividends Paid (2,241 ) (1,568 ) — Issuance of Common Stock Under Compensation Plans 507 578 1,151 Payments to Repurchase Common Stock (5,981 ) (269 ) — Net Cash (Used In) Provided By in Financing Activities (7,715 ) (1,259 ) 1,151 Net Increase (Decrease) in Cash 1,786 5,532 (852 ) Cash at Beginning of Year 11,741 6,209 7,061 Cash at End of Year $ 13,527 $ 11,741 $ 6,209 |
SIGNIFICANT ACCOUNTING POLICI29
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies Policies | |
Nature of Operations | Nature of Operations Capital City Bank Group, Inc. (“CCBG” or the “Company”) provides a full range of banking and banking-related services to individual and corporate clients through its subsidiary, Capital City Bank, with banking offices located in Florida, Georgia, and Alabama. The Company is subject to competition from other financial institutions, is subject to regulation by certain government agencies and undergoes periodic examinations by those regulatory authorities. |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Capital City Bank Group, Inc. (“CCBG”), and its wholly owned subsidiary, Capital City Bank (“CCB” or the “Bank” and together with CCBG, the “Company”). All material inter-company transactions and accounts have been eliminated. The Company, which operates a single reportable business segment that is comprised of commercial banking within the states of Florida, Georgia, and Alabama, follows accounting principles generally accepted in the United States of America and reporting practices applicable to the banking industry. The principles which materially affect the financial position, results of operations and cash flows are summarized below. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under accounting principles generally accepted in the United States of America. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provide the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (“VIE’s”) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in an entity is present when an enterprise has a variable interest, or a combination of variable interests, that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. CCBG’s wholly owned subsidiaries, CCBG Capital Trust I (established November 1, 2004) and CCBG Capital Trust II (established May 24, 2005) are VIEs for which the Company is not the primary beneficiary. Accordingly, the accounts of these entities are not included in the Company’s consolidated financial statements. Certain previously reported amounts have been reclassified to conform to the current year’s presentation. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the consolidated financial statements included in this Annual Report on Form 10-K were filed with the United States Securities and Exchange Commission. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from these estimates. Material estimates that are particularly susceptible to significant changes in the near-term relate to the determination of the allowance for loan losses, pension expense, income taxes, loss contingencies, and valuation of goodwill and their respective analysis of impairment. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, interest-bearing deposits in other banks, and federal funds sold. Generally, federal funds are purchased and sold for one-day periods and all other cash equivalents have a maturity of 90 days or less. The Company is required to maintain average reserve balances with the Federal Reserve Bank based upon a percentage of deposits. The average amounts of these required reserve balances for the years ended December 31, 2015 and 2014 were $10.3 million and $13.2 million, respectively. |
Investment Securities | Investment Securities Securities are classified as held to maturity and carried at amortized cost when the Company has the positive intent and ability to hold them until maturity. Securities not classified as held to maturity or trading securities are classified as available for sale and carried at fair value, with the unrealized holding gains and losses reported as a component of other comprehensive income, net of tax. The Company determines the appropriate classification of securities at the time of purchase. Securities with limited marketability, such as stock in the Federal Reserve Bank and the Federal Home Loan Bank, are carried at cost. Securities transferred from available for sale to held to maturity are recorded at fair value at the time of transfer. The respective gain or loss is reclassified as a separate component of other comprehensive income and amortized as an adjustment to interest income over the remaining life of the security. Interest income includes amortization of purchase premiums and discounts. Realized gains and losses are derived from the amortized cost of the security sold. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, the Company considers, (i) whether it has decided to sell the security, (ii) whether it is more likely than not that the Company will have to sell the security before its market value recovers, and (iii) whether the present value of expected cash flows is sufficient to recover the entire amortized cost basis. When assessing the securityÂ’s expected cash flows, the Company considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost and (ii) the financial condition and near-term prospects of the issuer. |
Loans Held For Sale | Loans Held For Sale Certain residential mortgage loans are originated for sale in the secondary mortgage loan market. Additionally, certain other loans are periodically identified to be sold. The Company has the ability and intent to sell these loans and they are classified as loans held for sale and carried at the lower of cost or estimated fair value. Fair value is determined on the basis of rates quoted in the respective secondary market for the type of loan held for sale. Loans are generally sold with servicing released at a premium or discount from the carrying amount of the loans. Such premium or discount is recognized as mortgage banking revenue at the date of sale. Fixed commitments are generally used at the time loans are originated or identified for sale to mitigate interest rate risk. The fair value of fixed commitments to originate and sell loans held for sale is not material. |
Loans | Loans Loans are stated at the principal amount outstanding, net of unearned income. Interest income is accrued on the effective yield method based on outstanding balances, and includes loan late fees. Fees charged to originate loans and direct loan origination costs are deferred and amortized over the life of the loan as a yield adjustment. The Company defines loans as past due when one full payment is past due or a contractual maturity is over 30 days late. The accrual of interest is generally suspended on loans more than 90 days past due with respect to principal or interest. When a loan is placed on nonaccrual status, all previously accrued and uncollected interest is reversed against current income. Interest income on nonaccrual loans is recognized when the ultimate collectability is no longer considered doubtful. Loans are returned to accrual status when the principal and interest amounts contractually due are brought current or when future payments are reasonably assured. Loan charge-offs on commercial and investor real estate loans are recorded when the facts and circumstances of the individual loan confirm the loan is not fully collectible and the loss is reasonably quantifiable. Factors considered in making these determinations are the borrowerÂ’s and any guarantorÂ’s ability and willingness to pay, the status of the account in bankruptcy court (if applicable), and collateral value. Charge-off decisions for consumer loans are dictated by the Federal Financial Institutions Examination CouncilÂ’s (FFIEC) Uniform Retail Credit Classification and Account Management Policy which establishes standards for the classification and treatment of consumer loans, which generally require charge-off after 120 days of delinquency. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing portfolio of loans. The allowance is that amount considered adequate to absorb losses inherent in the loan portfolio based on management’s evaluation of credit risk as of the balance sheet date. The allowance for loan losses includes allowance allocations calculated in accordance with FASB ASC Topic 310 – Receivables and ASC Topic 450 - Contingencies. The level of the allowance reflects management’s continuing evaluation of specific credit risks, loan loss experience, current loan portfolio quality, present economic conditions and unidentified losses inherent in the current loan portfolio, as well as trends in the foregoing. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The Company’s allowance for loan losses consists of two components: (i) specific reserves established for probable losses on impaired loans; and (ii) general reserve for non-homogenous loans not deemed impaired and homogenous loan pools based on, but not limited to, historical loan loss experience, current economic conditions, levels of past due loans, and levels of problem loans. Loans are deemed to be impaired when, based on current information and events, it is probable that the Company will not be able to collect all amounts due (principal and interest payments), according to the contractual terms of the loan agreement. Loans to borrowers who are experiencing financial difficulties and whose loans were modified with concessions are classified as troubled debt restructurings and measured for impairment. Loans to borrowers that have filed Chapter 7 bankruptcy, but continue to perform as agreed are classified as troubled debt restructurings and measured for impairment. |
Long-Lived Assets | Long-Lived Assets Premises and equipment is stated at cost less accumulated depreciation, computed on the straight-line method over the estimated useful lives for each type of asset with premises being depreciated over a range of 10 to 40 years, and equipment being depreciated over a range of 3 to 10 years. Additions, renovations and leasehold improvements to premises are capitalized and depreciated over the lesser of the useful life or the remaining lease term. Repairs and maintenance are charged to noninterest expense as incurred. Long-lived assets are evaluated for impairment if circumstances suggest that their carrying value may not be recoverable, by comparing the carrying value to estimated undiscounted cash flows. If the asset is deemed impaired, an impairment charge is recorded equal to the carrying value less the fair value. |
Bank Owned Life Insurance (BOLI) | Bank Owned Life Insurance (BOLI) The Company, through its subsidiary bank, has purchased life insurance policies on certain key officers. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Goodwill | Goodwill Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. In accordance with FASB ASC Topic 350, the Company determined it has one goodwill reporting unit. Goodwill is tested for impairment annually during the fourth quarter or on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. See Note 5 – Intangible Assets for additional information. |
Other Real Estate Owned | Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the lower of cost or fair value less estimated selling costs, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. Revenue and expenses from operations and changes in value are included in noninterest expense. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Certain specific policies include the following: Deposit Fees Bank Card Fees |
Income Taxes | Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. The Company files a consolidated federal income tax return and each subsidiary files a separate state income tax return. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is based on net income divided by the weighted-average number of common shares outstanding during the period excluding non-vested stock. Diluted earnings per common share include the dilutive effect of stock options and non-vested stock awards granted using the treasury stock method. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 13 — Earnings Per Share. |
Comprehensive Income | Comprehensive Income Comprehensive income includes all changes in shareownersÂ’ equity during a period, except those resulting from transactions with shareowners. Besides net income, other components of the CompanyÂ’s comprehensive income include the after tax effect of changes in the net unrealized gain/loss on securities available for sale and changes in the funded status of defined benefit and supplemental executive retirement plans. Comprehensive income is reported in the accompanying Consolidated Statements of Comprehensive Income and Changes in ShareownersÂ’ Equity. |
Stock Based Compensation | Stock Based Compensation Compensation cost is recognized for share based awards issued to employees, based on the fair value of these awards at the date of grant. The market price of the CompanyÂ’s common stock at the date of the grant is used for restricted stock awards. For stock option awards, a Black-Scholes model is utilized to estimate the fair value of the options. Compensation cost is recognized over the requisite service period, generally defined as the vesting period. |
NEW AUTHORITATIVE ACCOUNTING GUIDANCE | NEW AUTHORITATIVE ACCOUNTING GUIDANCE ASU 2015-01, “Income Statement – Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis.” . 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 ASU 2015-16, “Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities Tables | |
Schedule of amortized cost and related market value of investment securities available-for-sale | Investment Portfolio Composition 2015 2014 Amortized Unrealized Unrealized Market Amortized Unrealized Unrealized Market Cost Gains Losses Value Cost Gain Losses Value Available for Sale U.S. Government Treasury $ 250,458 $ 101 $ 213 $ 250,346 $ 185,830 $ 220 $ 19 $ 186,031 U.S. Government Agency 101,730 357 263 101,824 95,950 289 142 96,097 States and Political 88,358 103 99 88,362 48,405 65 82 48,388 Mortgage-Backed Securities 1,742 159 — 1,901 2,094 193 — 2,287 Equity Securities (1) 8,595 — — 8,595 8,745 — — 8,745 Total $ 450,883 $ 720 $ 575 $ 451,028 $ 341,024 $ 767 $ 243 $ 341,548 Held to Maturity U.S. Government Treasury $ 134,554 $ 45 $ 160 $ 134,439 $ 76,179 $ 144 $ 6 $ 76,317 U.S. Government Agency 10,043 7 5 10,045 19,807 29 19 19,817 States and Political 15,693 38 7 15,724 26,717 36 6 26,747 Mortgage-Backed Securities 27,602 4 407 27,199 40,878 33 380 40,531 Total $ 187,892 $ 94 $ 579 $ 187,407 $ 163,581 $ 242 $ 411 $ 163,412 Total Investment Securities $ 638,775 $ 814 $ 1,154 $ 638,435 $ 504,605 $ 1,009 $ 654 $ 504,960 (1) Includes Federal Home Loan Bank, Federal Reserve Bank and FNBB Inc. stock recorded at cost of $3.6 million and $4.8 and $0.2 million, respectively, at December 31, 2015 and Federal Home Loan Bank and Federal Reserve Bank stock at $3.9 million and $4.8 million, respectively, at December 31, 2014. |
Schedule of proceeds from sale and gross realized gains and losses from the securities | Investment Sales (Dollars in Thousands) Year Total Gross Gross 2015 $ — $ — $ — 2014 — — — 2013 $ 7,506 $ 3 $ — |
Schedule of investment securities with maturity distribution based on contractual maturities | Maturity Distribution Available for Sale Held to Maturity (Dollars in Thousands) Amortized Market Amortized Market Due in one year or less $ 90,331 $ 90,261 $ 44,267 $ 44,270 Due after one through five years 280,264 280,116 116,023 115,938 Mortgage-Backed Securities 1,742 1,901 27,602 27,199 U.S. Government Agency 69,951 70,155 — — Equity Securities 8,595 8,595 — — Total $ 450,883 $ 451,028 $ 187,892 $ 187,407 |
Schedule of investment securities with continuous unrealized loss position | Other Than Temporarily Impaired Securities Less Than Greater Than Total (Dollars in Thousands) Market Unrealized Market Unrealized Market Unrealized 2015 Available for Sale U.S. Government Treasury $ 150,061 $ 213 $ — $ — $ 150,061 $ 213 U.S. Government Agency 43,508 200 9,644 63 53,152 263 States and Political Subdivisions 39,608 86 5,066 13 44,674 99 Total 233,177 499 14,710 76 247,887 575 Held to Maturity U.S. Government Treasury 92,339 160 — — 92,339 160 U.S. Government Agency 5,006 5 — — 5,006 5 States and Political Subdivisions 3,791 7 — — 3,791 7 Mortgage-Backed Securities 13,267 185 11,889 222 25,156 407 Total $ 114,403 $ 357 $ 11,889 $ 222 $ 126,292 $ 579 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) | 12 Months Ended |
Dec. 31, 2015 | |
Loans Tables | |
Schedule of composition of the loan portfolio | Loan Portfolio Composition (Dollars in Thousands) 2015 2014 Commercial, Financial and Agricultural $ 179,816 $ 136,925 Real Estate – Construction 46,484 41,596 Real Estate – Commercial Mortgage 499,813 510,120 Real Estate – Residential (1) 290,585 295,969 Real Estate – Home Equity 233,901 229,572 Consumer 241,676 217,192 Loans, Net of Unearned Income $ 1,492,275 $ 1,431,374 (1) Includes loans in process with outstanding balances of $8.5 million and $7.4 million for 2015 and 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 at December 31: 2015 2014 (Dollars in Thousands) Nonaccrual 90 + Days Nonaccrual 90 + Days Commercial, Financial and Agricultural $ 96 — $ 507 — Real Estate – Construction 97 — 424 — Real Estate – Commercial Mortgage 4,191 — 5,806 — Real Estate – Residential 4,739 — 6,737 — Real Estate – Home Equity 1,017 — 2,544 — Consumer 165 — 751 — Total $ 10,305 — $ 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 at December 31, (Dollars in Thousands) 30-59 DPD 60-89 DPD 90 + DPD Total Total Current Total Loans 2015 Commercial, Financial and Agricultural $ 153 $ 18 $ — $ 171 $ 179,549 $ 179,816 Real Estate – Construction 690 — — 690 45,697 46,484 Real Estate – Commercial Mortgage 754 1,229 — 1,983 493,639 499,813 Real Estate – Residential 567 347 — 914 284,932 290,585 Real Estate – Home Equity 787 97 — 884 232,000 233,901 Consumer 735 398 — 1,133 240,378 241,676 Total $ 3,686 $ 2,089 $ — $ 5,775 $ 1,476,195 $ 1,492,275 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 |
Schedule of activity in the allowance for loan losses by portfolio class | The following table details the activity in the allowance for loan losses by portfolio class for the years ended December 31. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Commercial, Real Estate Real Estate Financial, Real Estate Commercial Real Estate Home (Dollars in Thousands) Agricultural Construction Mortgage Residential Equity Consumer Unallocated Total 2015 Beginning Balance $ 784 $ 843 $ 5,287 $ 6,520 $ 2,882 $ 1,223 $ — $ 17,539 Provision for Loan Losses 911 (742 ) 278 (964 ) 858 1,253 — 1,594 Charge-Offs (1,029 ) — (1,250 ) (1,852 ) (1,403 ) (1,901 ) — (7,435 ) Recoveries 239 — 183 705 136 992 — 2,255 Net Charge-Offs (790 ) — (1,067 ) (1,147 ) (1,267 ) (909 ) — (5,180 ) Ending Balance $ 905 $ 101 $ 4,498 $ 4,409 $ 2,473 $ 1,567 $ — $ 13,953 2014 Beginning Balance $ 699 $ 1,580 $ 7,710 $ 9,073 $ 3,051 $ 982 $ — $ 23,095 Provision for Loan Losses 742 (718 ) 897 (1,145 ) 1,069 1,060 — 1,905 Charge-Offs (871 ) (28 ) (3,788 ) (2,160 ) (1,379 ) (1,820 ) — (10,046 ) Recoveries 214 9 468 752 141 1,001 — 2,585 Net Charge-Offs (657 ) (19 ) (3,320 ) (1,408 ) (1,238 ) (819 ) — (7,461 ) Ending Balance $ 784 $ 843 $ 5,287 $ 6,520 $ 2,882 $ 1,223 $ — $ 17,539 2013 Beginning Balance $ 1,253 $ 2,856 $ 11,081 $ 8,678 $ 2,945 $ 1,327 $ 1,027 $ 29,167 Provision for Loan Losses (15 ) (207 ) (83 ) 3,392 971 441 (1,027 ) 3,472 Charge-Offs (748 ) (1,070 ) (3,651 ) (3,835 ) (1,159 ) (1,751 ) — (12,214 ) Recoveries 209 1 363 838 294 965 — 2,670 Net Charge-Offs (539 ) (1,069 ) (3,288 ) (2,997 ) (865 ) (786 ) — (9,544 ) Ending Balance $ 699 $ 1,580 $ 7,710 $ 9,073 $ 3,051 $ 982 $ — $ 23,095 |
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 at December 31, disaggregated on the basis of the Company’s impairment methodology. Commercial, Real Estate Real Estate Financial, Real Estate Commercial Real Estate Home (Dollars in Thousands) Agricultural Construction Mortgage Residential Equity Consumer Total 2015 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 77 $ — $ 2,049 $ 2,118 $ 384 $ 18 $ 4,646 Loans Collectively Evaluated for Impairment 828 101 2,449 2,291 2,089 1,549 9,307 Ending Balance $ 905 $ 101 $ 4,498 $ 4,409 $ 2,473 $ 1,567 $ 13,953 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 2013 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 75 $ 66 $ 4,336 $ 2,047 $ 682 $ 23 $ 7,229 Loans Collectively Evaluated for Impairment 624 1,514 3,374 7,026 2,369 959 15,866 Ending Balance $ 699 $ 1,580 $ 7,710 $ 9,073 $ 3,051 $ 982 $ 23,095 |
Schedule of allowance for loan losses by portfolio class | The CompanyÂ’s recorded investment in loans as of December 31 related to each balance in the allowance for loan losses by portfolio class and disaggregated on the basis of the CompanyÂ’s impairment methodology was as follows: Commercial, Real Estate Real Estate Financial, Real Estate Commercial Real Estate Home (Dollars in Thousands) Agricultural Construction Mortgage Residential Equity Consumer Total 2015 Individually Evaluated for Impairment $ 834 $ 97 $ 20,847 $ 18,569 $ 3,144 $ 261 $ 43,752 Collectively Evaluated for Impairment 178,982 46,387 478,966 272,016 230,757 241,415 1,448,523 Total $ 179,816 $ 46,484 $ 499,813 $ 290,585 $ 233,901 $ 241,676 $ 1,492,275 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 2013 Individually Evaluated for Impairment $ 1,580 $ 557 $ 49,973 $ 20,470 $ 3,359 $ 355 $ 76,294 Collectively Evaluated for Impairment 125,027 30,455 483,898 289,222 224,563 159,145 1,312,310 Total $ 126,607 $ 31,012 $ 533,871 $ 309,692 $ 227,922 $ 159,500 $ 1,388,604 |
Schedule of loans individually evaluated for impairment by class of loans | The following table presents loans individually evaluated for impairment by class of loans at December 31: (Dollars in Thousands) Unpaid Recorded Recorded Related 2015 Commercial, Financial and Agricultural $ 834 $ 279 $ 555 $ 77 Real Estate – Construction 97 97 — — Real Estate – Commercial Mortgage 20,847 3,265 17,582 2,049 Real Estate – Residential 18,569 2,941 15,628 2,118 Real Estate – Home Equity 3,144 1,101 2,043 384 Consumer 261 79 182 18 Total $ 43,752 $ 7,762 $ 35,990 $ 4,646 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 |
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 for each of the last three years by class of impaired loans: 2015 2014 2013 (Dollars in Thousands) Average Total Average Total Average Total Commercial, Financial and Agricultural $ 1,002 $ 46 $ 1,440 $ 62 $ 2,861 $ 140 Real Estate – Construction 335 — 637 4 1,181 7 Real Estate – Commercial Mortgage 27,644 1,093 41,435 1,725 60,043 2,062 Real Estate – Residential 19,105 842 21,122 1,070 21,238 860 Real Estate – Home Equity 3,001 86 3,000 72 4,037 72 Consumer 201 7 294 9 501 10 Total $ 51,288 $ 2,074 $ 67,928 $ 2,942 $ 89,861 $ 3,151 |
Schedule of risk category of loans by segment | The following table presents the risk category of loans by segment at December 31: Commercial, Total (Dollars in Thousands) Agriculture Real Estate Consumer Loans 2015 Special Mention $ 5,938 $ 27,838 $ 69 $ 33,845 Substandard 1,307 51,425 819 53,551 Doubtful — — — — Total Criticized Loans $ 7,245 $ 79,263 $ 888 $ 87,396 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 |
Schedule of troubled debt restructurings loans | The following table presents loans classified as TDRs at December 31: 2015 2014 (Dollars in Thousands) Accruing Nonaccruing Accruing Nonaccruing Commercial, Financial and Agricultural $ 897 $ — $ 838 $ 266 Real Estate – Construction — — — — Real Estate – Commercial Mortgage 16,621 1,070 26,565 1,591 Real Estate – Residential 14,979 1,582 14,940 2,531 Real Estate – Home Equity 2,914 — 1,856 356 Consumer 223 35 211 — Total TDRs $ 35,634 $ 2,687 $ 44,410 $ 4,744 |
Schedule of loans classified as troubled debt in which modifications made | Loans classified as TDRs during 2015, 2014, and 2013 are presented in the table below. The modifications made during the reporting period involved either an extension of the loan term, a principal moratorium, a reduction in the interest rate, or a combination thereof. The financial impact of these modifications was not material. 2015 2014 2013 Number Number Number of Recorded of Recorded of Recorded (Dollars in Thousands) Contracts Investment (1) Contracts Investment (1) Contracts Investment (1) Commercial, Financial and Agricultural 1 $ 40 3 $ 320 4 $ 337 Real Estate – Construction — — — — — — Real Estate – Commercial Mortgage 4 631 3 1,769 13 9,653 Real Estate – Residential 14 1,531 11 1,972 18 2,073 Real Estate – Home Equity 21 1,005 10 883 9 587 Consumer 3 110 1 34 6 93 Total TDRs 43 $ 3,317 28 $ 4,978 50 $ 12,743 (1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
Schedule of loans classified as troubled debt subsequently defaulted | The following table provides information on how TDRs were modified during the periods included. 2015 2014 2013 Number Post-Modified Number Post-Modified Number Post-Modified of Recorded of Recorded of Recorded (Dollars in Thousands) Contracts Investment Contracts Investment Contracts Investment Extended Amortization 16 $ 973 10 $ 1,894 15 $ 4,334 Interest Rate Adjustment 5 284 1 156 9 982 Extended Amortization and Interest Rate Adjustment 22 2,060 8 1,179 17 5,381 Principal Moratorium — — — — 1 1,700 Other — — 9 1,749 8 346 Total TDRs 43 $ 3,317 28 $ 4,978 50 $ 12,743 The following table presents loans classified as TDRs for which there was a payment default during the years presented and the loans were modified within the twelve months prior to default. 2015 2014 2013 Number Number Number of Recorded of Recorded of Recorded (Dollars in Thousands) Contracts Investment (1) Contracts Investment (1) Contracts Investment (1) Commercial, Financial and Agricultural — $ — — $ — — $ — Real Estate – Construction — — — — — — Real Estate – Commercial Mortgage — — 1 60 1 73 Real Estate – Residential — — 2 177 — — Real Estate – Home Equity — — 1 153 1 50 Consumer — — — — — — Total TDRs — $ — 4 $ 390 2 $ 123 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Premises And Equipment Tables | |
Schedule of composition of premises and equipment | The composition of the CompanyÂ’s premises and equipment at December 31 was as follows: (Dollars in Thousands) 2015 2014 Land $ 24,534 $ 24,548 Buildings 112,563 111,810 Fixtures and Equipment 55,265 57,579 Total 192,362 193,937 Accumulated Depreciation (93,543 ) (92,038 ) Premises and Equipment, Net $ 98,819 $ 101,899 |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate Owned Tables | |
Schedule of other real estate owned activity | The following table presents other real estate owned activity as of December 31, (Dollars in Thousands) 2015 2014 2013 Beginning Balance $ 35,680 $ 48,071 $ 53,426 Additions 5,752 15,271 24,488 Valuation Write-Downs (1,713 ) (3,142 ) (3,592 ) Sales (20,155 ) (23,791 ) (25,940 ) Other (274 ) (729 ) (311 ) Ending Balance $ 19,290 $ 35,680 $ 48,071 |
Schedule of net expenses | Net expenses applicable to other real estate owned as of December 31, was as follows: (Dollars in Thousands) 2015 2014 2013 Gains from the Sale of Properties $ (938 ) $ (774 ) $ (1,306 ) Losses from the Sale of Properties 2,169 2,094 2,287 Rental Income from Properties (250 ) (523 ) (293 ) Property Carrying Costs 2,277 2,872 3,954 Valuation Adjustments 1,713 3,142 3,592 Total $ 4,971 $ 6,811 $ 8,234 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits Tables | |
Schedule of Interest bearing deposits | The composition of the CompanyÂ’s interest bearing deposits at December 31 was as follows: (Dollars in Thousands) 2015 2014 NOW Accounts $ 848,330 $ 804,337 Money Market Accounts 248,367 254,149 Savings Deposits 269,162 233,612 Other Time Deposits 178,707 195,581 Total Interest Bearing Deposits $ 1,544,566 $ 1,487,679 |
Schedule of maturities of time deposits | At December 31, the scheduled maturities of time deposits were as follows: (Dollars in Thousands) 2015 2016 $ 153,328 2017 15,878 2018 6,015 2019 1,906 2020 and thereafter 1,580 Total $ 178,707 |
Schedule of interest expense on deposits | Interest expense on deposits for the three years ended December 31, was as follows: (Dollars in Thousands) 2015 2014 2013 NOW Accounts $ 254 $ 318 $ 482 Money Market Accounts 134 190 211 Savings Deposits 126 112 101 Time Deposits < $250,000 377 463 505 Time Deposits > $250,000 53 16 132 Total $ 944 $ 1,099 $ 1,431 |
SHORT-TERM BORROWINGS (Tables)
SHORT-TERM BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Short-term Borrowings Tables | |
Schedule of Short-term borrowings | Short-term borrowings included the following: (Dollars in Thousands) Federal Securities (1) Other (2) 2015 Balance at December 31 $ — $ 60,977 $ 81 Maximum indebtedness at any month end — 64,935 2,003 Daily average indebtedness outstanding 12 57,689 780 Average rate paid for the year 0.74 % 0.05 % 3.98 % Average rate paid on period-end borrowings — % 0.05 % 5.23 % 2014 Balance at December 31 $ — $ 47,411 $ 2,014 Maximum indebtedness at any month end — 47,413 2,035 Daily average indebtedness outstanding 11 42,877 1,514 Average rate paid for the year 0.76 % 0.05 % 3.76 % Average rate paid on period-end borrowings — % 0.05 % 3.76 % 2013 Balance at December 31 $ — $ 47,312 $ 4,009 Maximum indebtedness at any month end — 55,261 8,929 Daily average indebtedness outstanding 11 48,337 5,573 Average rate paid for the year 0.76 % 0.05 % 3.79 % Average rate paid on period-end borrowings — % 0.05 % 3.25 % (1) Balances are fully collateralized by government treasury or agency securities held in the Company’s investment portfolio. (2) Comprised of FHLB debt. |
LONG-TERM BORROWINGS (Tables)
LONG-TERM BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Borrowings Tables | |
Schedule of minimum future principal payments on FHLB advances | minimum future principal payments on FHLB advances at December 31 were as follows: (Dollars in Thousands) 2015 2016 $ 2,748 2017 6,515 2018 7,714 2019 4,653 2020 2,054 2021 and thereafter 4,581 Total $ 28,265 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes Tables | |
Schedule of provision for income taxes | The provision for income taxes reflected in the statements of comprehensive income is comprised of the following components: (Dollars in Thousands) 2015 2014 2013 Current: Federal $ 497 $ (51 ) $ (75 ) State 115 (2,916 ) 195 612 (2,967 ) 120 Deferred: Federal 3,258 4,270 1,650 State 475 249 99 Valuation Allowance 114 102 56 3,847 4,621 1,805 Total: Federal 3,755 4,219 1,575 State 590 (2,667 ) 294 Valuation Allowance 114 102 56 Total $ 4,459 $ 1,654 $ 1,925 |
Schedule of effective income tax rate reconciliation | Income taxes provided were different than the tax expense computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following: (Dollars in Thousands) 2015 2014 2013 Tax Expense at Federal Statutory Rate $ 4,751 $ 3,820 $ 2,790 Increases (Decreases) Resulting From: Tax-Exempt Interest Income (395 ) (327 ) (385 ) Change in Reserve for Uncertain Tax Positions — (2,902 ) (777 ) State Taxes, Net of Federal Benefit 390 892 191 Other 562 69 50 Change in Valuation Allowance 114 102 56 Tax-Exempt Cash Surrender Value Life Insurance Benefit (303 ) — — Excess Death Benefit Payment (660 ) — — Actual Tax Expense $ 4,459 $ 1,654 $ 1,925 |
Schedule of deferred income tax liabilities and assets | Deferred income tax liabilities and assets result from differences between assets and liabilities measured for financial reporting purposes and for income tax return purposes. These assets and liabilities are measured using the enacted tax rates and laws that are currently in effect. The net deferred tax asset and the temporary differences comprising that balance at December 31, 2015 and 2014 are as follows: (Dollars in Thousands) 2015 2014 Deferred Tax Assets Attributable to: Allowance for Loan Losses $ 5,383 $ 6,767 Accrued Pension/SERP 13,901 13,547 State Net Operating Loss and Tax Credit Carry-Forwards 5,061 5,012 Other Real Estate Owned 5,012 8,229 Federal Net Operating Loss and Tax Credit Carry-Forwards 1,241 574 Other 4,351 3,652 Total Deferred Tax Assets $ 34,949 $ 37,781 Deferred Tax Liabilities Attributable to: Depreciation on Premises and Equipment $ 5,982 $ 6,247 Deferred Loan Fees and Costs 2,883 2,490 Intangible Assets 4,019 3,719 Other 687 612 Total Deferred Tax Liabilities 13,571 13,068 Valuation Allowance 1,442 1,328 Net Deferred Tax Asset $ 19,936 $ 23,385 |
Schedule of beginning and ending unrecognized tax benefit | A reconciliation of the beginning and ending unrecognized tax benefit is as follows: (Dollars in Thousands) 2015 2014 2013 Balance at January 1, $ — $ 3,228 $ 4,209 Additions Based on Tax Positions Related to Current Year — — — Decrease Due to Lapse in Statue of Limitations — — (981 ) Decrease Due to Settlements With Taxing Authorities — (3,228 ) — Balance at December 31 $ — $ — $ 3,228 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock-based Compensation Tables | |
Schedule of stock purchase right estimated on the date of grant using weighted average assumption | Based on the Black-Scholes option pricing model, the weighted average estimated fair value of each of the purchase rights granted under the ASPP was $2.36 for 2015. For 2014 and 2013, the weighted average fair value purchase right granted was $2.12 and $2.21, respectively. In calculating compensation, the fair value of each stock purchase right was estimated on the date of grant using the following weighted average assumptions: 2015 2014 2013 Dividend yield 0.8 % 0.3 % — % Expected volatility 19.0 % 21.5 % 32.0 % Risk-free interest rate 0.1 % 0.1 % 0.1 % Expected life (in years) 0.5 0.5 0.5 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans Tables | |
Schedule of components of pension expense, the funded status of the plan, amounts recognized in the consolidated statements of financial condition, and major assumptions | The following table details on a consolidated basis the changes in benefit obligation, changes in plan assets, the funded status of the plan, components of pension expense, amounts recognized in the CompanyÂ’s consolidated statements of financial condition, and major assumptions used to determine these amounts. (Dollars in Thousands) 2015 2014 2013 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 140,359 $ 115,285 $ 134,950 Service Cost 6,859 5,634 6,999 Interest Cost 5,750 5,513 5,566 Actuarial (Gain) Loss (6,880 ) 22,632 (18,965 ) Benefits Paid (4,825 ) (8,438 ) (12,946 ) Expenses Paid (224 ) (267 ) (319 ) Projected Benefit Obligation at End of Year $ 141,039 $ 140,359 $ 115,285 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 108,172 $ 103,842 $ 94,164 Actual Return on Plan Assets (2,331 ) 8,035 17,943 Employer Contributions 5,000 5,000 5,000 Benefits Paid (4,825 ) (8,438 ) (12,946 ) Expenses Paid (224 ) (267 ) (319 ) Fair Value of Plan Assets at End of Year $ 105,792 $ 108,172 $ 103,842 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 35,247 $ 32,186 $ 11,442 Accumulated Benefit Obligation at End of Year $ 121,609 $ 119,750 $ 98,796 Components of Net Periodic Benefit Costs: Service Cost $ 6,859 $ 5,634 $ 6,999 Interest Cost 5,750 5,513 5,566 Expected Return on Plan Assets (7,820 ) (7,487 ) (7,371 ) Amortization of Prior Service Costs 309 309 317 Net Loss Amortization 3,564 1,365 4,316 Net Periodic Benefit Cost $ 8,662 $ 5,334 $ 9,827 Weighted-Average Assumptions Used to Determine Benefit Obligation: Discount Rate 4.52 % 4.15 % 5.00 % Rate of Compensation Increase 3.25 % 3.25 % 3.25 % Measurement Date 12/31/15 12/31/14 12/31/13 Weighted-Average Assumptions Used to Determine Benefit Cost: Discount Rate 4.15 % 5.00 % 4.25 % Expected Return on Plan Assets 7.50 % 7.50 % 8.00 % Rate of Compensation Increase 3.25 % 3.25 % 3.75 % Amortization Amounts from Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 3,272 $ 22,083 $ (29,534 ) Prior Service Cost (309 ) (309 ) (317 ) Net Loss (3,564 ) (1,365 ) (4,316 ) Deferred Tax Expense (Benefit) 232 (7,873 ) 13,180 Other Comprehensive (Gain) Loss, net of tax $ (369 ) $ 12,536 $ (20,987 ) Amounts Recognized in Accumulated Other Comprehensive Income: Net Actuarial Losses $ 34,373 $ 34,665 $ 13,947 Prior Service Cost 766 1,075 1,383 Deferred Tax Benefit (13,556 ) (13,788 ) (5,914 ) Accumulated Other Comprehensive Loss, net of tax $ 21,583 $ 21,952 $ 9,416 |
Schedule of pension plan asset allocation and the target asset allocation | Plan Assets. Target Percentage of Plan (1) 2016 2015 2014 Equity Securities 70 % 68 % 74 % Debt Securities 25 % 20 % 21 % Cash and Cash Equivalents 5 % 12 % 5 % Total 100 % 100 % 100 % (1) Represents asset allocation at year-end which may differ from the average target allocation for the year due to the year-end cash contribution to the plan. |
Schedule of fair value of plan assets by level of the valuation inputs within the fair value hierarchy | The major categories of assets in the Company’s pension plan as of December 31 are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (see Note 19 – Fair Value Measurements). (Dollars in Thousands) 2015 2014 Level 1: Equities $ 18,197 $ 23,199 Mutual Funds 71,829 75,421 Cash and Cash Equivalents 12,402 5,626 Level 2: U.S. Government Agency 3,364 3,926 Total Fair Value of Plan Assets $ 105,792 $ 108,172 |
Schedule of expected benefit payments related to the defined benefit pension plan | Expected Benefit Payments (Dollars in Thousands) 2015 2016 $ 8,199 2017 8,859 2018 10,608 2019 10,912 2020 10,222 2021 through 2025 54,925 Total $ 103,724 |
Schedule of amounts contributed to the pension plan and the expected amount to be contributed | Contributions. (Dollars in Thousands) 2014 2015 Expected Contribution 2016 (1) Actual Contributions $ 5,000 $ 5,000 $ 5,000 (1) For 2016, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances. |
Schedule of components of SERP's periodic benefit cost, the funded status of the plan, amounts recognized in the consolidated statements of financial condition, and major assumptions | The following table details on a consolidated basis the changes in benefit obligation, the funded status of the plan, components of pension expense, amounts recognized in the Company’s consolidated statements of financial condition, and major assumptions used to determine these amounts. (Dollars in Thousands) 2015 2014 2013 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 3,003 $ 2,379 $ 3,492 Service Cost 3 — — Interest Cost 133 104 137 Actuarial Loss (Gain) 1,703 520 (1,250 ) Projected Benefit Obligation at End of Year $ 4,842 $ 3,003 $ 2,379 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 4,842 $ 3,003 $ 2,379 Accumulated Benefit Obligation at End of Year $ 4,348 $ 2,982 $ 2,379 Components of Net Periodic Benefit Costs: Service Cost $ 3 $ — $ — Interest Cost 133 104 137 Amortization of Prior Service Cost 7 164 187 Net Loss (Gain) Amortization 179 (661 ) (237 ) Net Periodic Benefit Cost $ 322 $ (393 ) $ 87 Weighted-Average Assumptions Used to Determine Benefit Obligation: Discount Rate 4.13 % 4.15 % 5.00 % Rate of Compensation Increase 3.25 % 3.25 % 3.25 % Measurement Date 12/31/15 12/31/14 12/31/13 Weighted-Average Assumptions Used to Determine Benefit Cost: Discount Rate 4.15 % 5.00 % 4.25 % Rate of Compensation Increase 3.25 % 3.25 % 3.75 % Amortization Amounts from Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 1,703 $ 520 $ (1,250 ) Prior Service Cost (7 ) (164 ) (187 ) Net (Loss) Gain (179 ) 660 237 Deferred Tax (Benefit) Expense (585 ) (392 ) 463 Other Comprehensive Loss (Gain), net of tax $ 932 $ 624 $ (737 ) Amounts Recognized in Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 892 $ (632 ) $ (1,812 ) Prior Service Cost — 7 171 Deferred Tax Liability (344 ) 241 633 Accumulated Other Comprehensive Loss (Gain), net of tax $ 548 $ (384 ) $ (1,008 ) |
Schedule of expected benefit payments related to the SERP | Expected Benefit Payments (Dollars in Thousands) 2015 2016 $ 1,499 2017 1,036 2018 1,225 2019 1,196 2020 — 2021 through 2025 — Total $ 4,956 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share Tables | |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share: (Dollars and Per Share Data in Thousands) 2015 2014 2013 Numerator: Net Income $ 9,116 $ 9,260 $ 6,045 Denominator: Denominator for Basic Earnings Per Share Weighted-Average Shares 17,273 17,425 17,325 Effects of Dilutive Securities Stock Compensation Plans 45 63 74 Denominator for Diluted Earnings Per Share Adjusted Weighted-Average Shares and Assumed Conversions 17,318 17,488 17,399 Basic Earnings Per Share $ 0.53 $ 0.53 $ 0.35 Diluted Earnings Per Share $ 0.53 $ 0.53 $ 0.35 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Matters Tables | |
Schedule of Company and Bank's actual capital amounts and ratios | As of December 31, 2015, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum common equity tier 1, total risk-based, tier 1 risk based and tier 1 leverage ratios as set forth in the following tables. There are not conditions or events since the notification that management believes have changed the BankÂ’s category. The Company and BankÂ’s actual capital amounts and ratios as of December 31, 2015 and 2014 are also presented in the table. To Be Well- Capitalized Under Required Prompt For Capital Corrective Actual Adequacy Purposes Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio 2015 Common Equity Tier 1: CCBG $ 215,075 12.84 % $ 75,385 4.50 % * * CCB 266,138 15.93 % 75,162 4.50 % $ 108,567 6.50 % Tier 1 Capital: CCBG 275,075 16.42 % 100,513 6.00 % * * CCB 266,138 15.93 % 100,216 6.00 % 133,621 8.00 % Total Capital: CCBG 289,028 17.25 % 134,018 8.00 % * * CCB 280,091 16.77 % 133,621 8.00 % 167,026 10.00 % Tier 1 Leverage: CCBG 275,075 10.65 % 103,342 4.00 % * * CCB 266,138 10.33 % 103,095 4.00 % 128,869 5.00 % 2014 Tier 1 Capital: CCBG $ 269,503 16.67 % $ 64,656 4.00 % * * CCB 261,655 16.24 % 64,458 4.00 % $ 96,687 6.00 % Total Capital: CCBG 287,042 17.76 % 129,313 8.00 % * * CCB 279,194 17.33 % 128,916 8.00 % 161,145 10.00 % Tier 1 Leverage: CCBG 269,503 10.99 % 98,090 4.00 % * * CCB 261,655 10.70 % 97,834 4.00 % 122,293 5.00 % * Not applicable to bank holding companies. |
OTHER COMPREHENSIVE INCOME (L42
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Comprehensive Income Loss Tables | |
Schedule of other comprehensive income loss | The following table summarizes the tax effects for each component of other comprehensive income (loss): Before Tax Net of Tax (Expense) Tax (Dollars in Thousands) Amount Benefit Amount 2015 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ (378 ) $ 145 $ (233 ) Amortization of losses on securities transferred from available for sale to 76 (31 ) 45 Reclassification adjustment for net gain included in net income 5 (2 ) 3 Total Investment Securities (297 ) 112 (185 ) Benefit Plans: Reclassification adjustment for amortization of prior service cost 316 (122 ) 194 Reclassification adjustment for amortization of net loss 3,743 (1,444 ) 2,299 Current year actuarial (loss) gain (4,975 ) 1,919 (3,056 ) Total Benefit Plans (916 ) 353 (563 ) Total Other Comprehensive Loss $ (1,213 ) $ 465 $ (748 ) 2014 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ 250 $ (103 ) $ 147 Amortization of losses on securities transferred from available for sale to 70 (27 ) 43 Reclassification adjustment for net gain included in net income 1 — 1 Total Investment Securities 321 (130 ) 191 Benefit Plans: Reclassification adjustment for amortization of prior service cost 473 (182 ) 291 Reclassification adjustment for amortization of net loss 705 (272 ) 433 Current year actuarial (loss) gain (22,603 ) 8,719 (13,884 ) Total Benefit Plans (21,425 ) 8,265 (13,160 ) Total Other Comprehensive Loss $ (21,104 ) $ 8,135 $ (12,969 ) 2013 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ (1,252 ) $ 483 $ (769 ) Unrealized losses on securities transferred from available for sale to (523 ) 202 (321 ) Amortization of losses on securities transferred from available for sale to 25 (10 ) 15 Reclassification adjustment for net gain included in net income 3 (1 ) 2 Reclassification adjustment for impairment loss realized in net income 600 (232 ) 368 Total Investment Securities (1,147 ) 442 (705 ) Benefit Plans: Reclassification adjustment for amortization of prior service cost 504 (194 ) 310 Reclassification adjustment for amortization of net loss 4,079 (1,574 ) 2,505 Current year actuarial gain (loss) 30,784 (11,875 ) 18,909 Total Benefit Plans 35,367 (13,643 ) 21,724 Total Other Comprehensive Income $ 34,220 $ (13,201 ) $ 21,019 |
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 (loss) during the period (186 ) (562 ) (748 ) Balance as of December 31, 2015 $ (127 ) $ (22,130 ) $ (22,257 ) Balance as of January 1, 2014 $ (132 ) $ (8,408 ) $ (8,540 ) Other comprehensive income (loss) during the period 191 (13,160 ) (12,969 ) Balance as of December 31, 2014 $ 59 $ (21,568 ) $ (21,509 ) Balance as of January 1, 2013 $ 573 $ (30,132 ) $ (29,559 ) Other comprehensive (loss) income during the period (705 ) 21,724 21,019 Balance as of December 31, 2013 $ (132 ) $ (8,408 ) $ (8,540 ) |
OTHER NONINTEREST EXPENSE (Tabl
OTHER NONINTEREST EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Noninterest Expense Tables | |
Schedule of components of other noninterest expense | Components of other noninterest expense in excess of 1% of the sum of total interest income and noninterest income, which are not disclosed separately elsewhere, are presented below for each of the respective years. (Dollars in Thousands) 2015 2014 2013 Legal Fees 2,506 3,187 3,663 Professional Fees 3,789 3,732 4,304 Telephone 1,976 1,903 1,891 Advertising 1,391 1,461 1,719 Processing Services 6,540 6,062 5,396 Insurance – Other 2,737 2,934 4,144 Other 8,211 8,235 8,596 Total $ 27,150 $ 27,514 $ 29,713 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Tables | |
Schedule of amounts associated with the entities off-balance sheet obligations | The Company’s maximum exposure to credit loss under standby letters of credit and commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in establishing commitments and issuing letters of credit as it does for on-balance sheet instruments. As of December 31, the amounts associated with the Company’s off-balance sheet obligations were as follows: 2015 2014 (Dollars in Thousands) Fixed Variable Total Fixed Variable Total Commitments to Extend Credit (1) $ 57,571 $ 306,642 $ 364,213 $ 33,633 $ 278,438 $ 312,071 Standby Letters of Credit 6,095 — 6,095 8,307 — 8,307 Total $ 63,666 $ 306,642 $ 370,308 $ 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) | 12 Months Ended |
Dec. 31, 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 recorded at fair value at December 31 consisted of the following: (Dollars in Thousands) Level 1 Level 2 Level 3 Total Fair 2015 Securities Available for Sale: U.S. Government Treasury $ 250,346 $ — $ — $ 250,346 U.S. Government Agency — 101,824 — 101,824 States and Political Subdivisions — 88,362 — 88,362 Mortgage-Backed Securities — 1,901 — 1,901 Equity Securities — 8,595 — 8,595 2014 Securities Available for Sale: U.S. Government 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 at December 31 consisted of the following: 2015 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 ASSETS: Cash $ 51,288 $ 51,288 $ — $ — Short-Term Investments 327,617 327,617 — — Investment Securities, Available for Sale 451,028 250,346 200,682 — Investment Securities, Held to Maturity 187,892 134,439 52,968 — Loans Held for Sale 11,632 — 11,632 Loans, Net of Allowance for Loan Losses 1,478,322 — — 1,483,926 LIABILITIES: Deposits $ 2,302,849 $ — $ 2,228,210 $ — Short-Term Borrowings 61,058 — 64,947 — Subordinated Notes Payable 62,887 — 49,230 — Long-Term Borrowings 28,265 — 30,448 — 2014 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 ASSETS: Cash $ 55,467 $ 55,467 $ — $ — Short-Term Investments 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 — |
PARENT COMPANY FINANCIAL INFO46
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Parent Company Financial Information Tables | |
Schedule of condensed statements of financial condition of the parent company | Parent Company Statements of Financial Condition (Dollars in Thousands, Except Per Share Data) 2015 2014 ASSETS Cash and Due From Subsidiary Bank $ 13,527 $ 11,741 Investment in Subsidiary Bank 327,794 329,632 Other Assets 5,164 2,906 Total Assets $ 346,485 $ 344,279 LIABILITIES Subordinated Notes Payable $ 62,887 $ 62,887 Other Liabilities 9,246 8,852 Total Liabilities 72,133 71,739 SHAREOWNERSÂ’ 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; 17,156,919 and 17,447,223 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively 172 174 Additional Paid-In Capital 38,256 42,569 Retained Earnings 258,181 251,306 Accumulated Other Comprehensive Loss, Net of Tax (22,257 ) (21,509 ) Total ShareownersÂ’ Equity 274,352 272,540 Total Liabilities and ShareownersÂ’ Equity $ 346,485 $ 344,279 |
Schedule of operating results of the parent company | Parent Company Statements of Operations (Dollars in Thousands) 2015 2014 2013 OPERATING INCOME Income Received from Subsidiary Bank: Overhead Fees $ 4,604 $ 4,468 $ 4,417 Dividends 9,200 6,000 — Other Income 424 138 208 Total Operating Income 14,228 10,606 4,625 OPERATING EXPENSE Salaries and Associate Benefits 3,395 3,156 3,130 Interest on Subordinated Notes Payable 1,368 1,328 1,419 Professional Fees 1,078 1,024 1,491 Advertising 105 141 142 Legal Fees 168 243 245 Other 699 624 1,117 Total Operating Expense 6,813 6,516 7,544 Earnings (Loss) Before Income Taxes and Equity in Undistributed 7,415 4,090 (2,919 ) Income Tax Benefit (342 ) (433 ) (1,036 ) Earnings (Loss) Before Equity in Undistributed Earnings of 7,757 4,523 (1,883 ) Equity in Undistributed Earnings of Subsidiary Bank 1,359 4,737 7,928 Net Income $ 9,116 $ 9,260 $ 6,045 |
Schedule of cash flows for the parent company | Parent Company Statements of Cash Flows (Dollars in Thousands) 2015 2014 2013 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 9,116 $ 9,260 $ 6,045 Adjustments to Reconcile Net Income to Net Cash Provided By (Used In) Operating Activities: Equity in Undistributed Earnings of Subsidiary Bank (1,359 ) (4,737 ) (7,928 ) Stock Compensation 1,109 1,349 1,296 Decrease in Other Assets 191 387 339 Increase (Decrease) in Other Liabilities 444 532 (1,755 ) Net Cash Provided By (Used In) Operating Activities 9,501 6,791 (2,003 ) CASH FROM FINANCING ACTIVITIES: Dividends Paid (2,241 ) (1,568 ) — Issuance of Common Stock Under Compensation Plans 507 578 1,151 Payments to Repurchase Common Stock (5,981 ) (269 ) — Net Cash (Used In) Provided By in Financing Activities (7,715 ) (1,259 ) 1,151 Net Increase (Decrease) in Cash 1,786 5,532 (852 ) Cash at Beginning of Year 11,741 6,209 7,061 Cash at End of Year $ 13,527 $ 11,741 $ 6,209 |
SIGNIFICANT ACCOUNTING POLICI47
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Average federal reserves | $ 10,300 | $ 13,200 |
Premises [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 10 years | |
Premises [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 40 years | |
Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 10 years |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Available-for-sale | |||
Amortized Cost | $ 450,883 | $ 341,024 | |
Unrealized Gains | 720 | 767 | |
Unrealized Losses | 575 | 243 | |
Market Value | 451,028 | 341,548 | |
Held to Maturity | |||
Amortized Cost | 187,892 | 163,581 | |
Unrealized Gains | 94 | 242 | |
Unrealized Losses | 579 | 411 | |
Market Value | 187,407 | 163,412 | |
Total | |||
Amortized Cost | 638,775 | 504,605 | |
Unrealized Gain | 814 | 1,009 | |
Unrealized Loss | 1,154 | 654 | |
Fair Value | 638,435 | 504,960 | |
U.S. Treasury [Member] | |||
Available-for-sale | |||
Amortized Cost | 250,458 | 185,830 | |
Unrealized Gains | 101 | 220 | |
Unrealized Losses | 213 | 19 | |
Market Value | 250,346 | 186,031 | |
Held to Maturity | |||
Amortized Cost | 134,554 | 76,179 | |
Unrealized Gains | 45 | 144 | |
Unrealized Losses | 160 | 6 | |
Market Value | 134,439 | 76,317 | |
U.S. Government Agency [Member] | |||
Available-for-sale | |||
Amortized Cost | 101,730 | 95,950 | |
Unrealized Gains | 357 | 289 | |
Unrealized Losses | 263 | 142 | |
Market Value | 101,824 | 96,097 | |
Held to Maturity | |||
Amortized Cost | 10,043 | 19,807 | |
Unrealized Gains | 7 | 29 | |
Unrealized Losses | 5 | 19 | |
Market Value | 10,045 | 19,817 | |
States and Political Subdivisions [Member] | |||
Available-for-sale | |||
Amortized Cost | 88,358 | 48,405 | |
Unrealized Gains | 103 | 65 | |
Unrealized Losses | 99 | 82 | |
Market Value | 88,362 | 48,388 | |
Held to Maturity | |||
Amortized Cost | 15,693 | 26,717 | |
Unrealized Gains | 38 | 36 | |
Unrealized Losses | 7 | 6 | |
Market Value | 15,724 | 26,747 | |
Mortgage-Backed Securities [Member] | |||
Available-for-sale | |||
Amortized Cost | 1,742 | 2,094 | |
Unrealized Gains | $ 159 | $ 193 | |
Unrealized Losses | |||
Market Value | $ 1,901 | $ 2,287 | |
Held to Maturity | |||
Amortized Cost | 27,602 | 40,878 | |
Unrealized Gains | 4 | 33 | |
Unrealized Losses | 407 | 380 | |
Market Value | 27,199 | 40,531 | |
Equity Securities [Member] | |||
Available-for-sale | |||
Amortized Cost | [1] | $ 8,595 | $ 8,745 |
Unrealized Gains | |||
Unrealized Losses | |||
Market Value | [1] | $ 8,595 | $ 8,745 |
Federal Home Loan Bank | 3,600 | 3,900 | |
Federal Reserve Bank stock | 4,800 | $ 4,800 | |
FNBB, Inc. stock | $ 200 | ||
[1] | Includes Federal Home Loan Bank, Federal Reserve Bank and FNBB Inc. stock recorded at cost of $3.6 million and $4.8 and $0.2 million, respectively, at December 31, 2015 and Federal Home Loan Bank and Federal Reserve Bank stock at $3.9 million and $4.8 million, respectively, at December 31, 2014. |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||
Total Proceeds | $ 7,506 | ||
Gross Realized Gains | $ 3 | ||
Gross Realized Losses |
INVESTMENT SECURITIES (Detail50
INVESTMENT SECURITIES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Amortized Cost | ||
Due in one year or less | $ 90,331 | |
Due after one through five years | 280,264 | |
Total Investment Securities | 450,883 | |
Market Value | ||
Due in one year or less | 90,261 | |
Due after one through five years | 280,116 | |
Total Investment Securities | 451,028 | |
Amortized Cost | ||
Due in one year or less | 44,267 | |
Due after one through five years | 116,023 | |
Total Investment Securities | 187,892 | $ 163,581 |
Market Value | ||
Due in one year or less | 44,270 | |
Due after one through five years | 115,938 | |
Total Investment Securities | 187,407 | 163,412 |
Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Due without single maturity date | 1,742 | |
Market Value | ||
Due without single maturity date | 1,901 | |
Amortized Cost | ||
Due without single maturity date | 27,602 | |
Total Investment Securities | 27,602 | 40,878 |
Market Value | ||
Due without single maturity date | 27,199 | |
U.S. Government Agency [Member] | ||
Amortized Cost | ||
Due without single maturity date | 69,951 | |
Market Value | ||
Due without single maturity date | $ 70,155 | |
Amortized Cost | ||
Due without single maturity date | ||
Total Investment Securities | $ 10,043 | $ 19,807 |
Market Value | ||
Due without single maturity date | ||
Equity Securities [Member] | ||
Amortized Cost | ||
Due without single maturity date | $ 8,595 | |
Market Value | ||
Due without single maturity date | $ 8,595 | |
Amortized Cost | ||
Due without single maturity date | ||
Market Value | ||
Due without single maturity date |
INVESTMENT SECURITIES (Detail51
INVESTMENT SECURITIES (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale securities | ||
Less Than 12 Months, Market Value | $ 233,177 | $ 70,495 |
Less Than 12 Months, Unrealized Losses | 499 | 150 |
Greater Than 12 Months, Market Value | 14,710 | 18,973 |
Greater Than 12 Months, Unrealized Losses | 76 | 93 |
Total Market Value | 247,887 | 89,468 |
Total Unrealized Losses | 575 | 243 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Market Value | 114,403 | 43,902 |
Less Than 12 Months, Unrealized Losses | 357 | 180 |
Greater Than 12 Months, Market Value | 11,889 | 18,155 |
Greater Than 12 Months Or Longer, Unrealized Losses | 222 | 231 |
Total Market Value | 126,292 | 62,057 |
Total Unrealized Losses | 579 | 411 |
U.S. Treasury [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Market Value | 150,061 | 35,838 |
Less Than 12 Months, Unrealized Losses | $ 213 | $ 19 |
Greater Than 12 Months, Market Value | ||
Greater Than 12 Months, Unrealized Losses | ||
Total Market Value | $ 150,061 | $ 35,838 |
Total Unrealized Losses | 213 | 19 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Market Value | 92,339 | 15,046 |
Less Than 12 Months, Unrealized Losses | $ 160 | $ 6 |
Greater Than 12 Months, Market Value | ||
Greater Than 12 Months Or Longer, Unrealized Losses | ||
Total Market Value | $ 92,339 | $ 15,046 |
Total Unrealized Losses | 160 | 6 |
U.S. Government Agency [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Market Value | 43,508 | 18,160 |
Less Than 12 Months, Unrealized Losses | 200 | 54 |
Greater Than 12 Months, Market Value | 9,644 | 18,468 |
Greater Than 12 Months, Unrealized Losses | 63 | 88 |
Total Market Value | 53,152 | 36,628 |
Total Unrealized Losses | 263 | 142 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Market Value | 5,006 | 10,002 |
Less Than 12 Months, Unrealized Losses | $ 5 | $ 19 |
Greater Than 12 Months, Market Value | ||
Greater Than 12 Months Or Longer, Unrealized Losses | ||
Total Market Value | $ 5,006 | $ 10,002 |
Total Unrealized Losses | 5 | 19 |
States and Political Subdivisions [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Market Value | 39,608 | 16,497 |
Less Than 12 Months, Unrealized Losses | 86 | 77 |
Greater Than 12 Months, Market Value | 5,066 | 505 |
Greater Than 12 Months, Unrealized Losses | 13 | 5 |
Total Market Value | 44,674 | 17,002 |
Total Unrealized Losses | 99 | 82 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Market Value | 3,791 | 3,788 |
Less Than 12 Months, Unrealized Losses | $ 7 | $ 6 |
Greater Than 12 Months, Market Value | ||
Greater Than 12 Months Or Longer, Unrealized Losses | ||
Total Market Value | $ 3,791 | $ 3,788 |
Total Unrealized Losses | 7 | 6 |
Mortgage-Backed Securities [Member] | ||
Held-to-maturity debt securities | ||
Less Than 12 Months, Market Value | 13,267 | 15,066 |
Less Than 12 Months, Unrealized Losses | 185 | 149 |
Greater Than 12 Months, Market Value | 11,889 | 18,155 |
Greater Than 12 Months Or Longer, Unrealized Losses | 222 | 231 |
Total Market Value | 25,156 | 33,221 |
Total Unrealized Losses | $ 407 | $ 380 |
INVESTMENT SECURITIES (Detail52
INVESTMENT SECURITIES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Transfer available for sale to held to maturity, fair value | $ 63,000 | ||
Transfer available for sale to held to maturity, unrealized loss | $ (523) | ||
Transfer available for sale to held to maturity, unrealized loss included in accumulated other comprehensive income | $ 352 | ||
Securities pledged to secure public deposits | $ 370,100 | $ 337,900 |
LOANS, NET (Details)
LOANS, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | $ 1,492,275 | $ 1,431,374 | |
Net deferred fees | 500 | 1,500 | |
Loans in process with outstanding balances | 8,500 | 7,400 | |
Commercial, Financial and Agricultural [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | 179,816 | 136,925 | |
Real Estate - Construction [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | 46,484 | 41,596 | |
Real Estate - Commercial Mortgage [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | 499,813 | 510,120 | |
Real Estate - Residential [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | [1] | 290,585 | 295,969 |
Real Estate - Home Equity [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | 233,901 | 229,572 | |
Consumer [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | $ 241,676 | $ 217,192 | |
[1] | Includes loans in process with outstanding balances of $8.5 million and $7.4 million for 2015 and 2014, respectively. |
LOANS, NET (Details 1)
LOANS, NET (Details 1) - USD ($) $ in Thousands | Dec. 31, 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 | $ 10,305 | $ 16,769 |
Total Past Due | $ 5,775 | $ 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 | $ 96 | $ 507 |
Total Past Due | $ 171 | $ 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 | $ 97 | $ 424 |
Total Past Due | $ 690 | $ 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 | $ 4,191 | $ 5,806 |
Total Past Due | $ 1,983 | $ 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 | $ 4,739 | $ 6,737 |
Total Past Due | $ 914 | $ 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 | $ 1,017 | $ 2,544 |
Total Past Due | $ 884 | $ 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 | $ 165 | $ 751 |
Total Past Due | $ 1,133 | $ 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 2)
LOANS, NET (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 5,775 | $ 6,792 | |
Total Current | 1,476,195 | 1,407,813 | |
Total Loans | 1,492,275 | 1,431,374 | |
30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 3,686 | 4,739 | |
60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 2,089 | $ 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 | $ 171 | $ 507 | |
Total Current | 179,549 | 135,911 | |
Total Loans | 179,816 | 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 | 153 | 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 | $ 18 | $ 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 | $ 690 | $ 690 | |
Total Current | 45,697 | 40,482 | |
Total Loans | 46,484 | 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 | $ 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 | |||
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 | $ 1,983 | $ 2,270 | |
Total Current | 493,639 | 502,044 | |
Total Loans | 499,813 | 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 | 754 | 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 | $ 1,229 | $ 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 | $ 914 | $ 1,829 | |
Total Current | 284,932 | 287,403 | |
Total Loans | [1] | 290,585 | 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 | 567 | 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 | $ 347 | $ 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 | $ 884 | $ 774 | |
Total Current | 232,000 | 226,254 | |
Total Loans | 233,901 | 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 | 787 | 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 | $ 97 | $ 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 | $ 1,133 | $ 722 | |
Total Current | 240,378 | 215,719 | |
Total Loans | 241,676 | 217,192 | |
Consumer [Member] | 30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 735 | 625 | |
Consumer [Member] | 60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 398 | $ 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 $8.5 million and $7.4 million for 2015 and 2014, respectively. |
LOANS, NET (Details 3)
LOANS, NET (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | $ 17,539 | $ 23,095 | $ 29,167 |
Provision for Loan Losses | 1,594 | 1,905 | 3,472 |
Charge-Offs | (7,435) | (10,046) | (12,214) |
Recoveries | 2,255 | 2,585 | 2,670 |
Net Charge-Offs | (5,180) | (7,461) | (9,544) |
Ending Balance | 13,953 | 17,539 | 23,095 |
Commercial, Financial and Agricultural [Member] | |||
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | 784 | 699 | 1,253 |
Provision for Loan Losses | 911 | 742 | (15) |
Charge-Offs | (1,029) | (871) | (748) |
Recoveries | 239 | 214 | 209 |
Net Charge-Offs | (790) | (657) | (539) |
Ending Balance | 905 | 784 | 699 |
Real Estate - Construction [Member] | |||
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | 843 | 1,580 | 2,856 |
Provision for Loan Losses | $ (742) | (718) | (207) |
Charge-Offs | (28) | (1,070) | |
Recoveries | 9 | 1 | |
Net Charge-Offs | (19) | (1,069) | |
Ending Balance | $ 101 | 843 | 1,580 |
Real Estate - Commercial Mortgage [Member] | |||
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | 5,287 | 7,710 | 11,081 |
Provision for Loan Losses | 278 | 897 | (83) |
Charge-Offs | (1,250) | (3,788) | (3,651) |
Recoveries | 183 | 468 | 363 |
Net Charge-Offs | (1,067) | (3,320) | (3,288) |
Ending Balance | 4,498 | 5,287 | 7,710 |
Real Estate - Residential [Member] | |||
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | 6,520 | 9,073 | 8,678 |
Provision for Loan Losses | (964) | (1,145) | 3,392 |
Charge-Offs | (1,852) | (2,160) | (3,835) |
Recoveries | 705 | 752 | 838 |
Net Charge-Offs | (1,147) | (1,408) | (2,997) |
Ending Balance | 4,409 | 6,520 | 9,073 |
Real Estate - Home Equity [Member] | |||
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | 2,882 | 3,051 | 2,945 |
Provision for Loan Losses | 858 | 1,069 | 971 |
Charge-Offs | (1,403) | (1,379) | (1,159) |
Recoveries | 136 | 141 | 294 |
Net Charge-Offs | (1,267) | (1,238) | (865) |
Ending Balance | 2,473 | 2,882 | 3,051 |
Consumer [Member] | |||
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | 1,223 | 982 | 1,327 |
Provision for Loan Losses | 1,253 | 1,060 | 441 |
Charge-Offs | (1,901) | (1,820) | (1,751) |
Recoveries | 992 | 1,001 | 965 |
Net Charge-Offs | (909) | (819) | (786) |
Ending Balance | $ 1,567 | $ 1,223 | 982 |
Unallocated [Member] | |||
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | 1,027 | ||
Provision for Loan Losses | $ (1,027) | ||
Charge-Offs | |||
Recoveries | |||
Net Charge-Offs | |||
Ending Balance |
LOANS, NET (Details 4)
LOANS, NET (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | $ 4,646 | $ 5,782 | $ 7,229 |
Loans Collectively Evaluated for Impairment | 9,307 | 11,757 | 15,866 |
Ending Balance | 13,953 | 17,539 | 23,095 |
Commercial, Financial and Agricultural [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 77 | 293 | 75 |
Loans Collectively Evaluated for Impairment | 828 | 491 | 624 |
Ending Balance | $ 905 | $ 784 | 699 |
Real Estate - Construction [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 66 | ||
Loans Collectively Evaluated for Impairment | $ 101 | $ 843 | 1,514 |
Ending Balance | 101 | 843 | 1,580 |
Real Estate - Commercial Mortgage [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 2,049 | 2,733 | 4,336 |
Loans Collectively Evaluated for Impairment | 2,449 | 2,554 | 3,374 |
Ending Balance | 4,498 | 5,287 | 7,710 |
Real Estate - Residential [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 2,118 | 2,113 | 2,047 |
Loans Collectively Evaluated for Impairment | 2,291 | 4,407 | 7,026 |
Ending Balance | 4,409 | 6,520 | 9,073 |
Real Estate - Home Equity [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 384 | 638 | 682 |
Loans Collectively Evaluated for Impairment | 2,089 | 2,244 | 2,369 |
Ending Balance | 2,473 | 2,882 | 3,051 |
Consumer [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 18 | 5 | 23 |
Loans Collectively Evaluated for Impairment | 1,549 | 1,218 | 959 |
Ending Balance | $ 1,567 | $ 1,223 | $ 982 |
LOANS, NET (Details 5)
LOANS, NET (Details 5) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | $ 43,752 | $ 57,093 | $ 76,294 |
Collectively Evaluated for Impairment | 1,448,523 | 1,374,281 | 1,312,310 |
Total | 1,492,275 | 1,431,374 | 1,388,604 |
Commercial, Financial and Agricultural [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 834 | 1,040 | 1,580 |
Collectively Evaluated for Impairment | 178,982 | 135,885 | 125,027 |
Total | 179,816 | 136,925 | 126,607 |
Real Estate - Construction [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 97 | 401 | 557 |
Collectively Evaluated for Impairment | 46,387 | 41,195 | 30,455 |
Total | 46,484 | 41,596 | 31,012 |
Real Estate - Commercial Mortgage [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 20,847 | 32,242 | 49,973 |
Collectively Evaluated for Impairment | 478,966 | 477,878 | 483,898 |
Total | 499,813 | 510,120 | 533,871 |
Real Estate - Residential [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 18,569 | 20,120 | 20,470 |
Collectively Evaluated for Impairment | 272,016 | 275,849 | 289,222 |
Total | 290,585 | 295,969 | 309,692 |
Real Estate - Home Equity [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 3,144 | 3,074 | 3,359 |
Collectively Evaluated for Impairment | 230,757 | 226,498 | 224,563 |
Total | 233,901 | 229,572 | 227,922 |
Consumer [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 261 | 216 | 355 |
Collectively Evaluated for Impairment | 241,415 | 216,976 | 159,145 |
Total | $ 241,676 | $ 217,192 | $ 159,500 |
LOANS, NET (Details 6)
LOANS, NET (Details 6) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | $ 43,752 | $ 57,093 |
Recorded Investment With No Allowance | 7,762 | 18,827 |
Recorded Investment With Allowance | 35,990 | 38,266 |
Related Allowance | 4,646 | 5,782 |
Commercial, Financial and Agricultural [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 834 | 1,040 |
Recorded Investment With No Allowance | 279 | 189 |
Recorded Investment With Allowance | 555 | 851 |
Related Allowance | 77 | 293 |
Real Estate - Construction [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 97 | 401 |
Recorded Investment With No Allowance | $ 97 | $ 401 |
Recorded Investment With Allowance | ||
Related Allowance | ||
Real Estate - Commercial Mortgage [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | $ 20,847 | $ 32,242 |
Recorded Investment With No Allowance | 3,265 | 11,984 |
Recorded Investment With Allowance | 17,582 | 20,258 |
Related Allowance | 2,049 | 2,733 |
Real Estate - Residential [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 18,569 | 20,120 |
Recorded Investment With No Allowance | 2,941 | 5,492 |
Recorded Investment With Allowance | 15,628 | 14,628 |
Related Allowance | 2,118 | 2,113 |
Real Estate - Home Equity [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 3,144 | 3,074 |
Recorded Investment With No Allowance | 1,101 | 758 |
Recorded Investment With Allowance | 2,043 | 2,316 |
Related Allowance | 384 | 638 |
Consumer [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 261 | 216 |
Recorded Investment With No Allowance | 79 | 3 |
Recorded Investment With Allowance | 182 | 213 |
Related Allowance | $ 18 | $ 5 |
LOANS, NET (Details 7)
LOANS, NET (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Average recorded investment and interest income recognized by class of impaired loans | |||
Average Recorded Investment | $ 51,288 | $ 67,928 | $ 89,861 |
Total Interest Income | 2,074 | 2,942 | 3,151 |
Commercial, Financial and Agricultural [Member] | |||
Average recorded investment and interest income recognized by class of impaired loans | |||
Average Recorded Investment | 1,002 | 1,440 | 2,861 |
Total Interest Income | 46 | 62 | 140 |
Real Estate - Construction [Member] | |||
Average recorded investment and interest income recognized by class of impaired loans | |||
Average Recorded Investment | $ 335 | 637 | 1,181 |
Total Interest Income | 4 | 7 | |
Real Estate - Commercial Mortgage [Member] | |||
Average recorded investment and interest income recognized by class of impaired loans | |||
Average Recorded Investment | $ 27,644 | 41,435 | 60,043 |
Total Interest Income | 1,093 | 1,725 | 2,062 |
Real Estate - Residential [Member] | |||
Average recorded investment and interest income recognized by class of impaired loans | |||
Average Recorded Investment | 19,105 | 21,122 | 21,238 |
Total Interest Income | 842 | 1,070 | 860 |
Real Estate - Home Equity [Member] | |||
Average recorded investment and interest income recognized by class of impaired loans | |||
Average Recorded Investment | 3,001 | 3,000 | 4,037 |
Total Interest Income | 86 | 72 | 72 |
Consumer [Member] | |||
Average recorded investment and interest income recognized by class of impaired loans | |||
Average Recorded Investment | 201 | 294 | 501 |
Total Interest Income | $ 7 | $ 9 | $ 10 |
LOANS, NET (Details 8)
LOANS, NET (Details 8) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Risk category of loans by segment | ||
Total Criticized Loans | $ 87,396 | $ 142,370 |
Commercial, Financial and Agricultural [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 7,245 | 10,876 |
Real Estate [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 79,263 | 130,227 |
Consumer [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 888 | 1,267 |
Special Mention [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 33,845 | 59,233 |
Special Mention [Member] | Commercial, Financial and Agricultural [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 5,938 | 8,059 |
Special Mention [Member] | Real Estate [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 27,838 | 51,060 |
Special Mention [Member] | Consumer [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 69 | 114 |
Substandard [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 53,551 | 83,137 |
Substandard [Member] | Commercial, Financial and Agricultural [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 1,307 | 2,817 |
Substandard [Member] | Real Estate [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 51,425 | 79,167 |
Substandard [Member] | Consumer [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | $ 819 | $ 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 9)
LOANS, NET (Details 9) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loans classified as TDRs | ||
Accruing | $ 35,634 | $ 44,410 |
Nonaccruing | 2,687 | 4,744 |
Commercial, Financial and Agricultural [Member] | ||
Loans classified as TDRs | ||
Accruing | $ 897 | 838 |
Nonaccruing | $ 266 | |
Real Estate - Construction [Member] | ||
Loans classified as TDRs | ||
Accruing | ||
Nonaccruing | ||
Real Estate - Commercial Mortgage [Member] | ||
Loans classified as TDRs | ||
Accruing | $ 16,621 | $ 26,565 |
Nonaccruing | 1,070 | 1,591 |
Real Estate - Residential [Member] | ||
Loans classified as TDRs | ||
Accruing | 14,979 | 14,940 |
Nonaccruing | 1,582 | 2,531 |
Real Estate - Home Equity [Member] | ||
Loans classified as TDRs | ||
Accruing | $ 2,914 | 1,856 |
Nonaccruing | 356 | |
Consumer [Member] | ||
Loans classified as TDRs | ||
Accruing | $ 223 | $ 211 |
Nonaccruing | $ 35 |
LOANS, NET (Details 10)
LOANS, NET (Details 10) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)Number | Dec. 31, 2014USD ($)Number | Dec. 31, 2013USD ($)Number | ||
Loans classified as TDRs | ||||
Number of Contracts | Number | 43 | 28 | 50 | |
Recorded Investment | $ | [1] | $ 3,317 | $ 4,978 | $ 12,743 |
Real Estate - Home Equity [Member] | ||||
Loans classified as TDRs | ||||
Number of Contracts | Number | 21 | 10 | 9 | |
Recorded Investment | $ | [1] | $ 1,005 | $ 883 | $ 587 |
Real Estate - Residential [Member] | ||||
Loans classified as TDRs | ||||
Number of Contracts | Number | 14 | 11 | 18 | |
Recorded Investment | $ | [1] | $ 1,531 | $ 1,972 | $ 2,073 |
Commercial, Financial and Agricultural [Member] | ||||
Loans classified as TDRs | ||||
Number of Contracts | Number | 1 | 3 | 4 | |
Recorded Investment | $ | [1] | $ 40 | $ 320 | $ 337 |
Consumer [Member] | ||||
Loans classified as TDRs | ||||
Number of Contracts | Number | 3 | 1 | 6 | |
Recorded Investment | $ | [1] | $ 110 | $ 34 | $ 93 |
Real Estate - Commercial Mortgage [Member] | ||||
Loans classified as TDRs | ||||
Number of Contracts | Number | 4 | 3 | 13 | |
Recorded Investment | $ | [1] | $ 631 | $ 1,769 | $ 9,653 |
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
LOANS, NET (Details 11)
LOANS, NET (Details 11) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Number | Dec. 31, 2014USD ($)Number | Dec. 31, 2013USD ($)Number | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Number | 43 | 28 | 50 |
Post-Modified Recorded Investment | $ | $ 3,317 | $ 4,978 | $ 12,743 |
Extended Amortization And Interest Rate Adjustment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Number | 22 | 8 | 17 |
Post-Modified Recorded Investment | $ | $ 2,060 | $ 1,179 | $ 5,381 |
Interest Rate Adjustment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Number | 5 | 1 | 9 |
Post-Modified Recorded Investment | $ | $ 284 | $ 156 | $ 982 |
Extended Amortization [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Number | 16 | 10 | 15 |
Post-Modified Recorded Investment | $ | $ 973 | $ 1,894 | $ 4,334 |
Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Number | 9 | 8 | |
Post-Modified Recorded Investment | $ | $ 1,749 | $ 346 | |
Principal Moratorium [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Number | 1 | ||
Post-Modified Recorded Investment | $ | $ 1,700 |
LOANS, NET (Details 12)
LOANS, NET (Details 12) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)Number | Dec. 31, 2014USD ($)Number | Dec. 31, 2013USD ($)Number | ||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ||||
Number of Contracts | Number | 4 | 2 | ||
Recorded Investment | $ | [1] | $ 390 | $ 123 | |
Real Estate - Home Equity [Member] | ||||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ||||
Number of Contracts | Number | 1 | 1 | ||
Recorded Investment | $ | [1] | $ 153 | $ 50 | |
Real Estate - Residential [Member] | ||||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ||||
Number of Contracts | Number | 2 | |||
Recorded Investment | $ | [1] | $ 177 | ||
Commercial, Financial and Agricultural [Member] | ||||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ||||
Number of Contracts | Number | ||||
Recorded Investment | $ | [1] | |||
Consumer [Member] | ||||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ||||
Number of Contracts | Number | ||||
Recorded Investment | $ | [1] | |||
Real Estate - Construction [Member] | ||||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ||||
Number of Contracts | Number | ||||
Recorded Investment | $ | [1] | |||
Real Estate - Commercial Mortgage [Member] | ||||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | ||||
Number of Contracts | Number | 1 | 1 | ||
Recorded Investment | $ | [1] | $ 60 | $ 73 | |
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 192,362 | $ 193,937 |
Accumulated Depreciation | (93,543) | (92,038) |
Premises and Equipment, Net | 98,819 | 101,899 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 24,534 | 24,548 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 112,563 | 111,810 |
Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 55,265 | $ 57,579 |
GOODWILL (Details Textuals)
GOODWILL (Details Textuals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 84,811 | $ 84,811 |
OTHER REAL ESTATE OWNED (Detail
OTHER REAL ESTATE OWNED (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Real Estate [Roll Forward] | |||
Beginning Balance | $ 35,680 | $ 48,071 | $ 53,426 |
Additions | 5,752 | 15,271 | 24,488 |
Valuation Write-Downs | (1,713) | (3,142) | (3,592) |
Sales | (20,155) | (23,791) | (25,940) |
Other | (274) | (729) | (311) |
Ending Balance | $ 19,290 | $ 35,680 | $ 48,071 |
OTHER REAL ESTATE OWNED (Deta69
OTHER REAL ESTATE OWNED (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Real Estate [Abstract] | |||
Gains from the Sale of Properties | $ (938) | $ (774) | $ (1,306) |
Losses from the Sale of Properties | 2,169 | 2,094 | 2,287 |
Rental Income from Properties | (250) | (523) | (293) |
Property Carrying Costs | 2,277 | 2,872 | 3,954 |
Valuation Adjustments | 1,713 | 3,142 | 3,592 |
Total | $ 4,971 | $ 6,811 | $ 8,234 |
OTHER REAL ESTATE OWNED (Deta70
OTHER REAL ESTATE OWNED (Details Textuals) $ in Thousands | Dec. 31, 2015USD ($) |
Other Real Estate Owned Details Textuals | |
Loan secured by real estate in process of foreclosure | $ 2,200 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits: | ||
NOW Accounts | $ 848,330 | $ 804,337 |
Money Market Accounts | 248,367 | 254,149 |
Savings Deposits | 269,162 | 233,612 |
Other Time Deposits | 178,707 | 195,581 |
Total Interest Bearing Deposits | $ 1,544,566 | $ 1,487,679 |
DEPOSITS (Details 1)
DEPOSITS (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits: | ||
2,016 | $ 153,328 | |
2,017 | 15,878 | |
2,018 | 6,015 | |
2,019 | 1,906 | |
2020 and thereafter | 1,580 | |
Total | $ 178,707 | $ 195,581 |
DEPOSITS (Details 2)
DEPOSITS (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deposits: | |||
NOW Accounts | $ 254 | $ 318 | $ 482 |
Money Market Accounts | 134 | 190 | 211 |
Savings Deposits | 126 | 112 | 101 |
Time Deposits less than $250,000 | 377 | 463 | 505 |
Time Deposits more than $250,000 | 53 | 16 | 132 |
Total | $ 944 | $ 1,099 | $ 1,431 |
DEPOSITS (Details Textuals)
DEPOSITS (Details Textuals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Deposits: | ||
Overdrawn deposit accounts of loan | $ 1,200 | $ 2,400 |
Time deposits in denominations of $250,000 or more | $ 10,400 | $ 11,600 |
SHORT-TERM BORROWINGS (Details)
SHORT-TERM BORROWINGS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Short-term Debt [Line Items] | ||||
Balance at December 31 | $ 61,058 | $ 49,425 | ||
Federal Funds Purchased [Member] | ||||
Short-term Debt [Line Items] | ||||
Balance at December 31 | ||||
Maximum indebtedness at any month end | ||||
Daily average indebtedness outstanding | $ 12 | $ 11 | $ 11 | |
Average rate paid for the year (in percent) | 0.74% | 0.76% | 0.76% | |
Securities Sold Under Repurchase Agreements [Member] | ||||
Short-term Debt [Line Items] | ||||
Balance at December 31 | [1] | $ 60,977 | $ 47,411 | $ 47,312 |
Maximum indebtedness at any month end | [1] | 64,935 | 47,413 | 55,261 |
Daily average indebtedness outstanding | [1] | $ 57,689 | $ 42,877 | $ 48,337 |
Average rate paid for the year (in percent) | [1] | 0.05% | 0.05% | 0.05% |
Average rate paid on period-end borrowings (in percent) | [1] | 0.05% | 0.05% | 0.05% |
Other Short-Term Borrowings [Member] | ||||
Short-term Debt [Line Items] | ||||
Balance at December 31 | [2] | $ 81 | $ 2,014 | $ 4,009 |
Maximum indebtedness at any month end | [2] | 2,003 | 2,035 | 8,929 |
Daily average indebtedness outstanding | [2] | $ 780 | $ 1,514 | $ 5,573 |
Average rate paid for the year (in percent) | [2] | 3.98% | 3.76% | 3.79% |
Average rate paid on period-end borrowings (in percent) | [2] | 5.23% | 3.76% | 3.25% |
[1] | Balances are fully collateralized by government treasury or agency securities held in the Company's investment portfolio. | |||
[2] | Comprised of FHLB debt. |
LONG-TERM BORROWINGS (Details)
LONG-TERM BORROWINGS (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Long-term Debt, Unclassified [Abstract] | |
2,016 | $ 2,748 |
2,017 | 6,515 |
2,018 | 7,714 |
2,019 | 4,653 |
2,020 | 2,054 |
2021 and thereafter | 4,581 |
Total | $ 28,265 |
LONG-TERM BORROWINGS (Details T
LONG-TERM BORROWINGS (Details Textuals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Long-term Debt, Unclassified [Abstract] | ||
FHLB advances | $ 28,300 | $ 31,100 |
Weighted-average rate (in percent) | 3.13% | 3.17% |
Debt instrument payment terms | The advances mature at varying dates from 2017 through 2025 and had a weighted-average rate of 3.13% and 3.17% at December 31, 2015 and 2014, respectively. |
LONG-TERM BORROWINGS (Details78
LONG-TERM BORROWINGS (Details Textuals 1) - Junior Subordinated Deferrable Interest Notes [Member] $ in Thousands | 1 Months Ended | 12 Months Ended | |
May. 31, 2005USD ($)shares | Nov. 30, 2004USD ($)shares | Dec. 31, 2015USD ($)Number | |
Debt Instrument [Line Items] | |||
Number of notes issued to trust | Number | 2 | ||
CCBG Capital Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Notes Issued | $ 32,000 | ||
Debt Instrument Issued | $ 31,000 | ||
Description of interest rate basis | LIBOR | ||
Trust preferred securities mature | Jun. 15, 2035 | ||
Interest rate, basis spread (in percent) | 1.80% | ||
Common equity secruities issued to parent (in shares) | shares | 959 | ||
Proceeds received from the Trust | $ 32,000 | ||
Capital | 31,000 | ||
CCBG Capital Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Notes Issued | 30,900 | ||
Debt Instrument Issued | $ 30,000 | ||
Description of interest rate basis | LIBOR | ||
Trust preferred securities mature | Dec. 31, 2034 | ||
Interest rate, basis spread (in percent) | 1.90% | ||
Common equity secruities issued to parent (in shares) | shares | 928 | ||
Proceeds received from the Trust | $ 30,900 | ||
Capital | $ 30,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 497 | $ (51) | $ (75) |
State | 115 | (2,916) | 195 |
Total | 612 | (2,967) | 120 |
Deferred: | |||
Federal | 3,258 | 4,270 | 1,650 |
State | 475 | 249 | 99 |
Valuation Allowance | 114 | 102 | 56 |
Total | 3,847 | 4,621 | 1,805 |
Total | |||
Federal | 3,755 | 4,219 | 1,575 |
State | 590 | (2,667) | 294 |
Valuation Allowance | 114 | 102 | 56 |
Total | $ 4,459 | $ 1,654 | $ 1,925 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Tax Expense at Federal Statutory Rate | $ 4,751 | $ 3,820 | $ 2,790 |
Increases (Decreases) Resulting From: | |||
Tax-Exempt Interest Income | $ (395) | (327) | (385) |
Change in Reserve for Uncertain Tax Position | (2,902) | (777) | |
State Taxes, Net of Federal Benefit | $ 390 | 892 | 191 |
Other | 562 | 69 | 50 |
Change in Valuation Allowance | 114 | 102 | 56 |
Tax-Exempt Cash Surrender Value Life Insurance Benefit | (303) | ||
Excess Death Benefit Payment | (660) | ||
Actual Tax Expense | $ 4,459 | $ 1,654 | $ 1,925 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets attributable to: | ||
Allowance for Loan Losses | $ 5,383 | $ 6,767 |
Accrued Pension/SERP | 13,901 | 13,547 |
State Net Operating Loss and Tax Credit Carry-Forwards | 5,061 | 5,012 |
Other Real Estate Owned | 5,012 | 8,229 |
Federal Net Operating Loss and Tax Credit Carry-Forwards | 1,241 | 574 |
Other | 4,351 | 3,652 |
Total Deferred Tax Assets | 34,949 | 37,781 |
Deferred Tax Liabilities attributable to: | ||
Depreciation on Premises and Equipment | 5,982 | 6,247 |
Deferred Loan Fees and Costs | 2,883 | 2,490 |
Intangible Assets | 4,019 | 3,719 |
Other | 687 | 612 |
Total Deferred Tax Liabilities | 13,571 | 13,068 |
Valuation Allowance | 1,442 | 1,328 |
Net Deferred Tax Assets | $ 19,936 | $ 23,385 |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning | $ 3,228 | $ 4,209 | |
Additions Based on Tax Positions Related to Current Year | |||
Decrease Due to Lapse in Statue of Limitations | (981) | ||
Decrease Due to Settlements With Taxing Authorities | $ (3,228) | ||
Balance at ending | $ 3,228 |
INCOME TAXES (Details Textuals)
INCOME TAXES (Details Textuals) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Statutory federal income tax rate to pre-tax income (in percent) | 35.00% |
INCOME TAXES (Details Textuals
INCOME TAXES (Details Textuals 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized tax benefits | $ 3,228 | $ 4,209 | ||
State [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, valuation allowance | $ 1,100 | |||
Operating loss of inactive subsidiary and Tax credit carryforward, valuation allowance | 300 | |||
Tax credit carry forwards | $ 5,100 | |||
Tax credit carry forwards, expiration dates | From 2016 through 2035 | |||
Federal [Member] | Maximum [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carry forwards | $ 300 |
INCOME TAXES (Details Textual85
INCOME TAXES (Details Textuals 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Interest and penalties | $ 800 | $ 139 | |
Amounts accrued for interest and penalties | $ 0 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend yield | 0.80% | 0.30% | |
Expected volatility | 19.00% | 21.50% | 32.00% |
Risk-free interest rate | 0.10% | 0.10% | 0.10% |
Expected life (in months) | 6 months | 6 months | 6 months |
STOCK-BASED COMPENSATION (Det87
STOCK-BASED COMPENSATION (Details Textuals) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation Expense | $ 1,400 | $ 1,900 | $ 1,400 | |
2011Director Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of common stock purchase (in percent) | 90.00% | |||
Shares reserved for issuance (in shares) | 150,000 | |||
Shares issued (in shares) | 12,494 | 10,932 | 13,348 | 25,864 |
Compensation Expense | $ 19 | $ 14 | $ 15 | $ 21 |
Common stock shares reserved for issuance (in shares) | 86,744 | |||
Common stock shares remaining reserved for issuance (in shares) | 74,250 | |||
2011Associate Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of common stock purchase (in percent) | 90.00% | |||
Shares issued (in shares) | 21,088 | 28,630 | 31,597 | 75,257 |
Compensation Expense | $ 52 | $ 64 | $ 69 | $ 119 |
Percentage of outstanding stock purchase (in percent) | 10.00% | |||
Maximum Stock purchases under the plan | $ 25 | |||
Common stock shares reserved for issuance (in shares) | 593,750 | |||
Common stock shares remaining reserved for issuance (in shares) | 397,232 | |||
Weighted average estimated fair value (in dollars per shares) | $ 2.36 | $ 2.12 | $ 2.21 | $ 1.61 |
Executive Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation Expense | $ 300 | $ 500 | $ 300 | |
2011 Associate Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for issuance (in shares) | 50,597 | |||
Compensation Expense | $ 1,100 | $ 1,200 | $ 965 | $ 255 |
Common stock shares reserved for issuance (in shares) | 875,000 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Change in Projected Benefit Obligation: | ||||
Actuarial (Gain) Loss | $ (4,975) | $ (22,603) | $ 30,784 | |
Change in Plan Assets: | ||||
Fair Value of Plan Assets at Beginning of Year | 108,172 | |||
Fair Value of Plan Assets at End of Year | 105,792 | 108,172 | ||
Components of Net Periodic Benefit Costs: | ||||
Amortization of Prior Service Costs | (316) | (473) | (504) | |
Net Loss Amortization | 3,743 | 705 | 4,079 | |
Net Periodic Benefit Cost | 916 | 21,425 | (35,367) | |
Defined benefit pension plan [Member] | ||||
Change in Projected Benefit Obligation: | ||||
Benefit Obligation at Beginning of Year | 140,359 | 115,285 | 134,950 | |
Service Cost | 6,859 | 5,634 | 6,999 | |
Interest Cost | 5,750 | 5,513 | 5,566 | |
Actuarial (Gain) Loss | (6,880) | 22,632 | (18,965) | |
Benefits Paid | (4,825) | (8,438) | (12,946) | |
Expenses Paid | (224) | (267) | (319) | |
Projected Benefit Obligation at End of Year | 141,039 | 140,359 | 115,285 | $ 134,950 |
Change in Plan Assets: | ||||
Actual Return on Plan Assets | (2,331) | 8,035 | 17,943 | |
Employer Contributions | 5,000 | 5,000 | 5,000 | $ 5,000 |
Benefits Paid | 4,825 | 8,438 | 12,946 | |
Expenses Paid | (224) | (267) | (319) | |
Funded Status of Plan and Accrued Liability Recognized at End of Year: | ||||
Other Liabilities | 35,247 | 32,186 | 11,442 | |
Accumulated Benefit Obligation at End of Year | 121,609 | 119,750 | 98,796 | |
Components of Net Periodic Benefit Costs: | ||||
Service Cost | 6,859 | 5,634 | 6,999 | |
Interest Cost | 5,750 | 5,513 | 5,566 | |
Expected Return on Plan Assets | (7,820) | (7,487) | (7,371) | |
Amortization of Prior Service Costs | 309 | 309 | 317 | |
Net Loss Amortization | 3,564 | 1,365 | 4,316 | |
Net Periodic Benefit Cost | $ 8,662 | $ 5,334 | $ 9,827 | |
Weighted-average assumptions used to determine benefit obligations: | ||||
Discount Rate (in percent) | 4.52% | 4.15% | 5.00% | |
Rate of Compensation Increase (in percent) | 3.25% | 3.25% | 3.25% | |
Measurement Date | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted-Average Assumptions Used to Determine Benefit Cost: | ||||
Discount Rate (in percent) | 4.15% | 5.00% | 4.25% | |
Expected Return on Plan Assets (in percent) | 7.50% | 7.50% | 8.00% | |
Rate of Compensation Increase (in percent) | 3.25% | 3.25% | 3.75% | |
Amortization Amounts from Accumulated Other Comprehensive Income: | ||||
Net Actuarial Loss | $ 3,272 | $ 22,083 | $ (29,534) | |
Prior Service Cost | (309) | (309) | (317) | |
Net Loss | (3,564) | (1,365) | (4,316) | |
Deferred Tax Benefit | 232 | (7,873) | 13,180 | |
Other Comprehensive Loss, net of tax | (369) | 12,536 | (20,987) | |
Amounts Recognized in Accumulated Other Comprehensive Income: | ||||
Net Actuarial Losses | 34,373 | 34,665 | 13,947 | |
Prior Service Cost | 766 | 1,075 | 1,383 | |
Deferred Tax Liability (Benefit) | (13,556) | (13,788) | (5,914) | |
Accumulated Other Comprehensive Loss (Gain), net of tax | $ 21,583 | $ 21,952 | $ 9,416 |
EMPLOYEE BENEFIT PLANS (Detai89
EMPLOYEE BENEFIT PLANS (Details 1) - Defined benefit pension plan [Member] | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target Allocation 2015 (in percent) | 100.00% | |||
Percentage of Plan Assets at Year-End (in percent) | [1] | 100.00% | 100.00% | |
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target Allocation 2015 (in percent) | 70.00% | |||
Percentage of Plan Assets at Year-End (in percent) | [1] | 68.00% | 74.00% | |
Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target Allocation 2015 (in percent) | 25.00% | |||
Percentage of Plan Assets at Year-End (in percent) | [1] | 20.00% | 21.00% | |
Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target Allocation 2015 (in percent) | 5.00% | |||
Percentage of Plan Assets at Year-End (in percent) | [1] | 12.00% | 5.00% | |
[1] | Represents asset allocation at year-end which may differ from the average target allocation for the year due to the year-end cash contribution to the plan. |
EMPLOYEE BENEFIT PLANS (Detai90
EMPLOYEE BENEFIT PLANS (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets | $ 105,792 | $ 108,172 |
Equities [Member] | Defined benefit pension plan [Member] | Level 1 Inputs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets | 18,197 | 23,199 |
Mutual Funds [Member] | Defined benefit pension plan [Member] | Level 1 Inputs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets | 71,829 | 75,421 |
Cash and Cash Equivalents [Member] | Defined benefit pension plan [Member] | Level 1 Inputs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets | 12,402 | 5,626 |
U.S. Government Agency [Member] | Defined benefit pension plan [Member] | Level 2 Inputs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets | $ 3,364 | $ 3,926 |
EMPLOYEE BENEFIT PLANS (Detai91
EMPLOYEE BENEFIT PLANS (Details 3) - Defined benefit pension plan [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 8,199 |
2,017 | 8,859 |
2,018 | 10,608 |
2,019 | 10,912 |
2,020 | 10,222 |
2021 through 2025 | 54,925 |
Total | $ 103,724 |
EMPLOYEE BENEFIT PLANS (Detai92
EMPLOYEE BENEFIT PLANS (Details 4) - Defined benefit pension plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual Contributions | $ 5,000 | $ 5,000 | |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution for 2016 | [1] | $ 5,000 | |
[1] | For 2016, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances. |
EMPLOYEE BENEFIT PLANS (Detai93
EMPLOYEE BENEFIT PLANS (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Projected Benefit Obligation: | |||
Actuarial (Gain) Loss | $ (4,975) | $ (22,603) | $ 30,784 |
Components of Net Periodic Benefit Costs: | |||
Amortization of Prior Service Cost | (316) | (473) | (504) |
Net Gain Amortization | 3,743 | 705 | 4,079 |
Net Periodic Benefit Cost | 916 | 21,425 | (35,367) |
Supplemental Executive Retirement Plan ("SERP") [Member] | |||
Change in Projected Benefit Obligation: | |||
Benefit Obligation at Beginning of Year | 3,003 | $ 2,379 | $ 3,492 |
Service Cost | 3 | ||
Interest Cost | 133 | $ 104 | $ 137 |
Actuarial (Gain) Loss | 1,703 | 520 | (1,250) |
Projected Benefit Obligation at End of Year | 4,842 | 3,003 | 2,379 |
Funded Status of Plan and Accrued Liability Recognized at End of Year: | |||
Other Liabilities | 4,842 | 3,003 | 2,379 |
Accumulated Benefit Obligation at End of Year | 4,348 | $ 2,982 | $ 2,379 |
Components of Net Periodic Benefit Costs: | |||
Service Cost | 3 | ||
Interest Cost | 133 | $ 104 | $ 137 |
Amortization of Prior Service Cost | 7 | 164 | 187 |
Net Gain Amortization | 179 | (661) | (237) |
Net Periodic Benefit Cost | $ 322 | $ (393) | $ 87 |
Weighted-average used to determine the benefit obligations: | |||
Discount Rate (in percent) | 4.13% | 4.15% | 5.00% |
Rate of Compensation Increase (in percent) | 3.25% | 3.25% | 3.25% |
Measurement Date | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Weighted-Average Assumptions Used to Determine Benefit Cost: | |||
Discount Rate (in percent) | 4.15% | 5.00% | 4.25% |
Rate of Compensation Increase (in percent) | 3.25% | 3.25% | 3.75% |
Amortization Amounts from Accumulated Other Comprehensive Income: | |||
Net Actuarial Loss (Gain) | $ 1,703 | $ 520 | $ (1,250) |
Prior Service Cost | (7) | (164) | (187) |
Net Gain | (179) | 660 | 237 |
Deferred Tax (Benefit) Expense | (585) | (392) | 463 |
Other Comprehensive Loss, net of tax | 932 | 624 | (737) |
Amounts Recognized in Accumulated Other Comprehensive Income: | |||
Net Actuarial Gain | $ 892 | (632) | (1,812) |
Prior Service Cost | 7 | 171 | |
Deferred Tax Liability (Benefit) | $ (344) | 241 | 633 |
Accumulated Other Comprehensive Loss (Gain), net of tax | $ 548 | $ (384) | $ (1,008) |
EMPLOYEE BENEFIT PLANS (Detai94
EMPLOYEE BENEFIT PLANS (Details 6) - Supplemental Executive Retirement Plan ("SERP") [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 1,499 |
2,017 | 1,036 |
2,018 | 1,225 |
2,019 | $ 1,196 |
2,020 | |
2021 through 2025 | |
Total | $ 4,956 |
EMPLOYEE BENEFIT PLANS (Detai95
EMPLOYEE BENEFIT PLANS (Details Textuals) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Supplemental Executive Retirement Plan ("SERP") [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $ 34 |
Defined benefit pension plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $ 700 |
EMPLOYEE BENEFIT PLANS (Detai96
EMPLOYEE BENEFIT PLANS (Details Textuals 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined benefit pension plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Matching contributions | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 |
Employee Benefit 401 K Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Minimum employee's compensation (in percent) | 1.00% | |||
Maximum employee's compensation (in percent) | 15.00% | |||
Matching contributions (in percent) | 50.00% | |||
Participant's compensation for eligible associates (in percent) | 6.00% | |||
Matching contributions | $ 500 | $ 500 | $ 400 | $ 400 |
Common stock reserved for issuance (in shares) | 50,000 | |||
Dividend Reinvestment Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Common stock reserved for issuance (in shares) | 250,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||
Net Income (Loss) | $ 9,116 | $ 9,260 | $ 6,045 |
Denominator: | |||
Denominator for Basic Earnings Per Share Weighted-Average Shares | 17,273 | 17,425 | 17,325 |
Effects of Dilutive Securities Stock Compensation Plans | 45 | 63 | 74 |
Denominator for Diluted Earnings Per Share Adjusted Weighted-Average Shares and Assumed Conversions | 17,318 | 17,488 | 17,399 |
Basic Earnings Per Share (in dollers per shares) | $ 0.53 | $ 0.53 | $ 0.35 |
Diluted Earnings Per Share (in dollers per shares) | $ 0.53 | $ 0.53 | $ 0.35 |
REGULATORY MATTERS (Details)
REGULATORY MATTERS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Capital City Bank Group [Member] | |||
Tier 1 Common Equity , Actual | |||
Tier 1 Capital to Common Equity | $ 215,075 | ||
Tier 1 Capital Common Equity (in percentage) | 12.84% | ||
Tier 1 Common Equity , Required For Capital Adequacy Purposes | |||
Tier I capital to total average assets, Regulatory Requirement | $ 75,385 | ||
Tier I leverage to risk-weighted assets Regulatory Requirement (in percentage) | 4.50% | ||
Tier I Common Equity Leverage , Required to be Well Capitalized Under Prompt Corrective Action Provisions | |||
Tier I leverage to total average assets, Required to be Well Capitalized | [1] | ||
Tier I Capital ,Actual | |||
Tier I capital to total average assets | $ 275,075 | $ 269,503 | |
Tier I capital to risk-weighted assets (in percentage) | 16.42% | 16.67% | |
Tier I Capital , Required | |||
Capital | $ 100,513 | $ 64,656 | |
Capital to risk-weighted assets (in percentage) | 6.00% | 4.00% | |
Tier I Capital , Required to be Well Capitalized Under Prompt Corrective Action Provisions | |||
Tier I leverage capital to total average assets | [1] | ||
Total Capital ,Actual | |||
Tier I capital to total average assets, Regulatory Requirement | $ 289,028 | $ 287,042 | |
Tier I capital to risk-weighted assets Regulatory Requirement (in percentage) | 17.25% | 17.76% | |
Capital Required For Capital Adequacy | $ 134,018 | $ 129,313 | |
Capital to risk-weighted assets Regulatory Requirement (in percentage) | 8.00% | 8.00% | |
Total Capital, Prompt Corrective Action Provisions | |||
Tier I leverage capital to total average assets Regulatory Requirement | [1] | ||
Tier I Leverage ,Actual | |||
Tier I capital to total average assets, Required to be Well Capitalized | $ 275,075 | $ 269,503 | |
Tier I capital to risk-weighted assets Required to be Well Capitalized (in percentage) | 10.65% | 10.99% | |
Capital Required To Be Well Capitalized | $ 103,342 | $ 98,090 | |
Capital to risk-weighted assets Required to be Well Capitalized (in percentage) | 4.00% | 4.00% | |
Tier I Leverage , Required to be Well Capitalized Under Prompt Corrective Action Provisions | |||
Tier I leverage to total average assets, Required to be Well Capitalized | [1] | ||
Capital City Bank [Member] | |||
Tier 1 Common Equity , Actual | |||
Tier 1 Capital to Common Equity | $ 266,138 | ||
Tier 1 Capital Common Equity (in percentage) | 15.93% | ||
Tier 1 Common Equity , Required For Capital Adequacy Purposes | |||
Tier I capital to total average assets, Regulatory Requirement | $ 75,162 | ||
Tier I leverage to risk-weighted assets Regulatory Requirement (in percentage) | 4.50% | ||
Tier I Common Equity Leverage , Required to be Well Capitalized Under Prompt Corrective Action Provisions | |||
Tier I leverage to total average assets, Required to be Well Capitalized | $ 108,567 | ||
Tier I leverage to risk-weighted assets Required to be Well Capitalized ( in percentage) | 6.50% | ||
Tier I Capital ,Actual | |||
Tier I capital to total average assets | $ 266,138 | $ 261,655 | |
Tier I capital to risk-weighted assets (in percentage) | 15.93% | 16.24% | |
Tier I Capital , Required | |||
Capital | $ 100,216 | $ 64,458 | |
Capital to risk-weighted assets (in percentage) | 6.00% | 4.00% | |
Tier I Capital , Required to be Well Capitalized Under Prompt Corrective Action Provisions | |||
Tier I leverage capital to total average assets | $ 133,621 | $ 96,687 | |
Tier I leverage capital to total average assets (in percentage) | 8.00% | 6.00% | |
Total Capital ,Actual | |||
Tier I capital to total average assets, Regulatory Requirement | $ 280,091 | $ 279,194 | |
Tier I capital to risk-weighted assets Regulatory Requirement (in percentage) | 16.77% | 17.33% | |
Capital Required For Capital Adequacy | $ 133,621 | $ 128,916 | |
Capital to risk-weighted assets Regulatory Requirement (in percentage) | 8.00% | 8.00% | |
Total Capital, Prompt Corrective Action Provisions | |||
Tier I leverage capital to total average assets Regulatory Requirement | $ 167,026 | $ 161,145 | |
Tier I leverage to risk-weighted assets Regulatory Requirement (in percentage) | 10.00% | 10.00% | |
Tier I Leverage ,Actual | |||
Tier I capital to total average assets, Required to be Well Capitalized | $ 266,138 | $ 261,655 | |
Tier I capital to risk-weighted assets Required to be Well Capitalized (in percentage) | 10.33% | 10.70% | |
Capital Required To Be Well Capitalized | $ 103,095 | $ 97,834 | |
Capital to risk-weighted assets Required to be Well Capitalized (in percentage) | 4.00% | 4.00% | |
Tier I Leverage , Required to be Well Capitalized Under Prompt Corrective Action Provisions | |||
Tier I leverage to total average assets, Required to be Well Capitalized | $ 128,869 | $ 122,293 | |
Tier I leverage to risk-weighted assets Required to be Well Capitalized ( in percentage) | 5.00% | 5.00% | |
[1] | Not applicable to bank holding companies. |
OTHER COMPREHENSIVE INCOME (L99
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Securities Before Tax Amount [Abstract] | |||
Change in net unrealized gain/loss on securities available for sale before tax | $ 378 | $ (250) | $ 1,252 |
Unrealized losses on securities transferred from available for sale to held to maturity before tax | (523) | ||
Amortization of unrealized losses on securities transferred from available for sale to held to maturity before tax | 76 | 70 | 25 |
Reclassification adjustment for net gain included in net income | 5 | 1 | 3 |
Reclassification adjustment for impairment loss realized in net income | 600 | ||
Other comprehensive income (loss), before tax | (297) | 321 | (1,147) |
Benefit Plans: | |||
Reclassification adjustment for amortization of prior service cost | 316 | 473 | 504 |
Reclassification adjustment for amortization of net loss | 3,743 | 705 | 4,079 |
Current year actuarial (loss) gain | (4,975) | (22,603) | 30,784 |
Total Benefit Plans | (916) | (21,425) | 35,367 |
Total Other Comprehensive Loss BeforeTax | (1,213) | (21,104) | 34,220 |
Investment Securities Tax Expense (Benefit) [Abstract] | |||
Change in net unrealized gain/loss on securities available for sale tax expense (benefit) | 145 | (103) | 483 |
Unrealized losses on securities transferred from available for sale to held to maturity tax expense (benefit) | 202 | ||
Amortization of unrealized losses on securities transferred from available for sale to held to maturity tax expense (benefit) | (31) | $ (27) | (10) |
Reclassification adjustment for net gain included in net income | (2) | (1) | |
Reclassification adjustment for impairment loss realized in net income tax expense (benefit) | (232) | ||
Other comprehensive income (loss), tax expense (benefit) | (465) | $ (8,135) | 13,201 |
Benefit Plans: | |||
Reclassification adjustment for amortization of prior service cost | (122) | (182) | (194) |
Reclassification adjustment for amortization of net loss | (1,444) | (272) | (1,574) |
Current year actuarial gain (loss) | 1,919 | 8,719 | (11,875) |
Total Benefit Plans | 353 | 8,265 | (13,643) |
Total Other Comprehensive Loss Tax | 465 | 8,135 | (13,201) |
Investment Securities Net of Tax Amount [Abstract] | |||
Change in net unrealized gain/loss on securities available for sale Net of Tax amount | (233) | 147 | (769) |
Unrealized losses on securities transferred from available for sale to held to maturity net of tax | (321) | ||
Amortization of unrealized losses on securities transferred from available for sale to held to maturity net of tax | 45 | 43 | 15 |
Reclassification adjustment for net gain included in net income | 3 | 1 | 2 |
Reclassification adjustment for impairment loss realized in net income net of tax | 368 | ||
Total other comprehensive income (loss) Net of Tax | (185) | 191 | (705) |
Benefit Plans: | |||
Reclassification adjustment for amortization of prior service cost | 194 | 291 | 310 |
Reclassification adjustment for amortization of net loss | 2,299 | 433 | 2,505 |
Current year actuarial gain (loss) | (3,056) | (13,884) | 18,909 |
Total Benefit Plans | (563) | (13,160) | 21,724 |
Total Other Comprehensive Loss After Tax | $ (748) | $ (12,969) | $ 21,019 |
OTHER COMPREHENSIVE INCOME (100
OTHER COMPREHENSIVE INCOME (LOSS) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Activity in accumulated other comprehensive loss, net of tax | |||
Other comprehensive loss during the period | $ (748) | $ (12,969) | $ 21,019 |
Securities Available for Sale [Member] | |||
Activity in accumulated other comprehensive loss, net of tax | |||
Balance, Begining | 59 | (132) | 573 |
Other comprehensive loss during the period | (186) | 191 | (705) |
Balance, Ending | (127) | 59 | (132) |
Supplemental Executive Retirement Plan ("SERP") [Member] | |||
Activity in accumulated other comprehensive loss, net of tax | |||
Balance, Begining | (21,568) | (8,408) | (30,132) |
Other comprehensive loss during the period | (562) | (13,160) | 21,724 |
Balance, Ending | (22,130) | (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) | (29,559) |
Other comprehensive loss during the period | (748) | (12,969) | 21,019 |
Balance, Ending | $ (22,257) | $ (21,509) | $ (8,540) |
RELATED PARTY INFORMATION (Deta
RELATED PARTY INFORMATION (Details Textuals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Deposits | $ 2,302,849 | $ 2,146,794 |
Management [Member] | ||
Related Party Transaction [Line Items] | ||
Officers and directors indebted aggregate amount | 9,700 | 14,300 |
Loan taken | 7,600 | |
Loan payment made | 12,300 | |
Deposits | 19,000 | $ 18,800 |
Lease Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Annual lease payments of approximately | $ 170 |
OTHER NONINTEREST EXPENSE (Deta
OTHER NONINTEREST EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Noninterest Expense: | |||
Legal Fees | $ 2,506 | $ 3,187 | $ 3,663 |
Professional Fees | 3,789 | 3,732 | 4,304 |
Telephone | 1,976 | 1,903 | 1,891 |
Advertising | 1,391 | 1,461 | 1,719 |
Processing Services | 6,540 | 6,062 | 5,396 |
Insurance - Other | 2,737 | 2,934 | 4,144 |
Other | 8,211 | 8,235 | 8,596 |
Total | $ 27,150 | $ 27,514 | $ 29,713 |
OTHER NONINTEREST EXPENSE (D103
OTHER NONINTEREST EXPENSE (Details Textuals) | 12 Months Ended |
Dec. 31, 2015 | |
Other Noninterest Expense Details Textuals | |
Expense not disclosed separately of percentage of total interest and non interest expense | 1.00% |
COMMITMENTS AND CONTINGENCIE104
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Fixed | $ 63,666 | $ 41,940 | |
Variable | 306,642 | 278,438 | |
Total | 370,308 | 320,378 | |
Commitments to Extend Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fixed | [1] | 57,571 | 33,633 |
Variable | [1] | 306,642 | 278,438 |
Total | [1] | 364,213 | 312,071 |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fixed | 6,095 | 8,307 | |
Total | $ 6,095 | $ 8,307 | |
[1] | Commitments include unfunded loans, revolving lines of credit, and other unused commitments. |
COMMITMENTS AND CONTINGENCIE105
COMMITMENTS AND CONTINGENCIES (Details Textuals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Mar. 31, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Rent expense | $ 500 | $ 500 | $ 700 | ||
Operating Leases, Future Minimum Payments Due | |||||
2,016 | 500 | ||||
2,017 | 400 | ||||
2,018 | 400 | ||||
2,019 | 400 | ||||
thereafter | 2,800 | ||||
Pre-tax gain on Class B shares | $ 3,200 | ||||
Quartely payment until settlement is finalized | $ 161 | $ 261 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 250,346 | $ 186,031 |
U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 101,824 | 96,097 |
States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 88,362 | 48,388 |
Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 1,901 | 2,287 |
Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 8,595 | 8,745 |
Level 1 Inputs [Member] | U.S. Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 250,346 | 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 | ||
Level 2 Inputs [Member] | U.S. Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Level 2 Inputs [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 101,824 | 96,097 |
Level 2 Inputs [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 88,362 | 48,388 |
Level 2 Inputs [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 1,901 | 2,287 |
Level 2 Inputs [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 8,595 | $ 8,745 |
Fair Value, Inputs, Level 3 [Member] | U.S. 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 (Det107
FAIR VALUE MEASUREMENTS (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Federal Funds Sold and Interest Bearing Deposits | $ 327,617 | $ 329,589 |
Investment Securities Available for Sale | 451,028 | 341,548 |
Investment Securities Held to Maturity | 187,407 | 163,412 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
ASSETS: | ||
Cash | 51,288 | 55,467 |
Federal Funds Sold and Interest Bearing Deposits | 327,617 | 329,589 |
Investment Securities Available for Sale | 451,028 | 341,548 |
Investment Securities Held to Maturity | 187,892 | 163,581 |
Loans Held for Sale | 11,632 | 10,688 |
Loans, Net of Allowance for Loan Losses | 1,478,322 | 1,413,835 |
LIABILITIES: | ||
Deposits | 2,302,849 | 2,146,794 |
Short-Term Borrowings | 61,058 | 49,425 |
Subordinated Notes Payable | 62,887 | 62,887 |
Long-Term Borrowings | 28,265 | 31,097 |
Level 1 Inputs [Member] | ||
ASSETS: | ||
Cash | 51,288 | 55,467 |
Federal Funds Sold and Interest Bearing Deposits | 327,617 | 329,589 |
Investment Securities Available for Sale | 250,346 | 186,031 |
Investment Securities Held to Maturity | 134,439 | 76,317 |
Level 2 Inputs [Member] | ||
ASSETS: | ||
Investment Securities Available for Sale | 200,682 | 155,517 |
Investment Securities Held to Maturity | 52,968 | 87,095 |
Loans Held for Sale | 11,632 | 10,688 |
LIABILITIES: | ||
Deposits | 2,228,210 | 2,146,510 |
Short-Term Borrowings | 64,947 | 48,760 |
Subordinated Notes Payable | 49,230 | 62,887 |
Long-Term Borrowings | 30,448 | 32,313 |
Fair Value, Inputs, Level 3 [Member] | ||
ASSETS: | ||
Loans, Net of Allowance for Loan Losses | $ 1,483,926 | $ 1,369,314 |
FAIR VALUE MEASUREMENTS (Det108
FAIR VALUE MEASUREMENTS (Details Textuals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Measurements (Textual) [Abstract] | ||
Impaired loans valuation allowance | $ 4,646 | $ 5,782 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements (Textual) [Abstract] | ||
Impaired loans, Carrying value | 8,800 | 13,600 |
Impaired loans valuation allowance | $ 900 | $ 2,000 |
PARENT COMPANY FINANCIAL INF109
PARENT COMPANY FINANCIAL INFORMATION - Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Cash and Due From Subsidiary Bank | $ 51,288 | $ 55,467 | ||
Other Assets | 87,161 | 90,071 | ||
Total Assets | 2,797,860 | 2,627,169 | ||
LIABILITIES | ||||
Subordinated Notes Payable | 62,887 | 62,887 | ||
Other Liabilities | 68,449 | 64,426 | ||
Total Liabilities | $ 2,523,508 | $ 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; 17,156,919 and 17,447,223 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively | $ 172 | $ 174 | ||
Additional Paid-In Capital | 38,256 | 42,569 | ||
Retained Earnings | 258,181 | 251,306 | ||
Accumulated Other Comprehensive Loss, Net of Tax | (22,257) | (21,509) | ||
Total Shareowners' Equity | 274,352 | 272,540 | $ 276,400 | $ 246,889 |
Total Liabilities and Shareowners' Equity | 2,797,860 | 2,627,169 | ||
CCBG [Member] | ||||
ASSETS | ||||
Cash and Due From Subsidiary Bank | 13,527 | 11,741 | ||
Investment in Subsidiary Bank | 327,794 | 329,632 | ||
Other Assets | 5,164 | 2,906 | ||
Total Assets | 346,485 | 344,279 | ||
LIABILITIES | ||||
Subordinated Notes Payable | 62,887 | 62,887 | ||
Other Liabilities | 9,246 | 8,852 | ||
Total Liabilities | $ 72,133 | $ 71,739 | ||
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; 17,156,919 and 17,447,223 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively | $ 172 | $ 174 | ||
Additional Paid-In Capital | 38,256 | 42,569 | ||
Retained Earnings | 258,181 | 251,306 | ||
Accumulated Other Comprehensive Loss, Net of Tax | (22,257) | (21,509) | ||
Total Shareowners' Equity | 274,352 | 272,540 | ||
Total Liabilities and Shareowners' Equity | $ 346,485 | $ 344,279 |
PARENT COMPANY FINANCIAL INF110
PARENT COMPANY FINANCIAL INFORMATION - Statements of Financial Condition (Parentheticals) (Details 1) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Preferred stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 17,156,919 | 17,447,223 |
Common stock, shares outstanding | 17,156,919 | 17,447,223 |
CCBG [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Preferred stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 17,156,919 | 17,447,223 |
Common stock, shares outstanding | 17,156,919 | 17,447,223 |
PARENT COMPANY FINANCIAL INF111
PARENT COMPANY FINANCIAL INFORMATION - Statements of Operations (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING EXPENSE | |||
Salaries and Associate Benefits | $ 65,414 | $ 62,215 | $ 66,127 |
Interest on Subordinated Notes Payable | 1,368 | 1,328 | 1,420 |
Professional Fees | 3,789 | 3,732 | 4,304 |
Advertising | 1,391 | 1,461 | 1,719 |
Legal Fees | 2,506 | 3,187 | 3,663 |
Earnings (Loss) Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank | 13,575 | 10,914 | 7,970 |
Income Tax Expense | 4,459 | 1,654 | 1,925 |
Net Income | 9,116 | 9,260 | 6,045 |
CCBG [Member] | |||
OPERATING INCOME | |||
Overhead Fees | 4,604 | 4,468 | 4,417 |
Dividends | 9,200 | 6,000 | |
Other Income | 424 | 138 | 208 |
Total Operating Income | 14,228 | 10,606 | 4,625 |
OPERATING EXPENSE | |||
Salaries and Associate Benefits | 3,395 | 3,156 | 3,130 |
Interest on Subordinated Notes Payable | 1,368 | 1,328 | 1,419 |
Professional Fees | 1,078 | 1,024 | 1,491 |
Advertising | 105 | 141 | 142 |
Legal Fees | 168 | 243 | 245 |
Other | 699 | 624 | 1,117 |
Total Operating Expense | 6,813 | 6,516 | 7,544 |
Earnings (Loss) Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank | 7,415 | 4,090 | (2,919) |
Income Tax Expense | (342) | (433) | (1,036) |
Earnings (Loss) Before Equity in Undistributed Earnings of Subsidiary Bank | 7,757 | 4,523 | (1,883) |
Equity in Undistributed Earnings of Subsidiary Bank | 1,359 | 4,737 | 7,928 |
Net Income | $ 9,116 | $ 9,260 | $ 6,045 |
PARENT COMPANY FINANCIAL INF112
PARENT COMPANY FINANCIAL INFORMATION - Statements of Cash Flows (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 9,116 | $ 9,260 | $ 6,045 |
Adjustments to Reconcile Net Income to Net Cash Provided By (Used In) Operating Activities: | |||
Stock Compensation | 1,109 | 1,349 | 1,296 |
Decrease (Increase) in Other Assets | 684 | (12,353) | 5,087 |
Increase (Decrease) in Other Liabilities | 3,510 | 4,021 | (2,510) |
Net Cash Provided By (Used In) Operating Activities | 33,761 | 25,151 | $ 34,851 |
CASH FROM FINANCING ACTIVITIES: | |||
Dividends Paid | (2,241) | (1,568) | |
Issuance of Common Stock Under Compensation Plans | (507) | (578) | $ (1,114) |
Payments to Repurchase Common Stock | 5,981 | 269 | |
Net Cash (Used In) Provided By in Financing Activities | 157,141 | 444 | $ (12,564) |
Net Increase (Decrease) in Cash | (6,151) | (144,872) | 20,196 |
Cash and Cash Equivalents at Beginning of Year | 385,056 | 529,928 | 509,732 |
Cash and Cash Equivalents at End of Year | 378,905 | 385,056 | 529,928 |
CCBG [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | 9,116 | 9,260 | 6,045 |
Adjustments to Reconcile Net Income to Net Cash Provided By (Used In) Operating Activities: | |||
Equity in Undistributed Earnings of Subsidiary Bank | (1,359) | (4,737) | (7,928) |
Stock Compensation | 1,109 | 1,349 | 1,296 |
Decrease (Increase) in Other Assets | 191 | 387 | 339 |
Increase (Decrease) in Other Liabilities | 444 | 532 | (1,755) |
Net Cash Provided By (Used In) Operating Activities | 9,501 | 6,791 | $ (2,003) |
CASH FROM FINANCING ACTIVITIES: | |||
Dividends Paid | (2,241) | (1,568) | |
Issuance of Common Stock Under Compensation Plans | 507 | 578 | $ 1,151 |
Payments to Repurchase Common Stock | (5,981) | (269) | |
Net Cash (Used In) Provided By in Financing Activities | (7,715) | (1,259) | 1,151 |
Net Increase (Decrease) in Cash | 1,786 | 5,532 | (852) |
Cash and Cash Equivalents at Beginning of Year | 11,741 | 6,209 | 7,061 |
Cash and Cash Equivalents at End of Year | $ 13,527 | $ 11,741 | $ 6,209 |