Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | CAPITAL CITY BANK GROUP INC | |
Entity Central Index Key | 726,601 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 17,221,682 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and Due From Banks | $ 45,914 | $ 51,288 |
Federal Funds Sold and Interest Bearing Deposits | 304,908 | 327,617 |
Total Cash and Cash Equivalents | 350,822 | 378,905 |
Investment Securities, Available for Sale, at fair value | 462,444 | 451,028 |
Investment Securities, Held to Maturity, at amortized cost (fair value of $187,649 and $187,407) | 187,079 | 187,892 |
Total Investment Securities | 649,523 | 638,920 |
Loans Held For Sale | 10,475 | 11,632 |
Loans, Net of Unearned Income | 1,506,835 | 1,492,275 |
Allowance for Loan Losses | (13,613) | (13,953) |
Loans, Net | 1,493,222 | 1,478,322 |
Premises and Equipment, Net | 98,029 | 98,819 |
Goodwill | 84,811 | 84,811 |
Other Real Estate Owned | 17,450 | 19,290 |
Other Assets | 87,854 | 87,161 |
Total Assets | 2,792,186 | 2,797,860 |
Deposits: | ||
Noninterest Bearing Deposits | 790,040 | 758,283 |
Interest Bearing Deposits | 1,501,368 | 1,544,566 |
Total Deposits | 2,291,408 | 2,302,849 |
Short-Term Borrowings | 62,922 | 61,058 |
Subordinated Notes Payable | 62,887 | 62,887 |
Other Long-Term Borrowings | 27,062 | 28,265 |
Other Liabilities | 71,074 | 68,449 |
Total Liabilities | $ 2,515,353 | $ 2,523,508 |
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; 17,221,654 and 17,156,919 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | $ 172 | $ 172 |
Additional Paid-In Capital | 38,671 | 38,256 |
Retained Earnings | 259,139 | 258,181 |
Accumulated Other Comprehensive Loss, Net of Tax | (21,149) | (22,257) |
Total Shareowners' Equity | 276,833 | 274,352 |
Total Liabilities and Shareowners' Equity | $ 2,792,186 | $ 2,797,860 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Investment securities, held to maturity, fair value | $ 187,649 | $ 187,407 |
Preferred Stock, par value (in dollar per share) | $ .01 | $ 0.01 |
Preferred Stock, shares authorized | 3,000,000 | 3,000,000 |
Common Stock, par value (in dollar per share) | $ .01 | $ .01 |
Common Stock, shares authorized | 90,000,000 | 90,000,000 |
Common Stock, shares issued | 17,221,654 | 17,156,919 |
Common Stock, shares outstanding | 17,221,654 | 17,156,919 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INTEREST INCOME | ||
Loans, including Fees | $ 18,045 | $ 17,863 |
Investment Securities: | ||
Taxable | 1,420 | 1,198 |
Tax Exempt | 217 | 96 |
Funds Sold | 362 | 189 |
Total Interest Income | 20,044 | 19,346 |
INTEREST EXPENSE | ||
Deposits | 221 | 246 |
Short-Term Borrowings | 10 | 21 |
Subordinated Notes Payable | 387 | 332 |
Other Long-Term Borrowings | 216 | 240 |
Total Interest Expense | 834 | 839 |
NET INTEREST INCOME | 19,210 | 18,507 |
Provision for Loan Losses | 452 | 293 |
Net Interest Income After Provision For Loan Losses | 18,758 | 18,214 |
NONINTEREST INCOME | ||
Deposit Fees | 5,400 | 5,541 |
Bank Card Fees | 2,853 | 2,742 |
Wealth Management Fees | 1,792 | 2,046 |
Mortgage Banking Fees | 1,030 | 987 |
Data Processing Fees | 347 | 373 |
Other | 1,255 | 1,159 |
Total Noninterest Income | 12,677 | 12,848 |
NONINTEREST EXPENSE | ||
Compensation | 16,241 | 16,524 |
Occupancy, Net | 4,459 | 4,396 |
Other Real Estate Owned, Net | 1,425 | 1,497 |
Other | 6,805 | 6,973 |
Total Noninterest Expense | 28,930 | 29,390 |
INCOME BEFORE INCOME TAXES | 2,505 | 1,672 |
Income Tax Expense | 858 | 686 |
NET INCOME | $ 1,647 | $ 986 |
BASIC NET INCOME PER SHARE (in dollars per shares) | $ 0.1 | $ 0.06 |
DILUTED NET INCOME PER SHARE (in dollars per shares) | $ 0.1 | $ 0.06 |
Average Basic Common Shares Outstanding (in shares) | 17,202 | 17,508 |
Average Diluted Common Shares Outstanding (in shares) | 17,235 | 17,555 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
NET INCOME | $ 1,647 | $ 986 |
Investment Securities: | ||
Change in net unrealized gain/loss on securities available for sale | 1,784 | 1,146 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity | 19 | 17 |
Total Investment Securities | 1,803 | 1,163 |
Other comprehensive income, before tax | 1,803 | 1,163 |
Deferred tax expense related to other comprehensive income | (695) | (448) |
Other comprehensive income, net of tax | 1,108 | 715 |
TOTAL COMPREHENSIVE INCOME | $ 2,755 | $ 1,701 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss, Net of Taxes [Member] | Total |
Balance at Dec. 31, 2014 | $ 174 | $ 42,569 | $ 251,306 | $ (21,509) | $ 272,540 |
Balance (in shares) at Dec. 31, 2014 | 17,447,223 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | $ 986 | 986 | |||
Other Comprehensive Loss, Net of Tax | $ 715 | 715 | |||
Cash Dividends ($0.0400 and $0.0300 per share for March 31, 2016 and December 31, 2015, respectively) | $ (527) | (527) | |||
Stock Compensation Expense | $ 261 | 261 | |||
Impact of Transactions Under Compensation Plans, net | $ 1 | 111 | 112 | ||
Impact of Transactions Under Compensation Plans, net (in shares) | 85,408 | ||||
Balance at Mar. 31, 2015 | $ 175 | 42,941 | $ 251,765 | $ (20,794) | 274,087 |
Balance, Shares at Mar. 31, 2015 | 17,532,631 | ||||
Balance at Dec. 31, 2015 | $ 172 | $ 38,256 | 258,181 | $ (22,257) | $ 274,352 |
Balance (in shares) at Dec. 31, 2015 | 17,156,919 | 17,156,919 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | $ 1,647 | $ 1,647 | |||
Other Comprehensive Loss, Net of Tax | $ 1,108 | 1,108 | |||
Cash Dividends ($0.0400 and $0.0300 per share for March 31, 2016 and December 31, 2015, respectively) | $ (689) | (689) | |||
Stock Compensation Expense | $ 247 | 247 | |||
Impact of Transactions Under Compensation Plans, net | 218 | 218 | |||
Impact of Transactions Under Compensation Plans, net (in shares) | 68,335 | ||||
Repurchase of Common Stock | (50) | (50) | |||
Repurchase of Common Stock (in shares) | (3,600) | ||||
Balance at Mar. 31, 2016 | $ 172 | $ 38,671 | $ 259,139 | $ (21,149) | $ 276,833 |
Balance, Shares at Mar. 31, 2016 | 17,221,654 | 17,221,654 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash Dividends (in dollars per share) | $ 0.0400 | $ 0.0300 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 1,647 | $ 986 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ||
Provision for Loan Losses | 452 | 293 |
Depreciation | 1,705 | 1,633 |
Amortization of Premiums, Discounts, and Fees (net) | 1,569 | 1,045 |
Gain on Securities Transactions | (2) | |
Net Decrease (Increase) in Loans Held-for-Sale | 1,157 | (2,646) |
Stock Compensation | 247 | 261 |
Deferred Income Taxes | 693 | (1,349) |
Loss on Sales and Write-Downs of Other Real Estate Owned | 1,076 | 989 |
Loss on Sale or Disposal of Premises and Equipment | 2 | 20 |
Net (Increase) Decrease in Other Assets | (2,063) | 3,021 |
Net Increase in Other Liabilities | 2,765 | 2,445 |
Net Cash Provided By Operating Activities | 9,250 | 6,696 |
Securities Held to Maturity: | ||
Purchases | (5,064) | (33,204) |
Payments, Maturities, and Calls | 5,631 | 12,993 |
Securities Available for Sale: | ||
Purchases | (39,499) | (92,106) |
Payments, Maturities, and Calls | 28,566 | 29,045 |
Net Increase in Loans | (16,574) | (23,436) |
Proceeds From Sales of Other Real Estate Owned | 1,965 | 2,598 |
Purchases of Premises and Equipment, net | (917) | (945) |
Net Cash Used In Investing Activities | (25,892) | (105,055) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net (Decrease) Increase in Deposits | (11,441) | 63,220 |
Net Increase in Short-Term Borrowings | 1,427 | 63 |
Repayment of Other Long-Term Borrowings | (766) | (679) |
Dividends Paid | (689) | (527) |
Payments to Repurchase Common Stock | (50) | |
Issuance of Common Stock Under Compensation Plans | 78 | 62 |
Net Cash (Used In) Provided By Financing Activities | (11,441) | 62,139 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (28,083) | (36,220) |
Cash and Cash Equivalents at Beginning of Period | 378,905 | 385,056 |
Cash and Cash Equivalents at End of Period | 350,822 | 348,836 |
Supplemental Cash Flow Disclosures: | ||
Interest Paid | 829 | 844 |
Income Taxes Paid | 50 | 8 |
Noncash Investing and Financing Activities: | ||
Loans Transferred to Other Real Estate Owned | 1,201 | $ 1,742 |
Transfer of Current Portion of Long-Term Borrowings | $ 437 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The consolidated statement of financial condition at December 31, 2015 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the CompanyÂ’s annual report on Form 10-K for the year ended December 31, 2015. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE 2 – INVESTMENT SECURITIES Investment Portfolio Composition March 31, 2016 December 31, 2015 Amortized Unrealized Unrealized Market Amortized Unrealized Unrealized Market Available for Sale U.S. Government Treasury $ 257,978 $ 1,083 $ 1 $ 259,060 $ 250,458 $ 101 $ 213 $ 250,346 U.S. Government Agency 103,802 530 125 104,207 101,730 357 263 101,824 States and Political Subdivisions 88,556 321 12 88,865 88,358 103 99 88,362 Mortgage-Backed Securities 1,429 134 — 1,563 1,742 159 — 1,901 Equity Securities (1) 8,749 — — 8,749 8,595 — — 8,595 Total $ 460,514 $ 2,068 $ 138 $ 462,444 $ 450,883 $ 720 $ 575 $ 451,028 Held to Maturity U.S. Government Treasury $ 139,501 $ 596 $ — $ 140,097 $ 134,554 $ 45 $ 160 $ 134,439 U.S. Government Agency 10,026 13 — 10,039 10,043 7 5 10,045 States and Political Subdivisions 12,495 81 1 12,575 15,693 38 7 15,724 Mortgage-Backed Securities 25,057 76 195 24,938 27,602 4 407 27,199 Total $ 187,079 $ 766 $ 196 $ 187,649 $ 187,892 $ 94 $ 579 $ 187,407 Total Investment Securities $ 647,593 $ 2,834 $ 334 $ 650,093 $ 638,775 $ 814 $ 1,154 $ 638,435 (1) Includes Federal Home Loan Bank, Federal Reserve Bank, and FNBB Inc. stock recorded at cost of $3.7 million, $4.8 million, and $0.2 million, respectively, at March 31, 2016 and $3.6 million, $4.8 million, and $0.2 million, respectively, at December 31, 2015. Securities with an amortized cost of $326.6 million and $370.1 million at March 31, 2016 and December 31, 2015, respectively, were pledged to secure public deposits and for other purposes. The Bank, as a member of the Federal Home Loan Bank of Atlanta (“FHLB”), is required to own capital stock in the FHLB based generally upon the balances of residential and commercial real estate loans, and FHLB advances. FHLB stock, which is included in other securities, is pledged to secure FHLB advances. No ready market exists for this stock, and it has no quoted market value; however, redemption of this stock has historically been at par value. Maturity Distribution Available for Sale Held to Maturity (Dollars in Thousands) Amortized Market Amortized Market Due in one year or less $ 91,208 $ 91,254 $ 70,534 $ 70,630 Due after one through five years 289,626 291,096 91,488 92,081 Mortgage-Backed Securities 1,429 1,563 25,057 24,938 U.S. Government Agency 69,502 69,782 — — Equity Securities 8,749 8,749 — — Total $ 460,514 $ 462,444 $ 187,079 $ 187,649 Unrealized Losses on Investment Securities. Less Than Greater Than Total (Dollars in Thousands) Market Unrealized Market Unrealized Market Unrealized March 31, 2016 Available for Sale U.S. Government Treasury $ 7,497 $ 1 $ — $ — $ 7,497 $ 1 U.S. Government Agency 15,142 60 12,362 65 27,504 125 States and Political Subdivisions 10,733 11 305 1 11,038 12 Mortgage-Backed Securities 4 — — — 4 — Total 33,376 72 12,667 66 46,043 138 Held to Maturity U.S. Government Agencies 1,913 — — — 1,913 — States and Political Subdivisions 1,724 1 — — 1,724 1 Mortgage-Backed Securities 4,032 19 11,630 176 15,662 195 Total $ 7,669 $ 20 $ 11,630 $ 176 $ 19,299 $ 196 December 31, 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 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 March 31, 2016, there were 115 positions (combined AFS and HTM) with unrealized losses at quarter end totaling $0.3 million. Of the 115 positions, 76 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. SBA securities float monthly or quarterly to the prime rate and are uncapped. Of these 76 positions, there were 23 GNMA positions and 28 SBA positions in an unrealized loss position for longer than 12 months. There were 37 municipal bonds in an unrealized loss position that were pre-refunded, or rated “AA-“or better. These debt securities are in a loss position because they were acquired when the general level of interest rates was lower than that on March 31, 2016. The Company believes that the unrealized losses in these debt securities are temporary in nature and that the full principal will be collected as anticipated. Because the declines in the market value of these investments are attributable to changes in interest rates and not credit quality and because the Company has the present ability and intent to hold these investments until there is a recovery in fair value, which may be at maturity, the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2016. |
LOANS, NET
LOANS, NET | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
LOANS, NET | NOTE 3 – LOANS, NET Loan Portfolio Composition (Dollars in Thousands) March 31, 2016 December 31, 2015 Commercial, Financial and Agricultural $ 183,681 $ 179,816 Real Estate – Construction 42,537 46,484 Real Estate – Commercial Mortgage 503,259 499,813 Real Estate – Residential (1) 296,070 290,585 Real Estate – Home Equity 234,128 233,901 Consumer 247,160 241,676 Loans, Net of Unearned Income $ 1,506,835 $ 1,492,275 (1) Includes loans in process with outstanding balances of $10.9 million and $8.5 million at March 31, 2016 and December 31, 2015, respectively. Net deferred fees included in loans were $0.1 million and $0.5 million at March 31, 2016 and December 31, 2015. 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. March 31, 2016 December 31, 2015 (Dollars in Thousands) Nonaccrual 90 + Days Nonaccrual 90 + Days Commercial, Financial and Agricultural $ 83 — $ 96 — Real Estate – Construction — — 97 — Real Estate – Commercial Mortgage 3,942 — 4,191 — Real Estate – Residential 3,490 — 4,739 — Real Estate – Home Equity 1,323 — 1,017 — Consumer 211 — 165 — Total Nonaccrual Loans $ 9,049 — $ 10,305 — Loan Portfolio Aging. The following table presents the aging of the recorded investment in past due loans by class of loans. (Dollars in Thousands) 30-59 DPD 60-89 DPD 90 + DPD Total Past Due Total Current Total Loans March 31, 2016 Commercial, Financial and Agricultural $ 335 $ — $ — $ 335 $ 183,263 $ 183,681 Real Estate – Construction 383 — — 383 42,154 42,537 Real Estate – Commercial Mortgage 464 122 — 586 498,731 503,259 Real Estate – Residential 732 149 — 881 291,699 296,070 Real Estate – Home Equity 475 121 — 596 232,209 234,128 Consumer 622 196 — 818 246,131 247,160 Total Past Due Loans $ 3,011 $ 588 $ — $ 3,599 $ 1,494,187 $ 1,506,835 December 31, 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 Past Due Loans $ 3,686 $ 2,089 $ — $ 5,775 $ 1,476,195 $ 1,492,275 Allowance for Loan Losses The following table details the activity in the allowance for loan losses by portfolio class. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. (Dollars in Thousands) Commercial, Financial, Agricultural Real Estate Construction Real Estate Commercial Mortgage Real Estate Residential Real Estate Home Equity Consumer Total Three Months Ended March 31, 2016 Beginning Balance $ 905 $ 101 $ 4,498 $ 4,409 $ 2,473 $ 1,567 $ 13,953 Provision for Loan Losses (24 ) — 44 (30 ) 118 344 452 Charge-Offs (37 ) — (274 ) (478 ) (215 ) (439 ) (1,443 ) Recoveries 39 — 81 236 59 236 651 Net Charge-Offs 2 — (193 ) (242 ) (156 ) (203 ) (792 ) Ending Balance $ 883 $ 101 $ 4,349 $ 4,137 $ 2,435 $ 1,708 $ 13,613 Three Months Ended March 31, 2015 Beginning Balance $ 784 $ 843 $ 5,287 $ 6,520 $ 2,882 $ 1,223 $ 17,539 Provision for Loan Losses 354 (269 ) 88 (68 ) (177 ) 365 293 Charge-Offs (290 ) — (904 ) (305 ) (182 ) (576 ) (2,257 ) Recoveries 55 — 30 48 24 358 515 Net Charge-Offs (235 ) — (874 ) (257 ) (158 ) (218 ) (1,742 ) Ending Balance $ 903 $ 574 $ 4,501 $ 6,195 $ 2,547 $ 1,370 $ 16,090 The following table details the amount of the allowance for loan losses by portfolio class disaggregated on the basis of the Company’s impairment methodology. (Dollars in Thousands) Commercial, Financial, Agricultural Real Estate Construction Real Estate Commercial Mortgage Real Estate Residential Real Estate Home Equity Consumer Total March 31, 2016 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 72 $ — $ 1,936 $ 1,954 $ 389 $ 4 $ 4,355 Loans Collectively Evaluated for Impairment 811 101 2,413 2,183 2,046 1,704 9,258 Ending Balance $ 883 $ 101 $ 4,349 $ 4,137 $ 2,435 $ 1,708 $ 13,613 December 31, 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 March 31, 2015 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 334 $ — $ 2,349 $ 2,294 $ 557 $ 15 $ 5,549 Loans Collectively Evaluated for Impairment 569 574 2,152 3,901 1,990 1,355 10,541 Ending Balance $ 903 $ 574 $ 4,501 $ 6,195 $ 2,547 $ 1,370 $ 16,090 The Company’s recorded investment in loans related to each balance in the allowance for loan losses by portfolio class and disaggregated on the basis of the Company’s impairment methodology was as follows: Dollars in Thousands) Commercial, Financial, Agricultural Real Estate Construction Real Estate Commercial Mortgage Real Estate Residential Real Estate Home Equity Consumer Total March 31, 2016 Individually Evaluated for Impairment $ 812 $ — $ 20,798 $ 18,221 $ 3,211 $ 206 $ 43,248 Collectively Evaluated for Impairment 182,869 42,537 482,461 277,849 230,917 246,954 1,463,587 Total $ 183,681 $ 42,537 $ 503,259 $ 296,070 $ 234,128 $ 247,160 $ 1,506,835 December 31, 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 March 31, 2015 Individually Evaluated for Impairment $ 1,252 $ 401 $ 31,213 $ 19,840 $ 3,123 $ 197 $ 56,026 Collectively Evaluated for Impairment 142,699 41,194 476,468 276,884 225,048 233,135 1,395,428 Total $ 143,951 $ 41,595 $ 507,681 $ 296,724 $ 228,171 $ 233,332 $ 1,451,454 Impaired Loans The following table presents loans individually evaluated for impairment by class of loans. (Dollars in Thousands) Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Related Allowance March 31, 2016 Commercial, Financial and Agricultural $ 812 $ 273 $ 539 $ 72 Real Estate – Construction — — — — Real Estate – Commercial Mortgage 20,798 4,108 16,690 1,936 Real Estate – Residential 18,221 2,816 15,405 1,954 Real Estate – Home Equity 3,211 840 2,371 389 Consumer 206 105 101 4 Total $ 43,248 $ 8,142 $ 35,106 $ 4,355 December 31, 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 The following table summarizes the average recorded investment and interest income recognized by class of impaired loans. For Three Months Ended March 31, 2016 2015 (Dollars in Thousands) Average Recorded Investment Total Interest Income Average Recorded Investment Total Interest Income Commercial, Financial and Agricultural $ 823 $ 13 $ 1,252 $ 11 Real Estate - Construction 49 — 401 — Real Estate - Commercial Mortgage 20,822 239 31,213 261 Real Estate - Residential 18,395 209 19,840 197 Real Estate - Home Equity 3,178 27 3,123 21 Consumer 234 2 196 2 Total $ 43,501 $ 490 $ 56,025 $ 492 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 and are generally secured by senior or junior mortgage liens on owner-occupied 1-4 family homes or vacation homes. Borrower qualifications include favorable credit history combined with supportive income and debt ratio requirements and combined loan to value ratios within established policy guidelines. Collateral values are determined based upon third party appraisals and evaluations. Consumer Loans – This loan portfolio includes personal installment loans, direct and indirect automobile financing, and overdraft lines of credit. The majority of the consumer loan portfolio consists of indirect and direct automobile loans. Lending policy establishes maximum debt to income ratios, minimum credit scores, and includes guidelines for verification of applicants’ income and receipt of credit reports. Credit Quality Indicators Special Mention – Loans in this category are presently protected from loss, but weaknesses are apparent which, if not corrected, could cause future problems. Loans in this category may not meet required underwriting criteria and have no mitigating factors. More than the ordinary amount of attention is warranted for these loans. Substandard – Loans in this category exhibit well-defined weaknesses that would typically bring normal repayment into jeopardy. These loans are no longer adequately protected due to well-defined weaknesses that affect the repayment capacity of the borrower. The possibility of loss is much more evident and above average supervision is required for these loans. Doubtful – Loans in this category have all the weaknesses inherent in a loan categorized as Substandard, with the characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following table presents the risk category of loans by segment. (Dollars in Thousands) Commercial, Financial, Agriculture Real Estate Consumer Total Criticized Loans March 31, 2016 Special Mention $ 2,567 $ 28,361 $ 47 $ 30,975 Substandard 1,145 47,956 679 49,780 Doubtful — — — — Total Criticized Loans $ 3,712 $ 76,317 $ 726 $ 80,755 December 31, 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 Troubled Debt Restructurings (“TDRs”) The following table presents loans classified as TDRs. March 31, 2016 December 31, 2015 (Dollars in Thousands) Accruing Nonaccruing Accruing Nonaccruing Commercial, Financial and Agricultural $ 878 $ — $ 897 $ — Real Estate – Construction — — — — Real Estate – Commercial Mortgage 16,943 799 16,621 1,070 Real Estate – Residential 15,885 1,214 14,979 1,582 Real Estate – Home Equity 2,790 — 2,914 — Consumer 204 — 223 35 Total TDRs $ 36,700 $ 2,013 $ 35,634 $ 2,687 Loans classified as TDRs during the periods indicated are presented in the table below. The modifications made during the reporting period involved either an extension of the loan term, a reduction in the interest rate, or a combination thereof. The financial impact of these modifications was not material. Three Months Ended March 31, Three Months Ended March 31, (Dollars in Thousands) Number of Contracts Pre-Modified Recorded Investment Post-Modified Recorded Investment Number of Contracts Pre-Modified Recorded Investment Post-Modified Recorded Investment Commercial, Financial and Agricultural — $ — $ — — $ — $ — Real Estate - Construction — — — — — — Real Estate - Commercial Mortgage 1 332 332 1 457 457 Real Estate - Residential 5 499 500 4 464 437 Real Estate - Home Equity 4 188 189 — — — Consumer — — — — — — Total TDRs 10 $ 1,019 $ 1,021 5 $ 921 $ 894 The following table provides information on TDR defaults for loans that had been modified within the previous 12 months for the periods indicated. Three Months Ended March 31, Three Months Ended March 31, (Dollars in Thousands) Number of Contracts Recorded Investment (1) Number of Contracts Recorded Investment (1) Commercial, Financial and Agricultural — $ — — $ — Real Estate - Construction — — — — Real Estate - Commercial Mortgage — — — — Real Estate - Residential — — — — Real Estate - Home Equity 1 3 — — Consumer 1 35 — — Total TDRs 2 $ 38 — $ — The following table provides information on how TDRs were modified during the periods indicated. Three Months Ended March 31, Three Months Ended March 31, (Dollars in Thousands) Number of Contracts Recorded Investment (1) Number of Contracts Recorded Investment (1) Extended amortization — $ — 1 $ 118 Interest rate adjustment — — 1 156 Extended amortization and interest rate adjustment 10 1,021 3 620 Other — — — — Total TDRs 10 $ 1,021 5 $ 894 (1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 3 Months Ended |
Mar. 31, 2016 | |
DisclosureOtherRealEstateOwnedAbstract | |
Other Real Estate Owned | NOTE 4 – OTHER REAL ESTATE OWNED The following table presents other real estate owned activity for the periods indicated. Three Months Ended March 31, (Dollars in Thousands) 2016 2015 Beginning Balance $ 19,290 $ 35,680 Additions 1,201 1,742 Valuation Write-downs (835 ) (801 ) Sales (2,206 ) (2,737 ) Other — (49 ) Ending Balance $ 17,450 $ 33,835 Net expenses applicable to other real estate owned include the following: Three Months Ended March 31, (Dollars in Thousands) 2016 2015 Gains from the Sale of Properties $ (129 ) $ (121 ) Losses from the Sale of Properties 369 310 Rental Income from Properties — (188 ) Property Carrying Costs 350 695 Valuation Adjustments 835 801 Total $ 1,425 $ 1,497 As of March 31, 2016, the Company had $2.9 million of loans secured by residential real estate in the process of foreclosure. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | NOTE 5 - EMPLOYEE BENEFIT PLANS The Company has a defined benefit pension plan covering substantially all full-time and eligible part-time associates and a Supplemental Executive Retirement Plan (“SERP”) covering its executive officers. The components of the net periodic benefit costs for the Company’s qualified benefit pension plan were as follows: Three Months Ended March 31, (Dollars in Thousands) 2016 2015 Service Cost $ 1,613 $ 1,675 Interest Cost 1,397 1,425 Expected Return on Plan Assets (1,934 ) (1,950 ) Prior Service Cost Amortization 69 75 Net Loss Amortization 801 800 Net Periodic Benefit Cost $ 1,946 $ 2,025 Discount Rate 4.52 % 4.15 % Long-Term Rate of Return on Assets 7.50 % 7.50 % The components of the net periodic benefit costs for the Company’s SERP were as follows: Three Months Ended March 31, (Dollars in Thousands) 2016 2015 Interest Cost $ 40 $ 28 Prior Service Cost Amortization — 2 Net Loss (Gain) Amortization 190 (90 ) Net Periodic Benefit Income $ 230 $ (60 ) Discount Rate 4.13 % 4.15 % 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 was accounted for as a change in accounting estimate that is inseparable from a change in accounting principle and was accounted for prospectively. While the benefit obligations for the plans measured under this approach was unchanged, the more granular application of the spot rates decreased the combined service and interest costs for the defined benefit retirement plan for fiscal 2016 by $0.7 million and the supplemental executive retirement plans by $34,000. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 - COMMITMENTS AND CONTINGENCIES Lending Commitments The Company’s maximum exposure to credit loss under standby letters of credit and commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in establishing commitments and issuing letters of credit as it does for on-balance sheet instruments. The amounts associated with the Company’s off-balance sheet obligations were as follows: March 31, 2016 December 31, 2015 (Dollars in Thousands) Fixed Variable Total Fixed Variable Total Commitments to Extend Credit (1) $ 55,130 $ 326,561 $ 381,691 $ 57,571 $ 306,642 $ 364,213 Standby Letters of Credit 6,092 — 6,092 6,095 — 6,095 Total $ 61,222 $ 326,561 $ 387,783 $ 63,666 $ 306,642 $ 370,308 (1) Commitments include unfunded loans, revolving lines of credit, and other unused commitments. Commitments to extend credit are agreements to lend to a client so long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a client to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities. In general, management does not anticipate any material losses as a result of participating in these types of transactions. However, any potential losses arising from such transactions are reserved for in the same manner as management reserves for its other credit facilities. For both on- and off-balance sheet financial instruments, the Company requires collateral to support such instruments when it is deemed necessary. The Company evaluates each client’s creditworthiness on a case-by-case basis. The amount of collateral obtained upon extension of credit is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include deposits held in financial institutions; U.S. Treasury securities; other marketable securities; real estate; accounts receivable; property, plant and equipment; and inventory. Contingencies Indemnification Obligation In December 2013, a settlement agreement was approved by the court in resolution of the aforementioned Covered Litigation matter. Visa’s share of the settlement is to be paid from the litigation reserve account, which was further funded during the third quarter of 2014 resulting in a payment of $161,000 to the counterparty. Fixed charges included in the liability are payable quarterly until the litigation reserve is fully liquidated and at which time the aforementioned swap contract will be terminated. Quarterly fixed payments approximate $66,000. Conversion ratio payments and ongoing fixed quarterly charges are reflected in earnings in the period incurred. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 7 – FAIR VALUE MEASUREMENTS The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: • Level 1 Inputs - . • Level 2 Inputs - . • Level 3 Inputs - Assets and Liabilities Measured at Fair Value on a Recurring Basis Securities Available for Sale. In general, the Company does not purchase securities that have a complicated structure. The Company’s entire portfolio consists of traditional investments, nearly all of which are U.S. Treasury obligations, federal agency bullet or mortgage pass-through securities, or general obligation or revenue based municipal bonds. Pricing for such instruments is easily obtained. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. Fair Value Swap A summary of fair values for assets and liabilities consisted of the following: (Dollars in Thousands) Level 1 Level 2 Level 3 Total Fair March 31, 2016 Securities Available for Sale: U.S. Government Treasury $ 259,060 $ — $ — $ 259,060 U.S. Government Agency — 104,207 — 104,207 States and Political Subdivisions — 88,865 — 88,865 Mortgage-Backed Securities — 1,563 — 1,563 Equity Securities — 8,749 — 8,749 December 31, 2015 Securities Available for Sale: U.S. Government Treasury $ 250,346 $ — $ — $ 250,346 U.S. Government Agency — 101,824 — 101,824 State and Political Subdivisions — 88,362 — 88,362 Mortgage-Backed Securities — 1,901 — 1,901 Equity Securities — 8,595 — 8,595 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 consisted of the following: March 31, 2016 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 ASSETS: Cash $ 45,914 $ 45,914 $ — $ — Short-Term Investments 304,908 304,908 — — Investment Securities, Available for Sale 462,444 259,060 203,384 — Investment Securities, Held to Maturity 187,079 140,097 47,552 — Loans Held for Sale 10,475 — 10,475 Loans, Net of Allowance for Loan Losses 1,493,222 — — 1,502,154 LIABILITIES: Deposits $ 2,291,408 $ — $ 2,259,999 $ — Short-Term Borrowings 62,922 — 62,938 — Subordinated Notes Payable 62,887 — 49,200 — Long-Term Borrowings 27,062 — 27,929 — December 31, 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 — All non-financial instruments are excluded from the above table. The disclosures also do not include goodwill. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME | NOTE 8 – OTHER COMPREHENSIVE INCOME The amounts allocated to other comprehensive income are presented in the table below. Reclassification adjustments related to securities held for sale are included in net gain (loss) on securities transactions in the accompanying consolidated statements of comprehensive income. For the periods presented, reclassifications adjustments related to securities held for sale was not material. (Dollars in Thousands) Before Tax Amount Tax Expense Net of Tax Amount March 31, 2016 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ 1,784 $ (688 ) $ 1,096 Amortization of losses on securities transferred from available for sale to held to maturity 19 (7 ) 12 Total Other Comprehensive Income $ 1,803 $ (695 ) $ 1,108 March 31, 2015 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ 1,146 $ (441 ) $ 705 Amortization of losses on securities transferred from available for sale to held to maturity 17 (7 ) 10 Total Other Comprehensive Income $ 1,163 $ (448 ) $ 715 Accumulated other comprehensive loss was comprised of the following components: (Dollars in Thousands) Securities Available for Sale Retirement Plans Accumulated Other Comprehensive Loss Balance as of January 1, 2016 $ (127 ) $ (22,130 ) $ (22,257 ) Other comprehensive income during the period 1,108 — 1,108 Balance as of March 31, 2016 $ 981 $ (22,130 ) $ (21,149 ) Balance as of January 1, 2015 $ 59 $ (21,568 ) $ (21,509 ) Other comprehensive income during the period 715 — 715 Balance as of March 31, 2015 $ 774 $ (21,568 ) $ (20,794 ) |
ACCOUNTING STANDARDS UPDATES
ACCOUNTING STANDARDS UPDATES | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Standards Updates | |
ACCOUNTING STANDARDS UPDATES | NOTE 9 – ACCOUNTING STANDARDS UPDATES ASU 2016-02, “Leases (Topic 842) ASU 2016-07, “Investments-Equity Method and Joint Ventures (Topic 323) – Simplifying the Transition to the Equity Method of Accounting.” ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS On April 12, 2016, the Company repurchased $10 million in face value of trust preferred securities that were auctioned as part of a liquidation of a pooled collateralized debt obligation fund. The trust preferred securities were originally issued through CCBG Capital Trust I, a wholly-owned business trust subsidiary of the Company. The $10 million in trust preferred securities were retired, resulting in a commensurate reduction in the Company’s related floating rate junior subordinated note. The Company’s winning bid equated to approximately 75% of the $10 million par value, with the 25% discount resulting in a pre-tax gain of approximately $2.5 million that will be realized in the second quarter of 2016. The Company utilized internal resources and a $3.75 million draw on a short-term borrowing facility to fund the repurchase. |
Disclosure - SIGNIFICANT ACCOUN
Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The consolidated statement of financial condition at December 31, 2015 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the CompanyÂ’s annual report on Form 10-K for the year ended December 31, 2015. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and related market value of investment securities available-for-sale | Investment Portfolio Composition March 31, 2016 December 31, 2015 Amortized Unrealized Unrealized Market Amortized Unrealized Unrealized Market Available for Sale U.S. Government Treasury $ 257,978 $ 1,083 $ 1 $ 259,060 $ 250,458 $ 101 $ 213 $ 250,346 U.S. Government Agency 103,802 530 125 104,207 101,730 357 263 101,824 States and Political Subdivisions 88,556 321 12 88,865 88,358 103 99 88,362 Mortgage-Backed Securities 1,429 134 — 1,563 1,742 159 — 1,901 Equity Securities (1) 8,749 — — 8,749 8,595 — — 8,595 Total $ 460,514 $ 2,068 $ 138 $ 462,444 $ 450,883 $ 720 $ 575 $ 451,028 Held to Maturity U.S. Government Treasury $ 139,501 $ 596 $ — $ 140,097 $ 134,554 $ 45 $ 160 $ 134,439 U.S. Government Agency 10,026 13 — 10,039 10,043 7 5 10,045 States and Political Subdivisions 12,495 81 1 12,575 15,693 38 7 15,724 Mortgage-Backed Securities 25,057 76 195 24,938 27,602 4 407 27,199 Total $ 187,079 $ 766 $ 196 $ 187,649 $ 187,892 $ 94 $ 579 $ 187,407 Total Investment Securities $ 647,593 $ 2,834 $ 334 $ 650,093 $ 638,775 $ 814 $ 1,154 $ 638,435 (1) Includes Federal Home Loan Bank, Federal Reserve Bank, and FNBB Inc. stock recorded at cost of $3.7 million, $4.8 million, and $0.2 million, respectively, at March 31, 2016 and $3.6 million, $4.8 million, and $0.2 million, respectively, at December 31, 2015. |
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 $ 91,208 $ 91,254 $ 70,534 $ 70,630 Due after one through five years 289,626 291,096 91,488 92,081 Mortgage-Backed Securities 1,429 1,563 25,057 24,938 U.S. Government Agency 69,502 69,782 — — Equity Securities 8,749 8,749 — — Total $ 460,514 $ 462,444 $ 187,079 $ 187,649 |
Schedule of investment securities with continuous unrealized loss position | Unrealized Losses on Investment Securities. Less Than Greater Than Total (Dollars in Thousands) Market Unrealized Market Unrealized Market Unrealized March 31, 2016 Available for Sale U.S. Government Treasury $ 7,497 $ 1 $ — $ — $ 7,497 $ 1 U.S. Government Agency 15,142 60 12,362 65 27,504 125 States and Political Subdivisions 10,733 11 305 1 11,038 12 Mortgage-Backed Securities 4 — — — 4 — Total 33,376 72 12,667 66 46,043 138 Held to Maturity U.S. Government Agencies 1,913 — — — 1,913 — States and Political Subdivisions 1,724 1 — — 1,724 1 Mortgage-Backed Securities 4,032 19 11,630 176 15,662 195 Total $ 7,669 $ 20 $ 11,630 $ 176 $ 19,299 $ 196 December 31, 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 |
LOANS, NET (Tables)
LOANS, NET (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loans Net Tables | |
Schedule of composition of the loan portfolio | Loan Portfolio Composition (Dollars in Thousands) March 31, 2016 December 31, 2015 Commercial, Financial and Agricultural $ 183,681 $ 179,816 Real Estate – Construction 42,537 46,484 Real Estate – Commercial Mortgage 503,259 499,813 Real Estate – Residential (1) 296,070 290,585 Real Estate – Home Equity 234,128 233,901 Consumer 247,160 241,676 Loans, Net of Unearned Income $ 1,506,835 $ 1,492,275 (1) Includes loans in process with outstanding balances of $10.9 million and $8.5 million at March 31, 2016 and December 31, 2015, 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. March 31, 2016 December 31, 2015 (Dollars in Thousands) Nonaccrual 90 + Days Nonaccrual 90 + Days Commercial, Financial and Agricultural $ 83 — $ 96 — Real Estate – Construction — — 97 — Real Estate – Commercial Mortgage 3,942 — 4,191 — Real Estate – Residential 3,490 — 4,739 — Real Estate – Home Equity 1,323 — 1,017 — Consumer 211 — 165 — Total Nonaccrual Loans $ 9,049 — $ 10,305 — |
Schedule of aging of past due loans by class of loans | The following table presents the aging of the recorded investment in past due loans by class of loans. (Dollars in Thousands) 30-59 DPD 60-89 DPD 90 + DPD Total Past Due Total Current Total Loans March 31, 2016 Commercial, Financial and Agricultural $ 335 $ — $ — $ 335 $ 183,263 $ 183,681 Real Estate – Construction 383 — — 383 42,154 42,537 Real Estate – Commercial Mortgage 464 122 — 586 498,731 503,259 Real Estate – Residential 732 149 — 881 291,699 296,070 Real Estate – Home Equity 475 121 — 596 232,209 234,128 Consumer 622 196 — 818 246,131 247,160 Total Past Due Loans $ 3,011 $ 588 $ — $ 3,599 $ 1,494,187 $ 1,506,835 December 31, 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 Past Due Loans $ 3,686 $ 2,089 $ — $ 5,775 $ 1,476,195 $ 1,492,275 |
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. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. (Dollars in Thousands) Commercial, Financial, Agricultural Real Estate Construction Real Estate Commercial Mortgage Real Estate Residential Real Estate Home Equity Consumer Total Three Months Ended March 31, 2016 Beginning Balance $ 905 $ 101 $ 4,498 $ 4,409 $ 2,473 $ 1,567 $ 13,953 Provision for Loan Losses (24 ) — 44 (30 ) 118 344 452 Charge-Offs (37 ) — (274 ) (478 ) (215 ) (439 ) (1,443 ) Recoveries 39 — 81 236 59 236 651 Net Charge-Offs 2 — (193 ) (242 ) (156 ) (203 ) (792 ) Ending Balance $ 883 $ 101 $ 4,349 $ 4,137 $ 2,435 $ 1,708 $ 13,613 Three Months Ended March 31, 2015 Beginning Balance $ 784 $ 843 $ 5,287 $ 6,520 $ 2,882 $ 1,223 $ 17,539 Provision for Loan Losses 354 (269 ) 88 (68 ) (177 ) 365 293 Charge-Offs (290 ) — (904 ) (305 ) (182 ) (576 ) (2,257 ) Recoveries 55 — 30 48 24 358 515 Net Charge-Offs (235 ) — (874 ) (257 ) (158 ) (218 ) (1,742 ) Ending Balance $ 903 $ 574 $ 4,501 $ 6,195 $ 2,547 $ 1,370 $ 16,090 |
Schedule of allowance for loan losses by portfolio class and disaggregated on the basis of the impairment methodology | The following table details the amount of the allowance for loan losses by portfolio class disaggregated on the basis of the Company’s impairment methodology. (Dollars in Thousands) Commercial, Financial, Agricultural Real Estate Construction Real Estate Commercial Mortgage Real Estate Residential Real Estate Home Equity Consumer Total March 31, 2016 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 72 $ — $ 1,936 $ 1,954 $ 389 $ 4 $ 4,355 Loans Collectively Evaluated for Impairment 811 101 2,413 2,183 2,046 1,704 9,258 Ending Balance $ 883 $ 101 $ 4,349 $ 4,137 $ 2,435 $ 1,708 $ 13,613 December 31, 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 March 31, 2015 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 334 $ — $ 2,349 $ 2,294 $ 557 $ 15 $ 5,549 Loans Collectively Evaluated for Impairment 569 574 2,152 3,901 1,990 1,355 10,541 Ending Balance $ 903 $ 574 $ 4,501 $ 6,195 $ 2,547 $ 1,370 $ 16,090 |
Schedule of allowance for loan losses by portfolio class | The Company’s recorded investment in loans related to each balance in the allowance for loan losses by portfolio class and disaggregated on the basis of the Company’s impairment methodology was as follows: Dollars in Thousands) Commercial, Financial, Agricultural Real Estate Construction Real Estate Commercial Mortgage Real Estate Residential Real Estate Home Equity Consumer Total March 31, 2016 Individually Evaluated for Impairment $ 812 $ — $ 20,798 $ 18,221 $ 3,211 $ 206 $ 43,248 Collectively Evaluated for Impairment 182,869 42,537 482,461 277,849 230,917 246,954 1,463,587 Total $ 183,681 $ 42,537 $ 503,259 $ 296,070 $ 234,128 $ 247,160 $ 1,506,835 December 31, 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 March 31, 2015 Individually Evaluated for Impairment $ 1,252 $ 401 $ 31,213 $ 19,840 $ 3,123 $ 197 $ 56,026 Collectively Evaluated for Impairment 142,699 41,194 476,468 276,884 225,048 233,135 1,395,428 Total $ 143,951 $ 41,595 $ 507,681 $ 296,724 $ 228,171 $ 233,332 $ 1,451,454 |
Schedule of loans individually evaluated for impairment by class of loans | The following table presents loans individually evaluated for impairment by class of loans. (Dollars in Thousands) Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Related Allowance March 31, 2016 Commercial, Financial and Agricultural $ 812 $ 273 $ 539 $ 72 Real Estate – Construction — — — — Real Estate – Commercial Mortgage 20,798 4,108 16,690 1,936 Real Estate – Residential 18,221 2,816 15,405 1,954 Real Estate – Home Equity 3,211 840 2,371 389 Consumer 206 105 101 4 Total $ 43,248 $ 8,142 $ 35,106 $ 4,355 December 31, 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 |
Schedule of Average recorded investment and interest income recognized by class of impaired loans | The following table summarizes the average recorded investment and interest income recognized by class of impaired loans. For Three Months Ended March 31, 2016 2015 (Dollars in Thousands) Average Recorded Investment Total Interest Income Average Recorded Investment Total Interest Income Commercial, Financial and Agricultural $ 823 $ 13 $ 1,252 $ 11 Real Estate - Construction 49 — 401 — Real Estate - Commercial Mortgage 20,822 239 31,213 261 Real Estate - Residential 18,395 209 19,840 197 Real Estate - Home Equity 3,178 27 3,123 21 Consumer 234 2 196 2 Total $ 43,501 $ 490 $ 56,025 $ 492 |
Schedule of risk category of loans by segment | The following table presents the risk category of loans by segment. (Dollars in Thousands) Commercial, Financial, Agriculture Real Estate Consumer Total Criticized Loans March 31, 2016 Special Mention $ 2,567 $ 28,361 $ 47 $ 30,975 Substandard 1,145 47,956 679 49,780 Doubtful — — — — Total Criticized Loans $ 3,712 $ 76,317 $ 726 $ 80,755 December 31, 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 |
Schedule of troubled debt restructurings loans | The following table presents loans classified as TDRs. March 31, 2016 December 31, 2015 (Dollars in Thousands) Accruing Nonaccruing Accruing Nonaccruing Commercial, Financial and Agricultural $ 878 $ — $ 897 $ — Real Estate – Construction — — — — Real Estate – Commercial Mortgage 16,943 799 16,621 1,070 Real Estate – Residential 15,885 1,214 14,979 1,582 Real Estate – Home Equity 2,790 — 2,914 — Consumer 204 — 223 35 Total TDRs $ 36,700 $ 2,013 $ 35,634 $ 2,687 |
Schedule of loans classified as TDRs | Loans classified as TDRs during the periods indicated are presented in the table below. The modifications made during the reporting period involved either an extension of the loan term, a reduction in the interest rate, or a combination thereof. The financial impact of these modifications was not material. Three Months Ended March 31, Three Months Ended March 31, (Dollars in Thousands) Number of Contracts Pre-Modified Recorded Investment Post-Modified Recorded Investment Number of Contracts Pre-Modified Recorded Investment Post-Modified Recorded Investment Commercial, Financial and Agricultural — $ — $ — — $ — $ — Real Estate - Construction — — — — — — Real Estate - Commercial Mortgage 1 332 332 1 457 457 Real Estate - Residential 5 499 500 4 464 437 Real Estate - Home Equity 4 188 189 — — — Consumer — — — — — — Total TDRs 10 $ 1,019 $ 1,021 5 $ 921 $ 894 |
Schedule of loans modified as TDRs within the previous 12 months and subsequently defaulted | The following table provides information on TDR defaults for loans that had been modified within the previous 12 months for the periods indicated. Three Months Ended March 31, Three Months Ended March 31, (Dollars in Thousands) Number of Contracts Recorded Investment (1) Number of Contracts Recorded Investment (1) Commercial, Financial and Agricultural — $ — — $ — Real Estate - Construction — — — — Real Estate - Commercial Mortgage — — — — Real Estate - Residential — — — — Real Estate - Home Equity 1 3 — — Consumer 1 35 — — Total TDRs 2 $ 38 — $ — |
Schedule of loans modified as TDRs information | The following table provides information on how TDRs were modified during the periods indicated. Three Months Ended March 31, Three Months Ended March 31, (Dollars in Thousands) Number of Contracts Recorded Investment (1) Number of Contracts Recorded Investment (1) Extended amortization — $ — 1 $ 118 Interest rate adjustment — — 1 156 Extended amortization and interest rate adjustment 10 1,021 3 620 Other — — — — Total TDRs 10 $ 1,021 5 $ 894 (1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Real Estate Owned Tables | |
Schedule of other real estate owned activity | The following table presents other real estate owned activity for the periods indicated. Three Months Ended March 31, (Dollars in Thousands) 2016 2015 Beginning Balance $ 19,290 $ 35,680 Additions 1,201 1,742 Valuation Write-downs (835 ) (801 ) Sales (2,206 ) (2,737 ) Other — (49 ) Ending Balance $ 17,450 $ 33,835 |
Schedule of net expenses | Net expenses applicable to other real estate owned include the following: Three Months Ended March 31, (Dollars in Thousands) 2016 2015 Gains from the Sale of Properties $ (129 ) $ (121 ) Losses from the Sale of Properties 369 310 Rental Income from Properties — (188 ) Property Carrying Costs 350 695 Valuation Adjustments 835 801 Total $ 1,425 $ 1,497 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Employee Benefit Plans Tables | |
Schedule of expected benefit payments related to the defined benefit pension plan | The components of the net periodic benefit costs for the CompanyÂ’s qualified benefit pension plan were as follows: Three Months Ended March 31, (Dollars in Thousands) 2016 2015 Service Cost $ 1,613 $ 1,675 Interest Cost 1,397 1,425 Expected Return on Plan Assets (1,934 ) (1,950 ) Prior Service Cost Amortization 69 75 Net Loss Amortization 801 800 Net Periodic Benefit Cost $ 1,946 $ 2,025 Discount Rate 4.52 % 4.15 % Long-Term Rate of Return on Assets 7.50 % 7.50 % |
Schedule of expected benefit payments related to the SERP | The components of the net periodic benefit costs for the Company’s SERP were as follows: Three Months Ended March 31, (Dollars in Thousands) 2016 2015 Interest Cost $ 40 $ 28 Prior Service Cost Amortization — 2 Net Loss (Gain) Amortization 190 (90 ) Net Periodic Benefit Income $ 230 $ (60 ) Discount Rate 4.13 % 4.15 % |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Tables | |
Schedule of amounts associated with the entities off-balance sheet obligations | The amounts associated with the Company’s off-balance sheet obligations were as follows: March 31, 2016 December 31, 2015 (Dollars in Thousands) Fixed Variable Total Fixed Variable Total Commitments to Extend Credit (1) $ 55,130 $ 326,561 $ 381,691 $ 57,571 $ 306,642 $ 364,213 Standby Letters of Credit 6,092 — 6,092 6,095 — 6,095 Total $ 61,222 $ 326,561 $ 387,783 $ 63,666 $ 306,642 $ 370,308 (1) Commitments include unfunded loans, revolving lines of credit, and other unused commitments. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements Tables | |
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis | A summary of fair values for assets and liabilities consisted of the following: (Dollars in Thousands) Level 1 Inputs Level 2 Level 3 Total Fair March 31, 2016 Securities Available for Sale: U.S. Government Treasury $ 259,060 $ — $ — $ 259,060 U.S. Government Agency — 104,207 — 104,207 States and Political Subdivisions — 88,865 — 88,865 Mortgage-Backed Securities — 1,563 — 1,563 Equity Securities — 8,749 — 8,749 December 31, 2015 Securities Available for Sale: U.S. Government Treasury $ 250,346 $ — $ — $ 250,346 U.S. Government Agency — 101,824 — 101,824 State and Political Subdivisions — 88,362 — 88,362 Mortgage-Backed Securities — 1,901 — 1,901 Equity Securities — 8,595 — 8,595 |
Schedule of financial instruments with estimated fair values | A summary of estimated fair values of significant financial instruments consisted of the following: March 31, 2016 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 ASSETS: Cash $ 45,914 $ 45,914 $ — $ — Short-Term Investments 304,908 304,908 — — Investment Securities, Available for Sale 462,444 259,060 203,384 — Investment Securities, Held to Maturity 187,079 140,097 47,552 — Loans Held for Sale 10,475 — 10,475 Loans, Net of Allowance for Loan Losses 1,493,222 — — 1,502,154 LIABILITIES: Deposits $ 2,291,408 $ — $ 2,259,999 $ — Short-Term Borrowings 62,922 — 62,938 — Subordinated Notes Payable 62,887 — 49,200 — Long-Term Borrowings 27,062 — 27,929 — December 31, 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 — |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Comprehensive Income Loss Tables | |
Schedule of other comprehensive income loss | The amounts allocated to other comprehensive income are presented in the table below. Reclassification adjustments related to securities held for sale are included in net gain (loss) on securities transactions in the accompanying consolidated statements of comprehensive income. For the periods presented, reclassifications adjustments related to securities held for sale was not material. (Dollars in Thousands) Before Tax Amount Tax Expense Net of Tax Amount March 31, 2016 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ 1,784 $ (688 ) $ 1,096 Amortization of losses on securities transferred from available for sale to held to maturity 19 (7 ) 12 Total Other Comprehensive Income $ 1,803 $ (695 ) $ 1,108 March 31, 2015 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ 1,146 $ (441 ) $ 705 Amortization of losses on securities transferred from available for sale to held to maturity 17 (7 ) 10 Total Other Comprehensive Income $ 1,163 $ (448 ) $ 715 |
Schedule of activity in accumulated other comprehensive loss, net of tax | Accumulated other comprehensive loss was comprised of the following components: (Dollars in Thousands) Securities Available for Sale Retirement Plans Accumulated Other Comprehensive Loss Balance as of January 1, 2016 $ (127 ) $ (22,130 ) $ (22,257 ) Other comprehensive income during the period 1,108 — 1,108 Balance as of March 31, 2016 $ 981 $ (22,130 ) $ (21,149 ) Balance as of January 1, 2015 $ 59 $ (21,568 ) $ (21,509 ) Other comprehensive income during the period 715 — 715 Balance as of March 31, 2015 $ 774 $ (21,568 ) $ (20,794 ) |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Available-for-sale | |||
Amortized Cost | $ 460,514 | $ 450,883 | |
Unrealized Gains | 2,068 | 720 | |
Unrealized Losses | 138 | 575 | |
Market Value | 462,444 | 451,028 | |
Held to Maturity | |||
Amortized Cost | 187,079 | 187,892 | |
Unrealized Gains | 766 | 94 | |
Unrealized Losses | 196 | 579 | |
Market Value | 187,649 | 187,407 | |
Total | |||
Amortized Cost | 647,593 | 638,775 | |
Unrealized Gain | 2,834 | 814 | |
Unrealized Loss | 334 | 1,154 | |
Fair Value | 650,093 | 638,435 | |
U.S. Government Treasury [Member] | |||
Available-for-sale | |||
Amortized Cost | 257,978 | 250,458 | |
Unrealized Gains | 1,083 | 101 | |
Unrealized Losses | 1 | 213 | |
Market Value | 259,060 | 250,346 | |
Held to Maturity | |||
Amortized Cost | 139,501 | 134,554 | |
Unrealized Gains | $ 596 | 45 | |
Unrealized Losses | 160 | ||
Market Value | $ 140,097 | 134,439 | |
U.S. Government Agency [Member] | |||
Available-for-sale | |||
Amortized Cost | 103,802 | 101,730 | |
Unrealized Gains | 530 | 357 | |
Unrealized Losses | 125 | 263 | |
Market Value | 104,207 | 101,824 | |
Held to Maturity | |||
Amortized Cost | 10,026 | 10,043 | |
Unrealized Gains | $ 13 | 7 | |
Unrealized Losses | 5 | ||
Market Value | $ 10,039 | 10,045 | |
States and Political Subdivisions [Member] | |||
Available-for-sale | |||
Amortized Cost | 88,556 | 88,358 | |
Unrealized Gains | 321 | 103 | |
Unrealized Losses | 12 | 99 | |
Market Value | 88,865 | 88,362 | |
Held to Maturity | |||
Amortized Cost | 12,495 | 15,693 | |
Unrealized Gains | 81 | 38 | |
Unrealized Losses | 1 | 7 | |
Market Value | 12,575 | 15,724 | |
Mortgage-Backed Securities [Member] | |||
Available-for-sale | |||
Amortized Cost | 1,429 | 1,742 | |
Unrealized Gains | $ 134 | $ 159 | |
Unrealized Losses | |||
Market Value | $ 1,563 | $ 1,901 | |
Held to Maturity | |||
Amortized Cost | 25,057 | 27,602 | |
Unrealized Gains | 76 | 4 | |
Unrealized Losses | 195 | 407 | |
Market Value | 24,938 | 27,199 | |
Equity Securities [Member] | |||
Available-for-sale | |||
Amortized Cost | [1] | $ 8,749 | $ 8,595 |
Unrealized Gains | [1] | ||
Unrealized Losses | [1] | ||
Market Value | [1] | $ 8,749 | $ 8,595 |
Federal Home Loan Bank | 3,700 | 3,600 | |
Federal Reserve Bank stock | 4,800 | 4,800 | |
FNBB, Inc. stock | $ 200 | $ 200 | |
[1] | Includes Federal Home Loan Bank, Federal Reserve Bank, and FNBB Inc. stock recorded at cost of $3.7 million, $4.8 million, and $0.2 million, respectively, at March 31, 2016 and $3.6 million, $4.8 million, and $0.2 million, respectively, at December 31, 2015. |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details 2) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Amortized Cost | ||
Due in one year or less | $ 91,208 | |
Due after one through five years | 289,626 | |
Total Investment Securities | 460,514 | |
Market Value | ||
Due in one year or less | 91,254 | |
Due after one through five years | 291,096 | |
Total Investment Securities | 462,444 | |
Amortized Cost | ||
Due in one year or less | 70,534 | |
Due after one through five years | 91,488 | |
Total Investment Securities | 187,079 | $ 187,892 |
Market Value | ||
Due in one year or less | 70,630 | |
Due after one through five years | 92,081 | |
Total Investment Securities | 187,649 | 187,407 |
Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Due without single maturity date | 1,429 | |
Market Value | ||
Due without single maturity date | 1,563 | |
Amortized Cost | ||
Due without single maturity date | 25,057 | |
Total Investment Securities | 25,057 | 27,602 |
Market Value | ||
Due without single maturity date | 24,938 | |
U.S. Government Agency [Member] | ||
Amortized Cost | ||
Due without single maturity date | 69,502 | |
Market Value | ||
Due without single maturity date | $ 69,782 | |
Amortized Cost | ||
Due without single maturity date | ||
Total Investment Securities | $ 10,026 | 10,043 |
Market Value | ||
Due without single maturity date | ||
Equity Securities [Member] | ||
Amortized Cost | ||
Due without single maturity date | $ 8,749 | |
Market Value | ||
Due without single maturity date | $ 8,749 | |
Amortized Cost | ||
Due without single maturity date | ||
Market Value | ||
Due without single maturity date | ||
U.S. Government Treasury [Member] | ||
Amortized Cost | ||
Total Investment Securities | $ 139,501 | 134,554 |
States and Political Subdivisions [Member] | ||
Amortized Cost | ||
Total Investment Securities | $ 12,495 | $ 15,693 |
INVESTMENT SECURITIES (Detail29
INVESTMENT SECURITIES (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | $ 33,376 | $ 233,177 |
Less Than 12 Months, Unrealized Losses | 72 | 499 |
12 Months Or Longer, Fair Value | 12,667 | 14,710 |
12 Months Or Longer, Unrealized Losses | 66 | 76 |
Total Fair Value | 46,043 | 247,887 |
Total Unrealized Losses | 138 | 575 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 7,669 | 114,403 |
Less Than 12 Months, Unrealized Losses | 20 | 357 |
12 Months Or Longer, Fair Value | 11,630 | 11,889 |
12 Months Or Longer, Unrealized Losses | 176 | 222 |
Total Fair Value | 19,299 | 126,292 |
Total Unrealized Losses | 196 | 579 |
U.S. Government Treasury [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 7,497 | 150,061 |
Less Than 12 Months, Unrealized Losses | $ 1 | $ 213 |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | $ 7,497 | $ 150,061 |
Total Unrealized Losses | 1 | 213 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 92,339 | |
Less Than 12 Months, Unrealized Losses | $ 160 | |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | $ 92,339 | |
Total Unrealized Losses | 160 | |
U.S. Government Agency [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 15,142 | 43,508 |
Less Than 12 Months, Unrealized Losses | 60 | 200 |
12 Months Or Longer, Fair Value | 12,362 | 9,644 |
12 Months Or Longer, Unrealized Losses | 65 | 63 |
Total Fair Value | 27,504 | 53,152 |
Total Unrealized Losses | 125 | 263 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | $ 1,913 | 5,006 |
Less Than 12 Months, Unrealized Losses | $ 5 | |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | $ 1,913 | $ 5,006 |
Total Unrealized Losses | 5 | |
States and Political Subdivisions [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | $ 10,733 | 39,608 |
Less Than 12 Months, Unrealized Losses | 11 | 86 |
12 Months Or Longer, Fair Value | 305 | 5,066 |
12 Months Or Longer, Unrealized Losses | 1 | 13 |
Total Fair Value | 11,038 | 44,674 |
Total Unrealized Losses | 12 | 99 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 1,724 | 3,791 |
Less Than 12 Months, Unrealized Losses | $ 1 | $ 7 |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | $ 1,724 | $ 3,791 |
Total Unrealized Losses | 1 | 7 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | $ 4 | |
Less Than 12 Months, Unrealized Losses | ||
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | $ 4 | |
Total Unrealized Losses | ||
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | $ 4,032 | 13,267 |
Less Than 12 Months, Unrealized Losses | 19 | 185 |
12 Months Or Longer, Fair Value | 11,630 | 11,889 |
12 Months Or Longer, Unrealized Losses | 176 | 222 |
Total Fair Value | 15,662 | 25,156 |
Total Unrealized Losses | $ 195 | $ 407 |
INVESTMENT SECURITIES (Detail30
INVESTMENT SECURITIES (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged to secure public deposits | $ 326,600 | $ 370,100 |
LOANS, NET (Details)
LOANS, NET (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | $ 1,506,835 | $ 1,492,275 | |
Commercial, Financial and Agricultural [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | 183,681 | 179,816 | |
Real Estate - Construction [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | 42,537 | 46,484 | |
Real Estate - Commercial Mortgage [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | 503,259 | 499,813 | |
Real Estate - Residential [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | [1] | 296,070 | 290,585 |
Real Estate - Home Equity [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | 234,128 | 233,901 | |
Consumer [Member] | |||
Loan Portfolio Composition | |||
Loans, Net of Unearned Income | $ 247,160 | $ 241,676 | |
[1] | Includes loans in process with outstanding balances of $10.9 million and $8.5 million at March 31, 2016 and December 31, 2015, respectively. |
LOANS, NET (Details 2)
LOANS, NET (Details 2) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | $ 9,049 | $ 10,305 |
Total Past Due | $ 3,599 | $ 5,775 |
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 | $ 83 | $ 96 |
Total Past Due | $ 335 | $ 171 |
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 | |
Total Past Due | $ 383 | $ 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 | $ 3,942 | $ 4,191 |
Total Past Due | $ 586 | $ 1,983 |
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 | $ 3,490 | $ 4,739 |
Total Past Due | $ 881 | $ 914 |
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 | $ 1,323 | $ 1,017 |
Total Past Due | $ 596 | $ 884 |
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 | $ 211 | $ 165 |
Total Past Due | $ 818 | $ 1,133 |
Consumer [Member] | 90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due |
LOANS, NET (Details 3)
LOANS, NET (Details 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 3,599 | $ 5,775 | |
Total Current | 1,494,187 | 1,476,195 | |
Total Loans | 1,506,835 | 1,492,275 | |
30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 3,011 | 3,686 | |
60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 588 | $ 2,089 | |
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 | $ 335 | $ 171 | |
Total Current | 183,263 | 179,549 | |
Total Loans | 183,681 | 179,816 | |
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 | $ 335 | 153 | |
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 | ||
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 | $ 383 | $ 690 | |
Total Current | 42,154 | 45,697 | |
Total Loans | 42,537 | 46,484 | |
Real Estate - Construction [Member] | 30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 383 | $ 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 | $ 586 | $ 1,983 | |
Total Current | 498,731 | 493,639 | |
Total Loans | 503,259 | 499,813 | |
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 | 464 | 754 | |
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 | $ 122 | $ 1,229 | |
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 | $ 881 | $ 914 | |
Total Current | 291,699 | 284,932 | |
Total Loans | [1] | 296,070 | 290,585 |
Real Estate - Residential [Member] | 30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 732 | 567 | |
Real Estate - Residential [Member] | 60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 149 | $ 347 | |
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 | $ 596 | $ 884 | |
Total Current | 232,209 | 232,000 | |
Total Loans | 234,128 | 233,901 | |
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 | 475 | 787 | |
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 | $ 121 | $ 97 | |
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 | $ 818 | $ 1,133 | |
Total Current | 246,131 | 240,378 | |
Total Loans | 247,160 | 241,676 | |
Consumer [Member] | 30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 622 | 735 | |
Consumer [Member] | 60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 196 | $ 398 | |
Consumer [Member] | 90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | |||
[1] | Includes loans in process with outstanding balances of $10.9 million and $8.5 million at March 31, 2016 and December 31, 2015, respectively. |
LOANS, NET (Details 4)
LOANS, NET (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | $ 13,953 | $ 17,539 |
Provision for Loan Losses | 452 | 293 |
Charge-Offs | (1,443) | (2,257) |
Recoveries | 651 | 515 |
Net Charge-Offs | (792) | (1,742) |
Ending Balance | 13,613 | 16,090 |
Commercial, Financial and Agricultural [Member] | ||
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | 905 | 784 |
Provision for Loan Losses | (24) | 354 |
Charge-Offs | (37) | (290) |
Recoveries | 39 | 55 |
Net Charge-Offs | 2 | (235) |
Ending Balance | 883 | 903 |
Real Estate - Construction [Member] | ||
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | $ 101 | 843 |
Provision for Loan Losses | $ (269) | |
Charge-Offs | ||
Recoveries | ||
Net Charge-Offs | ||
Ending Balance | $ 101 | $ 574 |
Real Estate - Commercial Mortgage [Member] | ||
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | 4,498 | 5,287 |
Provision for Loan Losses | 44 | 88 |
Charge-Offs | (274) | (904) |
Recoveries | 81 | 30 |
Net Charge-Offs | (193) | (874) |
Ending Balance | 4,349 | 4,501 |
Real Estate - Residential [Member] | ||
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | 4,409 | 6,520 |
Provision for Loan Losses | (30) | (68) |
Charge-Offs | (478) | (305) |
Recoveries | 236 | 48 |
Net Charge-Offs | (242) | (257) |
Ending Balance | 4,137 | 6,195 |
Real Estate - Home Equity [Member] | ||
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | 2,473 | 2,882 |
Provision for Loan Losses | 118 | (177) |
Charge-Offs | (215) | (182) |
Recoveries | 59 | 24 |
Net Charge-Offs | (156) | (158) |
Ending Balance | 2,435 | 2,547 |
Consumer [Member] | ||
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | 1,567 | 1,223 |
Provision for Loan Losses | 344 | 365 |
Charge-Offs | (439) | (576) |
Recoveries | 236 | 358 |
Net Charge-Offs | (203) | (218) |
Ending Balance | $ 1,708 | $ 1,370 |
LOANS, NET (Details 5)
LOANS, NET (Details 5) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | $ 4,355 | $ 4,646 | $ 5,549 |
Loans Collectively Evaluated for Impairment | 9,258 | 9,307 | 10,541 |
Ending Balance | 13,613 | 13,953 | 16,090 |
Commercial, Financial and Agricultural [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 72 | 77 | 334 |
Loans Collectively Evaluated for Impairment | 811 | 828 | 569 |
Ending Balance | $ 883 | $ 905 | $ 903 |
Real Estate - Construction [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | |||
Loans Collectively Evaluated for Impairment | $ 101 | $ 101 | $ 574 |
Ending Balance | 101 | 101 | 574 |
Real Estate - Commercial Mortgage [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 1,936 | 2,049 | 2,349 |
Loans Collectively Evaluated for Impairment | 2,413 | 2,449 | 2,152 |
Ending Balance | 4,349 | 4,498 | 4,501 |
Real Estate - Residential [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 1,954 | 2,118 | 2,294 |
Loans Collectively Evaluated for Impairment | 2,183 | 2,291 | 3,901 |
Ending Balance | 4,137 | 4,409 | 6,195 |
Real Estate - Home Equity [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 389 | 384 | 557 |
Loans Collectively Evaluated for Impairment | 2,046 | 2,089 | 1,990 |
Ending Balance | 2,435 | 2,473 | 2,547 |
Consumer [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 4 | 18 | 15 |
Loans Collectively Evaluated for Impairment | 1,704 | 1,549 | 1,355 |
Ending Balance | $ 1,708 | $ 1,567 | $ 1,370 |
LOANS, NET (Details 6)
LOANS, NET (Details 6) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | $ 43,248 | $ 43,752 | $ 56,026 |
Financing Receivable, Collectively Evaluated for Impairment | 1,463,587 | 1,448,523 | 1,395,428 |
Total | 1,506,835 | 1,492,275 | 1,451,454 |
Commercial, Financial and Agricultural [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 812 | 834 | 1,252 |
Financing Receivable, Collectively Evaluated for Impairment | 182,869 | 178,982 | 142,699 |
Total | $ 183,681 | 179,816 | 143,951 |
Real Estate - Construction [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 97 | 401 | |
Financing Receivable, Collectively Evaluated for Impairment | $ 42,537 | 46,387 | 41,194 |
Total | 42,537 | 46,484 | 41,595 |
Real Estate - Commercial Mortgage [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 20,798 | 20,847 | 31,213 |
Financing Receivable, Collectively Evaluated for Impairment | 482,461 | 478,966 | 476,468 |
Total | 503,259 | 499,813 | 507,681 |
Real Estate - Residential [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 18,221 | 18,569 | 19,840 |
Financing Receivable, Collectively Evaluated for Impairment | 277,849 | 272,016 | 276,884 |
Total | 296,070 | 290,585 | 296,724 |
Real Estate - Home Equity [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 3,211 | 3,144 | 3,123 |
Financing Receivable, Collectively Evaluated for Impairment | 230,917 | 230,757 | 225,048 |
Total | 234,128 | 233,901 | 228,171 |
Consumer [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 206 | 261 | 197 |
Financing Receivable, Collectively Evaluated for Impairment | 246,954 | 241,415 | 233,135 |
Total | $ 247,160 | $ 241,676 | $ 233,332 |
LOANS, NET (Details 7)
LOANS, NET (Details 7) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | $ 43,248 | $ 43,752 |
Recorded Investment With No Allowance | 8,142 | 7,762 |
Recorded Investment With Allowance | 35,106 | 35,990 |
Related Allowance | 4,355 | 4,646 |
Commercial, Financial and Agricultural [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 812 | 834 |
Recorded Investment With No Allowance | 273 | 279 |
Recorded Investment With Allowance | 539 | 555 |
Related Allowance | $ 72 | 77 |
Real Estate - Construction [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 97 | |
Recorded Investment With No Allowance | $ 97 | |
Recorded Investment With Allowance | ||
Related Allowance | ||
Real Estate - Commercial Mortgage [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | $ 20,798 | $ 20,847 |
Recorded Investment With No Allowance | 4,108 | 3,265 |
Recorded Investment With Allowance | 16,690 | 17,582 |
Related Allowance | 1,936 | 2,049 |
Real Estate - Residential [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 18,221 | 18,569 |
Recorded Investment With No Allowance | 2,816 | 2,941 |
Recorded Investment With Allowance | 15,405 | 15,628 |
Related Allowance | 1,954 | 2,118 |
Real Estate - Home Equity [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 3,211 | 3,144 |
Recorded Investment With No Allowance | 840 | 1,101 |
Recorded Investment With Allowance | 2,371 | 2,043 |
Related Allowance | 389 | 384 |
Consumer [Member] | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance | 206 | 261 |
Recorded Investment With No Allowance | 105 | 79 |
Recorded Investment With Allowance | 101 | 182 |
Related Allowance | $ 4 | $ 18 |
LOANS, NET (Details 8)
LOANS, NET (Details 8) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Average recorded investment and interest income recognized by class of impaired loans | ||
Average Recorded Investment | $ 43,501 | $ 56,025 |
Total Interest Income | 490 | 492 |
Commercial, Financial and Agricultural [Member] | ||
Average recorded investment and interest income recognized by class of impaired loans | ||
Average Recorded Investment | 823 | 1,252 |
Total Interest Income | 13 | 11 |
Real Estate - Construction [Member] | ||
Average recorded investment and interest income recognized by class of impaired loans | ||
Average Recorded Investment | $ 49 | $ 401 |
Total Interest Income | ||
Real Estate - Commercial Mortgage [Member] | ||
Average recorded investment and interest income recognized by class of impaired loans | ||
Average Recorded Investment | $ 20,822 | $ 31,213 |
Total Interest Income | 239 | 261 |
Real Estate - Residential [Member] | ||
Average recorded investment and interest income recognized by class of impaired loans | ||
Average Recorded Investment | 18,395 | 19,840 |
Total Interest Income | 209 | 197 |
Real Estate - Home Equity [Member] | ||
Average recorded investment and interest income recognized by class of impaired loans | ||
Average Recorded Investment | 3,178 | 3,123 |
Total Interest Income | 27 | 21 |
Consumer [Member] | ||
Average recorded investment and interest income recognized by class of impaired loans | ||
Average Recorded Investment | 234 | 196 |
Total Interest Income | $ 2 | $ 2 |
LOANS, NET (Details 9)
LOANS, NET (Details 9) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Risk category of loans by segment | ||
Total Criticized Loans | $ 80,755 | $ 87,396 |
Commercial, Financial and Agricultural [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 3,712 | 7,245 |
Real Estate [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 76,317 | 79,263 |
Consumer [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 726 | 888 |
Special Mention [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 30,975 | 33,845 |
Special Mention [Member] | Commercial, Financial and Agricultural [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 2,567 | 5,938 |
Special Mention [Member] | Real Estate [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 28,361 | 27,838 |
Special Mention [Member] | Consumer [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 47 | 69 |
Substandard [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 49,780 | 53,551 |
Substandard [Member] | Commercial, Financial and Agricultural [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 1,145 | 1,307 |
Substandard [Member] | Real Estate [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | 47,956 | 51,425 |
Substandard [Member] | Consumer [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | $ 679 | $ 819 |
Doubtful [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | ||
Doubtful [Member] | Commercial, Financial and Agricultural [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | ||
Doubtful [Member] | Real Estate [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans | ||
Doubtful [Member] | Consumer [Member] | ||
Risk category of loans by segment | ||
Total Criticized Loans |
LOANS, NET (Details 10)
LOANS, NET (Details 10) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loans classified as TDRs | ||
Accruing | $ 36,700 | $ 35,634 |
Nonaccruing | 2,013 | 2,687 |
Commercial, Financial and Agricultural [Member] | ||
Loans classified as TDRs | ||
Accruing | $ 878 | $ 897 |
Nonaccruing | ||
Real Estate - Construction [Member] | ||
Loans classified as TDRs | ||
Accruing | ||
Nonaccruing | ||
Real Estate - Commercial Mortgage [Member] | ||
Loans classified as TDRs | ||
Accruing | $ 16,943 | $ 16,621 |
Nonaccruing | 799 | 1,070 |
Real Estate - Residential [Member] | ||
Loans classified as TDRs | ||
Accruing | 15,885 | 14,979 |
Nonaccruing | 1,214 | 1,582 |
Real Estate - Home Equity [Member] | ||
Loans classified as TDRs | ||
Accruing | $ 2,790 | $ 2,914 |
Nonaccruing | ||
Consumer [Member] | ||
Loans classified as TDRs | ||
Accruing | $ 204 | $ 223 |
Nonaccruing | $ 35 |
LOANS, NET (Details 11)
LOANS, NET (Details 11) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)Number | Mar. 31, 2015USD ($)Number | ||
Loans classified as TDRs | |||
Number of Contracts | Number | 10 | 5 | |
Pre-Modified Recorded Investment | $ 1,019 | $ 921 | |
Post-Modified Recorded Investment | [1] | $ 1,021 | $ 894 |
Commercial, Financial and Agricultural [Member] | |||
Loans classified as TDRs | |||
Number of Contracts | Number | |||
Pre-Modified Recorded Investment | |||
Post-Modified Recorded Investment | |||
Real Estate - Construction [Member] | |||
Loans classified as TDRs | |||
Number of Contracts | Number | |||
Pre-Modified Recorded Investment | |||
Post-Modified Recorded Investment | |||
Real Estate - Commercial Mortgage [Member] | |||
Loans classified as TDRs | |||
Number of Contracts | Number | 1 | 1 | |
Pre-Modified Recorded Investment | $ 332 | $ 457 | |
Post-Modified Recorded Investment | $ 332 | $ 457 | |
Real Estate - Residential [Member] | |||
Loans classified as TDRs | |||
Number of Contracts | Number | 5 | 4 | |
Pre-Modified Recorded Investment | $ 499 | $ 464 | |
Post-Modified Recorded Investment | $ 500 | $ 437 | |
Real Estate - Home Equity [Member] | |||
Loans classified as TDRs | |||
Number of Contracts | Number | 4 | ||
Pre-Modified Recorded Investment | $ 188 | ||
Post-Modified Recorded Investment | $ 189 | ||
Consumer [Member] | |||
Loans classified as TDRs | |||
Number of Contracts | Number | |||
Pre-Modified Recorded Investment | |||
Post-Modified Recorded Investment | |||
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
LOANS, NET (Details 12)
LOANS, NET (Details 12) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)Number | Mar. 31, 2015USD ($)Number | ||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | Number | 2 | ||
Post-Modified Recorded Investment | $ | [1] | $ 38 | |
Commercial, Financial and Agricultural [Member] | |||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | Number | |||
Post-Modified Recorded Investment | $ | [1] | ||
Real Estate - Construction [Member] | |||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | Number | |||
Post-Modified Recorded Investment | $ | [1] | ||
Real Estate - Commercial Mortgage [Member] | |||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | Number | |||
Post-Modified Recorded Investment | $ | [1] | ||
Real Estate - Residential [Member] | |||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | Number | |||
Post-Modified Recorded Investment | $ | [1] | ||
Real Estate - Home Equity [Member] | |||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | Number | 1 | ||
Post-Modified Recorded Investment | $ | [1] | $ 3 | |
Consumer [Member] | |||
Loans modified as TDRs within the previous 12 months and subsequently defaulted | |||
Number of Contracts | Number | 1 | ||
Post-Modified Recorded Investment | $ | [1] | $ 35 | |
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
LOANS, NET (Details 13)
LOANS, NET (Details 13) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)Number | Mar. 31, 2015USD ($)Number | ||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Number | 10 | 5 | |
Post-Modified Recorded Investment | $ | [1] | $ 1,021 | $ 894 |
Extended Amortization [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Number | 1 | ||
Post-Modified Recorded Investment | $ | [1] | $ 118 | |
Interest Rate Adjustment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Number | 1 | ||
Post-Modified Recorded Investment | $ | [1] | $ 156 | |
Extended Amortization And Interest Rate Adjustment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Number | 10 | 3 | |
Post-Modified Recorded Investment | $ | [1] | $ 1,021 | $ 620 |
Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Number | |||
Post-Modified Recorded Investment | $ | [1] | ||
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
OTHER REAL ESTATE OWNED (Detail
OTHER REAL ESTATE OWNED (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Real Estate [Roll Forward] | ||
Beginning Balance | $ 19,290 | $ 35,680 |
Additions | 1,201 | 1,742 |
Valuation Write-Downs | (835) | (801) |
Sales | $ (2,206) | (2,737) |
Other | (49) | |
Ending Balance | $ 17,450 | $ 33,835 |
OTHER REAL ESTATE OWNED (Deta45
OTHER REAL ESTATE OWNED (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Real Estate [Abstract] | ||
Gains from the Sale of Properties | $ (129) | $ (121) |
Losses from the Sale of Properties | $ 369 | 310 |
Rental Income from Properties | (188) | |
Property Carrying Costs | $ 350 | 695 |
Valuation Adjustments | 835 | 801 |
Total | $ 1,425 | $ 1,497 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Pension Plan [Member] | ||
Components of Net Periodic Benefit Costs: | ||
Service Cost | $ 1,613 | $ 1,675 |
Interest Cost | 1,397 | 1,425 |
Expected Return on Plan Assets | (1,934) | (1,950) |
Prior Service Cost Amortization | 69 | 75 |
Net Gain (Loss) Amortization | 801 | 800 |
Net Periodic Benefit Cost (Income) | $ 1,946 | $ 2,025 |
Discount Rate (in percent) | 4.52% | 4.15% |
Long-Term Rate of Return on Assets (in percent) | 7.50% | 7.50% |
Supplemental Executive Retirement Plan [Member] | ||
Components of Net Periodic Benefit Costs: | ||
Interest Cost | $ 40 | $ 28 |
Prior Service Cost Amortization | 2 | |
Net Gain (Loss) Amortization | $ 190 | (90) |
Net Periodic Benefit Cost (Income) | $ 230 | $ (60) |
Discount Rate (in percent) | 4.13% | 4.15% |
COMMITMENTS AND CONTINGENCIES47
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |||
Fixed | $ 61,222 | $ 63,666 | |
Variable | 326,561 | 306,642 | |
Total | 387,783 | 370,308 | |
Commitments to Extend Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fixed | [1] | 55,130 | 57,571 |
Variable | [1] | 326,561 | 306,642 |
Total | [1] | 381,691 | 364,213 |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fixed | $ 6,092 | $ 6,095 | |
Variable | |||
Total | $ 6,092 | $ 6,095 | |
[1] | Commitments include unfunded loans, revolving lines of credit, and other unused commitments. |
COMMITMENTS AND CONTINGENCIES48
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Sep. 30, 2014 | Mar. 31, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Pre-tax gain on Class B shares | $ 3,200 | ||
Quartely payment until settlement is finalized | $ 66 | $ 161 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 259,060 | $ 250,346 |
U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 104,207 | 101,824 |
States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 88,865 | 88,362 |
Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 1,563 | 1,901 |
Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 8,749 | 8,595 |
Level 1 Inputs [Member] | U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 259,060 | $ 250,346 |
Level 1 Inputs [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Level 1 Inputs [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Level 1 Inputs [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Level 1 Inputs [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 2 [Member] | U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 2 [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 104,207 | $ 101,824 |
Fair Value, Inputs, Level 2 [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 88,865 | 88,362 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 1,563 | 1,901 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 8,749 | $ 8,595 |
Fair Value, Inputs, Level 3 [Member] | U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure |
FAIR VALUE MEASUREMENTS (Deta50
FAIR VALUE MEASUREMENTS (Details 2) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Investment Securities, Available for Sale | $ 462,444 | $ 451,028 |
Investment Securities, Held to Maturity | 187,649 | 187,407 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
ASSETS: | ||
Cash | 45,914 | 51,288 |
Short-Term Investments | 304,908 | 327,617 |
Investment Securities, Available for Sale | 462,444 | 451,028 |
Investment Securities, Held to Maturity | 187,079 | 187,892 |
Loans Held for Sale | 10,475 | 11,632 |
Loans, Net of Allowance for Loan Losses | 1,493,222 | 1,478,322 |
LIABILITIES: | ||
Deposits | 2,291,408 | 2,302,849 |
Short-Term Borrowings | 62,922 | 61,058 |
Subordinated Notes Payable | 62,887 | 62,887 |
Long-Term Borrowings | 27,062 | 28,265 |
Level 1 Inputs [Member] | ||
ASSETS: | ||
Cash | 45,914 | 51,288 |
Short-Term Investments | 304,908 | 327,617 |
Investment Securities, Available for Sale | 259,060 | 250,346 |
Investment Securities, Held to Maturity | $ 140,097 | $ 134,439 |
Loans Held for Sale | ||
Loans, Net of Allowance for Loan Losses | ||
LIABILITIES: | ||
Deposits | ||
Short-Term Borrowings | ||
Subordinated Notes Payable | ||
Long-Term Borrowings | ||
Fair Value, Inputs, Level 2 [Member] | ||
ASSETS: | ||
Cash | ||
Short-Term Investments | ||
Investment Securities, Available for Sale | $ 203,384 | $ 200,682 |
Investment Securities, Held to Maturity | 47,552 | 52,968 |
Loans Held for Sale | $ 10,475 | $ 11,632 |
Loans, Net of Allowance for Loan Losses | ||
LIABILITIES: | ||
Deposits | $ 2,259,999 | $ 2,228,210 |
Short-Term Borrowings | 62,938 | 64,947 |
Subordinated Notes Payable | 49,200 | 49,230 |
Long-Term Borrowings | $ 27,929 | $ 30,448 |
Fair Value, Inputs, Level 3 [Member] | ||
ASSETS: | ||
Cash | ||
Short-Term Investments | ||
Investment Securities, Available for Sale | ||
Investment Securities, Held to Maturity | ||
Loans Held for Sale | ||
Loans, Net of Allowance for Loan Losses | $ 1,502,154 | $ 1,483,926 |
LIABILITIES: | ||
Deposits | ||
Short-Term Borrowings | ||
Subordinated Notes Payable | ||
Long-Term Borrowings |
OTHER COMPREHENSIVE INCOME (L51
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investment Securities Before Tax Amount [Abstract] | ||
Change in net unrealized gain/loss on securities available for sale before tax | $ 1,784 | $ 1,146 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity before tax | 19 | 17 |
Other comprehensive income (loss), before tax | 1,803 | 1,163 |
Investment Securities Tax Expense (Benefit) [Abstract] | ||
Change in net unrealized gain/loss on securities available for sale tax expense (benefit) | (688) | (441) |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity tax expense (benefit) | (7) | (7) |
Other comprehensive income (loss), tax expense (benefit) | (695) | (448) |
Investment Securities Net of Tax Amount [Abstract] | ||
Change in net unrealized gain/loss on securities available for sale Net of Tax amount | 1,096 | 705 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity net of tax | 12 | 10 |
Total other comprehensive income (loss) Net of Tax | $ 1,108 | $ 715 |
OTHER COMPREHENSIVE INCOME (L52
OTHER COMPREHENSIVE INCOME (LOSS) (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Activity in accumulated other comprehensive loss, net of tax | ||
Balance, Begining | $ (22,257) | |
Other comprehensive loss during the period | 1,108 | $ 715 |
Balance, Ending | (21,149) | |
Securities Available for Sale [Member] | ||
Activity in accumulated other comprehensive loss, net of tax | ||
Balance, Begining | (127) | 59 |
Other comprehensive loss during the period | 1,108 | 715 |
Balance, Ending | 981 | 774 |
Retirement Plans [Member] | ||
Activity in accumulated other comprehensive loss, net of tax | ||
Balance, Begining | $ (22,130) | $ (21,568) |
Other comprehensive loss during the period | ||
Balance, Ending | $ (22,130) | $ (21,568) |
Accumulated Other Comprehensive Loss, Net of Taxes [Member] | ||
Activity in accumulated other comprehensive loss, net of tax | ||
Balance, Begining | (22,257) | (21,509) |
Other comprehensive loss during the period | 1,108 | 715 |
Balance, Ending | $ (21,149) | $ (20,794) |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrtive) - Subsequent Event [Member] - USD ($) $ in Thousands | Apr. 12, 2016 | Jun. 30, 2016 |
Trust preferred securities liquidation value | $ 10,000 | |
Par value of Trust preferred securities | $ 10,000 | |
Winning bid equated percentage | 75.00% | |
Pre tax gain on repurchase of trust preferred securities | $ 2,500 | |
Proceeds from short-term borrowing | $ 3,750 |