Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
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, 2017 | |
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 | 16,954,074 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 | |
Trading Symbol | CCBG |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and Due From Banks | $ 47,650 | $ 48,268 |
Federal Funds Sold and Interest Bearing Deposits | 290,897 | 247,779 |
Total Cash and Cash Equivalents | 338,547 | 296,047 |
Investment Securities, Available for Sale, at fair value | 541,102 | 522,734 |
Investment Securities, Held to Maturity, at amortized cost (fair value of $157,885 and $176,746) | 158,515 | 177,365 |
Total Investment Securities | 699,617 | 700,099 |
Loans Held For Sale | 7,498 | 10,886 |
Loans and Leases Receivable, Net of Deferred Income | 1,584,959 | 1,561,289 |
Allowance for Loan Losses | (13,335) | (13,431) |
Loans, Net | 1,571,624 | 1,547,858 |
Premises and Equipment, Net | 93,755 | 95,476 |
Goodwill | 84,811 | 84,811 |
Other Real Estate Owned | 9,501 | 10,638 |
Other Assets | 90,178 | 99,382 |
Total Assets | 2,895,531 | 2,845,197 |
Deposits: | ||
Noninterest Bearing Deposits | 836,011 | 791,182 |
Interest Bearing Deposits | 1,623,294 | 1,621,104 |
Total Deposits | 2,459,305 | 2,412,286 |
Short-Term Borrowings | 7,603 | 12,749 |
Subordinated Notes Payable | 52,887 | 52,887 |
Other Long-Term Borrowings | 16,460 | 14,881 |
Other Liabilities | 81,217 | 77,226 |
Total Liabilities | 2,617,472 | 2,570,029 |
SHAREOWNERS' EQUITY | ||
Preferred Stock, $.01 par value; 3,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common Stock, $.01 par value; 90,000,000 shares authorized; 16,954,049 and 16,844,698 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 170 | 168 |
Additional Paid-In Capital | 34,859 | 34,188 |
Retained Earnings | 268,934 | 267,037 |
Accumulated Other Comprehensive Loss, Net of Tax | (25,904) | (26,225) |
Total Shareowners' Equity | 278,059 | 275,168 |
Total Liabilities and Shareowners' Equity | $ 2,895,531 | $ 2,845,197 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Investment securities, held to maturity, fair value | $ 157,885 | $ 176,746 |
Preferred Stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 3,000,000 | 3,000,000 |
Common Stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 90,000,000 | 90,000,000 |
Common Stock, shares issued | 16,954,049 | 16,844,698 |
Common Stock, shares outstanding | 16,954,049 | 16,844,698 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
INTEREST INCOME | ||
Loans, including Fees | $ 18,005 | $ 18,045 |
Investment Securities: | ||
Taxable | 1,783 | 1,420 |
Tax Exempt | 259 | 217 |
Funds Sold | 493 | 362 |
Total Interest Income | 20,540 | 20,044 |
INTEREST EXPENSE | ||
Deposits | 281 | 221 |
Short-Term Borrowings | 45 | 10 |
Subordinated Notes Payable | 379 | 387 |
Other Long-Term Borrowings | 99 | 216 |
Total Interest Expense | 804 | 834 |
NET INTEREST INCOME | 19,736 | 19,210 |
Provision for Loan Losses | 310 | 452 |
Net Interest Income After Provision For Loan Losses | 19,426 | 18,758 |
NONINTEREST INCOME | ||
Deposit Fees | 5,090 | 5,400 |
Bank Card Fees | 2,803 | 2,853 |
Wealth Management Fees | 1,842 | 1,792 |
Mortgage Banking Fees | 1,308 | 1,030 |
Other | 1,675 | 1,602 |
Total Noninterest Income | 12,718 | 12,677 |
NONINTEREST EXPENSE | ||
Compensation | 16,496 | 16,241 |
Occupancy, Net | 4,381 | 4,459 |
Other Real Estate Owned, Net | 583 | 1,425 |
Other | 6,462 | 6,805 |
Total Noninterest Expense | 27,922 | 28,930 |
INCOME BEFORE INCOME TAXES | 4,222 | 2,505 |
Income Tax Expense | 1,478 | 858 |
NET INCOME | $ 2,744 | $ 1,647 |
BASIC NET INCOME PER SHARE (in dollars per shares) | $ 0.16 | $ 0.1 |
DILUTED NET INCOME PER SHARE (in dollars per shares) | $ 0.16 | $ 0.1 |
Average Basic Common Shares Outstanding (in shares) | 16,919 | 17,202 |
Average Diluted Common Shares Outstanding (in shares) | 16,944 | 17,235 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
NET INCOME | $ 2,744 | $ 1,647 |
Investment Securities: | ||
Change in net unrealized gain/loss on securities available for sale | 505 | 1,784 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity | 20 | 19 |
Total Investment Securities | 525 | 1,803 |
Other comprehensive income, before tax | 525 | 1,803 |
Deferred tax expense related to other comprehensive income | 204 | 695 |
Other comprehensive income, net of tax | 321 | 1,108 |
TOTAL COMPREHENSIVE INCOME | $ 3,065 | $ 2,755 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss, Net of Taxes [Member] |
Balance at Dec. 31, 2015 | $ 274,352 | $ 172 | $ 38,256 | $ 258,181 | $ (22,257) |
Balance (in shares) at Dec. 31, 2015 | 17,156,919 | ||||
Net Income | 1,647 | $ 0 | 0 | 1,647 | 0 |
Other Comprehensive Loss, Net of Tax | 1,108 | 0 | 0 | 0 | 1,108 |
Cash Dividends ($0.0400 and $0.0300 per share for June 30, 2016 and December 31, 2015, respectively) | (689) | 0 | 0 | (689) | 0 |
Repurchase of Common Stock | (50) | $ 0 | (50) | 0 | 0 |
Repurchase of Common Stock (in shares) | (3,600) | ||||
Stock Compensation Expense | 247 | $ 0 | 247 | 0 | 0 |
Impact of Transactions Under Compensation Plans, net | 218 | $ 0 | 218 | 0 | 0 |
Impact of Transactions Under Compensation Plans, net (in shares) | 68,335 | ||||
Balance at Mar. 31, 2016 | $ 276,833 | $ 172 | 38,671 | 259,139 | (21,149) |
Balance, Shares at Mar. 31, 2016 | 17,221,654 | ||||
Balance at Dec. 31, 2016 | $ 275,168 | $ 168 | 34,188 | 267,037 | (26,225) |
Balance (in shares) at Dec. 31, 2016 | 16,844,698 | 16,844,698 | |||
Net Income | $ 2,744 | $ 0 | 0 | 2,744 | 0 |
Other Comprehensive Loss, Net of Tax | 321 | 0 | 0 | 0 | 321 |
Cash Dividends ($0.0400 and $0.0300 per share for June 30, 2016 and December 31, 2015, respectively) | (847) | 0 | 0 | (847) | 0 |
Repurchase of Common Stock | 0 | $ 0 | 0 | 0 | 0 |
Repurchase of Common Stock (in shares) | 0 | ||||
Stock Compensation Expense | 408 | $ 0 | 408 | 0 | 0 |
Impact of Transactions Under Compensation Plans, net | 265 | $ 2 | 263 | 0 | 0 |
Impact of Transactions Under Compensation Plans, net (in shares) | 109,351 | ||||
Balance at Mar. 31, 2017 | $ 278,059 | $ 170 | $ 34,859 | $ 268,934 | $ (25,904) |
Balance, Shares at Mar. 31, 2017 | 16,954,049 | 16,954,049 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash Dividends (in dollars per share) | $ 0.05 | $ 0.04 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 2,744 | $ 1,647 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ||
Provision for Loan Losses | 310 | 452 |
Depreciation | 1,735 | 1,705 |
Amortization of Premiums, Discounts, and Fees (net) | 1,575 | 1,569 |
Net Decrease (Increase) in Loans Held-for-Sale | 3,388 | 1,157 |
Stock Compensation | 408 | 247 |
Deferred Income Taxes | 1,174 | 693 |
Loss on Sales and Write-Downs of Other Real Estate Owned | 490 | 1,076 |
Loss on Sale or Disposal of Premises and Equipment | 6 | 2 |
Net (Increase) Decrease in Other Assets | 7,920 | (2,063) |
Net Increase in Other Liabilities | 4,168 | 2,765 |
Net Cash Provided By Operating Activities | 23,918 | 9,250 |
Securities Held to Maturity: | ||
Purchases | (10,738) | (5,064) |
Payments, Maturities, and Calls | 29,338 | 5,631 |
Securities Available for Sale: | ||
Purchases | (50,022) | (39,499) |
Payments, Maturities, and Calls | 30,732 | 28,566 |
Payments To Acquire Loans Held For Investment | (18,513) | 0 |
Payments for (Proceeds from) Loans Receivable | (6,099) | (16,574) |
Proceeds From Sales of Other Real Estate Owned | 2,114 | 1,965 |
Purchases of Premises and Equipment, net | (923) | (917) |
Net Cash Used In Investing Activities | (24,111) | (25,892) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net (Decrease) Increase in Deposits | 47,019 | (11,441) |
Net Increase in Short-Term Borrowings | (2,146) | 1,427 |
Repayment of Other Long-Term Borrowings | (1,421) | (766) |
Dividends Paid | (847) | (689) |
Payments to Repurchase Common Stock | 0 | (50) |
Issuance of Common Stock Under Compensation Plans | 88 | 78 |
Net Cash (Used In) Provided By Financing Activities | 42,693 | (11,441) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | 42,500 | (28,083) |
Cash and Cash Equivalents at Beginning of Period | 296,047 | 378,905 |
Cash and Cash Equivalents at End of Period | 338,547 | 350,822 |
Supplemental Cash Flow Disclosures: | ||
Interest Paid | 808 | 829 |
Income Taxes Paid | 691 | 50 |
Noncash Investing and Financing Activities: | ||
Loans Transferred to Other Real Estate Owned | 1,541 | 1,201 |
Transfer of Current Portion of Long-Term Borrowings | $ 0 | $ 437 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | CAPITAL CITY BANK GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Nature of Operations . Capital City Bank Group, Inc. (“CCBG” or the “Company”) provides a full range of banking and banking-related services to individual and corporate clients through its subsidiary, Capital City Bank, with banking offices located in Florida, Georgia, and Ala bama. The Company is subject to competition from other financial institutions, is subject to regulation by certain government agencies and undergoes periodic examinations by those regulatory authorities. Basis of Presentation . The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of CCBG and its wholly-owned subsidiary, Capital City Bank (“CCB” or the “Bank” and together with the Company). All material inter-company transactions and accounts have been eliminate d. Certain previously reported amounts have been reclassified to conform to the current year’s presentation. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for i nterim 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 stateme nts. 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, 2016 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, re fer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2016 . |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE 2 – INVESTMENT SECURITIES Investment Portfolio Composition . The amortized cost and related market value of investment securities available-for-sale and held-to-maturity were as follows: March 31, 2017 December 31, 2016 Amortized Unrealized Unrealized Market Amortized Unrealized Unrealized Market Cost Gains Losses Value Cost Gain Losses Value Available for Sale U.S. Government Treasury $ 288,661 $ 106 $ 778 $ 287,989 $ 286,867 $ 262 $ 851 $ 286,278 U.S. Government Agency 143,066 660 293 143,433 131,489 495 344 131,640 States and Political Subdivisions 99,685 126 111 99,700 95,197 23 381 94,839 Mortgage-Backed Securities 1,275 117 - 1,392 1,312 118 - 1,430 Equity Securities (1) 8,588 - - 8,588 8,547 - - 8,547 Total $ 541,275 $ 1,009 $ 1,182 $ 541,102 $ 523,412 $ 898 $ 1,576 $ 522,734 Held to Maturity U.S. Government Treasury $ 93,335 $ 26 $ 98 $ 93,263 $ 119,131 $ 107 $ 81 $ 119,157 States and Political Subdivisions 7,610 17 4 7,623 8,175 1 38 8,138 Mortgage-Backed Securities 57,570 58 629 56,999 50,059 29 637 49,451 Total $ 158,515 $ 101 $ 731 $ 157,885 $ 177,365 $ 137 $ 756 $ 176,746 Total Investment Securities $ 699,790 $ 1,110 $ 1,913 $ 698,987 $ 700,777 $ 1,035 $ 2,332 $ 699,480 (1) Includes Federal Home Loan Bank, Federal Reserve Bank, and FNBB, Inc . stock recorded at cost of $3. 3 million, $4.8 million, and $0. 5 million, respectively, at March 31, 2017 and $3 .3 million, $4.8 million, and $0. 5 million, respectively, at December 31, 2016 . Securities with an amortized cost of $ 332.4 million and $332.7 million at March 31, 2017 and December 31, 2016 , 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 equity securities is pledged to secure FHLB advances. No ready ma rket exists for this stock, and it has no quoted market value; however, redemption of this stock has historically been at par value. As a member of the Federal Reserve Bank of Atlanta, the Bank is required to maintain stock in the Federal Reserve Bank of Atlanta based on a specified ratio relative to the Bank’s capital. Federal Reserve Bank stock is carried at cost and may be sold back to the Federal Reserve Bank at its carrying value. Maturity Distribution . As of March 31, 2017 , the Company's investment securities had the following maturity distribution bas ed on contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. Mortgage-backed securities and certain amortizing U.S. government agency securities are shown separ ately because they are not due at a certain maturity date. Available for Sale Held to Maturity Amortized Market Amortized Market (Dollars in Thousands) Cost Value Cost Value Due in one year or less $ 185,316 $ 185,386 $ 35,468 $ 35,485 Due after one through five years 242,632 241,724 65,477 65,401 Mortgage-Backed Securities 1,275 1,392 57,570 56,999 U.S. Government Agency 103,464 104,012 - - Equity Securities 8,588 8,588 - - Total $ 541,275 $ 541,102 $ 158,515 $ 157,885 Unrealized Losses on Investment Securities. The following table summarizes the investment securities with unrealized losses aggregated by major security type and length of time in a continuous unrealized loss position: Less Than Greater Than 12 Months 12 Months Total Market Unrealized Market Unrealized Market Unrealized (Dollars in Thousands) Value Losses Value Losses Value Losses March 31, 2017 Available for Sale U.S. Government Treasury $ 133,781 $ 778 $ - $ - $ 133,781 $ 778 U.S. Government Agency $ 52,628 $ 278 $ 3,871 $ 15 $ 56,499 $ 293 States and Political Subdivisions 48,786 109 542 2 49,328 111 Mortgage-Backed Securities - - 3 - 3 - Total 235,195 1,165 4,416 17 239,611 1,182 Held to Maturity U.S. Government Treasury 47,679 98 - - 47,679 98 States and Political Subdivisions 2,545 4 - - 2,545 4 Mortgage-Backed Securities 35,437 592 3,404 37 38,841 629 Total $ 85,661 $ 694 $ 3,404 $ 37 $ 89,065 $ 731 December 31, 2016 Available for Sale U.S. Government Treasury $ 116,704 $ 851 $ - $ - $ 116,704 $ 851 U.S. Government Agency 48,520 310 6,699 34 55,219 344 States and Political Subdivisions 81,521 380 294 1 81,815 381 Mortgage-Backed Securities 3 - - - 3 - Total 246,748 1,541 6,993 35 253,741 1,576 Held to Maturity U.S. Government Treasury 35,210 81 - - 35,210 81 States and Political Subdivisions 7,491 38 - - 7,491 38 Mortgage-Backed Securities 36,710 599 4,010 38 40,720 637 Total $ 79,411 $ 718 $ 4,010 $ 38 $ 83,421 $ 756 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 likel y 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 flo ws, 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, mana gement 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, 2017 , there were 287 positions (combined Available-for -Sale and Held-to-Maturity ) with an unrealized loss totaling $ 1.9 million. Included were 116 positions comprised of Ginnie Mae mortgage-backed securities (51), US Treasuries (39), and SBA securities (26) with an unrealized loss totaling $1.6 million. Each of these positions carries the full faith and credit guarantee of the US Government. SBA securities float monthly or quarterly to the prime rate and are uncapped. Of these 116 positions, there were 11 GNMA positions and seven SBA positions in an unrealized loss position for longer than 12 months, with unrealized losses of $37 ,000 and $15 ,000 , respectively. There were 22 agency positions with an unrealized loss of $0.2 million. The remaining 149 positions in an unrealized loss position were municipal bon ds that were pre-refunded, or rated “AA-“or better, with unrealized losses of $0.1 million. Of these 149 positions, two were in an unrealized loss position greater than 12 months, with an unrealized loss of $2 ,000 . 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 do es not consider these investments to be other-than-temporarily impaired at March 31, 2017 . |
LOANS, NET
LOANS, NET | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
LOANS, NET | NOTE 3 – LOANS, NET Loan Portfolio Composition . The composition of the loan portfolio was as foll ows: (Dollars in Thousands) March 31, 2017 December 31, 2016 Commercial, Financial and Agricultural $ 214,595 $ 216,404 Real Estate – Construction 59,938 58,443 Real Estate – Commercial Mortgage 503,868 503,978 Real Estate – Residential (1) 304,992 281,509 Real Estate – Home Equity 231,300 236,512 Consumer 270,266 264,443 Loans, Net of Unearned Income $ 1,584,959 $ 1,561,289 (1) Includes loans in process with outstanding balances of $ 10.5 million and $ 9.6 million at March 31, 2017 and December 31, 2016 , respectively. Net deferred costs included in loans were $ 0.6 million at March 31, 2017 and $0.5 million at December 31, 2016 . 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 borrowi ng capacity at the Federal Reserve Bank of Atlanta. Nonaccrual Loans . Loans are generally placed on nonaccrual status if principal or interest payments become 90 days past due and/or management deem s the collectability of the principal and/or interest to be doubtful. Loans are returned to accrual status when the principal and interest amounts contractually due are brought current or when future payments are reasonably assured. The following table p resents the recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans. March 31, 2017 December 31, 2016 (Dollars in Thousands) Nonaccrual 90 + Days Nonaccrual 90 + Days Commercial, Financial and Agricultural $ 538 $ - $ 468 $ - Real Estate – Construction 363 - 311 - Real Estate – Commercial Mortgage 3,970 - 3,410 - Real Estate – Residential 1,724 - 2,330 - Real Estate – Home Equity 1,587 - 1,774 - Consumer 116 - 240 - Total Nonaccrual Loans $ 8,298 $ - $ 8,533 $ - Loan Portfolio Aging. A loan is defined as a past due loan when one full payment is past due or a contractual maturity is over 30 days past due (“DPD”). The following table presents the aging of the recorded investment in past due loans by class of loans. 30-59 60-89 90 + Total Total Total (Dollars in Thousands) DPD DPD DPD Past Due Current Loans March 31, 2017 Commercial, Financial and Agricultural $ 205 $ 32 $ - $ 237 $ 213,820 $ 214,595 Real Estate – Construction - - - - 59,575 59,938 Real Estate – Commercial Mortgage 69 177 - 246 499,652 503,868 Real Estate – Residential 1,094 67 - 1,161 302,107 304,992 Real Estate – Home Equity 263 15 - 278 229,435 231,300 Consumer 1,123 218 - 1,341 268,809 270,266 Total Past Due Loans $ 2,754 $ 509 $ - $ 3,263 $ 1,573,398 $ 1,584,959 December 31, 2016 Commercial, Financial and Agricultural $ 209 $ 48 $ - $ 257 $ 215,679 $ 216,404 Real Estate – Construction 949 282 - 1,231 56,901 58,443 Real Estate – Commercial Mortgage 835 1 - 836 499,732 503,978 Real Estate – Residential 1,199 490 - 1,689 277,490 281,509 Real Estate – Home Equity 577 51 - 628 234,110 236,512 Consumer 1,516 281 - 1,797 262,406 264,443 Total Past Due Loans $ 5,285 $ 1,153 $ - $ 6,438 $ 1,546,318 $ 1,561,289 Allowance for Loan Losses . The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of incurred losses within the existing portfolio of loans. Loans are charged-off to the allowance when losses are deemed to be probable and reasonably quantifiable. The following table details the activity in the allowance for loan losses by portfolio class. Allocation of a portion of the allowance to one category of lo ans does not preclude its availability to absorb losses in other categories. Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands) Agricultural Construction Mortgage Residential Home Equity Consumer Total Three Months Ended March 31, 2017 Beginning Balance $ 1,198 $ 168 $ 4,315 $ 3,445 $ 2,297 $ 2,008 $ 13,431 Provision for Loan Losses (36) (68) (187) (166) 288 479 310 Charge-Offs (93) - (71) (116) (92) (624) (996) Recoveries 81 - 23 213 29 244 590 Net Charge-Offs (12) - (48) 97 (63) (380) (406) Ending Balance $ 1,150 $ 100 $ 4,080 $ 3,376 $ 2,522 $ 2,107 $ 13,335 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 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. Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands Agricultural Construction Mortgage Residential Home Equity Consumer Total March 31, 2017 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 94 $ 2 $ 2,027 $ 1,486 $ 445 $ 4 $ 4,058 Loans Collectively Evaluated for Impairment 1,056 98 2,053 1,890 2,077 2,103 9,277 Ending Balance $ 1,150 $ 100 $ 4,080 $ 3,376 $ 2,522 $ 2,107 $ 13,335 December 31, 2016 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 80 $ - $ 2,038 $ 1,561 $ 335 $ 6 $ 4,020 Loans Collectively Evaluated for Impairment 1,118 168 2,277 1,884 1,962 2,002 9,411 Ending Balance $ 1,198 $ 168 $ 4,315 $ 3,445 $ 2,297 $ 2,008 $ 13,431 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 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: Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands) Agricultural Construction Mortgage Residential Home Equity Consumer Total March 31, 2017 Individually Evaluated for Impairment $ 1,238 $ 362 $ 23,061 $ 14,699 $ 3,514 $ 145 $ 43,019 Collectively Evaluated for Impairment 213,357 59,576 480,807 290,293 227,786 270,121 1,541,940 Total $ 214,595 $ 59,938 $ 503,868 $ 304,992 $ 231,300 $ 270,266 $ 1,584,959 December 31, 2016 Individually Evaluated for Impairment $ 1,042 $ 247 $ 23,855 $ 15,596 $ 3,375 $ 174 $ 44,289 Collectively Evaluated for Impairment 215,362 58,196 480,123 265,913 233,137 264,269 1,517,000 Total $ 216,404 $ 58,443 $ 503,978 $ 281,509 $ 236,512 $ 264,443 $ 1,561,289 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 Impaired Loans . Loans are deemed to be impaired when, based on current information and events, it is probable that the Company will not be able to collect all amounts due (principal and interest payments), according to the contractual terms of the loan agreement. Loans , for which the terms have been modified, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. The following table presents loans individually evaluated for impairment by class of loans. Unpaid Recorded Recorded Principal Investment Investment Related (Dollars in Thousands) Balance With No Allowance With Allowance Allowance March 31, 2017 Commercial, Financial and Agricultural $ 1,238 $ 355 $ 883 $ 94 Real Estate – Construction 362 298 64 2 Real Estate – Commercial Mortgage 23,061 8,189 14,872 2,027 Real Estate – Residential 14,699 2,609 12,090 1,486 Real Estate – Home Equity 3,514 1,549 1,965 445 Consumer 145 54 91 4 Total $ 43,019 $ 13,054 $ 29,965 $ 4,058 December 31, 2016 Commercial, Financial and Agricultural $ 1,042 $ 565 $ 477 $ 80 Real Estate – Construction 247 - 247 - Real Estate – Commercial Mortgage 23,855 8,954 14,901 2,038 Real Estate – Residential 15,596 2,509 13,087 1,561 Real Estate – Home Equity 3,375 1,871 1,504 335 Consumer 174 65 109 6 Total $ 44,289 $ 13,964 $ 30,325 $ 4,020 The following table summarizes the average recorded investment and interest income recognized by class of impaired loans. Three Months Ended March 31, 2017 2016 Average Total Average Total Recorded Interest Recorded Interest (Dollars in Thousands) Investment Income Investment Income Commercial, Financial and Agricultural $ 1,140 $ 12 $ 823 $ 13 Real Estate – Construction 305 - 49 - Real Estate – Commercial Mortgage 23,458 223 20,822 239 Real Estate – Residential 15,147 180 18,395 209 Real Estate – Home Equity 3,445 27 3,178 27 Consumer 159 2 234 2 Total $ 43,654 $ 444 $ 43,501 $ 490 Credit Risk Management . The Company has adopted comprehensive lending policies, underwriting standards and loan review procedures designed to maximize loan income within an acceptable level of risk. Management and the Board of Directors review and approve these policies and pr ocedures on a regular basis (at least annually). Reporting systems are used to monitor loan originations, loan quality, concentrations of credit, loan delinquencies and nonperforming loans and potential problem loans. Management and th e 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 pa rt 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 portfol io 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 person al 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 t he 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 po licy 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, developm ent, 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. Collater al 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 pro ject 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. T hese 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 ab ility 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 lie ns 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 in dividuals for legitimate purposes generally secured by senior or junior mortgage liens on owner-occupied 1-4 family homes or vacation homes. Borrower qualifications include favorable credit history combined with supportive income and debt ratio requiremen ts 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 indirec t automobile financing, and overdraft lines of credit. The majority of the consumer loan portfolio consists of indirect and direct automobile loans. Lending policy establishes maximum debt to income ratios, minimum credit scores, and includes guidelines for verification of applicants’ income and receipt of credit reports. Credit Quality Indicators . As part of the ongoing monitoring of the Company’s loan portfolio quality, management categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment performance, credit documentation, and current economic/market trends, among other factors. Risk ratings are assigned to each loan and revised as needed through established monitoring procedures for individual loan relationships over a predetermined amount and review of smaller balance homogenous loan pools. The Company uses the definitions noted below for categorizing and managing its criticized loans. Loans categorized as “Pass” do not meet the criteria set forth for the Special Mention, Substandard, or Doubtful categories and are not considered criticized. Special Mention – Loans in this category are presently protected from loss, but weaknesses are apparent which, if not corrected, could cause future problems. Loans in this category may not meet required underwriting criteria and have no mitigating factors. More than the ordinary amount of attention is warranted for these loans. Substandard – Loans in this category exhibit well-defined weaknesses that would typically bring normal repayment into jeopardy. These loans are no longer adequately protected due to well-defined weaknesses that affect the repayment capacity of the borrower. The possibility of loss is much more evident and above average supervision is required for these loans. Doubtful – Loans in this category have all the weaknesses inherent in a loan categorized as Substandard, with the characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following table presents the risk category of loans by segment. Commercial, Financial, Total Criticized (Dollars in Thousands) Agriculture Real Estate Consumer Loans March 31, 2017 Special Mention $ 4,189 $ 18,940 $ 187 $ 23,316 Substandard 1,393 39,224 361 40,978 Doubtful - - - - Total Criticized Loans $ 5,582 $ 58,164 $ 548 $ 64,294 December 31, 2016 Special Mention $ 3,300 $ 23,183 $ 216 $ 26,699 Substandard 1,158 39,800 549 41,507 Doubtful - - - - Total Criticized Loans $ 4,458 $ 62,983 $ 765 $ 68,206 Troubled Debt Restructurings (“TDRs”) . TDRs are loans in which the borrower is experiencing financial difficulty and the Company has granted an economic concession to the borrower that it would not otherwise consider. In these instances, as part of a work-out alternative, the Company will make concessions including the extension of the loan term, a principal moratorium, a reduction in the interest rate, or a combination thereof. The impact of the TDR modifications and defaults are factored into the al lowance for loan losses on a loan-by-loan basis as all TDRs are, by definition, impaired loans. Thus, specific reserves are established based upon the results of either a discounted cash flow analysis or the underlying collateral value, if the loan is dee med to be collateral dependent. A TDR classification can be removed if the borrower’s financial condition improves such that the borrower is no longer in financial difficulty, the loan has not had any forgiveness of principal or interest, and the loan is subsequently refinanced or restructured at market terms and qualifies as a new loan. The following table presents loans classified as TDRs. March 31, 2017 December 31, 2016 (Dollars in Thousands) Accruing Nonaccruing Accruing Nonaccruing Commercial, Financial and Agricultural $ 870 $ - $ 772 $ 40 Real Estate – Construction - 65 - - Real Estate – Commercial Mortgage 19,296 1,948 20,673 1,259 Real Estate – Residential 13,648 420 13,969 444 Real Estate – Home Equity 2,597 78 2,647 - Consumer 144 - 172 - Total TDRs $ 36,555 $ 2,511 $ 38,233 $ 1,743 Loans classified as TDRs during the periods indicated are presented in the table below. The modifications made during the reporting period involved either an extension of the loan term, an interest rate adjustment, or a principal moratorium, and the financial impact of these m odifications was not material. Three Months Ended March 31, Three Months Ended March 31, 2017 2016 Pre- Post- Pre- Post- Number Modified Modified Number Modified Modified of Recorded Recorded of Recorded Recorded (Dollars in Thousands) Contracts Investment Investment Contracts Investment Investment Commercial, Financial and Agricultural - $ - $ - - $ - $ - Real Estate – Construction 1 64 65 - - - Real Estate – Commercial Mortgage - - - 1 332 332 Real Estate – Residential - - - 5 499 500 Real Estate – Home Equity 1 56 55 4 188 189 Consumer - - - - - - Total TDRs 2 $ 120 $ 120 10 $ 1,019 $ 1,021 The following table provides info rmation 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, 2017 2016 Number Post-Modified Number Post-Modified of Recorded of Recorded (Dollars in Thousands) Contracts Investment Contracts Investment 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 (1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. The following table provides information on how TDRs were modified during the periods indicated. Three Months Ended March 31, Three Months Ended March 31, 2017 2016 Number of Recorded Number of Recorded (Dollars in Thousands) Contracts Investment (1) Contracts Investment (1) Extended amortization - $ - - $ - Interest rate adjustment 2 120 - - Extended amortization and interest rate adjustment - - 10 1,021 Other - - - - Total TDRs 2 $ 120 10 $ 1,021 (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, 2017 | |
Other Real Estate [Abstract] | |
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) 2017 2016 Beginning Balance $ 10,638 $ 19,290 Additions 1,541 1,201 Valuation Write-downs (494) (835) Sales (2,111) (2,206) Other (73) - Ending Balance $ 9,501 $ 17,450 Net expenses applicable to other real estate owned include the following: Three Months Ended March 31, (Dollars in Thousands) 2017 2016 Gains from the Sale of Properties $ (106) $ (129) Losses from the Sale of Properties 102 369 Rental Income from Properties (32) - Property Carrying Costs 125 350 Valuation Adjustments 494 835 Total $ 583 $ 1,425 As of March 31, 2017 the Company had $ 1.2 million of loans secured by residential real estate in the process of foreclosure . |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2017 | |
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 cost for the Company's qualified benefit pension plan were as follows: Three Months Ended March 31, (Dollars in Thousands) 2017 2016 Service Cost $ 1,688 $ 1,613 Interest Cost 1,437 1,397 Expected Return on Plan Assets (2,006) (1,934) Prior Service Cost Amortization 56 69 Net Loss Amortization 953 801 Net Periodic Benefit Cost $ 2,128 $ 1,946 Discount Rate 4.21% 4.52% Long-term Rate of Return on Assets 7.25% 7.50% The components of the net periodic benefit cost for the Company's SERP were as follows: Three Months Ended March 31, (Dollars in Thousands) 2017 2016 Interest Cost $ 48 $ 40 Net Loss Amortization 149 190 Net Periodic Benefit Cost $ 197 $ 230 Discount Rate 3.92% 4.13% |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 - COMMITMENTS AND CONTINGENCIES Lending Commitments . The Company is a party to financial instruments with off-balance sheet risks in the normal course of business to meet the financing needs of its clients. These financial instruments consist of commitments to extend credit and standby letters of credit. The Company’s maximum exposure to credit loss under standby letters of credit and commitments to extend credit is represented by the contractual amount of those instruments. The Compa ny 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, 2017 December 31, 2016 (Dollars in Thousands) Fixed Variable Total Fixed Variable Total Commitments to Extend Credit (1) $ 72,917 $ 346,911 $ 419,828 $ 69,993 $ 332,420 $ 402,413 Standby Letters of Credit 5,053 - 5,053 4,768 - 4,768 Total $ 77,970 $ 346,911 $ 424,881 $ 74,761 $ 332,420 $ 407,181 (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 th e 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 particip ating 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 C ompany 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 e valuation of the counterparty. Collateral held varies, but may include deposits held in financial institutions; U.S. Treasury securities; other marketable securities; real estate; accounts receivable; property, plant and equipment; and inventory. Contingencies . The Company is a party to lawsuits and claims arising out of the normal course of business. In management's opinion, there are no known pending claims or litigation, the outcome of which would, individually or in the aggregate, have a material effect on the consolidated results of operations, financial position, or cash flows of the Company. Indemnification Obligation . The Company is a member of the Visa U.S.A. network. Visa U.S.A member banks are required to indemnify it for potenti al future settlement of certain litigation (the “Covered Litigation”) that relates to several antitrust lawsuits challenging the practices of Visa and MasterCard International. In 2008, the Company, as a member of the Visa U.S.A. network, obtained Class B shares of Visa, Inc. upon its initial public offering. Since its initial public offering, Visa, Inc. has funded a litigation reserve for the Covered Litigation resulting in a reduction in the Class B shares held by the Company. During the first quarter of 2011, the Company sold its remaining Class B shares resulting in a $3.2 million pre-tax gain. Associated with this sale, the Company entered into a swap contract with the purchaser of the shares that requires a payment to the counterparty in the event that Visa, Inc. makes subsequent revisions to the conversion ratio for its Class B shares. Fixed charges included in the swap liability are payable quarterly until the litigation reserve is fully liquidated and at which time the aforementioned swap contra ct will be terminated. Quarterly fixed payments approximate $ 83 ,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, 2017 | |
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 techn iques 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 prior ity to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabili ties that the reporting entity has the ability to access at the measurement date . Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quote d prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rate s, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from, or corroborated, by market data by correlation or other means . Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Assets and Liabilities Measured at Fair Value on a Recurring Basis Securities Available for Sale. U.S. Treasury securities are reported at fair value utilizing Level 1 inputs. Other securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer q uotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, credit information and the bond’s terms and conditions, among other things. In general, the Company does not purchase securities that have a compl icated 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. Pr icing for such instruments is easily obtained. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. Fair Value Swap . The Company entered into a stand-alone derivative contract with the purchaser of its Visa Class B shares. The valuation represents the amount due and payable to the counterparty based upon the revised share conversion rate, if any, duri ng the period. At March 31, 2017 , there were no amounts payable. A summary of fair values for assets and liabilities consisted of the following: Level 1 Level 2 Level 3 Total Fair (Dollars in Thousands) Inputs Inputs Inputs Value March 31, 2017 Securities Available for Sale: U.S. Government Treasury $ 287,989 $ - $ - $ 287,989 U.S. Government Agency - 143,433 - 143,433 States and Political Subdivisions - 99,700 - 99,700 Mortgage-Backed Securities - 1,392 - 1,392 Equity Securities - 8,588 - 8,588 December 31, 2016 Securities Available for Sale: U.S. Government Treasury $ 286,278 $ - $ - $ 286,278 U.S. Government Agency - 131,640 - 131,640 States and Political Subdivisions - 94,839 - 94,839 Mortgage-Backed Securities - 1,430 - 1,430 Equity Securities - 8,547 - 8,547 Assets Measured at Fair Value on a Non-Recurring Basis Certain assets are measured at fair value on a non-recurring basis (i.e., the assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances). An example would be assets exhibiting evidence of impairment. The following is a description of valuation methodologies used for assets measured on a non-recurring basis. Impaired Loans . Impairment for collateral dependent loans is measured using the fair value of the collateral less selling costs. The fair value of collateral is determined by an independent valuation or professional appraisal in conformance with banking regulations. Collateral values are estimated using Level 3 inputs due to the volatility in the real estate market, and the judgmen t and estimation involved in the real estate appraisal process. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly. Valuation techniques are consistent with those techniques applied in prior periods. Impaired collateral dependent loans had a carrying value of $ 8.6 million with a valuation allowance of $1.1 million at March 31, 2017 and $ 6.3 million and $ 0 . 6 million, respectively , at December 31, 2016 . Loans Held for Sale . These loans are carried at the lower of cost or fair value and are adjusted to fair value on a non-recurring basis. Fair value is based on observable markets rates for comparable loan products, which is considered a Level 2 fair value measurement. Othe r Real Estate Owned . During the first three months of 2017 , certain foreclosed assets, upon initial recognition, were measured and reported at fair value through a charge-off to the allowance for loan losses based on the fair value of the forec losed asset less estimated cost to sell. The fair value of the foreclosed asset is determined by an independent valuation or professional appraisal in conformance with banking regulations. On an ongoing basis, we obtain updated appraisals on foreclosed a ssets and realize valuation adjustments as necessary. The fair value of foreclosed assets is estimated using Level 3 inputs due to the judgment and estimation involved in the real estate valuation process. Assets and Liabilities Disclosed at Fair Value The Company is required to disclose the estimated fair value of financial instruments, both assets and liabilities, for which it is practical to estimate fair value and the following is a description of valuation methodologies used for those assets and l iabilities. Cash and Short-Term Investments. The carrying amount of cash and short-term investments is used to approximate fair value, given the short time frame to maturity and as such assets do not present unanticipated credit concerns. Securities He ld to Maturity . Securities held to maturity are valued in accordance with the methodology previously noted in this footnote under the caption “Assets and Liabilities Measured at Fair Value on a Recurring Basis – Securities Available for Sale”. Loans. The loan portfolio is segregated into categories and the fair value of each loan category is calculated using present value techniques based upon projected cash flows and estimated discount rates that reflect the credit, interest rate, and liquidity risk s inherent in each loan category. The calculated present values are then reduced by an allocation of the allowance for loan losses against each respective loan category. Deposits. The fair value of Noninterest Bearing Deposits, NOW Accounts, Money Marke t Accounts and Savings Accounts are the amounts payable on demand at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using present value techniques and rates currently offered for deposits of similar remaining matu rities. Subordinated Notes Payable. The fair value of each note is calculated using present value techniques, based upon projected cash flows and estimated discount rates as well as rates being offered for similar obligations. Short-Term and Long-Term B orrowings. The fair value of each note is calculated using present value techniques, based upon projected cash flows and estimated discount rates as well as rates being offered for similar debt. A summary of estimated fair values of significant financial instruments consisted of the following: March 31, 2017 Carrying Level 1 Level 2 Level 3 (Dollars in Thousands) Value Inputs Inputs Inputs ASSETS: Cash $ 47,650 $ 47,650 $ - $ - Short-Term Investments 290,897 290,897 - - Investment Securities, Available for Sale 541,102 287,889 253,113 - Investment Securities, Held to Maturity 158,515 93,263 64,622 - Loans Held for Sale 7,498 - 7,498 - Loans, Net of Allowance for Loan Losses 1,571,624 - - 1,564,508 LIABILITIES: Deposits $ 2,459,305 $ - $ 2,311,870 $ - Short-Term Borrowings 7,603 - 7,640 - Subordinated Notes Payable 52,887 - 41,493 - Long-Term Borrowings 16,460 - 16,683 - December 31, 2016 Carrying Level 1 Level 2 Level 3 (Dollars in Thousands) Value Inputs Inputs Inputs ASSETS: Cash $ 48,268 $ 48,268 $ - $ - Short-Term Investments 247,779 247,779 - - Investment Securities, Available for Sale 522,734 286,278 236,456 - Investment Securities, Held to Maturity 177,365 119,157 57,589 - Loans Held for Sale 10,886 - 10,886 - Loans, Net of Allowance for Loan Losses 1,547,858 - - 1,543,576 LIABILITIES: Deposits $ 2,412,286 $ - $ 2,272,572 $ - Short-Term Borrowings 12,749 - 12,802 - Subordinated Notes Payable 52,887 - 42,024 - Long-Term Borrowings 14,881 - 15,122 - 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, 2017 | |
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. Before Tax Net of Tax (Expense) Tax (Dollars in Thousands) Amount Benefit Amount March 31, 2017 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ 505 $ (196) $ 309 Amortization of losses on securities transferred from available for sale to held to maturity 20 (8) 12 Total Other Comprehensive Loss $ 525 $ (204) $ 321 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 Accumulated other comprehensive loss was comprised of the following components: Accumulated Securities Other Available Retirement Comprehensive (Dollars in Thousands) for Sale Plans Loss Balance as of January 1, 2017 $ (583) $ (25,642) $ (26,225) Other comprehensive income during the period 321 - 321 Balance as of March 31, 2017 $ (262) $ (25,642) $ (25,904) 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) |
ACCOUNTING STANDARDS UPDATES
ACCOUNTING STANDARDS UPDATES | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Standards Updates | |
ACCOUNTING STANDARDS UPDATES | NOTE 9 – ACCOUNTING STANDARDS UPDATES ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core princ iple, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligat ions in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. A significant portion of the Company’s revenue is comprised of net interest income on financial instruments, which is explicitly excluded from the s cope of ASU 2014-09. In addition to interest income, the Company has various noninterest income revenue streams that the Company is in the process of assessing. The Company has formed a revenue recognition working group and to date has completed its prel iminary scoping and walk-through of noninterest income revenue streams. Amongst non-interest income revenue streams, mortgage banking fees are not in the scope of the standard. Management is in the process of completing its detailed contract review for t he remaining revenue streams. ASU 2014-09 is effective for the Company on January 1, 2018 and must be retrospectively applied. The Company expects to adopt the standard with a cumulative effect adjustment to opening retained earnings, if such adjustment is deemed to be significant . ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Under ASU 2016-09 all excess tax benefits and tax deficiencies related to share-based payment awards should be recognized as income tax expense or benefit in the income statement during the period in which they occur. Previously, such amounts were recorded in the pool of excess tax benefits included in additional paid-in capital, if such pool was available. B ecause excess tax benefits are no longer recognized in additional paid-in capital, the assumed proceeds from applying the treasury stock method when computing earnings per share should exclude the amount of excess tax benefits that would have previously be en recognized in additional paid-in capital. Additionally, excess tax benefits should be classified along with other income tax cash flows as an operating activity rather than a financing activity, as was previously the case. ASU 2016-09 also provides th at an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. ASU 2016-09 changes the threshold to qualify for equity classifica tion (rather than as a liability) to permit withholding up to the maximum statutory tax rates (rather than the minimum as was previously the case) in the applicable jurisdictions. ASU 2016-09 was implemented by the Company in the first quarter of 2017 and did not have a significant impact on its financial statements . ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update).” ASU 2017-03 incorporates into the FASB Accounting Standards Codification recent SEC guidance about disclosing, under SEC SAB Topic 11.M, the effect on financial statements upon ado pting the revenue, leases and credit losses standards. ASU 201 7 -0 3 was implemented by the Company in the first quarter of 2017 and did not have a significant impact on its financial statements . ASU 2 01 7 -0 4 , “ Intangibles – Goodwill and Other (Topic 350) .” ASU 201 7 -0 4 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, under the amendments in this Update, an entity should perform its annual, or int erim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for the Company on January 1, 2020 and is not expected to have a significant impact on its financial statements. ASU 2 017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) - Clarifying the Scope of Asset Derecognition G uidance and Accounting for P artial S ales of N onfinancial A sset .” ASU 2017-05 clarifies the scope of Subtopic 610-20 and adds guidance for partial sales of nonfinancial assets, inc ludi ng partial sales of real estate. Historically , U.S. GAAP contained several different accounting models to e valuate whether the transfer of certain assets qualified for sale treatment. ASU 2017-05 reduces the number of potential accounting models that might apply and clarifies which model does apply in various circumstances. A SU 2017-05 is effective for the Company on January 1, 2018 and is not expected to have a significant impact on its financial statements . ASU 2 01 7 -0 7 , “ Compensation – Retirement Benefits (Topic 715) .” ASU 201 7 -0 7 require s that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost as defined in paragraphs 71 5-30-35-4 and 715-60-35-9 are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclose d . ASU 2017-0 7 is effective for the Company on January 1, 20 18 and is not expected to have a significant impact on its financial statements . ASU 2 01 7 -0 8 , “ Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20) .” ASU 201 7 -0 8 shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; th e discount continues to be amortized to maturity. ASU 2017-08 is effective for the Company on January 1, 2018 and is not expected to have a significant impact on its financial statements . |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 10 – RELATED PARTY TRANSACTIONS In March 2017, the Company entered into an agreement with Mettler Limited Partnership, a related party of Thomas A. Barron, President of Capital City Bank and a director of t he Company, to acquire a $ 1,000,000 loan participation interest in a loan originated by Capital City Bank. This transaction was reviewed and approved in accordance with the Company’s Related Party Transaction Policy. |
SIGNIFICANT ACCOUNTING POLICI19
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations . Capital City Bank Group, Inc. (“CCBG” or the “Company”) provides a full range of banking and banking-related services to individual and corporate clients through its subsidiary, Capital City Bank, with banking offices located in Florida, Georgia, and Ala bama. The Company is subject to competition from other financial institutions, is subject to regulation by certain government agencies and undergoes periodic examinations by those regulatory authorities. |
Basis of Presentation | Basis of Presentation . The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of CCBG and its wholly-owned subsidiary, Capital City Bank (“CCB” or the “Bank” and together with the Company). All material inter-company transactions and accounts have been eliminate d. Certain previously reported amounts have been reclassified to conform to the current year’s presentation. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for i nterim 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 stateme nts. 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, 2016 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, re fer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2016 . |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and related market value of investment securities available-for-sale | Investment Portfolio Composition . The amortized cost and related market value of investment securities available-for-sale and held-to-maturity were as follows: March 31, 2017 December 31, 2016 Amortized Unrealized Unrealized Market Amortized Unrealized Unrealized Market Cost Gains Losses Value Cost Gain Losses Value Available for Sale U.S. Government Treasury $ 288,661 $ 106 $ 778 $ 287,989 $ 286,867 $ 262 $ 851 $ 286,278 U.S. Government Agency 143,066 660 293 143,433 131,489 495 344 131,640 States and Political Subdivisions 99,685 126 111 99,700 95,197 23 381 94,839 Mortgage-Backed Securities 1,275 117 - 1,392 1,312 118 - 1,430 Equity Securities (1) 8,588 - - 8,588 8,547 - - 8,547 Total $ 541,275 $ 1,009 $ 1,182 $ 541,102 $ 523,412 $ 898 $ 1,576 $ 522,734 Held to Maturity U.S. Government Treasury $ 93,335 $ 26 $ 98 $ 93,263 $ 119,131 $ 107 $ 81 $ 119,157 States and Political Subdivisions 7,610 17 4 7,623 8,175 1 38 8,138 Mortgage-Backed Securities 57,570 58 629 56,999 50,059 29 637 49,451 Total $ 158,515 $ 101 $ 731 $ 157,885 $ 177,365 $ 137 $ 756 $ 176,746 Total Investment Securities $ 699,790 $ 1,110 $ 1,913 $ 698,987 $ 700,777 $ 1,035 $ 2,332 $ 699,480 |
Schedule of investment securities with maturity distribution based on contractual maturities | Available for Sale Held to Maturity Amortized Market Amortized Market (Dollars in Thousands) Cost Value Cost Value Due in one year or less $ 185,316 $ 185,386 $ 35,468 $ 35,485 Due after one through five years 242,632 241,724 65,477 65,401 Mortgage-Backed Securities 1,275 1,392 57,570 56,999 U.S. Government Agency 103,464 104,012 - - Equity Securities 8,588 8,588 - - Total $ 541,275 $ 541,102 $ 158,515 $ 157,885 |
Schedule of investment securities with continuous unrealized loss position | Less Than Greater Than 12 Months 12 Months Total Market Unrealized Market Unrealized Market Unrealized (Dollars in Thousands) Value Losses Value Losses Value Losses March 31, 2017 Available for Sale U.S. Government Treasury $ 133,781 $ 778 $ - $ - $ 133,781 $ 778 U.S. Government Agency $ 52,628 $ 278 $ 3,871 $ 15 $ 56,499 $ 293 States and Political Subdivisions 48,786 109 542 2 49,328 111 Mortgage-Backed Securities - - 3 - 3 - Total 235,195 1,165 4,416 17 239,611 1,182 Held to Maturity U.S. Government Treasury 47,679 98 - - 47,679 98 States and Political Subdivisions 2,545 4 - - 2,545 4 Mortgage-Backed Securities 35,437 592 3,404 37 38,841 629 Total $ 85,661 $ 694 $ 3,404 $ 37 $ 89,065 $ 731 December 31, 2016 Available for Sale U.S. Government Treasury $ 116,704 $ 851 $ - $ - $ 116,704 $ 851 U.S. Government Agency 48,520 310 6,699 34 55,219 344 States and Political Subdivisions 81,521 380 294 1 81,815 381 Mortgage-Backed Securities 3 - - - 3 - Total 246,748 1,541 6,993 35 253,741 1,576 Held to Maturity U.S. Government Treasury 35,210 81 - - 35,210 81 States and Political Subdivisions 7,491 38 - - 7,491 38 Mortgage-Backed Securities 36,710 599 4,010 38 40,720 637 Total $ 79,411 $ 718 $ 4,010 $ 38 $ 83,421 $ 756 |
LOANS, NET (Tables)
LOANS, NET (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Schedule of composition of the loan portfolio | (Dollars in Thousands) March 31, 2017 December 31, 2016 Commercial, Financial and Agricultural $ 214,595 $ 216,404 Real Estate – Construction 59,938 58,443 Real Estate – Commercial Mortgage 503,868 503,978 Real Estate – Residential (1) 304,992 281,509 Real Estate – Home Equity 231,300 236,512 Consumer 270,266 264,443 Loans, Net of Unearned Income $ 1,584,959 $ 1,561,289 |
Schedule of recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | March 31, 2017 December 31, 2016 (Dollars in Thousands) Nonaccrual 90 + Days Nonaccrual 90 + Days Commercial, Financial and Agricultural $ 538 $ - $ 468 $ - Real Estate – Construction 363 - 311 - Real Estate – Commercial Mortgage 3,970 - 3,410 - Real Estate – Residential 1,724 - 2,330 - Real Estate – Home Equity 1,587 - 1,774 - Consumer 116 - 240 - Total Nonaccrual Loans $ 8,298 $ - $ 8,533 $ - |
Schedule of aging of past due loans by class of loans | 30-59 60-89 90 + Total Total Total (Dollars in Thousands) DPD DPD DPD Past Due Current Loans March 31, 2017 Commercial, Financial and Agricultural $ 205 $ 32 $ - $ 237 $ 213,820 $ 214,595 Real Estate – Construction - - - - 59,575 59,938 Real Estate – Commercial Mortgage 69 177 - 246 499,652 503,868 Real Estate – Residential 1,094 67 - 1,161 302,107 304,992 Real Estate – Home Equity 263 15 - 278 229,435 231,300 Consumer 1,123 218 - 1,341 268,809 270,266 Total Past Due Loans $ 2,754 $ 509 $ - $ 3,263 $ 1,573,398 $ 1,584,959 December 31, 2016 Commercial, Financial and Agricultural $ 209 $ 48 $ - $ 257 $ 215,679 $ 216,404 Real Estate – Construction 949 282 - 1,231 56,901 58,443 Real Estate – Commercial Mortgage 835 1 - 836 499,732 503,978 Real Estate – Residential 1,199 490 - 1,689 277,490 281,509 Real Estate – Home Equity 577 51 - 628 234,110 236,512 Consumer 1,516 281 - 1,797 262,406 264,443 Total Past Due Loans $ 5,285 $ 1,153 $ - $ 6,438 $ 1,546,318 $ 1,561,289 |
Schedule of activity in the allowance for loan losses by portfolio class | Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands) Agricultural Construction Mortgage Residential Home Equity Consumer Total Three Months Ended March 31, 2017 Beginning Balance $ 1,198 $ 168 $ 4,315 $ 3,445 $ 2,297 $ 2,008 $ 13,431 Provision for Loan Losses (36) (68) (187) (166) 288 479 310 Charge-Offs (93) - (71) (116) (92) (624) (996) Recoveries 81 - 23 213 29 244 590 Net Charge-Offs (12) - (48) 97 (63) (380) (406) Ending Balance $ 1,150 $ 100 $ 4,080 $ 3,376 $ 2,522 $ 2,107 $ 13,335 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 |
Schedule of allowance for loan losses by portfolio class and disaggregated on the basis of the impairment methodology | Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands Agricultural Construction Mortgage Residential Home Equity Consumer Total March 31, 2017 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 94 $ 2 $ 2,027 $ 1,486 $ 445 $ 4 $ 4,058 Loans Collectively Evaluated for Impairment 1,056 98 2,053 1,890 2,077 2,103 9,277 Ending Balance $ 1,150 $ 100 $ 4,080 $ 3,376 $ 2,522 $ 2,107 $ 13,335 December 31, 2016 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 80 $ - $ 2,038 $ 1,561 $ 335 $ 6 $ 4,020 Loans Collectively Evaluated for Impairment 1,118 168 2,277 1,884 1,962 2,002 9,411 Ending Balance $ 1,198 $ 168 $ 4,315 $ 3,445 $ 2,297 $ 2,008 $ 13,431 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 |
Schedule of allowance for loan losses by portfolio class | Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands) Agricultural Construction Mortgage Residential Home Equity Consumer Total March 31, 2017 Individually Evaluated for Impairment $ 1,238 $ 362 $ 23,061 $ 14,699 $ 3,514 $ 145 $ 43,019 Collectively Evaluated for Impairment 213,357 59,576 480,807 290,293 227,786 270,121 1,541,940 Total $ 214,595 $ 59,938 $ 503,868 $ 304,992 $ 231,300 $ 270,266 $ 1,584,959 December 31, 2016 Individually Evaluated for Impairment $ 1,042 $ 247 $ 23,855 $ 15,596 $ 3,375 $ 174 $ 44,289 Collectively Evaluated for Impairment 215,362 58,196 480,123 265,913 233,137 264,269 1,517,000 Total $ 216,404 $ 58,443 $ 503,978 $ 281,509 $ 236,512 $ 264,443 $ 1,561,289 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 |
Schedule of loans individually evaluated for impairment by class of loans | Unpaid Recorded Recorded Principal Investment Investment Related (Dollars in Thousands) Balance With No Allowance With Allowance Allowance March 31, 2017 Commercial, Financial and Agricultural $ 1,238 $ 355 $ 883 $ 94 Real Estate – Construction 362 298 64 2 Real Estate – Commercial Mortgage 23,061 8,189 14,872 2,027 Real Estate – Residential 14,699 2,609 12,090 1,486 Real Estate – Home Equity 3,514 1,549 1,965 445 Consumer 145 54 91 4 Total $ 43,019 $ 13,054 $ 29,965 $ 4,058 December 31, 2016 Commercial, Financial and Agricultural $ 1,042 $ 565 $ 477 $ 80 Real Estate – Construction 247 - 247 - Real Estate – Commercial Mortgage 23,855 8,954 14,901 2,038 Real Estate – Residential 15,596 2,509 13,087 1,561 Real Estate – Home Equity 3,375 1,871 1,504 335 Consumer 174 65 109 6 Total $ 44,289 $ 13,964 $ 30,325 $ 4,020 |
Schedule of Average recorded investment and interest income recognized by class of impaired loans | Three Months Ended March 31, 2017 2016 Average Total Average Total Recorded Interest Recorded Interest (Dollars in Thousands) Investment Income Investment Income Commercial, Financial and Agricultural $ 1,140 $ 12 $ 823 $ 13 Real Estate – Construction 305 - 49 - Real Estate – Commercial Mortgage 23,458 223 20,822 239 Real Estate – Residential 15,147 180 18,395 209 Real Estate – Home Equity 3,445 27 3,178 27 Consumer 159 2 234 2 Total $ 43,654 $ 444 $ 43,501 $ 490 |
Schedule of risk category of loans by segment | Commercial, Financial, Total Criticized (Dollars in Thousands) Agriculture Real Estate Consumer Loans March 31, 2017 Special Mention $ 4,189 $ 18,940 $ 187 $ 23,316 Substandard 1,393 39,224 361 40,978 Doubtful - - - - Total Criticized Loans $ 5,582 $ 58,164 $ 548 $ 64,294 December 31, 2016 Special Mention $ 3,300 $ 23,183 $ 216 $ 26,699 Substandard 1,158 39,800 549 41,507 Doubtful - - - - Total Criticized Loans $ 4,458 $ 62,983 $ 765 $ 68,206 |
Schedule of troubled debt restructurings loans | March 31, 2017 December 31, 2016 (Dollars in Thousands) Accruing Nonaccruing Accruing Nonaccruing Commercial, Financial and Agricultural $ 870 $ - $ 772 $ 40 Real Estate – Construction - 65 - - Real Estate – Commercial Mortgage 19,296 1,948 20,673 1,259 Real Estate – Residential 13,648 420 13,969 444 Real Estate – Home Equity 2,597 78 2,647 - Consumer 144 - 172 - Total TDRs $ 36,555 $ 2,511 $ 38,233 $ 1,743 |
Schedule of loans classified as TDRs | Three Months Ended March 31, Three Months Ended March 31, 2017 2016 Pre- Post- Pre- Post- Number Modified Modified Number Modified Modified of Recorded Recorded of Recorded Recorded (Dollars in Thousands) Contracts Investment Investment Contracts Investment Investment Commercial, Financial and Agricultural - $ - $ - - $ - $ - Real Estate – Construction 1 64 65 - - - Real Estate – Commercial Mortgage - - - 1 332 332 Real Estate – Residential - - - 5 499 500 Real Estate – Home Equity 1 56 55 4 188 189 Consumer - - - - - - Total TDRs 2 $ 120 $ 120 10 $ 1,019 $ 1,021 |
Schedule of loans modified as TDRs within the previous 12 months and subsequently defaulted | Three Months Ended March 31, Three Months Ended March 31, 2017 2016 Number Post-Modified Number Post-Modified of Recorded of Recorded (Dollars in Thousands) Contracts Investment Contracts Investment 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 | Three Months Ended March 31, Three Months Ended March 31, 2017 2016 Number of Recorded Number of Recorded (Dollars in Thousands) Contracts Investment (1) Contracts Investment (1) Extended amortization - $ - - $ - Interest rate adjustment 2 120 - - Extended amortization and interest rate adjustment - - 10 1,021 Other - - - - Total TDRs 2 $ 120 10 $ 1,021 |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Other Real Estate [Abstract] | |
Schedule of other real estate owned activity | Three Months Ended March 31, (Dollars in Thousands) 2017 2016 Beginning Balance $ 10,638 $ 19,290 Additions 1,541 1,201 Valuation Write-downs (494) (835) Sales (2,111) (2,206) Other (73) - Ending Balance $ 9,501 $ 17,450 |
Schedule of net expenses | Net expenses applicable to other real estate owned include the following: Three Months Ended March 31, (Dollars in Thousands) 2017 2016 Gains from the Sale of Properties $ (106) $ (129) Losses from the Sale of Properties 102 369 Rental Income from Properties (32) - Property Carrying Costs 125 350 Valuation Adjustments 494 835 Total $ 583 $ 1,425 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of expected benefit payments related to the defined benefit pension plan | Three Months Ended March 31, (Dollars in Thousands) 2017 2016 Service Cost $ 1,688 $ 1,613 Interest Cost 1,437 1,397 Expected Return on Plan Assets (2,006) (1,934) Prior Service Cost Amortization 56 69 Net Loss Amortization 953 801 Net Periodic Benefit Cost $ 2,128 $ 1,946 Discount Rate 4.21% 4.52% Long-term Rate of Return on Assets 7.25% 7.50% |
Schedule of expected benefit payments related to the SERP | The components of the net periodic benefit cost for the Company's SERP were as follows: Three Months Ended March 31, (Dollars in Thousands) 2017 2016 Interest Cost $ 48 $ 40 Net Loss Amortization 149 190 Net Periodic Benefit Cost $ 197 $ 230 Discount Rate 3.92% 4.13% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of amounts associated with the entities off-balance sheet obligations | March 31, 2017 December 31, 2016 (Dollars in Thousands) Fixed Variable Total Fixed Variable Total Commitments to Extend Credit (1) $ 72,917 $ 346,911 $ 419,828 $ 69,993 $ 332,420 $ 402,413 Standby Letters of Credit 5,053 - 5,053 4,768 - 4,768 Total $ 77,970 $ 346,911 $ 424,881 $ 74,761 $ 332,420 $ 407,181 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis | Level 1 Level 2 Level 3 Total Fair (Dollars in Thousands) Inputs Inputs Inputs Value March 31, 2017 Securities Available for Sale: U.S. Government Treasury $ 287,989 $ - $ - $ 287,989 U.S. Government Agency - 143,433 - 143,433 States and Political Subdivisions - 99,700 - 99,700 Mortgage-Backed Securities - 1,392 - 1,392 Equity Securities - 8,588 - 8,588 December 31, 2016 Securities Available for Sale: U.S. Government Treasury $ 286,278 $ - $ - $ 286,278 U.S. Government Agency - 131,640 - 131,640 States and Political Subdivisions - 94,839 - 94,839 Mortgage-Backed Securities - 1,430 - 1,430 Equity Securities - 8,547 - 8,547 |
Schedule of financial instruments with estimated fair values | March 31, 2017 Carrying Level 1 Level 2 Level 3 (Dollars in Thousands) Value Inputs Inputs Inputs ASSETS: Cash $ 47,650 $ 47,650 $ - $ - Short-Term Investments 290,897 290,897 - - Investment Securities, Available for Sale 541,102 287,889 253,113 - Investment Securities, Held to Maturity 158,515 93,263 64,622 - Loans Held for Sale 7,498 - 7,498 - Loans, Net of Allowance for Loan Losses 1,571,624 - - 1,564,508 LIABILITIES: Deposits $ 2,459,305 $ - $ 2,311,870 $ - Short-Term Borrowings 7,603 - 7,640 - Subordinated Notes Payable 52,887 - 41,493 - Long-Term Borrowings 16,460 - 16,683 - December 31, 2016 Carrying Level 1 Level 2 Level 3 (Dollars in Thousands) Value Inputs Inputs Inputs ASSETS: Cash $ 48,268 $ 48,268 $ - $ - Short-Term Investments 247,779 247,779 - - Investment Securities, Available for Sale 522,734 286,278 236,456 - Investment Securities, Held to Maturity 177,365 119,157 57,589 - Loans Held for Sale 10,886 - 10,886 - Loans, Net of Allowance for Loan Losses 1,547,858 - - 1,543,576 LIABILITIES: Deposits $ 2,412,286 $ - $ 2,272,572 $ - Short-Term Borrowings 12,749 - 12,802 - Subordinated Notes Payable 52,887 - 42,024 - Long-Term Borrowings 14,881 - 15,122 - |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of other comprehensive income loss | Before Tax Net of Tax (Expense) Tax (Dollars in Thousands) Amount Benefit Amount March 31, 2017 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ 505 $ (196) $ 309 Amortization of losses on securities transferred from available for sale to held to maturity 20 (8) 12 Total Other Comprehensive Loss $ 525 $ (204) $ 321 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 |
Schedule of activity in accumulated other comprehensive loss, net of tax | Accumulated other comprehensive loss was comprised of the following components: Accumulated Securities Other Available Retirement Comprehensive (Dollars in Thousands) for Sale Plans Loss Balance as of January 1, 2017 $ (583) $ (25,642) $ (26,225) Other comprehensive income during the period 321 - 321 Balance as of March 31, 2017 $ (262) $ (25,642) $ (25,904) 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) |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | |
Available-for-sale | |||
Amortized Cost | $ 541,275,000 | $ 523,412,000 | |
Unrealized Gains | 1,009,000 | 898,000 | |
Unrealized Losses | 1,182,000 | 1,576,000 | |
Market Value | 541,102,000 | 522,734,000 | |
Held to Maturity | |||
Amortized Cost | 158,515,000 | 177,365,000 | |
Unrealized Gains | 101,000 | 137,000 | |
Unrealized Losses | 731,000 | 756,000 | |
Market Value | 157,885,000 | 176,746,000 | |
Total | |||
Amortized Cost | 699,790,000 | 700,777,000 | |
Unrealized Gain | 1,110,000 | 1,035,000 | |
Unrealized Loss | 1,913,000 | 2,332,000 | |
Fair Value | 698,987,000 | 699,480,000 | |
U.S. Government Treasury [Member] | |||
Available-for-sale | |||
Amortized Cost | 288,661,000 | 286,867,000 | |
Unrealized Gains | 106,000 | 262,000 | |
Unrealized Losses | 778,000 | 851,000 | |
Market Value | 287,989,000 | 286,278,000 | |
U.S. Government Agency [Member] | |||
Available-for-sale | |||
Amortized Cost | 143,066,000 | 131,489,000 | |
Unrealized Gains | 660,000 | 495,000 | |
Unrealized Losses | 293,000 | 344,000 | |
Market Value | 143,433,000 | 131,640,000 | |
States and Political Subdivisions [Member] | |||
Available-for-sale | |||
Amortized Cost | 99,685,000 | 95,197,000 | |
Unrealized Gains | 126,000 | 23,000 | |
Unrealized Losses | 111,000 | 381,000 | |
Market Value | 99,700,000 | 94,839,000 | |
Mortgage-Backed Securities [Member] | |||
Available-for-sale | |||
Amortized Cost | 1,275,000 | 1,312,000 | |
Unrealized Gains | 117,000 | 118,000 | |
Unrealized Losses | 0 | 0 | |
Market Value | 1,392,000 | 1,430,000 | |
Equity Securities [Member] | |||
Available-for-sale | |||
Amortized Cost | [1] | 8,588,000 | 8,547,000 |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | 0 | 0 | |
Market Value | [1] | 8,588,000 | 8,547,000 |
Federal Home Loan Bank | 3,300,000 | 3,300,000 | |
Federal Reserve Bank stock | 4,800,000 | 4,800,000 | |
FNBB, Inc. stock | 500,000 | 200,000 | |
U.S. Government Treasury [Member] | |||
Held to Maturity | |||
Amortized Cost | 93,335,000 | 119,131,000 | |
Unrealized Gains | 26,000 | 107,000 | |
Unrealized Losses | 98,000 | 81,000 | |
Market Value | 93,263,000 | 119,157,000 | |
U.S. Government Agency [Member] | |||
Held to Maturity | |||
Amortized Cost | 0 | 0 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | 0 | 0 | |
Market Value | 0 | 0 | |
States and Political Subdivisions [Member] | |||
Held to Maturity | |||
Amortized Cost | 7,610,000 | 8,175,000 | |
Unrealized Gains | 17,000 | 1,000 | |
Unrealized Losses | 4,000 | 38,000 | |
Market Value | 7,623,000 | 8,138,000 | |
Mortgage-Backed Securities [Member] | |||
Held to Maturity | |||
Amortized Cost | 57,570,000 | 50,059,000 | |
Unrealized Gains | 58,000 | 29,000 | |
Unrealized Losses | 629,000 | 637,000 | |
Market Value | $ 56,999,000 | $ 49,451,000 | |
[1] | Includes Federal Home Loan Bank, Federal Reserve Bank, and FNBB, Inc . stock recorded at cost of $3. 3 million, $4.8 million, and $0. 5 million, respectively, at March 31, 2017 and $3 .3 million, $4.8 million, and $0. 5 million, respectively, at December 31, 2016 . |
INVESTMENT SECURITIES (Maturity
INVESTMENT SECURITIES (Maturity Distribution) (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Amortized Cost | ||
Due in one year or less | $ 185,316,000 | |
Due after one through five years | 242,632,000 | |
Total Investment Securities | 541,275,000 | |
Market Value | ||
Due in one year or less | 185,386,000 | |
Due after one through five years | 241,724,000 | |
Total Investment Securities | 541,102,000 | |
Amortized Cost | ||
Due in one year or less | 35,468,000 | |
Due after one through five years | 65,477,000 | |
Total Investment Securities | 158,515,000 | $ 177,365,000 |
Market Value | ||
Due in one year or less | 35,485,000 | |
Due after one through five years | 65,401,000 | |
Total Investment Securities | 157,885,000 | 176,746,000 |
Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Due without single maturity date | 1,275,000 | |
Market Value | ||
Due without single maturity date | 1,392,000 | |
U.S. Government Agency [Member] | ||
Amortized Cost | ||
Due without single maturity date | 103,464,000 | |
Market Value | ||
Due without single maturity date | 104,012,000 | |
Equity Securities [Member] | ||
Amortized Cost | ||
Due without single maturity date | 8,588,000 | |
Market Value | ||
Due without single maturity date | 8,588,000 | |
Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Due without single maturity date | 57,570,000 | |
Total Investment Securities | 57,570,000 | 50,059,000 |
Market Value | ||
Due without single maturity date | 56,999,000 | |
Total Investment Securities | 56,999,000 | 49,451,000 |
U.S. Government Agency [Member] | ||
Amortized Cost | ||
Due without single maturity date | 0 | |
Total Investment Securities | 0 | 0 |
Market Value | ||
Due without single maturity date | 0 | |
Total Investment Securities | $ 0 | $ 0 |
INVESTMENT SECURITIES (Unrealiz
INVESTMENT SECURITIES (Unrealized Losses on Investment Securities) (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | $ 235,195,000 | $ 246,748,000 |
Less Than 12 Months, Unrealized Losses | 1,165,000 | 1,541,000 |
12 Months Or Longer, Fair Value | 4,416,000 | 6,993,000 |
12 Months Or Longer, Unrealized Losses | 17,000 | 35,000 |
Total Fair Value | 239,611,000 | 253,741,000 |
Total Unrealized Losses | 1,182,000 | 1,576,000 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 85,661,000 | 79,411,000 |
Less Than 12 Months, Unrealized Losses | 694,000 | 718,000 |
12 Months Or Longer, Fair Value | 3,404,000 | 4,010,000 |
12 Months Or Longer, Unrealized Losses | 37,000 | 38,000 |
Total Fair Value | 89,065,000 | 83,421,000 |
Total Unrealized Losses | 731,000 | 756,000 |
U.S. Government Treasury [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 133,781,000 | 116,704,000 |
Less Than 12 Months, Unrealized Losses | 778,000 | 851,000 |
12 Months Or Longer, Fair Value | 0 | 0 |
12 Months Or Longer, Unrealized Losses | 0 | 0 |
Total Fair Value | 133,781,000 | 116,704,000 |
Total Unrealized Losses | 778,000 | 851,000 |
U.S. Government Agency [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 52,628,000 | 48,520,000 |
Less Than 12 Months, Unrealized Losses | 278,000 | 310,000 |
12 Months Or Longer, Fair Value | 3,871,000 | 6,699,000 |
12 Months Or Longer, Unrealized Losses | 15,000 | 34,000 |
Total Fair Value | 56,499,000 | 55,219,000 |
Total Unrealized Losses | 293,000 | 344,000 |
States and Political Subdivisions [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 48,786,000 | 81,521,000 |
Less Than 12 Months, Unrealized Losses | 109,000 | 380,000 |
12 Months Or Longer, Fair Value | 542,000 | 294,000 |
12 Months Or Longer, Unrealized Losses | 2,000 | 1,000 |
Total Fair Value | 49,328,000 | 81,815,000 |
Total Unrealized Losses | 111,000 | 381,000 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 0 | 3,000 |
Less Than 12 Months, Unrealized Losses | 0 | 0 |
12 Months Or Longer, Fair Value | 3,000 | 0 |
12 Months Or Longer, Unrealized Losses | 0 | 0 |
Total Fair Value | 3,000 | 3,000 |
Total Unrealized Losses | 0 | 0 |
U.S. Government Treasury [Member] | ||
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 47,679,000 | 35,210,000 |
Less Than 12 Months, Unrealized Losses | 98,000 | 81,000 |
12 Months Or Longer, Fair Value | 0 | 0 |
12 Months Or Longer, Unrealized Losses | 0 | 0 |
Total Fair Value | 47,679,000 | 35,210,000 |
Total Unrealized Losses | 98,000 | 81,000 |
U.S. Government Agency [Member] | ||
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 0 | 0 |
Less Than 12 Months, Unrealized Losses | 0 | 0 |
12 Months Or Longer, Fair Value | 0 | 0 |
12 Months Or Longer, Unrealized Losses | 0 | 0 |
Total Fair Value | 0 | 0 |
Total Unrealized Losses | 0 | 0 |
States and Political Subdivisions [Member] | ||
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 2,545,000 | 7,491,000 |
Less Than 12 Months, Unrealized Losses | 4,000 | 38,000 |
12 Months Or Longer, Fair Value | 0 | 0 |
12 Months Or Longer, Unrealized Losses | 0 | 0 |
Total Fair Value | 2,545,000 | 7,491,000 |
Total Unrealized Losses | 4,000 | 38,000 |
Mortgage-Backed Securities [Member] | ||
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 35,437,000 | 36,710,000 |
Less Than 12 Months, Unrealized Losses | 592,000 | 599,000 |
12 Months Or Longer, Fair Value | 3,404,000 | 4,010,000 |
12 Months Or Longer, Unrealized Losses | 37,000 | 38,000 |
Total Fair Value | 38,841,000 | 40,720,000 |
Total Unrealized Losses | $ 629,000 | $ 637,000 |
INVESTMENT SECURITIES (Narrativ
INVESTMENT SECURITIES (Narrative) (Details) $ in Thousands | Mar. 31, 2017USD ($)Investment_Positions | Dec. 31, 2016USD ($) |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged to secure public deposits | $ | $ 332,400 | $ 332,700 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities and Held-to-maturity investments in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 287 | |
Available-for-sale Securities and Held-To-Maturity, Continuous Unrealized Loss Position, Accumulated Loss | $ | $ 1,900 | |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities and Held-to-maturity investments in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 149 | |
Available-for-sale Securities and Held-to-maturity investments in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 2 | |
Available-for-sale Securities and Held-To-Maturity, Continuous Unrealized Loss Position, Accumulated Loss | $ | $ 100 | |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities and Held-to-maturity investments in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 116 | |
Available-for-sale Securities and Held-to-maturity investments in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 11 | |
Available-for-sale Securities and Held-To-Maturity, Continuous Unrealized Loss Position, Accumulated Loss | $ | $ 1,600 | |
U.S. Government Agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities and Held-to-maturity investments in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 22 | |
Available-for-sale Securities and Held-to-maturity investments in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 7 | |
Available-for-sale Securities and Held-To-Maturity, Continuous Unrealized Loss Position, Accumulated Loss | $ | $ 200 |
LOANS, NET (Portfolio Compositi
LOANS, NET (Portfolio Composition) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Loan Portfolio Composition | |||
Loans and Leases Receivable, Net of Deferred Income | $ 1,584,959 | $ 1,561,289 | |
Net deferred fees | 600 | 500 | |
Commercial, Financial and Agricultural [Member] | |||
Loan Portfolio Composition | |||
Loans and Leases Receivable, Net of Deferred Income | 214,595 | 216,404 | |
Real Estate - Construction [Member] | |||
Loan Portfolio Composition | |||
Loans and Leases Receivable, Net of Deferred Income | 59,938 | 58,443 | |
Real Estate - Commercial Mortgage [Member] | |||
Loan Portfolio Composition | |||
Loans and Leases Receivable, Net of Deferred Income | 503,868 | 503,978 | |
Real Estate - Residential [Member] | |||
Loan Portfolio Composition | |||
Loans and Leases Receivable, Net of Deferred Income | [1] | 304,992 | 281,509 |
Loans in Process with outstanding balances | 10,500 | 9,600 | |
Real Estate - Home Equity [Member] | |||
Loan Portfolio Composition | |||
Loans and Leases Receivable, Net of Deferred Income | 231,300 | 236,512 | |
Consumer [Member] | |||
Loan Portfolio Composition | |||
Loans and Leases Receivable, Net of Deferred Income | $ 270,266 | $ 264,443 | |
[1] | Includes loans in process with outstanding balances of $ 10.5 million and $ 9.6 million at March 31, 2017 and December 31, 2016 , respectively. |
LOANS, NET (Recorded Investment
LOANS, NET (Recorded Investment In Nonaccrual and Past Due Loans(Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | $ 8,298 | $ 8,533 |
Total Past Due | 3,263 | 6,438 |
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 | 0 | 0 |
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 | 538 | 468 |
Total Past Due | 237 | 257 |
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 | 0 | 0 |
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 | 363 | 311 |
Total Past Due | 0 | 1,231 |
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 | 0 | 0 |
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 | 3,970 | 3,410 |
Total Past Due | 246 | 836 |
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 | 0 | 0 |
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 | 1,724 | 2,330 |
Total Past Due | 1,161 | 1,689 |
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 | 0 | 0 |
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 | 1,587 | 1,774 |
Total Past Due | 278 | 628 |
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 | 0 | 0 |
Consumer [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | 116 | 240 |
Total Past Due | 1,341 | 1,797 |
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 | $ 0 | $ 0 |
LOANS, NET (Loan Portfolio Agin
LOANS, NET (Loan Portfolio Aging) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 3,263 | $ 6,438 | |
Total Current | 1,573,398 | 1,546,318 | |
Total Loans | 1,584,959 | 1,561,289 | |
30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 2,754 | 5,285 | |
60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 509 | 1,153 | |
90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 0 | 0 | |
Commercial, Financial and Agricultural [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 237 | 257 | |
Total Current | 213,820 | 215,679 | |
Total Loans | 214,595 | 216,404 | |
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 | 205 | 209 | |
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 | 32 | 48 | |
Commercial, Financial and Agricultural [Member] | 90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 0 | 0 | |
Real Estate - Construction [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 0 | 1,231 | |
Total Current | 59,575 | 56,901 | |
Total Loans | 59,938 | 58,443 | |
Real Estate - Construction [Member] | 30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 0 | 949 | |
Real Estate - Construction [Member] | 60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 0 | 282 | |
Real Estate - Construction [Member] | 90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 0 | 0 | |
Real Estate - Commercial Mortgage [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 246 | 836 | |
Total Current | 499,652 | 499,732 | |
Total Loans | 503,868 | 503,978 | |
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 | 69 | 835 | |
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 | 177 | 1 | |
Real Estate - Commercial Mortgage [Member] | 90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 0 | 0 | |
Real Estate - Residential [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 1,161 | 1,689 | |
Total Current | 302,107 | 277,490 | |
Total Loans | [1] | 304,992 | 281,509 |
Real Estate - Residential [Member] | 30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 1,094 | 1,199 | |
Real Estate - Residential [Member] | 60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 67 | 490 | |
Real Estate - Residential [Member] | 90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 0 | 0 | |
Real Estate - Home Equity [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 278 | 628 | |
Total Current | 229,435 | 234,110 | |
Total Loans | 231,300 | 236,512 | |
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 | 263 | 577 | |
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 | 15 | 51 | |
Real Estate - Home Equity [Member] | 90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 0 | 0 | |
Consumer [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 1,341 | 1,797 | |
Total Current | 268,809 | 262,406 | |
Total Loans | 270,266 | 264,443 | |
Consumer [Member] | 30-59 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 1,123 | 1,516 | |
Consumer [Member] | 60-89 DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | 218 | 281 | |
Consumer [Member] | 90 +DPD [Member] | |||
Aging of the recorded investment in past due loans by class of loans | |||
Total Past Due | $ 0 | $ 0 | |
[1] | Includes loans in process with outstanding balances of $ 10.5 million and $ 9.6 million at March 31, 2017 and December 31, 2016 , respectively. |
LOANS, NET (Allowance for Loan
LOANS, NET (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | $ 13,431 | $ 13,953 |
Provision for Loan Losses | 310 | 452 |
Charge-Offs | (996) | (1,443) |
Recoveries | 590 | 651 |
Net Charge-Offs | (406) | (792) |
Ending Balance | 13,335 | 13,613 |
Commercial, Financial and Agricultural [Member] | ||
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | 1,198 | 905 |
Provision for Loan Losses | (36) | (24) |
Charge-Offs | (93) | (37) |
Recoveries | 81 | 39 |
Net Charge-Offs | (12) | 2 |
Ending Balance | 1,150 | 883 |
Real Estate - Construction [Member] | ||
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | 168 | 101 |
Provision for Loan Losses | (68) | 0 |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Net Charge-Offs | 0 | 0 |
Ending Balance | 100 | 101 |
Real Estate - Commercial Mortgage [Member] | ||
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | 4,315 | 4,498 |
Provision for Loan Losses | (187) | 44 |
Charge-Offs | (71) | (274) |
Recoveries | 23 | 81 |
Net Charge-Offs | (48) | (193) |
Ending Balance | 4,080 | 4,349 |
Real Estate - Residential [Member] | ||
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | 3,445 | 4,409 |
Provision for Loan Losses | (166) | (30) |
Charge-Offs | (116) | (478) |
Recoveries | 213 | 236 |
Net Charge-Offs | 97 | (242) |
Ending Balance | 3,376 | 4,137 |
Real Estate - Home Equity [Member] | ||
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | 2,297 | 2,473 |
Provision for Loan Losses | 288 | 118 |
Charge-Offs | (92) | (215) |
Recoveries | 29 | 59 |
Net Charge-Offs | (63) | (156) |
Ending Balance | 2,522 | 2,435 |
Consumer [Member] | ||
Activity in the allowance for loan losses by portfolio class | ||
Beginning Balance | 2,008 | 1,567 |
Provision for Loan Losses | 479 | 344 |
Charge-Offs | (624) | (439) |
Recoveries | 244 | 236 |
Net Charge-Offs | (380) | (203) |
Ending Balance | $ 2,107 | $ 1,708 |
LOANS, NET (Allowance for Loa35
LOANS, NET (Allowance for Loan Losses by Impairment Methodology) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | $ 4,058 | $ 4,020 | $ 4,355 |
Loans Collectively Evaluated for Impairment | 9,277 | 9,411 | 9,258 |
Ending Balance | 13,335 | 13,431 | 13,613 |
Commercial, Financial and Agricultural [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 94 | 80 | 72 |
Loans Collectively Evaluated for Impairment | 1,056 | 1,118 | 811 |
Ending Balance | 1,150 | 1,198 | 883 |
Real Estate - Construction [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 2 | 0 | 0 |
Loans Collectively Evaluated for Impairment | 98 | 168 | 101 |
Ending Balance | 100 | 168 | 101 |
Real Estate - Commercial Mortgage [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 2,027 | 2,038 | 1,936 |
Loans Collectively Evaluated for Impairment | 2,053 | 2,277 | 2,413 |
Ending Balance | 4,080 | 4,315 | 4,349 |
Real Estate - Residential [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 1,486 | 1,561 | 1,954 |
Loans Collectively Evaluated for Impairment | 1,890 | 1,884 | 2,183 |
Ending Balance | 3,376 | 3,445 | 4,137 |
Real Estate - Home Equity [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 445 | 335 | 389 |
Loans Collectively Evaluated for Impairment | 2,077 | 1,962 | 2,046 |
Ending Balance | 2,522 | 2,297 | 2,435 |
Consumer [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 4 | 6 | 4 |
Loans Collectively Evaluated for Impairment | 2,103 | 2,002 | 1,704 |
Ending Balance | $ 2,107 | $ 2,008 | $ 1,708 |
LOANS, NET (Loan Balances by Im
LOANS, NET (Loan Balances by Impairment Methodology) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | $ 43,019 | $ 44,289 | $ 43,248 |
Financing Receivable, Collectively Evaluated for Impairment | 1,541,940 | 1,517,000 | 1,463,587 |
Total | 1,584,959 | 1,561,289 | 1,506,835 |
Commercial, Financial and Agricultural [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 1,238 | 1,042 | 812 |
Financing Receivable, Collectively Evaluated for Impairment | 213,357 | 215,362 | 182,869 |
Total | 214,595 | 216,404 | 183,681 |
Real Estate - Construction [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 362 | 247 | 0 |
Financing Receivable, Collectively Evaluated for Impairment | 59,576 | 58,196 | 42,537 |
Total | 59,938 | 58,443 | 42,537 |
Real Estate - Commercial Mortgage [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 23,061 | 23,855 | 20,798 |
Financing Receivable, Collectively Evaluated for Impairment | 480,807 | 480,123 | 482,461 |
Total | 503,868 | 503,978 | 503,259 |
Real Estate - Residential [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 14,699 | 15,596 | 18,221 |
Financing Receivable, Collectively Evaluated for Impairment | 290,293 | 265,913 | 277,849 |
Total | 304,992 | 281,509 | 296,070 |
Real Estate - Home Equity [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 3,514 | 3,375 | 3,211 |
Financing Receivable, Collectively Evaluated for Impairment | 227,786 | 233,137 | 230,917 |
Total | 231,300 | 236,512 | 234,128 |
Consumer [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 145 | 174 | 206 |
Financing Receivable, Collectively Evaluated for Impairment | 270,121 | 264,269 | 246,954 |
Total | $ 270,266 | $ 264,443 | $ 247,160 |
LOANS, NET (Impaired Loans) (De
LOANS, NET (Impaired Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Impaired Financing Receivable Recorded Investment [Abstract] | ||
Unpaid Principal Balance | $ 43,019 | $ 44,289 |
Recorded Investment With No Allowance | 13,054 | 13,964 |
Recorded Investment With Allowance | 29,965 | 30,325 |
Related Allowance | 4,058 | 4,020 |
Commercial, Financial and Agricultural [Member] | ||
Impaired Financing Receivable Recorded Investment [Abstract] | ||
Unpaid Principal Balance | 1,238 | 1,042 |
Recorded Investment With No Allowance | 355 | 565 |
Recorded Investment With Allowance | 883 | 477 |
Related Allowance | 94 | 80 |
Real Estate - Construction [Member] | ||
Impaired Financing Receivable Recorded Investment [Abstract] | ||
Unpaid Principal Balance | 362 | 247 |
Recorded Investment With No Allowance | 298 | 0 |
Recorded Investment With Allowance | 64 | 247 |
Related Allowance | 2 | 0 |
Real Estate - Commercial Mortgage [Member] | ||
Impaired Financing Receivable Recorded Investment [Abstract] | ||
Unpaid Principal Balance | 23,061 | 23,855 |
Recorded Investment With No Allowance | 8,189 | 8,954 |
Recorded Investment With Allowance | 14,872 | 14,901 |
Related Allowance | 2,027 | 2,038 |
Real Estate - Residential [Member] | ||
Impaired Financing Receivable Recorded Investment [Abstract] | ||
Unpaid Principal Balance | 14,699 | 15,596 |
Recorded Investment With No Allowance | 2,609 | 2,509 |
Recorded Investment With Allowance | 12,090 | 13,087 |
Related Allowance | 1,486 | 1,561 |
Real Estate - Home Equity [Member] | ||
Impaired Financing Receivable Recorded Investment [Abstract] | ||
Unpaid Principal Balance | 3,514 | 3,375 |
Recorded Investment With No Allowance | 1,549 | 1,871 |
Recorded Investment With Allowance | 1,965 | 1,504 |
Related Allowance | 445 | 335 |
Consumer [Member] | ||
Impaired Financing Receivable Recorded Investment [Abstract] | ||
Unpaid Principal Balance | 145 | 174 |
Recorded Investment With No Allowance | 54 | 65 |
Recorded Investment With Allowance | 91 | 109 |
Related Allowance | $ 4 | $ 6 |
LOANS, NET (Impaired Loans Aver
LOANS, NET (Impaired Loans Average Investment and Interest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
ImpairedFinancingReceivableAverageRecordedInvestmentAbstract | ||
Average Recorded Investment | $ 43,654 | $ 43,501 |
Total Interest Income | 444 | 490 |
Commercial, Financial and Agricultural [Member] | ||
ImpairedFinancingReceivableAverageRecordedInvestmentAbstract | ||
Average Recorded Investment | 1,140 | 823 |
Total Interest Income | 12 | 13 |
Real Estate - Construction [Member] | ||
ImpairedFinancingReceivableAverageRecordedInvestmentAbstract | ||
Average Recorded Investment | 305 | 49 |
Total Interest Income | 0 | 0 |
Real Estate - Commercial Mortgage [Member] | ||
ImpairedFinancingReceivableAverageRecordedInvestmentAbstract | ||
Average Recorded Investment | 23,458 | 20,822 |
Total Interest Income | 223 | 239 |
Real Estate - Residential [Member] | ||
ImpairedFinancingReceivableAverageRecordedInvestmentAbstract | ||
Average Recorded Investment | 15,147 | 18,395 |
Total Interest Income | 180 | 209 |
Real Estate - Home Equity [Member] | ||
ImpairedFinancingReceivableAverageRecordedInvestmentAbstract | ||
Average Recorded Investment | 3,445 | 3,178 |
Total Interest Income | 27 | 27 |
Consumer [Member] | ||
ImpairedFinancingReceivableAverageRecordedInvestmentAbstract | ||
Average Recorded Investment | 159 | 234 |
Total Interest Income | $ 2 | $ 2 |
LOANS, NET (Risk Category by Lo
LOANS, NET (Risk Category by Loan Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | $ 1,584,959 | $ 1,561,289 |
Commercial, Financial and Agricultural [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 214,595 | 216,404 |
Real Estate [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 58,164 | 62,983 |
Consumer [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 270,266 | 264,443 |
Criticized [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 64,294 | 68,206 |
Criticized [Member] | Commercial, Financial and Agricultural [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 5,582 | 4,458 |
Criticized [Member] | Real Estate [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 58,164 | 62,983 |
Criticized [Member] | Consumer [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 548 | 765 |
Special Mention [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 23,316 | 26,699 |
Special Mention [Member] | Commercial, Financial and Agricultural [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 4,189 | 3,300 |
Special Mention [Member] | Real Estate [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 18,940 | 23,183 |
Special Mention [Member] | Consumer [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 187 | 216 |
Substandard [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 40,978 | 41,507 |
Substandard [Member] | Commercial, Financial and Agricultural [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 1,393 | 1,158 |
Substandard [Member] | Real Estate [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 39,224 | 39,800 |
Substandard [Member] | Consumer [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 361 | 549 |
Doubtful [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Doubtful [Member] | Commercial, Financial and Agricultural [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Doubtful [Member] | Real Estate [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ||
LoansAndLeasesReceivableGrossCarryingAmountAbstract | ||
Loans and Leases Receivable, Net of Deferred Income | $ 0 | $ 0 |
LOANS, NET (Troubled Debt Restr
LOANS, NET (Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Accruing | $ 36,555 | $ 38,233 |
Nonaccruing | 2,511 | 1,743 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 870 | 772 |
Nonaccruing | 0 | 40 |
Real Estate - Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 0 | 0 |
Nonaccruing | 65 | 0 |
Real Estate - Commercial Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 19,296 | 20,673 |
Nonaccruing | 1,948 | 1,259 |
Real Estate - Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 13,648 | 13,969 |
Nonaccruing | 420 | 444 |
Real Estate - Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 2,597 | 2,647 |
Nonaccruing | 78 | 0 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 144 | 172 |
Nonaccruing | $ 0 | $ 0 |
LOANS, NET (Modified Troubled D
LOANS, NET (Modified Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)Contracts | Mar. 31, 2016USD ($)Contracts | ||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 2 | 10 | |
Pre-Modified Recorded Investment | $ 120 | $ 1,019 | |
Post-Modified Recorded Investment | [1] | $ 120 | $ 1,021 |
Commercial, Financial and Agricultural [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 0 | 0 | |
Pre-Modified Recorded Investment | $ 0 | $ 0 | |
Post-Modified Recorded Investment | $ 0 | $ 0 | |
Real Estate - Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 1 | 0 | |
Pre-Modified Recorded Investment | $ 64 | $ 0 | |
Post-Modified Recorded Investment | $ 65 | $ 0 | |
Real Estate - Commercial Mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 0 | 1 | |
Pre-Modified Recorded Investment | $ 0 | $ 332 | |
Post-Modified Recorded Investment | $ 0 | $ 332 | |
Real Estate - Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 0 | 5 | |
Pre-Modified Recorded Investment | $ 0 | $ 499 | |
Post-Modified Recorded Investment | $ 0 | $ 500 | |
Real Estate - Home Equity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 1 | 4 | |
Pre-Modified Recorded Investment | $ 56 | $ 188 | |
Post-Modified Recorded Investment | $ 55 | $ 189 | |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 0 | 0 | |
Pre-Modified Recorded Investment | $ 0 | $ 0 | |
Post-Modified Recorded Investment | $ 0 | $ 0 | |
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
LOANS, NET (Troubled Debt Res42
LOANS, NET (Troubled Debt Restructuring Defaults) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)Contracts | Mar. 31, 2016USD ($)Contracts | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 0 | 2 |
Post-Modified Recorded Investment | $ | $ 0 | $ 38 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 0 | 0 |
Post-Modified Recorded Investment | $ | $ 0 | $ 0 |
Real Estate - Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 0 | 0 |
Post-Modified Recorded Investment | $ | $ 0 | $ 0 |
Real Estate - Commercial Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 0 | 0 |
Post-Modified Recorded Investment | $ | $ 0 | $ 0 |
Real Estate - Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 0 | 0 |
Post-Modified Recorded Investment | $ | $ 0 | $ 0 |
Real Estate - Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 0 | 1 |
Post-Modified Recorded Investment | $ | $ 0 | $ 3 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 0 | 1 |
Post-Modified Recorded Investment | $ | $ 0 | $ 35 |
LOANS, NET (Method of Troubled
LOANS, NET (Method of Troubled Debt Restructuring Modifications) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)Contracts | Mar. 31, 2016USD ($)Contracts | ||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 2 | 10 | |
Post-Modified Recorded Investment | $ | [1] | $ 120 | $ 1,021 |
Extended Amortization [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 0 | 0 | |
Post-Modified Recorded Investment | $ | [1] | $ 0 | $ 0 |
Interest Rate Adjustment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 2 | 0 | |
Post-Modified Recorded Investment | $ | [1] | $ 120 | $ 0 |
Extended Amortization And Interest Rate Adjustment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 0 | 10 | |
Post-Modified Recorded Investment | $ | [1] | $ 0 | $ 1,021 |
Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 0 | 0 | |
Post-Modified Recorded Investment | $ | [1] | $ 0 | $ 0 |
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
OTHER REAL ESTATE OWNED (Other
OTHER REAL ESTATE OWNED (Other Real Estate Owned Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other Real Estate [Roll Forward] | ||
Beginning Balance | $ 10,638 | $ 19,290 |
Additions | 1,541 | 1,201 |
Valuation Write-Downs | (494) | (835) |
Sales | (2,111) | (2,206) |
Other | (73) | 0 |
Ending Balance | $ 9,501 | $ 17,450 |
OTHER REAL ESTATE OWNED (Othe45
OTHER REAL ESTATE OWNED (Other Real Estate Owned Net Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other Real Estate [Abstract] | ||
Gains from the Sale of Properties | $ (106) | $ (129) |
Losses from the Sale of Properties | 102 | 369 |
Rental Income from Properties | (32) | 0 |
Property Carrying Costs | 125 | 350 |
Valuation Adjustments | 494 | 835 |
Total | $ 583 | $ 1,425 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Pension Plan [Member] | ||
Components of Net Periodic Benefit Costs: | ||
Service Cost | $ 1,688 | $ 1,613 |
Interest Cost | 1,437 | 1,397 |
Expected Return on Plan Assets | (2,006) | (1,934) |
Prior Service Cost Amortization | 56 | 69 |
Net Gain (Loss) Amortization | 953 | 801 |
Net Periodic Benefit Cost (Income) | $ 2,128 | $ 1,946 |
Discount Rate (in percent) | 4.21% | 4.52% |
Long-Term Rate of Return on Assets (in percent) | 7.25% | 7.50% |
Supplemental Executive Retirement Plan [Member] | ||
Components of Net Periodic Benefit Costs: | ||
Service Cost | $ 0 | $ 0 |
Interest Cost | 48 | 40 |
Expected Return on Plan Assets | 0 | 0 |
Prior Service Cost Amortization | 0 | 0 |
Net Gain (Loss) Amortization | 149 | 190 |
Net Periodic Benefit Cost (Income) | $ 197 | $ 230 |
Discount Rate (in percent) | 3.92% | 4.13% |
COMMITMENTS AND CONTINGENCIES47
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Fixed | $ 77,970 | $ 74,761 |
Variable | 346,911 | 332,420 |
Total | 424,881 | 407,181 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Fixed | 72,917 | 69,993 |
Variable | 346,911 | 332,420 |
Total | 419,828 | 402,413 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Fixed | 5,053 | 4,768 |
Variable | 0 | 0 |
Total | $ 5,053 | $ 4,768 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 287,989 | $ 286,278 |
U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 143,433 | 131,640 |
States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 99,700 | 94,839 |
Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 1,392 | 1,430 |
Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 8,588 | 8,547 |
Level 1 Inputs [Member] | U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 287,989 | 286,278 |
Level 1 Inputs [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 1 Inputs [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 1 Inputs [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 1 Inputs [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 143,433 | 131,640 |
Fair Value, Inputs, Level 2 [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 99,700 | 94,839 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 1,392 | 1,430 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 8,588 | 8,547 |
Fair Value, Inputs, Level 3 [Member] | U.S. Government Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Financ
FAIR VALUE MEASUREMENTS (Financial Instruments) (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS: | ||
Investment Securities, Available for Sale | $ 541,102,000 | $ 522,734,000 |
Investment securities, held to maturity, fair value | 157,885,000 | 176,746,000 |
Level 1 Inputs [Member] | ||
ASSETS: | ||
Cash | 47,650,000 | 48,268,000 |
Short-Term Investments | 290,897,000 | 247,779,000 |
Investment Securities, Available for Sale | 287,889,000 | 286,278,000 |
Investment Securities, Held to Maturity | 93,263,000 | 119,157,000 |
Fair Value, Inputs, Level 2 [Member] | ||
ASSETS: | ||
Investment Securities, Available for Sale | 253,113,000 | 236,456,000 |
Investment Securities, Held to Maturity | 64,622,000 | 57,589,000 |
Loans Held for Sale | 7,498,000 | 10,886,000 |
LIABILITIES: | ||
Deposits | 2,311,870,000 | 2,272,572,000 |
Short-Term Borrowings | 7,640,000 | 12,802,000 |
Subordinated Notes Payable | 41,493,000 | 42,024,000 |
Long-Term Borrowings | 16,683,000 | 15,122,000 |
Fair Value, Inputs, Level 3 [Member] | ||
ASSETS: | ||
Loans, Net of Allowance for Loan Losses | 1,564,508,000 | 1,543,576,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
ASSETS: | ||
Cash | 47,650,000 | 48,268,000 |
Short-Term Investments | 290,897,000 | 247,779,000 |
Investment Securities, Available for Sale | 541,102,000 | 522,734,000 |
Investment Securities, Held to Maturity | 158,515,000 | 177,365,000 |
Loans Held for Sale | 7,498,000 | 10,886,000 |
Loans, Net of Allowance for Loan Losses | 1,571,624,000 | 1,547,858,000 |
LIABILITIES: | ||
Deposits | 2,459,305,000 | 2,412,286,000 |
Short-Term Borrowings | 7,603,000 | 12,749,000 |
Subordinated Notes Payable | 52,887,000 | 52,887,000 |
Long-Term Borrowings | $ 16,460,000 | $ 14,881,000 |
OTHER COMPREHENSIVE INCOME (L50
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Investment Securities Before Tax Amount [Abstract] | ||
Change in net unrealized gain/loss on securities available for sale before tax | $ 505 | $ 1,784 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity before tax | 20 | 19 |
Total Investment Securities | 525 | 1,803 |
Investment Securities Tax Expense (Benefit) [Abstract] | ||
Change in net unrealized gain/loss on securities available for sale tax expense (benefit) | (196) | (688) |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity tax expense (benefit) | (8) | (7) |
Other comprehensive income (loss), tax expense (benefit) | (204) | (695) |
Investment Securities Net of Tax Amount [Abstract] | ||
Change in net unrealized gain/loss on securities available for sale Net of Tax amount | 309 | 1,096 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity net of tax | 12 | 12 |
Total other comprehensive income (loss) Net of Tax | $ 321 | $ 1,108 |
OTHER COMPREHENSIVE INCOME (L51
OTHER COMPREHENSIVE INCOME (LOSS) (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Activity in accumulated other comprehensive loss, net of tax | ||
Balance, Begining | $ (26,225) | $ (22,257) |
Other comprehensive loss during the period | 321 | 1,108 |
Balance, Ending | (25,904) | (21,149) |
Securities Available for Sale [Member] | ||
Activity in accumulated other comprehensive loss, net of tax | ||
Balance, Begining | (583) | (127) |
Other comprehensive loss during the period | 321 | 1,108 |
Balance, Ending | (262) | 981 |
Retirement Plans [Member] | ||
Activity in accumulated other comprehensive loss, net of tax | ||
Balance, Begining | (25,642) | (22,130) |
Other comprehensive loss during the period | 0 | 0 |
Balance, Ending | $ (25,642) | $ (22,130) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | 1 Months Ended |
Mar. 31, 2017USD ($) | |
Mettler Limited Partnership [Member] | Purchase of Loan Participation Interest [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Amounts of Transaction | $ 1,000,000 |