Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Registrant Name | CITY HOLDING CO | ||
Entity Central Index Key | 726,854 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 14,981,420 | ||
Trading Symbol | chco | ||
Entity Public Float | $ 720.5 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 58,829 | $ 138,503 |
Interest-bearing deposits in depository institutions | 11,284 | 9,725 |
Cash and Cash Equivalents | 70,113 | 148,228 |
Investment securities available for sale, at fair value | 369,466 | 254,043 |
Investment securities held-to-maturity, at amortized cost (approximate fair value at December 31, 2015 and 2014 - $90,810 and $94,191, respectively) | 88,937 | 90,786 |
Other securities | 12,915 | 9,857 |
Total Investment Securities | 471,318 | 354,686 |
Gross loans | 2,863,327 | 2,652,066 |
Allowance for loan losses | (20,044) | (20,150) |
Net Loans | 2,843,283 | 2,631,916 |
Bank owned life insurance | 97,919 | 95,116 |
Premises and equipment, net | 77,271 | 77,988 |
Accrued interest receivable | 7,432 | 6,826 |
Deferred tax asset, net | 29,974 | 36,766 |
Goodwill and other intangible assets, net | 79,792 | 74,198 |
Other assets | 36,957 | 35,909 |
Total Assets | 3,714,059 | 3,461,633 |
Liabilities | ||
Noninterest-bearing | 621,073 | 545,465 |
Interest-bearing: | ||
Demand deposits | 679,735 | 639,932 |
Savings deposits | 765,611 | 660,727 |
Time deposits | 1,017,556 | 1,026,663 |
Total Deposits | 3,083,975 | 2,872,787 |
Advances from Federal Home Loan Banks | 13,000 | 0 |
Securities Sold under Agreements to Repurchase | 141,869 | 134,931 |
Long-term debt | 16,495 | 16,495 |
Other liabilities | 39,448 | 46,567 |
Total Liabilities | 3,294,787 | 3,070,780 |
Shareholders’ Equity | ||
Preferred stock, par value $25 per share: 500,000 shares authorized; none issued | 0 | 0 |
Common stock, par value $2.50 per share: 50,000,000 shares authorized; 18,499,282 shares issued at December 31, 2015 and December 31, 2014, less 3,319,067 and 3,345,590, shares in treasury, respectively | 46,249 | 46,249 |
Capital surplus | 106,269 | 107,370 |
Retained earnings | 390,690 | 362,211 |
Treasury stock | (120,104) | (120,818) |
Accumulated other comprehensive income (loss): | ||
Unrealized gains on securities available-for-sale | 927 | 1,190 |
Underfunded pension liability | (4,759) | (5,349) |
Total Accumulated Other Comprehensive Loss | (3,832) | (4,159) |
Total Shareholders’ Equity | 419,272 | 390,853 |
Total Liabilities and Shareholders’ Equity | $ 3,714,059 | $ 3,461,633 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity | $ 90,810 | $ 94,191 |
Preferred stock, par value | $ 25 | $ 25 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 2.50 | $ 2.50 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 18,499,282 | 18,499,282 |
Common stock, treasury shares | 3,319,067 | 3,345,590 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income | |||
Interest and fees on loans | $ 115,107 | $ 116,658 | $ 126,594 |
Interest on investment securities: | |||
Taxable | 10,830 | 11,766 | 10,697 |
Tax-exempt | 1,137 | 1,142 | 1,226 |
Interest on federal funds sold | 0 | 0 | 22 |
Total Interest Income | 127,074 | 129,566 | 138,539 |
Interest Expense | |||
Interest on deposits | 10,886 | 11,012 | 12,358 |
Interest on short-term borrowings | 327 | 342 | 325 |
Interest on long-term debt | 617 | 606 | 618 |
Total Interest Expense | 11,830 | 11,960 | 13,301 |
Net Interest Income | 115,244 | 117,606 | 125,238 |
Provision for loan losses | 6,988 | 4,054 | 6,848 |
Net Interest Income After Provision for Loan Losses | 108,256 | 113,552 | 118,390 |
Non-interest Income | |||
Gains on sale of investment securities | 2,130 | 1,156 | 764 |
Service charges | 26,316 | 26,583 | 27,596 |
Bankcard revenue | 15,894 | 15,063 | 13,521 |
Insurance commissions | 0 | 5,978 | 5,832 |
Trust and investment management fee income | 5,124 | 4,614 | 3,986 |
Bank owned life insurance | 3,374 | 3,070 | 3,391 |
Gain (Loss) on Disposition of Business | 11,084 | 0 | 0 |
Other income | 3,284 | 2,258 | 2,916 |
Total Non-interest Income | 67,206 | 58,722 | 58,006 |
Non-interest Expense | |||
Salaries and employee benefits | 47,847 | 51,749 | 51,430 |
Occupancy and equipment | 10,277 | 9,990 | 9,910 |
Depreciation | 6,088 | 6,087 | 5,757 |
FDIC insurance expense | 1,794 | 1,647 | 1,852 |
Advertising | 2,446 | 3,274 | 2,673 |
Bankcard expenses | 3,262 | 3,555 | 3,024 |
Postage, delivery, and statement mailings | 2,123 | 2,211 | 2,220 |
Office supplies | 1,350 | 1,595 | 1,728 |
Legal and professional fees | 2,391 | 2,049 | 3,028 |
Telecommunications | 1,765 | 1,876 | 2,212 |
Repossessed asset losses, net of expenses | 1,264 | 579 | 646 |
Business Combination, Acquisition Related Costs | 598 | 0 | 5,526 |
Other expenses | 11,746 | 10,429 | 12,900 |
Noninterest Expense | 92,951 | 95,041 | 102,906 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 82,511 | 77,233 | 73,490 |
Income tax expense | 28,414 | 24,271 | 25,275 |
Net Income Available to Common Shareholders | $ 54,097 | $ 52,962 | $ 48,215 |
Average common shares outstanding | 15,123 | 15,403 | 15,564 |
Employee stock options and warrant | 48 | 85 | 144 |
Effect of dilutive securities: | |||
Shares for diluted earnings per share | 15,171 | 15,488 | 15,708 |
Basic earnings per common share | $ 3.54 | $ 3.40 | $ 3.07 |
Diluted earnings per common share | 3.53 | 3.38 | 3.04 |
Dividends declared per common share | $ 1.68 | $ 1.60 | $ 1.48 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income available to common shareholders | $ 54,097 | $ 52,962 | $ 48,215 |
Unrealized gain (loss) on available-for-sale securities arising during period | 1,713 | 6,388 | (8,244) |
Reclassification adjustment for net gains | (2,130) | (1,156) | (764) |
Other comprehensive (loss) income related to available-for-sale securities | (417) | 5,232 | (9,008) |
Amortization of actuarial net gains | 975 | 669 | 895 |
Recognition of unrealized (losses) gains | (40) | (4,584) | 2,457 |
Change in underfunded pension liability | 935 | (3,915) | 3,352 |
Other comprehensive income (loss) before income taxes | 518 | 1,317 | (5,656) |
Tax effect | (191) | (486) | 2,088 |
Other comprehensive income (loss), net of tax | 327 | 831 | (3,568) |
Comprehensive income, net of tax | $ 54,424 | $ 53,793 | $ 44,647 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus[Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2012 | $ 333,274 | $ 46,249 | $ 103,524 | $ 309,270 | $ (124,347) | $ (1,422) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income available to common shareholders | 48,215 | 48,215 | ||||
Other Comprehensive Income (Loss), Net of Tax | (3,568) | (3,568) | ||||
Acquisition | 28,508 | 4,236 | 24,272 | |||
Cash dividends declared | (23,515) | (23,515) | ||||
Stock-based compensation expense, net | 1,282 | (37) | 1,319 | |||
Exercise of stock options | 3,427 | (127) | 3,554 | |||
Ending balance at Dec. 31, 2013 | 387,623 | 46,249 | 107,596 | 333,970 | (95,202) | (4,990) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income available to common shareholders | 52,962 | 52,962 | ||||
Other Comprehensive Income (Loss), Net of Tax | 831 | 831 | ||||
Cash dividends declared | (24,721) | (24,721) | ||||
Stock-based compensation expense, net | 1,535 | 64 | 1,471 | |||
Exercise of stock options | 580 | (290) | 870 | |||
Purchase of treasury shares | (27,957) | (27,957) | ||||
Ending balance at Dec. 31, 2014 | 390,853 | 46,249 | 107,370 | 362,211 | (120,818) | (4,159) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income available to common shareholders | 54,097 | 54,097 | ||||
Other Comprehensive Income (Loss), Net of Tax | 327 | 327 | ||||
Cash dividends declared | (25,618) | (25,618) | ||||
Stock-based compensation expense, net | 1,793 | 266 | 1,527 | |||
Exercise of stock options | 2,979 | (602) | 3,581 | |||
Stock Issued During Period, Value, Other | 1,896 | (765) | 2,661 | |||
Purchase of treasury shares | (7,055) | (7,055) | ||||
Ending balance at Dec. 31, 2015 | $ 419,272 | $ 46,249 | $ 106,269 | $ 390,690 | $ (120,104) | $ (3,832) |
Consolidated Statements Of Cha7
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared | $ 1.68 | $ 1.60 | $ 1.48 |
Exercise of stock options | 81,500 | 20,000 | 126,168 |
Stock Issued During Period, Shares, Other | 61,796 | 0 | 0 |
Purchase of treasury shares | 150,385 | 650,799 | 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net income available to common shareholders | $ 54,097 | $ 52,962 | $ 48,215 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization and accretion | (4,589) | (4,654) | (11,294) |
Provision for loan losses | 6,988 | 4,054 | 6,848 |
Depreciation of premises and equipment | 6,088 | 6,087 | 5,757 |
Deferred income tax expense | 6,627 | 4,585 | 4,686 |
Net periodic employee benefit cost | 836 | 500 | 903 |
Realized investment securities gains | (2,130) | (1,156) | (764) |
Stock-based compensation expense | 1,793 | 1,535 | 1,282 |
Increase in value of bank-owned life insurance | (3,374) | (3,069) | (3,211) |
Originations of loans held for sale | (17,849) | (8,763) | (23,280) |
Proceeds from loans held for sale | 18,668 | 8,319 | 27,830 |
Gain on sale of loans | (367) | (187) | (608) |
Gain (Loss) on Disposition of Business | (11,084) | 0 | 0 |
Proceeds from Life Insurance Policies | 571 | 0 | 0 |
Change in accrued interest receivable | (375) | 40 | 1,220 |
Change in other assets | 473 | (8,262) | 22,497 |
Change in other liabilities | (8,478) | 1,363 | (4,188) |
Net Cash Provided by Operating Activities | 47,895 | 53,354 | 75,893 |
Investing Activities | |||
Proceeds from sales of securities available-for-sale | 389 | 6,714 | 19,210 |
Proceeds from maturities and calls of securities available-for-sale | 55,726 | 48,983 | 91,096 |
Proceeds from maturities and calls of securities held-to-maturity | 13,191 | 6,501 | 10,223 |
Purchases of securities available-for-sale | (175,271) | (31,295) | (80,778) |
Purchases of securities held-to-maturity | (10,392) | (10,226) | 0 |
Net increase in loans | (100,130) | (43,714) | (83,962) |
Purchases of premises and equipment | (3,014) | (2,323) | (7,476) |
Gain (Loss) on Disposition of Property Plant Equipment | 141 | 649 | 854 |
Proceeds from Divestiture of Businesses | 15,250 | 0 | 0 |
Payments to Acquire Business, Net of Cash Acquired | 20,030 | 0 | (21,853) |
Net Cash Used in Investing Activities | (184,080) | (24,711) | (72,686) |
Financing Activities | |||
Net increase in noninterest-bearing deposits | 52,230 | 52,237 | 20,423 |
Net increase (decrease) in interest-bearing deposits | 18,544 | 36,203 | (26,450) |
Net increase (decrease) in short-term borrowings | 14,780 | (2,867) | 23,153 |
Purchases of treasury stock | (7,055) | (27,957) | 0 |
Proceeds from Stock Options Exercised, net of tax benefit | 2,979 | 580 | 3,427 |
Proceeds from Warrant Exercises | 1,896 | 0 | 0 |
Dividends paid | (25,304) | (24,487) | (22,878) |
Net Cash Provided by (Used in) Financing Activities | 58,070 | 33,709 | (2,325) |
(Decrease) Increase in Cash and Cash Equivalents | (78,115) | 62,352 | 882 |
Cash and cash equivalents at beginning of period | 148,228 | 85,876 | 84,994 |
Cash and Cash Equivalents at End of Period | $ 70,113 | $ 148,228 | $ 85,876 |
Consolidated Statements Of Cas9
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | ||
Cash acquired from acquisition | $ 561 | $ 8,888 |
Summary Of Significant Accounti
Summary Of Significant Accounting And Reporting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary Of Significant Accounting And Reporting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES Summary of Significant Accounting and Reporting Policies: The accounting and reporting policies of City Holding Company and its subsidiaries (the “Company”) conform with U. S. generally accepted accounting principles and require management to make estimates and develop assumptions that affect the amounts reported in the financial statements and related footnotes. Actual results could differ from management’s estimates. The following is a summary of the more significant policies. Principles of Consolidation: The consolidated financial statements include the accounts of City Holding Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity in conformity with U. S. generally accepted accounting principles. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (VIEs) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in an entity is present when an enterprise has a variable interest, or a combination of variable interests, that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The Company’s wholly owned subsidiary, City Holding Capital Trust III, is a VIE for which the Company is not the primary beneficiary. Accordingly, the accounts of this entity are not included in the Company’s consolidated financial statements. Certain amounts in the financial statements have been reclassified. Such reclassifications had no impact on shareholders’ equity or net income for any period. Description of Principal Markets and Services: The Company is a registered financial holding company under the Bank Holding Company Act headquartered in Charleston, West Virginia, and conducts its principal activities through its wholly-owned subsidiary, City National Bank of West Virginia (“City National”). City National is a retail and consumer-oriented community bank with 85 banking offices in West Virginia, Virginia, Kentucky and southeastern Ohio. City National provides credit, deposit, and trust and investment management services to its customers. In addition to its branch network, City National's delivery channels include ATMs, mobile banking, debit cards, interactive voice response systems and Internet technology. The Company conducts its business activities through one reportable business segment - community banking. Cash and Due from Banks: The Company considers cash, due from banks, and interest-bearing deposits in depository institutions as cash and cash equivalents. Securities: Management determines the appropriate classification of securities at the time of purchase. If management has the intent and the Company has the ability at the time of purchase to hold debt securities to maturity, they are classified as investment securities held-to-maturity and are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts. Debt securities which the Company may not hold to maturity are classified as investment securities available-for-sale along with the Company’s investment in equity securities. Securities available-for-sale are carried at fair value, with the unrealized gains and losses, net of tax, reported in comprehensive income. Securities classified as available-for-sale include securities that management intends to use as part of its asset/liability management strategy and that may be sold in response to changes in interest rates, resultant prepayment risk, and other factors. The Company utilizes a third party pricing service provider to value its investment portfolio. Annually, the Company obtains an independent auditor’s report from its third party pricing service provider regarding its controls over valuation of investment securities. Although an unqualified opinion regarding the design and operating effectiveness of controls was issued, the report did contain caveats and disclaimers regarding the pricing information, such as the Company should review market values for reasonableness. On a quarterly basis, the Company selects a sample of its debt securities and reprices those securities with a third party that is independent of the primary pricing service provider to verify the reasonableness of the fair values. Also, on a quarterly basis, the Company performs a review of investment securities to determine if any unrealized losses are other than temporarily impaired. Management considers the following, among other things, in its determination of the nature of the unrealized losses, (i) the length of time and the extent to which the fair value has been less than cost; (ii) the financial condition, capital strength, and near–term ( 12 months) prospects of the issuer, including any specific events which may influence the operations of the issuer such as changes in technology that may impair the earnings potential of the investment or the discontinuance of a segment of the business that may affect the future earnings potential; (iii) the historical volatility in the market value of the investment and/or the liquidity or illiquidity of the investment; (iv) adverse conditions specifically related to the security, an industry, or a geographic area; or (v) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The Company continues to actively monitor the market value of these investments along with the financial strength of the issuers behind these securities, as well as its entire investment portfolio. Based on the market information available, the Company believes that (i) the declines in fair value are temporary, driven by fluctuations in the interest rate environment and not due to the credit worthiness of the issuers, (ii) the Company does not have the intent to sell any of the securities classified as available for sale, and (iii) it is more likely than not that the Company will not have to sell any such securities before recovery of cost. The Company cannot guarantee that such securities will recover and if additional information becomes available in the future to suggest that the losses are other than temporary, the Company may need to record impairment charges in the future. The specific identification method is used to determine the cost basis of securities sold. Certain investment securities that do not have readily determinable fair values and for which the Company does not exercise significant influence are carried at cost and classified as other investment securities on the Consolidated Balance Sheets. These cost-method investments are reviewed for impairment at least annually or sooner if events or changes in circumstances indicate the carrying value may not be recoverable. Loans: Loans, excluding previously securitized loans, which are discussed separately below, are reported at the principal amount outstanding, net of unearned income. Portfolio loans include those for which management has the intent and City has the ability to hold for the foreseeable future, or until maturity or payoff. The foreseeable future is based upon management’s judgment of current business strategies and market conditions, the type of loan, asset/liability management, and liquidity. Interest income on loans is accrued and credited to operations based upon the principal amount outstanding, using methods that generally result in level rates of return. Loan origination fees, and certain direct costs, are deferred and amortized as an adjustment to the yield over the term of the loan. The accrual of interest income generally is discontinued when a loan becomes 90 days past due as to principal or interest for all loan types. However, any loan may be placed on non-accrual if the Company receives information that indicates that it is probable a borrower will be unable to meet the contractual terms of their respective loan agreement. Other indicators considered for placing a loan on non-accrual status include the borrower’s involvement in bankruptcies, foreclosures, repossessions, litigation and any other situation resulting in doubt as to whether full collection of contractual principal and interest is attainable. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and interest accrued in prior years is charged to the allowance for loan losses. Management may elect to continue the accrual of interest when the estimated net realizable value of collateral exceeds the principal balance and related accrued interest, and the loan is in process of collection. Generally for all loan classes, interest income during the period the loan is non-performing is recorded on a cash basis after recovery of principal is reasonably assured. Cash payments received on nonperforming loans are typically applied directly against the outstanding principal balance until the loan is fully repaid. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Generally, all loan types are considered past due when the contractual terms of a loan are not met and the borrower is 30 days or more past due on a payment. Furthermore, residential and home equity loans are generally subject to charge-off when the loan becomes 120 days past due, depending on the estimated fair value of the collateral less cost to dispose, versus the outstanding loan balance. Commercial loans are generally charged off when the loan becomes 120 days past due and consumer loans are generally charged off when the loan becomes 120 days past due. Acquired Loans: In determining the estimated fair value of the acquired loans, management considered several factors, such as estimated future credit losses, estimated prepayments, remaining lives of the acquired loans, estimated value of the underlying collateral and the present value of the cash flows expected to be received. For smaller loans not specifically reviewed, management grouped the loans into their respective homogeneous loan pool and applied a loss estimate accordingly. Acquired loans are accounted for using one of the two following accounting standards: (1) ASC Topic 310-20 is used to value loans that do not have evidence of credit quality deterioration. For these loans, the difference between the fair value of the loan and the amortized cost of the loan is amortized or accreted into income using the interest method. (2) ASC Topic 310-30 is used to value loans that have evidence of credit quality deterioration. For these loans, the expected cash flows that exceed the fair value of the loan represent the accretable yield, which is recognized as interest income on a level-yield basis over the expected cash flow periods of the loans. The non-accretable difference represents the difference between the contractually required principal and interest payments and the cash flows expected to be collected based upon management’s estimation. Subsequent decreases in the expected cash flows will require the Company to evaluate the need for additions to the Company’s allowance for loan losses. Subsequent increases in the expected cash flows will result in a reversal of the provision for loan losses to the extent of prior charges with a corresponding adjustment to the accretable yield, which will result in the recognition of additional interest income over the remaining lives of the loans. Previously Securitized Loans: Previously securitized loans represent the carrying value of loans beneficially owned by the Company as a result of exercising its early redemption option during 2003 and 2004 to fully redeem the obligations owed to investors (“notes”) in certain of the Company’s securitization transactions. The loans were recorded at the lower of fair value or their carrying values, which was the carrying value of the related retained interest asset underlying the securitization plus amounts remitted by the Company to the note holders to redeem the notes. Because the carrying value of the retained interests incorporated assumptions with regard to expected prepayment and default rates on the loans and also considered the expected timing and amount of cash flows to be received by the Company, the carrying value of the retained interests and the carrying value of the loans was less than the actual outstanding balance of the loans. Effective January 1, 2012, the carrying value of the remaining previously securitized loans was reduced to zero and any cash received on these loans is recorded as interest income in the period that it is received. Allowance for Loan Losses: The allowance for loan losses is maintained at a level that represents management’s best estimate of probable losses in the loan portfolio. Management’s determination of the appropriateness of the allowance for loan losses is based upon an evaluation of individual credits in the loan portfolio, historical loan loss experience, current economic conditions, and other relevant factors. This determination is inherently subjective, as it requires material estimates including the amounts and timing of future cash flows expected to be received on impaired loans that may be susceptible to significant change. These evaluations are conducted at least quarterly and more frequently if deemed necessary. The allowance for loan losses related to loans considered to be impaired is generally evaluated based on the discounted cash flows using the impaired loan’s initial effective interest rate or the fair value of the collateral for certain collateral dependent loans. Loan losses are charged against the allowance and recoveries of amounts previously charged off are credited to the allowance. A provision for loan losses is charged to operations based on management’s periodic evaluation of the appropriateness of the allowance after considering factors noted above, among others. In evaluating the appropriateness of its allowance for loan losses, the Company stratifies the loan portfolio into six major groupings, including commercial real estate, commercial and industrial, residential real estate, home equity, and others. Historical loss experience, as adjusted, is applied to the then outstanding balance of loans in each classification to estimate probable losses inherent in each segment of the portfolio. Historical loss experience is adjusted using a systematic weighted probability of potential risk factors that could result in actual losses deviating from prior loss experience. Risk factors considered by the Company in completing this analysis include: (1) unemployment and economic trends in the Company’s markets, (2) concentrations of credit, if any, among any industries, (3) trends in loan growth, loan mix, delinquencies, losses or credit impairment, (4) adherence to lending policies and others. Each risk factor is designated as low, moderate/increasing, or high based on the Company’s assessment of the risk to loss associated with each factor. Each risk factor is then weighted to consider probability of occurrence. Additionally, all commercial loans within the portfolio are subject to internal risk grading. Risk grades are generally assigned by the primary lending officer and are periodically evaluated by the Company’s internal loan review process. Based on an individual loan’s risk grade, estimated loss percentages are applied to the outstanding balance of the loan to determine the amount of probable loss. Premises and Equipment: Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets. Depreciation of leasehold improvements is computed using the straight-line method over the lesser of the term of the respective lease or the estimated useful life of the respective asset. Maintenance and repairs are charged to expense as incurred, while improvements that extend the useful life of premises and equipment are capitalized and depreciated over the estimated remaining life of the asset. Other Real Estate Owned: Other real estate owned (“OREO”) is comprised principally of commercial and residential real estate properties obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is included in Other Assets at the lower of estimated fair value of the asset, less estimated selling costs or the carrying amount of the loan. Changes to the value subsequent to transfer are recorded in non-interest expense, along with direct operating expenses. Gains or losses not previously recognized from sales of OREO are recognized in non-interest expense on the date of the sale. As of December 31, 2015 and 2014 , the amount of OREO included in Other Assets was $6.5 million and $8.2 million , respectively. Goodwill and Other Intangible Assets: Goodwill is the excess of the cost of an acquisition over the fair value of tangible and intangible assets acquired. Goodwill is not amortized. Intangible assets represent purchased assets that also lack physical substance, but can be separately distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset or liability. Intangible assets with determinable useful lives, such as core deposits, are amortized over their estimated useful lives. The Company performs an annual review for impairment in the recorded value of goodwill and indefinite lived intangible assets. Goodwill is tested for impairment between the annual tests if an event occurs or circumstances change that more than likely reduce the fair value of a reporting unit below its carrying value. An indefinite-lived intangible asset is tested for impairment between the annual tests if an event occurs or circumstances change indicating that the asset might be impaired. Securities Sold Under Agreements to Repurchase: Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold plus accrued interest. Securities sold primarily consists of U.S. government, federal agency, and municipal securities pledged as collateral under these financing arrangements and cannot be repledged or sold, unless replaced by the secured party. Insurance Commissions: Commission revenue was recognized as of the effective date of the insurance policy or the date the customer was billed, whichever was later. The Company also received contingent commissions from insurance companies as additional incentive for achieving specified premium volume goals and/or the loss experience of the insurance placed by the Company. The Company maintained a reserve for commission adjustments based on estimated policy cancellations. In January 2015, the Company sold its insurance operations, CityInsurance, to The Hilb Group, effective January 1, 2015. As a result of this sale, the Company recognized a one-time, after tax gain of $5.8 million . Derivative Financial Instruments: The Company enters into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. All derivative instruments are carried at fair value on the balance sheet. As of December 31, 2015 and 2014 , the Company has derivative instruments not included in hedge relationships. These derivatives consist of interest rate swaps used for interest rate management purposes and derivatives executed with commercial banking customers to facilitate their interest rate management strategies. The change in the fair value of these derivative instruments is reflected in the statements of income. As of December 31, 2015 , the Company also has a derivative instrument that is included in hedge relationships. This derivative consists of an interest rate swap used for interest rate management purposes on commercial real estate loans. The change in the fair value of these derivative instruments is reflected in the statements of income and net swap settlements are recognized in interest income. Trust Assets: Assets held in a fiduciary or agency capacity for customers are not included in the accompanying financial statements since such items are not assets of the Company. Income Taxes: The consolidated provision for income taxes is based upon reported income and expense. Deferred income taxes are provided for temporary differences between financial reporting and tax bases of assets and liabilities, computed using enacted tax rates. The Company files a consolidated income tax return. The respective subsidiaries generally provide for income taxes on a separate return basis and remit amounts determined to be currently payable to the Parent Company. The Company and its subsidiaries are subject to examinations and challenges from federal and state taxing authorities regarding positions taken in returns. Uncertain tax positions are initially recognized in the consolidated financial statements when it is more likely than not the position will be sustained upon examination. These positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the taxing authority and assuming full knowledge of the position and all relevant facts by the taxing authority. The Company invests in certain limited partnerships that operate qualified low-income housing tax credit developments. These investments are considered variable interest entities for which the Company is not the primary beneficiary. The tax credits are reflected in the Consolidated Statements of Income as a reduction in income tax expense. The unamortized amount of the investments is recorded within Other Assets within the Consolidated Balance Sheets. The Company’s investments in affordable housing limited partnerships were $0.5 million and $0.9 million at December 31, 2015 and 2014 , respectively. Advertising Costs: Advertising costs are expensed as incurred. Stock-Based Compensation: Compensation expense related to stock options and restricted stock awards issued to employees is based upon the fair value of the award at the date of grant. The fair value of stock options is estimated utilizing a Black Scholes pricing model, while the fair value of restricted stock awards is based upon the stock price at the date of grant. Compensation expense is recognized on a straight line basis over the vesting period for options and the respective period for stock awards. Basic and Diluted Earnings per Common Share: Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding, excluding participating securities. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares outstanding, excluding participating securities, increased by the number of shares of common stock which would be issued assuming the exercise of stock options and other common stock equivalents. Recent Accounting Pronouncements: In January 2014, the FASB issued ASU No. 2014-04, "Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure." This ASU clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through similar legal agreement. Additionally, the amendments require interim and annual disclosures of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. This ASU became effective for the Company on January 1, 2015. The adoption of ASU 2014-04 did not have a material impact on the Company's financial statements. In April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU changes the requirements for reporting discontinued operations. A disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations when certain criteria are met. Additional disclosures are also required for disposals that meet the criteria to be reported in discontinued operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 relating to the sale of CityInsurance. The adoption of ASU 2014-08 did not have a material impact on the Company's financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." The core principle of the guidance 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. The core principle will be achieved using a five step process. In August 2015 the FASB issued Accounting Standards Update 2015-14, "Revenue from Contracts with Customers (Topic 606)," which amends the effective date for the Company from January 1, 2017 to January 1, 2018. The adoption of this standard is not expected to have a material impact on the Company's financial statements. In June 2014, the FASB issued ASU No. 2014-11, "Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures." The amendments in this update require two accounting changes. First, the amendments in this update change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counter-party, which will result in secured borrowing accounting for the repurchase agreement. This update also requires certain disclosures for these types of transactions. This ASU became effective for the Company on January 1, 2015. The adoption of ASU 2014-11 did not have a material impact on the Company's financial statements. In June 2014, the FASB issued ASU No. 2014-12, "Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." The amendments in this update require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Performance targets should not be reflected in estimating the grant date fair value of the award, but compensation cost should be recognized in the period for which the requisite service has already been rendered. This ASU will become effective for the Company on January 1, 2016, with early adoption permitted. The adoption of ASU 2014-12 is not expected to have a material impact on the Company's financial statements. In August 2014, the FASB issued ASU No. 2014-14, "Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure." The amendments in this update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if certain conditions are met. This ASU became effective for the Company on January 1, 2015. The adoption of ASU 2014-14 did not have a material impact on the Company's financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis." ASU 2015-02 eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. This ASU will become effective for the Company on January 1, 2016. The adoption of ASU 2015-02 is not expected to have a material impact on the Company's financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU will become effective for the Company on January 1, 2016. The adoption of ASU 2015-03 is not expected to have a material impact on the Company's financial statements. In April 2015, the FASB issued ASU No. 2015-05, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement." ASU 2015-05 provides guidance to clarify the customer’s accounting for fees paid in a cloud computing arrangement. This ASU will become effective for the Company on January 1, 2016. The adoption of ASU 2015-05 is not expected to have a material impact on the Company's financial statements. In May 2015, the FASB issued ASU No. 2015-07, "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. This ASU will become effective for the Company on January 1, 2016. The adoption of ASU 2015-07 is not expected to have a material impact on the Company's financial statements. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments." The amendments in ASU 2015-16 require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of the adjustments as a result of the change to the provisional amounts will be calculated as if the accounting had been completed at the acquisition date. The amount that would've been recorded in the previous reporting periods will be presented separately on the face of the income statement or disclosed in the notes to the financial statements. This ASU will become effective for the Company on January 1, 2016. The adoption of ASU 2015-16 is not expected to have a material impact on the Company's financial statements. In November 2015, the FASB issued ASU No. 2015-17, "Inco |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITION On November 6, 2015, the Company purchased three branches in Lexington, Kentucky from American Founders Bank, Inc. ("AFB"), a wholly owned subsidiary of Financial Holdings, Inc. The Company agreed to pay: (i) a $5.2 million premium on the non-time deposits acquired (representing a 5.5% premium on average balance for the preceding twenty days), (ii) a $1.2 million premium on the loans acquired (representing a 1.0% premium on loan balances at the date of acquisition, plus certain adjustments) and (iii) $4.0 million for the one bank owned branch. The purchase added approximately $145 million in deposits and $119 million in loans. Acquired Loans The Company did not acquire any purchased credit-impaired loans as a result of the branch acquisition. The following table presents information regard the noncredit-impaired loans acquired (in thousands): Outstanding balance $ 119,242 Less: fair value adjustment (1,763 ) Fair value of acquired noncredit-impaired loans $ 117,479 Acquired Deposits The fair values of non-time deposits approximated their carrying value at the acquisition date. For time deposits, the fair values were estimated based on discounted cash flows, using interest rates that are currently being offered compared to the contractual interest rates. Based on this analysis, management recorded a premium on time deposits acquired of $0.1 million , which is being amortized over 3 years . Core Deposit Intangible The Company believes that the customer relationships with the deposits acquired have an intangible value. In connection with this branch acquisition, the Company recorded a core deposit intangible asset of $1.4 million . The core deposit intangible asset represents the value that the acquiree had with their deposit customers. The fair value was estimated based on a discounted cash flow methodology that considered type of deposit, deposit retention and the cost of the deposit base. The core deposit intangible is being amortized over 10 years . Goodwill The Company recorded approximately $7.9 million in goodwill as a result of this acquisition. Under GAAP, management has up to twelve months following the date of the acquisition to finalize the fair values of acquired assets and liabilities. The measurement period ends as soon as the Company receives information it was seeking about facts and circumstances that existed as of the acquisition date or learns more information is not obtainable. Any subsequent adjustments to the fair value of the acquired assets and liabilities, intangible assets or other purchase accounting adjustments will result in adjustments to the goodwill recorded. The measurement period is limited to one year from the acquisition date. The goodwill recorded in conjunction with the branch acquisition is not expected to be deductible for tax purposes. Merger Related Costs During the year ended December 31, 2015 , the Company incurred $0.6 million of merger-related costs in connection with the AFB branch acquisition. During the year ended December 31, 2013 , the Company incurred $5.5 million of merger-related costs in connection with the Community acquisition. These costs were primarily for severance ( $2.5 million ), professional fees ( $1.4 million ) and data processing costs ( $1.1 million ). |
Restrictions On Cash Due From B
Restrictions On Cash Due From Banks | 12 Months Ended |
Dec. 31, 2015 | |
Restricted Cash and Investments [Abstract] | |
Restrictions On Cash Due From Banks | RESTRICTIONS ON CASH AND DUE FROM BANKS City National is required to maintain an average reserve balance with the Federal Reserve Bank of Richmond to compensate for services provided by the Federal Reserve and to meet statutory required reserves for demand deposits. The average amount of the reserve balance for the year ended December 31, 2015 was approximately $18.5 million . |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Investments | INVESTMENTS The aggregate carrying and approximate market values of securities follow (in thousands). Fair values are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable financial instruments. December 31, 2015 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available-for-sale: U.S. Treasuries and U.S. government agencies $ 5 $ — $ — $ 5 $ 1,816 $ 11 $ — $ 1,827 Obligations of states and political subdivisions 49,725 979 7 50,697 41,382 722 8 42,096 Mortgage-backed securities: U.S. government agencies 287,933 2,285 2,021 288,197 185,831 3,470 1,973 187,328 Private label 1,222 9 — 1,231 1,700 8 4 1,704 Trust preferred securities 6,550 463 1,155 5,858 9,763 425 1,152 9,036 Corporate securities 18,793 221 321 18,693 7,806 204 693 7,317 Total Debt Securities 364,228 3,957 3,504 364,681 248,298 4,840 3,830 249,308 Marketable equity securities 2,131 1,142 — 3,273 2,131 1,082 — 3,213 Investment funds 1,525 — 13 1,512 1,525 — 3 1,522 Total Securities Available-for-Sale $ 367,884 $ 5,099 $ 3,517 $ 369,466 $ 251,954 $ 5,922 $ 3,833 $ 254,043 December 31, 2015 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities held-to-maturity U.S. government agencies $ 84,937 $ 1,949 $ 76 $ 86,810 $ 86,742 $ 2,733 $ — $ 89,475 Trust preferred securities 4,000 — — 4,000 4,044 672 — 4,716 Total Securities Held-to-Maturity $ 88,937 $ 1,949 $ 76 $ 90,810 $ 90,786 $ 3,405 $ — $ 94,191 Other investment securities: Non-marketable equity securities $ 12,915 $ — $ — $ 12,915 $ 9,857 $ — $ — $ 9,857 Total Other Investment Securities $ 12,915 $ — $ — $ 12,915 $ 9,857 $ — $ — $ 9,857 Marketable equity securities consist of investments made by the Company in equity positions of various community banks. Included within this portfolio are ownership positions in the following community bank holding companies: First National Corporation (FXNC) ( 4% ) and Eagle Financial Services, Inc. (EFSI) ( 1.5% ). Securities with limited marketability, such as stock in the Federal Reserve Bank ("FRB") or the Federal Home Loan Bank ("FHLB"), are carried at cost and are reported as non-marketable equity securities in the table above. At December 31, 2015 and 2014 , there were no securities of any non-governmental issuer whose aggregate carrying value or estimated fair value exceeded 10% of shareholders' equity. Certain investment securities owned by the Company were in an unrealized loss position (i.e., amortized cost basis exceeded the estimated fair value of the securities) as of December 31, 2015 and 2014 . The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): December 31, 2015 Less Than Twelve Months Twelve Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Securities available-for-sale: Obligations of states and political subdivisions $ 2,406 $ 5 $ 128 $ 2 $ 2,534 $ 7 Mortgage-backed securities: U.S. Government agencies 129,612 688 34,044 1,333 163,656 2,021 Private label — — — — — — Trust preferred securities — — 4,769 1,155 4,769 1,155 Corporate securities 10,856 174 2,231 147 13,087 321 Investment funds — — 1,488 13 1,488 13 Total $ 142,874 $ 867 $ 42,660 $ 2,650 $ 185,534 $ 3,517 December 31, 2014 Less Than Twelve Months Twelve Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Securities available-for-sale: Obligations of states and political subdivisions $ 1,559 $ 3 $ 125 $ 5 $ 1,684 $ 8 Mortgage-backed securities: U.S. Government agencies — — 60,122 1,973 60,122 1,973 Private label 1,277 4 — — 1,277 4 Trust preferred securities — — 4,760 1,152 4,760 1,152 Corporate securities — — 4,049 693 4,049 693 Investment funds — — 1,496 3 1,496 3 Total $ 2,836 $ 7 $ 70,552 $ 3,826 $ 73,388 $ 3,833 During the years ended December 31, 2015 , 2014 , and 2013 the Company recorded no credit-related net investment impairment losses. The charges deemed to be other-than-temporary were related to pooled bank trust preferred securities and were based on the Company’s quarterly reviews of its investment securities for indications of losses considered to be other-than-temporary. The following table presents a progression of the credit loss component of OTTI on debt and equity securities recognized in earnings during the years ended December 31, 2015 and 2014 (in thousands). The credit loss component represents the difference between the present value of expected future cash flows and the amortized cost basis of the security. The credit component of OTTI recognized in earnings during a period is presented in two parts based upon whether the credit impairment in the current period is the first time the security was credit impaired (initial credit impairment) or if there is additional credit impairment on a security that was credit impaired in previous periods. Debt Securities Equity Securities Total Balance at January 1, 2014 $ 20,186 $ 4,698 $ 24,884 Additions: Additional credit impairment — — — Deductions: Called or Sold (3,600 ) (3,114 ) (6,714 ) Balance at December 31, 2014 16,586 1,584 18,170 Additions: Additional credit impairment — — — Deductions: Called or Sold — — — Balance at December 31, 2015 $ 16,586 $ 1,584 $ 18,170 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 would be reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers, among other things (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition, capital strength, and near-term (12 months) prospects of the issuer, including any specific events which may influence the operations of the issuer such as changes in technology that may impair the earnings potential of the investment or the discontinuance of a segment of the business that may affect the future earnings potential; (iii) the historical volatility in the market value of the investment and/or the liquidity or illiquidity of the investment; (iv) adverse conditions specifically related to the security, an industry, or a geographic area; or (v) the intent to sell the investment security and if it’s more likely than not that the Company will not have to sell the security before recovery of its cost basis. In addition, management also employs a continuous monitoring process in regards to its marketable equity securities, specifically its portfolio of regional community bank holdings. Although the regional community bank stocks that are owned by the Company are publicly traded, the trading activity for these stocks is minimal, with trading volumes of less than 0.2% of each respective company being traded on a daily basis. As part of management’s review process for these securities, management reviews the financial condition of each respective regional community bank for any indications of financial weakness. Management has the ability and intent to hold the securities classified as held-to-maturity until they mature, at which time the Company expects to receive full value for the securities. Furthermore, as of December 31, 2015 , management does not intend to sell an impaired security and it is not more than likely that it will be required to sell the security before the recovery of its amortized cost basis. The unrealized losses on debt securities are primarily the result of interest rate changes, credit spread fluctuations on agency-issued mortgage related securities, general financial market uncertainty and unprecedented market volatility. These conditions will not prohibit the Company from receiving its contractual principal and interest payments on its debt securities. The fair value is expected to recover as the securities approach their maturity date or repricing date. As of December 31, 2015 , management believes the unrealized losses detailed in the table above are temporary and no additional impairment loss has been recognized in the Company’s consolidated income statement. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss will be recognized in net income in the period the other-than-temporary impairment is identified, while any noncredit loss will be recognized in other comprehensive income. The amortized cost and estimated fair value of debt securities at December 31, 2015 , by contractual maturity, are shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity. Cost Estimated Fair Value Securities Available-for-Sale Due in one year or less $ 2,716 $ 2,740 Due after one year through five years 24,037 16,267 Due after five years through ten years 33,285 42,038 Due after ten years 304,190 303,636 $ 364,228 $ 364,681 Securities Held-to-Maturity Due in one year or less $ — $ — Due after one year through five years — — Due after five years through ten years — — Due after ten years 88,937 90,810 $ 88,937 $ 90,810 Gross gains and gross losses realized by the Company from investment security transactions are summarized in the table below (in thousands): For the year ended December 31, 2015 2014 2013 Gross realized gains $ 2,142 $ 1,256 $ 764 Gross realized losses (12 ) (100 ) — Investment security gains (losses) $ 2,130 $ 1,156 $ 764 The carrying value of securities pledged to secure public deposits and for other purposes as required or permitted by law approximated $291 million and $273 million at December 31, 2015 and 2014 , respectively. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2015 | |
Loans Receivable, Net [Abstract] | |
Loans | LOANS The following summarizes the Company’s major classifications for loans (in thousands): December 31, 2015 December 31, 2014 Residential real estate $ 1,383,133 $ 1,294,576 Home equity 147,036 145,604 Commercial and industrial 165,887 140,548 Commercial real estate 1,127,827 1,028,831 Consumer 36,083 39,705 DDA overdrafts 3,361 2,802 Gross loans 2,863,327 2,652,066 Allowance for loan losses (20,044 ) (20,150 ) Net loans $ 2,843,283 $ 2,631,916 Construction loans of $13.1 million and $23.0 million are included within residential real estate loans at December 31, 2015 and December 31, 2014 , respectively. Construction loans of $12.6 million and $28.7 million are included within commercial real estate loans at December 31, 2015 and December 31, 2014 , respectively. The Company’s commercial and residential real estate construction loans are primarily secured by real estate within the Company’s principal markets. These loans were originated under the Company’s loan policy, which is focused on the risk characteristics of the loan portfolio, including construction loans. Adequate consideration has been given to these loans in establishing the Company’s allowance for loan losses. The following table details the loans acquired in conjunction with the Virginia Savings, Community and AFB acquisitions (in thousands): Virginia Savings Community AFB Total December 31, 2015 Outstanding loan balance $ 28,914 $ 181,545 $ 112,862 $ 323,321 Credit-impaired loans: Carrying value 1,707 12,899 — 14,606 Contractual principal and interest 1,965 16,362 — 18,327 December 31, 2014 Outstanding loan balance $ 38,345 $ 219,923 $ — $ 258,268 Credit-impaired loans: Carrying value 1,964 15,365 — 17,329 Contractual principal and interest 2,407 23,277 — 25,684 Changes in the accretable yield and the carrying amount of the credit-impaired loans for the year December 31, 2015 is as follows (in thousands): Virginia Savings Community Total Accretable Yield Carrying Amount of Loans Accretable Yield Carrying Amount of Loans Accretable Yield Carrying Amount of Loans Balance at the beginning of the period $ 428 $ 1,964 $ 9,906 $ 15,365 $ 10,334 $ 17,329 Accretion (188 ) 188 (2,477 ) 2,477 (2,665 ) 2,665 Net reclassifications to accretable from non-accretable 185 — 918 — 1,103 — Payments received, net — (445 ) — (2,924 ) — (3,369 ) Disposals (51 ) — (2,081 ) (2,019 ) (2,132 ) (2,019 ) Balance at the end of period $ 374 $ 1,707 $ 6,266 $ 12,899 $ 6,640 $ 14,606 Increases in expected cash flow subsequent to the acquisition are recognized first as a reduction of any previous impairment, then prospectively through adjustment of the yield on the loans or pools over its remaining life, while decreases in expected cash flows are recognized as impairment through a provision for loan loss and an increase in the allowance for purchased credit-impaired loans. |
Allowance For Loan Losses
Allowance For Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Allowance For Loan Losses | ALLOWANCE FOR LOAN LOSSES Management systematically monitors the loan portfolio and the appropriateness of the allowance for loan losses on a quarterly basis to provide for probable losses inherent in the portfolio. Management assesses the risk in each loan type based on historical trends, the general economic environment of its local markets, individual loan performance and other relevant factors. Individual credits in excess of $1 million are selected at least annually for detailed loan reviews, which are utilized by management to assess the risk in the portfolio and the appropriateness of the allowance. Due to the nature of commercial lending, evaluation of the appropriateness of the allowance as it relates to these types of loan types is often based more upon specific credit reviews, with consideration given to the potential impairment of certain credits and historical loss rates, adjusted for economic conditions and other inherent risk factors. The following summarizes the activity in the allowance for loan loss, by portfolio segment (in thousands). The following also presents the balance in the allowance for loan loss disaggregated on the basis of the Company’s impairment measurement method and the related recorded investment in loans, by portfolio segment (in thousands). Commercial and industrial Commercial real estate Residential real estate Home equity Consumer DDA overdrafts Total December 31, 2015 Allowance for loan loss Beginning balance $ 1,582 $ 8,921 $ 7,208 $ 1,495 $ 85 $ 859 $ 20,150 Charge-offs (5,051 ) (580 ) (1,144 ) (312 ) (210 ) (1,414 ) (8,711 ) Recoveries 74 366 199 — 186 792 1,617 Provision 6,113 (929 ) 515 280 36 420 6,435 Provision for acquired loans with deteriorated credit quality 553 — — — — — 553 Ending balance $ 3,271 $ 7,778 $ 6,778 $ 1,463 $ 97 $ 657 $ 20,044 December 31, 2014 Allowance for loan loss Beginning balance $ 1,139 $ 10,775 $ 6,057 $ 1,672 $ 77 $ 855 $ 20,575 Charge-offs (323 ) (1,925 ) (1,762 ) (309 ) (188 ) (1,415 ) (5,922 ) Recoveries 89 113 187 — 204 850 1,443 Provision 394 (42 ) 2,726 132 (8 ) 569 3,771 Provision for acquired loans with deteriorated credit quality $ 283 $ — $ — $ — $ — $ — 283 Ending balance $ 1,582 $ 8,921 $ 7,208 $ 1,495 $ 85 $ 859 $ 20,150 As of December 31, 2015 Allowance for loan loss Evaluated for impairment: Individually $ — $ — $ — $ — $ — $ — $ — Collectively 3,267 6,966 6,777 1,451 97 657 19,215 Acquired with deteriorated credit quality 4 812 1 12 — — 829 Total $ 3,271 $ 7,778 $ 6,778 $ 1,463 $ 97 $ 657 $ 20,044 Loans Evaluated for impairment: Individually $ 2,349 $ 5,399 $ 437 $ 297 $ — $ — $ 8,482 Collectively 163,209 1,110,307 1,382,325 145,041 35,997 3,361 2,840,240 Acquired with deteriorated credit quality 329 12,121 371 1,698 86 — 14,605 Total $ 165,887 $ 1,127,827 $ 1,383,133 $ 147,036 $ 36,083 $ 3,361 $ 2,863,327 As of December 31, 2014 Allowance for loan loss Evaluated for impairment: Individually $ — $ 252 $ — $ — $ — $ — $ 252 Collectively 1,540 7,898 7,208 1,429 85 859 19,019 Acquired with deteriorated credit quality 42 771 — 66 — — 879 Total $ 1,582 $ 8,921 $ 7,208 $ 1,495 $ 85 $ 859 $ 20,150 Loans Evaluated for impairment: Individually $ — $ 6,023 $ 449 $ 297 $ — $ — $ 6,769 Collectively 139,862 1,009,241 1,293,748 142,743 39,572 2,802 2,627,968 Acquired with deteriorated credit quality 686 13,567 379 2,564 133 — 17,329 Total $ 140,548 $ 1,028,831 $ 1,294,576 $ 145,604 $ 39,705 $ 2,802 $ 2,652,066 Credit Quality Indicators All non-commercial loans are evaluated based on payment history. All commercial loans within the portfolio are subject to internal risk grading. The Company’s internal risk ratings for commercial loans are: Exceptional, Good, Acceptable, Pass/Watch, Special Mention, Substandard and Doubtful. Each internal risk rating is defined in the loan policy using the following criteria: balance sheet yields, ratios and leverage, cash flow spread and coverage, prior history, capability of management, market position/industry, potential impact of changing economic, legal, regulatory or environmental conditions, purpose structure, collateral support, and guarantor support. Risk grades are generally assigned by the primary lending officer and are periodically evaluated by the Company’s internal loan review process. Based on an individual loan’s risk grade, estimated loss percentages are applied to the outstanding balance of the loan to determine the amount of probable loss. The Company categorizes loans into risk categories based on relevant information regarding the customer’s debt service ability, capacity, overall collateral position along with other economic trends, and historical payment performance. The risk grades for each credit are updated when the Company receives current financial information, the loan is reviewed by the Company’s internal loan review/credit administration departments, or the loan becomes delinquent or impaired. The risk grades are updated a minimum of annually for loans rated exceptional, good, acceptable, or pass/watch. Loans rated special mention, substandard or doubtful are reviewed at least quarterly. The Company uses the following definitions for its risk ratings: Risk Rating Description Pass Ratings: (a) Exceptional Loans classified as exceptional are secured with liquid collateral conforming to the internal loan policy. Loans rated within this category pose minimal risk of loss to the bank and the risk grade within this pool of loans is generally updated on an annual basis. (b) Good Loans classified as good have similar characteristics that include a strong balance sheet, satisfactory debt service coverage ratios, strong management and/or guarantors, and little exposure to economic cycles. Loans within this category are generally reviewed on an annual basis. Loans in this category generally have a low chance of loss to the bank. (c) Acceptable Loans classified as acceptable have acceptable liquidity levels, adequate debt service coverage ratios, experienced management, and have average exposure to economic cycles. Loans within this category generally have a low risk of loss to the bank. (d) Pass/watch Loans classified as pass/watch have erratic levels of leverage and/or liquidity, cash flow is volatile and the borrower is subject to moderate economic risk. A borrower in this category poses a low to moderate risk of loss to the bank. Special mention Loans classified as special mention have a potential weakness(es) that deserves management's close attention. The potential weakness could result in deterioration of the loan repayment or the bank's credit position at some future date. A loan rated in this category poses a moderate loss risk to the bank. Substandard Loans classified as substandard reflect a customer with a well defined weakness that jeopardizes the liquidation of the debt. Loans in this category have the possibility that the bank will sustain some loss if the deficiencies are not corrected and the bank's collateral value is weakened by the financial deterioration of the borrower. Doubtful Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristics that make collection of the full contract amount highly improbable. Loans rated in this category are most likely to cause the bank to have a loss due to a collateral shortfall or a negative capital position. The following table presents the Company's commercial loans by credit quality indicators, by class (in thousands): Commercial and industrial Commercial real estate Total December 31, 2015 Pass $ 157,211 $ 1,070,752 $ 1,227,963 Special mention 4,099 20,942 25,041 Substandard 4,539 36,133 40,672 Doubtful 38 — 38 Total $ 165,887 $ 1,127,827 $ 1,293,714 December 31, 2014 Pass $ 128,812 $ 970,585 $ 1,099,397 Special mention 761 15,103 15,864 Substandard 10,575 42,691 53,266 Doubtful 400 452 852 Total $ 140,548 $ 1,028,831 $ 1,169,379 The following table presents the Company's non-commercial loans by payment performance, by class (in thousands): Performing Non-Performing Total December 31, 2015 Residential real estate $ 1,382,715 $ 418 $ 1,383,133 Home equity 147,013 23 147,036 Consumer 36,049 34 36,083 DDA overdrafts 3,361 — 3,361 Total $ 1,569,138 $ 475 $ 1,569,613 December 31, 2014 Residential real estate $ 1,292,012 $ 2,564 $ 1,294,576 Home equity 145,506 98 145,604 Consumer 39,692 13 39,705 DDA overdrafts 2,802 — 2,802 Total $ 1,480,012 $ 2,675 $ 1,482,687 Aging Analysis of Accruing and Non-Accruing Loans The following presents an aging analysis of the Company’s accruing and non-accruing loans, by class (in thousands). The purchased credit-impaired loan column represents the purchased credit-impaired loans that the Company acquired that are contractually past due; however, are still performing in accordance with the Company's initial expectations. Originated Loans December 31, 2015 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 1,290,312 $ 4,648 $ 805 $ 418 $ — $ 2,038 $ 1,298,221 Home equity 142,697 306 65 22 — 136 143,226 Commercial and industrial 106,003 43 — 19 — 2,389 108,454 Commercial real estate 946,611 568 211 — — 7,353 954,743 Consumer 31,894 71 2 34 — — 32,001 DDA overdrafts 3,048 310 3 — — — 3,361 Total $ 2,520,565 $ 5,946 $ 1,086 $ 493 $ — $ 11,916 $ 2,540,006 Acquired Loans December 31, 2015 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 83,292 $ 613 $ 127 $ — $ — $ 880 $ 84,912 Home equity 3,796 12 — 2 — — 3,810 Commercial and industrial 56,979 98 — — — 356 57,433 Commercial real estate 168,588 194 — — 506 3,796 173,084 Consumer 3,992 83 7 — — — 4,082 DDA overdrafts — — — — — — — Total $ 316,647 $ 1,000 $ 134 $ 2 $ 506 $ 5,032 $ 323,321 Total Loans December 31, 2015 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 1,373,604 $ 5,261 $ 932 $ 418 $ — $ 2,918 $ 1,383,133 Home equity 146,493 318 65 24 — 136 147,036 Commercial and industrial 162,982 141 — 19 — 2,745 165,887 Commercial real estate 1,115,199 762 211 — 506 11,149 1,127,827 Consumer 35,886 154 9 34 — — 36,083 DDA overdrafts 3,048 310 3 — — — 3,361 Total $ 2,837,212 $ 6,946 $ 1,220 $ 495 $ 506 $ 16,948 $ 2,863,327 Originated Loans December 31, 2014 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 1,200,177 $ 4,235 $ 758 $ 169 $ — $ 2,259 $ 1,207,598 Home equity 142,624 561 155 30 — 68 143,438 Commercial and industrial 128,857 100 — 210 — 78 129,245 Commercial real estate 869,530 479 — — — 7,330 877,339 Consumer 33,178 119 78 1 — — 33,376 DDA overdrafts 2,483 317 2 — — — 2,802 Total $ 2,376,849 $ 5,811 $ 993 $ 410 $ — $ 9,735 $ 2,393,798 Acquired Loans December 31, 2014 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 86,129 $ 714 $ — $ — $ — $ 135 $ 86,978 Home equity 2,164 2 — — — — 2,166 Commercial and industrial 10,123 143 — — — 1,037 11,303 Commercial real estate 144,721 892 210 — 1,270 4,399 151,492 Consumer 6,108 172 36 13 — — 6,329 DDA overdrafts — — — — — — — Total $ 249,245 $ 1,923 $ 246 $ 13 $ 1,270 $ 5,571 $ 258,268 Total Loans December 31, 2014 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 1,286,306 $ 4,949 $ 758 $ 169 $ — $ 2,394 $ 1,294,576 Home equity 144,788 563 155 30 — 68 145,604 Commercial and industrial 138,980 243 — 210 — 1,115 140,548 Commercial real estate 1,014,251 1,371 210 — 1,270 11,729 1,028,831 Consumer 39,286 291 114 14 — — 39,705 DDA overdrafts 2,483 317 2 — — — 2,802 Total $ 2,626,094 $ 7,734 $ 1,239 $ 423 $ 1,270 $ 15,306 $ 2,652,066 The following presents the Company’s impaired loans, by class (in thousands): December 31, 2015 December 31, 2014 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no related allowance recorded: Residential real estate $ 437 $ 437 $ — $ 449 $ 449 $ — Home equity 297 297 — 297 297 — Commercial and industrial 2,349 7,547 — — — — Commercial real estate 5,399 8,768 — 4,631 4,631 — Consumer — — — — — — DDA overdrafts — — — — — — Total $ 8,482 $ 17,049 $ — $ 5,377 $ 5,377 $ — With an allowance recorded Residential real estate $ — $ — $ — $ — $ — $ — Home equity — — — — — — Commercial and industrial — — — — — — Commercial real estate — — — 1,392 1,392 252 Consumer — — — — — — DDA overdrafts — — — — — — Total $ — $ — $ — $ 1,392 $ 1,392 $ 252 The following table presents information related to the average recorded investment and interest income recognized on the Company’s impaired loans, by class (in thousands): For the year ended December 31, 2015 December 31, 2014 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded: Residential real estate $ 441 $ — $ 452 $ — Home equity 296 — 297 — Commercial and industrial 2,913 — — — Commercial real estate 4,869 4 6,657 17 Consumer — — — — DDA overdrafts — — — — Total $ 8,519 $ 4 $ 7,406 $ 17 With an allowance recorded Residential real estate $ — $ — $ — $ — Home equity — — — — Commercial and industrial — — — — Commercial real estate 1,012 — 1,725 128 Consumer — — — — DDA overdrafts — — — — Total $ 1,012 $ — $ 1,725 $ 128 If the Company's non-accrual and impaired loans had been current in accordance with their original terms, approximately $0.8 million , $0.5 million and $0.6 million of interest income would have been recognized during the years ended December 31, 2015 , 2014 and 2013 , respectively. There were no commitments to provide additional funds on non-accrual, impaired or other potential problem loans at December 31, 2015 . Loan Modifications The Company’s policy on loan modifications typically does not allow for modifications that would be considered a concession from the Company. However, when there is a modification, the Company evaluates each modification to determine if the modification constitutes a troubled debt restructuring (“TDR”) in accordance with ASU 2011-2, whereby a modification of a loan would be considered a TDR when both of the following conditions are met: (1) a borrower is experiencing financial difficulty and (2) the modification constitutes a concession. When determining whether the borrower is experiencing financial difficulties, the Company reviews whether the debtor is currently in payment default on any of its debt or whether it is probable that the debtor would be in payment default in the foreseeable future without the modification. Other indicators of financial difficulty include whether the debtor has declared or is in the process of declaring bankruptcy, the debtor’s ability to continue as a going concern, or the debtor’s projected cash flow to service its debt (including principal and interest) in accordance with the contractual terms for the foreseeable future, without a modification. Regulatory guidance requires loans to be accounted for as collateral-dependent loans when borrowers have filed Chapter 7 bankruptcy, the debt has been discharged by the bankruptcy court and the borrower has not reaffirmed the debt. The filing of bankruptcy is deemed to be evidence that the borrower is in financial difficulty and the discharge of the debt by the bankruptcy court is deemed to be a concession granted to the borrower. The following tables set forth the Company’s TDRs (in thousands): December 31, 2015 December 31, 2014 Non- Non- Accruing Accruing Total Accruing Accruing Total Commercial and industrial $ 58 $ — $ 58 $ 73 $ — $ 73 Commercial real estate 1,746 — 1,746 2,263 — 2,263 Residential real estate 17,796 191 17,987 17,946 545 18,491 Home equity 2,659 34 2,693 2,673 15 2,688 Consumer — — — — — — $ 22,259 $ 225 $ 22,484 $ 22,955 $ 560 $ 23,515 New TDRs New TDRs For the year ended For the year ended December 31, 2015 December 31, 2014 Pre Post Pre Post Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment Commercial and industrial — $ — $ — — $ — $ — Commercial real estate — — — 1 428 428 Residential real estate 38 2,969 2,969 35 2,381 2,381 Home equity 13 361 361 10 211 211 Consumer — — — — — — 51 $ 3,330 $ 3,330 46 $ 3,020 $ 3,020 |
Previously Securitized Loans
Previously Securitized Loans | 12 Months Ended |
Dec. 31, 2015 | |
Previously Securitized Loans [Abstract] | |
Previously Securitized Loans | PREVIOUSLY SECURITIZED LOANS Between 1997 and 1999, the Company completed six securitization transactions involving approximately $760 million in 125% of fixed rate, junior-lien underlying mortgages. The Company retained a financial interest in each of the securitizations until 2004. Principal amounts owed to investors were evidenced by securities (“Notes”). During 2003 and 2004, the Company exercised its early redemption options on each of those securitizations. Once the Notes were redeemed, the Company became the beneficial owner of the mortgage loans and recorded the loans as assets of the Company within the loan portfolio. As the Company redeemed the outstanding Notes, no gain or loss was recognized in the Company’s financial statements and the remaining mortgage loans were recorded in the Company’s loan portfolio as “previously securitized loans,” at the lower of carrying value or fair value. Because the carrying value of the mortgage loans incorporated assumptions for expected prepayment and default rates, the carrying value of the loans was generally less than the actual outstanding contractual balance of the loans. As of December 31, 2015 and 2014 , there was no carrying value remaining on these loans; while the actual contractual balance of these loans was $3.9 million and $4.9 million , respectively. During the years ended December 31, 2015 , 2014 and 2013 , the Company recognized $1.8 million , $2.2 million and $2.5 million , respectively, of interest income from its previously securitized loans. |
Premises And Equipment
Premises And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises And Equipment | PREMISES AND EQUIPMENT A summary of premises and equipment and related accumulated depreciation is summarized as follows (in thousands): Estimated Useful Life 2015 2014 Land $ 31,496 $ 31,217 Buildings and improvements 10 to 30 yrs. 87,875 85,403 Equipment 3 to 7 yrs. 39,159 37,051 158,530 153,671 Less: accumulated depreciation (81,259 ) (75,683 ) $ 77,271 $ 77,988 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The Company completed its annual assessment of the carrying value of goodwill during 2015 and concluded that its carrying value was not impaired. The following table presents a roll forward of the Company's goodwill activity (in thousands): 2015 2014 Beginning balance $ 71,401 $ 71,401 Goodwill reduction in conjunction with sale of CityInsurance (3,020 ) — Goodwill acquired in conjunction with the acquisition of AFB 7,875 — Ending balance $ 76,256 $ 71,401 The Company believes that the customer relationships with the deposits acquired have an intangible value. In connection with acquisitions, the Company recorded a core deposit intangible, which represented the value that the acquiree had with their deposit customers. The fair value was estimated based on a discounted cash flow methodology that considered the type of deposit, estimated deposit retention, the cost of the deposit base and an alternate cost of funds. The following tables present the details of the Company's core deposit intangibles (in thousands): 2015 2014 Gross carrying amount $ 9,802 $ 8,387 Accumulated amortization (6,266 ) (5,590 ) $ 3,536 $ 2,797 Beginning balance $ 2,797 $ 3,741 Core deposit intangible acquired in conjunction with the acquisition of AFB 1,415 — Amortization expense (676 ) (944 ) Ending balance $ 3,536 $ 2,797 The core deposit intangible amortization expense for the year ended December 31, 2013 was $1.0 million . The core deposit intangibles are being amortized over ten years. The estimated amortization expense for core deposit intangible assets for each of the next five years is as follows (in thousands): 2016 $ 602 2017 545 2018 496 2019 454 2020 416 Thereafter 1,023 $ 3,536 |
Scheduled Maturities Of Time De
Scheduled Maturities Of Time Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Maturities of Time Deposits [Abstract] | |
Scheduled Maturities Of Time Deposits | SCHEDULED MATURITIES OF TIME DEPOSITS Scheduled maturities of the Company's time deposits outstanding at December 31, 2015 are summarized as follows (in thousands): 2016 $ 437,542 2017 213,288 2018 192,576 2019 127,682 2020 46,452 Over five years 16 $ 1,017,556 Scheduled maturities of Company's time deposits that meet or exceed the FDIC insurance limit of $250,000 are summarized as follows (in thousands): 2015 2014 Within one year $ 35,160 $ 34,544 Over one through two years 16,491 16,318 Over two through three years 19,032 6,014 Over three through four years 10,907 19,808 Over four through five years 4,709 6,538 Over five years — — $ 86,299 $ 83,222 |
Short-Term Debt
Short-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Short-term Debt [Abstract] | |
Short-Term Debt | SHORT-TERM DEBT A summary of the Company's short-term borrowings are as follows (dollars in thousands): 2015 2014 2013 Balance at end of year: Securities sold under agreements to repurchase $ 141,869 $ 134,931 $ 137,798 Federal Home Loan Bank advances 13,000 — — Avg. outstanding during the year: Securities sold under agreements to repurchase $ 143,847 $ 133,769 $ 127,616 Federal Home Loan Bank advances 1,352 — 63 Max. outstanding at any month end: Securities sold under agreements to repurchase $ 166,507 $ 151,637 $ 150,943 Federal Home Loan Bank advances 13,000 — — Weighted-average interest rate: During the year: Securities sold under agreements to repurchase 0.22 % 0.26 % 0.25 % Federal Home Loan Bank advances 0.53 % — 0.31 % End of the year: Securities sold under agreements to repurchase 0.20 % 0.26 % 0.25 % Federal Home Loan Bank advances 0.51 % — 0.31 % Through City National, the Company has purchased 47,277 shares of Federal Home Loan Bank (“FHLB”) stock at par value as of December 31, 2015 . Such purchases are required based on City National’s maximum borrowing capacity with the FHLB. Additionally, FHLB stock entitles the Company to dividends declared by the FHLB and provides an additional source of short-term and long-term funding, in the form of collateralized advances. Financing obtained from the FHLB is based, in part, on the amount of qualifying collateral available, specifically 1-4 family residential mortgages, other residential mortgages, and commercial real estate and other non-residential mortgage loans. Collateral pledged to the FHLB included approximately $1.7 billion at both December 31, 2015 and 2014 in investment securities and one-to-four-family residential property loans. In addition to the short-term financing discussed above and long-term financing (see Note Twelve ), at December 31, 2015 and 2014 , City National had an additional $1.6 billion and $1.5 billion , respectively, available from unused portions of lines of credit with the FHLB and other financial institutions. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | LONG-TERM DEBT The components of the Company's long-term debt are summarized below (dollars in thousands): 2015 2014 Junior subordinated debentures owed to City Holding Capital Trust III, due 2038, interest at a rate of 4.01% and 3.74%, respectively $ 16,495 $ 16,495 The Company formed a statutory business trust, City Holding Capital Trust III (“Capital Trust III”), under the laws of Delaware. Capital Trust III was created for the exclusive purpose of (i) issuing trust-preferred capital securities (“Capital Securities”), which represent preferred undivided beneficial interests in the assets of the trust, (ii) using the proceeds from the sale of the Capital Securities to acquire junior subordinated debentures (“Debentures”) issued by the Company, and (iii) engaging in only those activities necessary or incidental thereto. The trust is considered a variable interest entity for which the Company is not the primary beneficiary. Accordingly, the accounts of the trusts are not included in the Company’s consolidated financial statements. Distributions on the Debentures are cumulative and will be payable quarterly at an interest rate of 3.50% over the three month LIBOR rate, reset quarterly. Interest payments are due in March, June, September and December. The Debentures are redeemable prior to maturity at the option of the Company (i) in whole or at any time or in part from time-to-time, or (ii) in whole, but not in part, at any time within 90 days following the occurrence and during the continuation of certain pre-defined events. Payments of distributions on the Capital Securities and payments on redemption of the Capital Securities are guaranteed by the Company. The Company also entered into an agreement as to expenses and liabilities with the trust pursuant to which it agreed, on a subordinated basis, to pay any cost, expenses or liabilities of the trust other than those arising under the trust preferred securities. The obligations of the Company under the junior subordinated debentures, the related indentures, the trust agreement establishing the trust, the guarantees and the agreements as to expenses and liabilities, in the aggregate, constitute a full and unconditional guarantee by the Company of the trust’s obligations under the trust preferred securities. The Capital Securities issued by the statutory business trusts qualify as Tier 1 capital for the Company under current Federal Reserve Board guidelines. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS As of December 31, 2015 and 2014 , the Company has derivative financial instruments not included in hedge relationships. These derivatives consist of interest rate swaps used for interest rate management purposes and derivatives executed with commercial banking customers to facilitate their interest rate management strategies. For the majority of these instruments the Company acts as an intermediary for its customers. Changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company's results of operations. The Company also has an interest rate swap that serves as a fair value hedge for changes in long term fixed interest rates related to commercial real estate loans. Hedge ineffectiveness is assessed quarterly and any ineffectiveness is recorded as non-interest expense. For the year ended December 31, 2015 hedge ineffectiveness was less than $0.1 million . The following table summarizes the notional and fair value of these derivative instruments (in thousands): December 31, 2015 December 31, 2014 Notional Amount Fair Value Notional Amount Fair Value Non-hedging interest rate derivatives: Other Assets $ 334,204 $ 10,811 $ 179,958 $ 10,253 Other Liabilities 342,204 10,872 179,958 10,253 Derivatives designated as hedges of fair value: Other Liabilities 5,475 61 5,475 24 The following table summarizes the change in fair value of these derivative instruments (in thousands): Year Ended December 31, 2015 2014 2013 Change in Fair Value Non-Hedging Interest Rate Derivatives: Other income - derivative asset $ 1,030 $ 6,811 $ (10,148 ) Other income - derivative liability (1,190 ) (6,811 ) 10,148 Change in Fair Value Hedging Interest Rate Derivatives: Hedged item - derivative asset $ 25 — — Other income - derivative liability 12 — — Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements. The Company's derivative transactions with financial institution counterparties are generally executed under International Swaps and Derivative Association ("ISDA") master agreements which include "right of setoff" provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, the Company does not generally offset financial instruments for financial reporting purposes. Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2015 is presented in the following tables (in thousands): Gross Amounts Not Offset in the Statement of Financial Position Total of Gross Amounts Not Offset in the Statement of Financial Position Netting Including Gross Net Amounts Adjustment Applicable Amounts of Assets per Netting Gross Offset in the presented in Applicable Agreement Amounts of Statement of the Statement Master Fair Value and Fair Recognized Financial of Financial Netting of Financial Value of Description Assets Position Position Arrangements Collateral Collateral Net Amount (a) (b) (c)=(a)-(b) (d) (c)-(d) Non-hedging derivative assets: Interest rate swap agreements $ 10,811 $ — $ 10,811 $ — $ 10,811 $ 10,811 $ — Gross Amounts Not Offset in the Statement of Financial Position Total of Gross Amounts Not Offset in the Statement of Financial Position Netting Including Gross Net Amounts Adjustment Applicable Amounts of Liabilities per Netting Gross Offset in the presented in Applicable Agreement Amounts of Statement of the Statement Master Fair Value and Fair Recognized Financial of Financial Netting of Financial Value of Description Liabilities Position Position Arrangements Collateral Collateral Net Amount (a) (b) (c)=(a)-(b) (d) (c)-(d)* Non-hedging derivative liabilities: Interest rate swap agreements $ 10,872 $ — $ 10,872 $ — $ 17,371 $ 17,371 $ — Hedging derivative liabilities: Interest rate swap agreements $ 61 $ — $ 61 $ — $ 97 $ 97 $ — * For instances where the fair value of financial collateral meets or exceeds the amounts presented in the Statement of Financial Position, a value of zero is displayed to represent full collateraliztion. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): 2015 2014 Deferred tax assets: Previously securitized loans $ 4,337 $ 4,703 Allowance for loan losses 7,412 7,413 Deferred compensation payable 4,058 3,966 Underfunded pension liability 2,792 3,113 Accrued expenses 1,789 2,451 Impaired assets 797 1,172 Impaired securities losses 6,719 8,377 Intangible assets 2,194 4,946 Other 3,964 3,292 Total Deferred Tax Assets 34,062 39,433 Deferred tax liabilities: Unrealized securities gains 585 741 Other 3,503 1,926 Total Deferred Tax Liabilities 4,088 2,667 Net Deferred Tax Assets $ 29,974 $ 36,766 No valuation allowance for deferred tax assets was recorded at December 31, 2015 and 2014 as the Company believes it is more likely than not that all of the deferred tax assets will be realized because they were supported by recoverable taxes paid in prior years. Significant components of the provision for income taxes are as follows (in thousands): 2015 2014 2013 Current: Federal $ 20,830 $ 20,629 $ 18,808 State 957 (943 ) 1,781 Total current tax expense 21,787 19,686 20,589 Total deferred tax expense 6,627 4,585 4,686 Income tax expense $ 28,414 $ 24,271 $ 25,275 A reconciliation of the significant differences between the federal statutory income tax rate and the Company’s effective income tax rate is as follows (in thousands): 2015 2014 2013 Computed federal taxes at statutory rate $ 28,879 $ 27,031 $ 25,722 State income taxes, net of federal tax benefit 887 (482 ) 1,982 Tax effects of: Tax-exempt interest income (498 ) (500 ) (616 ) Bank-owned life insurance (1,181 ) (1,074 ) (1,187 ) Tax reserve adjustment — — 24 Other items, net 327 (704 ) (650 ) Income tax expense $ 28,414 $ 24,271 $ 25,275 The entire amount of the Company’s unrecognized tax benefits if recognized, would favorably affect the Company’s effective tax rate. The Company anticipates that it will release $0.9 million over the next 12 months. A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands): 2015 2014 Beginning balance $ 2,398 $ 4,717 Additions for current year tax positions 299 486 Additions for prior year tax positions 377 — Decreases for prior year tax positions — — Decreases for settlements with tax authorities — — Decreases related to lapse of applicable statute of limitation (910 ) (2,805 ) Ending balance $ 2,164 $ 2,398 Interest and penalties on income tax uncertainties are included in income tax expense. During 2015 , 2014 and 2013 , the provision related to interest and penalties was $0.1 million , $0.1 million , and $0.1 million , respectively. The balance of accrued interest and penalties at December 31, 2015 and 2014 was $0.4 million and $0.4 million , respectively. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended December 31, 2012 through 2014 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Pursuant to the terms of the City Holding Company 2003 Incentive Plan and the City Holding Company 2013 Incentive Plan (the "2003 Plan" and "2013 Plan", respectively), the Compensation Committee of the Board of Directors, or its delegate, may, from time-to-time, grant stock options, stock appreciation rights (“SARs”), or stock awards to employees, directors and individuals who provide service to the Company (collectively, "Plan Participants"). The 2003 Plan expired in April of 2013 and the 2013 Plan was approved by the shareholders in April 2013. A maximum of 750,000 shares of the Company’s common stock may be issued under the 2013 plan upon the exercise of stock options, SARs and stock awards, subject to certain limitations. These limitations may be adjusted in the event of a change in the number of outstanding shares of common stock by reason of a stock dividend, stock split or other similar event. Specific terms of options and SARs awarded, including vesting periods, exercise prices (stock price at date of grant) and expiration dates are determined at the date of grant and are evidenced by agreements between the Company and the awardee. The exercise price of the option grants equals the market price of the Company’s stock on the date of grant. All incentive stock options and SARs will be exercisable up to 10 years from the date granted and all options and SARs are exercisable for the period specified in the individual agreement. As of December 31, 2015 , under both Plans, 438,515 stock options and 242,996 stock awards are still outstanding. Each award from the 2003 Plan and 2013 Plan is evidenced by an award agreement that specifies the option price, the duration of the option, the number of shares to which the option pertains, and such other provisions as the Compensation Committee, or its delegate, determines. The option price for each grant is equal to the fair market value of a share of the Company’s common stock on the date of the grant. Options granted expire at such time as the Compensation Committee, or its delegate, determines at the date of the grant and in no event does the exercise period exceed a maximum of ten years. Upon a change-in-control of the Company, as defined in the 2003 Plan and 2013 Plan, all outstanding options and awards shall immediately vest. Certain stock options and restricted stock awards have performance-based vesting requirements. These shares will vest in three separate annual installments of approximately 33.33% per installment on the third, fourth and fifth anniversaries of the grant date, subject further to performance-based vesting requirements. The performance-based vesting requirements are as follows: * First Installment – the mean return on average assets of the Company (excluding merger and acquisition expenses and other nonrecurring items as determined by the Board of Directors of the Company) of the three years immediately prior to the vesting date is equal to or exceeds the median return on average assets over the 20 year period immediately preceding the vesting date of all FDIC insured depository institutions. * Second Installment – the mean return on average assets of the Company (excluding merger and acquisition expenses and other nonrecurring items as determined by the Board of Directors of the Company) of the four years immediately prior to the vesting date is equal to or exceeds the median return on average assets over the 20 year period immediately preceding the vesting date of all FDIC insured depository institutions. * Third Installment – the mean return on average assets of the Company (excluding merger and acquisition expenses and other nonrecurring items as determined by the Board of Directors of the Company) of the five years immediately prior to the vesting date is equal to or exceeds the median return on average assets over the 20 year period immediately preceding the vesting date of all FDIC insured depository institutions. Stock Options A summary of the Company’s stock option activity and related information is presented below: 2015 2014 2013 Options Weighted-Average Exercise Price Options Weighted-Average Exercise Price Options Weighted-Average Exercise Price Outstanding at January 1 167,554 $ 36.74 173,601 $ 35.26 289,544 $ 34.38 Granted 12,961 46.41 13,953 44.43 15,475 37.74 Exercised (81,500 ) 36.63 (20,000 ) 29.19 (126,168 ) 33.57 Forfeited (4,000 ) 31.66 — — (5,250 ) 34.56 Outstanding at December 31 95,015 38.38 167,554 36.74 173,601 35.26 Exercisable at end of year 19,750 $ 34.54 89,750 $ 36.73 76,832 $ 37.97 Nonvested at beginning of year 77,804 36.76 96,769 33.10 105,960 33.81 Granted during the year 12,961 46.41 13,953 44.43 15,475 37.74 Vested during the year (15,500 ) 32.09 (32,918 ) 29.25 (23,166 ) 39.64 Forfeited during the year — — — — (1,500 ) 30.38 Nonvested at end of year 75,265 $ 39.38 77,804 $ 36.76 96,769 $ 33.10 Additional information regarding the Company's stock options outstanding and exercisable at December 31, 2015 , is provided in the following table: Ranges of Exercise Prices No. of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Months) Aggregate Intrinsic Value (in thousands) No. of Options Currently Exercisable Weighted-Average Exercise Price of Options Currently Exercisable Weighted-Average Remaining Contractual Life (Months) Aggregate Intrinsic Value of Options Currently Exercisable (in thousands) $ 25.00 - 29.99 1,250 $ 28.15 3.3 $ 22 1,250 $ 28.15 3.3 $ 22 30.00 - 34.99 11,500 31.38 3.7 164 11,500 31.38 3.7 164 35.00 - 39.99 48,351 36.04 6.2 464 — — — — 40.00 - 44.99 20,953 43.24 6.3 50 7,000 40.88 2.3 33 45.00 - 50.00 12,961 46.61 9.2 — — — — — 95,015 $ 700 19,750 $ 219 Proceeds from stock option exercises were $3.0 million in 2015 , $0.6 million in 2014 , and $4.2 million in 2013 . Shares issued in connection with stock option exercises are issued from available treasury shares. If no treasury shares are available, new shares are issued from available authorized shares. During 2015 , 2014 and 2013 , all shares issued in connection with stock option exercises and restricted stock awards were issued from available treasury stock. The total intrinsic value of stock options exercised was $0.9 million in 2015 , $0.3 million in 2014 and $0.9 million in 2013 . Stock-based compensation expense related to stock options totaled $0.2 million for each of the years ended December 31, 2015 , 2014 and 2013 . For the stock options that have performance-based criteria, management has evaluated those criteria and has determined that, as of December 31, 2015, the criteria were probable of being met. The total income tax benefit recognized in the accompanying consolidated statements of income related to stock-based compensation $0.3 million in 2015 , less than $0.1 million in 2014 , and $0.3 million in 2013 . Unrecognized stock-based compensation expense related to stock options approximated $0.4 million at December 31, 2015 . At such date, the weighted-average period over which this unrecognized expense was expected to be recognized was 1.3 years. The fair value of the options is estimated at the date of grant using a Black-Scholes option-pricing model. The following weighted average assumptions were used to estimate the fair value of options granted by the Company: 2015 2014 2013 Risk-free interest rate 1.95 % 2.42 % 1.88 % Expected dividend yield 3.50 % 3.60 % 3.70 % Volatility factor 45.40 % 48.75 % 41.35 % Expected life of option 7.0 years 8.0 years 8.0 years Restricted Shares The Company measures compensation expense with respect to restricted shares in an amount equal to the fair value of the common stock covered by each award on the date of grant. The restricted shares awarded become fully vested after various periods of continued employment from the respective dates of grant. The Company is entitled to an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted shares when the restrictions are released and the shares are issued. Compensation is charged to expense over the respective vesting periods. Restricted shares are generally forfeited if officers and employees terminate prior to the lapsing of restrictions. The Company records forfeitures of restricted stock as treasury share repurchases and any compensation cost previously recognized is reversed in the period of forfeiture. Recipients of restricted shares do not pay any cash consideration to the Company for the shares, have the right to vote all shares subject to such grant and receive all dividends with respect to such shares, whether or not the shares have vested. Stock-based compensation expense related to restricted shares was approximately $1.2 million for the year ended December 31, 2015 , $1.0 million for year ended December 31, 2014 , and $0.8 million for the year ended December 31, 2013 . For the restricted shares that have performance-based criteria, management has evaluated those criteria and has determined that, as of December 31, 2015, the criteria were probable of being met. Unrecognized stock-based compensation expense related to non-vested restricted shares was $2.9 million at December 31, 2015 . At December 31, 2015 , this unrecognized expense is expected to be recognized over 3.1 years based on the weighted average-life of the restricted shares. A summary of the Company’s restricted shares activity and related information is presented below: 2015 2014 2013 Restricted Awards Average Market Price at Grant Restricted Awards Average Market Price at Grant Restricted Awards Average Market Price at Grant Outstanding at January 1 163,431 142,469 116,711 Granted 26,840 $ 46.45 27,162 $ 39.72 35,083 $ 38.07 Forfeited/Vested (17,350 ) (6,200 ) (9,325 ) Outstanding at December 31 172,921 163,431 142,469 401(k) Plan The Company provides retirement benefits to its employees through the City Holding Company 401(k) Plan and Trust (“the 401(k) Plan”), which is intended to be compliant with Employee Retirement Income Security Act (ERISA) section 404(c). The Company’s total expense associated with the retirement benefit plan approximated $0.7 million in 2015 , $0.8 million in 2014 , and $0.8 million in 2013 . The total number of shares of the Company’s common stock held by the 401(k) Plan as of December 31, 2015 and 2014 is 291,736 and 303,443 , respectively. Defined Benefit Plans The Company maintains two defined benefit pension plans (“the Defined Benefit Plans”), which were inherited from the Company's acquisition of the plan sponsors (Horizon Bancorp, Inc. and Community Financial Corporation). The Horizon Defined Benefit Plan was frozen in 1999 and maintains a December 31st year-end for purposes of computing its benefit obligations. The Community Defined Benefit Plan was frozen in 2012 and maintains a December 31st year-end for purposes of computing its benefit obligations. Primarily as a result of the interest rate environment over the past several years and a revised mortality table issued in 2014, the benefit obligation exceeded the estimated fair value of plan assets as of December 31, 2015 and December 31, 2014 . The Company has recorded a pension liability of $2.3 million and $6.7 million as of December 31, 2015 and 2014 , included within Other Liabilities within the Consolidated Balance Sheets, and a $4.8 million and $5.3 million , net of tax, underfunded pension liability in Accumulated Other Comprehensive Income within Shareholders’ Equity at December 31, 2015 and 2014 , respectively. The following table summarizes activity within the Company's Defined Benefit Plans (dollars in thousands): Pension Benefits 2015 2014 Change in fair value of plan assets: Fair value at beginning of measurement period $ 14,667 $ 14,726 Actual (loss) gain on plan assets (231 ) 496 Contributions 4,399 409 Benefits paid (1,400 ) (964 ) Fair value at end of measurement period 17,435 14,667 Change in benefit obligation: Benefit obligation at beginning of measurement period (21,390 ) (17,524 ) Interest cost (813 ) (836 ) Actuarial gain (loss) 1,103 (3,994 ) Benefits paid 1,400 964 Benefit obligation at end of measurement period (19,700 ) (21,390 ) Funded status $ (2,265 ) $ (6,723 ) Weighted-average assumptions for balance sheet liability at end of year: Discount rate 4.26 % 3.93 % Expected long-term rate of return 5.75 % 6.92 % Weighted-average assumptions for benefit cost at beginning of year: Discount rate 3.93 % 4.89 % Expected long-term rate of return 6.92 % 7.35 % During the year ended December 31, 2015, the Company made contributions totaling $4.4 million to the Horizon Defined Benefit Plan. Based on these payments, the Company anticipates making no contributions to the plan for the year ending December 31, 2016. Based on the funding status of the Community Defined Benefit plan, no contributions were required during the year ended December 31, 2015 and no contributions are anticipated being required for the year ending December 31, 2016. The following table presents the components of the net periodic pension cost of the Company's Defined Benefit Plans (in thousands): 2015 2014 2013 Components of net periodic benefit: Interest cost $ 813 $ 836 $ 776 Expected return on plan assets (937 ) (1,032 ) (979 ) Net amortization and deferral 960 696 1,106 Net Periodic Pension Cost $ 836 $ 500 $ 903 Amounts related to the Company's Defined Benefit Pension Plans recognized as a component of other comprehensive income were as follows (in thousands): 2015 2014 2013 Net actuarial gain (loss) $ 910 $ (3,906 ) $ 3,469 Deferred tax (expense) benefit (320 ) 1,436 (1,332 ) Other comprehensive income (loss), net of tax $ 590 $ (2,470 ) $ 2,137 Amounts recognized as a component of accumulated other comprehensive loss as of December 31, 2015 and 2014 were as follows (in thousands): 2015 2014 Net actuarial loss $ 7,552 $ 8,463 Deferred tax benefit (2,792 ) (3,113 ) Amounts included in accumulated other comprehensive loss, net of tax $ 4,760 $ 5,350 The following table summarizes the expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter (in thousands): Plan Year Ending December 31, Expected Benefits to be Paid 2016 $ 1,047 2017 1,144 2018 1,245 2019 1,100 2020 1,133 2021 through 2025 5,782 The major categories of assets in the Company’s Defined Benefit Plans as of year-end are presented in the following table (in thousands). Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (See Note Twenty ). Total Level 1 Level 2 Level 3 2015 Cash and cash equivalents $ 1,441 $ 1,441 $ — $ — Mutual funds 5,617 5,473 144 Investment funds 2,651 607 1,371 673 Common stocks 5,082 3,880 1,202 — Mortgage-backed securities 288 — 288 — Government and GSE bonds 1,313 — 1,313 — Corporate Bonds 1,043 — 1,043 — Total $ 17,435 $ 11,401 $ 5,361 $ 673 2014 Cash and cash equivalents $ 959 $ 959 $ — $ — Mutual funds 6,162 5,656 506 — Investment funds 1,610 — 1,014 596 Common stocks 3,941 3,119 822 — Mortgage-backed securities 53 — 53 — Government and GSE bonds 1,171 — 1,171 — Corporate Bonds 771 — 771 — Total $ 14,667 $ 9,734 $ 4,337 $ 596 Mutual funds include large value and fixed income funds. Common stocks include investments in small to mid cap funds and large cap funds primarily located inside of the United States. Common stocks also include funds invested in commercial real estate as well as international value funds. Government and GSE bonds include U.S. Treasury notes with varying maturity dates. Corporate bonds include taxable bonds issued by U.S. corporations. Horizon Defined Benefit Plan (Investment Strategy) The Horizon Defined Benefit Plan is administered by the West Virginia Bankers Association (“WVBA”) and all investment policies and strategies are established by the WVBA Pension Committee. The policy established by the Pension Committee is to invest assets per target allocations, as detailed in the table below. The assets are reallocated periodically to meet these target allocations. The investment policy is reviewed periodically, under the advisement of a certified investment advisor, to determine if the policy should be revised. The overall investment return goal is to achieve a return greater than a blended mix of stated indices tailored to the same asset mix of the plan assets by 0.5% , after fees, over a rolling five years moving average basis. Allowable assets include cash equivalents, fixed income securities, equity securities, alternative investments, mutual funds, exchange-traded funds, managed separate accounts, investment partnerships and commingled funds. Prohibited investments include, but are not limited to, private placements, limited partnerships, venture capital investments, direct investment in private real estate properties and residual remics. Unless explicitly authorized by the Pension Committee, the use of leverage or speculative use of derivatives is prohibited unless as part of an alternative asset program or as means for real asset managers to hedge investment risk or replicate investment positions at a lower cost than would otherwise be created in a cash market. Managers using derivatives must have systems in place to rigorously analyze and monitor duration, liquidity and counter-party credit risk in order to minimize the risk associated with the use of derivatives. In order to achieve a prudent level of portfolio diversification, the securities of any one company are not to exceed more than 15% of the total plan assets, and no more than 25% of total plan assets are to be invested in any one industry (other than securities of the U.S. government or agencies thereof). Additionally, no more than 30% of plan assets shall be invested in foreign securities (both equity and fixed), if any. Exchange traded index funds are allowable investments and are not subject to these restrictions. The expected long-term rate of return for the plan’s assets is based on the expected return of each of the categories, weighted based on the median of the target allocation for each class, noted in the table below. The target, allowable, and current allocation percentages of plan assets are as follows: Target Allocation 2015 Allowable- Allocation Range Percentage of Plan Assets At December 31 2015 2014 Equity securities 63 % 40-90% 51 % 53 % Fixed income securities 15 % 10-40% 20 % 23 % Cash and cash equivalents 2 % 3-10% 10 % 9 % Alternative investments 20 % 0-25% 19 % 15 % Total 100 % 100 % 100 % Community Defined Benefit Plan (Investment Strategy) The Community Defined Benefit Plan is administered by the Virginia Bankers Association ("VBA") and all investment polices are established by the Board of Directors of the VBA Benefits Corporation. The investment goal is to provide asset allocation models with varying degrees of investment return and risk consistent with each bank's funding objectives and participant demographics. The Board of Directors shall at least annually review the overall investment program, and each investment alternative, to ensure the current investment mix will achieve the goals of the Plan and participating banks. The performance goal for the investments of the Plan is to exceed the investment benchmarks over the most recent three and five year periods while taking less risk than the market. Approved asset classes include equity securities, fixed income securities and cash equivalents. Allocations to the equity and fixed income asset classes may vary within a range of + or - 5% of the noted Target, as detailed in the table below. The minimum and maximum allocations for each sub-asset class within the equity and fixed classes are equity to 50% and 150% , respectively, of its long-term strategy target allocation. The expected long-term rate of return for the plan’s assets is based on the expected return of each of the categories, weighted based on the median of the target allocation for each class, noted in the table below. The target, allowable, and current allocation percentages of plan assets are as follows: Target Allocation 2015 Allowable- Allocation Range Percentage of Plan Assets At December 31 2015 2014 Equity securities 25 % 20%-30% 25 % 25 % Fixed income securities 75 % 70%-80% 75 % 75 % 100 % 100 % 100 % Pentegra Defined Benefit Plan In addition, the Company and its subsidiary participate in the Pentegra Defined Benefit Plan for Financial Institutions ("The Pentegra DB Plan"), a tax-qualified defined benefit pension plan. The Pentegra DB Plan's Employer Identification Number is 13-5645888 and the Plan Number is 333. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan. The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan, contributions made by a participating employer may be used to provide benefits to participants of other participating employers. The funded status as of July 1, 2015 (the latest available valuation report) was 104.86% . It is the policy of the Company to fund the normal cost of the Pentegra DB Plan on an annual basis. Other than for normal plan expenses, no contributions were required for the years ended December 31, 2015 , 2014 and 2013 . The benefits of the Pentegra DB Plan were frozen prior to the acquisition of Classic Bancshares in 2005, and it is the intention of the Company to fund benefit amounts when assets of the plan are sufficient. Employment Contracts The Company has entered into employment contracts with certain of its current executive officers. The employment contracts provide for, among other things, the payment of termination compensation in the event an executive officer either voluntarily or involuntarily terminates his employment with the Company for other than “Just Cause.” The cost of these benefits was previously accrued for each executive and is included in Other Liabilities within the Consolidated Balance Sheets. The liability was $2.0 million at both December 31, 2015 and 2014 and is fully vested, and therefore no charge to operations was incurred for the years ended December 31, 2015 and December 31, 2014 . Other Post-Retirement Benefit Plans Certain entities previously acquired by the Company had entered into individual deferred compensation and supplemental retirement agreements with certain current and former directors and officers. The Company has assumed the liabilities associated with these agreements, the cost of which is being accrued over the period of active service from the date of the respective agreement. The cost of such agreements approximated $0.2 million during 2015 , 2014 , and 2013 , respectively. The liability for such agreements approximated $6.5 million and $6.7 million at December 31, 2015 and December 31, 2014 , respectively and is included within Other Liabilities in the accompanying Consolidated Balance Sheets. To assist in funding the above liabilities, the acquired entities had insured the lives of certain current and former directors and officers. The Company is the current owner and beneficiary of insurance policies with a cash surrender value approximating $8.0 million and $7.8 million at December 31, 2015 and 2014 , respectively, which is included in Other Assets in the accompanying Consolidated Balance Sheets. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS City National has granted loans to certain non-executive officers and directors of the Company and its subsidiaries, and to their associates totaling $14.2 million at December 31, 2015 and $4.5 million at December 31, 2014 . The loans were made in the ordinary course of business and on substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions with third-party lending arrangements. During 2015 , total principal additions were $10.8 million and total principal reductions were $1.1 million . |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES The Company is a party to certain financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. The Company has entered into agreements with its customers to extend credit or provide conditional commitment to provide payment on drafts presented in accordance with the terms of the underlying credit documents. The Company also provides overdraft protection to certain demand deposit customers that represent an unfunded commitment. Overdraft protection commitments, which are included with other commitments below, are uncollateralized and are paid at the Company’s discretion. Conditional commitments generally include standby and commercial letters of credit. Standby letters of credit represent an obligation of the Company to a designated third party contingent upon the failure of a customer of the Company to perform under the terms of the underlying contract between the customer and the third party. Commercial letters of credit are issued specifically to facilitate trade or commerce. Under the terms of a commercial letter of credit, drafts will be drawn when the underlying transaction is consummated, as intended, between the customer and a third party. The funded portion of these financial instruments is reflected in the Company’s balance sheet, while the unfunded portion of these commitments is not reflected in the balance sheet. The table below presents a summary of the contractual obligations of the Company resulting from significant commitments (in thousands): December 31, 2015 December 31, 2014 Commitments to extend credit: Home equity lines $ 183,017 $ 175,312 Commercial real estate 84,672 50,298 Other commitments 177,491 145,283 Standby letters of credit 5,086 4,592 Commercial letters of credit 2,312 1,991 Loan commitments and standby and commercial letters of credit have credit risks essentially the same as that involved in extending loans to customers and are subject to the Company’s standard credit policies. Collateral is obtained based on management’s credit assessment of the customer. Management does not anticipate any material losses as a result of these commitments. In addition, the Company is engaged in various legal actions that it deems to be in the ordinary course of business. As these legal actions are resolved, the Company could realize positive and/or negative impact to its financial performance in the period in which these legal actions are ultimately decided. There can be no assurance that current actions will have immaterial results, either positive or negative, or that no material actions may be presented in the future. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Preferred Stock | PREFERRED STOCK The Company’s Board of Directors has the authority to issue preferred stock, and to the designation, preferences, rights, dividends and all other attributes of such preferred stock, without any vote or action by the shareholders. As of December 31, 2015 , no such shares were outstanding, nor were any expected to be issued. |
Regulatory Requirements And Cap
Regulatory Requirements And Capital Ratios | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Requirements And Capital Ratios | REGULATORY REQUIREMENTS AND CAPITAL RATIOS The principal source of income and cash for City Holding (the “Parent Company”) is dividends from City National. Dividends paid by City National to the Parent Company are subject to certain legal and regulatory limitations. Generally, any dividends in amounts that exceed the earnings retained by City National in the current year plus retained net profits for the preceding two years must be approved by regulatory authorities. Approval is also required if dividends declared would cause City National’s regulatory capital to fall below specified minimum levels. At December 31, 2015 , City National could pay dividends up to $18.2 million without prior regulatory permission. During 2015 , the Parent Company used cash obtained from the dividends received primarily to: (1) pay common dividends to shareholders, (2) remit interest payments on the Company’s junior subordinated debentures and (3) fund common stock repurchases for treasury. As of December 31, 2015 , the Parent Company reported a cash balance of approximately $ 46.7 million . Management believes that the Parent Company’s available cash balance, together with cash dividends from City National, is adequate to satisfy its funding and cash needs in 2016. In July 2013, the Federal Reserve published the final rules that established a new comprehensive capital framework for banking organizations, commonly referred to as Basel III. These final rules substantially revised the risk-based capital requirements applicable to bank holding companies and depository institutions. The final rule became effective January 1, 2015 for smaller, non-complex banking organizations with full implementation by January 1, 2019. Regulatory guidelines require the Company to maintain a minimum common equity Tier 1 ("CET 1") capital ratio of 4.5% and a total capital to risk-adjusted assets ratio of 8.0%, with at least one-half of capital consisting of tangible common stockholders’ equity and a minimum Tier 1 leverage ratio of 6.0%. Similarly, City National is also required to maintain minimum capital levels as set forth by various regulatory agencies. Under capital adequacy guidelines, City National is required to maintain minimum CET 1, total capital, Tier 1 capital, and leverage ratios of 4.5%, 8.0%, 6.0%, and 4.0%, respectively. To be classified as “well capitalized,” City National must maintain CET 1, total capital, Tier 1 capital, and leverage ratios of 6.5%, 10.0%, 8.0%, and 5.0%, respectively. When fully phased in on January 1, 2019, the Basel III Capital Rules will require City Holding and City National to maintain (i) a minimum ratio of CET 1 to risk-weighted assets of at least 4.5%, plus a 2.5% "capital conservation buffer" (which is added to the 4.5% CET 1 ratio as that buffer is phased in, effectively resulting in a minimum ratio of CET 1 to risk-weighted assets of at least 7.0% upon full implementation), (ii) a minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer (which is added to the 6.0% Tier 1 capital ratio as that buffer is phased in, effectively resulting in a minimum Tier 1 capital ratio of 8.5% upon full implementation), (iii) a minimum ratio of Total capital (that is, Tier 1 plus Tier 2) to risk-weighted assets of at least 8.0%, plus the capital conservation buffer (which is added to the 8.0% total capital ratio as that buffer is phased in, effectively resulting in a minimum total capital ratio of 10.5% upon full implementation) and (iv) a minimum leverage ratio of 4.0%, calculated as the ratio of Tier 1 capital to average assets (as compared to a current minimum leverage ratio of 3.0% for banking organizations that either have the highest supervisory rating or have implemented the appropriate federal regulatory authority's risk-adjusted measure for market risk). The implementation of the capital conservation buffer will begin on January 1, 2016 at the 0.625% level and be phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). The Basel III Capital Rules also provide for a “countercyclical capital buffer” that is applicable to only certain covered institutions and does not have any current applicability to City Holding Company or City National Bank. The aforementioned capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of CET 1 capital to risk-weighted assets above the minimum but below the conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The Company’s regulatory capital ratios for both City Holding and City National are illustrated in the following tables (in thousands): December 31, 2015 Actual Minimum Required - Basel III Phase-In Schedule Minimum Required - Basel III Fully Phased-In (*) Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio CET 1 Capital City Holding Company $ 345,620 13.7 % $ 113,919 4.5 % $ 177,207 7.0 % $ 164,549 6.5 % City National Bank 264,812 10.5 % 113,209 4.5 % 176,103 7.0 % 163,524 6.5 % Tier 1 Capital City Holding Company 361,620 14.3 % 151,891 6.0 % 215,180 8.5 % 202,522 8.0 % City National Bank 288,752 11.5 % 150,945 6.0 % 213,839 8.5 % 201,260 8.0 % Total Capital City Holding Company 382,180 15.1 % 202,522 8.0 % 265,810 10.5 % 253,152 10.0 % City National Bank 308,804 12.3 % 201,260 8.0 % 264,154 10.5 % 251,575 10.0 % Tier 1 Leverage Ratio City Holding Company 361,620 10.2 % 142,521 4.0 % 142,521 4.0 % 178,151 5.0 % City National Bank 288,752 8.1 % 141,874 4.0 % 141,874 4.0 % 177,343 5.0 % (*) Represents the minimum required capital levels as of January 1, 2019 when Basel III Capital Rules have been fully phased in. December 31, 2014: Actual Minimum Required for Capital Adequacy Purposes Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio Tier 1 Capital City Holding Company $ 333,163 13.4 % $ 99,723 4.0 % $ 149,585 6.0 % City National Bank 294,870 11.9 % 99,037 4.0 % 148,556 6.0 % Total Capital City Holding Company 353,873 14.2 % 199,446 8.0 % 249,308 10.0 % City National Bank 315,095 12.7 % 198,074 8.0 % 247,593 10.0 % Tier 1 Leverage Ratio City Holding Company 333,163 9.9 % 134,721 4.0 % 168,402 5.0 % City National Bank 294,870 8.8 % 133,991 4.0 % 167,489 5.0 % As of December 31, 2015 , management believes that City Holding Company, and its banking subsidiary, City National, were “well capitalized.” City Holding is subject to regulatory capital requirements administered by the Federal Reserve, while City National is subject to regulatory capital requirements administered by the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”). Regulatory agencies can initiate certain mandatory actions if either City Holding or City National fails to meet the minimum capital requirements, as shown above. As of December 31, 2015 , management believes that City Holding and City National meet all capital adequacy requirements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 : Quoted prices (unadjusted) or identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 : Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. Level 3 : Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company bases fair value of assets and liabilities on quoted market prices, prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. If such information is not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amount presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Financial Assets and Liabilities The Company used the following methods and significant assumptions to estimate fair value for financial assets and liabilities measured on a recurring basis. Securities Available for Sale . Securities available for sale are reported at fair value utilizing Level 1, Level 2, and Level 3 inputs. The fair value of securities available for sale is determined by utilizing a market approach by obtaining quoted prices on nationally recognized securities exchanges (other than forced or distressed transactions) that occur in sufficient volume or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. If such measurements are unavailable, the security is classified as Level 3. Significant judgment is required to make this determination. The Company utilizes a third party pricing service provider to value its Level 1 and Level 2 investment securities. Annually, the Company obtains an independent auditor’s report from its third party pricing service provider regarding its controls over investment securities. Although no control deficiencies were noted, the report did contain caveats and disclaimers regarding the pricing information, such as the Company should review fair values for reasonableness. On a quarterly basis, the Company selects a sample of its debt securities and reprices those securities with a third party that is independent of the primary pricing service provider to verify the reasonableness of the fair values. In addition, the Company selects a sample of securities and reviews the underlying support from the primary pricing service provider. The Company has determined that its pooled trust preferred securities are priced using Level 3 inputs in accordance with ASC Topic 820 and guidance issued by the SEC. The Company has determined that there are few observable transactions and market quotations available for pooled trust preferred securities and they are not reliable for purposes of determining fair value of trust preferred securities held at December 31, 2015 . Due to these circumstances, the Company has elected to utilize an income valuation approach produced by a third party pricing source. This third party model utilizes deferral and default probabilities for the underlying issuers, estimated prepayment rates and assumes no future recoveries of any defaults or deferrals. The Company then compares the values provided by the third party model with other external sources. At such time as there are observable transactions or quoted prices that are associated with an orderly and active market for pooled trust preferred securities, the Company will incorporate such market values in its estimate of fair values for these securities. Derivatives . Derivatives are reported at fair value utilizing Level 2 inputs. The Company utilizes a market approach by obtaining dealer quotations to value its customer interest rate swaps. The Company’s derivatives are included within its Other Assets and Other Liabilities in the accompanying consolidated balance sheets. Derivative assets are typically secured through securities with financial counterparties or cross collateralization with a borrowing customer. Derivative liabilities are typically secured through the Company pledging securities to financial counterparties or, in the case of a borrowing customer, by the right of setoff. The Company considers such factors such as the likelihood of default by itself and its counterparties, right of setoff, and remaining maturities in determining the appropriate fair value adjustments. All derivative counterparties approved by the Company's Asset and Liability Committee ("ALCO") are regularly reviewed, and appropriate business action is taken to adjust the exposure to certain counterparties, if necessary. Counterparty exposure is evaluated by netting positions that are subject to master netting agreements, as well as considering the amount of marketable collateral securing the position. This approach used to estimate impacted exposures to counterparties is also used by the Company to estimate its own credit risk in derivative liability positions. To date, no material losses have been incurred due to a counterparty's inability to pay any undercollateralized position. There was no significant change in the value of derivative assets and liabilities attributed to credit risk during the year ended December 31, 2015 . The Company may be required, from time to time, to measure certain financial assets and financial liabilities at fair value on a nonrecurring basis. Financial assets measured at fair value on a nonrecurring basis include impaired loans reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 inputs based on observable market data for real estate collateral or Level 3 inputs for non-real estate collateral. The following table presents the Company's assets and liabilities measured at fair value (in thousands): Total Level 1 Level 2 Level 3 Total Gains (Losses) December 31, 2015 Recurring fair value measurements Financial Assets U.S. Government agencies $ 5 $ — $ 5 $ — Obligations of states and political subdivisions 50,697 — 50,697 — Mortgage-backed securities: U.S. Government agencies 288,197 — 288,197 — Private label 1,231 — 1,231 — Trust preferred securities 5,858 — 3,762 2,096 Corporate securities 18,693 — 18,693 — Marketable equity securities 3,273 3,273 — — Investment funds 1,512 1,512 — — Derivative assets 10,811 — 10,811 — Financial Liabilities Derivative liabilities 10,933 — 10,933 — Nonrecurring fair value measurements Financial Assets Impaired loans $ 8,482 $ — $ — $ 8,482 $ — Other real estate owned 6,518 — — 6,518 (937 ) December 31, 2014 Recurring fair value measurements Financial Assets U.S. Government agencies $ 1,827 $ — $ 1,827 $ — Obligations of states and political subdivisions 42,096 — 42,096 — Mortgage-backed securities: U.S. Government agencies 187,328 — 187,328 — Private label 1,704 — 1,704 — Trust preferred securities 9,036 — 7,165 1,871 Corporate securities 7,317 — 7,317 — Marketable equity securities 3,213 3,213 — — Investment funds 1,522 1,522 — — Derivative assets 10,253 — 10,253 — Financial Liabilities Derivative liabilities 10,277 — 10,277 — Nonrecurring fair value measurements Financial Assets Impaired loans $ 6,517 $ — $ — $ 6,517 $ (153 ) Other real estate owned 8,179 — — 8,179 (464 ) The table below presents a reconcilement of the Company’s financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands): December 31, 2015 2014 Beginning balance $ 1,871 $ 3,887 Impairment losses on investment securities — — Included in other comprehensive income 225 (1,862 ) Dispositions — (154 ) Transfers into Level 3 — — Ending Balance $ 2,096 $ 1,871 The Company utilizes a third party model to compute the present value of expected cash flows which considers the structure and term of each of the five respective pooled trust preferred securities and the financial condition of the underlying issuers. Specifically, the third party model details interest rates, principal balances of note classes and underlying issuers, the timing and amount of interest and principal payments of the underlying issuers, and the allocation of the payments to the note classes. The current estimate of expected cash flows is based on the most recent trustee reports and any other relevant market information including announcements of interest payment deferrals or defaults of underlying trust preferred securities. For issuing banks that have defaulted, management generally assumes no recovery. For issuing banks that have deferred its interest payments, management excludes the collateral balance associated with these banks and assumes no recoveries of such collateral balance in the future. The exclusion of such issuing banks in a current deferral position is based on such bank experiencing a certain level of financial difficulty that raises doubt about its ability to satisfy its contractual debt obligation, and accordingly, the Company excludes the associated collateral balance from its estimate of expected cash flows. Other assumptions used in the estimate of expected cash flows include expected future default rates and prepayments. Specifically, the model assumes annual prepayments of 1.0% with 100% at maturity and assumes 150 basis points of additional annual defaults from banks that are currently not in default or deferral. In addition, the model assumes no recoveries except for one trust preferred security which assumes that one of the banks currently deferring or in default will cure such positions. The table below presents a reconcilement of the Company's financial assets and liabilities measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3), which solely relates to impaired loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral (in thousands). The fair value of impaired loans is estimated using one of several methods, including collateral value, liquidation value and discounted cash flows. The significant unobservable inputs used in the fair value measurement of collateral for collateral-dependent impaired loans primarily relate to discounts applied to the customers’ reported amount of collateral. The amount of collateral discount depends upon the marketability of the underlying collateral. During December 31, 2015 and 2014 , collateral discounts ranged from 20% to 30% . During December 31, 2015 and 2014 , the Company had no Level 2 financial assets and liabilities that were measured on a nonrecurring basis. Year ended December 31, 2015 2014 Beginning balance $ 6,517 $ 11,714 Loans classified as impaired during the period 2,349 — Specific valuation allowance allocations — — 2,349 — (Additional) reduction in specific valuation allowance allocations 252 628 Paydowns, payoffs, other activity (636 ) (5,825 ) Ending balance $ 8,482 $ 6,517 Non-Financial Assets and Liabilities The Company has no non-financial assets or liabilities measured at fair value on a recurring basis. Certain non-financial assets measured at fair value on a non-recurring basis include other real estate owned (“OREO”), which is measured at the lower of cost or fair value, and goodwill and other intangible assets, which are measured at fair value and evaluated at least annually for impairment. The table below presents OREO that was remeasured and reported at fair value based on significant unobservable inputs (Level 3) (in thousands): 2015 2014 Beginning Balance $ 8,179 $ 8,470 OREO remeasured at initial recognition: Carrying value of foreclosed assets prior to remeasurement 3,732 5,746 Charge-offs recognized in the allowance for loan losses — — Fair value 3,732 5,746 OREO remeasured subsequent to initial recognition: Carrying value of foreclosed assets prior to remeasurement 3,937 1,632 Fair value 3,000 1,168 Write-downs included in other non-interest expense (937 ) (464 ) Acquired — — Disposals (4,456 ) (5,573 ) Ending Balance $ 6,518 $ 8,179 Based on the Company's annual assessment for impairment in the recorded value of goodwill and indefinite lived intangible assets, no impairment was recorded during the years ended December 31, 2015 and 2014 . ASC Topic 825 “Financial Instruments” as amended, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including discount rate and estimate of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. ASC Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions were used in estimating fair value for financial instruments: Cash and cash equivalents : Due to their short-term nature, the carrying amounts reported in the Consolidated Balance Sheets approximate fair value. Securities : The fair value of securities are generally based on quoted market prices or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. Other securities : It is not practicable to determine the fair value of the Company's other securities, which consist of FRB and FHLB stock, due to restrictions placed on its transferability. Net loans : The fair value of the loan portfolio is estimated by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers for the same remaining maturities. Loans were first segregated by type such as commercial, real estate and consumer, and were then further segmented into fixed, adjustable and variable rate categories. Expected future cash flows were projected based on contractual cash flows, adjusted for estimated prepayments. Accrued interest receivable : The carrying amount of accrued interest receivable approximates fair value. Deposits : The fair values of demand deposits (e.g., interest and noninterest-bearing checking, regular savings, and other money market demand accounts) are, by definition, equal to their carrying values. The fair values of time deposits were estimated using discounted cash flow analyses. The discount rates used were based on rates currently offered for deposits with similar remaining maturities. The fair values of the time deposit liabilities do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. Short-term debt : Securities sold under agreements to repurchase and Federal Home Loan Bank advances represent borrowings with original maturities of less than 90 days. The carrying amount of borrowings under purchase agreements approximate their fair value. Long-term debt: The fair value of long-term borrowings is estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements and market conditions of similar debt instruments. Commitments and letters of credit : The fair values of commitments are estimated based on fees currently charged to enter into similar agreements, taking into consideration the remaining terms of the agreements and the counterparties’ credit standing. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. The amounts of fees currently charged on commitments and letters of credit are deemed insignificant, and therefore, the estimated fair values and carrying values have not been reflected in the following table. The following table represents the estimates of fair value of financial instruments (in thousands). This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as noninterest-bearing demand, interest-bearing demand and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity. Carrying Amount Fair Value Level 1 Level 2 Level 3 December 31, 2015 Assets: Cash and cash equivalents $ 70,113 $ 70,113 $ 70,113 $ — $ — Securities available-for-sale 369,466 369,466 4,785 362,585 2,096 Securities held-to-maturity 88,937 90,810 — 90,810 — Other securities 12,915 12,915 — 12,915 — Net loans 2,843,283 2,843,973 — — 2,843,973 Accrued interest receivable 7,432 7,432 7,432 — — Derivative assets 10,811 10,811 — 10,811 — Liabilities: Deposits 3,083,975 3,085,908 2,066,419 1,019,489 — Short-term debt 154,869 154,872 — 154,872 — Long-term debt 16,495 16,457 — 16,457 — Derivative liabilities 10,933 10,933 — 10,933 — December 31, 2014 Assets: Cash and cash equivalents $ 148,228 $ 148,228 $ 148,228 $ — $ — Securities available-for-sale 254,043 254,043 4,735 247,437 1,871 Securities held-to-maturity 90,786 94,191 — 94,191 — Other securities 9,857 9,857 — 9,857 — Net loans 2,631,916 2,638,911 — — 2,638,911 Accrued interest receivable 6,826 6,826 6,826 — — Derivative assets 10,253 10,253 — 10,253 — Liabilities: Deposits 2,872,787 2,879,126 1,846,124 1,033,002 — Short-term debt 134,931 134,934 — 134,934 — Long-term debt 16,495 16,464 — 16,464 — Derivative liabilities 10,277 10,277 — 10,277 — |
City Holding Company (Parent Co
City Holding Company (Parent Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
City Holding Company (Parent Company Only) Financial Information | CITY HOLDING COMPANY (PARENT COMPANY ONLY) FINANCIAL INFORMATION Condensed Balance Sheets The following table presents the condensed balance sheets of City Holding Company, parent company only (in thousands): December 31 2015 2014 Assets Cash $ 46,672 $ 12,521 Securities available-for-sale 3,273 3,212 Investment in subsidiaries 388,201 380,348 Deferred tax assets, net 1,569 1,436 Fixed assets 8 9 Other assets 3,290 16,629 Total Assets $ 443,013 $ 414,155 Liabilities Junior subordinated debentures $ 16,495 $ 16,495 Dividends payable 6,376 6,062 Accrued interest payable 30 26 Other liabilities 840 719 Total Liabilities 23,741 23,302 Total Shareholders’ Equity 419,272 390,853 Total Liabilities and Shareholders’ Equity $ 443,013 $ 414,155 Junior subordinated debentures represent the Parent Company’s amounts owed to City Holding Capital Trust III. Condensed Statements of Comprehensive Income The following table presents the condensed statements of comprehensive income of City Holding Company, parent company only (in thousands): Year Ended December 31 2015 2014 2013 Income Dividends from subsidiaries $ 48,950 $ 46,050 $ 46,317 Investment securities gains — 1,130 89 Other income 22 65 66 48,972 47,245 46,472 Expenses Interest expense 618 605 617 Other expenses 1,170 849 2,352 1,788 1,454 2,969 Income Before Income Tax Benefit and Equity in Undistributed Net Income of Subsidiaries 47,184 45,791 43,503 Income tax benefit (795 ) (231 ) (1,050 ) Income Before Equity in Undistributed Net Income of Subsidiaries 47,979 46,022 44,553 Equity in undistributed net income of subsidiaries 6,118 6,940 3,662 Net Income $ 54,097 $ 52,962 $ 48,215 Total Comprehensive Income $ 54,424 $ 53,793 $ 44,647 Condensed Statements of Cash Flows The following table presents the condensed statements of cash flows of City Holding Company, parent company only (in thousands): Year Ended December 31 2015 2014 2013 Operating Activities Net income $ 54,097 $ 52,962 $ 48,215 Adjustments to reconcile net income to net cash provided by operating activities: Realized investment securities gains — (1,130 ) (89 ) Amortization and accretion — — 5 Stock based compensation 3 199 205 Depreciation 1 1 1 Change in other assets 13,338 (16,110 ) 1,656 Change in other liabilities 314 2,146 (236 ) Equity in undistributed net income (6,118 ) (6,940 ) (3,662 ) Net Cash Provided by Operating Activities 61,635 31,128 46,095 Investing Activities Proceeds from sales of available for sale securities — 2,334 137 Return of capital — 2,500 — Acquisition of Community Financial Corporation — — (12,708 ) Net Cash Used in Investing Activities — 4,834 (12,571 ) Financing Activities Dividends paid (25,304 ) (24,487 ) (22,878 ) Purchases of treasury stock (7,055 ) (27,957 ) — Exercise of stock options 2,979 580 3,428 Exercise of warrants 1,896 — — Net Cash Used in Financing Activities (27,484 ) (51,864 ) (19,450 ) Increase (decrease) in Cash and Cash Equivalents 34,151 (15,902 ) 14,074 Cash and cash equivalents at beginning of year 12,521 28,423 14,349 Cash and Cash Equivalents at End of Year $ 46,672 $ 12,521 $ 28,423 |
Summarized Quarterly Financial
Summarized Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Information (Unaudited) | SUMMARIZED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) A summary of selected quarterly financial information is presented below (in thousands, except for per share data): First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Interest income $ 32,364 $ 31,720 $ 30,768 $ 32,222 Taxable equivalent adjustment 142 144 147 179 Interest income (FTE) 32,506 31,864 30,915 32,401 Interest expense 2,973 2,937 2,910 3,010 Net interest income 29,533 28,927 28,005 29,391 Provision for loan losses 888 2,836 451 2,813 Investment securities gains 14 2,116 — — Non-interest income 24,007 13,289 13,706 14,074 Non-interest expense 23,165 23,244 25,377 21,165 Income before income tax expense 29,501 18,252 15,883 19,487 Income tax expense 11,367 6,125 5,129 5,793 Taxable equivalent adjustment (142 ) (144 ) (147 ) (179 ) Net income available to common shareholders $ 17,992 $ 11,983 $ 10,607 $ 13,515 Net earnings allocated to common shareholders $ 17,783 $ 11,849 $ 10,487 $ 13,362 Basic earnings per common share $ 1.18 $ 0.78 $ 0.69 $ 0.88 Diluted earnings per common share 1.17 0.78 0.69 0.88 Average common shares outstanding: Basic 15,067 15,104 15,178 15,158 Diluted 15,149 15,127 15,198 15,175 2014 Interest income $ 33,018 $ 31,828 $ 32,438 $ 32,282 Taxable equivalent adjustment 153 151 152 164 Interest income (FTE) 33,171 31,979 32,590 32,446 Interest expense 2,978 2,973 2,968 3,041 Net interest income 30,193 29,006 29,622 29,405 Provision for loan losses 1,363 435 1,872 384 Investment securities losses 83 818 71 184 Non-interest income 14,222 14,321 14,538 14,485 Non-interest expense 23,376 24,305 24,325 23,035 Income before income tax expense 19,759 19,405 18,034 20,655 Income tax expense 5,803 6,497 6,010 5,961 Taxable equivalent adjustment (153 ) (151 ) (152 ) (164 ) Net income available to common shareholders $ 13,803 $ 12,757 $ 11,872 $ 14,530 Net earnings allocated to common shareholders $ 13,663 $ 12,626 $ 11,746 $ 14,374 Basic earnings per common share $ 0.87 $ 0.81 $ 0.76 $ 0.95 Diluted earnings per common share 0.86 0.80 0.76 0.95 Average common shares outstanding: Basic 15,631 15,556 15,363 15,096 Diluted 15,796 15,706 15,445 15,182 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): For the Year Ended December 31, 2015 2014 2013 Distributed earnings allocated to common stock $ 25,212 $ 23,984 $ 23,100 Undistributed earnings allocated to common stock 28,272 28,416 24,678 Net earnings allocated to common shareholders $ 53,484 $ 52,400 $ 47,778 Average shares outstanding 15,123 15,403 15,564 Effect of dilutive securities: Employee stock options and warrant outstanding 48 85 144 Shares for diluted earnings per share 15,171 15,488 15,708 Basic earnings per share $ 3.54 $ 3.40 $ 3.07 Diluted earnings per share $ 3.53 $ 3.38 $ 3.04 Options to purchase approximately 13,000 shares of common stock at an exercise price of $46.41 per share were outstanding during December 31, 2015 , but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares and therefore, the effect would have been anti-dilutive. During the years ended December 31, 2014 and December 31, 2013 , there were no anti-dilutive options outstanding. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE LOSS The activity in accumulated other comprehensive loss is presented in the tables below (in thousands). All amounts are shown net of tax, which is calculated using a combined Federal and state income tax rate approximating 37% . Accumulated Other Comprehensive Loss Unrealized Gains (Losses) on Defined Benefit Securities Pension Plans Available-for-Sale Total Balance at December 31, 2013 $ (2,880 ) $ (2,110 ) $ (4,990 ) Other comprehensive income before reclassifications (2,470 ) 4,030 1,560 Amounts reclassified from other comprehensive loss — (729 ) (729 ) (2,470 ) 3,301 831 Balance at December 31, 2014 $ (5,350 ) $ 1,191 $ (4,159 ) Other comprehensive income before reclassifications 590 1,081 1,671 Amounts reclassified from other comprehensive loss — (1,344 ) (1,344 ) 590 (263 ) 327 Balance at December 31, 2015 $ (4,760 ) $ 928 $ (3,832 ) Amount reclassified from Other Comprehensive Loss Affected line item December 31, in the Statements 2015 2014 2013 of Income Securities available-for-sale: Net securities (gains) losses reclassified into earnings $ (2,130 ) $ (1,156 ) $ (764 ) Security gains (losses) Related income tax expense 786 427 282 Income tax expense Net effect on accumulated other comprehensive loss $ (1,344 ) $ (729 ) $ (482 ) |
Summary Of Significant Accoun34
Summary Of Significant Accounting And Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies: The accounting and reporting policies of City Holding Company and its subsidiaries (the “Company”) conform with U. S. generally accepted accounting principles and require management to make estimates and develop assumptions that affect the amounts reported in the financial statements and related footnotes. Actual results could differ from management’s estimates. The following is a summary of the more significant policies. |
Principles Of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of City Holding Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity in conformity with U. S. generally accepted accounting principles. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (VIEs) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in an entity is present when an enterprise has a variable interest, or a combination of variable interests, that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The Company’s wholly owned subsidiary, City Holding Capital Trust III, is a VIE for which the Company is not the primary beneficiary. Accordingly, the accounts of this entity are not included in the Company’s consolidated financial statements. Certain amounts in the financial statements have been reclassified. Such reclassifications had no impact on shareholders’ equity or net income for any period. |
Cash and Due from Banks | Cash and Due from Banks: The Company considers cash, due from banks, and interest-bearing deposits in depository institutions as cash and cash equivalents. |
Securities | Securities: Management determines the appropriate classification of securities at the time of purchase. If management has the intent and the Company has the ability at the time of purchase to hold debt securities to maturity, they are classified as investment securities held-to-maturity and are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts. Debt securities which the Company may not hold to maturity are classified as investment securities available-for-sale along with the Company’s investment in equity securities. Securities available-for-sale are carried at fair value, with the unrealized gains and losses, net of tax, reported in comprehensive income. Securities classified as available-for-sale include securities that management intends to use as part of its asset/liability management strategy and that may be sold in response to changes in interest rates, resultant prepayment risk, and other factors. The Company utilizes a third party pricing service provider to value its investment portfolio. Annually, the Company obtains an independent auditor’s report from its third party pricing service provider regarding its controls over valuation of investment securities. Although an unqualified opinion regarding the design and operating effectiveness of controls was issued, the report did contain caveats and disclaimers regarding the pricing information, such as the Company should review market values for reasonableness. On a quarterly basis, the Company selects a sample of its debt securities and reprices those securities with a third party that is independent of the primary pricing service provider to verify the reasonableness of the fair values. Also, on a quarterly basis, the Company performs a review of investment securities to determine if any unrealized losses are other than temporarily impaired. Management considers the following, among other things, in its determination of the nature of the unrealized losses, (i) the length of time and the extent to which the fair value has been less than cost; (ii) the financial condition, capital strength, and near–term ( 12 months) prospects of the issuer, including any specific events which may influence the operations of the issuer such as changes in technology that may impair the earnings potential of the investment or the discontinuance of a segment of the business that may affect the future earnings potential; (iii) the historical volatility in the market value of the investment and/or the liquidity or illiquidity of the investment; (iv) adverse conditions specifically related to the security, an industry, or a geographic area; or (v) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The Company continues to actively monitor the market value of these investments along with the financial strength of the issuers behind these securities, as well as its entire investment portfolio. Based on the market information available, the Company believes that (i) the declines in fair value are temporary, driven by fluctuations in the interest rate environment and not due to the credit worthiness of the issuers, (ii) the Company does not have the intent to sell any of the securities classified as available for sale, and (iii) it is more likely than not that the Company will not have to sell any such securities before recovery of cost. The Company cannot guarantee that such securities will recover and if additional information becomes available in the future to suggest that the losses are other than temporary, the Company may need to record impairment charges in the future. The specific identification method is used to determine the cost basis of securities sold. Certain investment securities that do not have readily determinable fair values and for which the Company does not exercise significant influence are carried at cost and classified as other investment securities on the Consolidated Balance Sheets. These cost-method investments are reviewed for impairment at least annually or sooner if events or changes in circumstances indicate the carrying value may not be recoverable. |
Loans | Loans: Loans, excluding previously securitized loans, which are discussed separately below, are reported at the principal amount outstanding, net of unearned income. Portfolio loans include those for which management has the intent and City has the ability to hold for the foreseeable future, or until maturity or payoff. The foreseeable future is based upon management’s judgment of current business strategies and market conditions, the type of loan, asset/liability management, and liquidity. Interest income on loans is accrued and credited to operations based upon the principal amount outstanding, using methods that generally result in level rates of return. Loan origination fees, and certain direct costs, are deferred and amortized as an adjustment to the yield over the term of the loan. The accrual of interest income generally is discontinued when a loan becomes 90 days past due as to principal or interest for all loan types. However, any loan may be placed on non-accrual if the Company receives information that indicates that it is probable a borrower will be unable to meet the contractual terms of their respective loan agreement. Other indicators considered for placing a loan on non-accrual status include the borrower’s involvement in bankruptcies, foreclosures, repossessions, litigation and any other situation resulting in doubt as to whether full collection of contractual principal and interest is attainable. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and interest accrued in prior years is charged to the allowance for loan losses. Management may elect to continue the accrual of interest when the estimated net realizable value of collateral exceeds the principal balance and related accrued interest, and the loan is in process of collection. Generally for all loan classes, interest income during the period the loan is non-performing is recorded on a cash basis after recovery of principal is reasonably assured. Cash payments received on nonperforming loans are typically applied directly against the outstanding principal balance until the loan is fully repaid. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Generally, all loan types are considered past due when the contractual terms of a loan are not met and the borrower is 30 days or more past due on a payment. Furthermore, residential and home equity loans are generally subject to charge-off when the loan becomes 120 days past due, depending on the estimated fair value of the collateral less cost to dispose, versus the outstanding loan balance. Commercial loans are generally charged off when the loan becomes 120 days past due and consumer loans are generally charged off when the loan becomes 120 days past due. |
Previously Securitized Loans | Previously Securitized Loans: Previously securitized loans represent the carrying value of loans beneficially owned by the Company as a result of exercising its early redemption option during 2003 and 2004 to fully redeem the obligations owed to investors (“notes”) in certain of the Company’s securitization transactions. The loans were recorded at the lower of fair value or their carrying values, which was the carrying value of the related retained interest asset underlying the securitization plus amounts remitted by the Company to the note holders to redeem the notes. Because the carrying value of the retained interests incorporated assumptions with regard to expected prepayment and default rates on the loans and also considered the expected timing and amount of cash flows to be received by the Company, the carrying value of the retained interests and the carrying value of the loans was less than the actual outstanding balance of the loans. Effective January 1, 2012, the carrying value of the remaining previously securitized loans was reduced to zero and any cash received on these loans is recorded as interest income in the period that it is received. |
Allowance for Loan Losses | Allowance for Loan Losses: The allowance for loan losses is maintained at a level that represents management’s best estimate of probable losses in the loan portfolio. Management’s determination of the appropriateness of the allowance for loan losses is based upon an evaluation of individual credits in the loan portfolio, historical loan loss experience, current economic conditions, and other relevant factors. This determination is inherently subjective, as it requires material estimates including the amounts and timing of future cash flows expected to be received on impaired loans that may be susceptible to significant change. These evaluations are conducted at least quarterly and more frequently if deemed necessary. The allowance for loan losses related to loans considered to be impaired is generally evaluated based on the discounted cash flows using the impaired loan’s initial effective interest rate or the fair value of the collateral for certain collateral dependent loans. Loan losses are charged against the allowance and recoveries of amounts previously charged off are credited to the allowance. A provision for loan losses is charged to operations based on management’s periodic evaluation of the appropriateness of the allowance after considering factors noted above, among others. In evaluating the appropriateness of its allowance for loan losses, the Company stratifies the loan portfolio into six major groupings, including commercial real estate, commercial and industrial, residential real estate, home equity, and others. Historical loss experience, as adjusted, is applied to the then outstanding balance of loans in each classification to estimate probable losses inherent in each segment of the portfolio. Historical loss experience is adjusted using a systematic weighted probability of potential risk factors that could result in actual losses deviating from prior loss experience. Risk factors considered by the Company in completing this analysis include: (1) unemployment and economic trends in the Company’s markets, (2) concentrations of credit, if any, among any industries, (3) trends in loan growth, loan mix, delinquencies, losses or credit impairment, (4) adherence to lending policies and others. Each risk factor is designated as low, moderate/increasing, or high based on the Company’s assessment of the risk to loss associated with each factor. Each risk factor is then weighted to consider probability of occurrence. Additionally, all commercial loans within the portfolio are subject to internal risk grading. Risk grades are generally assigned by the primary lending officer and are periodically evaluated by the Company’s internal loan review process. Based on an individual loan’s risk grade, estimated loss percentages are applied to the outstanding balance of the loan to determine the amount of probable loss. |
Premises and Equipment | Premises and Equipment: Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets. Depreciation of leasehold improvements is computed using the straight-line method over the lesser of the term of the respective lease or the estimated useful life of the respective asset. Maintenance and repairs are charged to expense as incurred, while improvements that extend the useful life of premises and equipment are capitalized and depreciated over the estimated remaining life of the asset. |
Other Real Estate Owned | Other Real Estate Owned: Other real estate owned (“OREO”) is comprised principally of commercial and residential real estate properties obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is included in Other Assets at the lower of estimated fair value of the asset, less estimated selling costs or the carrying amount of the loan. Changes to the value subsequent to transfer are recorded in non-interest expense, along with direct operating expenses. Gains or losses not previously recognized from sales of OREO are recognized in non-interest expense on the date of the sale. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: Goodwill is the excess of the cost of an acquisition over the fair value of tangible and intangible assets acquired. Goodwill is not amortized. Intangible assets represent purchased assets that also lack physical substance, but can be separately distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset or liability. Intangible assets with determinable useful lives, such as core deposits, are amortized over their estimated useful lives. The Company performs an annual review for impairment in the recorded value of goodwill and indefinite lived intangible assets. Goodwill is tested for impairment between the annual tests if an event occurs or circumstances change that more than likely reduce the fair value of a reporting unit below its carrying value. An indefinite-lived intangible asset is tested for impairment between the annual tests if an event occurs or circumstances change indicating that the asset might be impaired. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase: Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold plus accrued interest. Securities sold primarily consists of U.S. government, federal agency, and municipal securities pledged as collateral under these financing arrangements and cannot be repledged or sold, unless replaced by the secured party. |
Insurance Commissions | Insurance Commissions: Commission revenue was recognized as of the effective date of the insurance policy or the date the customer was billed, whichever was later. The Company also received contingent commissions from insurance companies as additional incentive for achieving specified premium volume goals and/or the loss experience of the insurance placed by the Company. The Company maintained a reserve for commission adjustments based on estimated policy cancellations. |
Derivative Financial Instruments | Derivative Financial Instruments: The Company enters into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. All derivative instruments are carried at fair value on the balance sheet. As of December 31, 2015 and 2014 , the Company has derivative instruments not included in hedge relationships. These derivatives consist of interest rate swaps used for interest rate management purposes and derivatives executed with commercial banking customers to facilitate their interest rate management strategies. The change in the fair value of these derivative instruments is reflected in the statements of income |
Trust Assets | Trust Assets: Assets held in a fiduciary or agency capacity for customers are not included in the accompanying financial statements since such items are not assets of the Company. |
Income Taxes | Income Taxes: The consolidated provision for income taxes is based upon reported income and expense. Deferred income taxes are provided for temporary differences between financial reporting and tax bases of assets and liabilities, computed using enacted tax rates. The Company files a consolidated income tax return. The respective subsidiaries generally provide for income taxes on a separate return basis and remit amounts determined to be currently payable to the Parent Company. The Company and its subsidiaries are subject to examinations and challenges from federal and state taxing authorities regarding positions taken in returns. Uncertain tax positions are initially recognized in the consolidated financial statements when it is more likely than not the position will be sustained upon examination. These positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the taxing authority and assuming full knowledge of the position and all relevant facts by the taxing authority. The Company invests in certain limited partnerships that operate qualified low-income housing tax credit developments. These investments are considered variable interest entities for which the Company is not the primary beneficiary. The tax credits are reflected in the Consolidated Statements of Income as a reduction in income tax expense. The unamortized amount of the investments is recorded within Other Assets within the Consolidated Balance Sheets. |
Advertising Costs | Advertising Costs: Advertising costs are expensed as incurred. |
Stock-Based Compensation | Stock-Based Compensation: Compensation expense related to stock options and restricted stock awards issued to employees is based upon the fair value of the award at the date of grant. The fair value of stock options is estimated utilizing a Black Scholes pricing model, while the fair value of restricted stock awards is based upon the stock price at the date of grant. Compensation expense is recognized on a straight line basis over the vesting period for options and the respective period for stock awards. |
Basic and Diluted Earnings per Common Share | Basic and Diluted Earnings per Common Share: Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding, excluding participating securities. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares outstanding, excluding participating securities, increased by the number of shares of common stock which would be issued assuming the exercise of stock options and other common stock equivalents. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In January 2014, the FASB issued ASU No. 2014-04, "Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure." This ASU clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through similar legal agreement. Additionally, the amendments require interim and annual disclosures of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. This ASU became effective for the Company on January 1, 2015. The adoption of ASU 2014-04 did not have a material impact on the Company's financial statements. In April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU changes the requirements for reporting discontinued operations. A disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations when certain criteria are met. Additional disclosures are also required for disposals that meet the criteria to be reported in discontinued operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 relating to the sale of CityInsurance. The adoption of ASU 2014-08 did not have a material impact on the Company's financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." The core principle of the guidance 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. The core principle will be achieved using a five step process. In August 2015 the FASB issued Accounting Standards Update 2015-14, "Revenue from Contracts with Customers (Topic 606)," which amends the effective date for the Company from January 1, 2017 to January 1, 2018. The adoption of this standard is not expected to have a material impact on the Company's financial statements. In June 2014, the FASB issued ASU No. 2014-11, "Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures." The amendments in this update require two accounting changes. First, the amendments in this update change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counter-party, which will result in secured borrowing accounting for the repurchase agreement. This update also requires certain disclosures for these types of transactions. This ASU became effective for the Company on January 1, 2015. The adoption of ASU 2014-11 did not have a material impact on the Company's financial statements. In June 2014, the FASB issued ASU No. 2014-12, "Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." The amendments in this update require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Performance targets should not be reflected in estimating the grant date fair value of the award, but compensation cost should be recognized in the period for which the requisite service has already been rendered. This ASU will become effective for the Company on January 1, 2016, with early adoption permitted. The adoption of ASU 2014-12 is not expected to have a material impact on the Company's financial statements. In August 2014, the FASB issued ASU No. 2014-14, "Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure." The amendments in this update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if certain conditions are met. This ASU became effective for the Company on January 1, 2015. The adoption of ASU 2014-14 did not have a material impact on the Company's financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis." ASU 2015-02 eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. This ASU will become effective for the Company on January 1, 2016. The adoption of ASU 2015-02 is not expected to have a material impact on the Company's financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU will become effective for the Company on January 1, 2016. The adoption of ASU 2015-03 is not expected to have a material impact on the Company's financial statements. In April 2015, the FASB issued ASU No. 2015-05, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement." ASU 2015-05 provides guidance to clarify the customer’s accounting for fees paid in a cloud computing arrangement. This ASU will become effective for the Company on January 1, 2016. The adoption of ASU 2015-05 is not expected to have a material impact on the Company's financial statements. In May 2015, the FASB issued ASU No. 2015-07, "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. This ASU will become effective for the Company on January 1, 2016. The adoption of ASU 2015-07 is not expected to have a material impact on the Company's financial statements. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments." The amendments in ASU 2015-16 require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of the adjustments as a result of the change to the provisional amounts will be calculated as if the accounting had been completed at the acquisition date. The amount that would've been recorded in the previous reporting periods will be presented separately on the face of the income statement or disclosed in the notes to the financial statements. This ASU will become effective for the Company on January 1, 2016. The adoption of ASU 2015-16 is not expected to have a material impact on the Company's financial statements. In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." This standard requires that deferred tax liabilities and assets be classified as non-current on the balance sheet. This ASU will become effective for the Company for interim and annual periods on January 1, 2017 and early adoption is permitted. The adoption of ASU No. 2015-17 is not expected to have a material impact on the Company's financial statements. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." This standard makes several modifications to Subtopic 825-10 including the elimination of the available-for-sale classification of equity investments, and requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income. This ASU will become effective for the Company for interim and annual periods on January 1, 2018. |
Statements of Cash Flows | Statements of Cash Flows: Cash paid for interest, including interest paid on long-term debt and trust preferred securities, was $11.8 million , $12.1 million , and $13.4 million in 2015 , 2014 , and 2013 , respectively. During 2015 , 2014 and 2013 , the Company paid $26.3 million , $23.0 million , and $16.6 million , respectively, for income taxes. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquired Loans At Acquisition | Outstanding balance $ 119,242 Less: fair value adjustment (1,763 ) Fair value of acquired noncredit-impaired loans $ 117,479 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Aggregate Carrying And Approximate Market Values Of Available-For-Sale Securities | December 31, 2015 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available-for-sale: U.S. Treasuries and U.S. government agencies $ 5 $ — $ — $ 5 $ 1,816 $ 11 $ — $ 1,827 Obligations of states and political subdivisions 49,725 979 7 50,697 41,382 722 8 42,096 Mortgage-backed securities: U.S. government agencies 287,933 2,285 2,021 288,197 185,831 3,470 1,973 187,328 Private label 1,222 9 — 1,231 1,700 8 4 1,704 Trust preferred securities 6,550 463 1,155 5,858 9,763 425 1,152 9,036 Corporate securities 18,793 221 321 18,693 7,806 204 693 7,317 Total Debt Securities 364,228 3,957 3,504 364,681 248,298 4,840 3,830 249,308 Marketable equity securities 2,131 1,142 — 3,273 2,131 1,082 — 3,213 Investment funds 1,525 — 13 1,512 1,525 — 3 1,522 Total Securities Available-for-Sale $ 367,884 $ 5,099 $ 3,517 $ 369,466 $ 251,954 $ 5,922 $ 3,833 $ 254,043 |
Aggregate Carrying And Approximate Market Values Of Held-To-Maturity Securities | December 31, 2015 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities held-to-maturity U.S. government agencies $ 84,937 $ 1,949 $ 76 $ 86,810 $ 86,742 $ 2,733 $ — $ 89,475 Trust preferred securities 4,000 — — 4,000 4,044 672 — 4,716 Total Securities Held-to-Maturity $ 88,937 $ 1,949 $ 76 $ 90,810 $ 90,786 $ 3,405 $ — $ 94,191 Other investment securities: Non-marketable equity securities $ 12,915 $ — $ — $ 12,915 $ 9,857 $ — $ — $ 9,857 Total Other Investment Securities $ 12,915 $ — $ — $ 12,915 $ 9,857 $ — $ — $ 9,857 |
Gross Unrealized Losses And Fair Value Of Investments | The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): December 31, 2015 Less Than Twelve Months Twelve Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Securities available-for-sale: Obligations of states and political subdivisions $ 2,406 $ 5 $ 128 $ 2 $ 2,534 $ 7 Mortgage-backed securities: U.S. Government agencies 129,612 688 34,044 1,333 163,656 2,021 Private label — — — — — — Trust preferred securities — — 4,769 1,155 4,769 1,155 Corporate securities 10,856 174 2,231 147 13,087 321 Investment funds — — 1,488 13 1,488 13 Total $ 142,874 $ 867 $ 42,660 $ 2,650 $ 185,534 $ 3,517 December 31, 2014 Less Than Twelve Months Twelve Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Securities available-for-sale: Obligations of states and political subdivisions $ 1,559 $ 3 $ 125 $ 5 $ 1,684 $ 8 Mortgage-backed securities: U.S. Government agencies — — 60,122 1,973 60,122 1,973 Private label 1,277 4 — — 1,277 4 Trust preferred securities — — 4,760 1,152 4,760 1,152 Corporate securities — — 4,049 693 4,049 693 Investment funds — — 1,496 3 1,496 3 Total $ 2,836 $ 7 $ 70,552 $ 3,826 $ 73,388 $ 3,833 |
Credit Loss Component Of OTTI On Debt Securities Recognized In Earnings | The following table presents a progression of the credit loss component of OTTI on debt and equity securities recognized in earnings during the years ended December 31, 2015 and 2014 (in thousands). The credit loss component represents the difference between the present value of expected future cash flows and the amortized cost basis of the security. The credit component of OTTI recognized in earnings during a period is presented in two parts based upon whether the credit impairment in the current period is the first time the security was credit impaired (initial credit impairment) or if there is additional credit impairment on a security that was credit impaired in previous periods. Debt Securities Equity Securities Total Balance at January 1, 2014 $ 20,186 $ 4,698 $ 24,884 Additions: Additional credit impairment — — — Deductions: Called or Sold (3,600 ) (3,114 ) (6,714 ) Balance at December 31, 2014 16,586 1,584 18,170 Additions: Additional credit impairment — — — Deductions: Called or Sold — — — Balance at December 31, 2015 $ 16,586 $ 1,584 $ 18,170 |
Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity | The amortized cost and estimated fair value of debt securities at December 31, 2015 , by contractual maturity, are shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity. Cost Estimated Fair Value Securities Available-for-Sale Due in one year or less $ 2,716 $ 2,740 Due after one year through five years 24,037 16,267 Due after five years through ten years 33,285 42,038 Due after ten years 304,190 303,636 $ 364,228 $ 364,681 Securities Held-to-Maturity Due in one year or less $ — $ — Due after one year through five years — — Due after five years through ten years — — Due after ten years 88,937 90,810 $ 88,937 $ 90,810 |
Gross Gains And Losses Realized | Gross gains and gross losses realized by the Company from investment security transactions are summarized in the table below (in thousands): For the year ended December 31, 2015 2014 2013 Gross realized gains $ 2,142 $ 1,256 $ 764 Gross realized losses (12 ) (100 ) — Investment security gains (losses) $ 2,130 $ 1,156 $ 764 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans Receivable, Net [Abstract] | |
Summary Of Major Classifications For Loans | The following summarizes the Company’s major classifications for loans (in thousands): December 31, 2015 December 31, 2014 Residential real estate $ 1,383,133 $ 1,294,576 Home equity 147,036 145,604 Commercial and industrial 165,887 140,548 Commercial real estate 1,127,827 1,028,831 Consumer 36,083 39,705 DDA overdrafts 3,361 2,802 Gross loans 2,863,327 2,652,066 Allowance for loan losses (20,044 ) (20,150 ) Net loans $ 2,843,283 $ 2,631,916 |
Loans Acquired | The following table details the loans acquired in conjunction with the Virginia Savings, Community and AFB acquisitions (in thousands): Virginia Savings Community AFB Total December 31, 2015 Outstanding loan balance $ 28,914 $ 181,545 $ 112,862 $ 323,321 Credit-impaired loans: Carrying value 1,707 12,899 — 14,606 Contractual principal and interest 1,965 16,362 — 18,327 December 31, 2014 Outstanding loan balance $ 38,345 $ 219,923 $ — $ 258,268 Credit-impaired loans: Carrying value 1,964 15,365 — 17,329 Contractual principal and interest 2,407 23,277 — 25,684 |
Activity For The Accretable Yield And Carrying Amount Of Loans | Changes in the accretable yield and the carrying amount of the credit-impaired loans for the year December 31, 2015 is as follows (in thousands): Virginia Savings Community Total Accretable Yield Carrying Amount of Loans Accretable Yield Carrying Amount of Loans Accretable Yield Carrying Amount of Loans Balance at the beginning of the period $ 428 $ 1,964 $ 9,906 $ 15,365 $ 10,334 $ 17,329 Accretion (188 ) 188 (2,477 ) 2,477 (2,665 ) 2,665 Net reclassifications to accretable from non-accretable 185 — 918 — 1,103 — Payments received, net — (445 ) — (2,924 ) — (3,369 ) Disposals (51 ) — (2,081 ) (2,019 ) (2,132 ) (2,019 ) Balance at the end of period $ 374 $ 1,707 $ 6,266 $ 12,899 $ 6,640 $ 14,606 Increases in expected cash flow subsequent to the acquisition are recognized first as a reduction of any previous impairment, then prospectively through adjustment of the yield on the loans or pools over its remaining life, while decreases in expected cash flows are recognized as impairment through a provision for loan loss and an increase in the allowance for purchased credit-impaired loans. |
Allowance For Loan Losses (Tabl
Allowance For Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule Of Allowance For Loan Loss By Portfolio Segment | The following summarizes the activity in the allowance for loan loss, by portfolio segment (in thousands). The following also presents the balance in the allowance for loan loss disaggregated on the basis of the Company’s impairment measurement method and the related recorded investment in loans, by portfolio segment (in thousands). Commercial and industrial Commercial real estate Residential real estate Home equity Consumer DDA overdrafts Total December 31, 2015 Allowance for loan loss Beginning balance $ 1,582 $ 8,921 $ 7,208 $ 1,495 $ 85 $ 859 $ 20,150 Charge-offs (5,051 ) (580 ) (1,144 ) (312 ) (210 ) (1,414 ) (8,711 ) Recoveries 74 366 199 — 186 792 1,617 Provision 6,113 (929 ) 515 280 36 420 6,435 Provision for acquired loans with deteriorated credit quality 553 — — — — — 553 Ending balance $ 3,271 $ 7,778 $ 6,778 $ 1,463 $ 97 $ 657 $ 20,044 December 31, 2014 Allowance for loan loss Beginning balance $ 1,139 $ 10,775 $ 6,057 $ 1,672 $ 77 $ 855 $ 20,575 Charge-offs (323 ) (1,925 ) (1,762 ) (309 ) (188 ) (1,415 ) (5,922 ) Recoveries 89 113 187 — 204 850 1,443 Provision 394 (42 ) 2,726 132 (8 ) 569 3,771 Provision for acquired loans with deteriorated credit quality $ 283 $ — $ — $ — $ — $ — 283 Ending balance $ 1,582 $ 8,921 $ 7,208 $ 1,495 $ 85 $ 859 $ 20,150 As of December 31, 2015 Allowance for loan loss Evaluated for impairment: Individually $ — $ — $ — $ — $ — $ — $ — Collectively 3,267 6,966 6,777 1,451 97 657 19,215 Acquired with deteriorated credit quality 4 812 1 12 — — 829 Total $ 3,271 $ 7,778 $ 6,778 $ 1,463 $ 97 $ 657 $ 20,044 Loans Evaluated for impairment: Individually $ 2,349 $ 5,399 $ 437 $ 297 $ — $ — $ 8,482 Collectively 163,209 1,110,307 1,382,325 145,041 35,997 3,361 2,840,240 Acquired with deteriorated credit quality 329 12,121 371 1,698 86 — 14,605 Total $ 165,887 $ 1,127,827 $ 1,383,133 $ 147,036 $ 36,083 $ 3,361 $ 2,863,327 As of December 31, 2014 Allowance for loan loss Evaluated for impairment: Individually $ — $ 252 $ — $ — $ — $ — $ 252 Collectively 1,540 7,898 7,208 1,429 85 859 19,019 Acquired with deteriorated credit quality 42 771 — 66 — — 879 Total $ 1,582 $ 8,921 $ 7,208 $ 1,495 $ 85 $ 859 $ 20,150 Loans Evaluated for impairment: Individually $ — $ 6,023 $ 449 $ 297 $ — $ — $ 6,769 Collectively 139,862 1,009,241 1,293,748 142,743 39,572 2,802 2,627,968 Acquired with deteriorated credit quality 686 13,567 379 2,564 133 — 17,329 Total $ 140,548 $ 1,028,831 $ 1,294,576 $ 145,604 $ 39,705 $ 2,802 $ 2,652,066 |
Schedule Of Credit Quality Indicators | The following table presents the Company's commercial loans by credit quality indicators, by class (in thousands): Commercial and industrial Commercial real estate Total December 31, 2015 Pass $ 157,211 $ 1,070,752 $ 1,227,963 Special mention 4,099 20,942 25,041 Substandard 4,539 36,133 40,672 Doubtful 38 — 38 Total $ 165,887 $ 1,127,827 $ 1,293,714 December 31, 2014 Pass $ 128,812 $ 970,585 $ 1,099,397 Special mention 761 15,103 15,864 Substandard 10,575 42,691 53,266 Doubtful 400 452 852 Total $ 140,548 $ 1,028,831 $ 1,169,379 The following table presents the Company's non-commercial loans by payment performance, by class (in thousands): Performing Non-Performing Total December 31, 2015 Residential real estate $ 1,382,715 $ 418 $ 1,383,133 Home equity 147,013 23 147,036 Consumer 36,049 34 36,083 DDA overdrafts 3,361 — 3,361 Total $ 1,569,138 $ 475 $ 1,569,613 December 31, 2014 Residential real estate $ 1,292,012 $ 2,564 $ 1,294,576 Home equity 145,506 98 145,604 Consumer 39,692 13 39,705 DDA overdrafts 2,802 — 2,802 Total $ 1,480,012 $ 2,675 $ 1,482,687 |
Schedule Of Aging Analysis Of Accruing And Non-Accruing Loans | The following presents an aging analysis of the Company’s accruing and non-accruing loans, by class (in thousands). The purchased credit-impaired loan column represents the purchased credit-impaired loans that the Company acquired that are contractually past due; however, are still performing in accordance with the Company's initial expectations. Originated Loans December 31, 2015 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 1,290,312 $ 4,648 $ 805 $ 418 $ — $ 2,038 $ 1,298,221 Home equity 142,697 306 65 22 — 136 143,226 Commercial and industrial 106,003 43 — 19 — 2,389 108,454 Commercial real estate 946,611 568 211 — — 7,353 954,743 Consumer 31,894 71 2 34 — — 32,001 DDA overdrafts 3,048 310 3 — — — 3,361 Total $ 2,520,565 $ 5,946 $ 1,086 $ 493 $ — $ 11,916 $ 2,540,006 Acquired Loans December 31, 2015 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 83,292 $ 613 $ 127 $ — $ — $ 880 $ 84,912 Home equity 3,796 12 — 2 — — 3,810 Commercial and industrial 56,979 98 — — — 356 57,433 Commercial real estate 168,588 194 — — 506 3,796 173,084 Consumer 3,992 83 7 — — — 4,082 DDA overdrafts — — — — — — — Total $ 316,647 $ 1,000 $ 134 $ 2 $ 506 $ 5,032 $ 323,321 Total Loans December 31, 2015 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 1,373,604 $ 5,261 $ 932 $ 418 $ — $ 2,918 $ 1,383,133 Home equity 146,493 318 65 24 — 136 147,036 Commercial and industrial 162,982 141 — 19 — 2,745 165,887 Commercial real estate 1,115,199 762 211 — 506 11,149 1,127,827 Consumer 35,886 154 9 34 — — 36,083 DDA overdrafts 3,048 310 3 — — — 3,361 Total $ 2,837,212 $ 6,946 $ 1,220 $ 495 $ 506 $ 16,948 $ 2,863,327 Originated Loans December 31, 2014 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 1,200,177 $ 4,235 $ 758 $ 169 $ — $ 2,259 $ 1,207,598 Home equity 142,624 561 155 30 — 68 143,438 Commercial and industrial 128,857 100 — 210 — 78 129,245 Commercial real estate 869,530 479 — — — 7,330 877,339 Consumer 33,178 119 78 1 — — 33,376 DDA overdrafts 2,483 317 2 — — — 2,802 Total $ 2,376,849 $ 5,811 $ 993 $ 410 $ — $ 9,735 $ 2,393,798 Acquired Loans December 31, 2014 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 86,129 $ 714 $ — $ — $ — $ 135 $ 86,978 Home equity 2,164 2 — — — — 2,166 Commercial and industrial 10,123 143 — — — 1,037 11,303 Commercial real estate 144,721 892 210 — 1,270 4,399 151,492 Consumer 6,108 172 36 13 — — 6,329 DDA overdrafts — — — — — — — Total $ 249,245 $ 1,923 $ 246 $ 13 $ 1,270 $ 5,571 $ 258,268 Total Loans December 31, 2014 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 1,286,306 $ 4,949 $ 758 $ 169 $ — $ 2,394 $ 1,294,576 Home equity 144,788 563 155 30 — 68 145,604 Commercial and industrial 138,980 243 — 210 — 1,115 140,548 Commercial real estate 1,014,251 1,371 210 — 1,270 11,729 1,028,831 Consumer 39,286 291 114 14 — — 39,705 DDA overdrafts 2,483 317 2 — — — 2,802 Total $ 2,626,094 $ 7,734 $ 1,239 $ 423 $ 1,270 $ 15,306 $ 2,652,066 |
Schedule Of Impaired Loans | The following presents the Company’s impaired loans, by class (in thousands): December 31, 2015 December 31, 2014 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no related allowance recorded: Residential real estate $ 437 $ 437 $ — $ 449 $ 449 $ — Home equity 297 297 — 297 297 — Commercial and industrial 2,349 7,547 — — — — Commercial real estate 5,399 8,768 — 4,631 4,631 — Consumer — — — — — — DDA overdrafts — — — — — — Total $ 8,482 $ 17,049 $ — $ 5,377 $ 5,377 $ — With an allowance recorded Residential real estate $ — $ — $ — $ — $ — $ — Home equity — — — — — — Commercial and industrial — — — — — — Commercial real estate — — — 1,392 1,392 252 Consumer — — — — — — DDA overdrafts — — — — — — Total $ — $ — $ — $ 1,392 $ 1,392 $ 252 |
Schedule Of Information Related To Average Recorded Investment And Interest Income Recognized On Impaired Loans | The following table presents information related to the average recorded investment and interest income recognized on the Company’s impaired loans, by class (in thousands): For the year ended December 31, 2015 December 31, 2014 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded: Residential real estate $ 441 $ — $ 452 $ — Home equity 296 — 297 — Commercial and industrial 2,913 — — — Commercial real estate 4,869 4 6,657 17 Consumer — — — — DDA overdrafts — — — — Total $ 8,519 $ 4 $ 7,406 $ 17 With an allowance recorded Residential real estate $ — $ — $ — $ — Home equity — — — — Commercial and industrial — — — — Commercial real estate 1,012 — 1,725 128 Consumer — — — — DDA overdrafts — — — — Total $ 1,012 $ — $ 1,725 $ 128 |
Schedule Of Troubled Debt Restructurings | The following tables set forth the Company’s TDRs (in thousands): December 31, 2015 December 31, 2014 Non- Non- Accruing Accruing Total Accruing Accruing Total Commercial and industrial $ 58 $ — $ 58 $ 73 $ — $ 73 Commercial real estate 1,746 — 1,746 2,263 — 2,263 Residential real estate 17,796 191 17,987 17,946 545 18,491 Home equity 2,659 34 2,693 2,673 15 2,688 Consumer — — — — — — $ 22,259 $ 225 $ 22,484 $ 22,955 $ 560 $ 23,515 New TDRs New TDRs For the year ended For the year ended December 31, 2015 December 31, 2014 Pre Post Pre Post Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment Commercial and industrial — $ — $ — — $ — $ — Commercial real estate — — — 1 428 428 Residential real estate 38 2,969 2,969 35 2,381 2,381 Home equity 13 361 361 10 211 211 Consumer — — — — — — 51 $ 3,330 $ 3,330 46 $ 3,020 $ 3,020 |
Premises And Equipment (Tables)
Premises And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Premises And Equipment | A summary of premises and equipment and related accumulated depreciation is summarized as follows (in thousands): Estimated Useful Life 2015 2014 Land $ 31,496 $ 31,217 Buildings and improvements 10 to 30 yrs. 87,875 85,403 Equipment 3 to 7 yrs. 39,159 37,051 158,530 153,671 Less: accumulated depreciation (81,259 ) (75,683 ) $ 77,271 $ 77,988 |
Goodwill And Other Intangible40
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents a roll forward of the Company's goodwill activity (in thousands): 2015 2014 Beginning balance $ 71,401 $ 71,401 Goodwill reduction in conjunction with sale of CityInsurance (3,020 ) — Goodwill acquired in conjunction with the acquisition of AFB 7,875 — Ending balance $ 76,256 $ 71,401 |
Schedule Of Core Deposit Intangibles | The Company believes that the customer relationships with the deposits acquired have an intangible value. In connection with acquisitions, the Company recorded a core deposit intangible, which represented the value that the acquiree had with their deposit customers. The fair value was estimated based on a discounted cash flow methodology that considered the type of deposit, estimated deposit retention, the cost of the deposit base and an alternate cost of funds. The following tables present the details of the Company's core deposit intangibles (in thousands): 2015 2014 Gross carrying amount $ 9,802 $ 8,387 Accumulated amortization (6,266 ) (5,590 ) $ 3,536 $ 2,797 Beginning balance $ 2,797 $ 3,741 Core deposit intangible acquired in conjunction with the acquisition of AFB 1,415 — Amortization expense (676 ) (944 ) Ending balance $ 3,536 $ 2,797 |
Schedule of Estimated Future Amortization Expense for Core Deposits | The estimated amortization expense for core deposit intangible assets for each of the next five years is as follows (in thousands): 2016 $ 602 2017 545 2018 496 2019 454 2020 416 Thereafter 1,023 $ 3,536 |
Scheduled Maturities Of Time 41
Scheduled Maturities Of Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Maturities of Time Deposits [Abstract] | |
Scheduled Maturities Of Time Deposits | Scheduled maturities of the Company's time deposits outstanding at December 31, 2015 are summarized as follows (in thousands): 2016 $ 437,542 2017 213,288 2018 192,576 2019 127,682 2020 46,452 Over five years 16 $ 1,017,556 |
Scheduled Maturities Of Time Deposits Of $100,000 Or More | Scheduled maturities of Company's time deposits that meet or exceed the FDIC insurance limit of $250,000 are summarized as follows (in thousands): 2015 2014 Within one year $ 35,160 $ 34,544 Over one through two years 16,491 16,318 Over two through three years 19,032 6,014 Over three through four years 10,907 19,808 Over four through five years 4,709 6,538 Over five years — — $ 86,299 $ 83,222 |
Short-Term Debt (Tables)
Short-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Short-term Debt [Abstract] | |
Summary Of Short-Term Borrowings | A summary of the Company's short-term borrowings are as follows (dollars in thousands): 2015 2014 2013 Balance at end of year: Securities sold under agreements to repurchase $ 141,869 $ 134,931 $ 137,798 Federal Home Loan Bank advances 13,000 — — Avg. outstanding during the year: Securities sold under agreements to repurchase $ 143,847 $ 133,769 $ 127,616 Federal Home Loan Bank advances 1,352 — 63 Max. outstanding at any month end: Securities sold under agreements to repurchase $ 166,507 $ 151,637 $ 150,943 Federal Home Loan Bank advances 13,000 — — Weighted-average interest rate: During the year: Securities sold under agreements to repurchase 0.22 % 0.26 % 0.25 % Federal Home Loan Bank advances 0.53 % — 0.31 % End of the year: Securities sold under agreements to repurchase 0.20 % 0.26 % 0.25 % Federal Home Loan Bank advances 0.51 % — 0.31 % |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | The components of the Company's long-term debt are summarized below (dollars in thousands): 2015 2014 Junior subordinated debentures owed to City Holding Capital Trust III, due 2038, interest at a rate of 4.01% and 3.74%, respectively $ 16,495 $ 16,495 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Of Derivative Instruments | The following table summarizes the notional and fair value of these derivative instruments (in thousands): December 31, 2015 December 31, 2014 Notional Amount Fair Value Notional Amount Fair Value Non-hedging interest rate derivatives: Other Assets $ 334,204 $ 10,811 $ 179,958 $ 10,253 Other Liabilities 342,204 10,872 179,958 10,253 Derivatives designated as hedges of fair value: Other Liabilities 5,475 61 5,475 24 |
Change In Fair Value Of Derivative Instruments | The following table summarizes the change in fair value of these derivative instruments (in thousands): Year Ended December 31, 2015 2014 2013 Change in Fair Value Non-Hedging Interest Rate Derivatives: Other income - derivative asset $ 1,030 $ 6,811 $ (10,148 ) Other income - derivative liability (1,190 ) (6,811 ) 10,148 Change in Fair Value Hedging Interest Rate Derivatives: Hedged item - derivative asset $ 25 — — Other income - derivative liability 12 — — |
Offsetting Assets | Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2015 is presented in the following tables (in thousands): Gross Amounts Not Offset in the Statement of Financial Position Total of Gross Amounts Not Offset in the Statement of Financial Position Netting Including Gross Net Amounts Adjustment Applicable Amounts of Assets per Netting Gross Offset in the presented in Applicable Agreement Amounts of Statement of the Statement Master Fair Value and Fair Recognized Financial of Financial Netting of Financial Value of Description Assets Position Position Arrangements Collateral Collateral Net Amount (a) (b) (c)=(a)-(b) (d) (c)-(d) Non-hedging derivative assets: Interest rate swap agreements $ 10,811 $ — $ 10,811 $ — $ 10,811 $ 10,811 $ — |
Offsetting Liabilities | Gross Amounts Not Offset in the Statement of Financial Position Total of Gross Amounts Not Offset in the Statement of Financial Position Netting Including Gross Net Amounts Adjustment Applicable Amounts of Liabilities per Netting Gross Offset in the presented in Applicable Agreement Amounts of Statement of the Statement Master Fair Value and Fair Recognized Financial of Financial Netting of Financial Value of Description Liabilities Position Position Arrangements Collateral Collateral Net Amount (a) (b) (c)=(a)-(b) (d) (c)-(d)* Non-hedging derivative liabilities: Interest rate swap agreements $ 10,872 $ — $ 10,872 $ — $ 17,371 $ 17,371 $ — Hedging derivative liabilities: Interest rate swap agreements $ 61 $ — $ 61 $ — $ 97 $ 97 $ — * For instances where the fair value of financial collateral meets or exceeds the amounts presented in the Statement of Financial Position, a value of zero is displayed to represent full collateraliztion. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary Of Deferred Tax Assets And Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): 2015 2014 Deferred tax assets: Previously securitized loans $ 4,337 $ 4,703 Allowance for loan losses 7,412 7,413 Deferred compensation payable 4,058 3,966 Underfunded pension liability 2,792 3,113 Accrued expenses 1,789 2,451 Impaired assets 797 1,172 Impaired securities losses 6,719 8,377 Intangible assets 2,194 4,946 Other 3,964 3,292 Total Deferred Tax Assets 34,062 39,433 Deferred tax liabilities: Unrealized securities gains 585 741 Other 3,503 1,926 Total Deferred Tax Liabilities 4,088 2,667 Net Deferred Tax Assets $ 29,974 $ 36,766 |
Summary Of Income Tax Expense | Significant components of the provision for income taxes are as follows (in thousands): 2015 2014 2013 Current: Federal $ 20,830 $ 20,629 $ 18,808 State 957 (943 ) 1,781 Total current tax expense 21,787 19,686 20,589 Total deferred tax expense 6,627 4,585 4,686 Income tax expense $ 28,414 $ 24,271 $ 25,275 |
Reconciliation Of The Significant Differences Between The Federal Statutory Income Tax Rate And Effective Income Tax Rate | A reconciliation of the significant differences between the federal statutory income tax rate and the Company’s effective income tax rate is as follows (in thousands): 2015 2014 2013 Computed federal taxes at statutory rate $ 28,879 $ 27,031 $ 25,722 State income taxes, net of federal tax benefit 887 (482 ) 1,982 Tax effects of: Tax-exempt interest income (498 ) (500 ) (616 ) Bank-owned life insurance (1,181 ) (1,074 ) (1,187 ) Tax reserve adjustment — — 24 Other items, net 327 (704 ) (650 ) Income tax expense $ 28,414 $ 24,271 $ 25,275 |
Reconciliation Of The Unrecognized Tax Benefits Rollforward | A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands): 2015 2014 Beginning balance $ 2,398 $ 4,717 Additions for current year tax positions 299 486 Additions for prior year tax positions 377 — Decreases for prior year tax positions — — Decreases for settlements with tax authorities — — Decreases related to lapse of applicable statute of limitation (910 ) (2,805 ) Ending balance $ 2,164 $ 2,398 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Multiemployer Plans [Line Items] | |
Summary Of Stock Option Activity | A summary of the Company’s stock option activity and related information is presented below: 2015 2014 2013 Options Weighted-Average Exercise Price Options Weighted-Average Exercise Price Options Weighted-Average Exercise Price Outstanding at January 1 167,554 $ 36.74 173,601 $ 35.26 289,544 $ 34.38 Granted 12,961 46.41 13,953 44.43 15,475 37.74 Exercised (81,500 ) 36.63 (20,000 ) 29.19 (126,168 ) 33.57 Forfeited (4,000 ) 31.66 — — (5,250 ) 34.56 Outstanding at December 31 95,015 38.38 167,554 36.74 173,601 35.26 Exercisable at end of year 19,750 $ 34.54 89,750 $ 36.73 76,832 $ 37.97 Nonvested at beginning of year 77,804 36.76 96,769 33.10 105,960 33.81 Granted during the year 12,961 46.41 13,953 44.43 15,475 37.74 Vested during the year (15,500 ) 32.09 (32,918 ) 29.25 (23,166 ) 39.64 Forfeited during the year — — — — (1,500 ) 30.38 Nonvested at end of year 75,265 $ 39.38 77,804 $ 36.76 96,769 $ 33.10 |
Stock Options Outstanding And Exercisable | Additional information regarding the Company's stock options outstanding and exercisable at December 31, 2015 , is provided in the following table: Ranges of Exercise Prices No. of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Months) Aggregate Intrinsic Value (in thousands) No. of Options Currently Exercisable Weighted-Average Exercise Price of Options Currently Exercisable Weighted-Average Remaining Contractual Life (Months) Aggregate Intrinsic Value of Options Currently Exercisable (in thousands) $ 25.00 - 29.99 1,250 $ 28.15 3.3 $ 22 1,250 $ 28.15 3.3 $ 22 30.00 - 34.99 11,500 31.38 3.7 164 11,500 31.38 3.7 164 35.00 - 39.99 48,351 36.04 6.2 464 — — — — 40.00 - 44.99 20,953 43.24 6.3 50 7,000 40.88 2.3 33 45.00 - 50.00 12,961 46.61 9.2 — — — — — 95,015 $ 700 19,750 $ 219 |
Weighted Average Assumptions Estimate The Fair Value Of Options Granted | The following weighted average assumptions were used to estimate the fair value of options granted by the Company: 2015 2014 2013 Risk-free interest rate 1.95 % 2.42 % 1.88 % Expected dividend yield 3.50 % 3.60 % 3.70 % Volatility factor 45.40 % 48.75 % 41.35 % Expected life of option 7.0 years 8.0 years 8.0 years |
Restricted Shares Activity And Related Information | A summary of the Company’s restricted shares activity and related information is presented below: 2015 2014 2013 Restricted Awards Average Market Price at Grant Restricted Awards Average Market Price at Grant Restricted Awards Average Market Price at Grant Outstanding at January 1 163,431 142,469 116,711 Granted 26,840 $ 46.45 27,162 $ 39.72 35,083 $ 38.07 Forfeited/Vested (17,350 ) (6,200 ) (9,325 ) Outstanding at December 31 172,921 163,431 142,469 |
Summary Of Activity Within The Defined Benefit Plan | The following table summarizes activity within the Company's Defined Benefit Plans (dollars in thousands): Pension Benefits 2015 2014 Change in fair value of plan assets: Fair value at beginning of measurement period $ 14,667 $ 14,726 Actual (loss) gain on plan assets (231 ) 496 Contributions 4,399 409 Benefits paid (1,400 ) (964 ) Fair value at end of measurement period 17,435 14,667 Change in benefit obligation: Benefit obligation at beginning of measurement period (21,390 ) (17,524 ) Interest cost (813 ) (836 ) Actuarial gain (loss) 1,103 (3,994 ) Benefits paid 1,400 964 Benefit obligation at end of measurement period (19,700 ) (21,390 ) Funded status $ (2,265 ) $ (6,723 ) Weighted-average assumptions for balance sheet liability at end of year: Discount rate 4.26 % 3.93 % Expected long-term rate of return 5.75 % 6.92 % Weighted-average assumptions for benefit cost at beginning of year: Discount rate 3.93 % 4.89 % Expected long-term rate of return 6.92 % 7.35 % |
Net Periodic Pension Cost Of The Defined Benefit Plan | The following table presents the components of the net periodic pension cost of the Company's Defined Benefit Plans (in thousands): 2015 2014 2013 Components of net periodic benefit: Interest cost $ 813 $ 836 $ 776 Expected return on plan assets (937 ) (1,032 ) (979 ) Net amortization and deferral 960 696 1,106 Net Periodic Pension Cost $ 836 $ 500 $ 903 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts related to the Company's Defined Benefit Pension Plans recognized as a component of other comprehensive income were as follows (in thousands): 2015 2014 2013 Net actuarial gain (loss) $ 910 $ (3,906 ) $ 3,469 Deferred tax (expense) benefit (320 ) 1,436 (1,332 ) Other comprehensive income (loss), net of tax $ 590 $ (2,470 ) $ 2,137 Amounts recognized as a component of accumulated other comprehensive loss as of December 31, 2015 and 2014 were as follows (in thousands): 2015 2014 Net actuarial loss $ 7,552 $ 8,463 Deferred tax benefit (2,792 ) (3,113 ) Amounts included in accumulated other comprehensive loss, net of tax $ 4,760 $ 5,350 |
Summary Of Expected Benefit Payments | The following table summarizes the expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter (in thousands): Plan Year Ending December 31, Expected Benefits to be Paid 2016 $ 1,047 2017 1,144 2018 1,245 2019 1,100 2020 1,133 2021 through 2025 5,782 |
Summary Of Assets Segregated By Level Of Valuation Inputs Within The Fair Value Hierarchy | The major categories of assets in the Company’s Defined Benefit Plans as of year-end are presented in the following table (in thousands). Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (See Note Twenty ). Total Level 1 Level 2 Level 3 2015 Cash and cash equivalents $ 1,441 $ 1,441 $ — $ — Mutual funds 5,617 5,473 144 Investment funds 2,651 607 1,371 673 Common stocks 5,082 3,880 1,202 — Mortgage-backed securities 288 — 288 — Government and GSE bonds 1,313 — 1,313 — Corporate Bonds 1,043 — 1,043 — Total $ 17,435 $ 11,401 $ 5,361 $ 673 2014 Cash and cash equivalents $ 959 $ 959 $ — $ — Mutual funds 6,162 5,656 506 — Investment funds 1,610 — 1,014 596 Common stocks 3,941 3,119 822 — Mortgage-backed securities 53 — 53 — Government and GSE bonds 1,171 — 1,171 — Corporate Bonds 771 — 771 — Total $ 14,667 $ 9,734 $ 4,337 $ 596 |
Horizon Defined Benefit Plan | |
Multiemployer Plans [Line Items] | |
Schedule of Allocation of Plan Assets [Table Text Block] | The target, allowable, and current allocation percentages of plan assets are as follows: Target Allocation 2015 Allowable- Allocation Range Percentage of Plan Assets At December 31 2015 2014 Equity securities 63 % 40-90% 51 % 53 % Fixed income securities 15 % 10-40% 20 % 23 % Cash and cash equivalents 2 % 3-10% 10 % 9 % Alternative investments 20 % 0-25% 19 % 15 % Total 100 % 100 % 100 % |
Community Defined Benefit Plan | |
Multiemployer Plans [Line Items] | |
Schedule of Allocation of Plan Assets [Table Text Block] | The target, allowable, and current allocation percentages of plan assets are as follows: Target Allocation 2015 Allowable- Allocation Range Percentage of Plan Assets At December 31 2015 2014 Equity securities 25 % 20%-30% 25 % 25 % Fixed income securities 75 % 70%-80% 75 % 75 % 100 % 100 % 100 % |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Contractual Obligations From Significant Commitments | The table below presents a summary of the contractual obligations of the Company resulting from significant commitments (in thousands): December 31, 2015 December 31, 2014 Commitments to extend credit: Home equity lines $ 183,017 $ 175,312 Commercial real estate 84,672 50,298 Other commitments 177,491 145,283 Standby letters of credit 5,086 4,592 Commercial letters of credit 2,312 1,991 |
Regulatory Requirements And C48
Regulatory Requirements And Capital Ratios (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Schedule Of Capital Amounts And Ratios | December 31, 2015 Actual Minimum Required - Basel III Phase-In Schedule Minimum Required - Basel III Fully Phased-In (*) Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio CET 1 Capital City Holding Company $ 345,620 13.7 % $ 113,919 4.5 % $ 177,207 7.0 % $ 164,549 6.5 % City National Bank 264,812 10.5 % 113,209 4.5 % 176,103 7.0 % 163,524 6.5 % Tier 1 Capital City Holding Company 361,620 14.3 % 151,891 6.0 % 215,180 8.5 % 202,522 8.0 % City National Bank 288,752 11.5 % 150,945 6.0 % 213,839 8.5 % 201,260 8.0 % Total Capital City Holding Company 382,180 15.1 % 202,522 8.0 % 265,810 10.5 % 253,152 10.0 % City National Bank 308,804 12.3 % 201,260 8.0 % 264,154 10.5 % 251,575 10.0 % Tier 1 Leverage Ratio City Holding Company 361,620 10.2 % 142,521 4.0 % 142,521 4.0 % 178,151 5.0 % City National Bank 288,752 8.1 % 141,874 4.0 % 141,874 4.0 % 177,343 5.0 % (*) Represents the minimum required capital levels as of January 1, 2019 when Basel III Capital Rules have been fully phased in. December 31, 2014: Actual Minimum Required for Capital Adequacy Purposes Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio Tier 1 Capital City Holding Company $ 333,163 13.4 % $ 99,723 4.0 % $ 149,585 6.0 % City National Bank 294,870 11.9 % 99,037 4.0 % 148,556 6.0 % Total Capital City Holding Company 353,873 14.2 % 199,446 8.0 % 249,308 10.0 % City National Bank 315,095 12.7 % 198,074 8.0 % 247,593 10.0 % Tier 1 Leverage Ratio City Holding Company 333,163 9.9 % 134,721 4.0 % 168,402 5.0 % City National Bank 294,870 8.8 % 133,991 4.0 % 167,489 5.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis | The following table presents the Company's assets and liabilities measured at fair value (in thousands): Total Level 1 Level 2 Level 3 Total Gains (Losses) December 31, 2015 Recurring fair value measurements Financial Assets U.S. Government agencies $ 5 $ — $ 5 $ — Obligations of states and political subdivisions 50,697 — 50,697 — Mortgage-backed securities: U.S. Government agencies 288,197 — 288,197 — Private label 1,231 — 1,231 — Trust preferred securities 5,858 — 3,762 2,096 Corporate securities 18,693 — 18,693 — Marketable equity securities 3,273 3,273 — — Investment funds 1,512 1,512 — — Derivative assets 10,811 — 10,811 — Financial Liabilities Derivative liabilities 10,933 — 10,933 — Nonrecurring fair value measurements Financial Assets Impaired loans $ 8,482 $ — $ — $ 8,482 $ — Other real estate owned 6,518 — — 6,518 (937 ) December 31, 2014 Recurring fair value measurements Financial Assets U.S. Government agencies $ 1,827 $ — $ 1,827 $ — Obligations of states and political subdivisions 42,096 — 42,096 — Mortgage-backed securities: U.S. Government agencies 187,328 — 187,328 — Private label 1,704 — 1,704 — Trust preferred securities 9,036 — 7,165 1,871 Corporate securities 7,317 — 7,317 — Marketable equity securities 3,213 3,213 — — Investment funds 1,522 1,522 — — Derivative assets 10,253 — 10,253 — Financial Liabilities Derivative liabilities 10,277 — 10,277 — Nonrecurring fair value measurements Financial Assets Impaired loans $ 6,517 $ — $ — $ 6,517 $ (153 ) Other real estate owned 8,179 — — 8,179 (464 ) |
Schedule Of Reconciliation Of Investment Securities Available For Sale Measured At Fair Value On A Recurring Basis Level 3 Assets | The table below presents a reconcilement of the Company’s financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands): December 31, 2015 2014 Beginning balance $ 1,871 $ 3,887 Impairment losses on investment securities — — Included in other comprehensive income 225 (1,862 ) Dispositions — (154 ) Transfers into Level 3 — — Ending Balance $ 2,096 $ 1,871 |
Schedule Of Level 3 Financial Assets And Liabilities Measured On A Recurring Basis | The table below presents a reconcilement of the Company's financial assets and liabilities measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3), which solely relates to impaired loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral (in thousands). The fair value of impaired loans is estimated using one of several methods, including collateral value, liquidation value and discounted cash flows. The significant unobservable inputs used in the fair value measurement of collateral for collateral-dependent impaired loans primarily relate to discounts applied to the customers’ reported amount of collateral. The amount of collateral discount depends upon the marketability of the underlying collateral. During December 31, 2015 and 2014 , collateral discounts ranged from 20% to 30% . During December 31, 2015 and 2014 , the Company had no Level 2 financial assets and liabilities that were measured on a nonrecurring basis. Year ended December 31, 2015 2014 Beginning balance $ 6,517 $ 11,714 Loans classified as impaired during the period 2,349 — Specific valuation allowance allocations — — 2,349 — (Additional) reduction in specific valuation allowance allocations 252 628 Paydowns, payoffs, other activity (636 ) (5,825 ) Ending balance $ 8,482 $ 6,517 |
Schedule Of OREO Measured And Reported At Fair Value | The table below presents OREO that was remeasured and reported at fair value based on significant unobservable inputs (Level 3) (in thousands): 2015 2014 Beginning Balance $ 8,179 $ 8,470 OREO remeasured at initial recognition: Carrying value of foreclosed assets prior to remeasurement 3,732 5,746 Charge-offs recognized in the allowance for loan losses — — Fair value 3,732 5,746 OREO remeasured subsequent to initial recognition: Carrying value of foreclosed assets prior to remeasurement 3,937 1,632 Fair value 3,000 1,168 Write-downs included in other non-interest expense (937 ) (464 ) Acquired — — Disposals (4,456 ) (5,573 ) Ending Balance $ 6,518 $ 8,179 |
Schedule Of Estimates Of Fair Value Of Financial Instruments | Carrying Amount Fair Value Level 1 Level 2 Level 3 December 31, 2015 Assets: Cash and cash equivalents $ 70,113 $ 70,113 $ 70,113 $ — $ — Securities available-for-sale 369,466 369,466 4,785 362,585 2,096 Securities held-to-maturity 88,937 90,810 — 90,810 — Other securities 12,915 12,915 — 12,915 — Net loans 2,843,283 2,843,973 — — 2,843,973 Accrued interest receivable 7,432 7,432 7,432 — — Derivative assets 10,811 10,811 — 10,811 — Liabilities: Deposits 3,083,975 3,085,908 2,066,419 1,019,489 — Short-term debt 154,869 154,872 — 154,872 — Long-term debt 16,495 16,457 — 16,457 — Derivative liabilities 10,933 10,933 — 10,933 — December 31, 2014 Assets: Cash and cash equivalents $ 148,228 $ 148,228 $ 148,228 $ — $ — Securities available-for-sale 254,043 254,043 4,735 247,437 1,871 Securities held-to-maturity 90,786 94,191 — 94,191 — Other securities 9,857 9,857 — 9,857 — Net loans 2,631,916 2,638,911 — — 2,638,911 Accrued interest receivable 6,826 6,826 6,826 — — Derivative assets 10,253 10,253 — 10,253 — Liabilities: Deposits 2,872,787 2,879,126 1,846,124 1,033,002 — Short-term debt 134,931 134,934 — 134,934 — Long-term debt 16,495 16,464 — 16,464 — Derivative liabilities 10,277 10,277 — 10,277 — |
City Holding Company (Parent 50
City Holding Company (Parent Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | The following table presents the condensed balance sheets of City Holding Company, parent company only (in thousands): December 31 2015 2014 Assets Cash $ 46,672 $ 12,521 Securities available-for-sale 3,273 3,212 Investment in subsidiaries 388,201 380,348 Deferred tax assets, net 1,569 1,436 Fixed assets 8 9 Other assets 3,290 16,629 Total Assets $ 443,013 $ 414,155 Liabilities Junior subordinated debentures $ 16,495 $ 16,495 Dividends payable 6,376 6,062 Accrued interest payable 30 26 Other liabilities 840 719 Total Liabilities 23,741 23,302 Total Shareholders’ Equity 419,272 390,853 Total Liabilities and Shareholders’ Equity $ 443,013 $ 414,155 |
Condensed Statements Of Comprehensive Income | The following table presents the condensed statements of comprehensive income of City Holding Company, parent company only (in thousands): Year Ended December 31 2015 2014 2013 Income Dividends from subsidiaries $ 48,950 $ 46,050 $ 46,317 Investment securities gains — 1,130 89 Other income 22 65 66 48,972 47,245 46,472 Expenses Interest expense 618 605 617 Other expenses 1,170 849 2,352 1,788 1,454 2,969 Income Before Income Tax Benefit and Equity in Undistributed Net Income of Subsidiaries 47,184 45,791 43,503 Income tax benefit (795 ) (231 ) (1,050 ) Income Before Equity in Undistributed Net Income of Subsidiaries 47,979 46,022 44,553 Equity in undistributed net income of subsidiaries 6,118 6,940 3,662 Net Income $ 54,097 $ 52,962 $ 48,215 Total Comprehensive Income $ 54,424 $ 53,793 $ 44,647 |
Condensed Statements Of Cash Flows | The following table presents the condensed statements of cash flows of City Holding Company, parent company only (in thousands): Year Ended December 31 2015 2014 2013 Operating Activities Net income $ 54,097 $ 52,962 $ 48,215 Adjustments to reconcile net income to net cash provided by operating activities: Realized investment securities gains — (1,130 ) (89 ) Amortization and accretion — — 5 Stock based compensation 3 199 205 Depreciation 1 1 1 Change in other assets 13,338 (16,110 ) 1,656 Change in other liabilities 314 2,146 (236 ) Equity in undistributed net income (6,118 ) (6,940 ) (3,662 ) Net Cash Provided by Operating Activities 61,635 31,128 46,095 Investing Activities Proceeds from sales of available for sale securities — 2,334 137 Return of capital — 2,500 — Acquisition of Community Financial Corporation — — (12,708 ) Net Cash Used in Investing Activities — 4,834 (12,571 ) Financing Activities Dividends paid (25,304 ) (24,487 ) (22,878 ) Purchases of treasury stock (7,055 ) (27,957 ) — Exercise of stock options 2,979 580 3,428 Exercise of warrants 1,896 — — Net Cash Used in Financing Activities (27,484 ) (51,864 ) (19,450 ) Increase (decrease) in Cash and Cash Equivalents 34,151 (15,902 ) 14,074 Cash and cash equivalents at beginning of year 12,521 28,423 14,349 Cash and Cash Equivalents at End of Year $ 46,672 $ 12,521 $ 28,423 |
Summarized Quarterly Financia51
Summarized Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary Of Selected Quarterly Financial Information | A summary of selected quarterly financial information is presented below (in thousands, except for per share data): First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Interest income $ 32,364 $ 31,720 $ 30,768 $ 32,222 Taxable equivalent adjustment 142 144 147 179 Interest income (FTE) 32,506 31,864 30,915 32,401 Interest expense 2,973 2,937 2,910 3,010 Net interest income 29,533 28,927 28,005 29,391 Provision for loan losses 888 2,836 451 2,813 Investment securities gains 14 2,116 — — Non-interest income 24,007 13,289 13,706 14,074 Non-interest expense 23,165 23,244 25,377 21,165 Income before income tax expense 29,501 18,252 15,883 19,487 Income tax expense 11,367 6,125 5,129 5,793 Taxable equivalent adjustment (142 ) (144 ) (147 ) (179 ) Net income available to common shareholders $ 17,992 $ 11,983 $ 10,607 $ 13,515 Net earnings allocated to common shareholders $ 17,783 $ 11,849 $ 10,487 $ 13,362 Basic earnings per common share $ 1.18 $ 0.78 $ 0.69 $ 0.88 Diluted earnings per common share 1.17 0.78 0.69 0.88 Average common shares outstanding: Basic 15,067 15,104 15,178 15,158 Diluted 15,149 15,127 15,198 15,175 2014 Interest income $ 33,018 $ 31,828 $ 32,438 $ 32,282 Taxable equivalent adjustment 153 151 152 164 Interest income (FTE) 33,171 31,979 32,590 32,446 Interest expense 2,978 2,973 2,968 3,041 Net interest income 30,193 29,006 29,622 29,405 Provision for loan losses 1,363 435 1,872 384 Investment securities losses 83 818 71 184 Non-interest income 14,222 14,321 14,538 14,485 Non-interest expense 23,376 24,305 24,325 23,035 Income before income tax expense 19,759 19,405 18,034 20,655 Income tax expense 5,803 6,497 6,010 5,961 Taxable equivalent adjustment (153 ) (151 ) (152 ) (164 ) Net income available to common shareholders $ 13,803 $ 12,757 $ 11,872 $ 14,530 Net earnings allocated to common shareholders $ 13,663 $ 12,626 $ 11,746 $ 14,374 Basic earnings per common share $ 0.87 $ 0.81 $ 0.76 $ 0.95 Diluted earnings per common share 0.86 0.80 0.76 0.95 Average common shares outstanding: Basic 15,631 15,556 15,363 15,096 Diluted 15,796 15,706 15,445 15,182 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): For the Year Ended December 31, 2015 2014 2013 Distributed earnings allocated to common stock $ 25,212 $ 23,984 $ 23,100 Undistributed earnings allocated to common stock 28,272 28,416 24,678 Net earnings allocated to common shareholders $ 53,484 $ 52,400 $ 47,778 Average shares outstanding 15,123 15,403 15,564 Effect of dilutive securities: Employee stock options and warrant outstanding 48 85 144 Shares for diluted earnings per share 15,171 15,488 15,708 Basic earnings per share $ 3.54 $ 3.40 $ 3.07 Diluted earnings per share $ 3.53 $ 3.38 $ 3.04 |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The activity in accumulated other comprehensive loss is presented in the tables below (in thousands). All amounts are shown net of tax, which is calculated using a combined Federal and state income tax rate approximating 37% . Accumulated Other Comprehensive Loss Unrealized Gains (Losses) on Defined Benefit Securities Pension Plans Available-for-Sale Total Balance at December 31, 2013 $ (2,880 ) $ (2,110 ) $ (4,990 ) Other comprehensive income before reclassifications (2,470 ) 4,030 1,560 Amounts reclassified from other comprehensive loss — (729 ) (729 ) (2,470 ) 3,301 831 Balance at December 31, 2014 $ (5,350 ) $ 1,191 $ (4,159 ) Other comprehensive income before reclassifications 590 1,081 1,671 Amounts reclassified from other comprehensive loss — (1,344 ) (1,344 ) 590 (263 ) 327 Balance at December 31, 2015 $ (4,760 ) $ 928 $ (3,832 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | Amount reclassified from Other Comprehensive Loss Affected line item December 31, in the Statements 2015 2014 2013 of Income Securities available-for-sale: Net securities (gains) losses reclassified into earnings $ (2,130 ) $ (1,156 ) $ (764 ) Security gains (losses) Related income tax expense 786 427 282 Income tax expense Net effect on accumulated other comprehensive loss $ (1,344 ) $ (729 ) $ (482 ) |
Summary Of Significant Accoun54
Summary Of Significant Accounting And Reporting Policies (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)branch | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2015USD ($) | |
Condensed Financial Statements, Captions [Line Items] | ||||
Threshold Period Past Due for Write-off of Financing Receivable | 30 days | |||
Gain on Divestiture of Business, net of tax | $ 5.8 | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 6.5 | $ 8.2 | ||
Amount of tax benefit that is greater than | 50.00% | |||
Investments in affordable housing limited partnerships | $ 0.5 | 0.9 | ||
Cash paid for interest | 11.8 | 12.1 | $ 13.4 | |
Income taxes paid | $ 26.3 | $ 23 | $ 16.6 | |
Held-to-maturity Securities, Transferred Security, at Carrying Value | $ 83.4 | |||
City National | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Number of offices | branch | 85 | |||
Residential Real Estate | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Threshold Period Past Due for Write-off of Financing Receivable | 120 days | |||
Commercial Industrial Loans And Commercial Real Estate [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Threshold Period Past Due for Write-off of Financing Receivable | 120 days | |||
Consumer Loan | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Threshold Period Past Due for Write-off of Financing Receivable | 120 days |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 06, 2015USD ($)store | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Business Acquisition [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 158,530 | $ 153,671 | ||
Deposits | 3,083,975 | 2,872,787 | ||
Goodwill, Acquired During Period | 76,256 | 71,401 | $ 71,401 | |
Merger-related costs | 598 | 0 | 5,526 | |
Professional fees | $ 2,391 | $ 2,049 | 3,028 | |
American Founders Bank [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of branches acquired | store | 3 | |||
Business Combination, Premium on Non-Time Deposits ($s) | $ 5,200 | |||
Business Combination, Premium on Loans ($s) | $ 1,200 | |||
Business Combination, Premium on Non-Time Deposits (%) | 5.50% | |||
Business Combination, Average Days for Premium Calculation | 20 | |||
Business Combination, Premium on Loans (%) | 1.00% | |||
Property, Plant and Equipment, Gross | $ 4,000 | |||
Carry Value of Loans at Acquisition Date | 119,242 | |||
Deposits | 145,000 | |||
Premium on time deposits | 100 | |||
Premium on time deposits amortization period | 3 years | |||
Core deposit intangible | 1,400 | |||
Amortization time period for core deposit intangible assets | 10 years | |||
Goodwill, Acquired During Period | $ 7,900 | |||
Merger-related costs | $ 600 | |||
Community Financial Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Merger-related costs | $ 5,500 | |||
Severance costs | 2,500 | |||
Professional fees | 1,400 | |||
Data processing costs | $ 1,100 |
Acquisitions (Acquired Loans At
Acquisitions (Acquired Loans At Acquisition) (Details) - American Founders Bank [Member] $ in Thousands | Nov. 06, 2015USD ($) |
Business Acquisition [Line Items] | |
Carry Value of Loans at Acquisition Date | $ 119,242 |
Fair Value Adjustment for NonCredit Impaired Loans | (1,763) |
Fair Value of NonCredit Impaired Loans | $ 117,479 |
Restrictions On Cash Due From57
Restrictions On Cash Due From Banks (Details) $ in Millions | Dec. 31, 2015USD ($) |
Restricted Cash and Investments [Abstract] | |
Reserve balance | $ 18.5 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Investments [Line Items] | |||
Credit-related net investment impairment losses | $ 0 | $ 0 | $ 0 |
Carrying value of securities pledged | $ 291 | $ 273 | |
Maximum | |||
Schedule of Investments [Line Items] | |||
Regional community bank stocks, percent of average trading volumes | 0.20% | ||
First National Corporation (FXNC) [Domain] | Maximum | |||
Schedule of Investments [Line Items] | |||
Equity ownership positions in the community bank holding companies | 4.00% | ||
Eagle Financial Services, Inc. (EFSI) [Domain] | Maximum | |||
Schedule of Investments [Line Items] | |||
Equity ownership positions in the community bank holding companies | 1.50% |
Investments (Aggregate Carrying
Investments (Aggregate Carrying And Approximate Market Values Of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | $ 367,884 | $ 251,954 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 5,099 | 5,922 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 3,517 | 3,833 |
Securities available-for-sale | 369,466 | 254,043 |
U.S. Government agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 5 | 1,816 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 11 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Securities available-for-sale | 5 | 1,827 |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 49,725 | 41,382 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 979 | 722 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 7 | 8 |
Securities available-for-sale | 50,697 | 42,096 |
U.S. Government agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 287,933 | 185,831 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 2,285 | 3,470 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 2,021 | 1,973 |
Securities available-for-sale | 288,197 | 187,328 |
Private label | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 1,222 | 1,700 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 9 | 8 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 4 |
Securities available-for-sale | 1,231 | 1,704 |
Trust preferred securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 6,550 | 9,763 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 463 | 425 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 1,155 | 1,152 |
Securities available-for-sale | 5,858 | 9,036 |
Corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 18,793 | 7,806 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 221 | 204 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 321 | 693 |
Securities available-for-sale | 18,693 | 7,317 |
Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 364,228 | 248,298 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 3,957 | 4,840 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 3,504 | 3,830 |
Securities available-for-sale | 364,681 | 249,308 |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 2,131 | 2,131 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,142 | 1,082 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Securities available-for-sale | 3,273 | 3,213 |
Investment funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 1,525 | 1,525 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 13 | 3 |
Securities available-for-sale | $ 1,512 | $ 1,522 |
Investments (Aggregate Carryi60
Investments (Aggregate Carrying And Approximate Market Values Of Held-To-Maturity Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | $ 88,937 | $ 90,786 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 1,949 | 3,405 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 76 | 0 |
Securities held-to-maturity, Estimated Fair Value | 90,810 | 94,191 |
US Government Agencies Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 84,937 | 86,742 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 1,949 | 2,733 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 76 | 0 |
Securities held-to-maturity, Estimated Fair Value | 86,810 | 89,475 |
Trust preferred securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 4,000 | 4,044 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 672 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Securities held-to-maturity, Estimated Fair Value | 4,000 | 4,716 |
Non-marketable Equity Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 12,915 | 9,857 |
Securities held-to-maturity, Estimated Fair Value | 12,915 | 9,857 |
Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 12,915 | 9,857 |
Securities held-to-maturity, Estimated Fair Value | $ 12,915 | $ 9,857 |
Investments (Gross Unrealized L
Investments (Gross Unrealized Losses And Fair Value Of Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | $ 142,874 | $ 2,836 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 867 | 7 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 42,660 | 70,552 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,650 | 3,826 |
Securities available-for-sale, Total, Estimated Fair Value | 185,534 | 73,388 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 3,517 | 3,833 |
Obligations of states and political subdivisions | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 2,406 | 1,559 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5 | 3 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 128 | 125 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 5 |
Securities available-for-sale, Total, Estimated Fair Value | 2,534 | 1,684 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 7 | 8 |
U.S. Government agencies | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 129,612 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 688 | 0 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 34,044 | 60,122 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,333 | 1,973 |
Securities available-for-sale, Total, Estimated Fair Value | 163,656 | 60,122 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2,021 | 1,973 |
Private label | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 0 | 1,277 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 4 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Securities available-for-sale, Total, Estimated Fair Value | 0 | 1,277 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0 | 4 |
Trust preferred securities | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 4,769 | 4,760 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,155 | 1,152 |
Securities available-for-sale, Total, Estimated Fair Value | 4,769 | 4,760 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,155 | 1,152 |
Corporate securities | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 10,856 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 174 | 0 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 2,231 | 4,049 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 147 | 693 |
Securities available-for-sale, Total, Estimated Fair Value | 13,087 | 4,049 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 321 | 693 |
Investment funds | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 1,488 | 1,496 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 13 | 3 |
Securities available-for-sale, Total, Estimated Fair Value | 1,488 | 1,496 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 13 | $ 3 |
Investments (Credit Loss Compon
Investments (Credit Loss Component Of OTTI On Debt Securities Recognized In Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning Balance | $ 18,170 | $ 24,884 |
Additions: | ||
Additional credit impairment | 0 | 0 |
Deductions: | ||
Sold | 0 | 6,714 |
Ending Balance | 18,170 | 18,170 |
Debt Securities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning Balance | 16,586 | 20,186 |
Additions: | ||
Additional credit impairment | 0 | 0 |
Deductions: | ||
Sold | 0 | 3,600 |
Ending Balance | 16,586 | 16,586 |
Equity Securities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning Balance | 1,584 | 4,698 |
Additions: | ||
Additional credit impairment | 0 | 0 |
Deductions: | ||
Sold | 0 | 3,114 |
Ending Balance | $ 1,584 | $ 1,584 |
Investments (Amortized Cost And
Investments (Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments [Abstract] | ||
Securities Available-for-Sale, Due in one year or less, Cost | $ 2,716 | |
Securities Available-for-Sale, Due after one year through five years, Cost | 24,037 | |
Securities Available-for-Sale, Due after five years through ten years, Cost | 33,285 | |
Securities Available-for-Sale, Due after ten years, Cost | 304,190 | |
Securities Available-for-Sale, Cost, Total | 364,228 | |
Securities Available-for-Sale, Due in one year or less, Estimated Fair Value | 2,740 | |
Securities Available-for-Sale, Due after one year through five years, Estimated Fair Value | 16,267 | |
Securities Available-for-Sale, Due after five years through ten years, Estimated Fair Value | 42,038 | |
Securities Available-for-Sale, Due after ten years, Estimated Fair Value | 303,636 | |
Securities Available-for-Sale, Estimated Fair Value, Total | 364,681 | |
Securities Held-to-Maturity, Due after ten years, Cost | 88,937 | |
Securities Held-to-Maturity, Cost, Total | 88,937 | $ 90,786 |
Securities Held-to-Maturity, Due after ten years, Estimated Fair Value | 90,810 | |
Securities held-to-maturity, Estimated Fair Value | $ 90,810 | $ 94,191 |
Investments (Gross Gains And Lo
Investments (Gross Gains And Losses Realized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments [Abstract] | |||
Gross realized gains | $ 2,142 | $ 1,256 | $ 764 |
Gross realized losses | (12) | (100) | 0 |
Investment security gains (losses) | $ 2,130 | $ 1,156 | $ 764 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Construction Loan | $ 13.1 | $ 23 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Construction Loan | $ 12.6 | $ 28.7 |
Loans (Summary Of Major Classif
Loans (Summary Of Major Classifications For Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 2,863,327 | $ 2,652,066 |
Allowance for loan losses | (20,044) | (20,150) |
Net Loans | 2,843,283 | 2,631,916 |
Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,383,133 | 1,294,576 |
Allowance for loan losses | (6,778) | (7,208) |
Home equity - junior liens | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 147,036 | 145,604 |
Allowance for loan losses | (1,463) | (1,495) |
Commercial And Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 165,887 | 140,548 |
Allowance for loan losses | (3,271) | (1,582) |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,127,827 | 1,028,831 |
Allowance for loan losses | (7,778) | (8,921) |
Consumer Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 36,083 | 39,705 |
Allowance for loan losses | (97) | (85) |
DDA Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 3,361 | 2,802 |
Allowance for loan losses | $ (657) | $ (859) |
Loans (Composition of Loans Acq
Loans (Composition of Loans Acquired) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Gross loans | $ 2,863,327 | $ 2,652,066 |
Virginia Savings Bank [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Gross loans | 28,914 | 38,345 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,707 | 1,964 |
Contractually required principal and interest | 1,965 | 2,407 |
Community Bank [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Gross loans | 181,545 | 219,923 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 12,899 | 15,365 |
Contractually required principal and interest | 16,362 | 23,277 |
American Founders Bank [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Gross loans | 112,862 | |
Virginia Savings Bank and Community Bank [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Gross loans | 323,321 | 258,268 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 14,606 | 17,329 |
Contractually required principal and interest | $ 18,327 | $ 25,684 |
Loans (Activity For The Accreta
Loans (Activity For The Accretable Yield And Carrying Amount Of Loans) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Virginia Savings Bank [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Balance at the beginning of the period | $ 428 |
Accretion | (188) |
Net reclassifications to accretable from non-accretable | 185 |
Disposals | (51) |
Balance at the end of the period | 374 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Carrying Amount Net [Roll Forward] | |
Balance at the beginning of the period | 1,964 |
Accretion | 188 |
Payments received, net | (445) |
Disposals | 0 |
Balance at the end of the period | 1,707 |
Community Bank [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Balance at the beginning of the period | 9,906 |
Accretion | (2,477) |
Net reclassifications to accretable from non-accretable | 918 |
Disposals | (2,081) |
Balance at the end of the period | 6,266 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Carrying Amount Net [Roll Forward] | |
Balance at the beginning of the period | 15,365 |
Accretion | 2,477 |
Payments received, net | (2,924) |
Disposals | (2,019) |
Balance at the end of the period | 12,899 |
Virginia Savings Bank and Community Bank [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Balance at the beginning of the period | 10,334 |
Accretion | (2,665) |
Net reclassifications to accretable from non-accretable | 1,103 |
Disposals | (2,132) |
Balance at the end of the period | 6,640 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Carrying Amount Net [Roll Forward] | |
Balance at the beginning of the period | 17,329 |
Accretion | 2,665 |
Payments received, net | (3,369) |
Disposals | (2,019) |
Balance at the end of the period | $ 14,606 |
Allowance For Loan Losses (Narr
Allowance For Loan Losses (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | |||
Loan Review Selection Threshold ($) | $ 1 | ||
Interest income forgone | $ 800,000 | $ 500,000 | $ 600,000 |
Allowance For Loan Losses (Sche
Allowance For Loan Losses (Schedule Of Allowance For Loan Loss By Portfolio Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Loan Losses [Roll Forward] | ||
Beginning balance | $ 20,150 | $ 20,575 |
Charge-offs | (8,711) | (5,922) |
Recoveries | 1,617 | 1,443 |
Provision | (6,435) | (3,771) |
Provision for acquired loans with deteriorated credit quality | 553 | 283 |
Ending balance | 20,044 | 20,150 |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | 252 |
Allowance for loan loss, Evaluated for impairment, Collectively | 19,215 | 19,019 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 829 | 879 |
Allowance for loan loss, Total | 20,044 | 20,150 |
Loans, Evaluated for impairment, Individually | 8,482 | 6,769 |
Loans, Evaluated for impairment, Collectively | 2,840,240 | 2,627,968 |
Gross loans | 2,863,327 | 2,652,066 |
Commercial And Industrial | ||
Allowance for Loan Losses [Roll Forward] | ||
Beginning balance | 1,582 | 1,139 |
Charge-offs | (5,051) | (323) |
Recoveries | 74 | 89 |
Provision | (6,113) | (394) |
Provision for acquired loans with deteriorated credit quality | 553 | 283 |
Ending balance | 3,271 | 1,582 |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | 0 |
Allowance for loan loss, Evaluated for impairment, Collectively | 3,267 | 1,540 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 4 | 42 |
Allowance for loan loss, Total | 3,271 | 1,582 |
Loans, Evaluated for impairment, Individually | 2,349 | 0 |
Loans, Evaluated for impairment, Collectively | 163,209 | 139,862 |
Gross loans | 165,887 | 140,548 |
Commercial real estate | ||
Allowance for Loan Losses [Roll Forward] | ||
Beginning balance | 8,921 | 10,775 |
Charge-offs | (580) | (1,925) |
Recoveries | 366 | 113 |
Provision | 929 | 42 |
Provision for acquired loans with deteriorated credit quality | 0 | 0 |
Ending balance | 7,778 | 8,921 |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | 252 |
Allowance for loan loss, Evaluated for impairment, Collectively | 6,966 | 7,898 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 812 | 771 |
Allowance for loan loss, Total | 7,778 | 8,921 |
Loans, Evaluated for impairment, Individually | 5,399 | 6,023 |
Loans, Evaluated for impairment, Collectively | 1,110,307 | 1,009,241 |
Gross loans | 1,127,827 | 1,028,831 |
Residential Real Estate | ||
Allowance for Loan Losses [Roll Forward] | ||
Beginning balance | 7,208 | 6,057 |
Charge-offs | (1,144) | (1,762) |
Recoveries | 199 | 187 |
Provision | (515) | (2,726) |
Provision for acquired loans with deteriorated credit quality | 0 | 0 |
Ending balance | 6,778 | 7,208 |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | 0 |
Allowance for loan loss, Evaluated for impairment, Collectively | 6,777 | 7,208 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 1 | 0 |
Allowance for loan loss, Total | 6,778 | 7,208 |
Loans, Evaluated for impairment, Individually | 437 | 449 |
Loans, Evaluated for impairment, Collectively | 1,382,325 | 1,293,748 |
Gross loans | 1,383,133 | 1,294,576 |
Home equity - junior liens | ||
Allowance for Loan Losses [Roll Forward] | ||
Beginning balance | 1,495 | 1,672 |
Charge-offs | (312) | (309) |
Recoveries | 0 | 0 |
Provision | (280) | (132) |
Provision for acquired loans with deteriorated credit quality | 0 | 0 |
Ending balance | 1,463 | 1,495 |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | 0 |
Allowance for loan loss, Evaluated for impairment, Collectively | 1,451 | 1,429 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 12 | 66 |
Allowance for loan loss, Total | 1,463 | 1,495 |
Loans, Evaluated for impairment, Individually | 297 | 297 |
Loans, Evaluated for impairment, Collectively | 145,041 | 142,743 |
Gross loans | 147,036 | 145,604 |
Consumer Loan | ||
Allowance for Loan Losses [Roll Forward] | ||
Beginning balance | 85 | 77 |
Charge-offs | (210) | (188) |
Recoveries | 186 | 204 |
Provision | (36) | 8 |
Provision for acquired loans with deteriorated credit quality | 0 | 0 |
Ending balance | 97 | 85 |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | 0 |
Allowance for loan loss, Evaluated for impairment, Collectively | 97 | 85 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 0 | 0 |
Allowance for loan loss, Total | 97 | 85 |
Loans, Evaluated for impairment, Individually | 0 | 0 |
Loans, Evaluated for impairment, Collectively | 35,997 | 39,572 |
Gross loans | 36,083 | 39,705 |
DDA Overdrafts | ||
Allowance for Loan Losses [Roll Forward] | ||
Beginning balance | 859 | 855 |
Charge-offs | (1,414) | (1,415) |
Recoveries | 792 | 850 |
Provision | (420) | (569) |
Provision for acquired loans with deteriorated credit quality | 0 | 0 |
Ending balance | 657 | 859 |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | 0 |
Allowance for loan loss, Evaluated for impairment, Collectively | 657 | 859 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 0 | 0 |
Allowance for loan loss, Total | 657 | 859 |
Loans, Evaluated for impairment, Individually | 0 | 0 |
Loans, Evaluated for impairment, Collectively | 3,361 | 2,802 |
Gross loans | 3,361 | 2,802 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Allowance for Loan Losses [Roll Forward] | ||
Loans, Acquired with Deteriorated Credit Quality | 14,605 | 17,329 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial And Industrial | ||
Allowance for Loan Losses [Roll Forward] | ||
Loans, Acquired with Deteriorated Credit Quality | 329 | 686 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial real estate | ||
Allowance for Loan Losses [Roll Forward] | ||
Loans, Acquired with Deteriorated Credit Quality | 12,121 | 13,567 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Real Estate | ||
Allowance for Loan Losses [Roll Forward] | ||
Loans, Acquired with Deteriorated Credit Quality | 371 | 379 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Home equity - junior liens | ||
Allowance for Loan Losses [Roll Forward] | ||
Loans, Acquired with Deteriorated Credit Quality | 1,698 | 2,564 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Loan | ||
Allowance for Loan Losses [Roll Forward] | ||
Loans, Acquired with Deteriorated Credit Quality | 86 | 133 |
Receivables Acquired with Deteriorated Credit Quality [Member] | DDA Overdrafts | ||
Allowance for Loan Losses [Roll Forward] | ||
Loans, Acquired with Deteriorated Credit Quality | $ 0 | $ 0 |
Allowance For Loan Losses (Sc71
Allowance For Loan Losses (Schedule Of Credit Quality Indicators) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 2,863,327 | $ 2,652,066 |
Commercial Industrial Loans And Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,293,714 | 1,169,379 |
Commercial And Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 165,887 | 140,548 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,127,827 | 1,028,831 |
Residential Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,383,133 | 1,294,576 |
Home equity - junior liens | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 147,036 | 145,604 |
Consumer Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 36,083 | 39,705 |
DDA Overdrafts | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 3,361 | 2,802 |
Pass | Commercial Industrial Loans And Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,227,963 | 1,099,397 |
Pass | Commercial And Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 157,211 | 128,812 |
Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,070,752 | 970,585 |
Special Mention | Commercial Industrial Loans And Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 25,041 | 15,864 |
Special Mention | Commercial And Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 4,099 | 761 |
Special Mention | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 20,942 | 15,103 |
Substandard | Commercial Industrial Loans And Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 40,672 | 53,266 |
Substandard | Commercial And Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 4,539 | 10,575 |
Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 36,133 | 42,691 |
Doubtful | Commercial Industrial Loans And Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 38 | 852 |
Doubtful | Commercial And Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 38 | 400 |
Doubtful | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 0 | $ 452 |
Allowance For Loan Losses (Sc72
Allowance For Loan Losses (Schedule of Non-Commercial Loans By Payment Performance) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 2,863,327 | $ 2,652,066 |
Residential Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,383,133 | 1,294,576 |
Home equity - junior liens | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 147,036 | 145,604 |
Consumer Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 36,083 | 39,705 |
DDA Overdrafts | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 3,361 | 2,802 |
Non-commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,569,613 | 1,482,687 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,569,138 | 1,480,012 |
Performing | Residential Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,382,715 | 1,292,012 |
Performing | Home equity - junior liens | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 147,013 | 145,506 |
Performing | Consumer Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 36,049 | 39,692 |
Performing | DDA Overdrafts | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 3,361 | 2,802 |
Non-Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 475 | 2,675 |
Non-Performing | Residential Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 418 | 2,564 |
Non-Performing | Home equity - junior liens | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 23 | 98 |
Non-Performing | Consumer Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 34 | 13 |
Non-Performing | DDA Overdrafts | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 0 | $ 0 |
Allowance For Loan Losses (Sc73
Allowance For Loan Losses (Schedule Of Aging Analysis Of Accruing And Non-Accruing Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 2,837,212 | $ 2,626,094 |
Impaired Financing Receivable, Recorded Investment, Past Due | 506 | 1,270 |
Non-accrual | 16,948 | 15,306 |
Gross loans | 2,863,327 | 2,652,066 |
Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,373,604 | 1,286,306 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 2,918 | 2,394 |
Gross loans | 1,383,133 | 1,294,576 |
Home equity - junior liens | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 146,493 | 144,788 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 136 | 68 |
Gross loans | 147,036 | 145,604 |
Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 162,982 | 138,980 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 2,745 | 1,115 |
Gross loans | 165,887 | 140,548 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,115,199 | 1,014,251 |
Impaired Financing Receivable, Recorded Investment, Past Due | 506 | 1,270 |
Non-accrual | 11,149 | 11,729 |
Gross loans | 1,127,827 | 1,028,831 |
Consumer Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 35,886 | 39,286 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 0 | 0 |
Gross loans | 36,083 | 39,705 |
DDA Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,048 | 2,483 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 0 | 0 |
Gross loans | 3,361 | 2,802 |
Originated Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,520,565 | 2,376,849 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 11,916 | 9,735 |
Gross loans | 2,540,006 | 2,393,798 |
Originated Loans | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,290,312 | 1,200,177 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 2,038 | 2,259 |
Gross loans | 1,298,221 | 1,207,598 |
Originated Loans | Home equity - junior liens | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 142,697 | 142,624 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 136 | 68 |
Gross loans | 143,226 | 143,438 |
Originated Loans | Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 106,003 | 128,857 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 2,389 | 78 |
Gross loans | 108,454 | 129,245 |
Originated Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 946,611 | 869,530 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 7,353 | 7,330 |
Gross loans | 954,743 | 877,339 |
Originated Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 31,894 | 33,178 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 0 | 0 |
Gross loans | 32,001 | 33,376 |
Originated Loans | DDA Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,048 | 2,483 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 0 | 0 |
Gross loans | 3,361 | 2,802 |
Acquired Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 316,647 | 249,245 |
Impaired Financing Receivable, Recorded Investment, Past Due | 506 | 1,270 |
Non-accrual | 5,032 | 5,571 |
Gross loans | 323,321 | 258,268 |
Acquired Loans | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 83,292 | 86,129 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 880 | 135 |
Gross loans | 84,912 | 86,978 |
Acquired Loans | Home equity - junior liens | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,796 | 2,164 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 0 | 0 |
Gross loans | 3,810 | 2,166 |
Acquired Loans | Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 56,979 | 10,123 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 356 | 1,037 |
Gross loans | 57,433 | 11,303 |
Acquired Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 168,588 | 144,721 |
Impaired Financing Receivable, Recorded Investment, Past Due | 506 | 1,270 |
Non-accrual | 3,796 | 4,399 |
Gross loans | 173,084 | 151,492 |
Acquired Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,992 | 6,108 |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 0 | 0 |
Gross loans | 4,082 | 6,329 |
Acquired Loans | DDA Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 0 | |
Impaired Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 0 | 0 |
Gross loans | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 6,946 | 7,734 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 5,261 | 4,949 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Home equity - junior liens | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 318 | 563 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 141 | 243 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 762 | 1,371 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 154 | 291 |
Financing Receivables, 30 to 59 Days Past Due [Member] | DDA Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 310 | 317 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 5,946 | 5,811 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loans | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4,648 | 4,235 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loans | Home equity - junior liens | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 306 | 561 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loans | Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 43 | 100 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 568 | 479 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 71 | 119 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loans | DDA Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 310 | 317 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,000 | 1,923 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 613 | 714 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Home equity - junior liens | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 12 | 2 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 98 | 143 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 194 | 892 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 83 | 172 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | DDA Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,220 | 1,239 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 932 | 758 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Home equity - junior liens | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 65 | 155 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 211 | 210 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 9 | 114 |
Financing Receivables, 60 to 89 Days Past Due [Member] | DDA Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3 | 2 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,086 | 993 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loans | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 805 | 758 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loans | Home equity - junior liens | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 65 | 155 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loans | Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 211 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2 | 78 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loans | DDA Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3 | 2 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 134 | 246 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 127 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Home equity - junior liens | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 210 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 7 | 36 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | DDA Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 495 | 423 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 418 | 169 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home equity - junior liens | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 24 | 30 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 19 | 210 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 34 | 14 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | DDA Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 493 | 410 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loans | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 418 | 169 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loans | Home equity - junior liens | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 22 | 30 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loans | Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 19 | 210 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 34 | 1 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loans | DDA Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2 | 13 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Home equity - junior liens | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 13 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | DDA Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 0 |
Allowance For Loan Losses (Sc74
Allowance For Loan Losses (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded investment | $ 8,482 | $ 5,377 |
With no related allowance recorded, Unpaid principal balance | 17,049 | 5,377 |
With an allowance recorded, Recorded investment | 0 | 1,392 |
With an allowance recorded, Unpaid principal balance | 0 | 1,392 |
With an allowance recorded, Related allowance | 0 | 252 |
Residential Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded investment | 437 | 449 |
With no related allowance recorded, Unpaid principal balance | 437 | 449 |
With an allowance recorded, Recorded investment | 0 | 0 |
With an allowance recorded, Unpaid principal balance | 0 | 0 |
With an allowance recorded, Related allowance | 0 | 0 |
Home equity - junior liens | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded investment | 297 | 297 |
With no related allowance recorded, Unpaid principal balance | 297 | 297 |
With an allowance recorded, Recorded investment | 0 | 0 |
With an allowance recorded, Unpaid principal balance | 0 | 0 |
With an allowance recorded, Related allowance | 0 | 0 |
Commercial And Industrial | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded investment | 2,349 | 0 |
With no related allowance recorded, Unpaid principal balance | 7,547 | 0 |
With an allowance recorded, Recorded investment | 0 | 0 |
With an allowance recorded, Unpaid principal balance | 0 | 0 |
With an allowance recorded, Related allowance | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded investment | 5,399 | 4,631 |
With no related allowance recorded, Unpaid principal balance | 8,768 | 4,631 |
With an allowance recorded, Recorded investment | 0 | 1,392 |
With an allowance recorded, Unpaid principal balance | 0 | 1,392 |
With an allowance recorded, Related allowance | 0 | 252 |
Consumer Loan | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded investment | 0 | 0 |
With no related allowance recorded, Unpaid principal balance | 0 | 0 |
With an allowance recorded, Recorded investment | 0 | 0 |
With an allowance recorded, Unpaid principal balance | 0 | 0 |
With an allowance recorded, Related allowance | 0 | 0 |
DDA Overdrafts | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded investment | 0 | 0 |
With no related allowance recorded, Unpaid principal balance | 0 | 0 |
With an allowance recorded, Recorded investment | 0 | 0 |
With an allowance recorded, Unpaid principal balance | 0 | 0 |
With an allowance recorded, Related allowance | $ 0 | $ 0 |
Allowance For Loan Losses (Sc75
Allowance For Loan Losses (Schedule Of Information Related To Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Average recorded investment | $ 8,519 | $ 7,406 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 4 | 17 |
With an allowance recorded, Average recorded investment | 1,012 | 1,725 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 128 |
Residential Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Average recorded investment | 441 | 452 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
With an allowance recorded, Average recorded investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Home equity - junior liens | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Average recorded investment | 296 | 297 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
With an allowance recorded, Average recorded investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Commercial And Industrial | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Average recorded investment | 2,913 | 0 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
With an allowance recorded, Average recorded investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Average recorded investment | 4,869 | 6,657 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 4 | 17 |
With an allowance recorded, Average recorded investment | 1,012 | 1,725 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 128 |
Consumer Loan | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Average recorded investment | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
With an allowance recorded, Average recorded investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 |
DDA Overdrafts | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Average recorded investment | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
With an allowance recorded, Average recorded investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $ 0 | $ 0 |
Allowance For Loan Losses (Sc76
Allowance For Loan Losses (Schedule Of Troubled Debt Restructurings) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)contract | Dec. 31, 2014USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Accruing | $ 22,259 | $ 22,955 |
Non-Accruing | 225 | 560 |
Total | $ 22,484 | $ 23,515 |
Number of Contracts | contract | 51 | 46 |
Pre-modification Outstanding Recorded Investment | $ 3,330 | $ 3,020 |
Post-modification Outstanding Recorded Investment | 3,330 | 3,020 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 58 | 73 |
Non-Accruing | 0 | 0 |
Total | $ 58 | $ 73 |
Number of Contracts | contract | 0 | 0 |
Pre-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-modification Outstanding Recorded Investment | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 1,746 | 2,263 |
Non-Accruing | 0 | 0 |
Total | $ 1,746 | $ 2,263 |
Number of Contracts | contract | 0 | 1 |
Pre-modification Outstanding Recorded Investment | $ 0 | $ 428 |
Post-modification Outstanding Recorded Investment | 0 | 428 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 17,796 | 17,946 |
Non-Accruing | 191 | 545 |
Total | $ 17,987 | $ 18,491 |
Number of Contracts | contract | 38 | 35 |
Pre-modification Outstanding Recorded Investment | $ 2,969 | $ 2,381 |
Post-modification Outstanding Recorded Investment | 2,969 | 2,381 |
Home Equity Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 2,659 | 2,673 |
Non-Accruing | 34 | 15 |
Total | $ 2,693 | $ 2,688 |
Number of Contracts | contract | 13 | 10 |
Pre-modification Outstanding Recorded Investment | $ 361 | $ 211 |
Post-modification Outstanding Recorded Investment | 361 | 211 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 0 | 0 |
Non-Accruing | 0 | 0 |
Total | $ 0 | $ 0 |
Number of Contracts | contract | 0 | 0 |
Pre-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Previously Securitized Loans (D
Previously Securitized Loans (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)transaction | Dec. 31, 2014USD ($)transaction | Dec. 31, 2013USD ($)transaction | |
Previously Securitized Loans [Abstract] | |||
Number of securitization transactions | transaction | 6 | 6 | 6 |
Proceeds from securitization transactions | $ 760,000,000 | $ 760,000,000 | $ 760,000,000 |
Fixed rate of junior-lien underlying mortgages | 125.00% | 125.00% | 125.00% |
Outstanding balance of securitized loans | $ 3,900,000 | $ 4,900,000 | |
Recognized interest income from previously securitized loans | 1,800,000 | 2,200,000 | $ 2,500,000 |
Carrying Value Outstanding on Loans Securitized | $ 0 | $ 0 |
Premises And Equipment (Details
Premises And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 158,530 | $ 153,671 |
Less: accumulated depreciation | (81,259) | (75,683) |
Property, Plant and Equipment, Net, Total | 77,271 | 77,988 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 31,496 | 31,217 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 87,875 | 85,403 |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 30 years | |
Buildings and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 39,159 | $ 37,051 |
Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 7 years | |
Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years |
Goodwill And Other Intangible79
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 676 | $ 944 | $ 1,000 |
Core Deposits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Goodwill And Other Intangible80
Goodwill And Other Intangible Assets (Summary Of Core Deposit Intangibles) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Gross carrying amount | $ 9,802 | $ 8,387 | |||
Accumulated amortization | (6,266) | (5,590) | |||
Total | $ 2,797 | $ 3,741 | $ 3,741 | $ 3,536 | $ 2,797 |
Finite-lived Intangible Assets [Roll Forward] | |||||
Beginning balance | 2,797 | 3,741 | |||
Core deposit intangible acquired in conjunction with the acquisition of AFB | 1,415 | 0 | |||
Amortization expense | (676) | (944) | (1,000) | ||
Ending balance | $ 3,536 | $ 2,797 | $ 3,741 |
Goodwill And Other Intangible81
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense For Core Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2,016 | $ 602 | ||
2,017 | 545 | ||
2,018 | 496 | ||
2,019 | 454 | ||
2,020 | 416 | ||
Thereafter | 1,023 | ||
Total | $ 3,536 | $ 2,797 | $ 3,741 |
Goodwill And Other Intangible82
Goodwill And Other Intangible Assets Goodwill and Other Intangible Assets (Rollforward of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 71,401 | $ 71,401 |
Goodwill reduction in conjunction with sale of CityInsurance | (3,020) | 0 |
Goodwill acquired in conjunction with the acquisition of AFB | 7,875 | 0 |
Ending balance | $ 76,256 | $ 71,401 |
Scheduled Maturities Of Time 83
Scheduled Maturities Of Time Deposits (Scheduled Maturities Of Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Maturities of Time Deposits [Abstract] | ||
2,016 | $ 437,542 | |
2,017 | 213,288 | |
2,018 | 192,576 | |
2,019 | 127,682 | |
2,020 | 46,452 | |
Over five years | 16 | |
Time Deposits, Total | $ 1,017,556 | $ 1,026,663 |
Scheduled Maturities Of Time 84
Scheduled Maturities Of Time Deposits (Scheduled Maturities Time Deposits Of $100,000 Or More) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Maturities of Time Deposits [Abstract] | ||
Within one year | $ 35,160 | $ 34,544 |
Over one through two years | 16,491 | 16,318 |
Over two through three years | 19,032 | 6,014 |
Over three through four years | 10,907 | 19,808 |
Over four through five years | 4,709 | 6,538 |
Over five years | 0 | 0 |
Time Deposits Exceeding FDIC Insurance Limits | $ 86,299 | $ 83,222 |
Short-Term Debt (Narrative) (De
Short-Term Debt (Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investment Securities And One To Four Family Residential Property Loans | ||
Short-term Debt [Line Items] | ||
Collateral pledged to the FHLB | $ 1.7 | $ 1.7 |
City National | ||
Short-term Debt [Line Items] | ||
FHLB stock held | 47,277 | |
Unused FHLB funds | $ 1.6 | $ 1.5 |
Short-Term Debt (Summary Of Sho
Short-Term Debt (Summary Of Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Short-term Debt [Abstract] | |||
Securities Sold under Agreements to Repurchase | $ 141,869 | $ 134,931 | $ 137,798 |
Advances from Federal Home Loan Banks | 13,000 | 0 | 0 |
Customer repurchase agreements, avg outstanding | 143,847 | 133,769 | 127,616 |
Federal Home Loan Bank, Advances, Activity for Year, Average Balance of Agreements Outstanding | 1,352 | 63 | |
Customer repurchase agreements, Max. outstanding at any month end | 166,507 | 151,637 | 150,943 |
Federal Home Loan Bank, Advances, Activity for Year, Maximum Outstanding at any Month End | $ 13,000 | $ 0 | $ 0 |
Customer repurchase agreements, Weighted-averaged interest rate, During the year | 0.22% | 0.26% | 0.25% |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate at Period End | 0.53% | 0.31% | |
Customer repurchase agreements, Weighted-average interest rate, End of the year | 0.20% | 0.26% | 0.25% |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate at Period End | 0.51% | 0.31% |
Long-Term Debt (Components Of L
Long-Term Debt (Components Of Long-Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Long-term Debt, Unclassified [Abstract] | ||
Long-term debt | $ 16,495 | $ 16,495 |
Junior subordinated debentures, interest rate | 4.01% | 3.74% |
Junior subordinated debentures, due date | Dec. 31, 2038 | Dec. 31, 2038 |
Percent over three month LIBOR Rate | 3.50% | 3.50% |
Junior subordinated debenture, Threshold in days | 90 days | 90 days |
Derivative Instruments (Details
Derivative Instruments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Maximum | Designated as Hedging Instrument | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Loss on Fair Value Hedge Ineffectiveness | $ 0.1 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Not Designated as Hedging Instrument [Member] | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 334,204 | $ 179,958 |
Fair Value | 10,811 | 10,253 |
Not Designated as Hedging Instrument [Member] | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 342,204 | 179,958 |
Fair Value | 10,872 | 10,253 |
Designated as Hedging Instrument [Member] | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 5,475 | 5,475 |
Fair Value | $ 61 | $ 24 |
Derivative Instruments (Change
Derivative Instruments (Change In Fair Value Of Derivative Instruments) (Details) - Other Income [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Not Designated as Hedging Instrument [Member] | Derivative assets | |||
Derivatives, Fair Value [Line Items] | |||
Change in Fair Value | $ 1,030 | $ 6,811 | $ (10,148) |
Not Designated as Hedging Instrument [Member] | Derivative liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Change in Fair Value | (1,190) | (6,811) | 10,148 |
Designated as Hedging Instrument [Member] | Derivative assets | |||
Derivatives, Fair Value [Line Items] | |||
Change in Fair Value | 25 | 0 | 0 |
Designated as Hedging Instrument [Member] | Derivative liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Change in Fair Value | $ 12 | $ 0 | $ 0 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Derivative Assets Offset in The Consolidated Balance Sheet) (Details) - Not Designated as Hedging Instrument [Member] - Interest Rate Swap $ in Thousands | Dec. 31, 2015USD ($) |
Offsetting Assets [Line Items] | |
Gross Amounts of Recognized Assets | $ 10,811 |
Derivative assets | 10,811 |
Derivative Asset, Fair Value of Collateral | 10,811 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 10,811 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 0 |
Derivative Instruments Deriva92
Derivative Instruments Derivative Instruments (Derivative Liabilities Offset in the Consolidated Balance Sheet) (Details) - Interest Rate Swap $ in Thousands | Dec. 31, 2015USD ($) |
Not Designated as Hedging Instrument [Member] | |
Offsetting Liabilities [Line Items] | |
Gross Amounts of Recognized Liabilities | $ 10,872 |
Derivative Liability | 10,872 |
Derivative Liability, Fair Value of Collateral | 17,371 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 17,371 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 |
Designated as Hedging Instrument [Member] | |
Offsetting Liabilities [Line Items] | |
Gross Amounts of Recognized Liabilities | 61 |
Derivative Liability | 61 |
Derivative Liability, Fair Value of Collateral | 97 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 97 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | ||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ (910) | $ (2,805) | ||
Income tax interest and penalties | 100 | 100 | $ 100 | |
Income tax accrued and penalties | $ 400 | $ 400 | ||
Scenario, Forecast | ||||
Income Tax Examination [Line Items] | ||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ (900) |
Income Taxes (Summary Of Deferr
Income Taxes (Summary Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Previously securitized loans | $ 4,337 | $ 4,703 |
Allowance for loan losses | 7,412 | 7,413 |
Deferred compensation payable | 4,058 | 3,966 |
Underfunded pension liability | 2,792 | 3,113 |
Accrued expenses | 1,789 | 2,451 |
Impaired assets | 797 | 1,172 |
Impaired securities losses | 6,719 | 8,377 |
Intangible assets | 2,194 | 4,946 |
Other | 3,964 | 3,292 |
Total Deferred Tax Assets | 34,062 | 39,433 |
Unrealized securities gains | 585 | 741 |
Other | 3,503 | 1,926 |
Total Deferred Tax Liabilities | 4,088 | 2,667 |
Net Deferred Tax Assets | $ 29,974 | $ 36,766 |
Income Taxes (Summary Of Income
Income Taxes (Summary Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal | $ 20,830 | $ 20,629 | $ 18,808 | ||||||||
State | 957 | (943) | 1,781 | ||||||||
Total current | 21,787 | 19,686 | 20,589 | ||||||||
Total deferred | 6,627 | 4,585 | 4,686 | ||||||||
Income tax expense | $ 5,793 | $ 5,129 | $ 6,125 | $ 11,367 | $ 5,961 | $ 6,010 | $ 6,497 | $ 5,803 | $ 28,414 | $ 24,271 | $ 25,275 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Significant Differences Between The Federal Statutory Income Tax Rate And Effective Income Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Computed federal taxes at statutory rate | $ 28,879 | $ 27,031 | $ 25,722 | ||||||||
State income taxes, net of federal tax benefit | 887 | (482) | 1,982 | ||||||||
Tax-exempt interest income | (498) | (500) | (616) | ||||||||
Bank-owned life insurance | (1,181) | (1,074) | (1,187) | ||||||||
Tax reserve adjustment | 0 | 0 | 24 | ||||||||
Other items, net | 327 | (704) | (650) | ||||||||
Income tax expense | $ 5,793 | $ 5,129 | $ 6,125 | $ 11,367 | $ 5,961 | $ 6,010 | $ 6,497 | $ 5,803 | $ 28,414 | $ 24,271 | $ 25,275 |
Income Taxes (Reconciliatoin Of
Income Taxes (Reconciliatoin Of The Unrecognized Tax Benefits Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of the beginning and ending balance of unrecognized tax benefits | ||
Beginning Balance | $ 2,398 | $ 4,717 |
Additions for current year tax positions | 299 | 486 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 377 | 0 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0 | 0 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | 0 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (910) | (2,805) |
Ending Balance | $ 2,164 | $ 2,398 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $ 4,399,000 | $ 409,000 | |
Incentive stock options and SARs exercisable period | 10 years | ||
Stock awards had been awarded | 438,515 | ||
Proceeds from exercise of stock options | $ 3,000,000 | 600,000 | $ 4,200,000 |
Total intrinsic value of stock options exercised | 900,000 | 300,000 | 900,000 |
Stock-based compensation expense | 200,000 | 200,000 | 200,000 |
Income tax benefit recognized related to stock-based compensation | 300,000 | 300,000 | |
Unrecognized stock-based compensation expense | $ 400,000 | ||
Weighted-average period, unrecognized expense expected to be recognized | 1 year 3 months | ||
Stock-based compensation expense related to restricted shares | $ 1,200,000 | 1,000,000 | 800,000 |
Total expense associated with the retirement benefit plan | $ 700,000 | $ 800,000 | 800,000 |
Number of shares of the Company's common stock held by the 401(k) | 291,736 | 303,443 | |
Recorded a pension liability | $ 2,300,000 | $ 6,700,000 | |
Underfunded pension liability | 4,800,000 | 5,300,000 | |
Executive officers accrued benefit liability | 2,000,000 | 2,000,000 | |
Deferred compensation agreement costs | 200,000 | 200,000 | $ 200,000 |
Deferred compensation agreement liabilities | 6,500,000 | 6,700,000 | |
Cash surrender value of company owned life insurance | 8,000,000 | 7,800,000 | |
Non-Vested Restricted Shares | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Unrecognized stock-based compensation expense | $ 2,900,000 | ||
Weighted-average period, unrecognized expense expected to be recognized | 3 years 1 month | ||
Restricted Stock | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock awards had been awarded | 242,996 | ||
Performance Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
Maximum | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Common stock issued upon the exercise of stock options, SARs and stock awards | 750,000 | ||
Income tax benefit recognized related to stock-based compensation | $ 100,000 | ||
Horizon Defined Benefit Plan | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $ 4,400,000 | ||
Overall investment return goal above stated indices | 0.50% | ||
Moving average basis | 5 years | ||
Maximum percent of plan assets in any one security | 15.00% | ||
Maximum percent of plan assets in any on industry | 25.00% | ||
Maximum percent of plan assets in foreign securities | 30.00% | ||
Anticipated next year plan contributions | $ 0 | ||
Community Defined Benefit Plan | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $ 0 | ||
Defined benefit plan, allocation allowance | 5.00% | ||
Anticipated next year plan contributions | $ 0 | ||
Community Defined Benefit Plan | Maximum | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Moving average basis | 5 years | ||
Allocation for sub-asset class within equity and fixed classes | 150.00% | ||
Community Defined Benefit Plan | Minimum | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Moving average basis | 3 years | ||
Allocation for sub-asset class within equity and fixed classes | 50.00% | ||
Pentegra Defined Benefit Plan for Financial Institutions | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Defined Benefit Plan, Funded Percentage | 104.86% | ||
Share-based Compensation Award, Tranche One [Member] | Performance Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Mean Return on Average Assets of CHCO Time Period | 3 years | ||
Median Return on Average Assets of all FDIC Insured Depository Institutions Time Period | 20 years | ||
Share-based Compensation Award, Tranche Two [Member] | Performance Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Mean Return on Average Assets of CHCO Time Period | 4 years | ||
Median Return on Average Assets of all FDIC Insured Depository Institutions Time Period | 20 years | ||
Share-based Compensation Award, Tranche Three [Member] | Performance Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Mean Return on Average Assets of CHCO Time Period | 5 years | ||
Median Return on Average Assets of all FDIC Insured Depository Institutions Time Period | 20 years |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Stock Option Activity) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options Outstanding, beginning balance | 167,554 | 173,601 | 289,544 | |
Options, Granted | 12,961 | 13,953 | 15,475 | |
Options, Exercised | (81,500) | (20,000) | (126,168) | |
Options, Forfeited | (4,000) | 0 | (5,250) | |
Options Outstanding, ending balance | 95,015 | 167,554 | 173,601 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted-Average Exercise Price, Outstanding, beginning balance | $ 36.74 | $ 35.26 | $ 34.38 | |
Weighted-Average Exercise Price, Granted | 46.41 | 44.43 | 37.74 | |
Weighted-Average Exercise Price, Exercised | 36.63 | 29.19 | 33.57 | |
Weighted-Average Exercise Price, Forfeited | 31.66 | 0 | 34.56 | |
Weighted-Average Exercise Price, Outstanding, ending balance | $ 38.38 | $ 36.74 | $ 35.26 | |
Options, Exercisable at end of year | 19,750 | 89,750 | 76,832 | |
Weighted-Average Exercise Price, Exercisable at end of year | $ 34.54 | $ 36.73 | $ 37.97 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 75,265 | 77,804 | 96,769 | 105,960 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 12,961 | 13,953 | 15,475 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 15,500 | 32,918 | 23,166 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 0 | 0 | 1,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 39.38 | $ 36.76 | $ 33.10 | $ 33.81 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 46.41 | 44.43 | 37.74 | |
Weighted-Average Exercise Price, Vested during the year | 32.09 | 29.25 | 39.64 | |
Weighted-Average Exercise Price, Forfeited during the year | $ 0 | $ 0 | $ 30.38 |
Employee Benefit Plans (Stock O
Employee Benefit Plans (Stock Options Outstanding And Exercisable) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
No. of Options Outstanding | shares | 95,015 |
Aggregate Intrinsic Value | $ | $ 700 |
No. of Options Currently Exercisable | shares | 19,750 |
Aggregate Intrinsic Value of Options Currently Exercisable | $ | $ 219 |
Ranges Of Exercise Prices Twenty Five Point Zero To Twenty Nine Point Ninety Nine [Member] [Domain] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
No. of Options Outstanding | shares | 1,250 |
Weighted-Average Exercise Price | $ 28.15 |
Weighted Average Remaining Contractual Life, Outstanding | 3 years 3 months |
Aggregate Intrinsic Value | $ | $ 22 |
No. of Options Currently Exercisable | shares | 1,250 |
Weighted-Average Exercise Price of Options Currently Exercisable | $ 28.15 |
Weighted Average Remaining Contractual Life, Exercisable | 3 years 3 months |
Aggregate Intrinsic Value of Options Currently Exercisable | $ | $ 22 |
Ranges Of Exercise Prices Twenty Five Point Zero To Twenty Nine Point Ninety Nine [Member] [Domain] | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices | $ 25 |
Ranges Of Exercise Prices Twenty Five Point Zero To Twenty Nine Point Ninety Nine [Member] [Domain] | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices | $ 29.99 |
Ranges Of Exercise Prices Thirty Point Zero To Thirty Four Point Ninety Nine [Member] [Domain] [Domain] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
No. of Options Outstanding | shares | 11,500 |
Weighted-Average Exercise Price | $ 31.38 |
Weighted Average Remaining Contractual Life, Outstanding | 3 years 8 months |
Aggregate Intrinsic Value | $ | $ 164 |
No. of Options Currently Exercisable | shares | 11,500 |
Weighted-Average Exercise Price of Options Currently Exercisable | $ 31.38 |
Weighted Average Remaining Contractual Life, Exercisable | 3 years 8 months |
Aggregate Intrinsic Value of Options Currently Exercisable | $ | $ 164 |
Ranges Of Exercise Prices Thirty Point Zero To Thirty Four Point Ninety Nine [Member] [Domain] [Domain] | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices | $ 30 |
Ranges Of Exercise Prices Thirty Point Zero To Thirty Four Point Ninety Nine [Member] [Domain] [Domain] | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices | $ 34.99 |
Ranges Of Exercise Prices Thirty Five Point Zero To Thirty Nine Point Ninety Nine [Member] [Domain] [Domain] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
No. of Options Outstanding | shares | 48,351 |
Weighted-Average Exercise Price | $ 36.04 |
Weighted Average Remaining Contractual Life, Outstanding | 6 years 2 months |
Aggregate Intrinsic Value | $ | $ 464 |
No. of Options Currently Exercisable | shares | 0 |
Weighted-Average Exercise Price of Options Currently Exercisable | $ 0 |
Aggregate Intrinsic Value of Options Currently Exercisable | $ | $ 0 |
Ranges Of Exercise Prices Thirty Five Point Zero To Thirty Nine Point Ninety Nine [Member] [Domain] [Domain] | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices | $ 35 |
Ranges Of Exercise Prices Thirty Five Point Zero To Thirty Nine Point Ninety Nine [Member] [Domain] [Domain] | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices | $ 39.99 |
Ranges Of Exercise Prices Forty Point Zero To Forty Four Point Ninety Nine [Member] [Domain] [Domain] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
No. of Options Outstanding | shares | 20,953 |
Weighted-Average Exercise Price | $ 43.24 |
Weighted Average Remaining Contractual Life, Outstanding | 6 years 3 months |
Aggregate Intrinsic Value | $ | $ 50 |
No. of Options Currently Exercisable | shares | 7,000 |
Weighted-Average Exercise Price of Options Currently Exercisable | $ 40.88 |
Weighted Average Remaining Contractual Life, Exercisable | 2 years 3 months |
Aggregate Intrinsic Value of Options Currently Exercisable | $ | $ 33 |
Ranges Of Exercise Prices Forty Point Zero To Forty Four Point Ninety Nine [Member] [Domain] [Domain] | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices | $ 40 |
Ranges Of Exercise Prices Forty Point Zero To Forty Four Point Ninety Nine [Member] [Domain] [Domain] | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices | $ 44.99 |
Ranges Of Exercise Prices Forty Five Point Zero To Fifty Point Zero [Member] [Domain] [Domain] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
No. of Options Outstanding | shares | 12,961 |
Weighted-Average Exercise Price | $ 46.61 |
Weighted Average Remaining Contractual Life, Outstanding | 9 years 2 months |
Aggregate Intrinsic Value | $ | $ 0 |
No. of Options Currently Exercisable | shares | 0 |
Weighted-Average Exercise Price of Options Currently Exercisable | $ 0 |
Aggregate Intrinsic Value of Options Currently Exercisable | $ | $ 0 |
Ranges Of Exercise Prices Forty Five Point Zero To Fifty Point Zero [Member] [Domain] [Domain] | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices | $ 45 |
Ranges Of Exercise Prices Forty Five Point Zero To Fifty Point Zero [Member] [Domain] [Domain] | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices | $ 50 |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted Average Assumptions Estimate The Fair Value Of Options Granted) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation [Abstract] | |||
Risk-free interest rate | 1.95% | 2.42% | 1.88% |
Expected dividend yield | 3.50% | 3.60% | 3.70% |
Volatility factor | 45.40% | 48.75% | 41.35% |
Expected life of option | 7 years | 8 years | 8 years |
Employee Benefit Plans (Restric
Employee Benefit Plans (Restricted Shares Activity And Related Information) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation [Abstract] | |||
Restricted Awards, beginning balance | 163,431 | 142,469 | 116,711 |
Restricted Awards, Granted | 26,840 | 27,162 | 35,083 |
Restricted Awards, Forfeited/Vested | (17,350) | (6,200) | (9,325) |
Restricted Awards, ending balance | 172,921 | 163,431 | 142,469 |
Average Market Price at Grant, Granted | $ 46.45 | $ 39.72 | $ 38.07 |
Employee Benefit Plans (Summ103
Employee Benefit Plans (Summary Of Activity Within The Defined Benefit Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value at beginning of measurement period | $ 14,667 | $ 14,726 | |
Actual gain (loss) on plan assets | (231) | 496 | |
Defined Benefit Plan, Contributions by Employer | 4,399 | 409 | |
Benefits paid | (1,400) | (964) | |
Fair value at End of measurement period | 17,435 | 14,667 | $ 14,726 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of measurement period | (21,390) | (17,524) | |
Interest cost | (813) | (836) | (776) |
Actuarial loss | 1,103 | (3,994) | |
Benefit obligation at end of measurement period | (19,700) | (21,390) | $ (17,524) |
Funded status | (2,265) | (6,723) | |
Benefits paid | 1,400 | 964 | |
Other comprehensive loss | $ (4,760) | $ (5,350) | |
Weighted-average assumptions for balance sheet liability at end of year, Discount rate | 4.26% | 3.93% | |
Weighted-average assumptions for balance sheet liability at end of year, Expected long-term rate of return | 5.75% | 6.92% | |
Weighted-average assumptions for benefit cost at beginning of year, Discount rate | 3.93% | 4.89% | |
Weighted-average assumptions for benefit cost at beginning of year, Expected long-term rate of return | 6.92% | 7.35% |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Pension Cost Of The Defined Benefit Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation [Abstract] | |||
Interest cost | $ 813 | $ 836 | $ 776 |
Expected return on plan assets | (937) | (1,032) | (979) |
Net amortization and deferral | 960 | 696 | 1,106 |
Net Periodic Pension Cost | $ 836 | $ 500 | $ 903 |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans (Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Loss [Abstract] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | $ 910 | $ (3,906) | $ 3,469 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax | (320) | 1,436 | (1,332) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | 590 | (2,470) | $ 2,137 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 7,552 | 8,463 | |
Underfunded pension liability | (2,792) | (3,113) | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ 4,760 | $ 5,350 |
Employee Benefit Plans (Summ106
Employee Benefit Plans (Summary Of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Share-based Compensation [Abstract] | |
2,016 | $ 1,047 |
2,017 | 1,144 |
2,018 | 1,245 |
2,019 | 1,100 |
2,020 | 1,133 |
2021 through 2025 | $ 5,782 |
Employee Benefit Plans (Summ107
Employee Benefit Plans (Summary Of Assets Segregated By Level Of Valuation Inputs Within The Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 17,435 | $ 14,667 | $ 14,726 |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 11,401 | 9,734 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 5,361 | 4,337 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 673 | 596 | |
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1,441 | 959 | |
Cash and Cash Equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1,441 | 959 | |
Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 5,617 | 6,162 | |
Mutual Funds [Member] | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 5,473 | 5,656 | |
Mutual Funds [Member] | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 144 | 506 | |
Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 2,651 | 1,610 | |
Hedge Funds [Member] | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 607 | 0 | |
Hedge Funds [Member] | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1,371 | 1,014 | |
Hedge Funds [Member] | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 673 | 596 | |
Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 5,082 | 3,941 | |
Common Stock [Member] | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 3,880 | 3,119 | |
Common Stock [Member] | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1,202 | 822 | |
Mortgage-Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 288 | 53 | |
Mortgage-Backed Securities [Member] | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 288 | 53 | |
Government and GSE Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1,313 | 1,171 | |
Government and GSE Bonds [Member] | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1,313 | 1,171 | |
Corporate Bond [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1,043 | 771 | |
Corporate Bond [Member] | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 1,043 | $ 771 |
Employee Benefit Plans (Summ108
Employee Benefit Plans (Summary Of Current Allocation Percentages Of Plan Assets) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Horizon Defined Benefit Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
Horizon Defined Benefit Plan | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 63.00% | |
Allowable-Allocation Range, Minimum | 40.00% | |
Allowable-Allocation Range, Maximum | 90.00% | |
Percentage of Plan Assets | 51.00% | 53.00% |
Horizon Defined Benefit Plan | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 15.00% | |
Allowable-Allocation Range, Minimum | 10.00% | |
Allowable-Allocation Range, Maximum | 40.00% | |
Percentage of Plan Assets | 20.00% | 23.00% |
Horizon Defined Benefit Plan | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 2.00% | |
Allowable-Allocation Range, Minimum | 3.00% | |
Allowable-Allocation Range, Maximum | 10.00% | |
Percentage of Plan Assets | 10.00% | 9.00% |
Horizon Defined Benefit Plan | Other Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 20.00% | |
Allowable-Allocation Range, Minimum | 0.00% | |
Allowable-Allocation Range, Maximum | 25.00% | |
Percentage of Plan Assets | 19.00% | 15.00% |
Community Defined Benefit Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
Community Defined Benefit Plan | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 25.00% | |
Allowable-Allocation Range, Minimum | 20.00% | |
Allowable-Allocation Range, Maximum | 30.00% | |
Percentage of Plan Assets | 25.00% | 25.00% |
Community Defined Benefit Plan | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 75.00% | |
Allowable-Allocation Range, Minimum | 70.00% | |
Allowable-Allocation Range, Maximum | 80.00% | |
Percentage of Plan Assets | 75.00% | 75.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Granted loans to certain non-executive officers and directors | $ 14.2 | $ 4.5 |
Total principal additions | 10.8 | |
Total principal reductions | $ 1.1 |
Commitments And Contingencie110
Commitments And Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Standby letters of credit | ||
Commitments And Contingencies [Line Items] | ||
Contractual obligations | $ 5,086 | $ 4,592 |
Commercial letters of credit | ||
Commitments And Contingencies [Line Items] | ||
Contractual obligations | 2,312 | 1,991 |
Home equity lines | Commitments to extend credit: | ||
Commitments And Contingencies [Line Items] | ||
Contractual obligations | 183,017 | 175,312 |
Commercial real estate | Commitments to extend credit: | ||
Commitments And Contingencies [Line Items] | ||
Contractual obligations | 84,672 | 50,298 |
Other commitments | Commitments to extend credit: | ||
Commitments And Contingencies [Line Items] | ||
Contractual obligations | $ 177,491 | $ 145,283 |
Preferred Stock Preferred Stock
Preferred Stock Preferred Stock (Details) | Dec. 31, 2015shares |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Preferred shares outstanding | 0 |
Regulatory Requirements And 112
Regulatory Requirements And Capital Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
City National | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Dividends payable | $ 18,200 | |
Parent Company | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Cash balance | $ 46,672 | $ 12,521 |
Regulatory Requirements And 113
Regulatory Requirements And Capital Ratios (Schedule Of Capital Amounts And Ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Parent Company | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital amount | $ 345,620 | |
Common equity tier one ratio | 13.65% | |
Common equity tier one, minimum capital required basel III phase in schedule, capital amount | $ 113,919 | |
Common equity tier one captial ratio, minimum capital required basel III phase in schedule | 4.50% | |
Common equity tier one capital required, minimum capital required basel III fully phased in | $ 177,207 | |
Common equity tier one capital ratio, minimum capital required basel III fully phased in | 7.00% | |
Common equity tier one capital required to be well capitalized | $ 164,549 | |
Common equity tier one capital ratio required to be well capitalized | 6.50% | |
Total Capital, Amount | $ 382,180 | $ 353,873 |
Total Capital, Ratio | 15.10% | 14.20% |
Capital Required for Capital Adequacy | $ 199,446 | |
Total Capital, minimum capital required basel III phase in schedule | $ 202,522 | |
Total Capital Ratio, minimum capital required basel III phase in schedule | 8.00% | |
Total Capital, minimum capital required basel III fully phased in | $ 265,810 | |
Total Capital Ratio, minimum capital required basel III fully phased in | 10.50% | |
Capital Required to be Well Capitalized | $ 253,152 | $ 249,308 |
Total Capital, Minimum Ratio | 10.00% | 8.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | |
Tier I Capital, Amount | $ 361,620 | $ 333,163 |
Tier one risk based capital, minimum capital required basel III phase in schedule | $ 151,891 | |
Tier one risk based capital ratio minimum capital required basel III phase in schedule | 6.00% | |
Tier one risk based capital, minimum capital required basel III fully phased in | $ 215,180 | |
Tier one risk based capital ratio, minimum capital required basel III fully phased in | 8.50% | |
Tier One Risk Based Capital Required to be Well Capitalized | $ 202,522 | $ 149,585 |
Tier I Capital, Ratio | 14.28% | 13.40% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 99,723 | |
Tier I Capital, Well Capitalized Ratio | 8.00% | 6.00% |
Tier I Capital, Minimum Ratio | 4.00% | |
Tier 1 Capital, Average Assets, Amount | $ 361,620 | $ 333,163 |
Tier I Capital, Average Assets, Ratio | 10.15% | 9.90% |
Tier One Leverage Capital Required for Capital Adequacy | $ 134,721 | |
Tier One Leverage Capital, minimum capital required basel III phase in schedule | $ 142,521 | |
Tier One Leverage Ratio, minimum capital required basel III phase in schedule | 4.00% | |
Tier One Leverage Capital, minimum capital required basel III fully phased in | $ 142,521 | |
Tier One Leverage Ratio, minimum capital required basel III fully phased in | 4.00% | |
Tier One Leverage Capital Required to be Well Capitalized | $ 178,151 | $ 168,402 |
Tier 1 Capital, Average Assets, Well Capitalized Ratio | 5.00% | 5.00% |
Tier I Capital, Average Assets, Minimum Ratio | 4.00% | |
City National | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital amount | $ 264,812 | |
Common equity tier one ratio | 10.53% | |
Common equity tier one, minimum capital required basel III phase in schedule, capital amount | $ 113,209 | |
Common equity tier one captial ratio, minimum capital required basel III phase in schedule | 4.50% | |
Common equity tier one capital required, minimum capital required basel III fully phased in | $ 176,103 | |
Common equity tier one capital ratio, minimum capital required basel III fully phased in | 7.00% | |
Common equity tier one capital required to be well capitalized | $ 163,524 | |
Common equity tier one capital ratio required to be well capitalized | 6.50% | |
Total Capital, Amount | $ 308,804 | $ 315,095 |
Total Capital, Ratio | 12.27% | 12.70% |
Capital Required for Capital Adequacy | $ 198,074 | |
Total Capital, minimum capital required basel III phase in schedule | $ 201,260 | |
Total Capital Ratio, minimum capital required basel III phase in schedule | 8.00% | |
Total Capital, minimum capital required basel III fully phased in | $ 264,154 | |
Total Capital Ratio, minimum capital required basel III fully phased in | 10.50% | |
Capital Required to be Well Capitalized | $ 251,575 | $ 247,593 |
Total Capital, Minimum Ratio | 10.00% | 8.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | |
Tier I Capital, Amount | $ 288,752 | $ 294,870 |
Tier one risk based capital, minimum capital required basel III phase in schedule | $ 150,945 | |
Tier one risk based capital ratio minimum capital required basel III phase in schedule | 6.00% | |
Tier one risk based capital, minimum capital required basel III fully phased in | $ 213,839 | |
Tier one risk based capital ratio, minimum capital required basel III fully phased in | 8.50% | |
Tier One Risk Based Capital Required to be Well Capitalized | $ 201,260 | $ 148,556 |
Tier I Capital, Ratio | 11.48% | 11.90% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 99,037 | |
Tier I Capital, Well Capitalized Ratio | 8.00% | 6.00% |
Tier I Capital, Minimum Ratio | 4.00% | |
Tier 1 Capital, Average Assets, Amount | $ 288,752 | $ 294,870 |
Tier I Capital, Average Assets, Ratio | 8.14% | 8.80% |
Tier One Leverage Capital Required for Capital Adequacy | $ 133,991 | |
Tier One Leverage Capital, minimum capital required basel III phase in schedule | $ 141,874 | |
Tier One Leverage Ratio, minimum capital required basel III phase in schedule | 4.00% | |
Tier One Leverage Capital, minimum capital required basel III fully phased in | $ 141,874 | |
Tier One Leverage Ratio, minimum capital required basel III fully phased in | 4.00% | |
Tier One Leverage Capital Required to be Well Capitalized | $ 177,343 | $ 167,489 |
Tier 1 Capital, Average Assets, Well Capitalized Ratio | 5.00% | 5.00% |
Tier I Capital, Average Assets, Minimum Ratio | 4.00% |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Goodwill, Impairment Loss | $ 0 | $ 0 |
Fair Value Inputs, Prepayment Rate | 1.00% | 1.00% |
Annual prepayments maturity | 100.00% | 100.00% |
Additional basis points | 150.00% | 150.00% |
Minimum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Collateral discount | 20.00% | 20.00% |
Maximum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Collateral discount | 30.00% | 30.00% |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | $ 5 | $ 1,827 |
U.S. Government agencies | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 5 | 1,827 |
Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 50,697 | 42,096 |
Obligations of states and political subdivisions | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 50,697 | 42,096 |
U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 288,197 | 187,328 |
U.S. Government agencies | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 288,197 | 187,328 |
Private label | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 1,231 | 1,704 |
Private label | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 1,231 | 1,704 |
Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 5,858 | 9,036 |
Trust preferred securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 3,762 | 7,165 |
Trust preferred securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 2,096 | 1,871 |
Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 18,693 | 7,317 |
Corporate securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 18,693 | 7,317 |
Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 3,273 | 3,213 |
Marketable equity securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 3,273 | 3,213 |
Investment funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 1,512 | 1,522 |
Investment funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 1,512 | 1,522 |
Derivative assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 10,811 | 10,253 |
Derivative assets | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Recurring | 10,811 | 10,253 |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Nonrecurring | 8,482 | 6,517 |
ProvisionForLoanLossesonImpairedLoansDuringPeriod | 0 | (153) |
Impaired loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Nonrecurring | 8,482 | 6,517 |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Nonrecurring | 6,518 | 8,179 |
Write Downs Included In Other Noninterest Expense | 937 | 464 |
Other real estate owned | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets, Nonrecurring | 6,518 | 8,179 |
Derivative liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities, Recurring | 10,933 | 10,277 |
Derivative liabilities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities, Recurring | $ 10,933 | $ 10,277 |
Fair Value Measurements (Sch116
Fair Value Measurements (Schedule Of Reconciliation Of Investment Securities Available For Sale Measured At Fair Value On A Recurring Basis Level 3 Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 1,871 | $ 3,887 |
Impairment losses on investment securities | 0 | 0 |
Included in other comprehensive income | 225 | (1,862) |
Dispositions | 0 | (154) |
Transfers into Level 3 | 0 | 0 |
Ending Balance | $ 2,096 | $ 1,871 |
Fair Value Measurements Schedul
Fair Value Measurements Schedule of Level 3 Financial Assets and Liabilities Measured on A Recurring Basis (Details) - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurement On Nonrecurring Basis Asset And Liabilities Value [Roll Forward] | ||
Beginning balance | $ 6,517 | $ 11,714 |
Loans classified as impaired during the period | 2,349 | 0 |
Specific valuation allowance allocations | 0 | 0 |
Fair Value | 2,349 | 0 |
(Additional) reduction in specific valuation allowance allocations | 252 | 628 |
Paydowns, payoffs, other activity | (636) | (5,825) |
Ending balance | $ 8,482 | $ 6,517 |
Fair Value Measurements (Sch118
Fair Value Measurements (Schedule Of OREO Measured And Reported At Fair Value) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Real Estate [Roll Forward] | ||
Beginning Balance | $ 8,179 | $ 8,470 |
Acquired | 0 | 0 |
Disposals | (4,456) | (5,573) |
Ending Balance | 6,518 | 8,179 |
OREO Remeasured At Initial Recognition | ||
Other Real Estate [Roll Forward] | ||
Carrying value of foreclosed assets prior to remeasurement | 3,732 | 5,746 |
Charge-offs recognized in the allowance for loan losses | 0 | 0 |
Fair value | 3,732 | 5,746 |
OREO Remeasured Subsequent To Initial Recognition | ||
Other Real Estate [Roll Forward] | ||
Carrying value of foreclosed assets prior to remeasurement | 3,937 | 1,632 |
Fair value | 3,000 | 1,168 |
Write-downs included in other non-interest expense | $ (937) | $ (464) |
Fair Value Measurements (Sch119
Fair Value Measurements (Schedule Of Estimates Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Securities available-for-sale | $ 369,466 | $ 254,043 |
Securities held-to-maturity | 90,810 | 94,191 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | 70,113 | 148,228 |
Securities available-for-sale | 254,043 | |
Securities held-to-maturity | 90,786 | |
Other securities | 9,857 | |
Net loans | 2,631,916 | |
Accrued interest receivable | 6,826 | |
Derivative assets | 10,811 | 10,253 |
Liabilities: | ||
Deposits | 2,872,787 | |
Short-term debt | 154,869 | 134,931 |
Long-term debt | 16,495 | |
Derivative liabilities | 10,933 | 10,277 |
Fair Value | ||
Assets: | ||
Cash and cash equivalents | 70,113 | 148,228 |
Securities available-for-sale | 369,466 | 254,043 |
Securities held-to-maturity | 90,810 | 94,191 |
Other securities | 12,915 | 9,857 |
Net loans | 2,843,973 | 2,638,911 |
Accrued interest receivable | 7,432 | 6,826 |
Derivative assets | 10,811 | 10,253 |
Liabilities: | ||
Deposits | 3,085,908 | 2,879,126 |
Short-term debt | 154,872 | 134,934 |
Long-term debt | 16,457 | 16,464 |
Derivative liabilities | 10,933 | 10,277 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents | 70,113 | 148,228 |
Securities available-for-sale | 4,785 | 4,735 |
Securities held-to-maturity | 0 | 0 |
Other securities | 0 | 0 |
Net loans | 0 | 0 |
Accrued interest receivable | 7,432 | 6,826 |
Derivative assets | 0 | 0 |
Liabilities: | ||
Deposits | 2,066,419 | 1,846,124 |
Short-term debt | 0 | 0 |
Long-term debt | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 362,585 | 247,437 |
Securities held-to-maturity | 90,810 | 94,191 |
Other securities | 12,915 | 9,857 |
Net loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 10,811 | 10,253 |
Liabilities: | ||
Deposits | 1,019,489 | 1,033,002 |
Short-term debt | 154,872 | 134,934 |
Long-term debt | 16,457 | 16,464 |
Derivative liabilities | 10,933 | 10,277 |
Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 2,096 | 1,871 |
Securities held-to-maturity | 0 | 0 |
Other securities | 0 | 0 |
Net loans | 2,843,973 | 2,638,911 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Short-term debt | 0 | 0 |
Long-term debt | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
City Holding Company (Parent120
City Holding Company (Parent Company Only) Financial Information (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Securities available-for-sale | $ 369,466 | $ 254,043 | ||
Fixed assets | 77,271 | 77,988 | ||
Other assets | 36,957 | 35,909 | ||
Total Assets | 3,714,059 | 3,461,633 | ||
Liabilities | ||||
Other liabilities | 39,448 | 46,567 | ||
Total Liabilities | 3,294,787 | 3,070,780 | ||
Total Shareholders’ Equity | 419,272 | 390,853 | $ 387,623 | $ 333,274 |
Total Liabilities and Shareholders’ Equity | 3,714,059 | 3,461,633 | ||
Parent Company | ||||
Assets | ||||
Cash | 46,672 | 12,521 | ||
Securities available-for-sale | 3,273 | 3,212 | ||
Investment in subsidiaries | 388,201 | 380,348 | ||
Net Deferred Tax Assets | 1,569 | 1,436 | ||
Fixed assets | 8 | 9 | ||
Other assets | 3,290 | 16,629 | ||
Total Assets | 443,013 | 414,155 | ||
Liabilities | ||||
Junior subordinated debentures | 16,495 | 16,495 | ||
Dividends payable | 6,376 | 6,062 | ||
Accrued interest payable | 30 | 26 | ||
Other liabilities | 840 | 719 | ||
Total Liabilities | 23,741 | 23,302 | ||
Total Shareholders’ Equity | 419,272 | 390,853 | ||
Total Liabilities and Shareholders’ Equity | $ 443,013 | $ 414,155 |
City Holding Company (Parent121
City Holding Company (Parent Company Only) Financial Information (Condensed Statements Of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Investment securities gains | $ 0 | $ 0 | $ 2,116 | $ 14 | $ 184 | $ 71 | $ 818 | $ 83 | |||
Interest expense | 3,010 | 2,910 | 2,937 | 2,973 | 3,041 | 2,968 | 2,973 | 2,978 | $ 11,830 | $ 11,960 | $ 13,301 |
Income tax benefit | 5,793 | 5,129 | 6,125 | 11,367 | 5,961 | 6,010 | 6,497 | 5,803 | 28,414 | 24,271 | 25,275 |
Net income available to common shareholders | $ 13,515 | $ 10,607 | $ 11,983 | $ 17,992 | $ 14,530 | $ 11,872 | $ 12,757 | $ 13,803 | 54,097 | 52,962 | 48,215 |
Total comprehensive income | 54,424 | 53,793 | 44,647 | ||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiaries | 48,950 | 46,050 | 46,317 | ||||||||
Investment securities gains | 0 | 1,130 | 89 | ||||||||
Other income | 22 | 65 | 66 | ||||||||
Income | 48,972 | 47,245 | 46,472 | ||||||||
Interest expense | 618 | 605 | 617 | ||||||||
Other expenses | 1,170 | 849 | 2,352 | ||||||||
Expenses | 1,788 | 1,454 | 2,969 | ||||||||
Income Before Income Taxes | 47,184 | 45,791 | 43,503 | ||||||||
Income tax benefit | (795) | (231) | (1,050) | ||||||||
Income Before Equity in Undistributed Net Income of Subsidiaries | 47,979 | 46,022 | 44,553 | ||||||||
Equity in undistributed net income of subsidiaries | 6,118 | 6,940 | 3,662 | ||||||||
Net income available to common shareholders | 54,097 | 52,962 | 48,215 | ||||||||
Total comprehensive income | $ 54,424 | $ 53,793 | $ 44,647 |
City Holding Company (Parent122
City Holding Company (Parent Company Only) Financial Information (Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||||||||||
Net income available to common shareholders | $ 13,515 | $ 10,607 | $ 11,983 | $ 17,992 | $ 14,530 | $ 11,872 | $ 12,757 | $ 13,803 | $ 54,097 | $ 52,962 | $ 48,215 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Realized investment securities gains | (2,130) | (1,156) | (764) | ||||||||
Stock based compensation | 1,793 | 1,535 | 1,282 | ||||||||
Depreciation | 6,088 | 6,087 | 5,757 | ||||||||
Change in other assets | 473 | (8,262) | 22,497 | ||||||||
Change in other liabilities | (8,478) | 1,363 | (4,188) | ||||||||
Net Cash Provided by Operating Activities | 47,895 | 53,354 | 75,893 | ||||||||
Investing Activities | |||||||||||
Proceeds from sales of available for sale securities | 389 | 6,714 | 19,210 | ||||||||
Payments to Acquire Business, Net of Cash Acquired | 20,030 | 0 | (21,853) | ||||||||
Net Cash Used in Investing Activities | (184,080) | (24,711) | (72,686) | ||||||||
Financing Activities | |||||||||||
Dividends paid | (25,304) | (24,487) | (22,878) | ||||||||
Purchases of treasury stock | (7,055) | (27,957) | 0 | ||||||||
Exercise of stock options | 3,000 | 600 | 4,200 | ||||||||
Proceeds from Warrant Exercises | 1,896 | 0 | 0 | ||||||||
Net Cash Provided by (Used in) Financing Activities | 58,070 | 33,709 | (2,325) | ||||||||
Increase (decrease) in Cash and Cash Equivalents | (78,115) | 62,352 | 882 | ||||||||
Cash and cash equivalents at beginning of period | 148,228 | 85,876 | 148,228 | 85,876 | 84,994 | ||||||
Cash and Cash Equivalents at End of Period | 70,113 | 148,228 | 70,113 | 148,228 | 85,876 | ||||||
Parent Company | |||||||||||
Operating Activities | |||||||||||
Net income available to common shareholders | 54,097 | 52,962 | 48,215 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Realized investment securities gains | 0 | 1,130 | 89 | ||||||||
Amortization and accretion | 0 | 0 | 5 | ||||||||
Stock based compensation | 3 | 199 | 205 | ||||||||
Depreciation | 1 | 1 | 1 | ||||||||
Change in other assets | (13,338) | 16,110 | (1,656) | ||||||||
Change in other liabilities | 314 | 2,146 | (236) | ||||||||
Equity In Undistributed Earnings Of Subsidiaries | (6,118) | (6,940) | (3,662) | ||||||||
Net Cash Provided by Operating Activities | 61,635 | 31,128 | 46,095 | ||||||||
Investing Activities | |||||||||||
Proceeds from sales of available for sale securities | 0 | 2,334 | 137 | ||||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 0 | 2,500 | 0 | ||||||||
Payments to Acquire Business, Net of Cash Acquired | 0 | 0 | (12,708) | ||||||||
Net Cash Used in Investing Activities | 4,834 | (12,571) | |||||||||
Financing Activities | |||||||||||
Dividends paid | (25,304) | (24,487) | (22,878) | ||||||||
Purchases of treasury stock | (7,055) | (27,957) | 0 | ||||||||
Exercise of stock options | 2,979 | 580 | 3,428 | ||||||||
Proceeds from Warrant Exercises | 1,896 | 0 | 0 | ||||||||
Net Cash Provided by (Used in) Financing Activities | (27,484) | (51,864) | (19,450) | ||||||||
Increase (decrease) in Cash and Cash Equivalents | 34,151 | (15,902) | 14,074 | ||||||||
Cash and cash equivalents at beginning of period | $ 12,521 | $ 28,423 | 12,521 | 28,423 | 14,349 | ||||||
Cash and Cash Equivalents at End of Period | $ 46,672 | $ 12,521 | $ 46,672 | $ 12,521 | $ 28,423 |
Summarized Quarterly Financi123
Summarized Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 32,222 | $ 30,768 | $ 31,720 | $ 32,364 | $ 32,282 | $ 32,438 | $ 31,828 | $ 33,018 | $ 127,074 | $ 129,566 | $ 138,539 |
Taxable equivalent adjustment | (179) | (147) | (144) | (142) | (164) | (152) | (151) | (153) | |||
Interest income (FTE) | 32,401 | 30,915 | 31,864 | 32,506 | 32,446 | 32,590 | 31,979 | 33,171 | |||
Interest expense | 3,010 | 2,910 | 2,937 | 2,973 | 3,041 | 2,968 | 2,973 | 2,978 | 11,830 | 11,960 | 13,301 |
Net Interest Income | 29,391 | 28,005 | 28,927 | 29,533 | 29,405 | 29,622 | 29,006 | 30,193 | |||
Provision for loan losses | 2,813 | 451 | 2,836 | 888 | 384 | 1,872 | 435 | 1,363 | 6,988 | 4,054 | 6,848 |
Investment securities gains (losses) | 0 | 0 | 2,116 | 14 | 184 | 71 | 818 | 83 | |||
Noninterest income | 14,074 | 13,706 | 13,289 | 24,007 | 14,485 | 14,538 | 14,321 | 14,222 | 67,206 | 58,722 | 58,006 |
Noninterest expense | 21,165 | 25,377 | 23,244 | 23,165 | 23,035 | 24,325 | 24,305 | 23,376 | 92,951 | 95,041 | 102,906 |
Income before income tax expense | 19,487 | 15,883 | 18,252 | 29,501 | 20,655 | 18,034 | 19,405 | 19,759 | 82,511 | 77,233 | 73,490 |
Income tax expense | 5,793 | 5,129 | 6,125 | 11,367 | 5,961 | 6,010 | 6,497 | 5,803 | 28,414 | 24,271 | 25,275 |
Interest Income Taxable Equivalent Adjustment - Tax | 179 | 147 | 144 | 142 | 164 | 152 | 151 | 153 | |||
Net Income Available to Common Shareholders | 13,515 | 10,607 | 11,983 | 17,992 | 14,530 | 11,872 | 12,757 | 13,803 | $ 54,097 | $ 52,962 | $ 48,215 |
Net earnings available to common shareholders | $ 13,362 | $ 10,487 | $ 11,849 | $ 17,783 | $ 14,374 | $ 11,746 | $ 12,626 | $ 13,663 | |||
Basic earnings per common share | $ 0.88 | $ 0.69 | $ 0.78 | $ 1.18 | $ 0.95 | $ 0.76 | $ 0.81 | $ 0.87 | $ 3.54 | $ 3.40 | $ 3.07 |
Diluted earnings per common share | $ 0.88 | $ 0.69 | $ 0.78 | $ 1.17 | $ 0.95 | $ 0.76 | $ 0.80 | $ 0.86 | $ 3.53 | $ 3.38 | $ 3.04 |
Basic | 15,158 | 15,178 | 15,104 | 15,067 | 15,096 | 15,363 | 15,556 | 15,631 | 15,123 | 15,403 | 15,564 |
Diluted | 15,175 | 15,198 | 15,127 | 15,149 | 15,182 | 15,445 | 15,706 | 15,796 | 15,171 | 15,488 | 15,708 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Distributed earnings allocated to common stock | $ (25,212) | $ (23,984) | $ (23,100) | ||||||||
Undistributed earnings allocated to common stock | 28,272 | 28,416 | 24,678 | ||||||||
Net earnings allocated to common shareholders | $ 53,484 | $ 52,400 | $ 47,778 | ||||||||
Average common shares outstanding | 15,158,000 | 15,178,000 | 15,104,000 | 15,067,000 | 15,096,000 | 15,363,000 | 15,556,000 | 15,631,000 | 15,123,000 | 15,403,000 | 15,564,000 |
Employee stock options and warrant outstanding | 48,000 | 85,000 | 144,000 | ||||||||
Shares for diluted earnings per share | 15,175,000 | 15,198,000 | 15,127,000 | 15,149,000 | 15,182,000 | 15,445,000 | 15,706,000 | 15,796,000 | 15,171,000 | 15,488,000 | 15,708,000 |
Basic earnings per share | $ 0.88 | $ 0.69 | $ 0.78 | $ 1.18 | $ 0.95 | $ 0.76 | $ 0.81 | $ 0.87 | $ 3.54 | $ 3.40 | $ 3.07 |
Diluted earnings per share | $ 0.88 | $ 0.69 | $ 0.78 | $ 1.17 | $ 0.95 | $ 0.76 | $ 0.80 | $ 0.86 | $ 3.53 | $ 3.38 | $ 3.04 |
Options to purchase shares of common stock, anti-dilutive | 13,000 | 0 | 0 | ||||||||
Common stock exercise price, lower limit | $ 46.41 |
Accumulated Other Comprehens125
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Combined Federal And State Income Tax Rate | 37.00% | 37.00% | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ (4,159) | $ (4,990) | |
Other comprehensive income before reclassifications | 1,671 | 1,560 | |
Amounts reclassified from other comprehensive loss | (1,344) | (729) | |
Other Comprehensive Income (Loss), Net of Tax | 327 | 831 | $ (3,568) |
Ending balance | (3,832) | (4,159) | (4,990) |
Unrealized Gains (Losses) on Securities Available-for-Sale | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 1,191 | (2,110) | |
Other comprehensive income before reclassifications | 1,081 | 4,030 | |
Amounts reclassified from other comprehensive loss | (1,344) | (729) | |
Other Comprehensive Income (Loss), Net of Tax | (263) | 3,301 | |
Ending balance | 928 | 1,191 | (2,110) |
Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (5,350) | (2,880) | |
Other comprehensive income before reclassifications | 590 | (2,470) | |
Amounts reclassified from other comprehensive loss | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | 590 | (2,470) | |
Ending balance | $ (4,760) | $ (5,350) | $ (2,880) |
Accumulated Other Comprehens126
Accumulated Other Comprehensive Income Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net securities (gains) losses reclassified into earnings | $ (2,130) | $ (1,156) | $ (764) | ||||||||
Net periodic employee benefit cost | (47,847) | (51,749) | (51,430) | ||||||||
Income tax expense | $ (5,793) | $ (5,129) | $ (6,125) | $ (11,367) | $ (5,961) | $ (6,010) | $ (6,497) | $ (5,803) | (28,414) | (24,271) | (25,275) |
Net effect on accumulated other comprehensive loss | $ (13,515) | $ (10,607) | $ (11,983) | $ (17,992) | $ (14,530) | $ (11,872) | $ (12,757) | $ (13,803) | (54,097) | (52,962) | (48,215) |
Unrealized Gains (Losses) on Securities Available-for-Sale | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net securities (gains) losses reclassified into earnings | (2,130) | (1,156) | (764) | ||||||||
Income tax expense | 786 | 427 | 282 | ||||||||
Net effect on accumulated other comprehensive loss | $ (1,344) | $ (729) | $ (482) |