Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HILLS BANCORPORATION | |
Entity Central Index Key | 732,417 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,289,887 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 133,672 | $ 35,427 |
Investment securities available for sale at fair value (amortized cost March 31, 2016 $260,649; December 31, 2015 $261,991) | 263,911 | 264,235 |
Stock of Federal Home Loan Bank | 12,624 | 11,834 |
Loans held for sale | 4,571 | 5,554 |
Loans, net of allowance for loan losses (March 31, 2016 $27,130; December 31, 2015 $26,510) | 2,111,075 | 2,099,174 |
Property and equipment, net | 34,414 | 33,522 |
Tax credit real estate investment | 11,370 | 16,314 |
Accrued interest receivable | 10,020 | 8,672 |
Deferred income taxes, net | 12,456 | 11,695 |
Other real estate | 340 | 439 |
Goodwill | 2,500 | 2,500 |
Other assets | 2,535 | 4,241 |
Total Assets | 2,599,488 | 2,493,607 |
Liabilities | ||
Noninterest-bearing deposits | 296,922 | 314,968 |
Interest-bearing deposits | 1,682,659 | 1,575,734 |
Total deposits | 1,979,581 | 1,890,702 |
Other borrowings | 45,381 | 44,051 |
Federal Home Loan Bank borrowings | 240,000 | 225,000 |
Accrued interest payable | 838 | 846 |
Other liabilities | 24,153 | 23,271 |
Total Liabilities | 2,289,953 | 2,183,870 |
Redeemable Common Stock Held by Employee Stock Ownership Plan (ESOP) | 37,988 | 37,562 |
STOCKHOLDERS' EQUITY | ||
Common stock, no par value; authorized 20,000,000 shares; issued March 31, 2016 10,202,503 shares; December 31, 2015 10,199,643 shares | 0 | 0 |
Paid in capital | 43,889 | 43,697 |
Retained earnings | 296,127 | 294,487 |
Accumulated other comprehensive loss | (1,650) | (1,195) |
Treasury stock at cost (March 31, 2016 912,841 shares; December 31, 2015 877,589 shares) | (28,831) | (27,252) |
Total Stockholders' Equity | 309,535 | 309,737 |
Less maximum cash obligation related to ESOP shares | 37,988 | 37,562 |
Total Stockholders' Equity Less Maximum Cash Obligations Related to ESOP Shares | 271,547 | 272,175 |
Total Liabilities & Stockholders' Equity | $ 2,599,488 | $ 2,493,607 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Investment securities available for sale, amortized cost | $ 260,649 | $ 261,991 |
Loans, allowance for loan losses | $ 27,130 | $ 26,510 |
STOCKHOLDERS' EQUITY | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 10,202,503 | 10,199,643 |
Treasury stock at cost (in shares) | 912,841 | 877,589 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income: | ||
Loans, including fees | $ 22,528 | $ 21,080 |
Investment securities: | ||
Taxable | 356 | 286 |
Nontaxable | 828 | 843 |
Federal funds sold | 44 | 5 |
Total interest income | 23,756 | 22,214 |
Interest expense: | ||
Deposits | 1,921 | 2,164 |
Short-term borrowings | 30 | 17 |
FHLB borrowings | 2,132 | 1,454 |
Total interest expense | 4,083 | 3,635 |
Net interest income | 19,673 | 18,579 |
Provision for loan losses | 549 | (62) |
Net interest income after provision for loan losses | 19,124 | 18,641 |
Noninterest income: | ||
Net gain on sale of loans | 289 | 308 |
Trust fees | 1,728 | 1,569 |
Service charges and fees | 2,055 | 1,946 |
Rental revenue on tax credit real estate | 0 | 511 |
Net gain on sale of other real estate owned and other repossessed assets | 34 | 7 |
Other noninterest income | 767 | 649 |
Noninterest income | 4,873 | 4,990 |
Noninterest expenses: | ||
Salaries and employee benefits | 6,984 | 6,651 |
Occupancy | 1,001 | 1,015 |
Furniture and equipment | 1,404 | 1,298 |
Office supplies and postage | 401 | 441 |
Advertising and business development | 786 | 774 |
Outside services | 1,776 | 1,814 |
Rental expenses on tax credit real estate | 0 | 602 |
FDIC insurance assessment | 303 | 289 |
Other noninterest expense | 397 | 315 |
Noninterest expenses | 13,052 | 13,199 |
Income before income taxes | 10,945 | 10,432 |
Income taxes | 3,245 | 3,052 |
Net income | $ 7,700 | $ 7,380 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.83 | $ 0.79 |
Diluted (in dollars per share) | $ 0.83 | $ 0.79 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 7,700 | $ 7,380 |
Securities: | ||
Net change in unrealized gain on securities available for sale | 1,018 | 1,133 |
Reclassification adjustment for net gains realized in net income | 0 | 0 |
Income taxes | (390) | (433) |
Other comprehensive income on securities available for sale | 628 | 700 |
Derivatives used in cash flow hedging relationships: | ||
Net change in unrealized loss on derivatives | (1,753) | (1,092) |
Income taxes | 670 | 418 |
Other comprehensive loss on cash flow hedges | (1,083) | (674) |
Other comprehensive (loss) income, net of tax | (455) | 26 |
Comprehensive income | $ 7,245 | $ 7,406 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Unearned ESOP Shares [Member] | Treasury Stock [Member] | Maximum Cash Obligation Related To ESOP Shares [Member] |
Beginning Balance at Dec. 31, 2014 | $ 255,528 | $ 42,925 | $ 271,924 | $ (448) | $ (504) | $ (23,798) | $ (34,571) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of 292 and 1,626 shares of common stock for 3 months ended March 31, 2015 and 2016, respectively | 12 | 12 | |||||
Issuance 1,132 and 1,234 shares of common stock under the employee stock purchase plan for 3 months ended March 31, 2015 and 2016, respectively | 45 | 45 | |||||
Unearned restricted stock compensation | 89 | 89 | |||||
Forfeiture of 682 shares of common stock for 3 months ended March 31, 2015, respectively | (22) | (22) | |||||
Share-based compensation | 7 | 7 | |||||
Income tax benefit related to share-based compensation | 4 | 4 | |||||
Change related to ESOP shares | (436) | (436) | |||||
Net income | 7,380 | 7,380 | |||||
Cash dividends ($0.625 and $0.65 per share for 3 months ended March 31, 2015 and 2016, respectively) | (5,855) | (5,855) | |||||
Purchase of 4,728 and 35,252 shares of common stock for 3 months ended March 31 2015 and 2016, respectively | (195) | (195) | |||||
Other comprehensive income | 26 | 26 | |||||
Ending Balance at Mar. 31, 2015 | 256,583 | 43,060 | 273,449 | (422) | (504) | (23,993) | (35,007) |
Beginning Balance at Dec. 31, 2015 | 272,175 | 43,697 | 294,487 | (1,195) | 0 | (27,252) | (37,562) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of 292 and 1,626 shares of common stock for 3 months ended March 31, 2015 and 2016, respectively | 73 | 73 | |||||
Issuance 1,132 and 1,234 shares of common stock under the employee stock purchase plan for 3 months ended March 31, 2015 and 2016, respectively | 54 | 54 | |||||
Unearned restricted stock compensation | 56 | 56 | |||||
Share-based compensation | 7 | 7 | |||||
Income tax benefit related to share-based compensation | 2 | 2 | |||||
Change related to ESOP shares | (426) | (426) | |||||
Net income | 7,700 | 7,700 | |||||
Cash dividends ($0.625 and $0.65 per share for 3 months ended March 31, 2015 and 2016, respectively) | (6,060) | (6,060) | |||||
Purchase of 4,728 and 35,252 shares of common stock for 3 months ended March 31 2015 and 2016, respectively | (1,579) | (1,579) | |||||
Other comprehensive income | (455) | (455) | |||||
Ending Balance at Mar. 31, 2016 | $ 271,547 | $ 43,889 | $ 296,127 | $ (1,650) | $ 0 | $ (28,831) | $ (37,988) |
CONSOLIDATED STATEMENTS OF STO7
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance of common stock (in shares) | 1,626 | 292 |
Issuance of common stock purchased under the employee stock purchase plan (in shares) | 1,234 | 1,132 |
Forfeiture of common stock (in shares) | 0 | 682 |
Cash dividends (in dollars per share) | $ 0.65 | $ 0.625 |
Purchase of common stock (in shares) | 35,252 | 4,728 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities | ||
Net income | $ 7,700 | $ 7,380 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
Depreciation | 727 | 685 |
Provision for loan losses | 549 | (62) |
Share-based compensation | 7 | 7 |
Forfeiture of common stock | 0 | (22) |
Compensation expensed through issuance of common stock | 127 | 57 |
Excess tax benefits from share-based compensation | (2) | (4) |
Provision for deferred income taxes | (481) | (295) |
Net gain on sale of other real estate owned and other repossessed assets | (34) | (7) |
Increase in accrued interest receivable | (1,348) | (826) |
Amortization of premium on investment securities, net | 148 | 172 |
Decrease (increase) in other assets | 739 | (413) |
Increase in accrued interest payable and other liabilities | 1,567 | 4,750 |
Loans originated for sale | (32,243) | (40,577) |
Proceeds on sales of loans | 33,515 | 37,050 |
Net gain on sales of loans | (289) | (308) |
Net cash and cash equivalents provided by operating activities | 10,682 | 7,587 |
Cash Flows from Investing Activities | ||
Proceeds from maturities of investment securities available for sale | 11,031 | 11,906 |
Purchases of investment securities available for sale | (10,627) | (12,029) |
Loans made to customers, net of collections | (8,995) | (9,131) |
Proceeds on sale of other real estate owned and other repossessed assets | 133 | 55 |
Purchases of property and equipment | (1,619) | (4,080) |
Income from tax credit real estate, net | 68 | 214 |
Net cash and cash equivalents used in investing activities | (10,009) | (13,065) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 88,879 | 72,266 |
Net increase (decrease) in other borrowings | 1,330 | (6,571) |
Net increase in FHLB borrowings | 15,000 | 0 |
Excess tax benefits related to share-based compensation | 2 | 4 |
Purchase of treasury stock | (1,579) | (195) |
Dividends paid | (6,060) | (5,855) |
Net cash and cash equivalents provided by financing activities | 97,572 | 59,649 |
Increase in cash and cash equivalents | 98,245 | 54,171 |
Cash and cash equivalents: | ||
Beginning of period | 35,427 | 29,174 |
End of period | 133,672 | 83,345 |
Cash payments for: | ||
Interest paid to depositors | 1,929 | 2,207 |
Interest paid on other obligations | 2,162 | 1,471 |
Income taxes paid | 342 | 120 |
Noncash activities: | ||
Increase in maximum cash obligation related to ESOP shares | 426 | 436 |
Transfers to other real estate owned | 0 | 63 |
Sale and financing of other real estate owned | $ 135 | $ 113 |
Summary of Significant Accounti
Summary of Significant Accounting Policies Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and with instructions for Form 10-Q and Regulation S-X. These financial statements include all adjustments (consisting of normal recurring accruals) which in the opinion of management are considered necessary for the fair presentation of the financial position and results of operations for the periods shown. Certain prior year amounts have been reclassified to conform to the current year presentation. The Company considers that it operates as one business segment, a commercial bank. Operating results for the three month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016. For further information, refer to the consolidated financial statements and footnotes thereto included in the Form 10-K Annual Report of Hills Bancorporation and subsidiary (the “Company”) for the year ended December 31, 2015 filed with the Securities Exchange Commission on March 9, 2016 . The consolidated balance sheet as of December 31, 2015 , has been derived from the audited consolidated financial statements for that period. The Company evaluated subsequent events through the filing date of its quarterly report on Form 10-Q with the SEC. Effect of New Financial Accounting Standards: In May 2014, the FASB and International Accounting Standards Board (IASB) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of ASU 2014-09 is that a company should recognize revenue to depict the transfer of promised good or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. For financial institutions, significant changes are not expected given that most financial instruments are not in the scope of the accounting standard update. ASU 2014-09 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. In August 2015, FASB issued ASU 2015-14 deferring the effective date for annual periods and interim periods within those annual periods after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently reviewing the provisions of this standard to determine the application to financial institutions. In February 2015, the FASB issued ASU No. 2015-02 (Topic 810), Consolidation . The ASU modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIE) or voting interest entities (VOE). The standard relaxes existing criteria for determining when fees paid to a decision maker or service provider do not represent a variable interest by focusing on whether those fees are "at market". The ASU eliminates both the consolidation model specific to limited partnerships and the current presumption that a general partner controls a limited partnership. For public companies, ASU 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company adopted the accounting standard for the period ending March 31, 2016 and have changed the accounting for its tax credit limited partnership investments to the equity method. The impact of the change was determined to not be material. 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. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. For public companies, ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2015-03 for the period ending March 31, 2016. There was no material impact on the 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 customers about whether a cloud computing arrangement includes a software license. If it does, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The adoption of ASU 2015-05 by the Company did not have a material impact. 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. ASU 2016-01 created Subtopic 321-10, Investments-Equity Securities which is applicable to all entities except those in industries that account for substantially all investments at fair value through earnings or the change in net assets. Under this new subtopic, equity securities are generally required to be measured at fair value with unrealized holding gains and losses reflected in net income. ASU 2016-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The adoption of ASU 2016-01 by the Company is not expected to have a material impact. In February 2016, the FASB issued ASU No. 2016-02 (Topic 842), Leases . The ASU provides guidance requiring lessees to recognize right-of-use assets and lease liabilities for all leases other than those that meet the definition of short-term leases. For short-term leases, lessees may elect an accounting policy by class of underlying asset under which these assets and liabilities are not recognized and lease payments are generally recognized over the lease term on a straight-line basis. Under this new ASU, lessees will recognize right-of use assets and lease liabilities for most leases currently accounted for as operating leases under generally accepted accounting principles. For public companies, ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU 2016-02 by the Company is not expected to have a material impact. In March 2016, the FASB issued ASU No. 2016-04, Liabilities - Extinguishments of Liabilities (Subtopic 405-20), Recognition of Breakage for Certain Prepaid Stored-Value Products . ASU 2016-04 applies to all entities that offer certain prepaid stored - value products. The ASU provides guidance for the derecognition of financial liabilities related to the issuance of these products and aligns the recognition of breakage to current authoritative guidance. For public companies, ASU 2016-04 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The adoption of ASU 2016-04 by the Company is not expected to have a material impact. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting . The ASU simplifies several aspects of the accounting for share-based payment transaction, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public companies, ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently reviewing the provisions of this standard to determine the impact on the Company's financial statements. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed using the weighted average number of actual common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that would occur from the exercise of common stock options outstanding. ESOP shares are considered outstanding for this calculation unless unearned. On March 24, 2015, the Company declared a payment of a 2 -for-1 stock split of each issued and unissued share of the Company's common stock outstanding as of April 27, 2015. The additional shares were issued as a result of the stock split and were mailed to the shareholders as of May 4, 2015. All shares and earnings per share numbers have been restated for the stock split. The computation of basic and diluted earnings per share for the periods presented is as follows: Three Months Ended March 31, 2016 2015 Common shares outstanding at the beginning of the period 9,322,054 9,380,432 Weighted average number of net shares redeemed (14,370 ) (17,136 ) Weighted average shares outstanding (basic) 9,307,684 9,363,296 Weighted average of potential dilutive shares attributable to stock options granted, computed under the treasury stock method 6,130 4,980 Weighted average number of shares (diluted) 9,313,814 9,368,276 Net income (In thousands) $ 7,700 $ 7,380 Earnings per share: Basic $ 0.83 $ 0.79 Diluted $ 0.83 $ 0.79 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following table summarizes the balances of each component of accumulated other comprehensive income (AOCI), included in stockholders’ equity, at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 (amounts in thousands) Net unrealized gain on available-for-sale securities $ 3,262 $ 2,244 Net unrealized loss on derivatives used for cash flow hedges (5,933 ) (4,180 ) Tax effect $ 1,021 $ 741 Net-of-tax amount $ (1,650 ) $ (1,195 ) |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The carrying values of investment securities at March 31, 2016 and December 31, 2015 are summarized in the following table (dollars in thousands): March 31, 2016 December 31, 2015 Amount Percent Amount Percent Securities available for sale U.S. Treasury $ 25,175 9.54 % $ 24,978 9.45 % Other securities (FHLB, FHLMC and FNMA) 62,258 23.59 65,328 24.72 State and political subdivisions 176,478 66.87 173,929 65.83 Total securities available for sale $ 263,911 100.00 % $ 264,235 100.00 % Investment securities have been classified in the consolidated balance sheets according to management’s intent. Available-for-sale securities consist of debt securities not classified as trading or held to maturity. Available-for-sale securities are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are reported as a separate component of stockholders' equity. There were no trading or held to maturity securities as of March 31, 2016 or December 31, 2015 . The carrying amount of available-for-sale securities and their approximate fair values were as follows as of March 31, 2016 and December 31, 2015 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value March 31, 2016: U.S. Treasury $ 24,905 $ 270 $ — $ 25,175 Other securities (FHLB, FHLMC and FNMA) 61,980 292 (14 ) 62,258 State and political subdivisions 173,764 2,815 (101 ) 176,478 Total $ 260,649 $ 3,377 $ (115 ) $ 263,911 December 31, 2015: U.S. Treasury $ 24,893 $ 92 $ (7 ) $ 24,978 Other securities (FHLB, FHLMC and FNMA) 65,400 81 (153 ) 65,328 State and political subdivisions 171,698 2,375 (144 ) 173,929 Total $ 261,991 $ 2,548 $ (304 ) $ 264,235 The amortized cost and estimated fair value of available-for-sale securities classified according to their contractual maturities at March 31, 2016 , were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 41,343 $ 41,412 Due after one year through five years 149,479 151,349 Due after five years through ten years 67,533 68,847 Due over ten years 2,294 2,303 Total $ 260,649 $ 263,911 As of March 31, 2016 investment securities with a carrying value of $71.79 million were pledged to collateralize repurchase agreements, derivative financial instruments, and other borrowings. The following table shows the fair value, gross unrealized losses and the percentage of fair value represented by gross unrealized losses of applicable investment securities owned by the Company, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2016 and December 31, 2015 (in thousands): Less than 12 months 12 months or more Total March 31, 2016 # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % U.S. Treasury — $ — $ — — % — $ — $ — — % — $ — $ — — % Other securities (FHLB, FHLMC and FNMA) 4 8,924 (14 ) 0.16 — — — — 4 8,924 (14 ) 0.16 State and political subdivisions 44 11,020 (73 ) 0.66 14 2,650 (28 ) 1.06 58 13,670 (101 ) 0.74 Total temporarily impaired securities 48 $ 19,944 $ (87 ) 0.44 % 14 $ 2,650 $ (28 ) 1.06 % 62 $ 22,594 $ (115 ) 0.51 % Less than 12 months 12 months or more Total December 31, 2015 # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % U.S. Treasury 3 $ 7,455 $ (7 ) 0.09 % — $ — $ — — % 3 $ 7,455 $ (7 ) 0.09 % Other securities (FHLB, FHLMC and FNMA) 15 36,830 (153 ) 0.42 — — — — 15 36,830 (153 ) 0.42 State and political subdivisions 56 13,557 (70 ) 0.52 27 5,633 (74 ) 1.31 83 19,190 (144 ) 0.75 Total temporarily impaired securities 74 $ 57,842 $ (230 ) 0.40 % 27 $ 5,633 $ (74 ) 1.31 % 101 $ 63,475 $ (304 ) 0.48 % The Company considered the following information in reaching the conclusion that the impairments disclosed in the table above are temporary and not other-than-temporary impairments. None of the unrealized losses in the above table was due to the deterioration in the credit quality of any of the issues that might result in the non-collection of contractual principal and interest. The unrealized losses are due to changes in interest rates. The Company has not recognized any unrealized loss in income because management does not have the intent to sell the securities included in the previous table. Management has concluded that it is more likely than not that the Company will not be required to sell these securities prior to recovery of the amortized cost basis. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans | Loans Classes of loans are as follows: March 31, December 31, (Amounts In Thousands) Agricultural $ 90,620 $ 101,588 Commercial and financial 173,736 184,199 Real estate: Construction, 1 to 4 family residential 58,293 51,346 Construction, land development and commercial 105,607 83,121 Mortgage, farmland 189,882 187,856 Mortgage, 1 to 4 family first liens 725,924 727,160 Mortgage, 1 to 4 family junior liens 118,115 117,873 Mortgage, multi-family 284,715 271,974 Mortgage, commercial 315,965 323,409 Loans to individuals 22,959 24,019 Obligations of state and political subdivisions 51,623 52,371 $ 2,137,439 $ 2,124,916 Net unamortized fees and costs 766 768 $ 2,138,205 $ 2,125,684 Less allowance for loan losses 27,130 26,510 $ 2,111,075 $ 2,099,174 Changes in the allowance for loan losses, the allowance for loan losses applicable to impaired loans and the related loan balance of impaired loans for the three months ended March 31, 2016 were as follows: Three Months Ended March 31, 2016 Agricultural Commercial and Financial Real Estate: Construction and land development Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family Real Estate: Mortgage, multi- family and commercial Other Total (Amounts In Thousands) Allowance for loan losses: Beginning balance $ 3,082 $ 4,517 $ 2,280 $ 3,342 $ 8,172 $ 4,223 $ 894 $ 26,510 Charge-offs — (55 ) — (10 ) (344 ) (66 ) (169 ) (644 ) Recoveries 142 253 52 — 213 11 44 715 Provision (270 ) (404 ) 427 612 (5 ) 22 167 549 Ending balance $ 2,954 $ 4,311 $ 2,759 $ 3,944 $ 8,036 $ 4,190 $ 936 $ 27,130 Ending balance, individually evaluated for impairment $ 868 $ 268 $ 32 $ 670 $ 310 $ 88 $ 22 $ 2,258 Ending balance, collectively evaluated for impairment $ 2,086 $ 4,043 $ 2,727 $ 3,274 $ 7,726 $ 4,102 $ 914 $ 24,872 Loans: Ending balance $ 90,620 $ 173,736 $ 163,900 $ 189,882 $ 844,039 $ 600,680 $ 74,582 $ 2,137,439 Ending balance, individually evaluated for impairment $ 12,647 $ 2,406 $ 1,450 $ 8,098 $ 5,594 $ 3,649 $ 22 $ 33,866 Ending balance, collectively evaluated for impairment $ 77,973 $ 171,330 $ 162,450 $ 181,784 $ 838,445 $ 597,031 $ 74,560 $ 2,103,573 Changes in the allowance for loan losses for the three months ended March 31, 2015 were as follows: Three Months Ended March 31, 2015 Agricultural Commercial and Financial Real Estate: Construction and land development Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family Real Estate: Mortgage, multi- family and commercial Other Total (Amounts In Thousands) Allowance for loan losses: Beginning balance $ 2,515 $ 4,231 $ 2,241 $ 2,672 $ 7,419 $ 4,195 $ 747 $ 24,020 Charge-offs (43 ) (66 ) (84 ) — (347 ) (179 ) (48 ) (767 ) Recoveries 82 401 151 6 413 70 46 1,169 Provision (10 ) (208 ) (58 ) 99 (29 ) 39 105 (62 ) Ending balance $ 2,544 $ 4,358 $ 2,250 $ 2,777 $ 7,456 $ 4,125 $ 850 $ 24,360 Ending balance, individually evaluated for impairment $ 13 $ 7 $ 33 $ 26 $ 68 $ 8 $ — $ 155 Ending balance, collectively evaluated for impairment $ 2,531 $ 4,351 $ 2,217 $ 2,751 $ 7,388 $ 4,117 $ 850 $ 24,205 Loans: Ending balance $ 88,574 $ 180,392 $ 126,544 $ 169,058 $ 788,782 $ 564,657 $ 76,163 $ 1,994,170 Ending balance, individually evaluated for impairment $ 1,851 $ 2,284 $ 954 $ 2,464 $ 3,559 $ 9,536 $ — $ 20,648 Ending balance, collectively evaluated for impairment $ 86,723 $ 178,108 $ 125,590 $ 166,594 $ 785,223 $ 555,121 $ 76,163 $ 1,973,522 The following table presents the credit quality indicators by type of loans in each category as of March 31, 2016 and December 31, 2015 , respectively (amounts in thousands): Agricultural Commercial and Financial Real Estate: Construction, 1 to 4 family residential Real Estate: Construction, land development and commercial March 31, 2016 Grade: Excellent $ 1,773 $ 3,050 $ — $ 255 Good 18,163 27,861 2,771 12,653 Satisfactory 34,358 101,014 37,546 70,736 Monitor 17,368 25,804 11,144 15,110 Special Mention 4,534 11,664 5,768 6,392 Substandard 14,424 4,343 1,064 461 Total $ 90,620 $ 173,736 $ 58,293 $ 105,607 Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family first liens Real Estate: Mortgage, 1 to 4 family junior liens Real Estate: Mortgage, multi- family March 31, 2016 Grade: Excellent $ 2,517 $ 563 $ — $ 6,560 Good 33,497 14,525 2,654 67,078 Satisfactory 115,190 622,556 107,567 175,070 Monitor 26,787 53,133 4,227 30,733 Special Mention 2,261 16,510 1,867 4,700 Substandard 9,630 18,637 1,800 574 Total $ 189,882 $ 725,924 $ 118,115 $ 284,715 Real Estate: Mortgage, commercial Loans to individuals Obligations of state and political subdivisions Total March 31, 2016 Grade: Excellent $ 15,990 $ — $ 2,346 $ 33,054 Good 80,891 92 36,454 296,639 Satisfactory 183,139 22,205 12,287 1,481,668 Monitor 26,456 237 518 211,517 Special Mention 5,522 209 18 59,445 Substandard 3,967 216 — 55,116 Total $ 315,965 $ 22,959 $ 51,623 $ 2,137,439 Agricultural Commercial and Financial Real Estate: Construction, 1 to 4 family residential Real Estate: Construction, land development and commercial December 31, 2015 Grade: Excellent $ 1,786 $ 3,298 $ — $ 260 Good 15,959 38,764 1,898 11,570 Satisfactory 36,819 102,188 34,357 52,731 Monitor 18,064 27,181 8,684 11,550 Special Mention 25,356 8,231 5,842 6,542 Substandard 3,604 4,537 565 468 Total $ 101,588 $ 184,199 $ 51,346 $ 83,121 Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family first liens Real Estate: Mortgage, 1 to 4 family junior liens Real Estate: Mortgage, multi- family December 31, 2015 Grade: Excellent $ 2,559 $ 426 $ — $ 6,651 Good 31,186 15,773 2,992 64,002 Satisfactory 112,038 620,731 107,091 166,193 Monitor 27,304 55,499 4,198 29,732 Special Mention 11,181 16,237 1,846 4,873 Substandard 3,588 18,494 1,746 523 Total $ 187,856 $ 727,160 $ 117,873 $ 271,974 Real Estate: Mortgage, commercial Loans to individuals Obligations of state and political subdivisions Total December 31, 2015 Grade: Excellent $ 12,484 $ — $ 2,365 $ 29,829 Good 81,305 70 37,045 300,564 Satisfactory 187,728 23,197 12,425 1,455,498 Monitor 32,141 285 518 215,156 Special Mention 6,183 198 — 86,489 Substandard 3,568 269 18 37,380 Total $ 323,409 $ 24,019 $ 52,371 $ 2,124,916 The below are descriptions of the credit quality indicators: Excellent – Excellent rated loans are prime quality loans covered by highly liquid collateral with generous margins or supported by superior current financial conditions reflecting substantial net worth, relative to total credit extended, and based on assets of a stable and non-speculative nature whose values can be readily verified. Identified repayment source or cash flow is abundant and assured. Good – Good rated loans are adequately secured by readily marketable collateral or good financial condition characterized by liquidity, flexibility and sound net worth. Loans are supported by sound primary and secondary payment sources and timely and accurate financial information. Satisfactory – Satisfactory rated loans are loans to borrowers of average financial means not especially vulnerable to changes in economic or other circumstances, where the major support for the extension is sufficient collateral of a marketable nature, and the primary source of repayment is seen to be clear and adequate. Monitor – Monitor rated loans are identified by management as warranting special attention for a variety of reasons that may bear on ultimate collectability. This may be due to adverse trends, a particular industry, loan structure, or repayment that is dependent on projections, or a one-time occurrence. Special Mention – Special mention rated loans are supported by a marginal payment capacity and are marginally protected by collateral. There are identified weaknesses that if not monitored and corrected may adversely affect the Company’s credit position. A special mention credit would typically have a weakness in one of the general categories (cash flow, collateral position or payment history) but not in all categories. Substandard – Substandard loans are not adequately supported by the paying capacity of the borrower and may be inadequately collateralized. These loans have a well-defined weakness or weaknesses. For these loans, it is more probable than not that the Company could sustain some loss if the deficiency(ies) is not corrected. Past due loans as of March 31, 2016 and December 31, 2015 were as follows: 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Accruing Loans Past Due 90 Days or More (Amounts In Thousands) March 31, 2016 Agricultural $ 7,275 $ 149 $ 1,264 $ 8,688 $ 81,932 $ 90,620 $ 283 Commercial and financial 697 1,074 1,158 2,929 170,807 173,736 50 Real estate: Construction, 1 to 4 family residential 767 — 173 940 57,353 58,293 — Construction, land development and commercial 1,145 121 — 1,266 104,341 105,607 — Mortgage, farmland 519 — — 519 189,363 189,882 — Mortgage, 1 to 4 family first liens 5,290 213 1,629 7,132 718,792 725,924 331 Mortgage, 1 to 4 family junior liens 131 50 49 230 117,885 118,115 — Mortgage, multi-family — 135 40 175 284,540 284,715 — Mortgage, commercial 426 474 173 1,073 314,892 315,965 — Loans to individuals 86 29 — 115 22,844 22,959 — Obligations of state and political subdivisions — — — — 51,623 51,623 — $ 16,336 $ 2,245 $ 4,486 $ 23,067 $ 2,114,372 $ 2,137,439 $ 664 December 31, 2015 Agricultural $ 3,064 $ 961 $ — $ 4,025 $ 97,563 $ 101,588 $ — Commercial and financial 854 71 1,312 2,237 181,962 184,199 — Real estate: Construction, 1 to 4 family residential — — 214 214 51,132 51,346 — Construction, land development and commercial — — 88 88 $ 83,033 83,121 — Mortgage, farmland 320 88 — 408 187,448 187,856 — Mortgage, 1 to 4 family first liens 4,526 1,192 2,085 7,803 $ 719,357 727,160 406 Mortgage, 1 to 4 family junior liens 250 13 110 373 117,500 117,873 — Mortgage, multi-family 135 — 113 248 $ 271,726 271,974 — Mortgage, commercial 1,033 — 331 1,364 322,045 323,409 61 Loans to individuals 158 40 — 198 $ 23,821 24,019 — Obligations of state and political subdivisions — — — — 52,371 52,371 — $ 10,340 $ 2,365 $ 4,253 $ 16,958 $ 2,107,958 $ 2,124,916 $ 467 The Company does not have a material amount of loans that are past due less than 90 days where there are serious doubts as to the ability of the borrowers to comply with the loan repayment terms. Certain impaired loan information by loan type at March 31, 2016 and December 31, 2015 , was as follows: March 31, 2016 December 31, 2015 Non-accrual loans (1) Accruing loans past due 90 days or more TDR loans Non- accrual loans (1) Accruing loans past due 90 days or more TDR loans (Amounts In Thousands) (Amounts In Thousands) Agricultural $ 1,659 $ 283 $ 225 $ — $ — $ 1,710 Commercial and financial 1,493 50 863 1,498 — 612 Real estate: Construction, 1 to 4 family residential 173 — 1,016 214 — 473 Construction, land development and commercial 141 — 121 145 — 122 Mortgage, farmland 1,281 — 1,074 — — 2,233 Mortgage, 1 to 4 family first liens 3,677 331 1,356 3,845 406 1,369 Mortgage, 1 to 4 family junior liens 201 — 26 279 — 27 Mortgage, multi-family 367 — — 449 — — Mortgage, commercial 1,133 — 2,150 985 61 1,733 $ 10,125 $ 664 $ 6,831 $ 7,415 $ 467 $ 8,279 (1) There were $5.11 million and $2.31 million of TDR loans included within nonaccrual loans as of March 31, 2016 and December 31, 2015 , respectively. Loans 90 days or more past due that are still accruing interest increased $0.20 million from December 31, 2015 to March 31, 2016 due to an increase in the number of loans past due greater than 90 days. As of March 31, 2016 there were 6 accruing loans past due 90 days or more. The average accruing loans past due as of March 31, 2016 are $0.11 million . The average accruing loans past due 90 days or more as of December 31, 2015 was $0.09 million . The accruing loans past due 90 days or more balances are believed to be adequately collateralized and the Company expects to collect all principal and interest as contractually due under these loans. The Company may modify the terms of a loan to maximize the collection of amounts due. Such a modification is considered a troubled debt restructuring (“TDR”). In most cases, the modification is either a reduction in interest rate, conversion to interest only payments or an extension of the maturity date. The borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term, so a concessionary modification is granted to the borrower that would otherwise not be considered. TDR loans accrue interest as long as the borrower complies with the revised terms and conditions and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. Below is a summary of information for TDR loans as of March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Number of contracts Recorded investment Commitments outstanding Number of contracts Recorded investment Commitments outstanding (Amounts In Thousands) (Amounts In Thousands) Agricultural 7 $ 1,666 $ 31 7 $ 1,710 $ 32 Commercial and financial 12 2,059 319 8 1,818 241 Real estate: Construction, 1 to 4 family residential 5 1,188 — 3 646 138 Construction, land development and commercial 1 121 — 1 122 — Mortgage, farmland 6 2,355 — 5 2,233 — Mortgage, 1 to 4 family first liens 13 1,557 — 13 1,575 — Mortgage, 1 to 4 family junior liens 2 33 93 2 36 — Mortgage, multi-family — — — 1 71 — Mortgage, commercial 13 2,965 — 10 2,381 — Loans to individuals — — — — — — 59 $ 11,944 $ 443 50 $ 10,592 $ 411 The following is a summary of TDR loans that were modified during the three months ended March 31, 2016 : Three Months Ended March 31, 2016 Number of contracts Pre-modification recorded investment Post-modification recorded investment (Amounts In Thousands) Agricultural — $ — $ — Commercial and financial 4 349 349 Real estate: Construction, 1 to 4 family residential 2 543 543 Construction, land development and commercial — — — Mortgage, farmland 1 132 132 Mortgage, 1 to 4 family first lien — — — Mortgage, 1 to 4 family junior liens — — — Mortgage, multi-family — — — Mortgage, commercial 3 629 629 10 $ 1,653 $ 1,653 The Company had commitments to lend $0.44 million in additional borrowings to restructured loan customers as of March 31, 2016 . The Company had commitments to lend $0.41 million in additional borrowings to restructured loan customers as of December 31, 2015 . These commitments were in the normal course of business. The additional borrowings were not used to facilitate payments on these loans. There were $0.00 million and $0.00 million of TDR loans that were in payment default (defined as past due 90 days or more) during the quarter ended March 31, 2016 and year ended December 31, 2015 . Information regarding impaired loans as of and for the three months ended March 31, 2016 is as follows: March 31, 2016 Three Months Ended Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: (Amounts In Thousands) Agricultural $ 126 $ 278 $ — $ 133 $ 2 Commercial and financial 1,552 2,275 — 1,574 6 Real estate: Construction, 1 to 4 family residential 739 739 — 739 8 Construction, land development and commercial 206 293 — 208 1 Mortgage, farmland 527 645 — 530 6 Mortgage, 1 to 4 family first liens 3,633 4,507 — 3,668 13 Mortgage, 1 to 4 family junior liens 150 450 — 157 — Mortgage, multi-family 151 262 — 190 — Mortgage, commercial 2,409 3,673 — 2,416 20 Loans to individuals — 20 — — — $ 9,493 $ 13,142 $ — $ 9,615 $ 56 With an allowance recorded: Agricultural $ 12,521 $ 12,524 $ 868 $ 12,570 $ 140 Commercial and financial 854 880 268 907 7 Real estate: Construction, 1 to 4 family residential 449 461 20 449 3 Construction, land development and commercial 56 57 12 56 — Mortgage, farmland 7,571 7,571 670 7,578 83 Mortgage, 1 to 4 family first liens 1,733 1,846 294 1,762 6 Mortgage, 1 to 4 family junior liens 78 233 16 80 — Mortgage, multi-family 216 221 46 218 — Mortgage, commercial 873 906 42 880 9 Loans to individuals 22 22 22 36 1 $ 24,373 $ 24,721 $ 2,258 $ 24,536 $ 249 Total: Agricultural $ 12,647 $ 12,802 $ 868 $ 12,703 $ 142 Commercial and financial 2,406 3,155 268 2,481 13 Real estate: Construction, 1 to 4 family residential 1,188 1,200 20 1,188 11 Construction, land development and commercial 262 350 12 264 1 Mortgage, farmland 8,098 8,216 670 8,108 89 Mortgage, 1 to 4 family first liens 5,366 6,353 294 5,430 19 Mortgage, 1 to 4 family junior liens 228 683 16 237 — Mortgage, multi-family 367 483 46 408 — Mortgage, commercial 3,282 4,579 42 3,296 29 Loans to individuals 22 42 22 36 1 $ 33,866 $ 37,863 $ 2,258 $ 34,151 $ 305 Information regarding impaired loans as of December 31, 2015 is as follows: Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: (Amounts In Thousands) Agricultural $ 1,609 $ 1,773 $ — Commercial and financial 1,263 1,981 — Real estate: Construction, 1 to 4 family residential 238 238 — Construction, land development and commercial 210 314 — Mortgage, farmland 2,233 2,351 — Mortgage, 1 to 4 family first liens 3,558 4,419 — Mortgage, 1 to 4 family junior liens 189 500 — Mortgage, multi-family 157 226 — Mortgage, commercial 1,831 3,018 — Loans to individuals — 20 — $ 11,288 $ 14,840 $ — With an allowance recorded: Agricultural $ 101 $ 101 $ 1 Commercial and financial 847 847 324 Real estate: Construction, 1 to 4 family residential 449 461 9 Construction, land development and commercial 57 58 13 Mortgage, farmland — — — Mortgage, 1 to 4 family first liens 2,062 2,156 306 Mortgage, 1 to 4 family junior liens 117 270 20 Mortgage, multi-family 292 332 58 Mortgage, commercial 948 1,030 52 Loans to individuals 100 100 100 $ 4,973 $ 5,355 $ 883 Total: Agricultural $ 1,710 $ 1,874 $ 1 Commercial and financial 2,110 2,828 324 Real estate: Construction, 1 to 4 family residential 687 699 9 Construction, land development and commercial 267 372 13 Mortgage, farmland 2,233 2,351 — Mortgage, 1 to 4 family first liens 5,620 6,575 306 Mortgage, 1 to 4 family junior liens 306 770 20 Mortgage, multi-family 449 558 58 Mortgage, commercial 2,779 4,048 52 Loans to individuals 100 120 100 $ 16,261 $ 20,195 $ 883 Impaired loans increased $17.61 million from December 31, 2015 to March 31, 2016 . Impaired loans include any loan that has been placed on nonaccrual status, accruing loans past due 90 days or more and TDR loans. Impaired loans also include loans that, based on management’s evaluation of current information and events, the Company expects to be unable to collect in full according to the contractual terms of the original loan agreement. Impaired loans were 1.58% of loans held for investment as of March 31, 2016 and 0.76% as of December 31, 2015 . The increase in impaired loans is due mainly to an increase in nonaccrual loans of $2.71 million , a $16.22 million agricultural and farmland real estate relationship with a specific allowance for losses, and a decrease in TDR loans of $1.45 million from December 31, 2015 to March 31, 2016 . The Company regularly reviews a substantial portion of the loans in the portfolio and assesses whether the loans are impaired in accordance with ASC 310. If the loans are impaired, the Company determines if a specific allowance is appropriate. In addition, the Company's management also reviews and, where determined necessary, provides allowances for particular loans based upon (1) reviews of specific borrowers and (2) management’s assessment of areas that management considers are of higher credit risk, including loans that have been restructured. Loans that are determined not to be impaired and for which there are no specific allowances are classified into one or more risk categories. Based upon the risk category assigned, the Company allocates a percentage, as determined by management, for a required allowance needed. The determination of the appropriate percentage begins with historical loss experience factors, which are then adjusted for levels and trends in past due loans, levels and trends in charged-off and recovered loans, trends in volume growth, trends in problem and watch loans, trends in restructured loans, local economic trends and conditions, industry and other conditions, and effects of changing interest rates. Specific allowances for losses on impaired loans are established if the loan balances exceed the net present value of the relevant future cash flows or the fair value of the relevant collateral based on updated appraisals and/or updated collateral analysis for the properties if the loan is collateral dependent. The Company may recognize a charge off or record a specific allowance related to an impaired loan if there is a collateral shortfall or it is unlikely the borrower can make all principal and interest payments as contractually due. For loans that are collateral dependent, losses are evaluated based on the portion of a loan that exceeds the fair market value of the collateral. In general, this is the amount that the carrying value of the loan exceeds the related appraised value less estimated costs to sell the collateral. Generally, it is the Company’s policy not to rely on appraisals that are older than one year prior to the date the impairment is being measured. The most recent appraisal values may be adjusted if, in the Company’s judgment, experience and other market data indicate that the property’s value, use, condition, exit market or other variable affecting its value may have changed since the appraisal was performed, consistent with the December 2006 joint interagency guidance on the allowance for loan losses. The charge off or loss adjustment supported by an appraisal is considered the minimum charge off. Any adjustments made to the appraised value are to provide an additional charge off or specific reserve based on the applicable facts and circumstances. In instances where there is an estimated decline in value, a specific reserve may be provided or a charge off taken pending confirmation of the amount of the loss from an updated appraisal. Upon receipt of the new appraisals, an additional specific reserve may be provided or charge off taken based on the appraised value of the collateral. On average, appraisals are obtained within one month of order. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying value and estimated fair values of the Company's financial instruments as of March 31, 2016 are as follows: March 31, 2016 Carrying Amount Estimated Fair Value Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) (Amounts In Thousands) Financial instrument assets: Cash and cash equivalents $ 135,553 $ 135,553 $ 135,553 $ — $ — Investment securities 276,535 276,535 — 276,535 — Loans held for sale 4,571 4,571 — 4,571 — Loans Agricultural 87,666 87,695 — — 87,695 Commercial and financial 169,425 169,412 — — 169,412 Real estate: Construction, 1 to 4 family residential 57,302 57,303 — — 57,303 Construction, land development and commercial 103,839 103,842 — — 103,842 Mortgage, farmland 185,938 186,148 — — 186,148 Mortgage, 1 to 4 family first liens 719,119 716,974 — — 716,974 Mortgage, 1 to 4 family junior liens 116,884 122,408 — — 122,408 Mortgage, multi-family 282,957 285,700 — — 285,700 Mortgage, commercial 313,533 312,448 — — 312,448 Loans to individuals 22,410 22,400 — — 22,400 Obligations of state and political subdivisions 51,236 50,461 — — 50,461 Accrued interest receivable 10,020 10,020 — 10,020 — Total financial instrument assets $ 2,536,988 $ 2,541,470 $ 135,553 $ 291,126 $ 2,114,791 Financial instrument liabilities Deposits Noninterest-bearing deposits $ 296,922 $ 296,922 $ — $ 296,922 $ — Interest-bearing deposits 1,682,659 1,684,108 — 1,684,108 — Other borrowings 45,381 45,381 — 45,381 — Federal Home Loan Bank borrowings 240,000 240,044 — 240,044 — Interest rate swaps 5,933 5,933 — 5,933 — Accrued interest payable 838 838 — 838 — Total financial instrument liabilities $ 2,271,733 $ 2,273,226 $ — $ 2,273,226 $ — Face Amount Financial instrument with off-balance sheet risk: Loan commitments $ 367,666 $ — $ — $ — $ — Letters of credit 12,293 — — — — Total financial instrument liabilities with off-balance-sheet risk $ 379,959 $ — $ — $ — $ — (1) Considered Level 1 under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. The carrying value and estimated fair values of the Company's financial instruments as of December 31, 2015 are as follows: December 31, 2015 Carrying Amount Estimated Fair Value Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) (Amounts In Thousands) Financial instrument assets: Cash and cash equivalents $ 35,427 $ 35,427 $ 35,427 $ — $ — Investment securities 276,069 276,069 — 276,069 — Loans held for sale 5,554 5,554 — 5,554 — Loans Agricultural 98,506 98,530 — — 98,530 Commercial and financial 179,682 179,649 — — 179,649 Real estate: Construction, 1 to 4 family residential 50,480 50,487 — — 50,487 Construction, land development and commercial 81,707 81,705 — — 81,705 Mortgage, farmland 184,514 184,640 — — 184,640 Mortgage, 1 to 4 family first liens 720,229 718,566 — — 718,566 Mortgage, 1 to 4 family junior liens 116,632 122,173 — — 122,173 Mortgage, multi-family 270,261 272,446 — — 272,446 Mortgage, commercial 320,899 319,090 — — 319,090 Loans to individuals 23,518 23,509 — — 23,509 Obligations of state and political subdivisions 51,978 51,073 — — 51,073 Accrued interest receivable 8,672 8,672 — 8,672 — Total financial instrument assets $ 2,424,128 $ 2,427,590 $ 35,427 $ 290,295 $ 2,101,868 Financial instrument liabilities: Deposits Noninterest-bearing deposits $ 314,968 $ 314,968 $ — $ 314,968 $ — Interest-bearing deposits 1,575,734 1,577,684 — 1,577,684 — Other borrowings 44,051 44,051 — 44,051 — Federal Home Loan Bank borrowings 225,000 226,157 — 226,157 — Interest rate swaps 4,180 4,180 4,180 Accrued interest payable 846 846 — 846 — Total financial instrument liabilities $ 2,164,779 $ 2,167,886 $ — $ 2,167,886 $ — Face Amount Financial instrument with off-balance sheet risk: Loan commitments $ 344,602 $ — $ — $ — $ — Letters of credit 11,718 — — — — Total financial instrument liabilities with off-balance-sheet risk $ 356,320 $ — $ — $ — $ — (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. Fair value of financial instruments : FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) provides a single definition for fair value, a framework for measuring fair value and expanded disclosures concerning fair value. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a 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. The Company determines the fair market value of its financial instruments based on the fair value hierarchy established in ASC 820. There are three levels of inputs that may be used to measure fair value as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than quoted prices included within Level 1. Observable inputs include the quoted prices for similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability. Level 3 Unobservable inputs supported by little or no market activity for financial instruments. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. It is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. The Company is required to use observable inputs, to the extent available, in the fair value estimation process unless that data results from forced liquidations or distressed sales. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for assets or liabilities not recorded at fair value. ASSETS Cash and cash equivalents : The carrying amounts reported in the consolidated balance sheets for cash and short-term instruments approximate their fair values (Level 1). Investment securities available for sale : Investment securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If a quoted price is not available, the fair value is obtained from benchmarking the security against similar securities. All of the Company’s securities are considered Level 2. The pricing for investment securities is obtained from an independent source. There are no level 1 or level 3 investment securities owned by the Company. The Company obtains an understanding of the independent source’s valuation methodologies used to determine fair value by level of security. The Company validates assigned fair values on a sample basis using an additional third-party provider pricing service to determine if the fair value measurement is reasonable. Due to the nature of our investment portfolio, we do not expect significant and unusual fluctuations as fair value changes primarily relate to interest rate changes. No unusual fluctuations were identified during the three months ended March 31, 2016 . If a fluctuation requiring investigation was identified, the Company would research the change with the independent source or other available information. Loans held for sale : Loans held for sale are carried at historical cost. The carrying amount is a reasonable estimate of fair value because of the short time between origination of the loan and its sale on the secondary market (Level 2). The market is active for these loans and as a result prices for similar assets are available. Loans : The Company does not record loans at fair value on a recurring basis. For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values (Level 3). The fair values for other loans are determined using estimated future cash flows, discounted at the interest rates currently being offered for loans with similar terms to borrowers with similar credit quality utilizing an entrance price concept (Level 3). The Company does record nonrecurring fair value adjustments to loans to reflect (1) partial write-downs that are based on the observable market price or appraised value of the collateral or (2) the full charge-off of the loan carrying value (Level 3). These loans are considered Level 3 as the instruments used to determine fair market value require significant management judgment and estimation. Foreclosed assets : The Company does not record foreclosed assets at fair value on a recurring basis. Foreclosed assets consist mainly of other real estate owned but may include other types of assets repossessed by the Company. Foreclosed assets are adjusted to the lower of carrying value or fair value less the cost of disposal. Fair value is generally based upon independent market prices or appraised values of the collateral, and may include a marketability discount as deemed necessary by management based on its experience with similar types of real estate. The value of foreclosed assets is evaluated periodically as a nonrecurring fair value adjustment. Foreclosed assets are classified as Level 3. Off-balance sheet instruments : Fair values for outstanding letters of credit are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. The fair value of the outstanding letters of credit is not significant. Unfunded loan commitments are not valued since the loans are generally priced at market at the time of funding (Level 2). Accrued interest receivable : The fair value of accrued interest receivable equals the amount receivable due to the current nature of the amounts receivable (Level 2). Non-marketable equity investments : Non-marketable equity investments are recorded under the cost or equity method of accounting. There are generally restrictions on the sale and/or liquidation of these investments, including stock of the Federal Home Loan Bank. The carrying value of stock of the Federal Home Loan Bank approximates fair value (Level 2). LIABILITIES Deposit liabilities : Deposit liabilities are carried at historical cost. The fair value of demand deposits, savings accounts and certain money market account deposits is the amount payable on demand at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. If the fair value of the fixed maturity certificates of deposit is calculated at less than the carrying amount, the carrying value of these deposits is reported as the fair value (Level 2). Deposit liabilities are classified as Level 2 due to available prices for similar liabilities in the market. Other borrowings : Other borrowings are carried at historical cost and include federal funds purchased and securities sold under agreements to repurchase. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the liability and its expected realization (Level 2). Other borrowings are classified as Level 2 due to available prices for similar liabilities in the market. Federal Home Loan Bank borrowings : Federal Home Loan Bank borrowings are recorded at historical cost. The fair values of the Company’s Federal Home Loan Bank borrowings are estimated using discounted cash flow analysis, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements (Level 2). Federal Home Loan Bank borrowings are classified as Level 2 due to available prices for similar liabilities in the market. Interest Rate Swap Agreements : The fair value is estimated using forward-looking interest rate curves and is calculated using discounted cash flows that are observable or that can be corroborated by observable market data (Level 2). Accrued interest payable : The fair value of accrued interest payable equals the amount payable due to the current nature of the amounts payable (Level 2). Assets and Liabilities Recorded at Fair Value on a Recurring Basis The table below represents the balances of assets and liabilities measured at fair value on a recurring basis: March 31, 2016 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Securities available for sale (Amounts In Thousands) U.S. Treasury $ — $ 25,175 $ — $ 25,175 State and political subdivisions — 176,478 — 176,478 Other securities (FHLB, FHLMC and FNMA) — 62,258 — 62,258 Derivative Financial Instruments Interest rate swaps $ — (5,933 ) $ — (5,933 ) Total $ — $ 257,978 $ — $ 257,978 December 31, 2015 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Securities available for sale (Amounts In Thousands) U.S. Treasury $ — $ 24,978 $ — $ 24,978 State and political subdivisions — 173,929 — 173,929 Other securities (FHLB, FHLMC and FNMA) — 65,328 — 65,328 Derivative Financial Instruments Interest rate swaps — (4,180 ) — (4,180 ) Total $ — $ 260,055 $ — $ 260,055 (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. There were no transfers between Levels 1, 2 or 3 during the three months ended March 31, 2016 and the year ended December 31, 2015 . Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis The Company is required to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The valuation methodologies used to measure these fair value adjustments are described above. The following tables present the Company’s assets that are measured at fair value on a nonrecurring basis. March 31, 2016 Three Months Ended March 31, 2016 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Total Losses (Amounts in Thousands) Loans (4) Agricultural $ — $ — $ 1,937 $ 1,937 $ — Commercial and financial — — 1,438 1,438 20 Real Estate: Construction, 1 to 4 family residential — — 972 972 — Construction, land development and commercial — — 129 129 — Mortgage, farmland — — 1,959 1,959 — Mortgage, 1 to 4 family first liens — — 4,321 4,321 275 Mortgage, 1 to 4 family junior liens — — 212 212 — Mortgage, multi-family — — 321 321 — Mortgage, commercial — — 1,307 1,307 65 Loans to individuals — — — — — Foreclosed assets (5) — — — — — Total $ — $ — $ 12,596 $ 12,596 $ 360 (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. (4) Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero. (5) Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis (continued) December 31, 2015 Year Ended December 31, 2015 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Total Losses (Amounts in Thousands) Loans (4) Agricultural $ — $ — $ 1,470 $ 1,470 $ 116 Commercial and financial — — 1,178 1,178 56 Real Estate: Construction, 1 to 4 family residential — — 482 482 161 Construction, land development and commercial — — 132 132 35 Mortgage, farmland — — 2,233 2,233 — Mortgage, 1 to 4 family first liens — — 4,487 4,487 529 Mortgage, 1 to 4 family junior liens — — 286 286 166 Mortgage, multi-family — — 391 391 38 Mortgage, commercial — — 1,152 1,152 140 Loans to individuals — — — — — Foreclosed assets (5) — — 100 100 69 Total $ — $ — $ 11,911 $ 11,911 $ 1,310 (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. (4) Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero. (5) Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. |
Stock Repurchase Program
Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stock Repurchase Program | Stock Repurchase Program On July 26, 2005, the Company’s Board of Directors authorized a program to repurchase up to a total of 1,500,000 shares of the Company’s common stock (the “2005 Stock Repurchase Program”). The Company’s Board of Directors has authorized the 2005 Stock Repurchase Program through December 31, 2017. The Company expects the purchases pursuant to the 2005 Stock Repurchase Program to be made from time to time in private transactions at a price equal to the most recent quarterly independent appraisal of the shares of the Company’s common stock and with the Board reviewing the overall results of the 2005 Stock Repurchase Program on a quarterly basis. All purchases made pursuant to the 2005 Stock Repurchase Program since its inception have been made on that basis. The amount and timing of stock repurchases will be based on various factors, such as the Board’s assessment of the Company’s capital structure and liquidity, the amount of interest shown by shareholders in selling shares of stock to the Company at their appraised value, and applicable regulatory, legal and accounting factors. The Company has purchased 912,841 shares of its common stock in privately negotiated transactions from August 1, 2005 through March 31, 2016 . Of these 912,841 shares, 35,252 shares were purchased during the quarter ended March 31, 2016 , at an average price per share of $44.79 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Concentrations of credit risk : The Bank’s loans, commitments to extend credit, unused lines of credit and outstanding letters of credit have been granted to customers within the Bank's market area. Investments in securities issued by state and political subdivisions within the state of Iowa totaled approximately $91.98 million . The concentrations of credit by type of loan are set forth in Note 5 to the Consolidated Financial Statements. Outstanding letters of credit were granted primarily to commercial borrowers. Although the Bank has a diversified loan portfolio, a substantial portion of its debtors' ability to honor their contracts is dependent upon the economic conditions in Johnson, Linn and Washington Counties, Iowa. Contingencies : In the normal course of business, the Company and Bank are involved in various legal proceedings. While the ultimate outcome of such legal proceedings cannot be predicted with certainty, after reviewing pending and threatened litigation with counsel, management believes at this time that the outcome of such litigation will not have a material adverse effect on the Company's business, financial condition or results of operations. Financial instruments with off-balance sheet risk : The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, credit card participations and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, credit card participations and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. A summary of the Bank’s commitments at March 31, 2016 and December 31, 2015 is as follows: March 31, 2016 December 31, 2015 (Amounts In Thousands) Firm loan commitments and unused portion of lines of credit: Home equity loans $ 46,610 $ 44,376 Credit cards 43,260 41,518 Commercial, real estate and home construction 100,509 98,613 Commercial lines and real estate purchase loans 177,287 160,095 Outstanding letters of credit 12,293 11,718 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Federal income tax expense for the three months ended March 31, 2016 and 2015 was computed using the consolidated effective federal tax rate. The Company also recognized income tax expense pertaining to state franchise taxes payable individually by the subsidiary bank. The Company files a consolidated tax return for federal purposes and separate tax returns for State of Iowa purposes. The tax years ended December 31, 2015, 2014, and 2013 remain subject to examination by the Internal Revenue Service. For state tax purposes, the tax years ended December 31, 2015, 2014, and 2013 remain open for examination. There were no material unrecognized tax benefits at March 31, 2016 and December 31, 2015 and therefore no interest or penalties on unrecognized tax benefits has been recorded. As of March 31, 2016 , the Company does not anticipate any significant increase in unrecognized tax benefits during the twelve-month period ending March 31, 2016 . Income taxes as a percentage of income before taxes were 29.65% for the three months ended March 31, 2016 and 29.26% for the same period in 2015 . The increase in the effective tax rate is due to a decrease in the amount of low-income housing tax credits earned by the Company in 2016 . |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments In the normal course of business, the Bank may use derivative financial instruments to manage its interest rate risk. These instruments carry varying degrees of credit, interest rate and market or liquidity risks. Derivative instruments are recognized as either assets or liabilities in the accompanying financial statement and are measured at fair value. The Bank’s objectives are to add stability to its net interest margin and to manage its exposure to movements in interest rates. The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amount to be exchanged between the counterparties. The Bank is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. The Bank minimizes this risk by entering into derivative contracts with large, stable financial institutions. The Bank has not experienced any losses from nonperformance by counterparties. The Bank monitors counterparty risk in accordance with the provisions of ASC 815. In addition, the Bank’s interest rate-related derivative instruments contain language outlining collateral pledging requirements for each counterparty. Collateral must be posted when the market value exceeds certain threshold limits which are determined by credit ratings of each counterparty. The Bank was required to pledge $5.93 million of collateral as of March 31, 2016 . Cash Flow Hedges: The Bank executed two forward-starting interest rate swap transactions on November 7, 2013. One of the interest rate swap transactions had an effective date of November 9, 2015, and an expiration date of November 9, 2020, effectively converting $25.00 million of variable rate debt to fixed rate debt. The other interest rate swap transaction has an effective date of November 7, 2016 and an expiration date of November 7, 2023, also to effectively convert $25.00 million of variable rate debt to fixed rate debt. For accounting purposes, these swap transactions are designated as a cash flow hedge of the changes in cash flows attributable to changes in three-month LIBOR, the benchmark interest rate being hedged, associated with the interest payments made on an amount of the Bank’s debt principal equal to the then-outstanding swap notional amount. At inception, the Bank asserted that the underlying principal balance would remain outstanding throughout the hedge transaction making it probable that sufficient LIBOR-based interest payments would exist through the maturity date of the swaps. The table below identifies the balance sheet category and fair values of the Bank’s derivative instruments designated as cash flow hedges as of March 31, 2016 and December 31, 2015 : Notional Amount Fair Value Balance Sheet Category Maturity (Amounts in Thousands) March 31, 2016 Interest rate swap $ 25,000 $ (2,073 ) Other Liabilities 11/9/2020 Interest rate swap 25,000 (3,860 ) Other Liabilities 11/7/2023 December 31, 2015 Interest rate swap $ 25,000 $ (1,501 ) Other Liabilities 11/9/2020 Interest rate swap 25,000 (2,679 ) Other Liabilities 11/7/2023 The table below identifies the gains and losses recognized on the Bank’s derivative instruments designated as cash flow hedges as of March 31, 2016 and December 31, 2015 : Effective Portion Ineffective Portion Recognized in OCI Reclassifed from AOCI into Income Recognized in Income on Derivatives Amount of Gain (Loss) Category Amount of Gain (Loss) Category Amount of Gain (Loss) (Amounts in Thousands) March 31, 2016 Interest rate swap $ (353 ) Interest Expense $ — Other Income $ — Interest rate swap (730 ) Interest Expense — Other Income — December 31, 2015 Interest rate swap $ (394 ) Interest Expense $ — Other Income $ — Interest rate swap (461 ) Interest Expense — Other Income — |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and with instructions for Form 10-Q and Regulation S-X. These financial statements include all adjustments (consisting of normal recurring accruals) which in the opinion of management are considered necessary for the fair presentation of the financial position and results of operations for the periods shown. Certain prior year amounts have been reclassified to conform to the current year presentation. The Company considers that it operates as one business segment, a commercial bank. Operating results for the three month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016. For further information, refer to the consolidated financial statements and footnotes thereto included in the Form 10-K Annual Report of Hills Bancorporation and subsidiary (the “Company”) for the year ended December 31, 2015 filed with the Securities Exchange Commission on March 9, 2016 . The consolidated balance sheet as of December 31, 2015 , has been derived from the audited consolidated financial statements for that period. The Company evaluated subsequent events through the filing date of its quarterly report on Form 10-Q with the SEC. |
Effect of New Financial Accounting Standards | In May 2014, the FASB and International Accounting Standards Board (IASB) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of ASU 2014-09 is that a company should recognize revenue to depict the transfer of promised good or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. For financial institutions, significant changes are not expected given that most financial instruments are not in the scope of the accounting standard update. ASU 2014-09 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. In August 2015, FASB issued ASU 2015-14 deferring the effective date for annual periods and interim periods within those annual periods after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently reviewing the provisions of this standard to determine the application to financial institutions. In February 2015, the FASB issued ASU No. 2015-02 (Topic 810), Consolidation . The ASU modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIE) or voting interest entities (VOE). The standard relaxes existing criteria for determining when fees paid to a decision maker or service provider do not represent a variable interest by focusing on whether those fees are "at market". The ASU eliminates both the consolidation model specific to limited partnerships and the current presumption that a general partner controls a limited partnership. For public companies, ASU 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company adopted the accounting standard for the period ending March 31, 2016 and have changed the accounting for its tax credit limited partnership investments to the equity method. The impact of the change was determined to not be material. 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. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. For public companies, ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2015-03 for the period ending March 31, 2016. There was no material impact on the 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 customers about whether a cloud computing arrangement includes a software license. If it does, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The adoption of ASU 2015-05 by the Company did not have a material impact. 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. ASU 2016-01 created Subtopic 321-10, Investments-Equity Securities which is applicable to all entities except those in industries that account for substantially all investments at fair value through earnings or the change in net assets. Under this new subtopic, equity securities are generally required to be measured at fair value with unrealized holding gains and losses reflected in net income. ASU 2016-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The adoption of ASU 2016-01 by the Company is not expected to have a material impact. In February 2016, the FASB issued ASU No. 2016-02 (Topic 842), Leases . The ASU provides guidance requiring lessees to recognize right-of-use assets and lease liabilities for all leases other than those that meet the definition of short-term leases. For short-term leases, lessees may elect an accounting policy by class of underlying asset under which these assets and liabilities are not recognized and lease payments are generally recognized over the lease term on a straight-line basis. Under this new ASU, lessees will recognize right-of use assets and lease liabilities for most leases currently accounted for as operating leases under generally accepted accounting principles. For public companies, ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU 2016-02 by the Company is not expected to have a material impact. In March 2016, the FASB issued ASU No. 2016-04, Liabilities - Extinguishments of Liabilities (Subtopic 405-20), Recognition of Breakage for Certain Prepaid Stored-Value Products . ASU 2016-04 applies to all entities that offer certain prepaid stored - value products. The ASU provides guidance for the derecognition of financial liabilities related to the issuance of these products and aligns the recognition of breakage to current authoritative guidance. For public companies, ASU 2016-04 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The adoption of ASU 2016-04 by the Company is not expected to have a material impact. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting . The ASU simplifies several aspects of the accounting for share-based payment transaction, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public companies, ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently reviewing the provisions of this standard to determine the impact on the Company's financial statements. |
Earnings Per Share | Basic earnings per share is computed using the weighted average number of actual common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that would occur from the exercise of common stock options outstanding. ESOP shares are considered outstanding for this calculation unless unearned. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The computation of basic and diluted earnings per share for the periods presented is as follows: Three Months Ended March 31, 2016 2015 Common shares outstanding at the beginning of the period 9,322,054 9,380,432 Weighted average number of net shares redeemed (14,370 ) (17,136 ) Weighted average shares outstanding (basic) 9,307,684 9,363,296 Weighted average of potential dilutive shares attributable to stock options granted, computed under the treasury stock method 6,130 4,980 Weighted average number of shares (diluted) 9,313,814 9,368,276 Net income (In thousands) $ 7,700 $ 7,380 Earnings per share: Basic $ 0.83 $ 0.79 Diluted $ 0.83 $ 0.79 |
Other Comprehensive Income (L21
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Components of accumulated other comprehensive income (AOCI) | The following table summarizes the balances of each component of accumulated other comprehensive income (AOCI), included in stockholders’ equity, at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 (amounts in thousands) Net unrealized gain on available-for-sale securities $ 3,262 $ 2,244 Net unrealized loss on derivatives used for cash flow hedges (5,933 ) (4,180 ) Tax effect $ 1,021 $ 741 Net-of-tax amount $ (1,650 ) $ (1,195 ) |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Carrying values of investment securities | The carrying values of investment securities at March 31, 2016 and December 31, 2015 are summarized in the following table (dollars in thousands): March 31, 2016 December 31, 2015 Amount Percent Amount Percent Securities available for sale U.S. Treasury $ 25,175 9.54 % $ 24,978 9.45 % Other securities (FHLB, FHLMC and FNMA) 62,258 23.59 65,328 24.72 State and political subdivisions 176,478 66.87 173,929 65.83 Total securities available for sale $ 263,911 100.00 % $ 264,235 100.00 % |
Carrying amount of available-for-sale securities and approximate fair values | The carrying amount of available-for-sale securities and their approximate fair values were as follows as of March 31, 2016 and December 31, 2015 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value March 31, 2016: U.S. Treasury $ 24,905 $ 270 $ — $ 25,175 Other securities (FHLB, FHLMC and FNMA) 61,980 292 (14 ) 62,258 State and political subdivisions 173,764 2,815 (101 ) 176,478 Total $ 260,649 $ 3,377 $ (115 ) $ 263,911 December 31, 2015: U.S. Treasury $ 24,893 $ 92 $ (7 ) $ 24,978 Other securities (FHLB, FHLMC and FNMA) 65,400 81 (153 ) 65,328 State and political subdivisions 171,698 2,375 (144 ) 173,929 Total $ 261,991 $ 2,548 $ (304 ) $ 264,235 |
Available-for-sale securities classified as per contractual maturities | The amortized cost and estimated fair value of available-for-sale securities classified according to their contractual maturities at March 31, 2016 , were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 41,343 $ 41,412 Due after one year through five years 149,479 151,349 Due after five years through ten years 67,533 68,847 Due over ten years 2,294 2,303 Total $ 260,649 $ 263,911 |
Available-for-sale securities, continuous unrealized loss position, fair value | The following table shows the fair value, gross unrealized losses and the percentage of fair value represented by gross unrealized losses of applicable investment securities owned by the Company, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2016 and December 31, 2015 (in thousands): Less than 12 months 12 months or more Total March 31, 2016 # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % U.S. Treasury — $ — $ — — % — $ — $ — — % — $ — $ — — % Other securities (FHLB, FHLMC and FNMA) 4 8,924 (14 ) 0.16 — — — — 4 8,924 (14 ) 0.16 State and political subdivisions 44 11,020 (73 ) 0.66 14 2,650 (28 ) 1.06 58 13,670 (101 ) 0.74 Total temporarily impaired securities 48 $ 19,944 $ (87 ) 0.44 % 14 $ 2,650 $ (28 ) 1.06 % 62 $ 22,594 $ (115 ) 0.51 % Less than 12 months 12 months or more Total December 31, 2015 # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % U.S. Treasury 3 $ 7,455 $ (7 ) 0.09 % — $ — $ — — % 3 $ 7,455 $ (7 ) 0.09 % Other securities (FHLB, FHLMC and FNMA) 15 36,830 (153 ) 0.42 — — — — 15 36,830 (153 ) 0.42 State and political subdivisions 56 13,557 (70 ) 0.52 27 5,633 (74 ) 1.31 83 19,190 (144 ) 0.75 Total temporarily impaired securities 74 $ 57,842 $ (230 ) 0.40 % 27 $ 5,633 $ (74 ) 1.31 % 101 $ 63,475 $ (304 ) 0.48 % |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of classes of loans | Classes of loans are as follows: March 31, December 31, (Amounts In Thousands) Agricultural $ 90,620 $ 101,588 Commercial and financial 173,736 184,199 Real estate: Construction, 1 to 4 family residential 58,293 51,346 Construction, land development and commercial 105,607 83,121 Mortgage, farmland 189,882 187,856 Mortgage, 1 to 4 family first liens 725,924 727,160 Mortgage, 1 to 4 family junior liens 118,115 117,873 Mortgage, multi-family 284,715 271,974 Mortgage, commercial 315,965 323,409 Loans to individuals 22,959 24,019 Obligations of state and political subdivisions 51,623 52,371 $ 2,137,439 $ 2,124,916 Net unamortized fees and costs 766 768 $ 2,138,205 $ 2,125,684 Less allowance for loan losses 27,130 26,510 $ 2,111,075 $ 2,099,174 |
Schedule of changes in allowance for loan losses | Changes in the allowance for loan losses, the allowance for loan losses applicable to impaired loans and the related loan balance of impaired loans for the three months ended March 31, 2016 were as follows: Three Months Ended March 31, 2016 Agricultural Commercial and Financial Real Estate: Construction and land development Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family Real Estate: Mortgage, multi- family and commercial Other Total (Amounts In Thousands) Allowance for loan losses: Beginning balance $ 3,082 $ 4,517 $ 2,280 $ 3,342 $ 8,172 $ 4,223 $ 894 $ 26,510 Charge-offs — (55 ) — (10 ) (344 ) (66 ) (169 ) (644 ) Recoveries 142 253 52 — 213 11 44 715 Provision (270 ) (404 ) 427 612 (5 ) 22 167 549 Ending balance $ 2,954 $ 4,311 $ 2,759 $ 3,944 $ 8,036 $ 4,190 $ 936 $ 27,130 Ending balance, individually evaluated for impairment $ 868 $ 268 $ 32 $ 670 $ 310 $ 88 $ 22 $ 2,258 Ending balance, collectively evaluated for impairment $ 2,086 $ 4,043 $ 2,727 $ 3,274 $ 7,726 $ 4,102 $ 914 $ 24,872 Loans: Ending balance $ 90,620 $ 173,736 $ 163,900 $ 189,882 $ 844,039 $ 600,680 $ 74,582 $ 2,137,439 Ending balance, individually evaluated for impairment $ 12,647 $ 2,406 $ 1,450 $ 8,098 $ 5,594 $ 3,649 $ 22 $ 33,866 Ending balance, collectively evaluated for impairment $ 77,973 $ 171,330 $ 162,450 $ 181,784 $ 838,445 $ 597,031 $ 74,560 $ 2,103,573 Changes in the allowance for loan losses for the three months ended March 31, 2015 were as follows: Three Months Ended March 31, 2015 Agricultural Commercial and Financial Real Estate: Construction and land development Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family Real Estate: Mortgage, multi- family and commercial Other Total (Amounts In Thousands) Allowance for loan losses: Beginning balance $ 2,515 $ 4,231 $ 2,241 $ 2,672 $ 7,419 $ 4,195 $ 747 $ 24,020 Charge-offs (43 ) (66 ) (84 ) — (347 ) (179 ) (48 ) (767 ) Recoveries 82 401 151 6 413 70 46 1,169 Provision (10 ) (208 ) (58 ) 99 (29 ) 39 105 (62 ) Ending balance $ 2,544 $ 4,358 $ 2,250 $ 2,777 $ 7,456 $ 4,125 $ 850 $ 24,360 Ending balance, individually evaluated for impairment $ 13 $ 7 $ 33 $ 26 $ 68 $ 8 $ — $ 155 Ending balance, collectively evaluated for impairment $ 2,531 $ 4,351 $ 2,217 $ 2,751 $ 7,388 $ 4,117 $ 850 $ 24,205 Loans: Ending balance $ 88,574 $ 180,392 $ 126,544 $ 169,058 $ 788,782 $ 564,657 $ 76,163 $ 1,994,170 Ending balance, individually evaluated for impairment $ 1,851 $ 2,284 $ 954 $ 2,464 $ 3,559 $ 9,536 $ — $ 20,648 Ending balance, collectively evaluated for impairment $ 86,723 $ 178,108 $ 125,590 $ 166,594 $ 785,223 $ 555,121 $ 76,163 $ 1,973,522 |
Schedule of credit quality indicators by type of loans | The following table presents the credit quality indicators by type of loans in each category as of March 31, 2016 and December 31, 2015 , respectively (amounts in thousands): Agricultural Commercial and Financial Real Estate: Construction, 1 to 4 family residential Real Estate: Construction, land development and commercial March 31, 2016 Grade: Excellent $ 1,773 $ 3,050 $ — $ 255 Good 18,163 27,861 2,771 12,653 Satisfactory 34,358 101,014 37,546 70,736 Monitor 17,368 25,804 11,144 15,110 Special Mention 4,534 11,664 5,768 6,392 Substandard 14,424 4,343 1,064 461 Total $ 90,620 $ 173,736 $ 58,293 $ 105,607 Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family first liens Real Estate: Mortgage, 1 to 4 family junior liens Real Estate: Mortgage, multi- family March 31, 2016 Grade: Excellent $ 2,517 $ 563 $ — $ 6,560 Good 33,497 14,525 2,654 67,078 Satisfactory 115,190 622,556 107,567 175,070 Monitor 26,787 53,133 4,227 30,733 Special Mention 2,261 16,510 1,867 4,700 Substandard 9,630 18,637 1,800 574 Total $ 189,882 $ 725,924 $ 118,115 $ 284,715 Real Estate: Mortgage, commercial Loans to individuals Obligations of state and political subdivisions Total March 31, 2016 Grade: Excellent $ 15,990 $ — $ 2,346 $ 33,054 Good 80,891 92 36,454 296,639 Satisfactory 183,139 22,205 12,287 1,481,668 Monitor 26,456 237 518 211,517 Special Mention 5,522 209 18 59,445 Substandard 3,967 216 — 55,116 Total $ 315,965 $ 22,959 $ 51,623 $ 2,137,439 Agricultural Commercial and Financial Real Estate: Construction, 1 to 4 family residential Real Estate: Construction, land development and commercial December 31, 2015 Grade: Excellent $ 1,786 $ 3,298 $ — $ 260 Good 15,959 38,764 1,898 11,570 Satisfactory 36,819 102,188 34,357 52,731 Monitor 18,064 27,181 8,684 11,550 Special Mention 25,356 8,231 5,842 6,542 Substandard 3,604 4,537 565 468 Total $ 101,588 $ 184,199 $ 51,346 $ 83,121 Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family first liens Real Estate: Mortgage, 1 to 4 family junior liens Real Estate: Mortgage, multi- family December 31, 2015 Grade: Excellent $ 2,559 $ 426 $ — $ 6,651 Good 31,186 15,773 2,992 64,002 Satisfactory 112,038 620,731 107,091 166,193 Monitor 27,304 55,499 4,198 29,732 Special Mention 11,181 16,237 1,846 4,873 Substandard 3,588 18,494 1,746 523 Total $ 187,856 $ 727,160 $ 117,873 $ 271,974 Real Estate: Mortgage, commercial Loans to individuals Obligations of state and political subdivisions Total December 31, 2015 Grade: Excellent $ 12,484 $ — $ 2,365 $ 29,829 Good 81,305 70 37,045 300,564 Satisfactory 187,728 23,197 12,425 1,455,498 Monitor 32,141 285 518 215,156 Special Mention 6,183 198 — 86,489 Substandard 3,568 269 18 37,380 Total $ 323,409 $ 24,019 $ 52,371 $ 2,124,916 |
Schedule of past due loans | Past due loans as of March 31, 2016 and December 31, 2015 were as follows: 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Accruing Loans Past Due 90 Days or More (Amounts In Thousands) March 31, 2016 Agricultural $ 7,275 $ 149 $ 1,264 $ 8,688 $ 81,932 $ 90,620 $ 283 Commercial and financial 697 1,074 1,158 2,929 170,807 173,736 50 Real estate: Construction, 1 to 4 family residential 767 — 173 940 57,353 58,293 — Construction, land development and commercial 1,145 121 — 1,266 104,341 105,607 — Mortgage, farmland 519 — — 519 189,363 189,882 — Mortgage, 1 to 4 family first liens 5,290 213 1,629 7,132 718,792 725,924 331 Mortgage, 1 to 4 family junior liens 131 50 49 230 117,885 118,115 — Mortgage, multi-family — 135 40 175 284,540 284,715 — Mortgage, commercial 426 474 173 1,073 314,892 315,965 — Loans to individuals 86 29 — 115 22,844 22,959 — Obligations of state and political subdivisions — — — — 51,623 51,623 — $ 16,336 $ 2,245 $ 4,486 $ 23,067 $ 2,114,372 $ 2,137,439 $ 664 December 31, 2015 Agricultural $ 3,064 $ 961 $ — $ 4,025 $ 97,563 $ 101,588 $ — Commercial and financial 854 71 1,312 2,237 181,962 184,199 — Real estate: Construction, 1 to 4 family residential — — 214 214 51,132 51,346 — Construction, land development and commercial — — 88 88 $ 83,033 83,121 — Mortgage, farmland 320 88 — 408 187,448 187,856 — Mortgage, 1 to 4 family first liens 4,526 1,192 2,085 7,803 $ 719,357 727,160 406 Mortgage, 1 to 4 family junior liens 250 13 110 373 117,500 117,873 — Mortgage, multi-family 135 — 113 248 $ 271,726 271,974 — Mortgage, commercial 1,033 — 331 1,364 322,045 323,409 61 Loans to individuals 158 40 — 198 $ 23,821 24,019 — Obligations of state and political subdivisions — — — — 52,371 52,371 — $ 10,340 $ 2,365 $ 4,253 $ 16,958 $ 2,107,958 $ 2,124,916 $ 467 |
Schedule of impaired loan information | Certain impaired loan information by loan type at March 31, 2016 and December 31, 2015 , was as follows: March 31, 2016 December 31, 2015 Non-accrual loans (1) Accruing loans past due 90 days or more TDR loans Non- accrual loans (1) Accruing loans past due 90 days or more TDR loans (Amounts In Thousands) (Amounts In Thousands) Agricultural $ 1,659 $ 283 $ 225 $ — $ — $ 1,710 Commercial and financial 1,493 50 863 1,498 — 612 Real estate: Construction, 1 to 4 family residential 173 — 1,016 214 — 473 Construction, land development and commercial 141 — 121 145 — 122 Mortgage, farmland 1,281 — 1,074 — — 2,233 Mortgage, 1 to 4 family first liens 3,677 331 1,356 3,845 406 1,369 Mortgage, 1 to 4 family junior liens 201 — 26 279 — 27 Mortgage, multi-family 367 — — 449 — — Mortgage, commercial 1,133 — 2,150 985 61 1,733 $ 10,125 $ 664 $ 6,831 $ 7,415 $ 467 $ 8,279 (1) There were $5.11 million and $2.31 million of TDR loans included within nonaccrual loans as of March 31, 2016 and December 31, 2015 , respectively. |
Schedule of information for TDR loans | Below is a summary of information for TDR loans as of March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Number of contracts Recorded investment Commitments outstanding Number of contracts Recorded investment Commitments outstanding (Amounts In Thousands) (Amounts In Thousands) Agricultural 7 $ 1,666 $ 31 7 $ 1,710 $ 32 Commercial and financial 12 2,059 319 8 1,818 241 Real estate: Construction, 1 to 4 family residential 5 1,188 — 3 646 138 Construction, land development and commercial 1 121 — 1 122 — Mortgage, farmland 6 2,355 — 5 2,233 — Mortgage, 1 to 4 family first liens 13 1,557 — 13 1,575 — Mortgage, 1 to 4 family junior liens 2 33 93 2 36 — Mortgage, multi-family — — — 1 71 — Mortgage, commercial 13 2,965 — 10 2,381 — Loans to individuals — — — — — — 59 $ 11,944 $ 443 50 $ 10,592 $ 411 The following is a summary of TDR loans that were modified during the three months ended March 31, 2016 : Three Months Ended March 31, 2016 Number of contracts Pre-modification recorded investment Post-modification recorded investment (Amounts In Thousands) Agricultural — $ — $ — Commercial and financial 4 349 349 Real estate: Construction, 1 to 4 family residential 2 543 543 Construction, land development and commercial — — — Mortgage, farmland 1 132 132 Mortgage, 1 to 4 family first lien — — — Mortgage, 1 to 4 family junior liens — — — Mortgage, multi-family — — — Mortgage, commercial 3 629 629 10 $ 1,653 $ 1,653 |
Schedule of impaired loans | Information regarding impaired loans as of and for the three months ended March 31, 2016 is as follows: March 31, 2016 Three Months Ended Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: (Amounts In Thousands) Agricultural $ 126 $ 278 $ — $ 133 $ 2 Commercial and financial 1,552 2,275 — 1,574 6 Real estate: Construction, 1 to 4 family residential 739 739 — 739 8 Construction, land development and commercial 206 293 — 208 1 Mortgage, farmland 527 645 — 530 6 Mortgage, 1 to 4 family first liens 3,633 4,507 — 3,668 13 Mortgage, 1 to 4 family junior liens 150 450 — 157 — Mortgage, multi-family 151 262 — 190 — Mortgage, commercial 2,409 3,673 — 2,416 20 Loans to individuals — 20 — — — $ 9,493 $ 13,142 $ — $ 9,615 $ 56 With an allowance recorded: Agricultural $ 12,521 $ 12,524 $ 868 $ 12,570 $ 140 Commercial and financial 854 880 268 907 7 Real estate: Construction, 1 to 4 family residential 449 461 20 449 3 Construction, land development and commercial 56 57 12 56 — Mortgage, farmland 7,571 7,571 670 7,578 83 Mortgage, 1 to 4 family first liens 1,733 1,846 294 1,762 6 Mortgage, 1 to 4 family junior liens 78 233 16 80 — Mortgage, multi-family 216 221 46 218 — Mortgage, commercial 873 906 42 880 9 Loans to individuals 22 22 22 36 1 $ 24,373 $ 24,721 $ 2,258 $ 24,536 $ 249 Total: Agricultural $ 12,647 $ 12,802 $ 868 $ 12,703 $ 142 Commercial and financial 2,406 3,155 268 2,481 13 Real estate: Construction, 1 to 4 family residential 1,188 1,200 20 1,188 11 Construction, land development and commercial 262 350 12 264 1 Mortgage, farmland 8,098 8,216 670 8,108 89 Mortgage, 1 to 4 family first liens 5,366 6,353 294 5,430 19 Mortgage, 1 to 4 family junior liens 228 683 16 237 — Mortgage, multi-family 367 483 46 408 — Mortgage, commercial 3,282 4,579 42 3,296 29 Loans to individuals 22 42 22 36 1 $ 33,866 $ 37,863 $ 2,258 $ 34,151 $ 305 Information regarding impaired loans as of December 31, 2015 is as follows: Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: (Amounts In Thousands) Agricultural $ 1,609 $ 1,773 $ — Commercial and financial 1,263 1,981 — Real estate: Construction, 1 to 4 family residential 238 238 — Construction, land development and commercial 210 314 — Mortgage, farmland 2,233 2,351 — Mortgage, 1 to 4 family first liens 3,558 4,419 — Mortgage, 1 to 4 family junior liens 189 500 — Mortgage, multi-family 157 226 — Mortgage, commercial 1,831 3,018 — Loans to individuals — 20 — $ 11,288 $ 14,840 $ — With an allowance recorded: Agricultural $ 101 $ 101 $ 1 Commercial and financial 847 847 324 Real estate: Construction, 1 to 4 family residential 449 461 9 Construction, land development and commercial 57 58 13 Mortgage, farmland — — — Mortgage, 1 to 4 family first liens 2,062 2,156 306 Mortgage, 1 to 4 family junior liens 117 270 20 Mortgage, multi-family 292 332 58 Mortgage, commercial 948 1,030 52 Loans to individuals 100 100 100 $ 4,973 $ 5,355 $ 883 Total: Agricultural $ 1,710 $ 1,874 $ 1 Commercial and financial 2,110 2,828 324 Real estate: Construction, 1 to 4 family residential 687 699 9 Construction, land development and commercial 267 372 13 Mortgage, farmland 2,233 2,351 — Mortgage, 1 to 4 family first liens 5,620 6,575 306 Mortgage, 1 to 4 family junior liens 306 770 20 Mortgage, multi-family 449 558 58 Mortgage, commercial 2,779 4,048 52 Loans to individuals 100 120 100 $ 16,261 $ 20,195 $ 883 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Carrying value and estimated fair values of entity's financial instruments | The carrying value and estimated fair values of the Company's financial instruments as of March 31, 2016 are as follows: March 31, 2016 Carrying Amount Estimated Fair Value Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) (Amounts In Thousands) Financial instrument assets: Cash and cash equivalents $ 135,553 $ 135,553 $ 135,553 $ — $ — Investment securities 276,535 276,535 — 276,535 — Loans held for sale 4,571 4,571 — 4,571 — Loans Agricultural 87,666 87,695 — — 87,695 Commercial and financial 169,425 169,412 — — 169,412 Real estate: Construction, 1 to 4 family residential 57,302 57,303 — — 57,303 Construction, land development and commercial 103,839 103,842 — — 103,842 Mortgage, farmland 185,938 186,148 — — 186,148 Mortgage, 1 to 4 family first liens 719,119 716,974 — — 716,974 Mortgage, 1 to 4 family junior liens 116,884 122,408 — — 122,408 Mortgage, multi-family 282,957 285,700 — — 285,700 Mortgage, commercial 313,533 312,448 — — 312,448 Loans to individuals 22,410 22,400 — — 22,400 Obligations of state and political subdivisions 51,236 50,461 — — 50,461 Accrued interest receivable 10,020 10,020 — 10,020 — Total financial instrument assets $ 2,536,988 $ 2,541,470 $ 135,553 $ 291,126 $ 2,114,791 Financial instrument liabilities Deposits Noninterest-bearing deposits $ 296,922 $ 296,922 $ — $ 296,922 $ — Interest-bearing deposits 1,682,659 1,684,108 — 1,684,108 — Other borrowings 45,381 45,381 — 45,381 — Federal Home Loan Bank borrowings 240,000 240,044 — 240,044 — Interest rate swaps 5,933 5,933 — 5,933 — Accrued interest payable 838 838 — 838 — Total financial instrument liabilities $ 2,271,733 $ 2,273,226 $ — $ 2,273,226 $ — Face Amount Financial instrument with off-balance sheet risk: Loan commitments $ 367,666 $ — $ — $ — $ — Letters of credit 12,293 — — — — Total financial instrument liabilities with off-balance-sheet risk $ 379,959 $ — $ — $ — $ — (1) Considered Level 1 under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. The carrying value and estimated fair values of the Company's financial instruments as of December 31, 2015 are as follows: December 31, 2015 Carrying Amount Estimated Fair Value Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) (Amounts In Thousands) Financial instrument assets: Cash and cash equivalents $ 35,427 $ 35,427 $ 35,427 $ — $ — Investment securities 276,069 276,069 — 276,069 — Loans held for sale 5,554 5,554 — 5,554 — Loans Agricultural 98,506 98,530 — — 98,530 Commercial and financial 179,682 179,649 — — 179,649 Real estate: Construction, 1 to 4 family residential 50,480 50,487 — — 50,487 Construction, land development and commercial 81,707 81,705 — — 81,705 Mortgage, farmland 184,514 184,640 — — 184,640 Mortgage, 1 to 4 family first liens 720,229 718,566 — — 718,566 Mortgage, 1 to 4 family junior liens 116,632 122,173 — — 122,173 Mortgage, multi-family 270,261 272,446 — — 272,446 Mortgage, commercial 320,899 319,090 — — 319,090 Loans to individuals 23,518 23,509 — — 23,509 Obligations of state and political subdivisions 51,978 51,073 — — 51,073 Accrued interest receivable 8,672 8,672 — 8,672 — Total financial instrument assets $ 2,424,128 $ 2,427,590 $ 35,427 $ 290,295 $ 2,101,868 Financial instrument liabilities: Deposits Noninterest-bearing deposits $ 314,968 $ 314,968 $ — $ 314,968 $ — Interest-bearing deposits 1,575,734 1,577,684 — 1,577,684 — Other borrowings 44,051 44,051 — 44,051 — Federal Home Loan Bank borrowings 225,000 226,157 — 226,157 — Interest rate swaps 4,180 4,180 4,180 Accrued interest payable 846 846 — 846 — Total financial instrument liabilities $ 2,164,779 $ 2,167,886 $ — $ 2,167,886 $ — Face Amount Financial instrument with off-balance sheet risk: Loan commitments $ 344,602 $ — $ — $ — $ — Letters of credit 11,718 — — — — Total financial instrument liabilities with off-balance-sheet risk $ 356,320 $ — $ — $ — $ — (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
Schedule of assets and liabilities measured at fair value on a recurring basis | The table below represents the balances of assets and liabilities measured at fair value on a recurring basis: March 31, 2016 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Securities available for sale (Amounts In Thousands) U.S. Treasury $ — $ 25,175 $ — $ 25,175 State and political subdivisions — 176,478 — 176,478 Other securities (FHLB, FHLMC and FNMA) — 62,258 — 62,258 Derivative Financial Instruments Interest rate swaps $ — (5,933 ) $ — (5,933 ) Total $ — $ 257,978 $ — $ 257,978 December 31, 2015 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Securities available for sale (Amounts In Thousands) U.S. Treasury $ — $ 24,978 $ — $ 24,978 State and political subdivisions — 173,929 — 173,929 Other securities (FHLB, FHLMC and FNMA) — 65,328 — 65,328 Derivative Financial Instruments Interest rate swaps — (4,180 ) — (4,180 ) Total $ — $ 260,055 $ — $ 260,055 (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
Schedule of assets measured at fair value on a nonrecurring basis | The following tables present the Company’s assets that are measured at fair value on a nonrecurring basis. March 31, 2016 Three Months Ended March 31, 2016 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Total Losses (Amounts in Thousands) Loans (4) Agricultural $ — $ — $ 1,937 $ 1,937 $ — Commercial and financial — — 1,438 1,438 20 Real Estate: Construction, 1 to 4 family residential — — 972 972 — Construction, land development and commercial — — 129 129 — Mortgage, farmland — — 1,959 1,959 — Mortgage, 1 to 4 family first liens — — 4,321 4,321 275 Mortgage, 1 to 4 family junior liens — — 212 212 — Mortgage, multi-family — — 321 321 — Mortgage, commercial — — 1,307 1,307 65 Loans to individuals — — — — — Foreclosed assets (5) — — — — — Total $ — $ — $ 12,596 $ 12,596 $ 360 (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. (4) Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero. (5) Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis (continued) December 31, 2015 Year Ended December 31, 2015 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Total Losses (Amounts in Thousands) Loans (4) Agricultural $ — $ — $ 1,470 $ 1,470 $ 116 Commercial and financial — — 1,178 1,178 56 Real Estate: Construction, 1 to 4 family residential — — 482 482 161 Construction, land development and commercial — — 132 132 35 Mortgage, farmland — — 2,233 2,233 — Mortgage, 1 to 4 family first liens — — 4,487 4,487 529 Mortgage, 1 to 4 family junior liens — — 286 286 166 Mortgage, multi-family — — 391 391 38 Mortgage, commercial — — 1,152 1,152 140 Loans to individuals — — — — — Foreclosed assets (5) — — 100 100 69 Total $ — $ — $ 11,911 $ 11,911 $ 1,310 (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. (4) Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero. (5) Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of banks commitments | A summary of the Bank’s commitments at March 31, 2016 and December 31, 2015 is as follows: March 31, 2016 December 31, 2015 (Amounts In Thousands) Firm loan commitments and unused portion of lines of credit: Home equity loans $ 46,610 $ 44,376 Credit cards 43,260 41,518 Commercial, real estate and home construction 100,509 98,613 Commercial lines and real estate purchase loans 177,287 160,095 Outstanding letters of credit 12,293 11,718 |
Derivative Financial Instrume26
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Identification of the balance sheet category and fair values of the derivative instruments designated as cash flow hedges | The table below identifies the balance sheet category and fair values of the Bank’s derivative instruments designated as cash flow hedges as of March 31, 2016 and December 31, 2015 : Notional Amount Fair Value Balance Sheet Category Maturity (Amounts in Thousands) March 31, 2016 Interest rate swap $ 25,000 $ (2,073 ) Other Liabilities 11/9/2020 Interest rate swap 25,000 (3,860 ) Other Liabilities 11/7/2023 December 31, 2015 Interest rate swap $ 25,000 $ (1,501 ) Other Liabilities 11/9/2020 Interest rate swap 25,000 (2,679 ) Other Liabilities 11/7/2023 |
Identification of the gains and losses recognized on the derivative instruments designated as cash flow hedges | The table below identifies the gains and losses recognized on the Bank’s derivative instruments designated as cash flow hedges as of March 31, 2016 and December 31, 2015 : Effective Portion Ineffective Portion Recognized in OCI Reclassifed from AOCI into Income Recognized in Income on Derivatives Amount of Gain (Loss) Category Amount of Gain (Loss) Category Amount of Gain (Loss) (Amounts in Thousands) March 31, 2016 Interest rate swap $ (353 ) Interest Expense $ — Other Income $ — Interest rate swap (730 ) Interest Expense — Other Income — December 31, 2015 Interest rate swap $ (394 ) Interest Expense $ — Other Income $ — Interest rate swap (461 ) Interest Expense — Other Income — |
Summary of Significant Accoun27
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) | 3 Months Ended |
Mar. 31, 2016segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Earnings Per Share (Details)
Earnings Per Share (Details) $ / shares in Units, $ in Thousands | Mar. 24, 2015 | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2015shares | Dec. 31, 2014shares |
Earnings Per Share [Abstract] | |||||
Stock split | 2 | ||||
Summary of computation of basic and diluted earnings per share [Abstract] | |||||
Common shares outstanding at the beginning of the period (shares) | 9,322,054 | 9,380,432 | |||
Weighted average number of net shares redeemed (shares) | (14,370) | (17,136) | |||
Weighted average shares outstanding (basic) (shares) | 9,307,684 | 9,363,296 | |||
Weighted average of potential dilutive shares attributable to stock options granted, computed under the treasury stock method (shares) | 6,130 | 4,980 | |||
Weighted average number of shares (diluted) (shares) | 9,313,814 | 9,368,276 | |||
Net income (In thousands) | $ | $ 7,700 | $ 7,380 | |||
Earnings per share: | |||||
Basic (in dollars per share) | $ / shares | $ 0.83 | $ 0.79 | |||
Diluted (in dollars per share) | $ / shares | $ 0.83 | $ 0.79 |
Other Comprehensive Income (L29
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Tax effect | $ 1,021 | $ 741 |
Net-of-tax amount | (1,650) | (1,195) |
Unrealized gains on available-for-sale securities [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), before Tax | 3,262 | 2,244 |
Net unrealized (loss) gain on derivatives used for cash flow hedges [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), before Tax | $ (5,933) | $ (4,180) |
Securities (Details)
Securities (Details) $ in Thousands | Mar. 31, 2016USD ($)security | Dec. 31, 2015USD ($)security |
Available-for-sale Securities [Abstract] | ||
Securities available for sale | $ 263,911 | $ 264,235 |
Securities available for sale, Percent | 100.00% | 100.00% |
Available-for-sale Securities Reconciliation [Abstract] | ||
Amortized Cost | $ 260,649 | $ 261,991 |
Gross Unrealized Gains | 3,377 | 2,548 |
Gross Unrealized (Losses) | (115) | (304) |
Estimated Fair Value | 263,911 | 264,235 |
Amortized Cost [Abstract] | ||
Due in one year or less | 41,343 | |
Due after one year through five years | 149,479 | |
Due after five years through ten years | 67,533 | |
Due over ten years | 2,294 | |
Amortized Cost | 260,649 | |
Fair Value [Abstract] | ||
Due in one year or less | 41,412 | |
Due after one year through five years | 151,349 | |
Due after five years through ten years | 68,847 | |
Due over ten years | 2,303 | |
Fair Value | 263,911 | $ 264,235 |
Carrying value of investment securities pledged to collateralize short-term borrowings | $ 71,790 | |
Less than 12 months [Abstract] | ||
Number of securities | security | 48 | 74 |
Fair Value | $ 19,944 | $ 57,842 |
Unrealized Loss | $ (87) | $ (230) |
Percentage | 0.44% | 0.40% |
12 months or more [Abstract] | ||
Number of securities | security | 14 | 27 |
Fair Value | $ 2,650 | $ 5,633 |
Unrealized Loss | $ (28) | $ (74) |
Percentage | 1.06% | 1.31% |
Total [Abstract] | ||
Number of securities | security | 62 | 101 |
Fair Value | $ 22,594 | $ 63,475 |
Unrealized Loss | $ (115) | $ (304) |
Percentage | 0.51% | 0.48% |
U.S. Treasury [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities available for sale | $ 25,175 | $ 24,978 |
Securities available for sale, Percent | 9.54% | 9.45% |
Available-for-sale Securities Reconciliation [Abstract] | ||
Amortized Cost | $ 24,905 | $ 24,893 |
Gross Unrealized Gains | 270 | 92 |
Gross Unrealized (Losses) | 0 | (7) |
Estimated Fair Value | 25,175 | 24,978 |
Fair Value [Abstract] | ||
Fair Value | $ 25,175 | $ 24,978 |
Less than 12 months [Abstract] | ||
Number of securities | security | 0 | 3 |
Fair Value | $ 0 | $ 7,455 |
Unrealized Loss | $ 0 | $ (7) |
Percentage | 0.00% | 0.09% |
12 months or more [Abstract] | ||
Number of securities | security | 0 | 0 |
Fair Value | $ 0 | $ 0 |
Unrealized Loss | $ 0 | $ 0 |
Percentage | 0.00% | 0.00% |
Total [Abstract] | ||
Number of securities | security | 0 | 3 |
Fair Value | $ 0 | $ 7,455 |
Unrealized Loss | $ 0 | $ (7) |
Percentage | 0.00% | 0.09% |
Other securities (FHLB, FHLMC and FNMA) [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities available for sale | $ 62,258 | $ 65,328 |
Securities available for sale, Percent | 23.59% | 24.72% |
Available-for-sale Securities Reconciliation [Abstract] | ||
Amortized Cost | $ 61,980 | $ 65,400 |
Gross Unrealized Gains | 292 | 81 |
Gross Unrealized (Losses) | (14) | (153) |
Estimated Fair Value | 62,258 | 65,328 |
Fair Value [Abstract] | ||
Fair Value | $ 62,258 | $ 65,328 |
Less than 12 months [Abstract] | ||
Number of securities | security | 4 | 15 |
Fair Value | $ 8,924 | $ 36,830 |
Unrealized Loss | $ (14) | $ (153) |
Percentage | 0.16% | 0.42% |
12 months or more [Abstract] | ||
Number of securities | security | 0 | 0 |
Fair Value | $ 0 | $ 0 |
Unrealized Loss | $ 0 | $ 0 |
Percentage | 0.00% | 0.00% |
Total [Abstract] | ||
Number of securities | security | 4 | 15 |
Fair Value | $ 8,924 | $ 36,830 |
Unrealized Loss | $ (14) | $ (153) |
Percentage | 0.16% | 0.42% |
State and political subdivisions [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities available for sale | $ 176,478 | $ 173,929 |
Securities available for sale, Percent | 66.87% | 65.83% |
Available-for-sale Securities Reconciliation [Abstract] | ||
Amortized Cost | $ 173,764 | $ 171,698 |
Gross Unrealized Gains | 2,815 | 2,375 |
Gross Unrealized (Losses) | (101) | (144) |
Estimated Fair Value | 176,478 | 173,929 |
Fair Value [Abstract] | ||
Fair Value | $ 176,478 | $ 173,929 |
Less than 12 months [Abstract] | ||
Number of securities | security | 44 | 56 |
Fair Value | $ 11,020 | $ 13,557 |
Unrealized Loss | $ (73) | $ (70) |
Percentage | 0.66% | 0.52% |
12 months or more [Abstract] | ||
Number of securities | security | 14 | 27 |
Fair Value | $ 2,650 | $ 5,633 |
Unrealized Loss | $ (28) | $ (74) |
Percentage | 1.06% | 1.31% |
Total [Abstract] | ||
Number of securities | security | 58 | 83 |
Fair Value | $ 13,670 | $ 19,190 |
Unrealized Loss | $ (101) | $ (144) |
Percentage | 0.74% | 0.75% |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Summary of classes of loans (abstract) | |||
Loans and receivable | $ 2,137,439 | $ 2,124,916 | $ 1,994,170 |
Net unamortized fees and costs | 766 | 768 | |
Loans and receivable, gross | 2,138,205 | 2,125,684 | |
Less allowance for loan losses | 27,130 | 26,510 | |
Loans and receivable, net | 2,111,075 | 2,099,174 | |
Agricultural [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 90,620 | 101,588 | 88,574 |
Commercial and financial [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 173,736 | 184,199 | 180,392 |
Real Estate: Construction, 1 to 4 family residential [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 58,293 | 51,346 | |
Real Estate: Construction, land development and commercial [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 105,607 | 83,121 | |
Real Estate: Mortgage, farmland [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 189,882 | 187,856 | $ 169,058 |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 725,924 | 727,160 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 118,115 | 117,873 | |
Real Estate: Mortgage, multi-family [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 284,715 | 271,974 | |
Real Estate: Mortgage, commercial [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 315,965 | 323,409 | |
Loans to individuals [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 22,959 | 24,019 | |
Obligations of state and political subdivisions [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | $ 51,623 | $ 52,371 |
Loans, Allowance For Credit Los
Loans, Allowance For Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | $ 26,510 | $ 24,020 | |||
Charge-offs | (644) | (767) | |||
Recoveries | 715 | 1,169 | |||
Provision | 549 | (62) | |||
Ending balance | 26,510 | 24,020 | $ 27,130 | $ 26,510 | $ 24,360 |
Ending balance, individually evaluated for impairment | 2,258 | 155 | |||
Ending balance, collectively evaluated for impairment | 24,872 | 24,205 | |||
Loan [Abstract] | |||||
Total Loans Receivable | 2,137,439 | 2,124,916 | 1,994,170 | ||
Ending balance, individually evaluated for impairment | 33,866 | 20,648 | |||
Ending balance, collectively evaluated for impairment | 2,103,573 | 1,973,522 | |||
Agricultural [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 3,082 | 2,515 | |||
Charge-offs | 0 | (43) | |||
Recoveries | 142 | 82 | |||
Provision | (270) | (10) | |||
Ending balance | 3,082 | 2,515 | 2,954 | 3,082 | 2,544 |
Ending balance, individually evaluated for impairment | 868 | 13 | |||
Ending balance, collectively evaluated for impairment | 2,086 | 2,531 | |||
Loan [Abstract] | |||||
Total Loans Receivable | 90,620 | 101,588 | 88,574 | ||
Ending balance, individually evaluated for impairment | 12,647 | 1,851 | |||
Ending balance, collectively evaluated for impairment | 77,973 | 86,723 | |||
Commercial and Financial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 4,517 | 4,231 | |||
Charge-offs | (55) | (66) | |||
Recoveries | 253 | 401 | |||
Provision | (404) | (208) | |||
Ending balance | 4,517 | 4,231 | 4,311 | 4,517 | 4,358 |
Ending balance, individually evaluated for impairment | 268 | 7 | |||
Ending balance, collectively evaluated for impairment | 4,043 | 4,351 | |||
Loan [Abstract] | |||||
Total Loans Receivable | 173,736 | 184,199 | 180,392 | ||
Ending balance, individually evaluated for impairment | 2,406 | 2,284 | |||
Ending balance, collectively evaluated for impairment | 171,330 | 178,108 | |||
Real Estate: Construction and land development [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 2,280 | 2,241 | |||
Charge-offs | 0 | (84) | |||
Recoveries | 52 | 151 | |||
Provision | 427 | (58) | |||
Ending balance | 2,280 | 2,241 | 2,759 | 2,280 | 2,250 |
Ending balance, individually evaluated for impairment | 32 | 33 | |||
Ending balance, collectively evaluated for impairment | 2,727 | 2,217 | |||
Loan [Abstract] | |||||
Total Loans Receivable | 163,900 | 126,544 | |||
Ending balance, individually evaluated for impairment | 1,450 | 954 | |||
Ending balance, collectively evaluated for impairment | 162,450 | 125,590 | |||
Real Estate: Mortgage, farmland [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 3,342 | 2,672 | |||
Charge-offs | (10) | 0 | |||
Recoveries | 0 | 6 | |||
Provision | 612 | 99 | |||
Ending balance | 3,342 | 2,672 | 3,944 | 3,342 | 2,777 |
Ending balance, individually evaluated for impairment | 670 | 26 | |||
Ending balance, collectively evaluated for impairment | 3,274 | 2,751 | |||
Loan [Abstract] | |||||
Total Loans Receivable | 189,882 | 187,856 | 169,058 | ||
Ending balance, individually evaluated for impairment | 8,098 | 2,464 | |||
Ending balance, collectively evaluated for impairment | 181,784 | 166,594 | |||
Real Estate: Mortgage, 1 to 4 family [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 8,172 | 7,419 | |||
Charge-offs | (344) | (347) | |||
Recoveries | 213 | 413 | |||
Provision | (5) | (29) | |||
Ending balance | 8,172 | 7,419 | 8,036 | 8,172 | 7,456 |
Ending balance, individually evaluated for impairment | 310 | 68 | |||
Ending balance, collectively evaluated for impairment | 7,726 | 7,388 | |||
Loan [Abstract] | |||||
Total Loans Receivable | 844,039 | 788,782 | |||
Ending balance, individually evaluated for impairment | 5,594 | 3,559 | |||
Ending balance, collectively evaluated for impairment | 838,445 | 785,223 | |||
Real Estate: Mortgage, multi-family and commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 4,223 | 4,195 | |||
Charge-offs | (66) | (179) | |||
Recoveries | 11 | 70 | |||
Provision | 22 | 39 | |||
Ending balance | 4,223 | 4,195 | 4,190 | 4,223 | 4,125 |
Ending balance, individually evaluated for impairment | 88 | 8 | |||
Ending balance, collectively evaluated for impairment | 4,102 | 4,117 | |||
Loan [Abstract] | |||||
Total Loans Receivable | 600,680 | 564,657 | |||
Ending balance, individually evaluated for impairment | 3,649 | 9,536 | |||
Ending balance, collectively evaluated for impairment | 597,031 | 555,121 | |||
Others [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 894 | 747 | |||
Charge-offs | (169) | (48) | |||
Recoveries | 44 | 46 | |||
Provision | 167 | 105 | |||
Ending balance | 894 | 747 | 936 | $ 894 | 850 |
Ending balance, individually evaluated for impairment | 22 | 0 | |||
Ending balance, collectively evaluated for impairment | 914 | 850 | |||
Loan [Abstract] | |||||
Total Loans Receivable | $ 74,582 | $ 76,163 | |||
Ending balance, individually evaluated for impairment | 22 | 0 | |||
Ending balance, collectively evaluated for impairment | $ 74,560 | $ 76,163 |
Loans, Credit Quality Indicator
Loans, Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | $ 2,137,439 | $ 2,124,916 | $ 1,994,170 |
Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 33,054 | 29,829 | |
Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 296,639 | 300,564 | |
Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 1,481,668 | 1,455,498 | |
Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 211,517 | 215,156 | |
Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 59,445 | 86,489 | |
Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 55,116 | 37,380 | |
Agricultural [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 90,620 | 101,588 | 88,574 |
Agricultural [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 1,773 | 1,786 | |
Agricultural [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 18,163 | 15,959 | |
Agricultural [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 34,358 | 36,819 | |
Agricultural [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 17,368 | 18,064 | |
Agricultural [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 4,534 | 25,356 | |
Agricultural [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 14,424 | 3,604 | |
Commercial and Financial [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 173,736 | 184,199 | 180,392 |
Commercial and Financial [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 3,050 | 3,298 | |
Commercial and Financial [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 27,861 | 38,764 | |
Commercial and Financial [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 101,014 | 102,188 | |
Commercial and Financial [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 25,804 | 27,181 | |
Commercial and Financial [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 11,664 | 8,231 | |
Commercial and Financial [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 4,343 | 4,537 | |
Real Estate: Construction, 1 to 4 family residential [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 58,293 | 51,346 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 0 | 0 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 2,771 | 1,898 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 37,546 | 34,357 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 11,144 | 8,684 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 5,768 | 5,842 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 1,064 | 565 | |
Real Estate: Construction, land development and commercial [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 105,607 | 83,121 | |
Real Estate: Construction, land development and commercial [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 255 | 260 | |
Real Estate: Construction, land development and commercial [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 12,653 | 11,570 | |
Real Estate: Construction, land development and commercial [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 70,736 | 52,731 | |
Real Estate: Construction, land development and commercial [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 15,110 | 11,550 | |
Real Estate: Construction, land development and commercial [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 6,392 | 6,542 | |
Real Estate: Construction, land development and commercial [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 461 | 468 | |
Real Estate: Mortgage, farmland [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 189,882 | 187,856 | $ 169,058 |
Real Estate: Mortgage, farmland [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 2,517 | 2,559 | |
Real Estate: Mortgage, farmland [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 33,497 | 31,186 | |
Real Estate: Mortgage, farmland [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 115,190 | 112,038 | |
Real Estate: Mortgage, farmland [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 26,787 | 27,304 | |
Real Estate: Mortgage, farmland [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 2,261 | 11,181 | |
Real Estate: Mortgage, farmland [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 9,630 | 3,588 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 725,924 | 727,160 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 563 | 426 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 14,525 | 15,773 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 622,556 | 620,731 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 53,133 | 55,499 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 16,510 | 16,237 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 18,637 | 18,494 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 118,115 | 117,873 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 0 | 0 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 2,654 | 2,992 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 107,567 | 107,091 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 4,227 | 4,198 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 1,867 | 1,846 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 1,800 | 1,746 | |
Real Estate: Mortgage, multi-family [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 284,715 | 271,974 | |
Real Estate: Mortgage, multi-family [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 6,560 | 6,651 | |
Real Estate: Mortgage, multi-family [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 67,078 | 64,002 | |
Real Estate: Mortgage, multi-family [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 175,070 | 166,193 | |
Real Estate: Mortgage, multi-family [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 30,733 | 29,732 | |
Real Estate: Mortgage, multi-family [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 4,700 | 4,873 | |
Real Estate: Mortgage, multi-family [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 574 | 523 | |
Real Estate: Mortgage, commercial [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 315,965 | 323,409 | |
Real Estate: Mortgage, commercial [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 15,990 | 12,484 | |
Real Estate: Mortgage, commercial [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 80,891 | 81,305 | |
Real Estate: Mortgage, commercial [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 183,139 | 187,728 | |
Real Estate: Mortgage, commercial [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 26,456 | 32,141 | |
Real Estate: Mortgage, commercial [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 5,522 | 6,183 | |
Real Estate: Mortgage, commercial [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 3,967 | 3,568 | |
Loans to individuals [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 22,959 | 24,019 | |
Loans to individuals [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 0 | 0 | |
Loans to individuals [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 92 | 70 | |
Loans to individuals [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 22,205 | 23,197 | |
Loans to individuals [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 237 | 285 | |
Loans to individuals [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 209 | 198 | |
Loans to individuals [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 216 | 269 | |
Obligations of state and political subdivisions [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 51,623 | 52,371 | |
Obligations of state and political subdivisions [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 2,346 | 2,365 | |
Obligations of state and political subdivisions [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 36,454 | 37,045 | |
Obligations of state and political subdivisions [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 12,287 | 12,425 | |
Obligations of state and political subdivisions [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 518 | 518 | |
Obligations of state and political subdivisions [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 18 | 0 | |
Obligations of state and political subdivisions [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | $ 0 | $ 18 |
Loans, Past Due Receivables (De
Loans, Past Due Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | $ 16,336 | $ 10,340 | |
60 - 89 Days Past Due | 2,245 | 2,365 | |
90 Days or More Past Due | 4,486 | 4,253 | |
Total Past Due | 23,067 | 16,958 | |
Current | 2,114,372 | 2,107,958 | |
Total Loans Receivable | 2,137,439 | 2,124,916 | $ 1,994,170 |
Accruing Loans Past Due 90 Days or More | 664 | 467 | |
Agricultural [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 7,275 | 3,064 | |
60 - 89 Days Past Due | 149 | 961 | |
90 Days or More Past Due | 1,264 | 0 | |
Total Past Due | 8,688 | 4,025 | |
Current | 81,932 | 97,563 | |
Total Loans Receivable | 90,620 | 101,588 | 88,574 |
Accruing Loans Past Due 90 Days or More | 283 | 0 | |
Commercial and Financial [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 697 | 854 | |
60 - 89 Days Past Due | 1,074 | 71 | |
90 Days or More Past Due | 1,158 | 1,312 | |
Total Past Due | 2,929 | 2,237 | |
Current | 170,807 | 181,962 | |
Total Loans Receivable | 173,736 | 184,199 | 180,392 |
Accruing Loans Past Due 90 Days or More | 50 | 0 | |
Real Estate: Construction, 1 to 4 family residential [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 767 | 0 | |
60 - 89 Days Past Due | 0 | 0 | |
90 Days or More Past Due | 173 | 214 | |
Total Past Due | 940 | 214 | |
Current | 57,353 | 51,132 | |
Total Loans Receivable | 58,293 | 51,346 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Real Estate: Construction, land development and commercial [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 1,145 | 0 | |
60 - 89 Days Past Due | 121 | 0 | |
90 Days or More Past Due | 0 | 88 | |
Total Past Due | 1,266 | 88 | |
Current | 104,341 | 83,033 | |
Total Loans Receivable | 105,607 | 83,121 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Real Estate: Mortgage, farmland [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 519 | 320 | |
60 - 89 Days Past Due | 0 | 88 | |
90 Days or More Past Due | 0 | 0 | |
Total Past Due | 519 | 408 | |
Current | 189,363 | 187,448 | |
Total Loans Receivable | 189,882 | 187,856 | $ 169,058 |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 5,290 | 4,526 | |
60 - 89 Days Past Due | 213 | 1,192 | |
90 Days or More Past Due | 1,629 | 2,085 | |
Total Past Due | 7,132 | 7,803 | |
Current | 718,792 | 719,357 | |
Total Loans Receivable | 725,924 | 727,160 | |
Accruing Loans Past Due 90 Days or More | 331 | 406 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 131 | 250 | |
60 - 89 Days Past Due | 50 | 13 | |
90 Days or More Past Due | 49 | 110 | |
Total Past Due | 230 | 373 | |
Current | 117,885 | 117,500 | |
Total Loans Receivable | 118,115 | 117,873 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Real Estate: Mortgage, multi-family [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 0 | 135 | |
60 - 89 Days Past Due | 135 | 0 | |
90 Days or More Past Due | 40 | 113 | |
Total Past Due | 175 | 248 | |
Current | 284,540 | 271,726 | |
Total Loans Receivable | 284,715 | 271,974 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Real Estate: Mortgage, commercial [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 426 | 1,033 | |
60 - 89 Days Past Due | 474 | 0 | |
90 Days or More Past Due | 173 | 331 | |
Total Past Due | 1,073 | 1,364 | |
Current | 314,892 | 322,045 | |
Total Loans Receivable | 315,965 | 323,409 | |
Accruing Loans Past Due 90 Days or More | 0 | 61 | |
Loans to individuals [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 86 | 158 | |
60 - 89 Days Past Due | 29 | 40 | |
90 Days or More Past Due | 0 | 0 | |
Total Past Due | 115 | 198 | |
Current | 22,844 | 23,821 | |
Total Loans Receivable | 22,959 | 24,019 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Obligations of state and political subdivisions [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 0 | 0 | |
60 - 89 Days Past Due | 0 | 0 | |
90 Days or More Past Due | 0 | 0 | |
Total Past Due | 0 | 0 | |
Current | 51,623 | 52,371 | |
Total Loans Receivable | 51,623 | 52,371 | |
Accruing Loans Past Due 90 Days or More | $ 0 | $ 0 |
Loans, Impaired Financing Recei
Loans, Impaired Financing Receivable Loan Type (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | $ 10,125 | $ 7,415 |
Accruing loans past due 90 days or more | 664 | 467 | |
TDR loans | 6,831 | 8,279 | |
Increase in accruing loans past due 90 days or more | 200 | ||
Average 90 days or more past due loan balance | 110 | 90 | |
Agricultural [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 1,659 | 0 |
Accruing loans past due 90 days or more | 283 | 0 | |
TDR loans | 225 | 1,710 | |
Commercial and financial [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 1,493 | 1,498 |
Accruing loans past due 90 days or more | 50 | 0 | |
TDR loans | 863 | 612 | |
Real Estate: Construction, 1 to 4 family residential [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 173 | 214 |
Accruing loans past due 90 days or more | 0 | 0 | |
TDR loans | 1,016 | 473 | |
Real Estate: Construction, land development and commercial [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 141 | 145 |
Accruing loans past due 90 days or more | 0 | 0 | |
TDR loans | 121 | 122 | |
Real Estate: Mortgage, farmland [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 1,281 | 0 |
Accruing loans past due 90 days or more | 0 | 0 | |
TDR loans | 1,074 | 2,233 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 3,677 | 3,845 |
Accruing loans past due 90 days or more | 331 | 406 | |
TDR loans | 1,356 | 1,369 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 201 | 279 |
Accruing loans past due 90 days or more | 0 | 0 | |
TDR loans | 26 | 27 | |
Real Estate: Mortgage, multi-family [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 367 | 449 |
Accruing loans past due 90 days or more | 0 | 0 | |
TDR loans | 0 | 0 | |
Real Estate: Mortgage, commercial [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 1,133 | 985 |
Accruing loans past due 90 days or more | 0 | 61 | |
TDR loans | 2,150 | 1,733 | |
Loans to individuals [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Accruing loans past due 90 days or more | 0 | 0 | |
Troubled Debt Restructuring [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
TDR Loans included within nonaccrual loans | $ 5,110 | $ 2,310 | |
[1] | There were $5.11 million and $2.31 million of TDR loans included within nonaccrual loans as of March 31, 2016 and December 31, 2015, respectively. |
Loans, Troubled Debt Restructur
Loans, Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)contract | Dec. 31, 2015USD ($)contract | |
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 59 | 50 |
Recorded investment | $ 11,944 | $ 10,592 |
Commitments outstanding | $ 443 | 411 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 10 | |
Pre-modification recorded investment | $ 1,653 | |
Post-modification recorded investment | 1,653 | |
Commitments to lend additional borrowings | 410 | |
TDR loans default payment | $ 0 | $ 0 |
Agricultural [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 7 | 7 |
Recorded investment | $ 1,666 | $ 1,710 |
Commitments outstanding | $ 31 | $ 32 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 0 | |
Pre-modification recorded investment | $ 0 | |
Post-modification recorded investment | $ 0 | |
Commercial and Financial [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 12 | 8 |
Recorded investment | $ 2,059 | $ 1,818 |
Commitments outstanding | $ 319 | $ 241 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 4 | |
Pre-modification recorded investment | $ 349 | |
Post-modification recorded investment | $ 349 | |
Real Estate: Construction, 1 to 4 family residential [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 5 | 3 |
Recorded investment | $ 1,188 | $ 646 |
Commitments outstanding | $ 0 | $ 138 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 2 | |
Pre-modification recorded investment | $ 543 | |
Post-modification recorded investment | $ 543 | |
Real Estate: Construction, land development and commercial [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 1 | 1 |
Recorded investment | $ 121 | $ 122 |
Commitments outstanding | $ 0 | $ 0 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 0 | |
Pre-modification recorded investment | $ 0 | |
Post-modification recorded investment | $ 0 | |
Real Estate: Mortgage, farmland [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 6 | 5 |
Recorded investment | $ 2,355 | $ 2,233 |
Commitments outstanding | $ 0 | $ 0 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 1 | |
Pre-modification recorded investment | $ 132 | |
Post-modification recorded investment | $ 132 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 13 | 13 |
Recorded investment | $ 1,557 | $ 1,575 |
Commitments outstanding | $ 0 | $ 0 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 0 | |
Pre-modification recorded investment | $ 0 | |
Post-modification recorded investment | $ 0 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 2 | 2 |
Recorded investment | $ 33 | $ 36 |
Commitments outstanding | $ 93 | $ 0 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 0 | |
Pre-modification recorded investment | $ 0 | |
Post-modification recorded investment | $ 0 | |
Real Estate: Mortgage, multi-family [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 0 | 1 |
Recorded investment | $ 0 | $ 71 |
Commitments outstanding | $ 0 | $ 0 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 0 | |
Pre-modification recorded investment | $ 0 | |
Post-modification recorded investment | $ 0 | |
Real Estate: Mortgage, commercial [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 13 | 10 |
Recorded investment | $ 2,965 | $ 2,381 |
Commitments outstanding | $ 0 | $ 0 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 3 | |
Pre-modification recorded investment | $ 629 | |
Post-modification recorded investment | $ 629 | |
Loans to individuals [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 0 | 0 |
Recorded investment | $ 0 | $ 0 |
Commitments outstanding | $ 0 | $ 0 |
Loans, Impaired Financing Rec37
Loans, Impaired Financing Receivables Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Recorded Investment [Abstract] | ||
With no related allowance recorded | $ 9,493 | $ 11,288 |
With an allowance recorded | 24,373 | 4,973 |
Total impaired loans | 33,866 | 16,261 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 13,142 | 14,840 |
With an allowance recorded | 24,721 | 5,355 |
Total | 37,863 | 20,195 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 2,258 | 883 |
Total | 2,258 | $ 883 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 9,615 | |
With an allowance recorded | 24,536 | |
Total | 34,151 | |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 56 | |
With an allowance recorded | 249 | |
Total | 305 | |
Impaired loans increase | $ 17,610 | |
Percentages of impaired loans to loans held for investment (in hundredths) | 1.58% | 0.76% |
Increase in nonaccrual loans | $ 2,710 | |
Decrease in TDR Loans | $ 1,450 | |
Prior period within which impairment is being measured | 1 year | |
Number of period within which average appraisals obtained | 1 month | |
Agricultural and Farmland Real Estate [Member] | ||
Interest Income Recognized [Abstract] | ||
Impaired loans increase | $ 16,220 | |
Agricultural [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 126 | $ 1,609 |
With an allowance recorded | 12,521 | 101 |
Total impaired loans | 12,647 | 1,710 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 278 | 1,773 |
With an allowance recorded | 12,524 | 101 |
Total | 12,802 | 1,874 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 868 | 1 |
Total | 868 | 1 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 133 | |
With an allowance recorded | 12,570 | |
Total | 12,703 | |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 2 | |
With an allowance recorded | 140 | |
Total | 142 | |
Commercial and Financial [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 1,552 | 1,263 |
With an allowance recorded | 854 | 847 |
Total impaired loans | 2,406 | 2,110 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 2,275 | 1,981 |
With an allowance recorded | 880 | 847 |
Total | 3,155 | 2,828 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 268 | 324 |
Total | 268 | 324 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 1,574 | |
With an allowance recorded | 907 | |
Total | 2,481 | |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 6 | |
With an allowance recorded | 7 | |
Total | 13 | |
Real Estate: Construction, 1 to 4 family residential [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 739 | 238 |
With an allowance recorded | 449 | 449 |
Total impaired loans | 1,188 | 687 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 739 | 238 |
With an allowance recorded | 461 | 461 |
Total | 1,200 | 699 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 20 | 9 |
Total | 20 | 9 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 739 | |
With an allowance recorded | 449 | |
Total | 1,188 | |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 8 | |
With an allowance recorded | 3 | |
Total | 11 | |
Real Estate: Construction, land development and commercial [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 206 | 210 |
With an allowance recorded | 56 | 57 |
Total impaired loans | 262 | 267 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 293 | 314 |
With an allowance recorded | 57 | 58 |
Total | 350 | 372 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 12 | 13 |
Total | 12 | 13 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 208 | |
With an allowance recorded | 56 | |
Total | 264 | |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 1 | |
With an allowance recorded | 0 | |
Total | 1 | |
Real Estate: Mortgage, farmland [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 527 | 2,233 |
With an allowance recorded | 7,571 | 0 |
Total impaired loans | 8,098 | 2,233 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 645 | 2,351 |
With an allowance recorded | 7,571 | 0 |
Total | 8,216 | 2,351 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 670 | 0 |
Total | 670 | 0 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 530 | |
With an allowance recorded | 7,578 | |
Total | 8,108 | |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 6 | |
With an allowance recorded | 83 | |
Total | 89 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 3,633 | 3,558 |
With an allowance recorded | 1,733 | 2,062 |
Total impaired loans | 5,366 | 5,620 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 4,507 | 4,419 |
With an allowance recorded | 1,846 | 2,156 |
Total | 6,353 | 6,575 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 294 | 306 |
Total | 294 | 306 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 3,668 | |
With an allowance recorded | 1,762 | |
Total | 5,430 | |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 13 | |
With an allowance recorded | 6 | |
Total | 19 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 150 | 189 |
With an allowance recorded | 78 | 117 |
Total impaired loans | 228 | 306 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 450 | 500 |
With an allowance recorded | 233 | 270 |
Total | 683 | 770 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 16 | 20 |
Total | 16 | 20 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 157 | |
With an allowance recorded | 80 | |
Total | 237 | |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 0 | |
With an allowance recorded | 0 | |
Total | 0 | |
Real Estate: Mortgage, multi-family [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 151 | 157 |
With an allowance recorded | 216 | 292 |
Total impaired loans | 367 | 449 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 262 | 226 |
With an allowance recorded | 221 | 332 |
Total | 483 | 558 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 46 | 58 |
Total | 46 | 58 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 190 | |
With an allowance recorded | 218 | |
Total | 408 | |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 0 | |
With an allowance recorded | 0 | |
Total | 0 | |
Real Estate: Mortgage, commercial [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 2,409 | 1,831 |
With an allowance recorded | 873 | 948 |
Total impaired loans | 3,282 | 2,779 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 3,673 | 3,018 |
With an allowance recorded | 906 | 1,030 |
Total | 4,579 | 4,048 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 42 | 52 |
Total | 42 | 52 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 2,416 | |
With an allowance recorded | 880 | |
Total | 3,296 | |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 20 | |
With an allowance recorded | 9 | |
Total | 29 | |
Loans to individuals [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 22 | 100 |
Total impaired loans | 22 | 100 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 20 | 20 |
With an allowance recorded | 22 | 100 |
Total | 42 | 120 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 22 | 100 |
Total | 22 | $ 100 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 0 | |
With an allowance recorded | 36 | |
Total | 36 | |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 0 | |
With an allowance recorded | 1 | |
Total | $ 1 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |||
Readily Available Market Prices [Member] | |||||
Financial instrument assets: | |||||
Cash and cash equivalents | $ 135,553 | [1] | $ 35,427 | [2] | |
Investment securities | 0 | [1] | 0 | [2] | |
Loans held for sale | 0 | [1] | 0 | [2] | |
Loans | |||||
Agricultural | 0 | [1] | 0 | [2] | |
Commercial and financial | 0 | [1] | 0 | [2] | |
Real estate: | |||||
Construction, 1 to 4 family residential | 0 | [1] | 0 | [2] | |
Construction, land development and commercial | 0 | [1] | 0 | [2] | |
Mortgage, farmland | 0 | [1] | 0 | [2] | |
Mortgage, 1 to 4 family first liens | 0 | [1] | 0 | [2] | |
Mortgage, 1 to 4 family junior liens | 0 | [1] | 0 | [2] | |
Mortgage, multi-family | 0 | [1] | 0 | [2] | |
Mortgage, commercial | 0 | [1] | 0 | [2] | |
Loans to individuals | 0 | [1] | 0 | [2] | |
Obligations of state and political subdivisions | 0 | [1] | 0 | [2] | |
Accrued interest receivable | 0 | [1] | 0 | [2] | |
Total financial instrument assets | 135,553 | [1] | 35,427 | [2] | |
Deposits | |||||
Noninterest-bearing deposits | 0 | [1] | 0 | [2] | |
Interest-bearing deposits | 0 | [1] | 0 | [2] | |
Other borrowings | 0 | [1] | 0 | [2] | |
Federal Home Loan Bank borrowings | 0 | [1] | 0 | [2] | |
Interest rate swaps | [1] | 0 | |||
Accrued interest payable | 0 | [1] | 0 | [2] | |
Total financial instrument liabilities | 0 | [1] | 0 | [2] | |
Financial instrument with off-balance sheet risk: | |||||
Loan commitments | 0 | [1] | 0 | [2] | |
Letters of credit | 0 | [1] | 0 | [2] | |
Total financial instrument liabilities with off-balance-sheet risk | 0 | [1] | 0 | [2] | |
Observable Market Prices [Member] | |||||
Financial instrument assets: | |||||
Cash and cash equivalents | 0 | [3] | 0 | [4] | |
Investment securities | 276,535 | [3] | 276,069 | [4] | |
Loans held for sale | 4,571 | [3] | 5,554 | [4] | |
Loans | |||||
Agricultural | 0 | [3] | 0 | [4] | |
Commercial and financial | 0 | [3] | 0 | [4] | |
Real estate: | |||||
Construction, 1 to 4 family residential | 0 | [3] | 0 | [4] | |
Construction, land development and commercial | 0 | [3] | 0 | [4] | |
Mortgage, farmland | 0 | [3] | 0 | [4] | |
Mortgage, 1 to 4 family first liens | 0 | [3] | 0 | [4] | |
Mortgage, 1 to 4 family junior liens | 0 | [3] | 0 | [4] | |
Mortgage, multi-family | 0 | [3] | 0 | [4] | |
Mortgage, commercial | 0 | [3] | 0 | [4] | |
Loans to individuals | 0 | [3] | 0 | [4] | |
Obligations of state and political subdivisions | 0 | [3] | 0 | [4] | |
Accrued interest receivable | 10,020 | [3] | 8,672 | [4] | |
Total financial instrument assets | 291,126 | [3] | 290,295 | [4] | |
Deposits | |||||
Noninterest-bearing deposits | 296,922 | [3] | 314,968 | [4] | |
Interest-bearing deposits | 1,684,108 | [3] | 1,577,684 | [4] | |
Other borrowings | 45,381 | [3] | 44,051 | [4] | |
Federal Home Loan Bank borrowings | 240,044 | [3] | 226,157 | [4] | |
Interest rate swaps | 5,933 | [3] | 4,180 | ||
Accrued interest payable | 838 | [3] | 846 | [4] | |
Total financial instrument liabilities | 2,273,226 | [3] | 2,167,886 | [4] | |
Financial instrument with off-balance sheet risk: | |||||
Loan commitments | 0 | [3] | 0 | [4] | |
Letters of credit | 0 | [3] | 0 | [4] | |
Total financial instrument liabilities with off-balance-sheet risk | 0 | [3] | 0 | [4] | |
Company Determined Market Prices [Member] | |||||
Financial instrument assets: | |||||
Cash and cash equivalents | 0 | [5] | 0 | [6] | |
Investment securities | 0 | [5] | 0 | [6] | |
Loans held for sale | 0 | [5] | 0 | [6] | |
Loans | |||||
Agricultural | 87,695 | [5] | 98,530 | [6] | |
Commercial and financial | 169,412 | [5] | 179,649 | [6] | |
Real estate: | |||||
Construction, 1 to 4 family residential | 57,303 | [5] | 50,487 | [6] | |
Construction, land development and commercial | 103,842 | [5] | 81,705 | [6] | |
Mortgage, farmland | 186,148 | [5] | 184,640 | [6] | |
Mortgage, 1 to 4 family first liens | 716,974 | [5] | 718,566 | [6] | |
Mortgage, 1 to 4 family junior liens | 122,408 | [5] | 122,173 | [6] | |
Mortgage, multi-family | 285,700 | [5] | 272,446 | [6] | |
Mortgage, commercial | 312,448 | [5] | 319,090 | [6] | |
Loans to individuals | 22,400 | [5] | 23,509 | [6] | |
Obligations of state and political subdivisions | 50,461 | [5] | 51,073 | [6] | |
Accrued interest receivable | 0 | [5] | 0 | [6] | |
Total financial instrument assets | 2,114,791 | [5] | 2,101,868 | [6] | |
Deposits | |||||
Noninterest-bearing deposits | 0 | [5] | 0 | [6] | |
Interest-bearing deposits | 0 | [5] | 0 | [6] | |
Other borrowings | 0 | [5] | 0 | [6] | |
Federal Home Loan Bank borrowings | 0 | [5] | 0 | [6] | |
Interest rate swaps | [5] | 0 | |||
Accrued interest payable | 0 | [5] | 0 | [6] | |
Total financial instrument liabilities | 0 | [5] | 0 | [6] | |
Financial instrument with off-balance sheet risk: | |||||
Loan commitments | 0 | [5] | 0 | [6] | |
Letters of credit | 0 | [5] | 0 | [6] | |
Total financial instrument liabilities with off-balance-sheet risk | 0 | [5] | 0 | [6] | |
Carrying Amount [Member] | |||||
Financial instrument assets: | |||||
Cash and cash equivalents | 135,553 | 35,427 | |||
Investment securities | 276,535 | 276,069 | |||
Loans held for sale | 4,571 | 5,554 | |||
Loans | |||||
Agricultural | 87,666 | 98,506 | |||
Commercial and financial | 169,425 | 179,682 | |||
Real estate: | |||||
Construction, 1 to 4 family residential | 57,302 | 50,480 | |||
Construction, land development and commercial | 103,839 | 81,707 | |||
Mortgage, farmland | 185,938 | 184,514 | |||
Mortgage, 1 to 4 family first liens | 719,119 | 720,229 | |||
Mortgage, 1 to 4 family junior liens | 116,884 | 116,632 | |||
Mortgage, multi-family | 282,957 | 270,261 | |||
Mortgage, commercial | 313,533 | 320,899 | |||
Loans to individuals | 22,410 | 23,518 | |||
Obligations of state and political subdivisions | 51,236 | 51,978 | |||
Accrued interest receivable | 10,020 | 8,672 | |||
Total financial instrument assets | 2,536,988 | 2,424,128 | |||
Deposits | |||||
Noninterest-bearing deposits | 296,922 | 314,968 | |||
Interest-bearing deposits | 1,682,659 | 1,575,734 | |||
Other borrowings | 45,381 | 44,051 | |||
Federal Home Loan Bank borrowings | 240,000 | 225,000 | |||
Interest rate swaps | 5,933 | 4,180 | |||
Accrued interest payable | 838 | 846 | |||
Total financial instrument liabilities | 2,271,733 | 2,164,779 | |||
Financial instrument with off-balance sheet risk: | |||||
Loan commitments | 367,666 | 344,602 | |||
Letters of credit | 12,293 | 11,718 | |||
Total financial instrument liabilities with off-balance-sheet risk | 379,959 | 356,320 | |||
Estimated Fair Value [Member] | |||||
Financial instrument assets: | |||||
Cash and cash equivalents | 135,553 | 35,427 | |||
Investment securities | 276,535 | 276,069 | |||
Loans held for sale | 4,571 | 5,554 | |||
Loans | |||||
Agricultural | 87,695 | 98,530 | |||
Commercial and financial | 169,412 | 179,649 | |||
Real estate: | |||||
Construction, 1 to 4 family residential | 57,303 | 50,487 | |||
Construction, land development and commercial | 103,842 | 81,705 | |||
Mortgage, farmland | 186,148 | 184,640 | |||
Mortgage, 1 to 4 family first liens | 716,974 | 718,566 | |||
Mortgage, 1 to 4 family junior liens | 122,408 | 122,173 | |||
Mortgage, multi-family | 285,700 | 272,446 | |||
Mortgage, commercial | 312,448 | 319,090 | |||
Loans to individuals | 22,400 | 23,509 | |||
Obligations of state and political subdivisions | 50,461 | 51,073 | |||
Accrued interest receivable | 10,020 | 8,672 | |||
Total financial instrument assets | 2,541,470 | 2,427,590 | |||
Deposits | |||||
Noninterest-bearing deposits | 296,922 | 314,968 | |||
Interest-bearing deposits | 1,684,108 | 1,577,684 | |||
Other borrowings | 45,381 | 44,051 | |||
Federal Home Loan Bank borrowings | 240,044 | 226,157 | |||
Interest rate swaps | 5,933 | 4,180 | |||
Accrued interest payable | 838 | 846 | |||
Total financial instrument liabilities | 2,273,226 | 2,167,886 | |||
Financial instrument with off-balance sheet risk: | |||||
Loan commitments | 0 | 0 | |||
Letters of credit | 0 | 0 | |||
Total financial instrument liabilities with off-balance-sheet risk | $ 0 | $ 0 | |||
[1] | Considered Level 1 under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). | ||||
[2] | Considered Level 1 under ASC 820. | ||||
[3] | Considered Level 2 under ASC 820. | ||||
[4] | Considered Level 2 under ASC 820. | ||||
[5] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. | ||||
[6] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
Fair Value Measurements, Assets
Fair Value Measurements, Assets and Liabilities Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | $ 263,911 | $ 264,235 | |||
U.S. Treasury [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | 25,175 | 24,978 | |||
State and political subdivisions [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | 176,478 | 173,929 | |||
Readily Available Market Prices [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Derivative Financial Instruments | [1] | 0 | |||
Total | 135,553 | [1] | 35,427 | [2] | |
Observable Market Prices [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Derivative Financial Instruments | (5,933) | [3] | (4,180) | ||
Total | 291,126 | [3] | 290,295 | [4] | |
Company Determined Market Prices [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Derivative Financial Instruments | [5] | 0 | |||
Total | 2,114,791 | [5] | 2,101,868 | [6] | |
Recurring Basis [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Total | 257,978 | 260,055 | |||
Recurring Basis [Member] | U.S. Treasury [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | 25,175 | 24,978 | |||
Recurring Basis [Member] | State and political subdivisions [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | 176,478 | 173,929 | |||
Recurring Basis [Member] | Other securities (FHLB, FHLMC and FNMA) [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | 62,258 | 65,328 | |||
Recurring Basis [Member] | Interest rate swaps [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Derivative Financial Instruments | (5,933) | (4,180) | |||
Recurring Basis [Member] | Readily Available Market Prices [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Total | [7] | 0 | 0 | ||
Recurring Basis [Member] | Readily Available Market Prices [Member] | U.S. Treasury [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | [7] | 0 | 0 | ||
Recurring Basis [Member] | Readily Available Market Prices [Member] | State and political subdivisions [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | [7] | 0 | 0 | ||
Recurring Basis [Member] | Readily Available Market Prices [Member] | Other securities (FHLB, FHLMC and FNMA) [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | [7] | 0 | 0 | ||
Recurring Basis [Member] | Observable Market Prices [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Total | [8] | 257,978 | 260,055 | ||
Recurring Basis [Member] | Observable Market Prices [Member] | U.S. Treasury [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | [8] | 25,175 | 24,978 | ||
Recurring Basis [Member] | Observable Market Prices [Member] | State and political subdivisions [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | [8] | 176,478 | 173,929 | ||
Recurring Basis [Member] | Observable Market Prices [Member] | Other securities (FHLB, FHLMC and FNMA) [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | [8] | 62,258 | 65,328 | ||
Recurring Basis [Member] | Observable Market Prices [Member] | Interest rate swaps [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Derivative Financial Instruments | [8] | (5,933) | (4,180) | ||
Recurring Basis [Member] | Company Determined Market Prices [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Total | [9] | 0 | 0 | ||
Recurring Basis [Member] | Company Determined Market Prices [Member] | U.S. Treasury [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | [9] | 0 | 0 | ||
Recurring Basis [Member] | Company Determined Market Prices [Member] | State and political subdivisions [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | [9] | 0 | 0 | ||
Recurring Basis [Member] | Company Determined Market Prices [Member] | Other securities (FHLB, FHLMC and FNMA) [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Securities available for sale | [9] | $ 0 | $ 0 | ||
[1] | Considered Level 1 under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). | ||||
[2] | Considered Level 1 under ASC 820. | ||||
[3] | Considered Level 2 under ASC 820. | ||||
[4] | Considered Level 2 under ASC 820. | ||||
[5] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. | ||||
[6] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. | ||||
[7] | Considered Level 1 under ASC 820. | ||||
[8] | Considered Level 2 under ASC 820. | ||||
[9] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
Fair Value Measurements, Asse40
Fair Value Measurements, Assets and Liabilities on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | |||
Readily Available Market Prices [Member] | ||||
Loans | ||||
Agricultural | $ 0 | [1] | $ 0 | [2] |
Commercial and financial | 0 | [1] | 0 | [2] |
Real Estate [Abstract] | ||||
Construction, land development and commercial | 0 | [1] | 0 | [2] |
Mortgage, farmland | 0 | [1] | 0 | [2] |
Mortgage, 1 to 4 family first liens | 0 | [1] | 0 | [2] |
Mortgage, 1 to 4 family junior liens | 0 | [1] | 0 | [2] |
Mortgage, multi-family | 0 | [1] | 0 | [2] |
Mortgage, commercial | 0 | [1] | 0 | [2] |
Loans to individuals | 0 | [1] | 0 | [2] |
Total financial instrument assets | 135,553 | [1] | 35,427 | [2] |
Observable Market Prices [Member] | ||||
Loans | ||||
Agricultural | 0 | [3] | 0 | [4] |
Commercial and financial | 0 | [3] | 0 | [4] |
Real Estate [Abstract] | ||||
Construction, land development and commercial | 0 | [3] | 0 | [4] |
Mortgage, farmland | 0 | [3] | 0 | [4] |
Mortgage, 1 to 4 family first liens | 0 | [3] | 0 | [4] |
Mortgage, 1 to 4 family junior liens | 0 | [3] | 0 | [4] |
Mortgage, multi-family | 0 | [3] | 0 | [4] |
Mortgage, commercial | 0 | [3] | 0 | [4] |
Loans to individuals | 0 | [3] | 0 | [4] |
Total financial instrument assets | 291,126 | [3] | 290,295 | [4] |
Company Determined Market Prices [Member] | ||||
Loans | ||||
Agricultural | 87,695 | [5] | 98,530 | [6] |
Commercial and financial | 169,412 | [5] | 179,649 | [6] |
Real Estate [Abstract] | ||||
Construction, land development and commercial | 103,842 | [5] | 81,705 | [6] |
Mortgage, farmland | 186,148 | [5] | 184,640 | [6] |
Mortgage, 1 to 4 family first liens | 716,974 | [5] | 718,566 | [6] |
Mortgage, 1 to 4 family junior liens | 122,408 | [5] | 122,173 | [6] |
Mortgage, multi-family | 285,700 | [5] | 272,446 | [6] |
Mortgage, commercial | 312,448 | [5] | 319,090 | [6] |
Loans to individuals | 22,400 | [5] | 23,509 | [6] |
Total financial instrument assets | 2,114,791 | [5] | 2,101,868 | [6] |
Nonrecurring Basis [Member] | ||||
Loans | ||||
Agricultural | 1,937 | [7] | 1,470 | [8] |
Commercial and financial | 1,438 | [7] | 1,178 | [8] |
Real Estate [Abstract] | ||||
Construction, 1 to 4 family residential | 972 | [7] | 482 | [8] |
Construction, land development and commercial | 129 | [7] | 132 | [8] |
Mortgage, farmland | 1,959 | [7] | 2,233 | [8] |
Mortgage, 1 to 4 family first liens | 4,321 | [7] | 4,487 | [8] |
Mortgage, 1 to 4 family junior liens | 212 | [7] | 286 | [8] |
Mortgage, multi-family | 321 | [7] | 391 | [8] |
Mortgage, commercial | 1,307 | [7] | 1,152 | [8] |
Loans to individuals | 0 | [7] | 0 | [8] |
Foreclosed assets | 0 | [9] | 100 | [10] |
Total financial instrument assets | 12,596 | [7] | 11,911 | |
Total Losses | 360 | 1,310 | ||
Nonrecurring Basis [Member] | Agricultural [Member] | ||||
Real Estate [Abstract] | ||||
Total Losses | 0 | [7] | 116 | [8] |
Nonrecurring Basis [Member] | Commercial and financial [Member] | ||||
Real Estate [Abstract] | ||||
Total Losses | 20 | [7] | 56 | [8] |
Nonrecurring Basis [Member] | Real Estate: Construction, 1 to 4 family residential [Member] | ||||
Real Estate [Abstract] | ||||
Total Losses | 0 | [7] | 161 | [8] |
Nonrecurring Basis [Member] | Real Estate: Construction, land development and commercial [Member] | ||||
Real Estate [Abstract] | ||||
Total Losses | 0 | [7] | 35 | [8] |
Nonrecurring Basis [Member] | Real Estate: Mortgage, farmland [Member] | ||||
Real Estate [Abstract] | ||||
Total Losses | 0 | [7] | 0 | [8] |
Nonrecurring Basis [Member] | Real Estate: Mortgage, 1 to 4 family first liens [Member] | ||||
Real Estate [Abstract] | ||||
Total Losses | 275 | [7] | 529 | [8] |
Nonrecurring Basis [Member] | Real Estate: Mortgage, 1 to 4 family junior liens [Member] | ||||
Real Estate [Abstract] | ||||
Total Losses | 0 | [7] | 166 | [8] |
Nonrecurring Basis [Member] | Real Estate: Mortgage, multi-family [Member] | ||||
Real Estate [Abstract] | ||||
Total Losses | 0 | [7] | 38 | [8] |
Nonrecurring Basis [Member] | Real Estate: Mortgage, commercial [Member] | ||||
Real Estate [Abstract] | ||||
Total Losses | 65 | [7] | 140 | [8] |
Nonrecurring Basis [Member] | Loans to individuals [Member] | ||||
Real Estate [Abstract] | ||||
Total Losses | 0 | [7] | 0 | [8] |
Nonrecurring Basis [Member] | Foreclosed assets [Member] | ||||
Real Estate [Abstract] | ||||
Total Losses | 0 | [9] | 69 | [10] |
Nonrecurring Basis [Member] | Readily Available Market Prices [Member] | ||||
Loans | ||||
Agricultural | 0 | [7],[11] | 0 | [8],[12] |
Commercial and financial | 0 | [7],[11] | 0 | [8],[12] |
Real Estate [Abstract] | ||||
Construction, 1 to 4 family residential | 0 | [7],[11] | 0 | [8],[12] |
Construction, land development and commercial | 0 | [7],[11] | 0 | [8],[12] |
Mortgage, farmland | 0 | [7],[11] | 0 | [8],[12] |
Mortgage, 1 to 4 family first liens | 0 | [7],[11] | 0 | [8],[12] |
Mortgage, 1 to 4 family junior liens | 0 | [7],[11] | 0 | [8],[12] |
Mortgage, multi-family | 0 | [7],[11] | 0 | [8],[12] |
Mortgage, commercial | 0 | [7],[11] | 0 | [8],[12] |
Loans to individuals | 0 | [7],[11] | 0 | [8],[12] |
Foreclosed assets | 0 | [9],[11] | 0 | [10],[12] |
Total financial instrument assets | 0 | [11] | 0 | [12] |
Nonrecurring Basis [Member] | Observable Market Prices [Member] | ||||
Loans | ||||
Agricultural | 0 | [7],[13] | 0 | [8],[14] |
Commercial and financial | 0 | [7],[13] | 0 | [8],[14] |
Real Estate [Abstract] | ||||
Construction, 1 to 4 family residential | 0 | [7],[13] | 0 | [8],[14] |
Construction, land development and commercial | 0 | [7],[13] | 0 | [8],[14] |
Mortgage, farmland | 0 | [7],[13] | 0 | [8],[14] |
Mortgage, 1 to 4 family first liens | 0 | [7],[13] | 0 | [8],[14] |
Mortgage, 1 to 4 family junior liens | 0 | [7],[13] | 0 | [8],[14] |
Mortgage, multi-family | 0 | [7],[13] | 0 | [8],[14] |
Mortgage, commercial | 0 | [7],[13] | 0 | [8],[14] |
Loans to individuals | 0 | [7],[13] | 0 | [8],[14] |
Foreclosed assets | 0 | [9],[13] | 0 | [10],[14] |
Total financial instrument assets | 0 | [7],[13] | 0 | [14] |
Nonrecurring Basis [Member] | Company Determined Market Prices [Member] | ||||
Loans | ||||
Agricultural | 1,937 | [7],[15] | 1,470 | [8],[16] |
Commercial and financial | 1,438 | [7],[15] | 1,178 | [8],[16] |
Real Estate [Abstract] | ||||
Construction, 1 to 4 family residential | 972 | [7],[15] | 482 | [8],[16] |
Construction, land development and commercial | 129 | [7],[15] | 132 | [8],[16] |
Mortgage, farmland | 1,959 | [7],[15] | 2,233 | [8],[16] |
Mortgage, 1 to 4 family first liens | 4,321 | [7],[15] | 4,487 | [8],[16] |
Mortgage, 1 to 4 family junior liens | 212 | [7],[15] | 286 | [8],[16] |
Mortgage, multi-family | 321 | [7],[15] | 391 | [8],[16] |
Mortgage, commercial | 1,307 | [7],[15] | 1,152 | [8],[16] |
Loans to individuals | 0 | [7],[15] | 0 | [8],[16] |
Foreclosed assets | 0 | [9],[15] | 100 | [10],[16] |
Total financial instrument assets | $ 12,596 | [7],[15] | $ 11,911 | [16] |
[1] | Considered Level 1 under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). | |||
[2] | Considered Level 1 under ASC 820. | |||
[3] | Considered Level 2 under ASC 820. | |||
[4] | Considered Level 2 under ASC 820. | |||
[5] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. | |||
[6] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. | |||
[7] | Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero. | |||
[8] | Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero. | |||
[9] | Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. | |||
[10] | Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. | |||
[11] | Considered Level 1 under ASC 820. | |||
[12] | Considered Level 1 under ASC 820. | |||
[13] | Considered Level 2 under ASC 820. | |||
[14] | Considered Level 2 under ASC 820. | |||
[15] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. | |||
[16] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - $ / shares | 3 Months Ended | 128 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Jul. 26, 2005 | |
Equity [Abstract] | ||||
Maximum number of share authorized to repurchase under the program (in shares) | 1,500,000 | |||
Common stock purchased during the period (in shares) | 35,252 | 4,728 | 912,841 | |
Average price per share (in dollars per share) | $ 44.79 |
Commitments and Contingencies42
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
State and political subdivisions [Member] | ||
Concentration Risk [Line Items] | ||
Investment in securities issued by state and political subdivisions within the state of Iowa | $ 91,980 | |
Home equity loans [Member] | ||
Firm loan commitments and unused portion of lines of credit [Abstract] | ||
Total financial instrument liabilities with off-balance-sheet risk | 46,610 | $ 44,376 |
Credit cards [Member] | ||
Firm loan commitments and unused portion of lines of credit [Abstract] | ||
Total financial instrument liabilities with off-balance-sheet risk | 43,260 | 41,518 |
Commercial, real estate and home construction [Member] | ||
Firm loan commitments and unused portion of lines of credit [Abstract] | ||
Total financial instrument liabilities with off-balance-sheet risk | 100,509 | 98,613 |
Commercial lines and real estate purchase loan [Member] | ||
Firm loan commitments and unused portion of lines of credit [Abstract] | ||
Total financial instrument liabilities with off-balance-sheet risk | 177,287 | 160,095 |
Outstanding letters of credit [Member] | ||
Firm loan commitments and unused portion of lines of credit [Abstract] | ||
Total financial instrument liabilities with off-balance-sheet risk | $ 12,293 | $ 11,718 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Examination [Line Items] | ||
Effective tax rate | 29.65% | 29.26% |
Internal Revenue Service (IRS) [Member] | ||
Income Tax Examination [Line Items] | ||
Income tax examination, years under examination | December 31, 2015, 2014, and 2013 | |
State and Local Jurisdiction [Member] | ||
Income Tax Examination [Line Items] | ||
Income tax examination, years under examination | December 31, 2015, 2014, and 2013 |
Derivative Financial Instrume44
Derivative Financial Instruments (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 07, 2013USD ($)derivative | |
Derivatives, Fair Value [Line Items] | |||
Owned and pledged as collateral | $ 5,930,000 | ||
Interest Rate Swap 1 [Member] | Interest Expense [Member] | |||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | |||
Amount of Gain (Loss), Reclassified from AOCI into Income (Effective Portion) | 0 | $ 0 | |
Interest Rate Swap 1 [Member] | Other Income [Member] | |||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | |||
Amount of Gain (Loss), Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | |
Interest Rate Swap 1 [Member] | Other Liabilities [Member] | |||
Derivative instrument according to type of hedges [Abstract] | |||
Notional Amount | 25,000,000 | $ 25,000,000 | |
Fair Value | $ (2,073,000) | ||
Maturity | Nov. 9, 2020 | ||
Interest Rate Swap 1 [Member] | Other Assets [Member] | |||
Derivative instrument according to type of hedges [Abstract] | |||
Notional Amount | 25,000,000 | ||
Fair Value | $ (1,501,000) | ||
Maturity | Nov. 9, 2020 | ||
Interest Rate Swap 1 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | |||
Amount of Gain (Loss), Recognized in OCI (Effective Portion) | $ (353,000) | $ (394,000) | |
Interest Rate Swap 2 [Member] | Interest Expense [Member] | |||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | |||
Amount of Gain (Loss), Reclassified from AOCI into Income (Effective Portion) | 0 | 0 | |
Interest Rate Swap 2 [Member] | Other Income [Member] | |||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | |||
Amount of Gain (Loss), Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | |
Interest Rate Swap 2 [Member] | Other Liabilities [Member] | |||
Derivative instrument according to type of hedges [Abstract] | |||
Notional Amount | 25,000,000 | $ 25,000,000 | |
Fair Value | $ (3,860,000) | ||
Maturity | Nov. 7, 2023 | ||
Interest Rate Swap 2 [Member] | Other Assets [Member] | |||
Derivative instrument according to type of hedges [Abstract] | |||
Notional Amount | 25,000,000 | ||
Fair Value | $ (2,679,000) | ||
Maturity | Nov. 7, 2023 | ||
Interest Rate Swap 2 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | |||
Amount of Gain (Loss), Recognized in OCI (Effective Portion) | $ (730,000) | $ (461,000) | |
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Number of interest rate swaps held | derivative | 2 | ||
Description of terms | three-month LIBOR | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap 1 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Number of interest rate swaps held | derivative | 1 |