Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
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 Season Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 9,374,917 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 244,097 | $ 154,353 |
Investment securities available for sale at fair value (amortized cost March 31, 2018 $303,339; December 31, 2017 $286,296) | 299,941 | 285,155 |
Stock of Federal Home Loan Bank | 12,973 | 15,005 |
Loans held for sale | 5,584 | 5,162 |
Loans, net of allowance for loan losses (March 31, 2018 $28,910; December 31, 2017 $29,400) | 2,423,915 | 2,431,165 |
Property and equipment, net | 37,687 | 37,857 |
Tax credit real estate investment | 9,686 | 10,076 |
Accrued interest receivable | 11,365 | 10,772 |
Deferred income taxes, net | 8,803 | 8,806 |
Goodwill | 2,500 | 2,500 |
Other assets | 2,657 | 2,509 |
Total Assets | 3,059,208 | 2,963,360 |
Liabilities | ||
Noninterest-bearing deposits | 365,042 | 363,817 |
Interest-bearing deposits | 2,076,735 | 1,924,748 |
Total deposits | 2,441,777 | 2,288,565 |
Other borrowings | 0 | 0 |
Federal Home Loan Bank borrowings | 235,000 | 295,000 |
Accrued interest payable | 1,310 | 1,290 |
Other liabilities | 20,824 | 23,481 |
Total Liabilities | 2,698,911 | 2,608,336 |
Redeemable Common Stock Held by Employee Stock Ownership Plan (ESOP) | 45,779 | 43,308 |
STOCKHOLDERS' EQUITY | ||
Common stock, no par value; authorized 20,000,000 shares; issued March 31, 2018 10,322,064 shares; December 31, 2017 10,320,315 shares | 0 | 0 |
Paid in capital | 51,720 | 48,930 |
Retained earnings | 345,940 | 341,558 |
Accumulated other comprehensive loss | (3,875) | (2,446) |
Treasury stock at cost (March 31, 2018 943,650 shares; December 31, 2017 985,161 shares) | (33,488) | (33,018) |
Total Stockholders' Equity | 360,297 | 355,024 |
Less maximum cash obligation related to ESOP shares | 45,779 | 43,308 |
Total Stockholders' Equity Less Maximum Cash Obligations Related to ESOP Shares | 314,518 | 311,716 |
Total Liabilities & Stockholders' Equity | $ 3,059,208 | $ 2,963,360 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Investment securities available for sale, amortized cost | $ 303,339 | $ 286,296 |
Loans, allowance for loan losses | $ 28,910 | $ 29,400 |
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) | 10,322,064 | 10,320,315 |
Treasury stock at cost (in shares) | 943,650 | 985,161 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest income: | ||
Loans, including fees | $ 26,028 | $ 23,890 |
Investment securities: | ||
Taxable | 563 | 393 |
Nontaxable | 889 | 833 |
Federal funds sold | 551 | 64 |
Total interest income | 28,031 | 25,180 |
Interest expense: | ||
Deposits | 3,864 | 2,128 |
Short-term borrowings | 0 | 22 |
FHLB borrowings | 1,874 | 1,833 |
Total interest expense | 5,738 | 3,983 |
Net interest income | 22,293 | 21,197 |
Provision for loan losses | (765) | (814) |
Net interest income after provision for loan losses | 23,058 | 22,011 |
Noninterest income: | ||
Net gain on sale of loans | 331 | 316 |
Trust fees | 2,641 | 1,879 |
Service charges and fees | 2,228 | 2,132 |
Other noninterest income | 428 | 914 |
Noninterest income | 5,628 | 5,241 |
Noninterest expenses: | ||
Salaries and employee benefits | 8,284 | 7,980 |
Occupancy | 1,101 | 1,042 |
Furniture and equipment | 1,474 | 1,429 |
Office supplies and postage | 434 | 461 |
Advertising and business development | 630 | 790 |
Outside services | 2,578 | 2,008 |
FDIC insurance assessment | 218 | 207 |
Other noninterest expense | 537 | 494 |
Noninterest expenses | 15,256 | 14,411 |
Income before income taxes | 13,430 | 12,841 |
Income taxes | 2,572 | 3,967 |
Net income | $ 10,858 | $ 8,874 |
Earnings per share: | ||
Basic (in dollars per share) | $ 1.16 | $ 0.95 |
Diluted (in dollars per share) | $ 1.16 | $ 0.95 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 10,858 | $ 8,874 |
Securities: | ||
Net change in unrealized loss on securities available for sale | (2,257) | 1,373 |
Reclassification adjustment for net gains realized in net income | 0 | 0 |
Income taxes | 563 | (526) |
Other comprehensive (loss) income on securities available for sale | (1,694) | 847 |
Derivatives used in cash flow hedging relationships: | ||
Net change in unrealized loss on derivatives | 1,054 | 349 |
Income taxes | (263) | (133) |
Other comprehensive income on cash flow hedges | 791 | 216 |
Other comprehensive (loss) income, net of tax | (903) | 1,063 |
Comprehensive income | $ 9,955 | $ 9,937 |
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, 2016 | $ 289,270 | $ 44,606 | $ 319,982 | $ (3,359) | $ 0 | $ (31,178) | $ (40,781) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of 84,638 and 88,943 shares of common stock for 3 months ended March 31, 2017 and 2018, respectively | 3,966 | 3,966 | |||||
Unearned restricted stock compensation | 96 | 96 | |||||
Forfeiture of 1,234 and 208 shares of common stock for 3 months ended March 31, 2017 and 2018, respectively | (48) | ||||||
Share-based compensation | 12 | 12 | |||||
Income tax benefit related to share-based compensation | 44 | 44 | |||||
Change related to ESOP shares | (2,560) | (2,560) | |||||
Net income | 8,874 | 8,874 | |||||
Cash dividends ($0.70 and $0.75 per share for 3 months ended March 31, 2017 and 2018, respectively) | (6,485) | (6,485) | |||||
Purchase of 9,346 and 47,432 shares of common stock for 3 months ended March 31, 2017 and 2018, respectively | (465) | (465) | |||||
Other comprehensive income (loss) | 1,063 | 1,063 | |||||
Ending Balance at Mar. 31, 2017 | 293,767 | 48,676 | 322,371 | (2,296) | 0 | (31,643) | (43,341) |
Beginning Balance at Dec. 31, 2017 | 311,716 | 48,930 | 341,558 | (2,446) | 0 | (33,018) | (43,308) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of 84,638 and 88,943 shares of common stock for 3 months ended March 31, 2017 and 2018, respectively | 4,804 | 2,580 | 2,224 | ||||
Issuance 1,957 shares of common stock under the employee stock purchase plan for 3 months ended March 31, 2018 | 100 | 100 | |||||
Unearned restricted stock compensation | 118 | 118 | |||||
Forfeiture of 1,234 and 208 shares of common stock for 3 months ended March 31, 2017 and 2018, respectively | (8) | (8) | |||||
Change related to ESOP shares | (2,471) | (2,471) | |||||
Net income | 10,858 | 10,858 | |||||
Cash dividends ($0.70 and $0.75 per share for 3 months ended March 31, 2017 and 2018, respectively) | (7,002) | (7,002) | |||||
Reclassification of stranded tax effects due to the Tax Cuts and Jobs Act | 526 | (526) | |||||
Purchase of 9,346 and 47,432 shares of common stock for 3 months ended March 31, 2017 and 2018, respectively | (2,694) | (2,694) | |||||
Other comprehensive income (loss) | (903) | (903) | |||||
Ending Balance at Mar. 31, 2018 | $ 314,518 | $ 51,720 | $ 345,940 | $ (3,875) | $ 0 | $ (33,488) | $ (45,779) |
CONSOLIDATED STATEMENTS OF STO7
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance of common stock (in shares) | 88,943 | 84,638 |
Issuance of common stock purchased under the employee stock purchase plan (in shares) | 1,957 | |
Forfeiture of common stock (in shares) | 208 | 1,234 |
Cash dividends (in dollars per share) | $ 0.75 | $ 0.70 |
Purchase of common stock (in shares) | 47,432 | 9,346 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows from Operating Activities | ||
Net income | $ 10,858 | $ 8,874 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
Depreciation | 821 | 757 |
Provision for loan losses | (765) | (814) |
Share-based compensation | 0 | 12 |
Forfeiture of common stock | (8) | (48) |
Compensation expensed through issuance of common stock | 91 | 85 |
Excess tax benefits from share-based compensation | 0 | (44) |
Provision for deferred income taxes | 303 | (104) |
Net gain on sale of other real estate owned and other repossessed assets | (2) | (34) |
Increase in accrued interest receivable | (593) | (1,165) |
Amortization of premium on investment securities, net | 134 | 151 |
(Increase) decrease in other assets | (86) | 1,241 |
(Decrease) increase in accrued interest payable and other liabilities | (1,465) | 2,704 |
Loans originated for sale | (31,571) | (23,735) |
Proceeds on sales of loans | 31,480 | 32,201 |
Net gain on sales of loans | (331) | (316) |
Net cash and cash equivalents provided by operating activities | 8,866 | 19,765 |
Cash Flows from Investing Activities | ||
Proceeds from maturities of investment securities available for sale | 10,711 | 8,206 |
Purchases of investment securities available for sale | (25,856) | (13,049) |
Loans made to customers, net of collections | 7,953 | (29,401) |
Proceeds on sale of other real estate owned and other repossessed assets | 2 | 172 |
Purchases of property and equipment | (651) | (1,233) |
Income from tax credit real estate, net | 390 | 24 |
Net cash and cash equivalents used in investing activities | (7,451) | (35,281) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 153,212 | 137,020 |
Net decrease in other borrowings | 0 | (5,403) |
Net decrease in FHLB borrowings | (60,000) | 0 |
Issuance of common stock, net of costs | 4,713 | 3,762 |
Stock options exercised | 0 | 119 |
Excess tax benefits related to share-based compensation | 0 | 44 |
Purchase of treasury stock | (2,694) | (465) |
Proceeds from the issuance of common stock through the employee stock purchase plan | 100 | 0 |
Dividends paid | (7,002) | (6,485) |
Net cash and cash equivalents provided by financing activities | 88,329 | 128,592 |
Increase in cash and cash equivalents | 89,744 | 113,076 |
Cash and cash equivalents: | ||
Beginning of period | 154,353 | 38,197 |
End of period | 244,097 | 151,273 |
Cash payments for: | ||
Interest paid to depositors | 3,844 | 2,172 |
Interest paid on other obligations | 1,874 | 1,855 |
Income taxes paid | 0 | 0 |
Noncash activities: | ||
Increase in maximum cash obligation related to ESOP shares | 2,471 | 2,560 |
Transfers to other real estate owned | 62 | 95 |
Sale and financing of other real estate owned | $ 0 | $ 214 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2018 . 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, 2017 filed with the Securities Exchange Commission on March 5, 2018 . The consolidated balance sheet as of December 31, 2017 , 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. Revenue Recognition Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the Company’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of the Company’s revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as loans, letters of credit and investment securities as these activities are not subject to the requirements of ASC 606. Interest income on loans and investment securities is recognized on the accrual method in accordance with written contracts. Descriptions of the Company’s revenue-generating activities that are within the scope of ASC 606 are the following: Service charges and fees on deposit accounts represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue which includes interchange income, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when the Company’s performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. Trust income represents monthly fees due from wealth management customers as consideration for managing the customers' assets. Wealth management and trust services include custody of assets, investment management, fees for trust services and similar fiduciary activities. Revenue is recognized when our performance obligation is completed each month, which is generally the time that payment is received. 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. 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 has evaluated all of its noninterest income streams and contracts to determine potential impact. The adoption of ASU 2014-09 by the Company did not have a material impact and required additional disclosures on our material noninterest income streams discussed in revenue recognition above. 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 Company adopted ASU 2016-01 for the period ending March 31, 2018. There was no material impact on the financial statements however it required a change in disclosure and related methodology located in Note 6 Fair Value Measurements. 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 Company is in the process of analyzing a comprehensive list of lease agreements. 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 Company adopted ASU 2016-04 for the period ending March 31, 2018. There was no material impact on the financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (CECL). The ASU changes the way entities recognize impairment of financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. Under the CECL model, we will be required to present certain financial assets carried at amortized cost, such as loans held for investment and held-to-maturity debt securities, at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement will take place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the "incurred loss" model required under current GAAP, which delays recognition until it is probable a loss has been incurred. Accordingly, we expect that the adoption of the CECL model will materially affect how we determine our allowance for loan losses and could require us to significantly increase our allowance. For public companies, ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, early adoption is permitted for the fiscal year beginning after December 15, 2018. The Company is in the process of implementing a software solution to assist in the analysis of historical loan data to determine the CECL model that will be implemented. We expect to recognize a one-time cumulative-effect adjustment to our allowance for loan losses as of the beginning of the first reporting period in which the new standard is adopted. The amount of the one-time cumulative-effect adjustment has not yet been determined. In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323), Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. This ASU adds an SEC paragraph and amends other Topics pursuant to an SEC staff Announcement made at the September 22, 2016 Emerging Issues Task Force (EITF) meeting. The SEC paragraph applies to ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606); ASU No. 2016-02, Leases (Topic 842); and ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU provides that a company should evaluate ASUs that have not yet been adopted to determine the appropriate financial statement disclosures about the potential material effects of those ASUs on the financial statements when adopted. If the company does not know or cannot reasonably estimate the impact that adoption of the ASUs referenced in this announcement is expected to have on the financial statements, then in addition to making a statement to that effect, the company should consider additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact that the standard will have on the financial statements of the company when adopted. Additional qualitative disclosures should include a description of the effect of the accounting policies that the company expects to apply and a comparison to the company's current accounting policies. Also, the company should describe the status of its process to implement the new standards and the significant implementation matters yet to be addressed. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 250), Simplifying the Test for Goodwill Impairment. The ASU simplifies the goodwill impairment test by requiring a company to perform its annual or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized when the carrying amount exceeds fair value. For public companies, ASU 2017-04 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of ASU No. 2017-04 by the Company is not expected to have a material impact. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. This ASU requires companies to change the recognition and presentation of the effects of hedge accounting by eliminating the requirement to separately measure and report hedge ineffectiveness and requiring companies to present all of the elements of hedge accounting that affect earnings in the same income statement line as the hedged item. Furthermore, the standard eases the requirements for effectiveness testing, hedge documentation and applying the critical terms match method and introduces new alternatives that will permit companies to reduce the risk of material error corrections if they misapply the shortcut method. For public companies, ASU 2017-12 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2018. The adoption of ASU 2017-12 by the Company is not expected to have a material impact. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2018-02 for the period ending March 31, 2018 and elected the specific identification method accounting policy. There was a $0.53 million reclassification recorded in stockholders' equity. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
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. The computation of basic and diluted earnings per share for the periods presented is as follows: Three Months Ended March 31, 2018 2017 Common shares outstanding at the beginning of the period 9,335,154 9,264,227 Weighted average number of net shares issued 48,969 61,124 Weighted average shares outstanding (basic) 9,384,123 9,325,351 Weighted average of potential dilutive shares attributable to stock options granted, computed under the treasury stock method 3,890 6,190 Weighted average number of shares (diluted) 9,388,013 9,331,541 Net income (In thousands) $ 10,858 $ 8,874 Earnings per share: Basic $ 1.16 $ 0.95 Diluted $ 1.16 $ 0.95 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 and December 31, 2017 : March 31, December 31, 2017 (amounts in thousands) Net unrealized loss on available-for-sale securities $ (3,398 ) $ (1,141 ) Net unrealized loss on derivatives used for cash flow hedges (1,765 ) (2,819 ) Tax effect $ 1,288 $ 1,514 Net-of-tax amount $ (3,875 ) $ (2,446 ) |
Securities
Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The carrying values of investment securities at March 31, 2018 and December 31, 2017 are summarized in the following table (dollars in thousands): March 31, 2018 December 31, 2017 Amount Percent Amount Percent Securities available for sale U.S. Treasury $ 73,467 24.50 % $ 54,318 19.05 % Other securities (FHLB, FHLMC and FNMA) 37,805 12.60 43,959 15.42 State and political subdivisions 188,669 62.90 186,878 65.53 Total securities available for sale $ 299,941 100.00 % $ 285,155 100.00 % 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, 2018 or December 31, 2017 . The carrying amount of available-for-sale securities and their approximate fair values were as follows as of March 31, 2018 and December 31, 2017 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value March 31, 2018: U.S. Treasury $ 74,286 $ 16 $ (835 ) $ 73,467 Other securities (FHLB, FHLMC and FNMA) 38,451 — (646 ) 37,805 State and political subdivisions 190,602 307 (2,240 ) 188,669 Total $ 303,339 $ 323 $ (3,721 ) $ 299,941 December 31, 2017: U.S. Treasury $ 54,696 $ — $ (378 ) $ 54,318 Other securities (FHLB, FHLMC and FNMA) 44,470 1 (512 ) 43,959 State and political subdivisions 187,130 722 (974 ) 186,878 Total $ 286,296 $ 723 $ (1,864 ) $ 285,155 The amortized cost and estimated fair value of available-for-sale securities classified according to their contractual maturities at March 31, 2018 , were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 54,989 $ 54,927 Due after one year through five years 171,227 169,601 Due after five years through ten years 76,503 74,793 Due over ten years 620 620 Total $ 303,339 $ 299,941 As of March 31, 2018 investment securities with a carrying value of $14.75 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, 2018 and December 31, 2017 (in thousands): Less than 12 months 12 months or more Total March 31, 2018 # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % U.S. Treasury 27 $ 66,186 $ (835 ) 1.26 % — $ — $ — — % 27 $ 66,186 $ (835 ) 1.26 % Other securities (FHLB, FHLMC and FNMA) 6 15,389 (111 ) 0.72 9 22,415 (535 ) 2.39 15 37,804 (646 ) 1.71 State and political subdivisions 375 93,917 (1,626 ) 1.73 65 14,710 (614 ) 4.17 440 108,627 (2,240 ) 2.06 Total temporarily impaired securities 408 $ 175,492 $ (2,572 ) 1.47 % 74 $ 37,125 $ (1,149 ) 3.09 % 482 $ 212,617 $ (3,721 ) 1.75 % Less than 12 months 12 months or more Total December 31, 2017 # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % U.S. Treasury 22 $ 54,318 $ (378 ) 0.70 % — $ — $ — — % 22 $ 54,318 $ (378 ) 0.70 % Other securities (FHLB, FHLMC and FNMA) 9 21,411 (83 ) 0.39 9 22,547 (429 ) — 18 43,958 (512 ) 1.16 State and political subdivisions 241 58,803 (573 ) 0.97 65 14,944 (401 ) 2.68 306 73,747 (974 ) 1.32 Total temporarily impaired securities 272 $ 134,532 $ (1,034 ) 0.77 % 74 $ 37,491 $ (830 ) 2.21 % 346 $ 172,023 $ (1,864 ) 1.08 % 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, 2018 | |
Receivables [Abstract] | |
Loans | Loans Classes of loans are as follows: March 31, December 31, (Amounts In Thousands) Agricultural $ 83,940 $ 88,580 Commercial and financial 214,004 218,632 Real estate: Construction, 1 to 4 family residential 69,182 69,738 Construction, land development and commercial 97,579 109,595 Mortgage, farmland 218,462 215,286 Mortgage, 1 to 4 family first liens 836,528 831,591 Mortgage, 1 to 4 family junior liens 143,622 144,200 Mortgage, multi-family 327,101 336,810 Mortgage, commercial 378,475 361,196 Loans to individuals 26,105 26,417 Obligations of state and political subdivisions 56,927 57,626 $ 2,451,925 $ 2,459,671 Net unamortized fees and costs 900 894 $ 2,452,825 $ 2,460,565 Less allowance for loan losses 28,910 29,400 $ 2,423,915 $ 2,431,165 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, 2018 were as follows: Three Months Ended March 31, 2018 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 $ 2,294 $ 4,837 $ 2,989 $ 3,669 $ 8,668 $ 5,700 $ 1,243 $ 29,400 Charge-offs — (30 ) — — (121 ) (1 ) (115 ) (267 ) Recoveries 12 248 143 — 98 4 37 542 Provision (53 ) (397 ) (352 ) 40 10 91 (104 ) (765 ) Ending balance $ 2,253 $ 4,658 $ 2,780 $ 3,709 $ 8,655 $ 5,794 $ 1,061 $ 28,910 Ending balance, individually evaluated for impairment $ 199 $ 759 $ 40 $ — $ 75 $ 493 $ 63 $ 1,629 Ending balance, collectively evaluated for impairment $ 2,054 $ 3,899 $ 2,740 $ 3,709 $ 8,580 $ 5,301 $ 998 $ 27,281 Loans: Ending balance $ 83,940 $ 214,004 $ 166,761 $ 218,462 $ 980,150 $ 705,576 $ 83,032 $ 2,451,925 Ending balance, individually evaluated for impairment $ 2,823 $ 2,550 $ 946 $ 3,615 $ 6,564 $ 8,025 $ 63 $ 24,586 Ending balance, collectively evaluated for impairment $ 81,117 $ 211,454 $ 165,815 $ 214,847 $ 973,586 $ 697,551 $ 82,969 $ 2,427,339 Changes in the allowance for loan losses for the three months ended March 31, 2017 were as follows: Three Months Ended March 31, 2017 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 $ 2,947 $ 4,531 $ 2,890 $ 3,417 $ 7,677 $ 4,045 $ 1,023 $ 26,530 Charge-offs — (220 ) — — (145 ) — (188 ) (553 ) Recoveries 38 454 381 — 133 180 101 1,287 Provision (480 ) (866 ) (177 ) 90 507 133 (21 ) (814 ) Ending balance $ 2,505 $ 3,899 $ 3,094 $ 3,507 $ 8,172 $ 4,358 $ 915 $ 26,450 Ending balance, individually evaluated for impairment $ 587 $ 144 $ 72 $ 345 $ 62 $ 15 $ 36 $ 1,261 Ending balance, collectively evaluated for impairment $ 1,918 $ 3,755 $ 3,022 $ 3,162 $ 8,110 $ 4,343 $ 879 $ 25,189 Loans: Ending balance $ 87,934 $ 199,702 $ 188,928 $ 205,334 $ 908,128 $ 637,720 $ 79,419 $ 2,307,165 Ending balance, individually evaluated for impairment $ 11,388 $ 1,787 $ 671 $ 8,502 $ 5,521 $ 2,034 $ 36 $ 29,939 Ending balance, collectively evaluated for impairment $ 76,546 $ 197,915 $ 188,257 $ 196,832 $ 902,607 $ 635,686 $ 79,383 $ 2,277,226 The following table presents the credit quality indicators by type of loans in each category as of March 31, 2018 and December 31, 2017 , 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, 2018 Grade: Excellent $ 3,689 $ 6,945 $ — $ 402 Good 15,466 48,859 7,230 13,558 Satisfactory 39,522 116,447 42,716 34,167 Monitor 17,266 27,303 17,425 44,571 Special Mention 1,626 9,441 1,811 3,913 Substandard 6,371 5,009 — 968 Total $ 83,940 $ 214,004 $ 69,182 $ 97,579 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, 2018 Grade: Excellent $ 4,742 $ 2,213 $ 486 $ 19,152 Good 52,865 30,810 4,255 69,322 Satisfactory 113,520 691,400 130,370 196,419 Monitor 33,047 80,033 4,776 35,773 Special Mention 5,109 10,348 1,708 — Substandard 9,179 21,724 2,027 6,435 Total $ 218,462 $ 836,528 $ 143,622 $ 327,101 Real Estate: Mortgage, commercial Loans to individuals Obligations of state and political subdivisions Total March 31, 2018 Grade: Excellent $ 31,653 $ — $ 8,626 $ 77,908 Good 104,823 120 18,550 365,858 Satisfactory 187,871 25,047 26,230 1,603,709 Monitor 44,636 585 3,521 308,936 Special Mention 6,509 166 — 40,631 Substandard 2,983 187 — 54,883 Total $ 378,475 $ 26,105 $ 56,927 $ 2,451,925 Agricultural Commercial and Financial Real Estate: Construction, 1 to 4 family residential Real Estate: Construction, land development and commercial December 31, 2017 Grade: Excellent $ 2,585 $ 10,264 $ — $ 2,548 Good 15,755 51,620 4,710 27,296 Satisfactory 40,886 116,375 47,995 35,749 Monitor 17,009 29,392 15,188 39,760 Special Mention 6,898 5,576 1,845 3,358 Substandard 5,447 5,405 — 884 Total $ 88,580 $ 218,632 $ 69,738 $ 109,595 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, 2017 Grade: Excellent $ 4,751 $ 2,392 $ 489 $ 16,564 Good 54,409 30,094 4,527 75,768 Satisfactory 109,724 689,645 130,451 195,652 Monitor 32,655 76,766 4,881 42,373 Special Mention 5,306 12,072 1,834 — Substandard 8,441 20,622 2,018 6,453 Total $ 215,286 $ 831,591 $ 144,200 $ 336,810 Real Estate: Mortgage, commercial Loans to individuals Obligations of state and political subdivisions Total December 31, 2017 Grade: Excellent $ 30,355 $ 1 $ 8,794 $ 78,743 Good 98,434 118 30,607 393,338 Satisfactory 179,417 25,445 14,693 1,586,032 Monitor 43,786 500 3,532 305,842 Special Mention 6,303 182 — 43,374 Substandard 2,901 171 — 52,342 Total $ 361,196 $ 26,417 $ 57,626 $ 2,459,671 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, 2018 and December 31, 2017 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, 2018 Agricultural $ 1,105 $ — $ 204 $ 1,309 $ 82,631 $ 83,940 $ — Commercial and financial 484 34 74 592 213,412 214,004 10 Real estate: Construction, 1 to 4 family residential 638 — — 638 68,544 69,182 — Construction, land development and commercial 119 — — 119 97,460 97,579 — Mortgage, farmland 669 — — 669 217,793 218,462 — Mortgage, 1 to 4 family first liens 5,303 557 1,906 7,766 828,762 836,528 148 Mortgage, 1 to 4 family junior liens 182 33 142 357 143,265 143,622 142 Mortgage, multi-family 187 — — 187 326,914 327,101 — Mortgage, commercial 119 — 145 264 378,211 378,475 — Loans to individuals 123 22 — 145 25,960 26,105 — Obligations of state and political subdivisions — — — — 56,927 56,927 — $ 8,929 $ 646 $ 2,471 $ 12,046 $ 2,439,879 $ 2,451,925 $ 300 December 31, 2017 Agricultural $ 324 $ — $ 269 $ 593 $ 87,987 $ 88,580 $ — Commercial and financial 447 20 93 560 218,072 218,632 — Real estate: Construction, 1 to 4 family residential — — — — 69,738 69,738 — Construction, land development and commercial 246 — — 246 $ 109,349 109,595 — Mortgage, farmland 269 — — 269 215,017 215,286 — Mortgage, 1 to 4 family first liens 5,143 1,750 2,939 9,832 $ 821,759 831,591 971 Mortgage, 1 to 4 family junior liens 579 116 — 695 143,505 144,200 — Mortgage, multi-family — — — — $ 336,810 336,810 — Mortgage, commercial 307 178 16 501 360,695 361,196 — Loans to individuals 206 55 6 267 $ 26,150 26,417 — Obligations of state and political subdivisions — — — — 57,626 57,626 — $ 7,521 $ 2,119 $ 3,323 $ 12,963 $ 2,446,708 $ 2,459,671 $ 971 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, 2018 and December 31, 2017 , was as follows: March 31, 2018 December 31, 2017 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 $ 1,503 $ — $ 1,092 $ 1,651 $ — $ 2,309 Commercial and financial 903 10 1,637 825 — 1,943 Real estate: Construction, 1 to 4 family residential — — — — — — Construction, land development and commercial — — 335 — — 339 Mortgage, farmland 1,200 — 2,415 1,391 — 1,451 Mortgage, 1 to 4 family first liens 4,390 148 1,971 4,407 971 1,357 Mortgage, 1 to 4 family junior liens — 142 25 7 — 25 Mortgage, multi-family 213 — — 218 — — Mortgage, commercial 610 — 1,034 597 — 1,046 $ 8,819 $ 300 $ 8,509 $ 9,096 $ 971 $ 8,470 (1) There were $3.62 million and $3.62 million of TDR loans included within nonaccrual loans as of March 31, 2018 and December 31, 2017 , respectively. Loans 90 days or more past due that are still accruing interest decreased $0.67 million from December 31, 2017 to March 31, 2018 due to a decrease in the number of loans past due greater than 90 days. As of March 31, 2018 there were 5 accruing loans past due 90 days or more. The average accruing loans past due as of March 31, 2018 are $0.06 million . There were 8 accruing loans past due 90 days or more as of December 31, 2017 and the average loan balance was $0.12 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, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Number of contracts Recorded investment Commitments outstanding Number of contracts Recorded investment Commitments outstanding (Amounts In Thousands) (Amounts In Thousands) Agricultural 6 $ 2,381 $ 1,575 9 $ 3,628 $ 321 Commercial and financial 14 2,231 137 14 2,575 169 Real estate: Construction, 1 to 4 family residential — — 1 — — 16 Construction, land development and commercial 2 335 — 2 339 — Mortgage, farmland 7 3,540 — 7 2,761 — Mortgage, 1 to 4 family first liens 19 2,053 — 13 1,442 — Mortgage, 1 to 4 family junior liens 1 25 — 1 25 24 Mortgage, multi-family — — — — — — Mortgage, commercial 9 1,565 — 8 1,324 — Loans to individuals — — — — — — 58 $ 12,130 $ 1,713 54 $ 12,094 $ 530 The following is a summary of TDR loans that were modified during the three months ended March 31, 2018 : Three Months Ended March 31, 2018 Number of contracts Pre-modification recorded investment Post-modification recorded investment (Amounts In Thousands) Agricultural — $ — $ — Commercial and financial — — — Real estate: Construction, 1 to 4 family residential — — — Construction, land development and commercial — — — Mortgage, farmland 1 1,300 1,300 Mortgage, 1 to 4 family first lien 6 627 627 Mortgage, 1 to 4 family junior liens — — — Mortgage, multi-family — — — Mortgage, commercial 1 274 274 8 $ 2,201 $ 2,201 The Company had commitments to lend $1.71 million in additional borrowings to restructured loan customers as of March 31, 2018 . The Company had commitments to lend $0.53 million in additional borrowings to restructured loan customers as of December 31, 2017 . These commitments were in the normal course of business. The additional borrowings were not used to facilitate payments on these loans. There were no TDR loans that were in payment default (defined as past due 90 days or more) during the period ended March 31, 2018 and year ended December 31, 2017 . Information regarding impaired loans as of and for the three months ended March 31, 2018 is as follows: March 31, 2018 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 $ 2,518 $ 2,922 $ — $ 2,887 $ 16 Commercial and financial 1,766 2,520 — 1,731 11 Real estate: Construction, 1 to 4 family residential 113 149 — 113 1 Construction, land development and commercial 335 352 — 337 3 Mortgage, farmland 3,615 4,013 — 3,069 21 Mortgage, 1 to 4 family first liens 5,447 6,907 — 5,499 10 Mortgage, 1 to 4 family junior liens — 260 — — — Mortgage, multi-family 213 354 — 216 — Mortgage, commercial 1,566 2,269 — 1,448 12 Loans to individuals — 14 — — — $ 15,573 $ 19,760 $ — $ 15,300 $ 74 With an allowance recorded: Agricultural $ 305 $ 305 $ 199 $ 208 $ 3 Commercial and financial 784 784 759 919 11 Real estate: Construction, 1 to 4 family residential — — — — — Construction, land development and commercial 498 498 40 501 6 Mortgage, farmland — — — — — Mortgage, 1 to 4 family first liens 950 1,039 71 981 5 Mortgage, 1 to 4 family junior liens 167 171 4 169 2 Mortgage, multi-family 6,168 6,168 492 6,174 69 Mortgage, commercial 78 78 1 78 1 Loans to individuals 63 63 63 72 2 $ 9,013 $ 9,106 $ 1,629 $ 9,102 $ 99 Total: Agricultural $ 2,823 $ 3,227 $ 199 $ 3,095 $ 19 Commercial and financial 2,550 3,304 759 2,650 22 Real estate: Construction, 1 to 4 family residential 113 149 — 113 1 Construction, land development and commercial 833 850 40 838 9 Mortgage, farmland 3,615 4,013 — 3,069 21 Mortgage, 1 to 4 family first liens 6,397 7,946 71 6,480 15 Mortgage, 1 to 4 family junior liens 167 431 4 169 2 Mortgage, multi-family 6,381 6,522 492 6,390 69 Mortgage, commercial 1,644 2,347 1 1,526 13 Loans to individuals 63 77 63 72 2 $ 24,586 $ 28,866 $ 1,629 $ 24,402 $ 173 Information regarding impaired loans as of December 31, 2017 is as follows: Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: (Amounts In Thousands) Agricultural $ 1,822 $ 2,193 $ — Commercial and financial 1,725 2,487 — Real estate: Construction, 1 to 4 family residential 114 150 — Construction, land development and commercial 338 371 — Mortgage, farmland 2,523 2,902 — Mortgage, 1 to 4 family first liens 6,045 7,507 — Mortgage, 1 to 4 family junior liens 7 482 — Mortgage, multi-family 218 355 — Mortgage, commercial 1,564 2,274 — Loans to individuals — 14 — $ 14,356 $ 18,735 $ — With an allowance recorded: Agricultural $ 3,094 $ 3,149 $ 133 Commercial and financial 1,043 1,043 1,018 Real estate: Construction, 1 to 4 family residential — — — Construction, land development and commercial 505 505 39 Mortgage, farmland 5,439 5,439 238 Mortgage, 1 to 4 family first liens 577 593 63 Mortgage, 1 to 4 family junior liens 25 25 3 Mortgage, multi-family 6,179 6,179 480 Mortgage, commercial 79 79 2 Loans to individuals 190 190 190 $ 17,131 $ 17,202 $ 2,166 Total: Agricultural $ 4,916 $ 5,342 $ 133 Commercial and financial 2,768 3,530 1,018 Real estate: Construction, 1 to 4 family residential 114 150 — Construction, land development and commercial 843 876 39 Mortgage, farmland 7,962 8,341 238 Mortgage, 1 to 4 family first liens 6,622 8,100 63 Mortgage, 1 to 4 family junior liens 32 507 3 Mortgage, multi-family 6,397 6,534 480 Mortgage, commercial 1,643 2,353 2 Loans to individuals 190 204 190 $ 31,487 $ 35,937 $ 2,166 Impaired loans decreased $6.90 million from December 31, 2017 to March 31, 2018 . 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 1.00% of loans held for investment as of March 31, 2018 and 1.28% as of December 31, 2017 . The decrease in impaired loans is due mainly to a decrease in nonaccrual loans of $0.28 million , a decrease of $6.02 million in relationships with a specific allowance for losses, a $0.67 million decrease in 90 days or more accruing loans, and is offset by an increase in TDR loans of $0.04 million from December 31, 2017 to March 31, 2018 . 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, 2018 | |
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, 2018 are as follows: March 31, 2018 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 $ 244,097 $ 244,097 $ 244,097 $ — $ — Investment securities 312,914 312,914 — 312,914 — Loans held for sale 5,584 5,584 — — 5,584 Loans Agricultural 81,687 84,052 — — 84,052 Commercial and financial 209,346 206,963 — — 206,963 Real estate: Construction, 1 to 4 family residential 68,004 66,095 — — 66,095 Construction, land development and commercial 95,977 93,225 — — 93,225 Mortgage, farmland 214,753 210,371 — — 210,371 Mortgage, 1 to 4 family first liens 830,053 820,737 — — 820,737 Mortgage, 1 to 4 family junior liens 142,342 136,836 — — 136,836 Mortgage, multi-family 324,368 317,120 — — 317,120 Mortgage, commercial 375,414 368,329 — — 368,329 Loans to individuals 25,499 25,839 — — 25,839 Obligations of state and political subdivisions 56,472 52,977 — — 52,977 Accrued interest receivable 11,365 11,365 — 11,365 — Total financial instrument assets $ 2,997,875 $ 2,956,504 $ 244,097 $ 324,279 $ 2,388,128 Financial instrument liabilities Deposits Noninterest-bearing deposits $ 365,042 $ 365,042 $ — $ 365,042 $ — Interest-bearing deposits 2,076,735 2,078,501 — 2,078,501 — Other borrowings — — — — — Federal Home Loan Bank borrowings 235,000 227,232 — 227,232 — Interest rate swaps 1,765 1,765 — 1,765 — Accrued interest payable 1,310 1,310 — 1,310 — Total financial instrument liabilities $ 2,679,852 $ 2,673,850 $ — $ 2,673,850 $ — Face Amount Financial instrument with off-balance sheet risk: Loan commitments $ 403,386 $ — $ — $ — $ — Letters of credit 10,017 — — — — Total financial instrument liabilities with off-balance-sheet risk $ 413,403 $ — $ — $ — $ — (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, 2017 are as follows: December 31, 2017 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 $ 154,353 $ 154,353 $ 154,353 $ — $ — Investment securities 300,160 300,160 — 300,160 — Loans held for sale 5,162 5,162 — 5,162 — Loans Agricultural 86,286 86,229 — — 86,229 Commercial and financial 213,795 212,244 — — 212,244 Real estate: Construction, 1 to 4 family residential 68,545 69,036 — — 69,036 Construction, land development and commercial 107,799 108,651 — — 108,651 Mortgage, farmland 211,617 211,947 — — 211,947 Mortgage, 1 to 4 family first liens 824,222 818,083 — — 818,083 Mortgage, 1 to 4 family junior liens 142,901 142,180 — — 142,180 Mortgage, multi-family 334,019 329,344 — — 329,344 Mortgage, commercial 358,287 353,796 — — 353,796 Loans to individuals 25,635 25,610 — — 25,610 Obligations of state and political subdivisions 57,165 55,066 — — 55,066 Accrued interest receivable 10,772 10,772 — 10,772 — Total financial instrument assets $ 2,900,718 $ 2,882,633 $ 154,353 $ 316,094 $ 2,412,186 Financial instrument liabilities: Deposits Noninterest-bearing deposits $ 363,817 $ 363,817 $ — $ 363,817 $ — Interest-bearing deposits 1,924,748 1,934,442 — 1,934,442 — Other borrowings — — — — — Federal Home Loan Bank borrowings 295,000 284,442 — 284,442 — Interest rate swaps 2,819 2,819 2,819 Accrued interest payable 1,290 1,290 — 1,290 — Total financial instrument liabilities $ 2,587,674 $ 2,586,810 $ — $ 2,586,810 $ — Face Amount Financial instrument with off-balance sheet risk: Loan commitments $ 380,877 $ — $ — $ — $ — Letters of credit 9,113 — — — — Total financial instrument liabilities with off-balance-sheet risk $ 389,990 $ — $ — $ — $ — (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, 2018 . 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 and Loans : ASU 2016-1, Financial Instruments -Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. This update is effective for financial statement periods beginning after December 15, 2017. Therefore, the fair value presented herein may not be comparable to prior periods. Methodologies utilized for this financial statement period are as follows: •Income Approach: Fair value is determined based on a discounted cash flow analysis. The discounted cash flow analysis was based on the contractual maturity of the loan and market indications of rates, prepayment speeds, defaults and credit risk. •Asset Approach: Fair value is determined based on the estimated values of the underlying collateral or individual analysis of receipts. This provides a better indication of value than the contractual income streams as these loans are not performing or exhibit strong signs indicative of non-performance. Fair value has been estimated in accordance with ASC 820, Fair Value Measurements and Disclosures, and is intended to represent the price that would be received in an orderly transaction between market participants as of the measurement date. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, at least one significant assumption not observable in the market was utilized. These unobservable assumptions reflect estimates that market participants would use in pricing the asset or liability. Inputs to these valuation techniques are subjective in nature, involve uncertainties and require significant judgment and therefore cannot be determined with precision. Accordingly, the fair value estimates presented are not necessarily indicative of the amounts to be realized in a current market exchange. Loans are classified as Level 3. 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, 2018 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 $ — $ 73,467 $ — $ 73,467 State and political subdivisions — 188,669 — 188,669 Other securities (FHLB, FHLMC and FNMA) — 37,805 — 37,805 Derivative Financial Instruments Interest rate swaps $ — (1,765 ) $ — (1,765 ) Total $ — $ 298,176 $ — $ 298,176 December 31, 2017 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 $ — $ 54,318 $ — $ 54,318 State and political subdivisions — 186,878 — 186,878 Other securities (FHLB, FHLMC and FNMA) — 43,959 — 43,959 Derivative Financial Instruments Interest rate swaps — (2,819 ) — (2,819 ) Total $ — $ 282,336 $ — $ 282,336 (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, 2018 and the year ended December 31, 2017 . 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, 2018 Three Months Ended March 31, 2018 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 $ — $ — $ 2,518 $ 2,518 $ 10 Commercial and financial — — 1,597 1,597 58 Real Estate: Construction, 1 to 4 family residential — — — — — Construction, land development and commercial — — 680 680 — Mortgage, farmland — — 3,081 3,081 — Mortgage, 1 to 4 family first liens — — 6,137 6,137 87 Mortgage, 1 to 4 family junior liens — — 22 22 14 Mortgage, multi-family — — 5,890 5,890 50 Mortgage, commercial — — 1,071 1,071 — Loans to individuals — — — — — Foreclosed assets (5) — — — — — Total $ — $ — $ 20,996 $ 20,996 $ 219 (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, 2017 Year Ended December 31, 2017 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 $ — $ — $ 4,704 $ 4,704 $ 127 Commercial and financial — — 1,555 1,555 159 Real Estate: Construction, 1 to 4 family residential — — 729 729 — Construction, land development and commercial — — — — — Mortgage, farmland — — 7,190 7,190 — Mortgage, 1 to 4 family first liens — — 5,548 5,548 404 Mortgage, 1 to 4 family junior liens — — 25 25 88 Mortgage, multi-family — — 6,397 6,397 — Mortgage, commercial — — 1,063 1,063 111 Loans to individuals — — — — 20 Foreclosed assets (5) — — — — — Total $ — $ — $ 27,211 $ 27,211 $ 909 (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, 2018 | |
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, 2019. 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 1,057,350 shares of its common stock in privately negotiated transactions from August 1, 2005 through March 31, 2018 . Of these 1,057,350 shares, 47,432 shares were purchased during the quarter ended March 31, 2018 , at an average price per share of $56.78 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
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 $88.92 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, 2018 and December 31, 2017 is as follows: March 31, 2018 December 31, 2017 (Amounts In Thousands) Firm loan commitments and unused portion of lines of credit: Home equity loans $ 57,354 $ 55,171 Credit cards 51,237 49,235 Commercial, real estate and home construction 108,846 117,021 Commercial lines and real estate purchase loans 185,949 159,450 Outstanding letters of credit 10,017 9,113 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Federal income tax expense for the three months ended March 31, 2018 and 2017 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, 2017 , 2016 , and 2015 remain subject to examination by the Internal Revenue Service. For state tax purposes, the tax years ended December 31, 2017 , 2016 , and 2015 remain open for examination. There were no material unrecognized tax benefits at March 31, 2018 and December 31, 2017 and therefore no interest or penalties on unrecognized tax benefits has been recorded. As of March 31, 2018 , the Company does not anticipate any significant increase in unrecognized tax benefits during the twelve-month period ending March 31, 2018. Income taxes as a percentage of income before taxes were 19.15% for the three months ended March 31, 2018 and 30.89% for the same period in 2017 . On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cut and Jobs Act (the “Tax Act”). The Tax Act established new tax laws that reduced the U.S. federal corporate income tax rate from 35% to 21% in 2018. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
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 $1.77 million of collateral as of March 31, 2018 . 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 had an effective date of November 7, 2016 and an expiration date of November 7, 2023, effectively converting $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, 2018 and December 31, 2017 : Notional Amount Fair Value Balance Sheet Category Maturity (Amounts in Thousands) March 31, 2018 Interest rate swap $ 25,000 $ (227 ) Other Liabilities 11/9/2020 Interest rate swap 25,000 (1,538 ) Other Liabilities 11/7/2023 December 31, 2017 Interest rate swap $ 25,000 $ (582 ) Other Liabilities 11/9/2020 Interest rate swap 25,000 (2,237 ) 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 for the three months ended March 31, 2018 and year ended December 31, 2017 : 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, 2018 Interest rate swap $ 267 Interest Expense $ — Other Income $ — Interest rate swap 524 Interest Expense — Other Income — December 31, 2017 Interest rate swap $ 318 Interest Expense $ — Other Income $ — Interest rate swap 373 Interest Expense — Other Income — |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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. |
Effect of New Financial Accounting Standards | 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. 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 has evaluated all of its noninterest income streams and contracts to determine potential impact. The adoption of ASU 2014-09 by the Company did not have a material impact and required additional disclosures on our material noninterest income streams discussed in revenue recognition above. 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 Company adopted ASU 2016-01 for the period ending March 31, 2018. There was no material impact on the financial statements however it required a change in disclosure and related methodology located in Note 6 Fair Value Measurements. 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 Company is in the process of analyzing a comprehensive list of lease agreements. 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 Company adopted ASU 2016-04 for the period ending March 31, 2018. There was no material impact on the financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (CECL). The ASU changes the way entities recognize impairment of financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. Under the CECL model, we will be required to present certain financial assets carried at amortized cost, such as loans held for investment and held-to-maturity debt securities, at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement will take place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the "incurred loss" model required under current GAAP, which delays recognition until it is probable a loss has been incurred. Accordingly, we expect that the adoption of the CECL model will materially affect how we determine our allowance for loan losses and could require us to significantly increase our allowance. For public companies, ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, early adoption is permitted for the fiscal year beginning after December 15, 2018. The Company is in the process of implementing a software solution to assist in the analysis of historical loan data to determine the CECL model that will be implemented. We expect to recognize a one-time cumulative-effect adjustment to our allowance for loan losses as of the beginning of the first reporting period in which the new standard is adopted. The amount of the one-time cumulative-effect adjustment has not yet been determined. In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323), Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. This ASU adds an SEC paragraph and amends other Topics pursuant to an SEC staff Announcement made at the September 22, 2016 Emerging Issues Task Force (EITF) meeting. The SEC paragraph applies to ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606); ASU No. 2016-02, Leases (Topic 842); and ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU provides that a company should evaluate ASUs that have not yet been adopted to determine the appropriate financial statement disclosures about the potential material effects of those ASUs on the financial statements when adopted. If the company does not know or cannot reasonably estimate the impact that adoption of the ASUs referenced in this announcement is expected to have on the financial statements, then in addition to making a statement to that effect, the company should consider additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact that the standard will have on the financial statements of the company when adopted. Additional qualitative disclosures should include a description of the effect of the accounting policies that the company expects to apply and a comparison to the company's current accounting policies. Also, the company should describe the status of its process to implement the new standards and the significant implementation matters yet to be addressed. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 250), Simplifying the Test for Goodwill Impairment. The ASU simplifies the goodwill impairment test by requiring a company to perform its annual or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized when the carrying amount exceeds fair value. For public companies, ASU 2017-04 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of ASU No. 2017-04 by the Company is not expected to have a material impact. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. This ASU requires companies to change the recognition and presentation of the effects of hedge accounting by eliminating the requirement to separately measure and report hedge ineffectiveness and requiring companies to present all of the elements of hedge accounting that affect earnings in the same income statement line as the hedged item. Furthermore, the standard eases the requirements for effectiveness testing, hedge documentation and applying the critical terms match method and introduces new alternatives that will permit companies to reduce the risk of material error corrections if they misapply the shortcut method. For public companies, ASU 2017-12 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2018. The adoption of ASU 2017-12 by the Company is not expected to have a material impact. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2018-02 for the period ending March 31, 2018 and elected the specific identification method accounting policy. There was a $0.53 million reclassification recorded in stockholders' equity. |
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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 2017 Common shares outstanding at the beginning of the period 9,335,154 9,264,227 Weighted average number of net shares issued 48,969 61,124 Weighted average shares outstanding (basic) 9,384,123 9,325,351 Weighted average of potential dilutive shares attributable to stock options granted, computed under the treasury stock method 3,890 6,190 Weighted average number of shares (diluted) 9,388,013 9,331,541 Net income (In thousands) $ 10,858 $ 8,874 Earnings per share: Basic $ 1.16 $ 0.95 Diluted $ 1.16 $ 0.95 |
Other Comprehensive Income (L21
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 and December 31, 2017 : March 31, December 31, 2017 (amounts in thousands) Net unrealized loss on available-for-sale securities $ (3,398 ) $ (1,141 ) Net unrealized loss on derivatives used for cash flow hedges (1,765 ) (2,819 ) Tax effect $ 1,288 $ 1,514 Net-of-tax amount $ (3,875 ) $ (2,446 ) |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Carrying values of investment securities | The carrying values of investment securities at March 31, 2018 and December 31, 2017 are summarized in the following table (dollars in thousands): March 31, 2018 December 31, 2017 Amount Percent Amount Percent Securities available for sale U.S. Treasury $ 73,467 24.50 % $ 54,318 19.05 % Other securities (FHLB, FHLMC and FNMA) 37,805 12.60 43,959 15.42 State and political subdivisions 188,669 62.90 186,878 65.53 Total securities available for sale $ 299,941 100.00 % $ 285,155 100.00 % |
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, 2018 and December 31, 2017 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value March 31, 2018: U.S. Treasury $ 74,286 $ 16 $ (835 ) $ 73,467 Other securities (FHLB, FHLMC and FNMA) 38,451 — (646 ) 37,805 State and political subdivisions 190,602 307 (2,240 ) 188,669 Total $ 303,339 $ 323 $ (3,721 ) $ 299,941 December 31, 2017: U.S. Treasury $ 54,696 $ — $ (378 ) $ 54,318 Other securities (FHLB, FHLMC and FNMA) 44,470 1 (512 ) 43,959 State and political subdivisions 187,130 722 (974 ) 186,878 Total $ 286,296 $ 723 $ (1,864 ) $ 285,155 |
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, 2018 , were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 54,989 $ 54,927 Due after one year through five years 171,227 169,601 Due after five years through ten years 76,503 74,793 Due over ten years 620 620 Total $ 303,339 $ 299,941 |
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, 2018 and December 31, 2017 (in thousands): Less than 12 months 12 months or more Total March 31, 2018 # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % U.S. Treasury 27 $ 66,186 $ (835 ) 1.26 % — $ — $ — — % 27 $ 66,186 $ (835 ) 1.26 % Other securities (FHLB, FHLMC and FNMA) 6 15,389 (111 ) 0.72 9 22,415 (535 ) 2.39 15 37,804 (646 ) 1.71 State and political subdivisions 375 93,917 (1,626 ) 1.73 65 14,710 (614 ) 4.17 440 108,627 (2,240 ) 2.06 Total temporarily impaired securities 408 $ 175,492 $ (2,572 ) 1.47 % 74 $ 37,125 $ (1,149 ) 3.09 % 482 $ 212,617 $ (3,721 ) 1.75 % Less than 12 months 12 months or more Total December 31, 2017 # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % U.S. Treasury 22 $ 54,318 $ (378 ) 0.70 % — $ — $ — — % 22 $ 54,318 $ (378 ) 0.70 % Other securities (FHLB, FHLMC and FNMA) 9 21,411 (83 ) 0.39 9 22,547 (429 ) — 18 43,958 (512 ) 1.16 State and political subdivisions 241 58,803 (573 ) 0.97 65 14,944 (401 ) 2.68 306 73,747 (974 ) 1.32 Total temporarily impaired securities 272 $ 134,532 $ (1,034 ) 0.77 % 74 $ 37,491 $ (830 ) 2.21 % 346 $ 172,023 $ (1,864 ) 1.08 % |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Schedule of classes of loans | Classes of loans are as follows: March 31, December 31, (Amounts In Thousands) Agricultural $ 83,940 $ 88,580 Commercial and financial 214,004 218,632 Real estate: Construction, 1 to 4 family residential 69,182 69,738 Construction, land development and commercial 97,579 109,595 Mortgage, farmland 218,462 215,286 Mortgage, 1 to 4 family first liens 836,528 831,591 Mortgage, 1 to 4 family junior liens 143,622 144,200 Mortgage, multi-family 327,101 336,810 Mortgage, commercial 378,475 361,196 Loans to individuals 26,105 26,417 Obligations of state and political subdivisions 56,927 57,626 $ 2,451,925 $ 2,459,671 Net unamortized fees and costs 900 894 $ 2,452,825 $ 2,460,565 Less allowance for loan losses 28,910 29,400 $ 2,423,915 $ 2,431,165 |
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, 2018 were as follows: Three Months Ended March 31, 2018 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 $ 2,294 $ 4,837 $ 2,989 $ 3,669 $ 8,668 $ 5,700 $ 1,243 $ 29,400 Charge-offs — (30 ) — — (121 ) (1 ) (115 ) (267 ) Recoveries 12 248 143 — 98 4 37 542 Provision (53 ) (397 ) (352 ) 40 10 91 (104 ) (765 ) Ending balance $ 2,253 $ 4,658 $ 2,780 $ 3,709 $ 8,655 $ 5,794 $ 1,061 $ 28,910 Ending balance, individually evaluated for impairment $ 199 $ 759 $ 40 $ — $ 75 $ 493 $ 63 $ 1,629 Ending balance, collectively evaluated for impairment $ 2,054 $ 3,899 $ 2,740 $ 3,709 $ 8,580 $ 5,301 $ 998 $ 27,281 Loans: Ending balance $ 83,940 $ 214,004 $ 166,761 $ 218,462 $ 980,150 $ 705,576 $ 83,032 $ 2,451,925 Ending balance, individually evaluated for impairment $ 2,823 $ 2,550 $ 946 $ 3,615 $ 6,564 $ 8,025 $ 63 $ 24,586 Ending balance, collectively evaluated for impairment $ 81,117 $ 211,454 $ 165,815 $ 214,847 $ 973,586 $ 697,551 $ 82,969 $ 2,427,339 Changes in the allowance for loan losses for the three months ended March 31, 2017 were as follows: Three Months Ended March 31, 2017 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 $ 2,947 $ 4,531 $ 2,890 $ 3,417 $ 7,677 $ 4,045 $ 1,023 $ 26,530 Charge-offs — (220 ) — — (145 ) — (188 ) (553 ) Recoveries 38 454 381 — 133 180 101 1,287 Provision (480 ) (866 ) (177 ) 90 507 133 (21 ) (814 ) Ending balance $ 2,505 $ 3,899 $ 3,094 $ 3,507 $ 8,172 $ 4,358 $ 915 $ 26,450 Ending balance, individually evaluated for impairment $ 587 $ 144 $ 72 $ 345 $ 62 $ 15 $ 36 $ 1,261 Ending balance, collectively evaluated for impairment $ 1,918 $ 3,755 $ 3,022 $ 3,162 $ 8,110 $ 4,343 $ 879 $ 25,189 Loans: Ending balance $ 87,934 $ 199,702 $ 188,928 $ 205,334 $ 908,128 $ 637,720 $ 79,419 $ 2,307,165 Ending balance, individually evaluated for impairment $ 11,388 $ 1,787 $ 671 $ 8,502 $ 5,521 $ 2,034 $ 36 $ 29,939 Ending balance, collectively evaluated for impairment $ 76,546 $ 197,915 $ 188,257 $ 196,832 $ 902,607 $ 635,686 $ 79,383 $ 2,277,226 |
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, 2018 and December 31, 2017 , 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, 2018 Grade: Excellent $ 3,689 $ 6,945 $ — $ 402 Good 15,466 48,859 7,230 13,558 Satisfactory 39,522 116,447 42,716 34,167 Monitor 17,266 27,303 17,425 44,571 Special Mention 1,626 9,441 1,811 3,913 Substandard 6,371 5,009 — 968 Total $ 83,940 $ 214,004 $ 69,182 $ 97,579 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, 2018 Grade: Excellent $ 4,742 $ 2,213 $ 486 $ 19,152 Good 52,865 30,810 4,255 69,322 Satisfactory 113,520 691,400 130,370 196,419 Monitor 33,047 80,033 4,776 35,773 Special Mention 5,109 10,348 1,708 — Substandard 9,179 21,724 2,027 6,435 Total $ 218,462 $ 836,528 $ 143,622 $ 327,101 Real Estate: Mortgage, commercial Loans to individuals Obligations of state and political subdivisions Total March 31, 2018 Grade: Excellent $ 31,653 $ — $ 8,626 $ 77,908 Good 104,823 120 18,550 365,858 Satisfactory 187,871 25,047 26,230 1,603,709 Monitor 44,636 585 3,521 308,936 Special Mention 6,509 166 — 40,631 Substandard 2,983 187 — 54,883 Total $ 378,475 $ 26,105 $ 56,927 $ 2,451,925 Agricultural Commercial and Financial Real Estate: Construction, 1 to 4 family residential Real Estate: Construction, land development and commercial December 31, 2017 Grade: Excellent $ 2,585 $ 10,264 $ — $ 2,548 Good 15,755 51,620 4,710 27,296 Satisfactory 40,886 116,375 47,995 35,749 Monitor 17,009 29,392 15,188 39,760 Special Mention 6,898 5,576 1,845 3,358 Substandard 5,447 5,405 — 884 Total $ 88,580 $ 218,632 $ 69,738 $ 109,595 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, 2017 Grade: Excellent $ 4,751 $ 2,392 $ 489 $ 16,564 Good 54,409 30,094 4,527 75,768 Satisfactory 109,724 689,645 130,451 195,652 Monitor 32,655 76,766 4,881 42,373 Special Mention 5,306 12,072 1,834 — Substandard 8,441 20,622 2,018 6,453 Total $ 215,286 $ 831,591 $ 144,200 $ 336,810 Real Estate: Mortgage, commercial Loans to individuals Obligations of state and political subdivisions Total December 31, 2017 Grade: Excellent $ 30,355 $ 1 $ 8,794 $ 78,743 Good 98,434 118 30,607 393,338 Satisfactory 179,417 25,445 14,693 1,586,032 Monitor 43,786 500 3,532 305,842 Special Mention 6,303 182 — 43,374 Substandard 2,901 171 — 52,342 Total $ 361,196 $ 26,417 $ 57,626 $ 2,459,671 |
Schedule of past due loans | Past due loans as of March 31, 2018 and December 31, 2017 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, 2018 Agricultural $ 1,105 $ — $ 204 $ 1,309 $ 82,631 $ 83,940 $ — Commercial and financial 484 34 74 592 213,412 214,004 10 Real estate: Construction, 1 to 4 family residential 638 — — 638 68,544 69,182 — Construction, land development and commercial 119 — — 119 97,460 97,579 — Mortgage, farmland 669 — — 669 217,793 218,462 — Mortgage, 1 to 4 family first liens 5,303 557 1,906 7,766 828,762 836,528 148 Mortgage, 1 to 4 family junior liens 182 33 142 357 143,265 143,622 142 Mortgage, multi-family 187 — — 187 326,914 327,101 — Mortgage, commercial 119 — 145 264 378,211 378,475 — Loans to individuals 123 22 — 145 25,960 26,105 — Obligations of state and political subdivisions — — — — 56,927 56,927 — $ 8,929 $ 646 $ 2,471 $ 12,046 $ 2,439,879 $ 2,451,925 $ 300 December 31, 2017 Agricultural $ 324 $ — $ 269 $ 593 $ 87,987 $ 88,580 $ — Commercial and financial 447 20 93 560 218,072 218,632 — Real estate: Construction, 1 to 4 family residential — — — — 69,738 69,738 — Construction, land development and commercial 246 — — 246 $ 109,349 109,595 — Mortgage, farmland 269 — — 269 215,017 215,286 — Mortgage, 1 to 4 family first liens 5,143 1,750 2,939 9,832 $ 821,759 831,591 971 Mortgage, 1 to 4 family junior liens 579 116 — 695 143,505 144,200 — Mortgage, multi-family — — — — $ 336,810 336,810 — Mortgage, commercial 307 178 16 501 360,695 361,196 — Loans to individuals 206 55 6 267 $ 26,150 26,417 — Obligations of state and political subdivisions — — — — 57,626 57,626 — $ 7,521 $ 2,119 $ 3,323 $ 12,963 $ 2,446,708 $ 2,459,671 $ 971 |
Schedule of impaired loan information | Certain impaired loan information by loan type at March 31, 2018 and December 31, 2017 , was as follows: March 31, 2018 December 31, 2017 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 $ 1,503 $ — $ 1,092 $ 1,651 $ — $ 2,309 Commercial and financial 903 10 1,637 825 — 1,943 Real estate: Construction, 1 to 4 family residential — — — — — — Construction, land development and commercial — — 335 — — 339 Mortgage, farmland 1,200 — 2,415 1,391 — 1,451 Mortgage, 1 to 4 family first liens 4,390 148 1,971 4,407 971 1,357 Mortgage, 1 to 4 family junior liens — 142 25 7 — 25 Mortgage, multi-family 213 — — 218 — — Mortgage, commercial 610 — 1,034 597 — 1,046 $ 8,819 $ 300 $ 8,509 $ 9,096 $ 971 $ 8,470 (1) There were $3.62 million and $3.62 million of TDR loans included within nonaccrual loans as of March 31, 2018 and December 31, 2017 , respectively. |
Schedule of information for TDR loans | Below is a summary of information for TDR loans as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Number of contracts Recorded investment Commitments outstanding Number of contracts Recorded investment Commitments outstanding (Amounts In Thousands) (Amounts In Thousands) Agricultural 6 $ 2,381 $ 1,575 9 $ 3,628 $ 321 Commercial and financial 14 2,231 137 14 2,575 169 Real estate: Construction, 1 to 4 family residential — — 1 — — 16 Construction, land development and commercial 2 335 — 2 339 — Mortgage, farmland 7 3,540 — 7 2,761 — Mortgage, 1 to 4 family first liens 19 2,053 — 13 1,442 — Mortgage, 1 to 4 family junior liens 1 25 — 1 25 24 Mortgage, multi-family — — — — — — Mortgage, commercial 9 1,565 — 8 1,324 — Loans to individuals — — — — — — 58 $ 12,130 $ 1,713 54 $ 12,094 $ 530 The following is a summary of TDR loans that were modified during the three months ended March 31, 2018 : Three Months Ended March 31, 2018 Number of contracts Pre-modification recorded investment Post-modification recorded investment (Amounts In Thousands) Agricultural — $ — $ — Commercial and financial — — — Real estate: Construction, 1 to 4 family residential — — — Construction, land development and commercial — — — Mortgage, farmland 1 1,300 1,300 Mortgage, 1 to 4 family first lien 6 627 627 Mortgage, 1 to 4 family junior liens — — — Mortgage, multi-family — — — Mortgage, commercial 1 274 274 8 $ 2,201 $ 2,201 |
Schedule of impaired loans | Information regarding impaired loans as of and for the three months ended March 31, 2018 is as follows: March 31, 2018 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 $ 2,518 $ 2,922 $ — $ 2,887 $ 16 Commercial and financial 1,766 2,520 — 1,731 11 Real estate: Construction, 1 to 4 family residential 113 149 — 113 1 Construction, land development and commercial 335 352 — 337 3 Mortgage, farmland 3,615 4,013 — 3,069 21 Mortgage, 1 to 4 family first liens 5,447 6,907 — 5,499 10 Mortgage, 1 to 4 family junior liens — 260 — — — Mortgage, multi-family 213 354 — 216 — Mortgage, commercial 1,566 2,269 — 1,448 12 Loans to individuals — 14 — — — $ 15,573 $ 19,760 $ — $ 15,300 $ 74 With an allowance recorded: Agricultural $ 305 $ 305 $ 199 $ 208 $ 3 Commercial and financial 784 784 759 919 11 Real estate: Construction, 1 to 4 family residential — — — — — Construction, land development and commercial 498 498 40 501 6 Mortgage, farmland — — — — — Mortgage, 1 to 4 family first liens 950 1,039 71 981 5 Mortgage, 1 to 4 family junior liens 167 171 4 169 2 Mortgage, multi-family 6,168 6,168 492 6,174 69 Mortgage, commercial 78 78 1 78 1 Loans to individuals 63 63 63 72 2 $ 9,013 $ 9,106 $ 1,629 $ 9,102 $ 99 Total: Agricultural $ 2,823 $ 3,227 $ 199 $ 3,095 $ 19 Commercial and financial 2,550 3,304 759 2,650 22 Real estate: Construction, 1 to 4 family residential 113 149 — 113 1 Construction, land development and commercial 833 850 40 838 9 Mortgage, farmland 3,615 4,013 — 3,069 21 Mortgage, 1 to 4 family first liens 6,397 7,946 71 6,480 15 Mortgage, 1 to 4 family junior liens 167 431 4 169 2 Mortgage, multi-family 6,381 6,522 492 6,390 69 Mortgage, commercial 1,644 2,347 1 1,526 13 Loans to individuals 63 77 63 72 2 $ 24,586 $ 28,866 $ 1,629 $ 24,402 $ 173 Information regarding impaired loans as of December 31, 2017 is as follows: Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: (Amounts In Thousands) Agricultural $ 1,822 $ 2,193 $ — Commercial and financial 1,725 2,487 — Real estate: Construction, 1 to 4 family residential 114 150 — Construction, land development and commercial 338 371 — Mortgage, farmland 2,523 2,902 — Mortgage, 1 to 4 family first liens 6,045 7,507 — Mortgage, 1 to 4 family junior liens 7 482 — Mortgage, multi-family 218 355 — Mortgage, commercial 1,564 2,274 — Loans to individuals — 14 — $ 14,356 $ 18,735 $ — With an allowance recorded: Agricultural $ 3,094 $ 3,149 $ 133 Commercial and financial 1,043 1,043 1,018 Real estate: Construction, 1 to 4 family residential — — — Construction, land development and commercial 505 505 39 Mortgage, farmland 5,439 5,439 238 Mortgage, 1 to 4 family first liens 577 593 63 Mortgage, 1 to 4 family junior liens 25 25 3 Mortgage, multi-family 6,179 6,179 480 Mortgage, commercial 79 79 2 Loans to individuals 190 190 190 $ 17,131 $ 17,202 $ 2,166 Total: Agricultural $ 4,916 $ 5,342 $ 133 Commercial and financial 2,768 3,530 1,018 Real estate: Construction, 1 to 4 family residential 114 150 — Construction, land development and commercial 843 876 39 Mortgage, farmland 7,962 8,341 238 Mortgage, 1 to 4 family first liens 6,622 8,100 63 Mortgage, 1 to 4 family junior liens 32 507 3 Mortgage, multi-family 6,397 6,534 480 Mortgage, commercial 1,643 2,353 2 Loans to individuals 190 204 190 $ 31,487 $ 35,937 $ 2,166 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 are as follows: March 31, 2018 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 $ 244,097 $ 244,097 $ 244,097 $ — $ — Investment securities 312,914 312,914 — 312,914 — Loans held for sale 5,584 5,584 — — 5,584 Loans Agricultural 81,687 84,052 — — 84,052 Commercial and financial 209,346 206,963 — — 206,963 Real estate: Construction, 1 to 4 family residential 68,004 66,095 — — 66,095 Construction, land development and commercial 95,977 93,225 — — 93,225 Mortgage, farmland 214,753 210,371 — — 210,371 Mortgage, 1 to 4 family first liens 830,053 820,737 — — 820,737 Mortgage, 1 to 4 family junior liens 142,342 136,836 — — 136,836 Mortgage, multi-family 324,368 317,120 — — 317,120 Mortgage, commercial 375,414 368,329 — — 368,329 Loans to individuals 25,499 25,839 — — 25,839 Obligations of state and political subdivisions 56,472 52,977 — — 52,977 Accrued interest receivable 11,365 11,365 — 11,365 — Total financial instrument assets $ 2,997,875 $ 2,956,504 $ 244,097 $ 324,279 $ 2,388,128 Financial instrument liabilities Deposits Noninterest-bearing deposits $ 365,042 $ 365,042 $ — $ 365,042 $ — Interest-bearing deposits 2,076,735 2,078,501 — 2,078,501 — Other borrowings — — — — — Federal Home Loan Bank borrowings 235,000 227,232 — 227,232 — Interest rate swaps 1,765 1,765 — 1,765 — Accrued interest payable 1,310 1,310 — 1,310 — Total financial instrument liabilities $ 2,679,852 $ 2,673,850 $ — $ 2,673,850 $ — Face Amount Financial instrument with off-balance sheet risk: Loan commitments $ 403,386 $ — $ — $ — $ — Letters of credit 10,017 — — — — Total financial instrument liabilities with off-balance-sheet risk $ 413,403 $ — $ — $ — $ — (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, 2017 are as follows: December 31, 2017 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 $ 154,353 $ 154,353 $ 154,353 $ — $ — Investment securities 300,160 300,160 — 300,160 — Loans held for sale 5,162 5,162 — 5,162 — Loans Agricultural 86,286 86,229 — — 86,229 Commercial and financial 213,795 212,244 — — 212,244 Real estate: Construction, 1 to 4 family residential 68,545 69,036 — — 69,036 Construction, land development and commercial 107,799 108,651 — — 108,651 Mortgage, farmland 211,617 211,947 — — 211,947 Mortgage, 1 to 4 family first liens 824,222 818,083 — — 818,083 Mortgage, 1 to 4 family junior liens 142,901 142,180 — — 142,180 Mortgage, multi-family 334,019 329,344 — — 329,344 Mortgage, commercial 358,287 353,796 — — 353,796 Loans to individuals 25,635 25,610 — — 25,610 Obligations of state and political subdivisions 57,165 55,066 — — 55,066 Accrued interest receivable 10,772 10,772 — 10,772 — Total financial instrument assets $ 2,900,718 $ 2,882,633 $ 154,353 $ 316,094 $ 2,412,186 Financial instrument liabilities: Deposits Noninterest-bearing deposits $ 363,817 $ 363,817 $ — $ 363,817 $ — Interest-bearing deposits 1,924,748 1,934,442 — 1,934,442 — Other borrowings — — — — — Federal Home Loan Bank borrowings 295,000 284,442 — 284,442 — Interest rate swaps 2,819 2,819 2,819 Accrued interest payable 1,290 1,290 — 1,290 — Total financial instrument liabilities $ 2,587,674 $ 2,586,810 $ — $ 2,586,810 $ — Face Amount Financial instrument with off-balance sheet risk: Loan commitments $ 380,877 $ — $ — $ — $ — Letters of credit 9,113 — — — — Total financial instrument liabilities with off-balance-sheet risk $ 389,990 $ — $ — $ — $ — (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, 2018 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 $ — $ 73,467 $ — $ 73,467 State and political subdivisions — 188,669 — 188,669 Other securities (FHLB, FHLMC and FNMA) — 37,805 — 37,805 Derivative Financial Instruments Interest rate swaps $ — (1,765 ) $ — (1,765 ) Total $ — $ 298,176 $ — $ 298,176 December 31, 2017 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 $ — $ 54,318 $ — $ 54,318 State and political subdivisions — 186,878 — 186,878 Other securities (FHLB, FHLMC and FNMA) — 43,959 — 43,959 Derivative Financial Instruments Interest rate swaps — (2,819 ) — (2,819 ) Total $ — $ 282,336 $ — $ 282,336 (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, 2018 Three Months Ended March 31, 2018 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 $ — $ — $ 2,518 $ 2,518 $ 10 Commercial and financial — — 1,597 1,597 58 Real Estate: Construction, 1 to 4 family residential — — — — — Construction, land development and commercial — — 680 680 — Mortgage, farmland — — 3,081 3,081 — Mortgage, 1 to 4 family first liens — — 6,137 6,137 87 Mortgage, 1 to 4 family junior liens — — 22 22 14 Mortgage, multi-family — — 5,890 5,890 50 Mortgage, commercial — — 1,071 1,071 — Loans to individuals — — — — — Foreclosed assets (5) — — — — — Total $ — $ — $ 20,996 $ 20,996 $ 219 (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, 2017 Year Ended December 31, 2017 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 $ — $ — $ 4,704 $ 4,704 $ 127 Commercial and financial — — 1,555 1,555 159 Real Estate: Construction, 1 to 4 family residential — — 729 729 — Construction, land development and commercial — — — — — Mortgage, farmland — — 7,190 7,190 — Mortgage, 1 to 4 family first liens — — 5,548 5,548 404 Mortgage, 1 to 4 family junior liens — — 25 25 88 Mortgage, multi-family — — 6,397 6,397 — Mortgage, commercial — — 1,063 1,063 111 Loans to individuals — — — — 20 Foreclosed assets (5) — — — — — Total $ — $ — $ 27,211 $ 27,211 $ 909 (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, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of banks commitments | A summary of the Bank’s commitments at March 31, 2018 and December 31, 2017 is as follows: March 31, 2018 December 31, 2017 (Amounts In Thousands) Firm loan commitments and unused portion of lines of credit: Home equity loans $ 57,354 $ 55,171 Credit cards 51,237 49,235 Commercial, real estate and home construction 108,846 117,021 Commercial lines and real estate purchase loans 185,949 159,450 Outstanding letters of credit 10,017 9,113 |
Derivative Financial Instrume26
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 and December 31, 2017 : Notional Amount Fair Value Balance Sheet Category Maturity (Amounts in Thousands) March 31, 2018 Interest rate swap $ 25,000 $ (227 ) Other Liabilities 11/9/2020 Interest rate swap 25,000 (1,538 ) Other Liabilities 11/7/2023 December 31, 2017 Interest rate swap $ 25,000 $ (582 ) Other Liabilities 11/9/2020 Interest rate swap 25,000 (2,237 ) 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 for the three months ended March 31, 2018 and year ended December 31, 2017 : 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, 2018 Interest rate swap $ 267 Interest Expense $ — Other Income $ — Interest rate swap 524 Interest Expense — Other Income — December 31, 2017 Interest rate swap $ 318 Interest Expense $ — Other Income $ — Interest rate swap 373 Interest Expense — Other Income — |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)segment | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Document Fiscal Year Focus | 2,018 |
Number of operating segments | segment | 1 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2018-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification of stranded tax effects due to the Tax Cuts and Jobs Act | $ | $ 530 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of computation of basic and diluted earnings per share [Abstract] | ||||
Common shares outstanding at the beginning of the period (shares) | 9,335,154 | 9,264,227 | ||
Weighted average number of net shares issued (redeemed) (shares) | 48,969 | 61,124 | ||
Weighted average shares outstanding (basic) (shares) | 9,384,123 | 9,325,351 | ||
Weighted average of potential dilutive shares attributable to stock options granted, computed under the treasury stock method (shares) | 3,890 | 6,190 | ||
Weighted average number of shares (diluted) (shares) | 9,388,013 | 9,331,541 | ||
Net income (In thousands) | $ 10,858 | $ 8,874 | ||
Earnings per share: | ||||
Basic (in dollars per share) | $ 1.16 | $ 0.95 | ||
Diluted (in dollars per share) | $ 1.16 | $ 0.95 |
Other Comprehensive Income (L29
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Tax effect | $ 1,288 | $ 1,514 |
Net-of-tax amount | (3,875) | (2,446) |
Net unrealized loss on available-for-sale securities [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Net unrealized gain (loss) | (3,398) | (1,141) |
Net unrealized loss on derivatives used for cash flow hedges [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Net unrealized gain (loss) | $ (1,765) | $ (2,819) |
Securities (Details)
Securities (Details) $ in Thousands | Mar. 31, 2018USD ($)security | Dec. 31, 2017USD ($)security |
Securities available for sale | ||
Securities available for sale | $ 299,941 | $ 285,155 |
Securities available for sale, Percent | 100.00% | 100.00% |
Available-for-sale Securities Reconciliation [Abstract] | ||
Amortized Cost | $ 303,339 | $ 286,296 |
Gross Unrealized Gains | 323 | 723 |
Gross Unrealized (Losses) | (3,721) | (1,864) |
Estimated Fair Value | 299,941 | 285,155 |
Amortized Cost | ||
Due in one year or less | 54,989 | |
Due after one year through five years | 171,227 | |
Due after five years through ten years | 76,503 | |
Due over ten years | 620 | |
Amortized Cost | 303,339 | |
Fair Value | ||
Due in one year or less | 54,927 | |
Due after one year through five years | 169,601 | |
Due after five years through ten years | 74,793 | |
Due over ten years | 620 | |
Fair Value | 299,941 | $ 285,155 |
Carrying value of investment securities pledged to collateralize short-term borrowings | $ 14,750 | |
Less than 12 months | ||
Number of securities | security | 408 | 272 |
Fair Value | $ 175,492 | $ 134,532 |
Unrealized Loss | $ (2,572) | $ (1,034) |
Percentage | 1.47% | 0.77% |
12 months or more | ||
Number of securities | security | 74 | 74 |
Fair Value | $ 37,125 | $ 37,491 |
Unrealized Loss | $ (1,149) | $ (830) |
Percentage | 3.09% | 2.21% |
Total | ||
Number of securities | security | 482 | 346 |
Fair Value | $ 212,617 | $ 172,023 |
Unrealized Loss | $ (3,721) | $ (1,864) |
Percentage | 1.75% | 1.08% |
U.S. Treasury [Member] | ||
Securities available for sale | ||
Securities available for sale | $ 73,467 | $ 54,318 |
Securities available for sale, Percent | 24.50% | 19.05% |
Available-for-sale Securities Reconciliation [Abstract] | ||
Amortized Cost | $ 74,286 | $ 54,696 |
Gross Unrealized Gains | 16 | 0 |
Gross Unrealized (Losses) | (835) | (378) |
Estimated Fair Value | 73,467 | 54,318 |
Fair Value | ||
Fair Value | $ 73,467 | $ 54,318 |
Less than 12 months | ||
Number of securities | security | 27 | 22 |
Fair Value | $ 66,186 | $ 54,318 |
Unrealized Loss | $ (835) | $ (378) |
Percentage | 1.26% | 0.70% |
12 months or more | ||
Number of securities | security | 0 | 0 |
Fair Value | $ 0 | $ 0 |
Unrealized Loss | $ 0 | $ 0 |
Percentage | 0.00% | 0.00% |
Total | ||
Number of securities | security | 27 | 22 |
Fair Value | $ 66,186 | $ 54,318 |
Unrealized Loss | $ (835) | $ (378) |
Percentage | 1.26% | 0.70% |
Other securities (FHLB, FHLMC and FNMA) [Member] | ||
Securities available for sale | ||
Securities available for sale | $ 37,805 | $ 43,959 |
Securities available for sale, Percent | 12.60% | 15.42% |
Available-for-sale Securities Reconciliation [Abstract] | ||
Amortized Cost | $ 38,451 | $ 44,470 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized (Losses) | (646) | (512) |
Estimated Fair Value | 37,805 | 43,959 |
Fair Value | ||
Fair Value | $ 37,805 | $ 43,959 |
Less than 12 months | ||
Number of securities | security | 6 | 9 |
Fair Value | $ 15,389 | $ 21,411 |
Unrealized Loss | $ (111) | $ (83) |
Percentage | 0.72% | 0.39% |
12 months or more | ||
Number of securities | security | 9 | 9 |
Fair Value | $ 22,415 | $ 22,547 |
Unrealized Loss | $ (535) | $ (429) |
Percentage | 2.39% | 0.00% |
Total | ||
Number of securities | security | 15 | 18 |
Fair Value | $ 37,804 | $ 43,958 |
Unrealized Loss | $ (646) | $ (512) |
Percentage | 1.71% | 1.16% |
State and political subdivisions [Member] | ||
Securities available for sale | ||
Securities available for sale | $ 188,669 | $ 186,878 |
Securities available for sale, Percent | 62.90% | 65.53% |
Available-for-sale Securities Reconciliation [Abstract] | ||
Amortized Cost | $ 190,602 | $ 187,130 |
Gross Unrealized Gains | 307 | 722 |
Gross Unrealized (Losses) | (2,240) | (974) |
Estimated Fair Value | 188,669 | 186,878 |
Fair Value | ||
Fair Value | $ 188,669 | $ 186,878 |
Less than 12 months | ||
Number of securities | security | 375 | 241 |
Fair Value | $ 93,917 | $ 58,803 |
Unrealized Loss | $ (1,626) | $ (573) |
Percentage | 1.73% | 0.97% |
12 months or more | ||
Number of securities | security | 65 | 65 |
Fair Value | $ 14,710 | $ 14,944 |
Unrealized Loss | $ (614) | $ (401) |
Percentage | 4.17% | 2.68% |
Total | ||
Number of securities | security | 440 | 306 |
Fair Value | $ 108,627 | $ 73,747 |
Unrealized Loss | $ (2,240) | $ (974) |
Percentage | 2.06% | 1.32% |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Summary of classes of loans (abstract) | |||
Loans and receivable | $ 2,451,925 | $ 2,459,671 | $ 2,307,165 |
Net unamortized fees and costs | 900 | 894 | |
Loans and receivable, gross | 2,452,825 | 2,460,565 | |
Less allowance for loan losses | 28,910 | 29,400 | |
Loans and receivable, net | 2,423,915 | 2,431,165 | |
Agricultural [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 83,940 | 88,580 | 87,934 |
Commercial and financial [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 214,004 | 218,632 | 199,702 |
Real Estate: Construction, 1 to 4 family residential [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 69,182 | 69,738 | |
Real Estate: Construction, land development and commercial [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 97,579 | 109,595 | |
Real Estate: Mortgage, farmland [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 218,462 | 215,286 | $ 205,334 |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 836,528 | 831,591 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 143,622 | 144,200 | |
Real Estate: Mortgage, multi-family [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 327,101 | 336,810 | |
Real Estate: Mortgage, commercial [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 378,475 | 361,196 | |
Loans to individuals [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 26,105 | 26,417 | |
Obligations of state and political subdivisions [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | $ 56,927 | $ 57,626 |
Loans, Allowance For Credit Los
Loans, Allowance For Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | $ 29,400 | $ 26,530 | |
Charge-offs | (267) | (553) | |
Recoveries | 542 | 1,287 | |
Provision | (765) | (814) | |
Ending balance | 28,910 | 26,450 | |
Ending balance, individually evaluated for impairment | 1,629 | 1,261 | |
Ending balance, collectively evaluated for impairment | 27,281 | 25,189 | |
Loan [Abstract] | |||
Total Loans Receivable | 2,451,925 | 2,307,165 | $ 2,459,671 |
Ending balance, individually evaluated for impairment | 24,586 | 29,939 | |
Ending balance, collectively evaluated for impairment | 2,427,339 | 2,277,226 | |
Agricultural [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 2,294 | 2,947 | |
Charge-offs | 0 | 0 | |
Recoveries | 12 | 38 | |
Provision | (53) | (480) | |
Ending balance | 2,253 | 2,505 | |
Ending balance, individually evaluated for impairment | 199 | 587 | |
Ending balance, collectively evaluated for impairment | 2,054 | 1,918 | |
Loan [Abstract] | |||
Total Loans Receivable | 83,940 | 87,934 | 88,580 |
Ending balance, individually evaluated for impairment | 2,823 | 11,388 | |
Ending balance, collectively evaluated for impairment | 81,117 | 76,546 | |
Commercial and Financial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 4,837 | 4,531 | |
Charge-offs | (30) | (220) | |
Recoveries | 248 | 454 | |
Provision | (397) | (866) | |
Ending balance | 4,658 | 3,899 | |
Ending balance, individually evaluated for impairment | 759 | 144 | |
Ending balance, collectively evaluated for impairment | 3,899 | 3,755 | |
Loan [Abstract] | |||
Total Loans Receivable | 214,004 | 199,702 | 218,632 |
Ending balance, individually evaluated for impairment | 2,550 | 1,787 | |
Ending balance, collectively evaluated for impairment | 211,454 | 197,915 | |
Real Estate: Construction and land development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 2,989 | 2,890 | |
Charge-offs | 0 | 0 | |
Recoveries | 143 | 381 | |
Provision | (352) | (177) | |
Ending balance | 2,780 | 3,094 | |
Ending balance, individually evaluated for impairment | 40 | 72 | |
Ending balance, collectively evaluated for impairment | 2,740 | 3,022 | |
Loan [Abstract] | |||
Total Loans Receivable | 166,761 | 188,928 | |
Ending balance, individually evaluated for impairment | 946 | 671 | |
Ending balance, collectively evaluated for impairment | 165,815 | 188,257 | |
Real Estate: Mortgage, farmland [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 3,669 | 3,417 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 40 | 90 | |
Ending balance | 3,709 | 3,507 | |
Ending balance, individually evaluated for impairment | 0 | 345 | |
Ending balance, collectively evaluated for impairment | 3,709 | 3,162 | |
Loan [Abstract] | |||
Total Loans Receivable | 218,462 | 205,334 | $ 215,286 |
Ending balance, individually evaluated for impairment | 3,615 | 8,502 | |
Ending balance, collectively evaluated for impairment | 214,847 | 196,832 | |
Real Estate: Mortgage, 1 to 4 family [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 8,668 | 7,677 | |
Charge-offs | (121) | (145) | |
Recoveries | 98 | 133 | |
Provision | 10 | 507 | |
Ending balance | 8,655 | 8,172 | |
Ending balance, individually evaluated for impairment | 75 | 62 | |
Ending balance, collectively evaluated for impairment | 8,580 | 8,110 | |
Loan [Abstract] | |||
Total Loans Receivable | 980,150 | 908,128 | |
Ending balance, individually evaluated for impairment | 6,564 | 5,521 | |
Ending balance, collectively evaluated for impairment | 973,586 | 902,607 | |
Real Estate: Mortgage, multi-family and commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 5,700 | 4,045 | |
Charge-offs | (1) | 0 | |
Recoveries | 4 | 180 | |
Provision | 91 | 133 | |
Ending balance | 5,794 | 4,358 | |
Ending balance, individually evaluated for impairment | 493 | 15 | |
Ending balance, collectively evaluated for impairment | 5,301 | 4,343 | |
Loan [Abstract] | |||
Total Loans Receivable | 705,576 | 637,720 | |
Ending balance, individually evaluated for impairment | 8,025 | 2,034 | |
Ending balance, collectively evaluated for impairment | 697,551 | 635,686 | |
Others [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 1,243 | 1,023 | |
Charge-offs | (115) | (188) | |
Recoveries | 37 | 101 | |
Provision | (104) | (21) | |
Ending balance | 1,061 | 915 | |
Ending balance, individually evaluated for impairment | 63 | 36 | |
Ending balance, collectively evaluated for impairment | 998 | 879 | |
Loan [Abstract] | |||
Total Loans Receivable | 83,032 | 79,419 | |
Ending balance, individually evaluated for impairment | 63 | 36 | |
Ending balance, collectively evaluated for impairment | $ 82,969 | $ 79,383 |
Loans, Credit Quality Indicator
Loans, Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | $ 2,451,925 | $ 2,459,671 | $ 2,307,165 |
Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 77,908 | 78,743 | |
Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 365,858 | 393,338 | |
Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 1,603,709 | 1,586,032 | |
Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 308,936 | 305,842 | |
Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 40,631 | 43,374 | |
Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 54,883 | 52,342 | |
Agricultural [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 83,940 | 88,580 | 87,934 |
Agricultural [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 3,689 | 2,585 | |
Agricultural [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 15,466 | 15,755 | |
Agricultural [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 39,522 | 40,886 | |
Agricultural [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 17,266 | 17,009 | |
Agricultural [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 1,626 | 6,898 | |
Agricultural [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 6,371 | 5,447 | |
Commercial and Financial [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 214,004 | 218,632 | 199,702 |
Commercial and Financial [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 6,945 | 10,264 | |
Commercial and Financial [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 48,859 | 51,620 | |
Commercial and Financial [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 116,447 | 116,375 | |
Commercial and Financial [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 27,303 | 29,392 | |
Commercial and Financial [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 9,441 | 5,576 | |
Commercial and Financial [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 5,009 | 5,405 | |
Real Estate: Construction, 1 to 4 family residential [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 69,182 | 69,738 | |
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 | 7,230 | 4,710 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 42,716 | 47,995 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 17,425 | 15,188 | |
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 | 1,811 | 1,845 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 0 | 0 | |
Real Estate: Construction, land development and commercial [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 97,579 | 109,595 | |
Real Estate: Construction, land development and commercial [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 402 | 2,548 | |
Real Estate: Construction, land development and commercial [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 13,558 | 27,296 | |
Real Estate: Construction, land development and commercial [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 34,167 | 35,749 | |
Real Estate: Construction, land development and commercial [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 44,571 | 39,760 | |
Real Estate: Construction, land development and commercial [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 3,913 | 3,358 | |
Real Estate: Construction, land development and commercial [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 968 | 884 | |
Real Estate: Mortgage, farmland [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 218,462 | 215,286 | $ 205,334 |
Real Estate: Mortgage, farmland [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 4,742 | 4,751 | |
Real Estate: Mortgage, farmland [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 52,865 | 54,409 | |
Real Estate: Mortgage, farmland [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 113,520 | 109,724 | |
Real Estate: Mortgage, farmland [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 33,047 | 32,655 | |
Real Estate: Mortgage, farmland [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 5,109 | 5,306 | |
Real Estate: Mortgage, farmland [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 9,179 | 8,441 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 836,528 | 831,591 | |
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 | 2,213 | 2,392 | |
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 | 30,810 | 30,094 | |
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 | 691,400 | 689,645 | |
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 | 80,033 | 76,766 | |
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 | 10,348 | 12,072 | |
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 | 21,724 | 20,622 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 143,622 | 144,200 | |
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 | 486 | 489 | |
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 | 4,255 | 4,527 | |
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 | 130,370 | 130,451 | |
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 | 4,776 | 4,881 | |
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 | 1,708 | 1,834 | |
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 | 2,027 | 2,018 | |
Real Estate: Mortgage, multi-family [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 327,101 | 336,810 | |
Real Estate: Mortgage, multi-family [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 19,152 | 16,564 | |
Real Estate: Mortgage, multi-family [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 69,322 | 75,768 | |
Real Estate: Mortgage, multi-family [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 196,419 | 195,652 | |
Real Estate: Mortgage, multi-family [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 35,773 | 42,373 | |
Real Estate: Mortgage, multi-family [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 0 | 0 | |
Real Estate: Mortgage, multi-family [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 6,435 | 6,453 | |
Real Estate: Mortgage, commercial [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 378,475 | 361,196 | |
Real Estate: Mortgage, commercial [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 31,653 | 30,355 | |
Real Estate: Mortgage, commercial [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 104,823 | 98,434 | |
Real Estate: Mortgage, commercial [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 187,871 | 179,417 | |
Real Estate: Mortgage, commercial [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 44,636 | 43,786 | |
Real Estate: Mortgage, commercial [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 6,509 | 6,303 | |
Real Estate: Mortgage, commercial [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 2,983 | 2,901 | |
Loans to individuals [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 26,105 | 26,417 | |
Loans to individuals [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 0 | 1 | |
Loans to individuals [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 120 | 118 | |
Loans to individuals [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 25,047 | 25,445 | |
Loans to individuals [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 585 | 500 | |
Loans to individuals [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 166 | 182 | |
Loans to individuals [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 187 | 171 | |
Obligations of state and political subdivisions [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 56,927 | 57,626 | |
Obligations of state and political subdivisions [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 8,626 | 8,794 | |
Obligations of state and political subdivisions [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 18,550 | 30,607 | |
Obligations of state and political subdivisions [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 26,230 | 14,693 | |
Obligations of state and political subdivisions [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 3,521 | 3,532 | |
Obligations of state and political subdivisions [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 0 | 0 | |
Obligations of state and political subdivisions [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | $ 0 | $ 0 |
Loans, Past Due Receivables (De
Loans, Past Due Receivables (Details) $ in Thousands | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of accruing loans past due 90 days or more | 5 | 8 | |
Schedule of past due loans [Abstract] | |||
Total Past Due | $ 12,046 | $ 12,963 | |
Current | 2,439,879 | 2,446,708 | |
Total Loans Receivable | 2,451,925 | 2,459,671 | $ 2,307,165 |
Accruing Loans Past Due 90 Days or More | 300 | 971 | |
Agricultural [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 1,309 | 593 | |
Current | 82,631 | 87,987 | |
Total Loans Receivable | 83,940 | 88,580 | 87,934 |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Commercial and Financial [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 592 | 560 | |
Current | 213,412 | 218,072 | |
Total Loans Receivable | 214,004 | 218,632 | 199,702 |
Accruing Loans Past Due 90 Days or More | 10 | 0 | |
Real Estate: Construction, 1 to 4 family residential [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 638 | 0 | |
Current | 68,544 | 69,738 | |
Total Loans Receivable | 69,182 | 69,738 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Real Estate: Construction, land development and commercial [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 119 | 246 | |
Current | 97,460 | 109,349 | |
Total Loans Receivable | 97,579 | 109,595 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Real Estate: Mortgage, farmland [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 669 | 269 | |
Current | 217,793 | 215,017 | |
Total Loans Receivable | 218,462 | 215,286 | $ 205,334 |
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] | |||
Total Past Due | 7,766 | 9,832 | |
Current | 828,762 | 821,759 | |
Total Loans Receivable | 836,528 | 831,591 | |
Accruing Loans Past Due 90 Days or More | 148 | 971 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 357 | 695 | |
Current | 143,265 | 143,505 | |
Total Loans Receivable | 143,622 | 144,200 | |
Accruing Loans Past Due 90 Days or More | 142 | 0 | |
Real Estate: Mortgage, multi-family [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 187 | 0 | |
Current | 326,914 | 336,810 | |
Total Loans Receivable | 327,101 | 336,810 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Real Estate: Mortgage, commercial [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 264 | 501 | |
Current | 378,211 | 360,695 | |
Total Loans Receivable | 378,475 | 361,196 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Loans to individuals [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 145 | 267 | |
Current | 25,960 | 26,150 | |
Total Loans Receivable | 26,105 | 26,417 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Obligations of state and political subdivisions [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 0 | |
Current | 56,927 | 57,626 | |
Total Loans Receivable | 56,927 | 57,626 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
30 - 59 Days Past Due [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 8,929 | 7,521 | |
30 - 59 Days Past Due [Member] | Agricultural [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 1,105 | 324 | |
30 - 59 Days Past Due [Member] | Commercial and Financial [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 484 | 447 | |
30 - 59 Days Past Due [Member] | Real Estate: Construction, 1 to 4 family residential [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 638 | 0 | |
30 - 59 Days Past Due [Member] | Real Estate: Construction, land development and commercial [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 119 | 246 | |
30 - 59 Days Past Due [Member] | Real Estate: Mortgage, farmland [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 669 | 269 | |
30 - 59 Days Past Due [Member] | Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 5,303 | 5,143 | |
30 - 59 Days Past Due [Member] | Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 182 | 579 | |
30 - 59 Days Past Due [Member] | Real Estate: Mortgage, multi-family [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 187 | 0 | |
30 - 59 Days Past Due [Member] | Real Estate: Mortgage, commercial [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 119 | 307 | |
30 - 59 Days Past Due [Member] | Loans to individuals [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 123 | 206 | |
30 - 59 Days Past Due [Member] | Obligations of state and political subdivisions [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 0 | |
60 - 89 Days Past Due [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 646 | 2,119 | |
60 - 89 Days Past Due [Member] | Agricultural [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 0 | |
60 - 89 Days Past Due [Member] | Commercial and Financial [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 34 | 20 | |
60 - 89 Days Past Due [Member] | Real Estate: Construction, 1 to 4 family residential [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 0 | |
60 - 89 Days Past Due [Member] | Real Estate: Construction, land development and commercial [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 0 | |
60 - 89 Days Past Due [Member] | Real Estate: Mortgage, farmland [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 0 | |
60 - 89 Days Past Due [Member] | Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 557 | 1,750 | |
60 - 89 Days Past Due [Member] | Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 33 | 116 | |
60 - 89 Days Past Due [Member] | Real Estate: Mortgage, multi-family [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 0 | |
60 - 89 Days Past Due [Member] | Real Estate: Mortgage, commercial [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 178 | |
60 - 89 Days Past Due [Member] | Loans to individuals [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 22 | 55 | |
60 - 89 Days Past Due [Member] | Obligations of state and political subdivisions [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 0 | |
90 Days or More Past Due [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 2,471 | 3,323 | |
90 Days or More Past Due [Member] | Agricultural [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 204 | 269 | |
90 Days or More Past Due [Member] | Commercial and Financial [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 74 | 93 | |
90 Days or More Past Due [Member] | Real Estate: Construction, 1 to 4 family residential [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 0 | |
90 Days or More Past Due [Member] | Real Estate: Construction, land development and commercial [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 0 | |
90 Days or More Past Due [Member] | Real Estate: Mortgage, farmland [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 0 | |
90 Days or More Past Due [Member] | Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 1,906 | 2,939 | |
90 Days or More Past Due [Member] | Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 142 | 0 | |
90 Days or More Past Due [Member] | Real Estate: Mortgage, multi-family [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 0 | |
90 Days or More Past Due [Member] | Real Estate: Mortgage, commercial [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 145 | 16 | |
90 Days or More Past Due [Member] | Loans to individuals [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | 0 | 6 | |
90 Days or More Past Due [Member] | Obligations of state and political subdivisions [Member] | |||
Schedule of past due loans [Abstract] | |||
Total Past Due | $ 0 | $ 0 |
Loans, Impaired Financing Recei
Loans, Impaired Financing Receivable Loan Type (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Summary of certain impaired loan information [Abstract] | ||
Non-accrual loans | $ 8,819 | $ 9,096 |
Accruing loans past due 90 days or more | 300 | 971 |
TDR loans | 8,509 | $ 8,470 |
Decrease accruing loans past due 90 days or more | $ 670 | |
Number of accruing loans past due 90 days or more | 5 | 8 |
Average 90 days or more past due loan balance | $ 60 | $ 120 |
Agricultural [Member] | ||
Summary of certain impaired loan information [Abstract] | ||
Non-accrual loans | 1,503 | 1,651 |
Accruing loans past due 90 days or more | 0 | 0 |
TDR loans | 1,092 | 2,309 |
Commercial and financial [Member] | ||
Summary of certain impaired loan information [Abstract] | ||
Non-accrual loans | 903 | 825 |
Accruing loans past due 90 days or more | 10 | 0 |
TDR loans | 1,637 | 1,943 |
Real Estate: Construction, 1 to 4 family residential [Member] | ||
Summary of certain impaired loan information [Abstract] | ||
Non-accrual loans | 0 | 0 |
Accruing loans past due 90 days or more | 0 | 0 |
TDR loans | 0 | 0 |
Real Estate: Construction, land development and commercial [Member] | ||
Summary of certain impaired loan information [Abstract] | ||
Non-accrual loans | 0 | 0 |
Accruing loans past due 90 days or more | 0 | 0 |
TDR loans | 335 | 339 |
Real Estate: Mortgage, farmland [Member] | ||
Summary of certain impaired loan information [Abstract] | ||
Non-accrual loans | 1,200 | 1,391 |
Accruing loans past due 90 days or more | 0 | 0 |
TDR loans | 2,415 | 1,451 |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | ||
Summary of certain impaired loan information [Abstract] | ||
Non-accrual loans | 4,390 | 4,407 |
Accruing loans past due 90 days or more | 148 | 971 |
TDR loans | 1,971 | 1,357 |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | ||
Summary of certain impaired loan information [Abstract] | ||
Non-accrual loans | 0 | 7 |
Accruing loans past due 90 days or more | 142 | 0 |
TDR loans | 25 | 25 |
Real Estate: Mortgage, multi-family [Member] | ||
Summary of certain impaired loan information [Abstract] | ||
Non-accrual loans | 213 | 218 |
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 | 610 | 597 |
Accruing loans past due 90 days or more | 0 | 0 |
TDR loans | 1,034 | 1,046 |
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 | $ 3,620 | $ 3,620 |
Loans, Troubled Debt Restructur
Loans, Troubled Debt Restructuring (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 1,710,000 | $ 530,000 |
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 58 | 54 |
Recorded investment | $ 12,130,000 | $ 12,094,000 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 8 | |
Pre-modification recorded investment | $ 2,201,000 | |
Post-modification recorded investment | 2,201,000 | |
Commitments to lend additional borrowings | 530,000 | |
TDR loans default payment | 0 | 0 |
Agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 1,575,000 | $ 321,000 |
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 6 | 9 |
Recorded investment | $ 2,381,000 | $ 3,628,000 |
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] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 137,000 | $ 169,000 |
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 14 | 14 |
Recorded investment | $ 2,231,000 | $ 2,575,000 |
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: Construction, 1 to 4 family residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 1,000 | $ 16,000 |
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 0 | 0 |
Recorded investment | $ 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: Construction, land development and commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 0 |
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 2 | 2 |
Recorded investment | $ 335,000 | $ 339,000 |
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] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 0 |
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 7 | 7 |
Recorded investment | $ 3,540,000 | $ 2,761,000 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 1 | |
Pre-modification recorded investment | $ 1,300,000 | |
Post-modification recorded investment | 1,300,000 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 0 |
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 19 | 13 |
Recorded investment | $ 2,053,000 | $ 1,442,000 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 6 | |
Pre-modification recorded investment | $ 627,000 | |
Post-modification recorded investment | 627,000 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 24,000 |
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 1 | 1 |
Recorded investment | $ 25,000 | $ 25,000 |
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] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 0 |
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 0 | 0 |
Recorded investment | $ 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] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 0 |
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 9 | 8 |
Recorded investment | $ 1,565,000 | $ 1,324,000 |
Summary of troubled debt restructuring loans were modified [Abstract] | ||
Number of contracts | contract | 1 | |
Pre-modification recorded investment | $ 274,000 | |
Post-modification recorded investment | 274,000 | |
Loans to individuals [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 0 |
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 0 | 0 |
Recorded investment | $ 0 | $ 0 |
Loans, Impaired Financing Rec37
Loans, Impaired Financing Receivables Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Recorded Investment | ||
With no related allowance recorded | $ 15,573 | $ 14,356 |
With an allowance recorded | 9,013 | 17,131 |
Total impaired loans | 24,586 | 31,487 |
Unpaid Principal Balance | ||
With no related allowance recorded | 19,760 | 18,735 |
With an allowance recorded | 9,106 | 17,202 |
Total | 28,866 | 35,937 |
Related Allowance | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 1,629 | 2,166 |
Total | 1,629 | $ 2,166 |
Average Recorded Investment | ||
With no related allowance recorded | 15,300 | |
With an allowance recorded | 9,102 | |
Total | 24,402 | |
Interest Income Recognized | ||
With no related allowance recorded | 74 | |
With an allowance recorded | 99 | |
Total | 173 | |
Decrease in impaired loans | $ 6,900 | |
Percentages of impaired loans to loans held for investment (in hundredths) | 1.00% | 1.28% |
Decrease in nonaccrual loans | $ 280 | |
Decrease Accruing Loans Past days or More Financing Receivable Unpaid Principal Balance | 670 | |
Increase in TDR Loans | $ 40 | |
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 | ||
Decrease in impaired loans | $ 6,020 | |
Agricultural [Member] | ||
Recorded Investment | ||
With no related allowance recorded | 2,518 | $ 1,822 |
With an allowance recorded | 305 | 3,094 |
Total impaired loans | 2,823 | 4,916 |
Unpaid Principal Balance | ||
With no related allowance recorded | 2,922 | 2,193 |
With an allowance recorded | 305 | 3,149 |
Total | 3,227 | 5,342 |
Related Allowance | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 199 | 133 |
Total | 199 | 133 |
Average Recorded Investment | ||
With no related allowance recorded | 2,887 | |
With an allowance recorded | 208 | |
Total | 3,095 | |
Interest Income Recognized | ||
With no related allowance recorded | 16 | |
With an allowance recorded | 3 | |
Total | 19 | |
Commercial and Financial [Member] | ||
Recorded Investment | ||
With no related allowance recorded | 1,766 | 1,725 |
With an allowance recorded | 784 | 1,043 |
Total impaired loans | 2,550 | 2,768 |
Unpaid Principal Balance | ||
With no related allowance recorded | 2,520 | 2,487 |
With an allowance recorded | 784 | 1,043 |
Total | 3,304 | 3,530 |
Related Allowance | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 759 | 1,018 |
Total | 759 | 1,018 |
Average Recorded Investment | ||
With no related allowance recorded | 1,731 | |
With an allowance recorded | 919 | |
Total | 2,650 | |
Interest Income Recognized | ||
With no related allowance recorded | 11 | |
With an allowance recorded | 11 | |
Total | 22 | |
Real Estate: Construction, 1 to 4 family residential [Member] | ||
Recorded Investment | ||
With no related allowance recorded | 113 | 114 |
With an allowance recorded | 0 | 0 |
Total impaired loans | 113 | 114 |
Unpaid Principal Balance | ||
With no related allowance recorded | 149 | 150 |
With an allowance recorded | 0 | 0 |
Total | 149 | 150 |
Related Allowance | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 0 | 0 |
Total | 0 | 0 |
Average Recorded Investment | ||
With no related allowance recorded | 113 | |
With an allowance recorded | 0 | |
Total | 113 | |
Interest Income Recognized | ||
With no related allowance recorded | 1 | |
With an allowance recorded | 0 | |
Total | 1 | |
Real Estate: Construction, land development and commercial [Member] | ||
Recorded Investment | ||
With no related allowance recorded | 335 | 338 |
With an allowance recorded | 498 | 505 |
Total impaired loans | 833 | 843 |
Unpaid Principal Balance | ||
With no related allowance recorded | 352 | 371 |
With an allowance recorded | 498 | 505 |
Total | 850 | 876 |
Related Allowance | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 40 | 39 |
Total | 40 | 39 |
Average Recorded Investment | ||
With no related allowance recorded | 337 | |
With an allowance recorded | 501 | |
Total | 838 | |
Interest Income Recognized | ||
With no related allowance recorded | 3 | |
With an allowance recorded | 6 | |
Total | 9 | |
Real Estate: Mortgage, farmland [Member] | ||
Recorded Investment | ||
With no related allowance recorded | 3,615 | 2,523 |
With an allowance recorded | 0 | 5,439 |
Total impaired loans | 3,615 | 7,962 |
Unpaid Principal Balance | ||
With no related allowance recorded | 4,013 | 2,902 |
With an allowance recorded | 0 | 5,439 |
Total | 4,013 | 8,341 |
Related Allowance | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 0 | 238 |
Total | 0 | 238 |
Average Recorded Investment | ||
With no related allowance recorded | 3,069 | |
With an allowance recorded | 0 | |
Total | 3,069 | |
Interest Income Recognized | ||
With no related allowance recorded | 21 | |
With an allowance recorded | 0 | |
Total | 21 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | ||
Recorded Investment | ||
With no related allowance recorded | 5,447 | 6,045 |
With an allowance recorded | 950 | 577 |
Total impaired loans | 6,397 | 6,622 |
Unpaid Principal Balance | ||
With no related allowance recorded | 6,907 | 7,507 |
With an allowance recorded | 1,039 | 593 |
Total | 7,946 | 8,100 |
Related Allowance | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 71 | 63 |
Total | 71 | 63 |
Average Recorded Investment | ||
With no related allowance recorded | 5,499 | |
With an allowance recorded | 981 | |
Total | 6,480 | |
Interest Income Recognized | ||
With no related allowance recorded | 10 | |
With an allowance recorded | 5 | |
Total | 15 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | ||
Recorded Investment | ||
With no related allowance recorded | 0 | 7 |
With an allowance recorded | 167 | 25 |
Total impaired loans | 167 | 32 |
Unpaid Principal Balance | ||
With no related allowance recorded | 260 | 482 |
With an allowance recorded | 171 | 25 |
Total | 431 | 507 |
Related Allowance | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 4 | 3 |
Total | 4 | 3 |
Average Recorded Investment | ||
With no related allowance recorded | 0 | |
With an allowance recorded | 169 | |
Total | 169 | |
Interest Income Recognized | ||
With no related allowance recorded | 0 | |
With an allowance recorded | 2 | |
Total | 2 | |
Real Estate: Mortgage, multi-family [Member] | ||
Recorded Investment | ||
With no related allowance recorded | 213 | 218 |
With an allowance recorded | 6,168 | 6,179 |
Total impaired loans | 6,381 | 6,397 |
Unpaid Principal Balance | ||
With no related allowance recorded | 354 | 355 |
With an allowance recorded | 6,168 | 6,179 |
Total | 6,522 | 6,534 |
Related Allowance | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 492 | 480 |
Total | 492 | 480 |
Average Recorded Investment | ||
With no related allowance recorded | 216 | |
With an allowance recorded | 6,174 | |
Total | 6,390 | |
Interest Income Recognized | ||
With no related allowance recorded | 0 | |
With an allowance recorded | 69 | |
Total | 69 | |
Real Estate: Mortgage, commercial [Member] | ||
Recorded Investment | ||
With no related allowance recorded | 1,566 | 1,564 |
With an allowance recorded | 78 | 79 |
Total impaired loans | 1,644 | 1,643 |
Unpaid Principal Balance | ||
With no related allowance recorded | 2,269 | 2,274 |
With an allowance recorded | 78 | 79 |
Total | 2,347 | 2,353 |
Related Allowance | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 1 | 2 |
Total | 1 | 2 |
Average Recorded Investment | ||
With no related allowance recorded | 1,448 | |
With an allowance recorded | 78 | |
Total | 1,526 | |
Interest Income Recognized | ||
With no related allowance recorded | 12 | |
With an allowance recorded | 1 | |
Total | 13 | |
Loans to individuals [Member] | ||
Recorded Investment | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 63 | 190 |
Total impaired loans | 63 | 190 |
Unpaid Principal Balance | ||
With no related allowance recorded | 14 | 14 |
With an allowance recorded | 63 | 190 |
Total | 77 | 204 |
Related Allowance | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 63 | 190 |
Total | 63 | $ 190 |
Average Recorded Investment | ||
With no related allowance recorded | 0 | |
With an allowance recorded | 72 | |
Total | 72 | |
Interest Income Recognized | ||
With no related allowance recorded | 0 | |
With an allowance recorded | 2 | |
Total | $ 2 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Readily Available Market Prices [Member] | ||
Financial instrument assets: | ||
Cash and cash equivalents | $ 244,097 | $ 154,353 |
Investment securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans | ||
Agricultural | 0 | 0 |
Commercial and financial | 0 | 0 |
Real estate: | ||
Construction, 1 to 4 family residential | 0 | 0 |
Construction, land development and commercial | 0 | 0 |
Mortgage, farmland | 0 | 0 |
Mortgage, 1 to 4 family first liens | 0 | 0 |
Mortgage, 1 to 4 family junior liens | 0 | 0 |
Mortgage, multi-family | 0 | 0 |
Mortgage, commercial | 0 | 0 |
Loans to individuals | 0 | 0 |
Obligations of state and political subdivisions | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Total financial instrument assets | 244,097 | 154,353 |
Deposits | ||
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Other borrowings | 0 | 0 |
Federal Home Loan Bank borrowings | 0 | 0 |
Interest rate swaps | 0 | |
Accrued interest payable | 0 | 0 |
Total financial instrument liabilities | 0 | 0 |
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 |
Observable Market Prices [Member] | ||
Financial instrument assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities | 312,914 | 300,160 |
Loans held for sale | 0 | 5,162 |
Loans | ||
Agricultural | 0 | 0 |
Commercial and financial | 0 | 0 |
Real estate: | ||
Construction, 1 to 4 family residential | 0 | 0 |
Construction, land development and commercial | 0 | 0 |
Mortgage, farmland | 0 | 0 |
Mortgage, 1 to 4 family first liens | 0 | 0 |
Mortgage, 1 to 4 family junior liens | 0 | 0 |
Mortgage, multi-family | 0 | 0 |
Mortgage, commercial | 0 | 0 |
Loans to individuals | 0 | 0 |
Obligations of state and political subdivisions | 0 | 0 |
Accrued interest receivable | 11,365 | 10,772 |
Total financial instrument assets | 324,279 | 316,094 |
Deposits | ||
Noninterest-bearing deposits | 365,042 | 363,817 |
Interest-bearing deposits | 2,078,501 | 1,934,442 |
Other borrowings | 0 | 0 |
Federal Home Loan Bank borrowings | 227,232 | 284,442 |
Interest rate swaps | 1,765 | 2,819 |
Accrued interest payable | 1,310 | 1,290 |
Total financial instrument liabilities | 2,673,850 | 2,586,810 |
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 |
Company Determined Market Prices [Member] | ||
Financial instrument assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities | 0 | 0 |
Loans held for sale | 5,584 | 0 |
Loans | ||
Agricultural | 84,052 | 86,229 |
Commercial and financial | 206,963 | 212,244 |
Real estate: | ||
Construction, 1 to 4 family residential | 66,095 | 69,036 |
Construction, land development and commercial | 93,225 | 108,651 |
Mortgage, farmland | 210,371 | 211,947 |
Mortgage, 1 to 4 family first liens | 820,737 | 818,083 |
Mortgage, 1 to 4 family junior liens | 136,836 | 142,180 |
Mortgage, multi-family | 317,120 | 329,344 |
Mortgage, commercial | 368,329 | 353,796 |
Loans to individuals | 25,839 | 25,610 |
Obligations of state and political subdivisions | 52,977 | 55,066 |
Accrued interest receivable | 0 | 0 |
Total financial instrument assets | 2,388,128 | 2,412,186 |
Deposits | ||
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Other borrowings | 0 | 0 |
Federal Home Loan Bank borrowings | 0 | 0 |
Interest rate swaps | 0 | |
Accrued interest payable | 0 | 0 |
Total financial instrument liabilities | 0 | 0 |
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 |
Carrying Amount [Member] | ||
Financial instrument assets: | ||
Cash and cash equivalents | 244,097 | 154,353 |
Investment securities | 312,914 | 300,160 |
Loans held for sale | 5,584 | 5,162 |
Loans | ||
Agricultural | 81,687 | 86,286 |
Commercial and financial | 209,346 | 213,795 |
Real estate: | ||
Construction, 1 to 4 family residential | 68,004 | 68,545 |
Construction, land development and commercial | 95,977 | 107,799 |
Mortgage, farmland | 214,753 | 211,617 |
Mortgage, 1 to 4 family first liens | 830,053 | 824,222 |
Mortgage, 1 to 4 family junior liens | 142,342 | 142,901 |
Mortgage, multi-family | 324,368 | 334,019 |
Mortgage, commercial | 375,414 | 358,287 |
Loans to individuals | 25,499 | 25,635 |
Obligations of state and political subdivisions | 56,472 | 57,165 |
Accrued interest receivable | 11,365 | 10,772 |
Total financial instrument assets | 2,997,875 | 2,900,718 |
Deposits | ||
Noninterest-bearing deposits | 365,042 | 363,817 |
Interest-bearing deposits | 2,076,735 | 1,924,748 |
Other borrowings | 0 | 0 |
Federal Home Loan Bank borrowings | 235,000 | 295,000 |
Interest rate swaps | 1,765 | 2,819 |
Accrued interest payable | 1,310 | 1,290 |
Total financial instrument liabilities | 2,679,852 | 2,587,674 |
Financial instrument with off-balance sheet risk: | ||
Loan commitments | 403,386 | 380,877 |
Letters of credit | 10,017 | 9,113 |
Total financial instrument liabilities with off-balance-sheet risk | 413,403 | 389,990 |
Estimated Fair Value [Member] | ||
Financial instrument assets: | ||
Cash and cash equivalents | 244,097 | 154,353 |
Investment securities | 312,914 | 300,160 |
Loans held for sale | 5,584 | 5,162 |
Loans | ||
Agricultural | 84,052 | 86,229 |
Commercial and financial | 206,963 | 212,244 |
Real estate: | ||
Construction, 1 to 4 family residential | 66,095 | 69,036 |
Construction, land development and commercial | 93,225 | 108,651 |
Mortgage, farmland | 210,371 | 211,947 |
Mortgage, 1 to 4 family first liens | 820,737 | 818,083 |
Mortgage, 1 to 4 family junior liens | 136,836 | 142,180 |
Mortgage, multi-family | 317,120 | 329,344 |
Mortgage, commercial | 368,329 | 353,796 |
Loans to individuals | 25,839 | 25,610 |
Obligations of state and political subdivisions | 52,977 | 55,066 |
Accrued interest receivable | 11,365 | 10,772 |
Total financial instrument assets | 2,956,504 | 2,882,633 |
Deposits | ||
Noninterest-bearing deposits | 365,042 | 363,817 |
Interest-bearing deposits | 2,078,501 | 1,934,442 |
Other borrowings | 0 | 0 |
Federal Home Loan Bank borrowings | 227,232 | 284,442 |
Interest rate swaps | 1,765 | 2,819 |
Accrued interest payable | 1,310 | 1,290 |
Total financial instrument liabilities | 2,673,850 | 2,586,810 |
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 |
Fair Value Measurements, Assets
Fair Value Measurements, Assets and Liabilities Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Securities available for sale | $ 299,941 | $ 285,155 |
U.S. Treasury [Member] | ||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Securities available for sale | 73,467 | 54,318 |
State and political subdivisions [Member] | ||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Securities available for sale | 188,669 | 186,878 |
Readily Available Market Prices [Member] | ||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Derivative Financial Instruments | 0 | |
Total | 244,097 | 154,353 |
Observable Market Prices [Member] | ||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Derivative Financial Instruments | (1,765) | (2,819) |
Total | 324,279 | 316,094 |
Company Determined Market Prices [Member] | ||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Derivative Financial Instruments | 0 | |
Total | 2,388,128 | 2,412,186 |
Recurring Basis [Member] | ||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Total | 298,176 | 282,336 |
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 | 73,467 | 54,318 |
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 | 188,669 | 186,878 |
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 | 37,805 | 43,959 |
Recurring Basis [Member] | Interest rate swaps [Member] | ||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Derivative Financial Instruments | (1,765) | (2,819) |
Recurring Basis [Member] | Readily Available Market Prices [Member] | ||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Total | 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 | 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 | 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 | 0 | 0 |
Recurring Basis [Member] | Observable Market Prices [Member] | ||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Total | 298,176 | 282,336 |
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 | 73,467 | 54,318 |
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 | 188,669 | 186,878 |
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 | 37,805 | 43,959 |
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 | (1,765) | (2,819) |
Recurring Basis [Member] | Company Determined Market Prices [Member] | ||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Total | 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 | 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 | 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 | $ 0 | $ 0 |
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, 2018 | Dec. 31, 2017 | |
Readily Available Market Prices [Member] | ||
Loans | ||
Agricultural | $ 0 | $ 0 |
Commercial and financial | 0 | 0 |
Real Estate [Abstract] | ||
Construction, land development and commercial | 0 | 0 |
Mortgage, farmland | 0 | 0 |
Mortgage, 1 to 4 family first liens | 0 | 0 |
Mortgage, 1 to 4 family junior liens | 0 | 0 |
Mortgage, multi-family | 0 | 0 |
Mortgage, commercial | 0 | 0 |
Loans to individuals | 0 | 0 |
Total financial instrument assets | 244,097 | 154,353 |
Observable Market Prices [Member] | ||
Loans | ||
Agricultural | 0 | 0 |
Commercial and financial | 0 | 0 |
Real Estate [Abstract] | ||
Construction, land development and commercial | 0 | 0 |
Mortgage, farmland | 0 | 0 |
Mortgage, 1 to 4 family first liens | 0 | 0 |
Mortgage, 1 to 4 family junior liens | 0 | 0 |
Mortgage, multi-family | 0 | 0 |
Mortgage, commercial | 0 | 0 |
Loans to individuals | 0 | 0 |
Total financial instrument assets | 324,279 | 316,094 |
Company Determined Market Prices [Member] | ||
Loans | ||
Agricultural | 84,052 | 86,229 |
Commercial and financial | 206,963 | 212,244 |
Real Estate [Abstract] | ||
Construction, land development and commercial | 93,225 | 108,651 |
Mortgage, farmland | 210,371 | 211,947 |
Mortgage, 1 to 4 family first liens | 820,737 | 818,083 |
Mortgage, 1 to 4 family junior liens | 136,836 | 142,180 |
Mortgage, multi-family | 317,120 | 329,344 |
Mortgage, commercial | 368,329 | 353,796 |
Loans to individuals | 25,839 | 25,610 |
Total financial instrument assets | 2,388,128 | 2,412,186 |
Nonrecurring Basis [Member] | ||
Loans | ||
Agricultural | 2,518 | 4,704 |
Commercial and financial | 1,597 | 1,555 |
Real Estate [Abstract] | ||
Construction, 1 to 4 family residential | 0 | 729 |
Construction, land development and commercial | 680 | 0 |
Mortgage, farmland | 3,081 | 7,190 |
Mortgage, 1 to 4 family first liens | 6,137 | 5,548 |
Mortgage, 1 to 4 family junior liens | 22 | 25 |
Mortgage, multi-family | 5,890 | 6,397 |
Mortgage, commercial | 1,071 | 1,063 |
Loans to individuals | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total financial instrument assets | 20,996 | 27,211 |
Total Losses | 219 | 909 |
Nonrecurring Basis [Member] | Agricultural [Member] | ||
Real Estate [Abstract] | ||
Total Losses | 10 | 127 |
Nonrecurring Basis [Member] | Commercial and financial [Member] | ||
Real Estate [Abstract] | ||
Total Losses | 58 | 159 |
Nonrecurring Basis [Member] | Real Estate: Construction, 1 to 4 family residential [Member] | ||
Real Estate [Abstract] | ||
Total Losses | 0 | 0 |
Nonrecurring Basis [Member] | Real Estate: Construction, land development and commercial [Member] | ||
Real Estate [Abstract] | ||
Total Losses | 0 | 0 |
Nonrecurring Basis [Member] | Real Estate: Mortgage, farmland [Member] | ||
Real Estate [Abstract] | ||
Total Losses | 0 | 0 |
Nonrecurring Basis [Member] | Real Estate: Mortgage, 1 to 4 family first liens [Member] | ||
Real Estate [Abstract] | ||
Total Losses | 87 | 404 |
Nonrecurring Basis [Member] | Real Estate: Mortgage, 1 to 4 family junior liens [Member] | ||
Real Estate [Abstract] | ||
Total Losses | 14 | 88 |
Nonrecurring Basis [Member] | Real Estate: Mortgage, multi-family [Member] | ||
Real Estate [Abstract] | ||
Total Losses | 50 | 0 |
Nonrecurring Basis [Member] | Real Estate: Mortgage, commercial [Member] | ||
Real Estate [Abstract] | ||
Total Losses | 0 | 111 |
Nonrecurring Basis [Member] | Loans to individuals [Member] | ||
Real Estate [Abstract] | ||
Total Losses | 0 | 20 |
Nonrecurring Basis [Member] | Foreclosed assets [Member] | ||
Real Estate [Abstract] | ||
Total Losses | 0 | 0 |
Nonrecurring Basis [Member] | Readily Available Market Prices [Member] | ||
Loans | ||
Agricultural | 0 | 0 |
Commercial and financial | 0 | 0 |
Real Estate [Abstract] | ||
Construction, 1 to 4 family residential | 0 | 0 |
Construction, land development and commercial | 0 | 0 |
Mortgage, farmland | 0 | 0 |
Mortgage, 1 to 4 family first liens | 0 | 0 |
Mortgage, 1 to 4 family junior liens | 0 | 0 |
Mortgage, multi-family | 0 | 0 |
Mortgage, commercial | 0 | 0 |
Loans to individuals | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total financial instrument assets | 0 | 0 |
Nonrecurring Basis [Member] | Observable Market Prices [Member] | ||
Loans | ||
Agricultural | 0 | 0 |
Commercial and financial | 0 | 0 |
Real Estate [Abstract] | ||
Construction, 1 to 4 family residential | 0 | 0 |
Construction, land development and commercial | 0 | 0 |
Mortgage, farmland | 0 | 0 |
Mortgage, 1 to 4 family first liens | 0 | 0 |
Mortgage, 1 to 4 family junior liens | 0 | 0 |
Mortgage, multi-family | 0 | 0 |
Mortgage, commercial | 0 | 0 |
Loans to individuals | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total financial instrument assets | 0 | 0 |
Nonrecurring Basis [Member] | Company Determined Market Prices [Member] | ||
Loans | ||
Agricultural | 2,518 | 4,704 |
Commercial and financial | 1,597 | 1,555 |
Real Estate [Abstract] | ||
Construction, 1 to 4 family residential | 0 | 729 |
Construction, land development and commercial | 680 | 0 |
Mortgage, farmland | 3,081 | 7,190 |
Mortgage, 1 to 4 family first liens | 6,137 | 5,548 |
Mortgage, 1 to 4 family junior liens | 22 | 25 |
Mortgage, multi-family | 5,890 | 6,397 |
Mortgage, commercial | 1,071 | 1,063 |
Loans to individuals | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total financial instrument assets | $ 20,996 | $ 27,211 |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - $ / shares | 3 Months Ended | 152 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | 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) | 47,432 | 9,346 | 1,057,350 | |
Average price per share (in dollars per share) | $ 56.78 |
Commitments and Contingencies42
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
State and political subdivisions [Member] | ||
Concentration Risk [Line Items] | ||
Investment in securities issued by state and political subdivisions within the state of Iowa | $ 88,920 | |
Home equity loans [Member] | ||
Firm loan commitments and unused portion of lines of credit [Abstract] | ||
Total financial instrument liabilities with off-balance-sheet risk | 57,354 | $ 55,171 |
Credit cards [Member] | ||
Firm loan commitments and unused portion of lines of credit [Abstract] | ||
Total financial instrument liabilities with off-balance-sheet risk | 51,237 | 49,235 |
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 | 108,846 | 117,021 |
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 | 185,949 | 159,450 |
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 | $ 10,017 | $ 9,113 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Examination [Line Items] | ||
Effective tax rate | 19.15% | 30.89% |
Internal Revenue Service (IRS) [Member] | ||
Income Tax Examination [Line Items] | ||
Income tax examination, years under examination | December 31, 2017, 2016, and 2015 | |
State and Local Jurisdiction [Member] | ||
Income Tax Examination [Line Items] | ||
Income tax examination, years under examination | December 31, 2017, 2016, and 2015 |
Derivative Financial Instrume44
Derivative Financial Instruments (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 07, 2013USD ($)derivative | |
Derivatives, Fair Value [Line Items] | |||
Owned and pledged as collateral | $ 1,770,000 | ||
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 | $ 25,000,000 |
Fair Value | $ (227,000) | $ (582,000) | |
Maturity | Nov. 9, 2020 | 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) | $ 267,000 | $ 318,000 | |
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 | $ 25,000,000 |
Fair Value | $ (1,538,000) | $ (2,237,000) | |
Maturity | Nov. 7, 2023 | 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) | $ 524,000 | $ 373,000 | |
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Number of interest rate swaps held | derivative | 2 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap 1 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Number of interest rate swaps held | derivative | 1 |