Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 07, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'AMERICAN NATIONAL BANKSHARES INC. | ' | ' |
Entity Central Index Key | '0000741516 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $168,548,449 |
Entity Common Stock, Shares Outstanding | ' | 7,893,699 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $19,808 | $20,435 |
Interest-bearing deposits in other banks | 47,873 | 27,007 |
Securities available for sale, at fair value | 346,124 | 335,246 |
Restricted stock, at cost | 4,889 | 5,287 |
Loans held for sale | 2,760 | 13,852 |
Loans, net of unearned income | 794,671 | 788,705 |
Less allowance for loan losses | -12,600 | -12,118 |
Net loans | 782,071 | 776,587 |
Premises and equipment, net | 23,674 | 24,543 |
Other real estate owned, net of valuation allowance of $3,340 in 2013 and $2,367 in 2012 | 3,422 | 6,193 |
Goodwill | 39,043 | 39,043 |
Core deposit intangibles, net | 3,159 | 4,660 |
Bank owned life insurance | 14,746 | 14,289 |
Accrued interest receivable and other assets | 19,943 | 16,545 |
Total assets | 1,307,512 | 1,283,687 |
Liabilities: | ' | ' |
Demand deposits -- noninterest bearing | 229,347 | 217,275 |
Demand deposits -- interest bearing | 167,736 | 153,578 |
Money market deposits | 185,270 | 166,111 |
Savings deposits | 85,724 | 81,135 |
Time deposits | 389,598 | 409,568 |
Total deposits | 1,057,675 | 1,027,667 |
Short-term borrowings: | ' | ' |
Customer repurchase agreements | 39,478 | 49,942 |
Other short-term borrowings | 0 | 0 |
Long-term borrowings | 9,951 | 10,079 |
Trust preferred capital notes | 27,419 | 27,317 |
Accrued interest payable and other liabilities | 5,438 | 5,436 |
Total liabilities | 1,139,961 | 1,120,441 |
Shareholders' equity: | ' | ' |
Preferred stock, $5 par, 2,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, $1 par, 20,000,000 shares authorized, 7,890,697 shares outstanding at December 31, 2013 and 7,846,912 shares outstanding at December 31, 2012 | 7,891 | 7,847 |
Capital in excess of par value | 58,050 | 57,211 |
Retained earnings | 99,090 | 90,591 |
Accumulated other comprehensive income, net | 2,520 | 7,597 |
Total shareholders' equity | 167,551 | 163,246 |
Total liabilities and shareholders' equity | $1,307,512 | $1,283,687 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Other real estate owned, valuation allowance | $3,340 | $2,367 |
Shareholders' equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $5 | $5 |
Preferred stock, authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, outstanding (in shares) | 7,890,697 | 7,846,912 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and Dividend Income: | ' | ' | ' |
Interest and fees on loans | $44,817 | $49,189 | $40,688 |
Interest and dividends on securities: | ' | ' | ' |
Taxable | 3,530 | 4,044 | 4,595 |
Tax-exempt | 4,213 | 4,280 | 3,646 |
Dividends | 245 | 213 | 131 |
Other interest income | 151 | 80 | 127 |
Total interest and dividend income | 52,956 | 57,806 | 49,187 |
Interest Expense: | ' | ' | ' |
Interest on deposits | 5,460 | 6,843 | 7,203 |
Interest on short-term borrowings | 40 | 150 | 325 |
Interest on long-term borrowings | 329 | 335 | 229 |
Interest on trust preferred capital notes | 754 | 813 | 1,023 |
Total interest expense | 6,583 | 8,141 | 8,780 |
Net Interest Income | 46,373 | 49,665 | 40,407 |
Provision for Loan Losses | 294 | 2,133 | 3,170 |
Net Interest Income after Provision for Loan Losses | 46,079 | 47,532 | 37,237 |
Noninterest Income: | ' | ' | ' |
Trust fees | 3,689 | 3,703 | 3,561 |
Service charges on deposit accounts | 1,750 | 1,757 | 1,963 |
Other fees and commissions | 1,864 | 1,768 | 1,510 |
Mortgage banking income | 2,008 | 2,234 | 1,262 |
Securities gains (losses), net | 192 | 158 | -1 |
Impairment of securities | 0 | 0 | 0 |
Other | 1,324 | 1,790 | 949 |
Total noninterest income | 10,827 | 11,410 | 9,244 |
Noninterest Expense: | ' | ' | ' |
Salaries | 14,059 | 15,785 | 12,409 |
Employee benefits | 3,848 | 3,604 | 2,681 |
Occupancy and equipment | 3,614 | 3,951 | 3,199 |
FDIC assessment | 647 | 692 | 651 |
Bank franchise tax | 745 | 690 | 763 |
Core deposit intangible amortization | 1,501 | 1,935 | 1,282 |
Data Processing | 1,248 | 512 | 0 |
Software | 923 | 1,028 | 855 |
Foreclosed real estate, net | 1,523 | 528 | 296 |
Merger related expenses | 0 | 19 | 1,607 |
Other | 6,997 | 7,899 | 6,257 |
Total noninterest expense | 35,105 | 36,643 | 30,000 |
Income Before Income Taxes | 21,801 | 22,299 | 16,481 |
Income Taxes | 6,054 | 6,293 | 4,910 |
Net Income | 15,747 | 16,006 | 11,571 |
Dividends on preferred stock | 0 | 0 | 103 |
Net income available to common shareholders | $15,747 | $16,006 | $11,468 |
Net Income Per Common Share: | ' | ' | ' |
Basic (in dollars per share) | $2 | $2.04 | $1.64 |
Diluted (in dollars per share) | $2 | $2.04 | $1.64 |
Average Common Shares Outstanding: | ' | ' | ' |
Basic (in shares) | 7,872,870 | 7,834,351 | 6,982,524 |
Diluted (in shares) | 7,884,561 | 7,845,652 | 6,989,877 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $15,747 | $16,006 | $11,571 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gains (losses) on securities available for sale | -9,379 | 1,647 | 11,622 |
Income tax (expense) benefit | 3,282 | -576 | -4,068 |
Reclassification adjustment for (gains) losses on securities | -192 | -158 | 1 |
Income tax expense | 67 | 55 | 0 |
Reclassification adjustment for losses on securities other-than temporarily impaired | 0 | 0 | 0 |
Income tax benefit | 0 | 0 | 0 |
Change in unfunded pension liability | 1,761 | -309 | -871 |
Income tax (expense) benefit | -616 | 108 | 305 |
Other comprehensive income (loss) | -5,077 | 767 | 6,989 |
Comprehensive income | $10,670 | $16,773 | $18,560 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Preferred Stock [Member] | Common Stock [Member] | Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Comprehensive Income (Loss) [Member] | Total |
In Thousands, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | $0 | $6,128 | $27,268 | $74,850 | ($159) | $108,087 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | 11,571 | ' | 11,571 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 6,989 | 6,989 |
Issuance of common stock | 0 | 1,626 | 28,279 | 0 | 0 | 29,905 |
Issuance of preferred stock | 5,000 | 0 | 0 | 0 | 0 | 5,000 |
Issuance of replacement options | 0 | 0 | 132 | 0 | 0 | 132 |
Retirement of preferred stock | -5,000 | 0 | 0 | 1,900 | 0 | -3,100 |
Stock options exercised | 0 | 11 | 162 | 0 | 0 | 173 |
Stock-based compensation expense | 0 | 0 | 63 | 0 | 0 | 63 |
Equity-based compensation | 0 | 42 | 491 | 0 | 0 | 533 |
Dividends on preferred stock | 0 | 0 | 0 | -103 | 0 | -103 |
Cash dividends declared | 0 | 0 | 0 | -6,421 | ' | -6,421 |
Balance at Dec. 31, 2011 | 0 | 7,807 | 56,395 | 81,797 | 6,830 | 152,829 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | 16,006 | 0 | 16,006 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 767 | 767 |
Stock options exercised | 0 | 7 | 111 | 0 | 0 | 118 |
Equity-based compensation | 0 | 33 | 705 | 0 | 0 | 738 |
Dividends on preferred stock | ' | ' | ' | ' | ' | 0 |
Cash dividends declared | 0 | 0 | 0 | -7,212 | ' | -7,212 |
Balance at Dec. 31, 2012 | 0 | 7,847 | 57,211 | 90,591 | 7,597 | 163,246 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | 15,747 | 0 | 15,747 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | -5,077 | -5,077 |
Stock options exercised | 0 | 18 | 291 | 0 | 0 | 309 |
Equity-based compensation | 0 | 26 | 548 | 0 | 0 | 574 |
Dividends on preferred stock | ' | ' | ' | ' | ' | 0 |
Cash dividends declared | 0 | 0 | 0 | -7,248 | 0 | -7,248 |
Balance at Dec. 31, 2013 | $0 | $7,891 | $58,050 | $99,090 | $2,520 | $167,551 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Statements of Changes in Shareholders' Equity [Abstract] | ' | ' | ' |
Cash dividends declared (in dollars per share) | $0.92 | $0.92 | $0.92 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income | $15,747 | $16,006 | $11,571 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 294 | 2,133 | 3,170 |
Depreciation | 1,734 | 1,761 | 1,385 |
Goodwill | 0 | 0 | 0 |
Net accretion of purchase accounting adjustments | -7,390 | -9,113 | -5,400 |
Core deposit intangible amortization | 1,501 | 1,935 | 1,282 |
Net amortization (accretion) of securities | 3,158 | 3,261 | 1,836 |
Net (gain) loss on sale or call of securities | -192 | -158 | 1 |
Impairment of securities | 0 | 0 | 0 |
Gain on sale of loans held for sale | -1,705 | -1,958 | -1,101 |
Proceeds from sales of loans held for sale | 92,189 | 94,555 | 52,169 |
Originations of loans held for sale | -79,392 | -100,119 | -54,150 |
Net (gain) loss on foreclosed real estate | -85 | -388 | -574 |
Valuation allowance on foreclosed real estate | 1,070 | 502 | 453 |
Net gain on sale of premises and equipment | 0 | -503 | -114 |
Stock-based compensation expense | 0 | 0 | 63,000 |
Equity-based compensation expense | 574 | 738 | 596 |
Deferred income tax expense | 2,024 | 5,557 | 3,053 |
Net change in interest receivable | -30 | 383 | 66 |
Net change in other assets | -1,355 | 1,708 | -1,306 |
Net change in interest payable | -145 | -77 | -36 |
Net change in other liabilities | 147 | -1,617 | -34 |
Net cash provided by operating activities | 28,144 | 14,606 | 12,867 |
Cash Flows from Investing Activities: | ' | ' | ' |
Proceeds from sales of securities available for sale | 2,623 | 4,208 | 2,099 |
Proceeds from sales of securities held to maturity | 0 | 0 | 0 |
Proceeds from maturities, calls and paydowns of securities available for sale | 53,792 | 65,833 | 69,011 |
Proceeds from maturities, calls and paydowns of securities held to maturity | 0 | 0 | 1,276 |
Purchases of securities available for sale | -79,830 | -73,535 | -114,972 |
Net change in restricted stock | 398 | 732 | 120 |
Net decrease in loans | -368 | 37,240 | 27,444 |
Proceeds from sale of premises and equipment | 0 | 572 | 189 |
Purchases of premises and equipment | -865 | -699 | -1,734 |
Proceeds from sales of foreclosed real estate | 3,612 | 6,051 | 2,965 |
Capital improvements in other real estate owned | 0 | -22 | -140 |
Cash paid in bank acquisition | 0 | 0 | -12 |
Cash acquired in bank acquisition | 0 | 0 | 34,783 |
Net cash provided by (used in) investing activities | -20,638 | 40,380 | 21,029 |
Cash Flows from Financing Activities: | ' | ' | ' |
Net change in demand, money market, and savings deposits | 49,978 | -6,801 | 25,924 |
Net change in time deposits | -19,692 | -23,760 | -27,220 |
Net change in customer repurchase agreements | -10,464 | 4,367 | -1,509 |
Net change in other short-term borrowings | 0 | -3,000 | -3,110 |
Net change in long-term borrowings | -150 | -149 | -8,151 |
Net change in trust preferred capital notes | 0 | 0 | 0 |
Common stock dividends paid | -7,248 | -7,212 | -6,421 |
Preferred stock dividends paid | 0 | 0 | -103 |
Repurchase of preferred stock | 0 | 0 | -3,100 |
Proceeds from exercise of stock options | 309 | 118 | 173 |
Net cash provided by (used in) financing activities | 12,733 | -36,437 | -23,517 |
Net Increase (Decrease) in Cash and Cash Equivalents | 20,239 | 18,549 | 10,379 |
Cash and Cash Equivalents at Beginning of Period | 47,442 | 28,893 | 18,514 |
Cash and Cash Equivalents at End of Period | $67,681 | $47,442 | $28,893 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of Significant Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
Note 1 – Summary of Significant Accounting Policies | ||
Nature of Operations and Consolidation | ||
The consolidated financial statements include the accounts of American National Bankshares Inc. (the "Company") and its wholly owned subsidiary, American National Bank and Trust Company (the "Bank"). The Bank offers a wide variety of retail, commercial, secondary market mortgage lending, and trust and investment services which also include non-deposit products such as mutual funds and insurance policies. | ||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, goodwill and intangible assets, other than temporary impairment, the valuation of deferred tax assets and liabilities, and the valuation of foreclosed real estate. | ||
In April 2006, AMNB Statutory Trust I, a Delaware statutory trust (the "AMNB Trust") and a wholly owned subsidiary of the Company, was formed for the purpose of issuing preferred securities (the "Trust Preferred Securities") in a private placement pursuant to an applicable exemption from registration. Proceeds from the securities were used to fund the acquisition of Community First Financial Corporation ("Community First") which occurred in April 2006. | ||
On July 1, 2011, the Company completed its merger with MidCarolina Financial Corporation ("MidCarolina"). MidCarolina was headquartered in Burlington, North Carolina, and engaged in banking operations through its subsidiary bank, MidCarolina Bank. This transaction expanded the Company's footprint in North Carolina, adding eight branches in Alamance and Guilford counties. | ||
In July 2011, and in connection with its acquisition of MidCarolina Financial Corporation, the Company assumed the liabilities of the MidCarolina Trust I and MidCarolina Trust II, two separate Delaware statutory trust (the "MidCarolina Trusts"), which were also formed for the purpose of issuing preferred securities. Refer to Note 12 for further details concerning these entities. | ||
All significant inter-company transactions and accounts are eliminated in consolidation, with the exception of the AMNB Trust and the MidCarolina Trusts, as detailed in Note 12. | ||
Cash and Cash Equivalents | ||
Cash includes cash on hand, cash with correspondent banks, and cash on deposit at the Federal Reserve Bank of Richmond. Cash equivalents are short-term, highly liquid investments that are readily convertible to cash with original maturities of three months or less and are subject to an insignificant risk of change in value. Cash and cash equivalents are carried at cost. | ||
Interest-bearing Deposits in Other Banks | ||
Interest-bearing deposits in other banks mature within one year and are carried at cost. | ||
Securities | ||
Certain debt securities that management has the positive intent and ability to hold to maturity are classified as "held to maturity" and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Securities not classified as held to maturity or trading, including equity securities with readily determinable fair values, are classified as "available for sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | ||
The Company does not currently have any securities in held to maturity or trading and has no plans to add any to either category. | ||
The Company follows accounting guidance related to recognition and presentation of other-than-temporary impairment. The guidance specifies that (1) if a company does not have the intent to sell a debt security prior to recovery and (2) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporarily impaired, unless there is a credit loss. When an entity does not intend to sell the security and it is more likely than not the entity will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income for the noncredit portion of a previous other-than-temporary impairment should be amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. | ||
For equity securities, when the Company has decided to sell an impaired available-for-sale security and the entity does not expect the fair value of the security to fully recover before the expected time of sale, the security is deemed other-than-temporarily impaired in the period in which the decision to sell is made. The Company recognizes an impairment loss when the impairment is deemed other-than-temporary even if a decision to sell has not been made. | ||
Due to the nature and restrictions placed on the Company's investment in common stock of the Federal Home Loan Bank of Atlanta ("FHLB") and the Federal Reserve Bank of Richmond, these securities have been classified as restricted equity securities and carried at cost. | ||
Loans Held for Sale | ||
Secondary market mortgage loans are designated as held for sale at the time of their origination. These loans are pre-sold with servicing released and the Company does not retain any interest after the loans are sold. These loans consist primarily of fixed-rate, single-family residential mortgage loans which meet the underwriting characteristics of certain government-sponsored enterprises (conforming loans). In addition, the Company requires a firm purchase commitment from a permanent investor before a loan can be committed, thus limiting interest rate risk. Loans held for sale are carried at the lower of cost or fair value. Gains on sales of loans are recognized at the loan closing date and are included in noninterest income. | ||
Derivative Loan Commitments | ||
The Company enters into mortgage loan commitments whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheets with net changes in their fair values recorded in other expenses. Derivative loan commitments resulted in no income or loss for 2013, 2012 or 2011. | ||
The period of time between issuance of a loan commitment and sale of the loan generally ranges from 30 to 60 days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery contracts, by committing to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed the interest rate risk on the loan. As a result, the Company is not generally exposed to significant losses nor will it realize significant gains related to its rate lock commitments due to changes in interest rates. The correlation between the rate lock commitments and the best efforts contracts is very high due to their similarity. | ||
The market value of rate lock commitments and best efforts contracts is not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments and best efforts contracts by measuring the change in the estimated value of the underlying assets while taking into consideration the probability that the loan will be funded. | ||
Loans | ||
The Company makes mortgage, commercial, and consumer loans. A substantial portion of the loan portfolio is secured by real estate. The ability of the Company's debtors to honor their contracts is dependent upon the real estate market and general economic conditions in the Company's market area. | ||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off, generally are reported at their outstanding unpaid principal balance adjusted for the allowance for loan losses, and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. | ||
The accrual of interest on loans is generally discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Loans are typically charged off when the loan is 120 days past due, unless secured and in process of collection. Loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. | ||
Interest accrued but not collected for loans that are placed on nonaccrual status or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash basis or cost recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | ||
A loan is considered past due when a payment of principal or interest or both is due but not paid. Management closely monitors past due loans in timeframes of 30-59 days, 60-89 days, and 90 or more days past due. | ||
These policies apply to all loan portfolio classes and segments. | ||
Substandard and doubtful risk graded commercial, commercial real estate, and construction loans equal to or greater than $100,000 on an unsecured basis, and equal to or greater than $250,000 on a secured basis are reviewed for impairment. All troubled debt restructurings, regardless of dollar amount, are also evaluated for impairment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment and establishing a specific allowance include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial, commercial real estate, and construction loans by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | ||
Generally, large groups of smaller balance homogeneous loans (residential real estate and consumer loans) are collectively evaluated for impairment. The Company's policy for recognizing interest income on impaired loans is consistent with its nonaccrual policy. | ||
The Company's loan portfolio is organized by major segment. These include: commercial, commercial real estate, residential real estate and consumer loans. Each segment has particular risk characteristics that are specific to the borrower and the generic category of credit. Commercial loan repayments are highly dependent on cash flows associated with the underlying business and its profitability. They can also be impacted by changes in collateral values. Commercial real estate loans share the same general risk characteristics as commercial loans, but are often more dependent on the value of the underlying real estate collateral and, when construction is involved, the ultimate completion of and sale of the project. Residential real estate loans are generally dependent on the value of collateral and the credit worthiness of the underlying borrower. Consumer loans are very similar in risk characteristics to residential real estate. | ||
In connection with the MidCarolina merger, certain loans were acquired which exhibited deteriorated credit quality since origination and for which the Bank does not expect to collect all contractual payments. Accounting for these loans is done in accordance with Accounting Standards Codification ("ASC") 310-30, "Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality." The loans were recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition on these loans is based on a reasonable expectation about the timing and amount of cash flows to be collected. Acquired loans deemed impaired and considered collateral dependent, with the timing of the sale of loan collateral indeterminate, remain on non-accrual status and have no accretable yield. On a quarterly basis, management, in collaboration with an outside valuation firm, reviews and evaluates the cash flows related to the pools in the loans acquired with deteriorated credit quality. Based on this ongoing review, adjustments are made to accretion and the nonaccretable yield. | ||
Troubled Debt Restructurings | ||
In situations where, for economic or legal reasons related to a borrower's financial condition, management may grant a concession to the borrower that it would not otherwise consider, the related loan is classified as a troubled debt restructuring ("TDR"). Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loan reaches nonaccrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. In cases where borrowers are granted new terms that provide for a reduction of either interest or principal, management measures any impairment on the restructuring as noted above for impaired loans. The Company has $2,099,000 in loans classified as TDRs as of December 31, 2013 and $1,755,000 as of December 31, 2012. | ||
Allowance for Loan Losses | ||
The purpose of the allowance for loan losses ("ALLL") is to provide for probable losses in the loan portfolio. The allowance is increased by the provision for loan losses and by recoveries of previously charged-off loans. Loan charge-offs decrease the allowance. | ||
The goal of the Company is to maintain an appropriate, systematic, and consistently applied process to determine the amounts of the ALLL and the provision for loan loss expense. | ||
The Company uses certain practices to manage its credit risk. These practices include (1) appropriate lending limits for loan officers, (2) a loan approval process, (3) careful underwriting of loan requests, including analysis of borrowers, cash flows, collateral, and market risks, (4) regular monitoring of the portfolio, including diversification by type and geography, (5) review of loans by the Loan Review department, which operates independently of loan production, (6) regular meetings of the Credit Committees to discuss portfolio and policy changes and make decisions on large or unusual loan requests, and (7) regular meetings of the Asset Quality Committee which reviews the status of individual loans. | ||
Risk grades are assigned as part of the loan origination process. From time to time risk grades may be modified as warranted by the facts and circumstances surrounding the credit. | ||
Calculation and analysis of the allowance for loan losses is prepared quarterly by the Finance Department. The Company's Credit Committee, Capital Management Committee, Audit Committee, and the Board of Directors review the allowance for adequacy. | ||
The Company's allowance for loan losses has two basic components: the formula allowance and the specific allowance. Each of these components is determined based upon estimates and judgments. | ||
The formula allowance uses historical loss experience as an indicator of future losses, along with various qualitative factors, including levels and trends in delinquencies, nonaccrual loans, charge-offs and recoveries, trends in volume and terms of loans, effects of changes in underwriting standards, experience of lending staff, economic conditions, and portfolio concentrations. In the formula allowance for commercial and commercial real estate loans, the historical loss rate is combined with the qualitative factors, resulting in an adjusted loss factor for each risk-grade category of loans. The period-end balances for each loan risk-grade category are multiplied by the adjusted loss factor. Allowance calculations for consumer loans are calculated based on historical losses for each product category without regard to risk grade. This loss rate is combined with qualitative factors resulting in an adjusted loss factor for each product category. | ||
The specific allowance uses various techniques to arrive at an estimate of loss for specifically identified impaired loans. These include: | ||
· | The present value of expected future cash flows discounted at the loan's effective interest rate. The effective interest rate on a loan is the rate of return implicit in the loan (that is, the contractual interest rate adjusted for any net deferred loan fees or costs and any premium or discount existing at the origination or acquisition of the loan); | |
· | The loan's observable market price, or | |
· | The fair value of the collateral, net of estimated costs to dispose, if the loan is collateral dependent. | |
     The use of these computed values is inherently subjective and actual losses could be greater or less than the estimates. | ||
No single statistic, formula, or measurement determines the adequacy of the allowance. Management makes subjective and complex judgments about matters that are inherently uncertain, and different amounts would be reported under different conditions or using different assumptions. For analytical purposes, management allocates a portion of the allowance to specific loan categories and specific loans. However, the entire allowance is used to absorb credit losses inherent in the loan portfolio, including identified and unidentified losses. | ||
The relationships and ratios used in calculating the allowance, including the qualitative factors, may change from period to period as facts and circumstances evolve. Furthermore, management cannot provide assurance that in any particular period the Bank will not have sizeable credit losses in relation to the amount reserved. Management may find it necessary to significantly adjust the allowance, considering current factors at the time. | ||
Premises and Equipment | ||
Land is carried at cost. Premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment are depreciated over their estimated useful lives ranging from three years to thirty-nine years; leasehold improvements are amortized over the lives of the respective leases or the estimated useful lives of the improvements, whichever is less. Software is generally amortized over three years. Depreciation and amortization are recorded on the straight-line method. | ||
Costs of maintenance and repairs are charged to expense as incurred. Costs of replacing structural parts of major units are considered individually and are expensed or capitalized as the facts dictate. Gains and losses on routine dispositions are reflected in current operations. | ||
Goodwill and Intangible Assets | ||
Goodwill is subject to at least an annual assessment for impairment by applying a fair value based test. Additionally, acquired intangible assets (such as core deposit intangibles) are separately recognized if the benefit of the assets can be sold, transferred, licensed, rented, or exchanged, and amortized over their useful lives. Intangible assets related to branch transactions continued to amortize. The cost of purchased deposit relationships and other intangible assets, based on independent valuation, are being amortized over their estimated lives ranging from eight to ten years. | ||
The Company records as goodwill the excess of purchase price over the fair value of the identifiable net assets acquired. Impairment testing is performed annually, as well as when an event triggering impairment may have occurred. The Company performs its annual analysis as of June 30 each fiscal year. Accounting guidance permits preliminary assessment of qualitative factors to determine whether more substantial impairment testing is required. The Company chose to bypass the preliminary assessment and utilized a two-step process for impairment testing of goodwill. The first step tests for impairment, while the second step, if necessary, measures the impairment. No indicators of impairment were identified during the years ended December 31, 2013, 2012 and 2011. | ||
Trust Assets | ||
Securities and other property held by the trust and investment services segment in a fiduciary or agency capacity are not assets of the Company and are not included in the accompanying consolidated financial statements. | ||
Other Real Estate Owned | ||
Other real estate owned represents real estate that has been acquired through loan foreclosures or deeds received in lieu of loan payments. Generally, such properties are appraised at the time acquired, and are recorded at the fair value less estimated selling costs. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in noninterest expense. | ||
Transfers of Financial Assets | ||
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Bank – put presumptively beyond reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Bank does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | ||
Income Taxes | ||
The Company uses the balance sheet method to account for deferred income tax assets and liabilities. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. | ||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company had no liability for unrecognized tax benefits as of December 31, 2013 and 2012. | ||
Stock-Based Compensation | ||
Stock compensation accounting guidance FASB ASC 718, "Compensation – Stock Compensation" requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. | ||
The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees' service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Company's common stock at the date of grant is used for restricted stock awards. | ||
Earnings Per Common Share | ||
Basic earnings per common share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflect the impact of additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company consist solely of outstanding stock options, and are determined using the treasury method. | ||
Comprehensive Income | ||
Comprehensive income is shown in a two statement approach, the first statement presents total net income and its components followed by a second statement that presents all the components of other comprehensive income such as unrealized gains and losses on available for sale securities and changes in the funded status of a defined benefit postretirement plan. | ||
Advertising and Marketing Costs | ||
Advertising and marketing costs are expensed as incurred, and were $607,000, $454,000, and $356,000 in 2013, 2012, and 2011, respectively. | ||
Mergers and Acquisitions | ||
Business combinations are accounted for under ASC 805, "Business Combinations", using the acquisition method of accounting. The acquisition method of accounting requires an acquirer to recognize the assets acquired and the liabilities assumed at the acquisition date measured at their fair values as of that date. To determine the fair values, the Company relies on third party valuations, such as appraisals, or internal valuations based on discounted cash flow analyses or other valuation techniques. Under the acquisition method of accounting, the Company identifies the acquirer and the closing date and apply applicable recognition principles and conditions. | ||
      Acquisition-related costs are costs the Company incurs to effect a business combination. Those costs include advisory, legal, accounting, valuation, and other professional or consulting fees. Some other examples of costs to the Company include systems conversions, integration planning consultants and advertising costs. The Company accounts for acquisition-related costs as expenses in the periods in which the costs are incurred and the services are received, with one exception. The costs to issue debt or equity securities is recognized in accordance with other applicable GAAP. These acquisition-related costs have been and will be included within the Consolidated Statements of Income classified within the noninterest expense caption. | ||
Reclassifications | ||
Certain reclassifications have been made in prior years financial statements to conform to classifications used in the current year. There were no material reclassifications. | ||
Use of Estimates | ||
In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of foreclosed real estate, goodwill and intangible assets, the valuation of deferred tax assets, other-than-temporary impairments of securities, and acquired loans with specific credit-related deterioration. | ||
Recent Accounting Pronouncements | ||
        In December 2011, the FASB issued ASU 2011-11, "Balance Sheet (Topic 210) – Disclosures about Offsetting Assets and Liabilities." This ASU requires entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the balance sheet and instruments and transactions subject to an agreement similar to a master netting arrangement. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | ||
        In July 2012, the FASB issued ASU 2012-02, "Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment." The amendments in this ASU apply to all entities that have indefinite-lived intangible assets, other than goodwill, reported in their financial statements. The amendments in this ASU provide an entity with the option to make a qualitative assessment about the likelihood that an indefinite-lived intangible asset is impaired to determine whether it should perform a quantitative impairment test. The amendments also enhance the consistency of impairment testing guidance among long-lived asset categories by permitting an entity to assess qualitative factors to determine whether it is necessary to calculate the asset's fair value when testing an indefinite-lived intangible asset for impairment. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | ||
        In January 2013, the FASB issued ASU 2013-01, "Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities." The amendments in this ASU clarify the scope for derivatives accounted for in accordance with Topic 815, "Derivatives and Hedging," including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements and securities borrowing and securities lending transactions that are either offset or subject to netting arrangements. An entity is required to apply the amendments for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | ||
        In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The amendments in this ASU require an entity to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. In addition, the amendments require a cross-reference to other disclosures currently required for other reclassification items to be reclassified directly to net income in their entirety in the same reporting period. Companies should apply these amendments for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. The Company has included the required disclosures from ASU 2013-02 in the consolidated financial statements. | ||
        In July 2013, the FASB issued ASU 2013-10, "Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes." The amendments in this ASU permit the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments apply to all entities that elect to apply hedge accounting of the benchmark interest rate under Topic 815. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | ||
        In July 2013, the FASB issued ASU 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists."  The amendments in this ASU provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | ||
        In January 2014, the FASB issued ASU 2014-01, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force)." The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company is currently assessing the impact that ASU 2014-01 will have on its consolidated financial statements. | ||
        In January 2014, the FASB issued ASU 2014-04, "Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)." The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently assessing the impact that ASU 2014-04 will have on its consolidated financial statements. | ||
Merger_with_MidCarolina
Merger with MidCarolina | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Merger with MidCarolina [Abstract] | ' | ||||||||||||
Merger with MidCarolina | ' | ||||||||||||
Note 2 –Merger with MidCarolina | |||||||||||||
On July 1, 2011, the Company completed its merger with MidCarolina Financial Corporation pursuant to the Agreement and Plan of Reorganization, dated December 15, 2010, between the Company and MidCarolina (the "merger agreement"). MidCarolina was headquartered in Burlington, North Carolina, and engaged in banking operations through its subsidiary bank, MidCarolina Bank. The transaction has significantly expanded the Company's footprint in North Carolina, adding eight branches in Alamance and Guilford Counties. | |||||||||||||
Pursuant to the terms of the merger agreement, as a result of the merger, the holders of shares of MidCarolina common stock received 0.33 shares of the Company's common stock for each share of MidCarolina common stock held immediately prior to the effective date of the merger. Each share of Company common stock outstanding immediately prior to the merger has continued to be outstanding after the merger. Each option to purchase a share of MidCarolina common stock outstanding immediately prior to the effective date of the merger was converted into an option to purchase shares of Company common stock, adjusted for the 0.33 exchange ratio. Additionally, the holders of shares of noncumulative perpetual Series A preferred stock of MidCarolina received one share of a newly authorized noncumulative perpetual Series A preferred stock of the Company for each MidCarolina preferred share held immediately before the merger. The Company's Series A preferred stock was issued with terms, preferences, rights and limitations that are identical in all material respects to the MidCarolina Series A preferred stock. | |||||||||||||
The Company issued 1,626,157 shares of additional common stock in connection with the MidCarolina merger. MidCarolina Bank was merged with and into the Bank. | |||||||||||||
The merger with MidCarolina was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration paid were recorded at their estimated fair values as of the merger date. The excess of consideration paid over the fair value of net assets acquired was recorded as goodwill in the amount of approximately $16.6 million, which will not be amortizable and is not deductible for tax purposes. The Company allocated the total balance of goodwill to its community banking segment. The Company also recorded $6.6 million in core deposit intangibles which will be amortized over nine years using a declining balance method. | |||||||||||||
In connection with the merger, the consideration paid, and the fair value of identifiable assets acquired and liabilities assumed are summarized in the following table. | |||||||||||||
(dollars in thousands) | |||||||||||||
Consideration Paid: | |||||||||||||
Common shares issued (1,626,157) | $ | 29,905 | |||||||||||
Cash paid to shareholders | 12 | ||||||||||||
Fair value of options | 132 | ||||||||||||
Preferred shares issued (5,000) | 5,000 | ||||||||||||
Value of consideration | 35,049 | ||||||||||||
Assets acquired: | |||||||||||||
Cash and cash equivalents | 34,783 | ||||||||||||
Investment securities | 51,442 | ||||||||||||
Loans held for sale | 113 | ||||||||||||
Loans, net of unearned income | 328,123 | ||||||||||||
Premises and equipment, net | 5,708 | ||||||||||||
Deferred income taxes | 15,310 | ||||||||||||
Core deposit intangible | 6,556 | ||||||||||||
Other real estate owned | 3,538 | ||||||||||||
Other assets | 13,535 | ||||||||||||
Total assets | 459,108 | ||||||||||||
Liabilities assumed: | |||||||||||||
Deposits | 420,248 | ||||||||||||
FHLB advances | 9,858 | ||||||||||||
Other borrowings | 6,546 | ||||||||||||
Other liabilities | 3,982 | ||||||||||||
Total liabilities | 440,634 | ||||||||||||
Net assets acquired | 18,474 | ||||||||||||
Goodwill resulting from merger with MidCarolina | $ | 16,575 | |||||||||||
In many cases, the fair values of assets acquired and liabilities assumed were determined by estimating the cash flows expected to result from those assets and liabilities and discounting them at appropriate market rates. The most significant category of assets for which this procedure was used was that of acquired loans. The Company acquired the $367.4 million loan portfolio at a fair value discount of $39.9 million. The performing portion of the portfolio's estimated fair value was $286.5 million. The excess of expected cash flows above the fair value of the performing portion of loans is being accreted to interest income over the remaining lives of the loans in accordance with FASB ASC 310-20 (formerly SFAS 91). | |||||||||||||
Certain loans, those for which specific credit-related deterioration since origination was identified, are recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition on these loans is based on reasonable expectations about the timing and amount of cash flows to be collected. Acquired loans deemed impaired and considered collateral dependent, with the timing of the sale of loan collateral indeterminate, remain on non-accrual status and have no accretable yield. | |||||||||||||
The following table details the acquired loans that are accounted for in accordance with FASB ASC 310-30 (formerly Statement of Position ("SOP") 03-3) as of July 1, 2011 (in thousands). | |||||||||||||
Contractually required principal and interest at acquisition | $ | 56,681 | |||||||||||
Contractual cash flows not expected to be collected (nonaccretable difference) | 17,472 | ||||||||||||
Expected cash flows at acquisition | 39,209 | ||||||||||||
Interest component of expected cash flows (accretable discount) | 1,663 | ||||||||||||
Fair value of acquired loans accounted for under FASB ASC 310-30 | $ | 37,546 | |||||||||||
In accordance with GAAP, there was no carryover of the allowance for loan losses that had been previously recorded by MidCarolina. | |||||||||||||
In connection with the merger with MidCarolina, the Company acquired an investment portfolio with a fair value of $51.4 million. The fair value of the investment portfolio was determined by taking into account market prices obtained from independent valuation sources. | |||||||||||||
In connection with the merger with MidCarolina, the Company recorded a deferred income tax asset of $15.3 million related to MidCarolina's valuation allowance on foreclosed real estate and bad debt expenses, as well as other tax attributes of the acquired company, along with the effects of fair value adjustments resulting from applying the acquisition method of accounting. | |||||||||||||
In connection with the merger with MidCarolina, The Company acquired other real estate owned with a fair value of $3.5 million. Other real estate owned was measured at fair value less cost to sell. | |||||||||||||
In connection with the merger with MidCarolina, the Company acquired premises and equipment with a fair value of $5.7 million. Property appraisals for all owned locations were obtained. The fair value adjustment for assets other than land is being amortized as expense over the remaining lives of the properties. The Company also acquired several lease obligations in connection with the merger. The unfavorable lease position is being amortized over the remaining lives of the leases. | |||||||||||||
The fair value of savings and transaction deposit accounts acquired from MidCarolina was assumed to approximate their carrying value as these accounts have no stated maturity and are payable on demand. Certificates of deposit accounts were valued by comparing the contractual cost of the portfolio to an identical portfolio bearing current market rates. The portfolio was segregated into pools based on segments: retail, individual retirement accounts, brokered, and Certificate of Deposit Account Registry Service ("CDARs"). For each segment, the projected cash flows from maturing certificates were then calculated based on contractual rates and prevailing market rates. The valuation adjustment for each segment is equal to the present value of the difference of these two cash flows, discounted at the assumed market rate for a certificate with a corresponding maturity. This valuation adjustment is being accreted to reduce interest expense over the remaining maturities of the respective pools. | |||||||||||||
The fair value of the Federal Home Loan Bank of Atlanta ("FHLB") advances was determined based on the discounted cash flows of future payments. This adjustment to the face value of the borrowings is being amortized to increase interest expense over the remaining lives of the respective borrowings. | |||||||||||||
The fair value of junior subordinated debentures (Other Borrowings) was determined based on the fair value of similar debt or equity instruments with reasonably comparable terms. This adjustment to the face value of the borrowings is being amortized to increase interest expense over the remaining lives of the respective borrowings. | |||||||||||||
Direct costs related to the acquisition were expensed as incurred. During 2011, the Company incurred $1.6 million in merger and acquisition integration expenses related to the transaction, including $1.3 million in professional services, $130,000 in technology and communications, $22,000 in advertising and marketing, and $26,000 in other non-interest expenses. During 2012, the Company incurred $19,000 in merger related expense. There were no merger related expenses in 2013. | |||||||||||||
The following table presents unaudited pro forma information as if the merger with MidCarolina had occurred on January 1, 2010. This pro forma information gives effect to certain adjustments, including purchase accounting fair value adjustments, amortization of core deposit and other intangibles and related income tax effects. The pro forma information does not necessarily reflect the results of operations that would have occurred had the merger with MidCarolina occurred in 2010. In particular, expected operational cost savings are not reflected in the pro forma amounts. | |||||||||||||
Pro forma | |||||||||||||
At December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net interest income | $ | 40,959 | $ | 44,954 | $ | 50,781 | |||||||
Provision for loan losses | 294 | 2,133 | 5,570 | ||||||||||
Non-interest income | 10,827 | 11,410 | 10,299 | ||||||||||
Non-interest expense | 34,780 | 35,991 | 37,542 | ||||||||||
Income Taxes | 3,861 | 3,649 | 5,321 | ||||||||||
Net income | $ | 12,851 | $ | 14,591 | $ | 12,647 | |||||||
Restrictions_on_Cash
Restrictions on Cash | 12 Months Ended |
Dec. 31, 2013 | |
Restrictions on Cash [Abstract] | ' |
Restrictions on Cash | ' |
Note 3 – Restrictions on Cash | |
The Company is a member of the Federal Reserve System and is required to maintain certain levels of its cash and cash equivalents as reserves based on regulatory requirements. This reserve requirement was approximately $0 at December 31, 2013 and $1,347,000 at December 31, 2012. The significant reduction in the amount of the required reserve was related to the implementation of a robust deposit reclassification program initiated in 2012. | |
The Company maintains cash accounts in other commercial banks. The amount on deposit with correspondent institutions at December 31, 2013 exceeded the insurance limits of the Federal Deposit Insurance Corporation by $170,000. |
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
Note 4 - Securities | |||||||||||||||||||||||||
The amortized cost and estimated fair value of investments in debt securities at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(in thousands) | Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Federal agencies and GSEs | $ | 66,241 | $ | 126 | $ | 486 | $ | 65,881 | |||||||||||||||||
Mortgage-backed and CMOs | 69,168 | 1,085 | 645 | 69,608 | |||||||||||||||||||||
State and municipal | 193,251 | 5,999 | 517 | 198,733 | |||||||||||||||||||||
Corporate | 10,959 | 4 | 164 | 10,799 | |||||||||||||||||||||
Equity securities | 1,000 | 103 | - | 1,103 | |||||||||||||||||||||
Total securities available for sale | $ | 340,619 | $ | 7,317 | $ | 1,812 | $ | 346,124 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Federal agencies and GSEs | $ | 42,458 | $ | 306 | $ | 5 | $ | 42,759 | |||||||||||||||||
Mortgage-backed and CMOs | 81,585 | 1,829 | 106 | 83,308 | |||||||||||||||||||||
State and municipal | 189,810 | 12,935 | 14 | 202,731 | |||||||||||||||||||||
Corporate | 6,317 | 131 | - | 6,448 | |||||||||||||||||||||
Total securities available for sale | $ | 320,170 | $ | 15,201 | $ | 125 | $ | 335,246 | |||||||||||||||||
The amortized cost and estimated fair value of investments in securities at December 31, 2013, by contractual maturity, are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because mortgage-backed securities have both known principal repayment terms as well as unknown principal repayments due to potential borrower pre-payments, it is difficult to accurately predict the final maturity of these investments. Mortgage-backed securities are shown separately. | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||
(in thousands) | Cost | Fair Value | |||||||||||||||||||||||
Due in one year or less | $ | 7,737 | 7,782 | ||||||||||||||||||||||
Due after one year through five years | 140,272 | 142,014 | |||||||||||||||||||||||
Due after five years through ten years | 98,991 | 101,691 | |||||||||||||||||||||||
Due after ten years | 23,451 | 23,926 | |||||||||||||||||||||||
Mortgage-backed and CMOs | 69,168 | 69,608 | |||||||||||||||||||||||
Equity securities | 1,000 | 1,103 | |||||||||||||||||||||||
$ | 340,619 | $ | 346,124 | ||||||||||||||||||||||
Gross realized gains and losses from the call of certain securities or the sale of securities available for sale were as follows (in thousands): | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Realized gains | $ | 229 | $ | 193 | $ | 47 | |||||||||||||||||||
Realized losses | (37 | ) | (35 | ) | (48 | ) | |||||||||||||||||||
Other-than-temporary impairment | - | - | - | ||||||||||||||||||||||
Securities with a carrying value of approximately $154,946,000 and $127,599,000, at December 31, 2013 and 2012, respectively, were pledged to secure public deposits, repurchase agreements, and for other purposes as required by law. FHLB letters of credit were used as additional collateral in the amounts of $72,000,000 at December 31, 2013 and at December 31, 2012. | |||||||||||||||||||||||||
Temporarily Impaired Securities | |||||||||||||||||||||||||
The following table shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013. The reference point for determining when securities are in an unrealized loss position is month-end. Therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. | |||||||||||||||||||||||||
     Available for sale securities that have been in a continuous unrealized loss position are as follows: | |||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or More | |||||||||||||||||||||||
(in thousands) | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair | Loss | Fair | Loss | Fair | Loss | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
Federal agencies and GSEs | $ | 41,586 | $ | 486 | $ | 41,586 | $ | 486 | $ | - | $ | - | |||||||||||||
Mortgage-backed and CMOs | 23,916 | 645 | 19,042 | 577 | 4,874 | 68 | |||||||||||||||||||
State and municipal | 33,192 | 517 | 29,732 | 462 | 3,460 | 55 | |||||||||||||||||||
Corporate | 7,347 | 164 | 7,347 | 164 | - | - | |||||||||||||||||||
Total | $ | 106,041 | $ | 1,812 | $ | 97,707 | $ | 1,689 | $ | 8,334 | $ | 123 | |||||||||||||
GSE debt securities: The unrealized losses on the Company's investment in 22 government sponsored entities ("GSE") were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||
GSE residential mortgage-backed securities: The unrealized losses on the Company's investment in 19 GSE mortgage-backed securities were caused by interest rate increases. The contractual cash flows of those investments are guaranteed by an agency of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of the Company's investments. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||
State and municipal securities:Â The unrealized losses on 34 state and municipal securities were caused by interest rate increases and not credit deterioration. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||
Corporate securities:Â The unrealized losses on seven corporate securities were caused by interest rate increases and not credit deterioration. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at . | |||||||||||||||||||||||||
The Company's investment in FHLB stock totaled $2,000,000 at December 31, 2013. FHLB stock is generally viewed as a long-term investment and as a restricted investment security, which is carried at cost, because there is no market for the stock, other than the FHLB or member institutions. Therefore, when evaluating FHLB stock for impairment, its value is based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company does not consider this investment to be other-than-temporarily impaired at December 31, 2013 and no impairment has been recognized. FHLB stock is shown in restricted stock on the balance sheet and is not a part of the available for sale securities portfolio. | |||||||||||||||||||||||||
The table below shows gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2012. | |||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or More | |||||||||||||||||||||||
(in thousands) | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair | Loss | Fair | Loss | Fair | Loss | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
Federal agencies and GSEs | $ | 5,501 | $ | 5 | $ | 5,501 | $ | 5 | $ | - | $ | - | |||||||||||||
Mortgage-backed and CMOs | 16,353 | 106 | 12,941 | 42 | 3,412 | 64 | |||||||||||||||||||
State and municipal | 4,329 | 14 | 4,329 | 14 | - | - | |||||||||||||||||||
Total | $ | 26,183 | $ | 125 | $ | 22,771 | $ | 61 | $ | 3,412 | $ | 64 | |||||||||||||
Other-Than-Temporary-Impaired Securities | |||||||||||||||||||||||||
As of December 31, 2013 and 2012, there were no securities classified as other-than-temporary impaired. | |||||||||||||||||||||||||
Loans
Loans | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Loans [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||||||||||||||
Note 5 – Loans | |||||||||||||||||||||||||||||||||||||
Loans, excluding loans held for sale, were comprised of the following: | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Commercial | $ | 122,553 | $ | 126,192 | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 41,822 | 48,812 | |||||||||||||||||||||||||||||||||||
Commercial real estate | 364,616 | 355,433 | |||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 171,917 | 161,033 | |||||||||||||||||||||||||||||||||||
Home equity | 87,797 | 91,313 | |||||||||||||||||||||||||||||||||||
Consumer | 5,966 | 5,922 | |||||||||||||||||||||||||||||||||||
Total loans | $ | 794,671 | $ | 788,705 | |||||||||||||||||||||||||||||||||
Net deferred loan (fees) costs included in the above loan categories are $(299,000) for 2013 and $(128,000) for 2012. | |||||||||||||||||||||||||||||||||||||
Overdraft deposits were reclassified to consumer loans in the amount of $71,000 and $110,000 for 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
Acquired Loans | |||||||||||||||||||||||||||||||||||||
Interest income, including accretion, on loans acquired from MidCarolina for the year ended December 31, 2013 was approximately $17.8 million. The outstanding principal balance and the carrying amount of these loans included in the consolidated balance sheets at December 31, 2013 and 2012, are as follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Outstanding principal balance | $ | 134,099 | $ | 219,569 | |||||||||||||||||||||||||||||||||
Carrying amount | 124,828 | 203,981 | |||||||||||||||||||||||||||||||||||
The outstanding principal balance and related carrying amount of acquired impaired loans, for which the Company applies ASC 310-30 (formerly SOP 03-3), to account for interest earned, as of the indicated dates is as follows: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Outstanding principal balance | $ | 21,014 | $ | 26,349 | |||||||||||||||||||||||||||||||||
Carrying amount | 16,644 | 20,182 | |||||||||||||||||||||||||||||||||||
     The following table presents changes in the accretable discount on acquired impaired loans, for which the Company applies ASC 310-30 (formerly SOP 03-3), for the year ended December 31, 2013. The accretion reflected below includes $1,764,000 related to loan payoffs. | |||||||||||||||||||||||||||||||||||||
Accretable Discount | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 2,165 | |||||||||||||||||||||||||||||||||||
Accretion | (2,635 | ) | |||||||||||||||||||||||||||||||||||
Reclassification from nonaccretable difference | 2,516 | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,046 | |||||||||||||||||||||||||||||||||||
Past Due Loans | |||||||||||||||||||||||||||||||||||||
The following table shows an analysis by portfolio segment of the Company's past due loans at December 31, 2013. | |||||||||||||||||||||||||||||||||||||
30- 59 Days | 60-89 Days | 90 Days + | Non- | Total | Current | Total | |||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Accrual | Past | Loans | ||||||||||||||||||||||||||||||||
and Still | Loans | Due | |||||||||||||||||||||||||||||||||||
(in thousands) | Accruing | ||||||||||||||||||||||||||||||||||||
Commercial | $ | 27 | $ | - | $ | - | $ | 11 | $ | 38 | $ | 122,515 | $ | 122,553 | |||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | - | 51 | - | 877 | 928 | 40,894 | 41,822 | ||||||||||||||||||||||||||||||
Commercial real estate | 667 | - | - | 2,879 | 3,546 | 361,070 | 364,616 | ||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | 642 | 202 | - | 880 | 1,724 | 170,193 | 171,917 | ||||||||||||||||||||||||||||||
Home equity | 109 | 18 | - | 424 | 551 | 87,246 | 87,797 | ||||||||||||||||||||||||||||||
Consumer | 21 | 1 | - | - | 22 | 5,944 | 5,966 | ||||||||||||||||||||||||||||||
Total | $ | 1,466 | $ | 272 | $ | - | $ | 5,071 | $ | 6,809 | $ | 787,862 | $ | 794,671 | |||||||||||||||||||||||
The following table shows an analysis by portfolio segment of the Company's past due loans at December 31, 2012. | |||||||||||||||||||||||||||||||||||||
(in thousands) | 30- 59 Days | 60-89 Days | 90 Days + | Non- | Total | Current | Total | ||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Accrual | Past | Loans | ||||||||||||||||||||||||||||||||
and Still | Loans | Due | |||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 219 | $ | - | $ | - | $ | 52 | $ | 271 | $ | 125,921 | $ | 126,192 | |||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 417 | - | - | 1,208 | 1,625 | 47,187 | 48,812 | ||||||||||||||||||||||||||||||
Commercial real estate | 1,120 | - | - | 1,526 | 2,646 | 352,787 | 355,433 | ||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | 672 | 168 | - | 2,130 | 2,970 | 158,063 | 161,033 | ||||||||||||||||||||||||||||||
Home equity | 144 | - | - | 397 | 541 | 90,772 | 91,313 | ||||||||||||||||||||||||||||||
Consumer | 33 | - | - | 3 | 36 | 5,886 | 5,922 | ||||||||||||||||||||||||||||||
Total | $ | 2,605 | $ | 168 | $ | - | $ | 5,316 | $ | 8,089 | $ | 780,616 | $ | 788,705 | |||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||
The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at December 31, 2013. | |||||||||||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 19 | $ | 19 | $ | - | $ | 20 | $ | 1 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 18 | 18 | - | 261 | 4 | ||||||||||||||||||||||||||||||||
Commercial real estate | 936 | 936 | - | 950 | 13 | ||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | 880 | 888 | - | 1,200 | 11 | ||||||||||||||||||||||||||||||||
Home equity | 424 | 424 | - | 433 | - | ||||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||||||||||||||||
$ | 2,277 | $ | 2,285 | $ | - | $ | 2,864 | $ | 29 | ||||||||||||||||||||||||||||
With a related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 1,468 | 1,507 | 68 | 1,551 | 33 | ||||||||||||||||||||||||||||||||
Commercial real estate | 2,266 | 2,264 | 488 | 1,198 | 7 | ||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||
Residential | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Consumer | 18 | 18 | 3 | 19 | 1 | ||||||||||||||||||||||||||||||||
$ | 3,752 | $ | 3,789 | $ | 559 | $ | 2,768 | $ | 41 | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 19 | $ | 19 | $ | - | $ | 20 | $ | 1 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 1,486 | 1,525 | 68 | 1,812 | 37 | ||||||||||||||||||||||||||||||||
Commercial real estate | 3,202 | 3,200 | 488 | 2,148 | 20 | ||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | 880 | 888 | - | 1,200 | 11 | ||||||||||||||||||||||||||||||||
Home equity | 424 | 424 | - | 433 | - | ||||||||||||||||||||||||||||||||
Consumer | 18 | 18 | 3 | 19 | 1 | ||||||||||||||||||||||||||||||||
$ | 6,029 | $ | 6,074 | $ | 559 | $ | 5,632 | $ | 70 | ||||||||||||||||||||||||||||
The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at December 31, 2012. | |||||||||||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 39 | $ | 39 | $ | - | $ | 276 | $ | 11 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 2,302 | 2,335 | - | 1,562 | - | ||||||||||||||||||||||||||||||||
Commercial real estate | 305 | 306 | - | 557 | 8 | ||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | 270 | 541 | - | 861 | 15 | ||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||||||||||||||||
$ | 2,916 | $ | 3,221 | $ | - | $ | 3,256 | $ | 34 | ||||||||||||||||||||||||||||
With a related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 110 | $ | 110 | $ | 107 | $ | 35 | $ | - | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial real estate | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Consumer | 21 | 21 | 21 | 10 | - | ||||||||||||||||||||||||||||||||
$ | 131 | $ | 131 | $ | 128 | $ | 45 | $ | - | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 149 | $ | 149 | $ | 107 | $ | 311 | $ | 11 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 2,302 | 2,335 | - | 1,562 | - | ||||||||||||||||||||||||||||||||
Commercial real estate | 305 | 306 | - | 557 | 8 | ||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | 270 | 541 | - | 861 | 15 | ||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Consumer | 21 | 21 | 21 | 10 | - | ||||||||||||||||||||||||||||||||
$ | 3,047 | $ | 3,352 | $ | 128 | $ | 3,301 | $ | 34 | ||||||||||||||||||||||||||||
The following table shows the detail of loans modified as troubled debt restructurings ("TDRs") during the year ended December 31, 2013, 2012, and 2011, included in the impaired loan balances. | |||||||||||||||||||||||||||||||||||||
Loans Modified as a TDR for the | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||
Contracts | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||
Commercial | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||
Commercial real estate | 1 | 1,190 | 1,190 | ||||||||||||||||||||||||||||||||||
   Residential real estate: | - | - | - | ||||||||||||||||||||||||||||||||||
   Consumer | - | - | - | ||||||||||||||||||||||||||||||||||
Total | 1 | $ | 1,190 | $ | 1,190 | ||||||||||||||||||||||||||||||||
Loans Modified as a TDR for the | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||
Contracts | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||
Commercial | 1 | $ | 11 | $ | 10 | ||||||||||||||||||||||||||||||||
Commercial real estate | 9 | 2,421 | 1,403 | ||||||||||||||||||||||||||||||||||
   Residential real estate | 1 | 11 | 11 | ||||||||||||||||||||||||||||||||||
   Consumer | 1 | 22 | 21 | ||||||||||||||||||||||||||||||||||
Total | 12 | $ | 2,465 | $ | 1,445 | ||||||||||||||||||||||||||||||||
Loans Modified as a TDR for the | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||
Contracts | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||
Commercial | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||
Commercial real estate | 4 | 417 | 369 | ||||||||||||||||||||||||||||||||||
   Residential real estate | 1 | 316 | 287 | ||||||||||||||||||||||||||||||||||
   Consumer | - | - | - | ||||||||||||||||||||||||||||||||||
Total | 5 | $ | 733 | $ | 656 | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, 2012, and 2011, the Company had no loans that subsequently defaulted within twelve months of modification. The Company defines default as one or more payments that occur more than 90 days past the due date, charge-off or foreclosure subsequent to modification. | |||||||||||||||||||||||||||||||||||||
 The following table summarizes the primary reason loan modification were classified as TDRs and includes newly designated TDRs as well as modifications made to existing TDRs. Balances represent the recorded investment at the end of the year in which the modification was made. Rate modifications include TDRs made with below market interest rates that also include modifications of loan structures. | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Type of Modification | ALLL | Type of Modification | ALLL | Type of Modification | ALLL | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Rate | Structure | Impact | Rate | Structure | Impact | Rate | Structure | Impact | ||||||||||||||||||||||||||||
    Commercial | $ | - | $ | - | $ | - | $ | - | $ | 10 | $ | 8 | $ | - | $ | - | $ | - | |||||||||||||||||||
    Commercial real estate | - | 1,190 | 137 | - | 1,403 | - | - | 369 | - | ||||||||||||||||||||||||||||
    Residential Real Estate | - | - | - | - | 11 | - | - | 287 | - | ||||||||||||||||||||||||||||
    Consumer | - | - | - | - | 21 | 22 | - | - | - | ||||||||||||||||||||||||||||
            Total | $ | - | $ | 1,190 | $ | 137 | $ | - | $ | 1,445 | $ | 30 | $ | - | $ | 656 | $ | - | |||||||||||||||||||
Risk Ratings | |||||||||||||||||||||||||||||||||||||
The following table shows the Company's loan portfolio broken down by internal risk grading as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial and Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||||||||||||||||||
Commercial | Construction and Land Developement | Commercial | Residential Real Estate | Home | |||||||||||||||||||||||||||||||||
Real Estate | Equity | ||||||||||||||||||||||||||||||||||||
Pass | $ | 121,033 | $ | 35,563 | $ | 351,801 | $ | 158,478 | $ | 85,163 | |||||||||||||||||||||||||||
Special Mention | 1,500 | 1,005 | 6,795 | 8,242 | 1,650 | ||||||||||||||||||||||||||||||||
Substandard | 20 | 5,254 | 6,020 | 5,197 | 984 | ||||||||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 122,553 | $ | 41,822 | $ | 364,616 | $ | 171,917 | $ | 87,797 | |||||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Performing | $ | 5,966 | |||||||||||||||||||||||||||||||||||
Nonperforming | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 5,966 | |||||||||||||||||||||||||||||||||||
Loans classified in the Pass category typically are fundamentally sound and risk factors are reasonable and acceptable. | |||||||||||||||||||||||||||||||||||||
Loans classified in the Special Mention category typically have been criticized internally, by loan review or the loan officer, or by external regulators under the current credit policy regarding risk grades. | |||||||||||||||||||||||||||||||||||||
Loans classified in the Substandard category typically have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; they are typically characterized by the possibility that the Bank will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||||||
Loans classified in the Doubtful category typically have all the weaknesses inherent in loans classified as substandard, plus the added characteristic the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. However, these loans are not yet rated as loss because certain events may occur that may salvage the debt. | |||||||||||||||||||||||||||||||||||||
Consumer loans are classified as performing or nonperforming. A loan is nonperforming when payments of interest and principal are past due 90 days or more, or payments are less than 90 days past due, but there are other good reasons to doubt that payment will be made in full. | |||||||||||||||||||||||||||||||||||||
The following table shows the Company's loan portfolio broken down by internal risk grading as of December 31, 2012. | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial and Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||||||||||||||||||
Commercial | Construction and Land Development | Commercial | Residential Real Estate | Home | |||||||||||||||||||||||||||||||||
Real Estate | Equity | ||||||||||||||||||||||||||||||||||||
Pass | $ | 125,072 | $ | 39,417 | $ | 340,094 | $ | 146,875 | $ | 89,066 | |||||||||||||||||||||||||||
Special Mention | 922 | 2,287 | 10,321 | 10,731 | 1,060 | ||||||||||||||||||||||||||||||||
Substandard | 198 | 7,108 | 5,018 | 3,427 | 1,187 | ||||||||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 126,192 | $ | 48,812 | $ | 355,433 | $ | 161,033 | $ | 91,313 | |||||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Performing | $ | 5,919 | |||||||||||||||||||||||||||||||||||
Nonperforming | 3 | ||||||||||||||||||||||||||||||||||||
Total | $ | 5,922 | |||||||||||||||||||||||||||||||||||
Allowance_for_Loan_Losses_and_
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments [Abstract] | ' | ||||||||||||||||||||||||
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments | ' | ||||||||||||||||||||||||
Note 6 – Allowance for Loan Losses and Reserve for Unfunded Lending Commitments | |||||||||||||||||||||||||
Changes in the allowance for loan losses and the reserve for unfunded lending commitments for each of the years in the three-year period ended December 31, 2013, are presented below: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
Balance, beginning of year | $ | 12,118 | $ | 10,529 | $ | 8,420 | |||||||||||||||||||
Provision for loan losses | 294 | 2,133 | 3,170 | ||||||||||||||||||||||
Charge-offs | (837 | ) | (2,086 | ) | (1,863 | ) | |||||||||||||||||||
Recoveries | 1,025 | 1,542 | 802 | ||||||||||||||||||||||
Balance, end of year | $ | 12,600 | $ | 12,118 | $ | 10,529 | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Reserve for Unfunded Lending Commitments | |||||||||||||||||||||||||
Balance, beginning of year | $ | 201 | $ | 200 | $ | 218 | |||||||||||||||||||
Provision for unfunded commitments | 9 | 1 | (18 | ) | |||||||||||||||||||||
Charge-offs | - | - | - | ||||||||||||||||||||||
Balance, end of year | $ | 210 | $ | 201 | $ | 200 | |||||||||||||||||||
The reserve for unfunded loan commitments is included in other liabilities. | |||||||||||||||||||||||||
The following table presents the Company's allowance for loan losses by portfolio segment and the related loan balance total by segment. | |||||||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||
Real Estate | Real Estate | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 1,450 | $ | 6,822 | $ | 3,638 | $ | 208 | $ | - | $ | 12,118 | |||||||||||||
Charge-offs | (129 | ) | (164 | ) | (369 | ) | (175 | ) | - | (837 | ) | ||||||||||||||
Recoveries | 335 | 323 | 244 | 123 | - | 1,025 | |||||||||||||||||||
Provision | 154 | (162 | ) | 177 | (57 | ) | 182,000 | 294 | |||||||||||||||||
Balance at December 31, 2013 | $ | 1,810 | $ | 6,819 | $ | 3,690 | $ | 99 | $ | 182,000 | $ | 12,600 | |||||||||||||
Balance at December 31, 2013: | |||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | 556 | $ | - | $ | 3 | $ | - | $ | 559 | |||||||||||||
Collectively evaluated for impairment | 1,810 | 6,039 | 3,483 | 96 | 182,000 | 11,610 | |||||||||||||||||||
Acquired impaired loans | - | 224 | 207 | - | - | 431 | |||||||||||||||||||
Total | $ | 1,810 | $ | 6,819 | $ | 3,690 | $ | 99 | $ | 182,000 | $ | 12,600 | |||||||||||||
Loans | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 19 | $ | 4,638 | $ | 1,304 | $ | 18 | $ | - | $ | 5,979 | |||||||||||||
Collectively evaluated for impairment | 122,424 | 392,770 | 250,906 | 5,948 | - | 772,048 | |||||||||||||||||||
Acquired impaired loans | 110 | 9,030 | 7,504 | - | - | 16,644 | |||||||||||||||||||
Total | $ | 122,553 | $ | 406,438 | $ | 259,714 | $ | 5,966 | $ | - | $ | 794,671 | |||||||||||||
Balance as of December 31, 2012: | |||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 1,236 | $ | 5,719 | $ | 3,412 | $ | 162 | $ | - | $ | 10,529 | |||||||||||||
Charge-offs | (748 | ) | (572 | ) | (694 | ) | (72 | ) | - | (2,086 | ) | ||||||||||||||
Recoveries | 707 | 475 | 279 | 81 | - | 1,542 | |||||||||||||||||||
Provision | 255 | 1,200 | 641 | 37 | - | 2,133 | |||||||||||||||||||
Balance as of December 31, 2012 | $ | 1,450 | $ | 6,822 | $ | 3,638 | $ | 208 | $ | - | $ | 12,118 | |||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 107 | $ | - | $ | - | $ | 21 | $ | - | $ | 128 | |||||||||||||
Collectively evaluated for impairment | 1,343 | 6,376 | 3,609 | 187 | - | 11,515 | |||||||||||||||||||
Acquired impaired loans | - | 446 | 29 | - | - | 475 | |||||||||||||||||||
Total | $ | 1,450 | $ | 6,822 | $ | 3,638 | $ | 208 | $ | - | $ | 12,118 | |||||||||||||
Loans | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 149 | $ | 2,607 | $ | 270 | $ | 21 | $ | - | $ | 3,047 | |||||||||||||
Collectively evaluated for impairment | 125,707 | 388,495 | 245,373 | 5,901 | - | 765,476 | |||||||||||||||||||
Acquired impaired loans | 336 | 13,143 | 6,703 | - | - | 20,182 | |||||||||||||||||||
Total | $ | 126,192 | $ | 404,245 | $ | 252,346 | $ | 5,922 | $ | - | $ | 788,705 | |||||||||||||
     The allowance for loan losses is allocated to loan segments based upon historical loss factors, risk grades on individual loans, portfolio analyses of smaller balance, homogenous loans, and qualitative factors. Qualitative factors include trends in delinquencies, nonaccrual loans, and loss rates; trends in volume and terms of loans, effects of changes in risk selection, underwriting standards, and lending policies; experience of lending officers, other lending staff and loan review; national, regional, and local economic trends and conditions; legal, regulatory and collateral factors; and concentrations of credit. | |||||||||||||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Premises and Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
Note 7 – Premises and Equipment | |||||||||
Major classifications of premises and equipment are summarized as follows: | |||||||||
(in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Land | $ | 5,794 | $ | 5,794 | |||||
Buildings | 22,968 | 22,754 | |||||||
Leasehold improvements | 1,238 | 1,238 | |||||||
Furniture and equipment | 17,965 | 17,366 | |||||||
47,965 | 47,152 | ||||||||
Accumulated depreciation | (24,291 | ) | (22,609 | ) | |||||
Premises and equipment, net | $ | 23,674 | $ | 24,543 | |||||
Depreciation expense for the years ended December 31, 2013, 2012, and 2011 was $1,734,000, $1,761,000, and $1,385,000, respectively. | |||||||||
The Company has entered into operating leases for several of its branch and ATM facilities. The minimum annual rental payments under these leases at December 31, 2013 are as follows: | |||||||||
(in thousands) | Minimum Lease | ||||||||
Year | Payments | ||||||||
2014 | $ | 589 | |||||||
2015 | 553 | ||||||||
2016 | 455 | ||||||||
2017 | 399 | ||||||||
2018 | 275 | ||||||||
2019 and after | 3 | ||||||||
$ | 2,274 | ||||||||
Rent expense, a component of occupancy and equipment expense, for the years ended December 31, 2013, 2012, and 2011 was $629,000, $649,000, and $452,000, respectively. | |||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Note 8– Goodwill and Other Intangible Assets | |||||||||||||
The Company records as goodwill the excess of purchase price over the fair value of the identifiable net assets acquired. Impairment testing is performed annually, as well as when an event triggering impairment may have occurred. The Company performs its annual analysis as of June 30 each fiscal year. Accounting guidance permits preliminary assessment of qualitative factors to determine whether more substantial impairment testing is required. The Company chose to bypass the preliminary assessment and utilized a two-step process for impairment testing of goodwill. The first step tests for impairment, while the second step, if necessary, measures the impairment. No indicators of impairment were identified during the years ended December 31, 2013, 2012, and 2011. | |||||||||||||
Core deposit intangibles resulting from the Community First acquisition in April 2006 were $3,112,000 and are being amortized over 99 months. Core deposit intangibles resulting from the MidCarolina acquisition in July 2011 were $6,556,000 and are being amortized on an accelerated basis over 108 months. | |||||||||||||
The changes in the carrying amount of goodwill and intangibles for the twelve months ended December 31, 2013, are as follows (in thousands): | |||||||||||||
Goodwill | Intangibles | ||||||||||||
Balance as of December 31, 2012 | $ | 39,043 | $ | 4,660 | |||||||||
Additions | - | - | |||||||||||
Amortization | - | (1,501 | ) | ||||||||||
Impairment | - | - | |||||||||||
Balance at December 31, 2013 | $ | 39,043 | $ | 3,159 | |||||||||
Goodwill and intangible assets are as follow (in thousands): | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Value | Amortization | Value | |||||||||||
31-Dec-13 | |||||||||||||
Core deposit intangibles | $ | 9,669 | $ | (6,510 | ) | $ | 3,159 | ||||||
Goodwill | 39,043 | - | 39,043 | ||||||||||
31-Dec-12 | |||||||||||||
Core deposit intangibles | $ | 9,669 | $ | (5,009 | ) | $ | 4,660 | ||||||
Goodwill | 39,043 | - | 39,043 | ||||||||||
Amortization expense of core deposit intangibles for the years ended December 31, 2013, 2012, and 2011 were $1,501,000, $1,935,000, and $1,282,000, respectively. As of December 31, 2013, the estimated future amortization expense of core deposit intangibles is as follows (in thousands): | |||||||||||||
Year | Amount | ||||||||||||
2014 | $ | 1,114 | |||||||||||
2015 | 906 | ||||||||||||
2016 | 717 | ||||||||||||
2017 | 320 | ||||||||||||
2018 | 68 | ||||||||||||
2019 and after | 34 | ||||||||||||
Total | $ | 3,159 | |||||||||||
Deposits
Deposits | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Deposits [Abstract] | ' | ||||
Deposits | ' | ||||
Note 9 - Deposits | |||||
The aggregate amount of time deposits in denominations of $100,000 or more at December 31, 2013 and 2012 was $240,661,000 and $249,246,000, respectively. | |||||
At December 31, 2013, the scheduled maturities of certificates of deposits (included in "time" deposits on the Consolidated Balance Sheet) were as follows (in thousands): | |||||
Year | Amount | ||||
2014 | $ | 133,481 | |||
2015 | 24,711 | ||||
2016 | 115,408 | ||||
2017 | 72,396 | ||||
2018 | 43,602 | ||||
Total | $ | 389,598 | |||
     The Company has a relatively small portion of its time deposits provided by wholesale sources. Brokered time deposits totaled $4,000,000 at December 31 2013, compared to $7,314,000 at December 31 2012. Time deposits through the CDARs program totaled $22,375,000 at December 31 2013, compared to $22,150,000 at December 31 2012. Deposits through the CDARs program are generated from major customers with substantial relationships to the Bank. |
Shortterm_Borrowings
Short-term Borrowings | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Short-term Borrowings [Abstract] | ' | ||||||||||||||||
Short-term Borrowings | ' | ||||||||||||||||
Note 10 – Short-term Borrowings | |||||||||||||||||
Short-term borrowings consist of customer repurchase agreements, overnight borrowings from the FHLB, and Federal Funds purchased. The Company has federal funds lines of credit established with two correspondent banks in the amounts of $15,000,000 and $10,000,000, and, additionally, has access to the Federal Reserve Bank's discount window. Customer repurchase agreements are collateralized by securities of the U.S. Government, its agencies or GSEs. They mature daily. The interest rates are generally fixed but may be changed at the discretion of the Company. The securities underlying these agreements remain under the Company's control. FHLB overnight borrowings contain floating interest rates that may change daily at the discretion of the FHLB. Federal Funds purchased are unsecured overnight borrowings from other financial institutions. Short-term borrowings consisted solely of customer repurchase agreements at December 31, 2013 and 2012. | |||||||||||||||||
Short-term borrowings consisted soley of customer repurchase agreements at December 31, 2013 and 2012. | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Amount | Weighted | Amount | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Rate | Rate | ||||||||||||||||
Customer repurchase agreements | $ | 39,478 | 0.02 | % | $ | 49,942 | 0.18 | % | |||||||||
Longterm_Borrowings
Long-term Borrowings | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Long-term Borrowings [Abstract] | ' | ||||||||||||||||||
Long-term Borrowings | ' | ||||||||||||||||||
Note 11 – Long-term Borrowings | |||||||||||||||||||
Under the terms of its collateral agreement with the FHLB, the Company provides a blanket lien covering all of its residential first mortgage loans, second mortgage loans, home equity lines of credit, and commercial real estate loans. In addition, the Company pledges as collateral its capital stock in the FHLB and deposits with the FHLB. The Company has a line of credit with the FHLB equal to 30% of the Company's assets, subject to the amount of collateral pledged. As of December 31, 2013, $377,420,000 in eligible collateral was pledged under the blanket floating lien agreement which covers both short-term and long-term borrowings. | |||||||||||||||||||
 Long-term borrowings consisted of the following fixed rate, advances as of December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||
Advance | Weighted | Advance Amount | Weighted | ||||||||||||||||
Amount | Average | Average | |||||||||||||||||
Due by | Rate | Due by | Rate | ||||||||||||||||
Mar-14 | $ | 38 | 3.78 | % | Mar-14 | $ | 188 | 3.78 | % | ||||||||||
Nov-17 | 9,913 | 2.98 | % | Nov-17 | 9,891 | 2.98 | % | ||||||||||||
$ | 9,951 | 2.98 | % | $ | 10,079 | 2.99 | % | ||||||||||||
The advance due in November 2017 is net of a valuation allowance of $87,000. The original valuation allowance recorded on July 1, 2011 was a result of the merger with MidCarolina. The adjustment to the face value will be amortized into interest expense over the life of the borrowing. | |||||||||||||||||||
In the regular course of conducting its business, the Company takes deposits from political subdivisions of the states of Virginia and North Carolina. At December 31, 2013, the Bank's public deposits totaled $128,116,000. The Company is required to provide collateral to secure the deposits that exceed the insurance coverage provided by the Federal Deposit Insurance Corporation. This collateral can be provided in the form of certain types of government or agency bonds or letters of credit from the FHLB. At December 31, 2013, the Company had $72,000,000 in letters of credit with the FHLB outstanding as well as $97,938,000 in agency, state, and municipal securities to provide collateral for such deposits. | |||||||||||||||||||
Trust_Preferred_Capital_Notes
Trust Preferred Capital Notes | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Trust Preferred Capital Notes [Abstract] | ' | ||||||||||||||
Trust Preferred Capital Notes | ' | ||||||||||||||
Note 12 – Trust Preferred Capital Notes | |||||||||||||||
On April 7, 2006, AMNB Statutory Trust I, a Delaware statutory trust and a wholly owned subsidiary of the Company, issued $20,000,000 of preferred securities in a private placement pursuant to an applicable exemption from registration. The Trust Preferred Securities mature on September 30, 2036, but may be redeemed at the Company's option beginning on June 30, 2011. Initially, the securities required quarterly distributions by the trust to the holder of the Trust Preferred Securities at a fixed rate of 6.66%. Effective June 30, 2011, the rate resets quarterly at the three-month LIBOR plus 1.35%. Distributions are cumulative and will accrue from the date of original issuance, but may be deferred by the Company from time to time for up to 20 consecutive quarterly periods. The Company has guaranteed the payment of all required distributions on the Trust Preferred Securities. | |||||||||||||||
The proceeds of the Trust Preferred Securities received by the trust, along with proceeds of $619,000 received by the trust from the issuance of common securities by the trust to the Company, were used to purchase $20,619,000 of the Company's junior subordinated debt securities (the "Trust Preferred Capital Notes"), issued pursuant to a junior subordinated debentures entered into between the Company and Wilmington Trust Company, as trustee. The proceeds of the Trust Preferred Capital Notes were used to fund the cash portion of the merger consideration to the former shareholders of Community First in connection with the Company's acquisition of that company, and for general corporate purposes. | |||||||||||||||
On July 1, 2011, in connection with the MidCarolina merger, the Company assumed $8,764,000 in junior subordinated debentures to the MidCarolina Trusts, to fully and unconditionally guarantee the preferred securities issued by the MidCarolina Trusts. These long term obligations, which currently qualify as Tier 1 capital, constitute a full and unconditional guarantee by the Company of the MidCarolina Trusts' obligations. The MidCarolina Trusts are not consolidated in the Company's financial statements. | |||||||||||||||
In accordance with FASB ASC 810-10-15-14, "Consolidation – Overall - Scope and Scope Exceptions," the Company did not eliminate through consolidation the Company's $619,000 equity investment in AMNB Statutory Trust I or the $264,000 equity investment in the MidCarolina Trusts. Instead, the Company reflected this equity investment in the "Accrued interest receivable and other assets" line item in the consolidated balance sheets. | |||||||||||||||
A description of the junior subordinated debt securities outstanding payable to the trusts is shown below: | |||||||||||||||
    | (Amounts in thousands) | ||||||||||||||
Principal Amount | |||||||||||||||
Issuing Entity | Date | Maturity | 31-Dec-13 | 31-Dec-12 | |||||||||||
Issued | Interest | Date | |||||||||||||
Rate | |||||||||||||||
AMNB Trust I | 4/7/06 | Libor plus | 6/30/36 | $ | 20,619 | $ | 20,619 | ||||||||
1.35 | % | ||||||||||||||
MidCarolina Trust I | 10/29/02 | Libor plus | 11/7/32 | 4,098 | 4,042 | ||||||||||
3.45 | % | ||||||||||||||
MidCarolina Trust II | 12/3/03 | Libor plus | 10/7/33 | 2,702 | 2,656 | ||||||||||
2.95 | % | ||||||||||||||
    | $ | 27,419 | $ | 27,317 | |||||||||||
The principal amounts reflected for the MidCarolina Trusts are net of valuation allowances of $1,057,000 and $907,000 respectively. The original valuation allowances of $1,197,000 and $1,021,000 were recorded as a result of the merger with MidCarolina on July 1, 2011 and are being amortized into interest expense over the remaining lives of the respective borrowings. | |||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||
Note 13 – Stock-Based Compensation | |||||||||||||||||||||||
The Company's 2008 Stock Incentive Plan ("2008 Plan") was adopted by the Board of Directors of the Company on February 19, 2008 and approved by shareholders on April 22, 2008 at the Company's 2008 Annual Meeting of Shareholders. The 2008 Plan provides for the granting of restricted stock awards, incentive and non-statutory options to employees and directors on a periodic basis, at the discretion of the Board of Directors or a Board designated committee. The 2008 Plan authorizes the issuance of up to 500,000 shares of common stock. The 2008 Plan replaced the Company's stock option plan that was approved by the shareholders at the 1997 Annual Meeting, which plan terminated in 2006. | |||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||
Accounting guidance requires that compensation cost relating to share-based payment transactions be recognized in the financial statements with measurement based upon the fair value of the equity or liability instruments issued. | |||||||||||||||||||||||
A summary of stock option transactions is as follows: | |||||||||||||||||||||||
Option | Weighted | Weighted | Aggregate | ||||||||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||
Price | Contractual Term | $0 | |||||||||||||||||||||
Outstanding at December 31, 2012 | 240,517 | $ | 24.28 | ||||||||||||||||||||
Granted | - | - | |||||||||||||||||||||
Exercised | 17,475 | 17.7 | |||||||||||||||||||||
Forfeited | 11,795 | 27.64 | |||||||||||||||||||||
Expired | 34,500 | 25.94 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 176,747 | $ | 24.39 | 3.33 years | $ | 556 | |||||||||||||||||
Exercisable at December 31, 2013 | 176,747 | $ | 24.39 | 3.33 years | $ | 556 | |||||||||||||||||
The aggregate intrinsic value of stock options in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on December 31, 2013. This amount changes based on changes in the market value of the Company's common stock. | |||||||||||||||||||||||
The total proceeds of the in-the-money options exercised during the year ended December 31, 2013, 2012, and 2011 were $309,000, $118,000, and $173,000, respectively. Total intrinsic value of options exercised during years ended December 31, 2013, 2012, and 2011 was $75,000, $33,000, and $56,000, respectively. | |||||||||||||||||||||||
As of December 31, 2013, 2012, and 2011, there was $0, $0, and $16,000, respectively, in unrecognized compensation expense. Compensation expense related to stock options was $0 in 2013, $0 in 2012, and $63,000 in 2011. | |||||||||||||||||||||||
The following table summarizes information related to stock options outstanding on December 31, 2013: | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Range of | Number of | Weighted- | Weighted- | Number of | Weighted | ||||||||||||||||||
Exercise Prices | Outstanding | Average | Average | Options | Average | ||||||||||||||||||
Options | Remaining | Exercise | Exercisable | Exercise | |||||||||||||||||||
Contractual Life | Price | Price | |||||||||||||||||||||
$ | 16.00 to $20.00 | 37,000 | Â Â Â Â Â 4.98 yrs | $ | 16.95 | 37,000 | $ | 16.95 | |||||||||||||||
20.01 to 25.00 | 73,460 | Â 2.82 | 23.52 | 73,460 | 23.52 | ||||||||||||||||||
25.01 to 30.00 | 23,925 | Â 4.55 | 25.81 | 23,925 | 25.81 | ||||||||||||||||||
30.01 to 41.67 | 42,362 | Â 2.10 | 31.59 | 42,362 | 31.59 | ||||||||||||||||||
  | 176,747 |      3.33 yrs | $ | 24.39 | 176,747 | $ | 24.39 | ||||||||||||||||
No stock options were granted in 2013 and 2012. | |||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||
The Company from time-to-time grants shares of restricted stock to key employees and non-employee directors. These awards help align the interests of these employees and directors with the interests of the shareholders of the Company by providing economic value directly related to increases in the value of the Company's common stock. The value of the stock awarded is established as the fair market value of the stock at the time of the grant. The Company recognizes expense, equal to the total value of such awards, ratably over the vesting period of the stock grants. Restricted stock granted in 2013 cliff vests over 36 months based on the term of the award. | |||||||||||||||||||||||
Nonvested restricted stock activity for the year ended December 31, 2013 is summarized in the following table: | |||||||||||||||||||||||
Restricted Stock | Shares | Weighted | |||||||||||||||||||||
Average Grant | |||||||||||||||||||||||
Date Value | |||||||||||||||||||||||
Nonvested at January 1, 2013 | 39,327 | $ | 20.17 | ||||||||||||||||||||
Granted | 13,599 | $ | 20.82 | ||||||||||||||||||||
Vested | 19,576 | $ | 21.31 | ||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||
Nonvested at December 31, 2013 | 33,350 | $ | 19.77 | ||||||||||||||||||||
As of December 31, 2013, 2012, and 2011, there were $337,000, $346,000, and $404,000, respectively, in unrecognized compensation cost related to nonvested restricted stock granted under the 2008 Plan. This cost is expected to be recognized over the next 12 to 30 months.  The share based compensation expense for nonvested restricted stock was $292,000, $357,000, and $291,000 during 2013, 2012, and 2011 respectively. | |||||||||||||||||||||||
      Starting in 2010, the Company began offering its outside directors alternatives with respect to director compensation. For 2013, the regular quarterly board retainer could be received in the form of either (i) $3,000 in cash or (ii) shares of immediately vested, but restricted stock, with a market value of $4,688. Monthly meeting fees can also be received as $600 per meeting in cash or $750 in immediately vested, but restricted stock. For 2013, all 13 outside directors elected to receive stock in lieu of cash for either all or part of their quarterly retainer or meeting fees. Only outside directors receive board fees. The Company issued 12,711, 17,908, and 12,818 shares and recognized share based compensation expense of $282,000, $381,000, and 242,000 during 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 14 – Income Taxes | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and the states of Virginia and North Carolina. With few exceptions, the Company is no longer subject to U.S. federal, state, and local income tax examinations by tax authorities for years prior to 2010. | |||||||||||||
The components of the Company's net deferred tax assets (liabilities) were as follows: | |||||||||||||
(in thousands) | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 4,410 | $ | 4,241 | |||||||||
Nonaccrual loan interest | 363 | 362 | |||||||||||
Other real estate owned expense | - | 127 | |||||||||||
Other real estate owned valuation allowance | 1,420 | 869 | |||||||||||
Deferred compensation | 665 | 579 | |||||||||||
Loans | 5,390 | 8,165 | |||||||||||
Other | 543 | 889 | |||||||||||
Total deferred tax assets | 12,791 | 15,232 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation | 1,021 | 1,055 | |||||||||||
Accretion of discounts on securities | 210 | 147 | |||||||||||
Core deposit intangibles | 1,105 | 1,631 | |||||||||||
Net unrealized gains on securities | 1,927 | 5,277 | |||||||||||
Prepaid pension expense | 656 | 265 | |||||||||||
Pension liability | 570 | 1,186 | |||||||||||
Trust preferred fair value adjustment | 687 | 723 | |||||||||||
Other | 253 | 528 | |||||||||||
Total deferred tax liabilities | 6,429 | 10,812 | |||||||||||
Net deferred tax assets | $ | 6,362 | $ | 4,420 | |||||||||
The provision for income taxes consists of the following: | |||||||||||||
(in thousands) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Taxes currently payable | $ | 4,030 | $ | 736 | $ | 1,857 | |||||||
Deferred tax expense | 2,024 | 5,557 | 3,053 | ||||||||||
Total income tax expense | $ | 6,054 | $ | 6,293 | $ | 4,910 | |||||||
A reconcilement of the "expected" Federal income tax expense to reported income tax expense is as follows: | |||||||||||||
(in thousands) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected federal tax expense | $ | 7,630 | $ | 7,805 | $ | 5,768 | |||||||
Nondeductible interest expense | 77 | 97 | 83 | ||||||||||
Tax-exempt interest | (1,491 | ) | (1,545 | ) | (1,331 | ) | |||||||
State income taxes | 254 | 214 | 68 | ||||||||||
Other, net | (416 | ) | (278 | ) | 322 | ||||||||
Total income tax expense | $ | 6,054 | $ | 6,293 | $ | 4,910 | |||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Earnings Per Common Share [Abstract] | ' | ||||||||||||||||||||||||
Earnings Per Common Share | ' | ||||||||||||||||||||||||
Note 15 – Earnings Per Common Share | |||||||||||||||||||||||||
The following shows the weighted average number of shares used in computing earnings per common share and the effect on weighted average number of shares of potentially dilutive common stock. Potentially dilutive common stock had no effect on income available to common shareholders. | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Per Share | Shares | Per Share | Shares | Per Share | ||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||
Basic earnings per share | 7,872,870 | $ | 2 | 7,834,351 | $ | 2.04 | 6,982,524 | $ | 1.64 | ||||||||||||||||
Effect of dilutive securities - stock options | 11,691 | - | 11,301 | - | 7,353 | - | |||||||||||||||||||
Diluted earnings per share | 7,884,561 | $ | 2 | 7,845,652 | $ | 2.04 | 6,989,877 | $ | 1.64 | ||||||||||||||||
Outstanding stock options on common stock which were not included in computing diluted earnings per share in 2013, 2012, and 2011 because their effects were antidilutive, averaged 161,831 shares, 196,394 shares, and 145,986 shares, respectively. | |||||||||||||||||||||||||
OffBalance_Sheet_Activities
Off-Balance Sheet Activities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Off Balance Sheet Activities [Abstract] | ' | ||||||||
Off-Balance Sheet Activities | ' | ||||||||
Note 16 – Off-Balance Sheet Activities | |||||||||
The Company is party to credit-related 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 and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets. The Company evaluates each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained, if applicable, is based on management's credit evaluation of the customer. | |||||||||
The Company's exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments. | |||||||||
The following off-balance sheet financial instruments were outstanding whose contract amounts represent credit risk: | |||||||||
December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Commitments to extend credit | $ | 179,272 | $ | 170,202 | |||||
Standby letters of credit | 3,405 | 4,591 | |||||||
Mortgage loan rate lock commitments | 5,913 | 9,486 | |||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. These commitments generally consist of unused portions of lines of credit issued to customers. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. | |||||||||
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. | |||||||||
At December 31, 2013, the Company had locked-rate commitments to originate mortgage loans amounting to approximately $5,913,000 and loans held for sale of $2,760,000. Risks arise from the possible inability of counterparties to meet the terms of their contracts, though the Company has never experienced a failure of one of its counterparties to perform. If a loan becomes past due 90 days within 180 days of sale, the Company would be required to repurchase the loan. | |||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Related Party Transactions [Abstract] | ' | ||||
Related Party Transactions | ' | ||||
Note 17 – Related Party Transactions | |||||
In the ordinary course of business, loans are granted to executive officers, directors, and their related entities. Management believes that all such loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans to similar, unrelated borrowers, and do not involve more than a normal risk of collectability or present other unfavorable features. As of December 31, 2013 and 2012, none of these loans were restructured, past due, or on nonaccrual status. | |||||
An analysis of these loans for 2013 is as follows (in thousands): | |||||
Balance at December 31, 2012 | $ | 16,240 | |||
Additions | 7,953 | ||||
Repayments | (4,966 | ) | |||
Balance at December 31, 2013 | $ | 19,227 | |||
Related party deposits totaled $28,462,000 at December 31, 2013 and $15,423,000 at December 31, 2012. | |||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
Note 18 – Employee Benefit Plans | |||||||||||||||||
Defined Benefit Plan | |||||||||||||||||
The Company previosly maintained a non-contributory defined benefit pension plan which covered substantially all employees who were 21 years of age or older and who had at least one year of service. The Company froze its pension plan to new participants and converted its pension plan to a cash balance plan effective December 31, 2009. Each year existing participants will receive, with some adjustments, income based on the yield of the 10 year U.S. Treasury Note in December of the preceding year. | |||||||||||||||||
Information pertaining to the activity in the plan is as follows: | |||||||||||||||||
(in thousands) | As of and for the Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||
Projected benefit obligation at beginning of year | $ | 10,931 | $ | 9,769 | $ | 9,279 | |||||||||||
Service cost | - | - | 111 | ||||||||||||||
Interest cost | 288 | 389 | 403 | ||||||||||||||
Actuarial (gain) loss | (201 | ) | 1,289 | 725 | |||||||||||||
Benefits paid | (2,022 | ) | (516 | ) | (749 | ) | |||||||||||
Projected benefit obligation at end of year | 8,996 | 10,931 | 9,769 | ||||||||||||||
Change in Plan Assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | 11,689 | 11,144 | 11,674 | ||||||||||||||
Actual return on plan assets | 1,203 | 1,061 | 219 | ||||||||||||||
Benefits paid | (2,022 | ) | (516 | ) | (749 | ) | |||||||||||
Fair value of plan assets at end of year | 10,870 | 11,689 | 11,144 | ||||||||||||||
Funded Status at End of Year | $ | 1,874 | $ | 758 | $ | 1,375 | |||||||||||
Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||
Other assets | $ | 1,874 | $ | 758 | $ | 1,375 | |||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | |||||||||||||||||
Net actuarial loss | $ | 1,628 | $ | 3,389 | $ | 3,080 | |||||||||||
Deferred income tax asset | (570 | ) | (1,186 | ) | (1,078 | ) | |||||||||||
Amount recognized | $ | 1,058 | $ | 2,203 | $ | 2,002 | |||||||||||
As of and for the Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||
Service cost | $ | - | $ | - | $ | 111 | |||||||||||
Interest cost | 288 | 389 | 403 | ||||||||||||||
Expected return on plan assets | (513 | ) | (541 | ) | (525 | ) | |||||||||||
Recognized net loss due to settlement | 594 | 128 | - | ||||||||||||||
Recognized net actuarial loss | 275 | 332 | 160 | ||||||||||||||
Net periodic benefit cost | $ | 644 | $ | 308 | $ | 149 | |||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss | |||||||||||||||||
Net actuarial (gain) loss | $ | (1,761 | ) | $ | 309 | $ | 871 | ||||||||||
Amortization of prior service cost | - | - | - | ||||||||||||||
Total recognized in other comprehensive (income) loss | $ | (1,761 | ) | $ | 309 | $ | 871 | ||||||||||
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive (Income) Loss | $ | (1,117 | ) | $ | 617 | $ | 1,020 | ||||||||||
As of and for the Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-Average Assumptions at End of Year | |||||||||||||||||
Discount rate used for net periodic pension cost | 3.00% | 3.75% | 4.75% | ||||||||||||||
Discount rate used for disclosure | 4.00% | 3.00% | 3.75% | ||||||||||||||
Expected return on plan assets | 5.00% | 5.00% | 5.00% | ||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||
       The accumulated benefit obligation as of December 31, 2013, 2012, and 2011 was $8,996,000, $10,931,000, and $9,769,000, respectively. The rate of compensation increase is no longer applicable since the defined benefit plan was converted to a cash balance plan. | |||||||||||||||||
The plan sponsor selected the expected long-term rate-of-return-on-assets assumption in consultation with their investment advisors and actuary. This rate was intended to reflect the average rate of earnings expected to be earned on the funds invested or to be invested to provide plan benefits. Historical performance is reviewed, especially with respect to real rates of return (net of inflation), for the major asset classes held or anticipated to be held by the trust, and for the trust itself. Undue weight is not given to recent experience that may not continue over the measurement period, with higher significance placed on current forecasts of future long-term economic conditions. | |||||||||||||||||
Because assets are held in a qualified trust, anticipated returns are not reduced for taxes. Further, solely for this purpose, the plan is assumed to continue in force and not terminate during the period in which assets are invested. However, consideration is given to the potential impact of current and future investment policy, cash flow into and out of the trust, and expenses (both investment and non-investment) typically paid from plan assets (to the extent such expenses are not explicitly estimated within periodic cost). | |||||||||||||||||
Below is a description of the plan's assets. The plan's weighted-average asset allocations by asset category are as follows: | |||||||||||||||||
Asset Category | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Fixed Income | 33.30% | 33.50% | |||||||||||||||
Equity | 13.50% | 15.10% | |||||||||||||||
Mutual Funds | 49.80% | 49.80% | |||||||||||||||
Cash and Accrued Income | 3.40% | 1.60% | |||||||||||||||
Total | 100.00% | 100.00% | |||||||||||||||
The investment policy and strategy for plan assets can best be described as a growth and income strategy. Diversification is accomplished by limiting the holding of any one equity issuer to no more than 5% of total equities. Exchange traded funds are used to provide diversified exposure to the small capitalization and international equity markets. All fixed income investments are rated as investment grade, with the majority of these assets invested in corporate issues. The assets are managed by the Company's Trust and Investment Services Division. No derivatives are used to manage the assets. Equity securities do not include holdings in the Company. | |||||||||||||||||
The fair value of the Company's pension plan assets at December 31, 2013 and 2012, by asset category are as follows (in thousands): | |||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | ||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | ||||||||||||||||
Asset Category | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash | $ | 369 | $ | 369 | $ | - | $ | - | |||||||||
Fixed income securities | |||||||||||||||||
Government sponsored entities | 1,159 | - | 1,159 | - | |||||||||||||
Municipal bonds and notes | 119 | - | 119 | - | |||||||||||||
Corporate bonds and notes | 2,339 | - | 2,339 | - | |||||||||||||
Mutual funds | 5,415 | - | 5,415 | - | |||||||||||||
Equity securities | |||||||||||||||||
U.S. companies | 1,454 | 1,454 | - | - | |||||||||||||
Foreign companies | 15 | 15 | - | - | |||||||||||||
$ | 10,870 | $ | 1,838 | $ | 9,032 | $ | - | ||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | ||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | ||||||||||||||||
Asset Category | 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash | $ | 188 | $ | 188 | $ | - | $ | - | |||||||||
Fixed income securities | |||||||||||||||||
Government sponsored entities | 904 | - | 904 | - | |||||||||||||
Municipal bonds and notes | 61 | - | 61 | ||||||||||||||
Corporate bonds and notes | 2,944 | - | 2,944 | - | |||||||||||||
Mutual funds | 5,826 | - | 5,826 | - | |||||||||||||
Equity securities | - | ||||||||||||||||
U.S. companies | 1,721 | 1,721 | - | - | |||||||||||||
Foreign companies | 45 | 45 | - | - | |||||||||||||
$ | 11,689 | $ | 1,954 | $ | 9,735 | $ | - | ||||||||||
Projected benefit payments for the years 2014 to 2023 are as follows (in thousands): | |||||||||||||||||
Year | Amount | ||||||||||||||||
2014 | 3,005 | ||||||||||||||||
2015 | 202 | ||||||||||||||||
2016 | 280 | ||||||||||||||||
2017 | 326 | ||||||||||||||||
2018 | 480 | ||||||||||||||||
2019-2023 | 3,473 | ||||||||||||||||
401(k) Plan | |||||||||||||||||
The Company maintains a 401(k) plan that covers substantially all full-time employees of the Company. The Company matches a portion of the contribution made by employee participants after at least one year of service. The Company contributed $542,000, $568,000, and $469,000 to the 401(k) plan in 2013, 2012, and 2011, respectively. These amounts are included in employee benefits expense for the respective years. | |||||||||||||||||
Deferred Compensation Arrangements | |||||||||||||||||
The Company maintains deferred compensation agreements with certain current and former employees providing for annual payments to each ranging from $25,000 to $50,000 per year for ten years upon their retirement. The liabilities under these agreements are being accrued over the officers' remaining periods of employment so that, on the date of their retirement, the then-present value of the annual payments would have been accrued. The expense for these agreements was $13,000, $15,000, and $17,000 for the years 2013, 2012, and 2011, respectively. | |||||||||||||||||
Profit Sharing and Incentive Arrangements | |||||||||||||||||
The Company maintains a cash profit sharing plan for full-time employees based on the Company's performance and a cash incentive compensation plan for officers based on the Company's performance and individual officer goals. The total amount charged to salary expense for these plans was $890,000, $1,086,000, and $367,000 for the years 2013, 2012, and 2011, respectively. | |||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
Note 19 – Fair Value Measurements | |||||||||||||||||||||||||
Determination of Fair Value | |||||||||||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the fair value measurements and disclosures topic of FASB ASC, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company's various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. | |||||||||||||||||||||||||
The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. | |||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||
In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. | |||||||||||||||||||||||||
Level 1 – | Valuation is based on quoted prices in active markets for identical assets and liabilities. | ||||||||||||||||||||||||
Level 2 – | Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. | ||||||||||||||||||||||||
Level 3 – | Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. | ||||||||||||||||||||||||
The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: | |||||||||||||||||||||||||
Securities available for sale: Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data (Level 2). | |||||||||||||||||||||||||
In connection with the merger, the Company acquired a corporate bond, a trust preferred security, with a par value of $500,000. There was no readily determinable market value for this security. The Company acquired an outside appraisal of the security and recorded it in connection with the merger at approximately 62% of par value. The security has consistently performed and was the only security recorded with a Level 3 valuation at December 31, 2012. This security was sold in the first quarter of 2013. | |||||||||||||||||||||||||
In mid-2013, the Company purchased $1,000,000 in convertible preferred stock from a Virginia based, publicly traded community bank. There is no secondary market for this bank's preferred stock; however its common stock is traded on a limited basis in the over the counter market. The Company uses an independent third party to assist in the valuation of these securities. Given the convertible nature of the securities, the common stock of the issuing community bank is used as a proxy for the preferred stock value. This is the only security recorded with a Level 3 valuation at December 31, 2013. | |||||||||||||||||||||||||
The following table presents the balances of financial assets measured at fair value on a recurring basis during the period (in thousands): | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | ||||||||||||||||||||||
December 31, | in Active | Other | Unobservable Inputs | ||||||||||||||||||||||
Markets for | Observable | ||||||||||||||||||||||||
Identical Assets | Inputs | ||||||||||||||||||||||||
Description | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Federal agencies and GSEs | $ | 65,881 | $ | - | $ | 65,881 | $ | - | |||||||||||||||||
Mortgage-backed and CMOs | 69,608 | - | 69,608 | - | |||||||||||||||||||||
State and municipal | 198,733 | - | 198,733 | - | |||||||||||||||||||||
Corporate | 10,799 | - | 10,799 | - | |||||||||||||||||||||
Equity securities | 1,103 | - | - | 1,103 | |||||||||||||||||||||
Total | $ | 346,124 | $ | - | $ | 345,021 | $ | 1,103 | |||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | ||||||||||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||
Identical Assets | Inputs | ||||||||||||||||||||||||
Description | 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Federal agencies and GSEs | $ | 42,759 | $ | - | $ | 42,759 | $ | - | |||||||||||||||||
Mortgage-backed and CMOs | 83,308 | - | 83,308 | - | |||||||||||||||||||||
State and municipal | 202,731 | 2,110 | 200,621 | - | |||||||||||||||||||||
Corporate | 6,448 | - | 6,097 | 351 | |||||||||||||||||||||
Total | $ | 335,246 | $ | 2,110 | $ | 332,785 | $ | 351 | |||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Balances as of January 1, 2013 | Total Realized / Unrealized Gains | Purchases, Sales, Issuances and Settlements, Net | Transfer In (Out) of Level 3 | Balances as of December 31, 2013 | |||||||||||||||||||||
(Losses) Included in | |||||||||||||||||||||||||
Net Income | Other Comprehensive Income | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Corporate | $ | 351 | $ | 136 | $ | - | $ | (487 | ) | $ | - | $ | - | ||||||||||||
Equity | - | - | 103 | 1,000 | - | 1,103 | |||||||||||||||||||
Total assets | $ | 351 | $ | 136 | $ | 103 | $ | 513 | $ | - | $ | 1,103 | |||||||||||||
Certain assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. | |||||||||||||||||||||||||
The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the financial statements: | |||||||||||||||||||||||||
Loans held for sale: Loans held for sale are carried at estimated fair value. These loans currently consist of one-to-four family residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). As such, the Company records any fair value adjustments on a nonrecurring basis. No nonrecurring fair value adjustments were recorded on loans held for sale during the years ended December 31, 2013 and 2012. Gains and losses on the sale of loans are recorded within income from mortgage banking on the Consolidated Statements of Income. | |||||||||||||||||||||||||
Impaired loans: Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreements will not be collected. The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the Company's collateral is real estate. The value of real estate collateral is determined utilizing a market valuation approach based on an appraisal, of one year or less, conducted by an independent, licensed appraiser using observable market data (Level 2). However, if the collateral is a house or building in the process of construction or if an appraisal of the property is more than one year old and not solely based on observable market comparable or management determines the fair value of the collateral is further impaired below the appraised value, then a Level 3 valuation is considered to measure the fair value. The value of business equipment is based upon an outside appraisal, of one year or less, if deemed significant, or the net book value on the applicable business's financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Impaired loans allocated to the allowance for loan losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Income. | |||||||||||||||||||||||||
Other real estate owned: Measurement for fair values for other real estate owned are the same as impaired loans. Any fair value adjustments are recorded in the period incurred as a valuation allowance against other real estate owned with the associated expense included in foreclosed real estate expense on the Consolidated Statements of Income. | |||||||||||||||||||||||||
The following table summarizes the Company's assets that were measured at fair value on a nonrecurring basis during the period (in thousands): | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||||||
Balance as of | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||
December 31, | Active Markets | Other | Unobservable | ||||||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||||||
Assets | Inputs | ||||||||||||||||||||||||
Description | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Loans held for sale | $ | 2,760 | $ | - | $ | 2,760 | $ | - | |||||||||||||||||
Impaired loans, net of valuation allowance | 3,193 | - | - | 3,193 | |||||||||||||||||||||
Other real estate owned | 3,422 | - | - | 3,422 | |||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||||||||||
Balance as of | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||
December 31, | Active Markets | Other | Unobservable | ||||||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||||||
Assets | Inputs | ||||||||||||||||||||||||
Description | 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Loans held for sale | $ | 13,852 | $ | - | $ | 13,852 | $ | - | |||||||||||||||||
Impaired loans, net of valuation allowance | 3 | - | - | 3 | |||||||||||||||||||||
Other real estate owned | 6,193 | - | - | 6,193 | |||||||||||||||||||||
     Quantitative Information About Level 3 Fair Value Measurements as of December 31, 2013: | |||||||||||||||||||||||||
Assets | Valuation Technique | Unobservable Input | Weighted | ||||||||||||||||||||||
Rate | |||||||||||||||||||||||||
Securities available for sale | Discounted cash flow analysis | Discount rate | 11% | ||||||||||||||||||||||
Impaired loans | Discounted appraised value | Selling cost | 6% | ||||||||||||||||||||||
Other real estate owned | Discounted appraised value | Selling cost | 6% | ||||||||||||||||||||||
Other real estate owned | Discounted appraised value | Discount for lack of marketability and age of appraisal | 9% | ||||||||||||||||||||||
ASC 825, "Financial Instruments," requires disclosure about fair value of financial instruments for interim periods and excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. | |||||||||||||||||||||||||
The carrying values and estimated fair value of the Company's financial instruments as of December 31, 2013 are as follows (in thousands): | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance | ||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 67,681 | $ | - | $ | 67,681 | $ | - | $ | 67,681 | |||||||||||||||
Securities available for sale | 346,124 | - | 345,021 | 1,103 | 346,124 | ||||||||||||||||||||
Restricted stock | 4,889 | - | 4,889 | - | 4,889 | ||||||||||||||||||||
Loans held for sale | 2,760 | - | 2,760 | - | 2,760 | ||||||||||||||||||||
Loans, net of allowance | 782,071 | - | - | 783,825 | 783,825 | ||||||||||||||||||||
Bank owned life insurance | 14,746 | - | 14,746 | - | 14,746 | ||||||||||||||||||||
Accrued interest receivable | 4,741 | - | 4,741 | - | 4,741 | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits | $ | 1,057,675 | $ | - | $ | 668,077 | $ | 392,991 | $ | 1,061,068 | |||||||||||||||
Repurchase agreements | 39,478 | - | 39,478 | - | 39,478 | ||||||||||||||||||||
Other borrowings | 9,951 | - | - | 10,560 | 10,560 | ||||||||||||||||||||
Trust preferred capital notes | 27,419 | - | - | 18,162 | 18,162 | ||||||||||||||||||||
Accrued interest payable | 610 | - | 610 | - | 610 | ||||||||||||||||||||
The carrying values and estimated fair values of the Company's financial instruments at December 31, 2012 are as follows (in thousands): | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance | ||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 47,442 | $ | - | $ | 47,442 | $ | - | $ | 47,442 | |||||||||||||||
Securities available for sale | 335,246 | 2,110 | 332,785 | 351 | 335,246 | ||||||||||||||||||||
Restricted stock | 5,287 | - | 5,287 | - | 5,287 | ||||||||||||||||||||
Loans held for sale | 13,852 | - | 13,852 | - | 13,852 | ||||||||||||||||||||
Loans, net of allowance | 776,587 | - | - | 777,761 | 777,761 | ||||||||||||||||||||
Bank owned life insurance | 14,289 | - | 14,289 | - | 14,289 | ||||||||||||||||||||
Accrued interest receivable | 4,711 | - | 4,711 | - | 4,711 | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits | $ | 1,027,667 | $ | - | $ | 618,099 | $ | 424,378 | $ | 1,042,477 | |||||||||||||||
Repurchase agreements | 49,942 | - | 49,942 | - | 49,942 | ||||||||||||||||||||
Other borrowings | 10,079 | - | - | 11,062 | 11,062 | ||||||||||||||||||||
Trust preferred capital notes | 27,317 | - | - | 22,524 | 22,524 | ||||||||||||||||||||
Accrued interest payable | 755 | - | 755 | - | 755 | ||||||||||||||||||||
The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments: | |||||||||||||||||||||||||
Cash and cash equivalents. The carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||||||
Securities. Fair values are based on quoted market prices or dealer quotes. | |||||||||||||||||||||||||
Restricted stock. The carrying value of restricted stock approximates fair value based on the redemption provisions of the respective entity. | |||||||||||||||||||||||||
Loans held for sale. The carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||||||
Loans. For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for fixed-rate loans are estimated based upon discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values for nonperforming loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. | |||||||||||||||||||||||||
Bank owned life insurance. Bank owned life insurance represents insurance policies on officers, directors, and past directors of the Company. The cash value of the policies are estimates using information provided by insurance carriers. These policies are carried at their cash surrender value, which approximates the fair value. | |||||||||||||||||||||||||
Accrued interest receivable. The carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||||||
Deposits. The fair value of demand deposits, savings deposits, and money market deposits equals the carrying value. The fair value of fixed-rate certificates of deposit is estimated by discounting the future cash flows using the current rates at which similar deposit instruments would be offered to depositors for the same remaining maturities. | |||||||||||||||||||||||||
Repurchase agreements. The carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||||||
Other borrowings. The fair values of other borrowings are estimated using discounted cash flow analyses based on the interest rates for similar types of borrowing arrangements. | |||||||||||||||||||||||||
Trust preferred capital notes. Fair value is calculated by discounting the future cash flows using the estimated current interest rates at which similar securities would be issued. | |||||||||||||||||||||||||
Accrued interest payable. The carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||||||
Off-balance sheet instruments. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. At December 31, 2013 and 2012, the fair value of off balance sheet instruments was deemed immaterial, and therefore was not included in the table above. The various off-balance sheet instruments were discussed in Note 16. | |||||||||||||||||||||||||
The Company assumes interest rate risk (the risk that interest rates will change) in its normal operations. As a result, the fair values of the Company's financial instruments will change when interest rates change and that change may be either favorable or unfavorable to the Company. | |||||||||||||||||||||||||
Dividend_Restrictions_and_Regu
Dividend Restrictions and Regulatory Capital | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Dividend Restrictions and Regulatory Capital [Abstract] | ' | ||||||||||||||||||||
Dividend Restrictions and Regulatory Capital | ' | ||||||||||||||||||||
Note 20 – Dividend Restrictions and Regulatory Capital | |||||||||||||||||||||
The approval of the Comptroller of the Currency is required if the total of all dividends declared by a national bank in any calendar year exceeds the bank's retained net income, as defined, for that year combined with its retained net income for the preceding two calendar years. Under this formula, the Bank can distribute as dividends to the Company, without the approval of the Comptroller of the Currency, $25,211,000 as of December 31, 2013. | |||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are subject to qualitative judgments by the regulators concerning components, risk weighting, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. | |||||||||||||||||||||
Under the guidelines, total capital is defined as core ("Tier 1") capital and supplementary ("Tier 2") capital less certain specified deductions from total capital such as reciprocal holdings of depository institution capital instruments and equity investments. At least half of the total capital is required to be Tier 1 capital, which consists principally of common and certain qualifying preferred shareholders' equity (including trust preferred securities), less certain intangibles and other adjustments. The remainder, Tier 2 capital, consists of cumulative preferred stock, long-term perpetual preferred stock, a limited amount of subordinated and other qualifying debt (including certain hybrid capital instruments) and a limited amount of the general loan loss allowance. The definition of assets has been modified to include items on and off the balance sheet, with each item being assigned a "risk-weight" for the determination of the ratio of capital to risk-adjusted assets. Management believes, as of December 31, 2013 and 2012, that the Company met the requirements to be considered "well capitalized." | |||||||||||||||||||||
The following table provides summary information regarding regulatory capital: | |||||||||||||||||||||
Actual | Minimum | To Be Well | |||||||||||||||||||
Capital | Capitalized Under | ||||||||||||||||||||
(in thousands) | Requirement | Prompt Corrective | |||||||||||||||||||
Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Total Capital | |||||||||||||||||||||
Company | $ | 161,442 | 18.14 | % | $ | 71,212 | Â >8.0% | ||||||||||||||
Bank | 156,356 | 17.59 | % | 71,129 | >8.0% | $ | 88,911 | >10.0 | % | ||||||||||||
Tier 1 Capital | |||||||||||||||||||||
Company | 150,248 | 16.88 | % | 35,606 | >4.0% | ||||||||||||||||
Bank | 145,221 | 16.33 | % | 35,564 | >4.0% | 53,347 | >6.0 | Â % | |||||||||||||
Leverage Capital | |||||||||||||||||||||
Company | 150,248 | 11.81 | % | 50,900 | >4.0% | ||||||||||||||||
Bank | 145,221 | 11.43 | % | 50,825 | >4.0% | 63,532 | >5.0 | Â % | |||||||||||||
31-Dec-12 | |||||||||||||||||||||
Total Capital | |||||||||||||||||||||
Company | $ | 150,328 | 17 | % | $ | 70,725 | >8.0% | ||||||||||||||
Bank | 145,808 | 16.49 | % | 70,724 | >8.0% | $ | 88,406 | >10.00 | % | ||||||||||||
Tier 1 Capital | |||||||||||||||||||||
Company | 139,262 | 15.75 | % | 35,363 | >4.0% | ||||||||||||||||
Bank | 135,774 | 15.36 | % | 35,362 | >4.0% | 53,043 | >6.0 | Â % | |||||||||||||
Leverage Capital | |||||||||||||||||||||
Company | 139,262 | 11.27 | % | 49,441 | >4.0% | ||||||||||||||||
Bank | 135,774 | 10.98 | % | 49,467 | >4.0% | 61,834 | >5.0 | Â % | |||||||||||||
Segment_and_Related_Informatio
Segment and Related Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment and Related Information [Abstract] | ' | ||||||||||||||||||||
Segment and Related Information | ' | ||||||||||||||||||||
Note 21 – Segment and Related Information | |||||||||||||||||||||
The Company has two reportable segments, community banking and trust and investment services. | |||||||||||||||||||||
Community banking involves making loans to and generating deposits from individuals and businesses. All assets and liabilities of the Company are allocated to community banking. Investment income from securities is also allocated to the community banking segment. Loan fee income, service charges from deposit accounts, and non-deposit fees such as automated teller machine fees and insurance commissions generate additional income for community banking. | |||||||||||||||||||||
Trust and investment services include estate planning, trust account administration, investment management, and retail brokerage. Investment management services include purchasing equity, fixed income, and mutual fund investments for customer accounts. The trust and investment services division receives fees for investment and administrative services. | |||||||||||||||||||||
Amounts shown in the "Other" column include activities of the Company which are primarily debt service on trust preferred securities and corporate items. Intersegment eliminations primarily consist of the Company's interest income on deposits held by the Bank. | |||||||||||||||||||||
Segment information as of and for the years ended December 31, 2013, 2012, and 2011, is shown in the following table: | |||||||||||||||||||||
2013Â | |||||||||||||||||||||
(in thousands) | Trust and | ||||||||||||||||||||
Community | Investment | Intersegment | |||||||||||||||||||
Banking | Services | Other | Eliminations | Total | |||||||||||||||||
Interest income | $ | 52,928 | $ | - | $ | 28 | $ | - | $ | 52,956 | |||||||||||
Interest expense | 5,829 | - | 754 | - | 6,583 | ||||||||||||||||
Noninterest income | 6,649 | 4,158 | 20 | - | 10,827 | ||||||||||||||||
Income (loss) before income taxes | 20,142 | 2,605 | (946 | ) | - | 21,801 | |||||||||||||||
Net income (loss) | 14,489 | 1,882 | (624 | ) | - | 15,747 | |||||||||||||||
Depreciation and amortization | 3,220 | 15 | - | - | 3,235 | ||||||||||||||||
Total assets | 1,305,540 | - | 1,972 | - | 1,307,512 | ||||||||||||||||
Capital expenditures | 861 | 4 | - | - | 865 | ||||||||||||||||
         2012       | |||||||||||||||||||||
Trust and | |||||||||||||||||||||
Community | Investment | Intersegment | |||||||||||||||||||
Banking | Services | Other | Eliminations | Total | |||||||||||||||||
Interest income | $ | 57,806 | $ | - | $ | 6 | $ | (6 | ) | $ | 57,806 | ||||||||||
Interest expense | 7,334 | - | 813 | (6 | ) | 8,141 | |||||||||||||||
Noninterest income | 7,255 | 4,136 | 19 | - | 11,410 | ||||||||||||||||
Income (loss) before income taxes | 21,051 | 2,380 | (1,132 | ) | - | 22,299 | |||||||||||||||
Net income (loss) | 15,049 | 1,709 | (752 | ) | - | 16,006 | |||||||||||||||
Depreciation and amortization | 3,677 | 19 | - | - | 3,696 | ||||||||||||||||
Total assets | 1,282,796 | - | 891 | - | 1,283,687 | ||||||||||||||||
Capital expenditures | 699 | - | - | - | 699 | ||||||||||||||||
2011 | |||||||||||||||||||||
Trust and | |||||||||||||||||||||
Community | Investment | Intersegment | |||||||||||||||||||
Banking | Services | Other | Eliminations | Total | |||||||||||||||||
Interest income | $ | 49,187 | $ | - | $ | 55 | $ | (55 | ) | $ | 49,187 | ||||||||||
Interest expense | 7,811 | - | 1,024 | (55 | ) | 8,780 | |||||||||||||||
Noninterest income | 5,379 | 3,836 | 29 | - | 9,244 | ||||||||||||||||
Income (loss) before income taxes | 16,610 | 2,330 | (2,459 | ) | - | 16,481 | |||||||||||||||
Net income (loss) | 11,886 | 1,697 | (2,012 | ) | - | 11,571 | |||||||||||||||
Depreciation and amortization | 2,647 | 20 | - | - | 2,667 | ||||||||||||||||
Total assets | 1,303,816 | - | 890 | - | 1,304,706 | ||||||||||||||||
Capital expenditures | 1,731 | 3 | - | - | 1,734 | ||||||||||||||||
Parent_Company_Financial_Infor
Parent Company Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Parent Company Financial Information [Abstract] | ' | ||||||||||||
Parent Company Financial Information | ' | ||||||||||||
Note 22 – Parent Company Financial Information | |||||||||||||
Condensed Parent Company financial information is as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
Condensed Balance Sheets | 2013 | 2012 | |||||||||||
Cash | $ | 2,872 | $ | 2,288 | |||||||||
Investment in subsidiaries | 190,759 | 187,958 | |||||||||||
Due from subsidiaries | 322 | 380 | |||||||||||
Other assets | 1,123 | 8 | |||||||||||
Total Assets | $ | 195,076 | $ | 190,634 | |||||||||
Trust preferred capital notes | $ | 27,419 | $ | 27,317 | |||||||||
Other liabilities | 106 | 71 | |||||||||||
Shareholders' equity | 167,551 | 163,246 | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 195,076 | $ | 190,634 | |||||||||
Years Ended December 31, | |||||||||||||
Condensed Statements of Income | 2013 | 2012 | 2011 | ||||||||||
Dividends from subsidiary | $ | 9,000 | $ | 8,000 | $ | 4,500 | |||||||
Other income | 48 | 27 | 84 | ||||||||||
Expenses | 994 | 1,159 | 2,542 | ||||||||||
Income taxes (benefit) | (322 | ) | (380 | ) | (447 | ) | |||||||
Income before equity in undistributed earnings of subsidiary | 8,376 | 7,248 | 2,489 | ||||||||||
Equity in undistributed earnings of subsidiary | 7,371 | 8,758 | 9,082 | ||||||||||
Net Income | $ | 15,747 | $ | 16,006 | $ | 11,571 | |||||||
Years Ended December 31, | |||||||||||||
Condensed Statements of Cash Flows | 2013 | 2012 | 2011 | ||||||||||
Cash provided by dividends received from subsidiary | $ | 9,000 | $ | 8,000 | $ | 4,500 | |||||||
Cash used for payment of dividends | (7,248 | ) | (7,212 | ) | (6,524 | ) | |||||||
Cash used for repurchase of stock | - | - | (3,100 | ) | |||||||||
Proceeds from exercise of options and stock compensation | 883 | 856 | 769 | ||||||||||
Other | (2,051 | ) | (1,326 | ) | (2,260 | ) | |||||||
Net increase (decrease)Â in cash | $ | 584 | $ | 318 | $ | (6,615 | ) | ||||||
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Concentrations of Credit Risk [Abstract] | ' |
Concentrations of Credit Risk | ' |
Note 23 – Concentrations of Credit Risk | |
Substantially all the Company's loans are made within its market area, which includes Southern and Central Virginia and the northern portion of Central North Carolina. The ultimate collectability of the Company's loan portfolio and the ability to realize the value of any underlying collateral, if necessary, are impacted by the economic conditions and real estate values of the market area. | |
Loans secured by real estate were $666,152,000, or 83.8% of the loan portfolio at December 31, 2013, and $656,591,000, or 83.2% of the loan portfolio at December 31, 2012. Loans secured by commercial real estate represented the largest portion of loans at $364,616,000 at December 31, 2013, and $355,433,000 at December 31, 2012, 45.9% and 45.1%, respectively of total loans. While there were no concentrations of loans to any individual, group of individuals, business, or industry that exceeded 10% of total loans at December 31, 2013 or 2012, loans to lessors of nonresidential buildings represented 16.7% of total loans at December 31, 2013 and 11.8% at December 31, 2012; the lessees and lessors are engaged in a variety of industries. | |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
Note 24 – Supplemental Cash Flow Information | |||||||||||||
(in thousands) | For the Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
 Supplemental Schedule of Cash and Cash Equivalents: | |||||||||||||
 Cash and due from banks | $ | 19,808 | $ | 20,435 | $ | 22,561 | |||||||
          Interest-bearing deposits in other banks | 47,873 | 27,007 | 6,332 | ||||||||||
   | $ | 67,681 | $ | 47,442 | $ | 28,893 | |||||||
 Supplemental Disclosure of Cash Flow Information: | |||||||||||||
 Cash paid for: | |||||||||||||
 Interest on deposits and borrowed funds | $ | 6,728 | $ | 8,243 | $ | 8,782 | |||||||
 Income taxes | 4,530 | 584 | 3,619 | ||||||||||
 Noncash investing and financing activities: | |||||||||||||
 Transfer of loans to other real estate owned | 1,826 | 6,983 | 803 | ||||||||||
 Unrealized gain (loss) on securities available for sale | (9,571 | ) | 1,489 | 11,623 | |||||||||
 Change in unfunded pension liability | (1,761 | ) | 309 | 871 | |||||||||
 Non-cash transactons related to acquisitions: | |||||||||||||
Assets acquired: | |||||||||||||
Investment securities | - | - | 51,442 | ||||||||||
Loans held for sale | - | - | 113 | ||||||||||
Loans, net of unearned income | - | - | 328,123 | ||||||||||
Premises and equipment, net | - | - | 5,708 | ||||||||||
Deferred income taxes | - | - | 15,310 | ||||||||||
Core deposit intangible | - | - | 6,556 | ||||||||||
Other real estate owned | - | - | 3,538 | ||||||||||
Other assets | - | - | 13,535 | ||||||||||
Liabilities assumed: | |||||||||||||
Demand, MMDA, and savings deposits | - | - | 281,311 | ||||||||||
Time deposits | - | - | 138,937 | ||||||||||
FHLB advances | - | - | 9,858 | ||||||||||
Other borrowings | - | - | 6,546 | ||||||||||
Other liabilities | - | - | 3,838 | ||||||||||
 Consideration: | |||||||||||||
 Issuance of preferred stock | - | - | 5,000 | ||||||||||
 Issuance of common stock | - | - | 29,905 | ||||||||||
 Fair value of replacement stock options | - | - | 132 | ||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||
Note 25 – Accumulated Other Comprehensive Income ("AOCI") | ||||||||||||||
Changes in each component of accumulated other comprehensive income (loss) were as follows (in thousands): | ||||||||||||||
Net Unrealized | Adjustments | Accumulated | ||||||||||||
Gains (Losses) | Related to | Other | ||||||||||||
on Securities | Pension | Comprehensive | ||||||||||||
Benefits | Income (Loss) | |||||||||||||
Balance at December 31, 2010 | $ | 1,277 | $ | (1,436 | ) | $ | (159 | ) | ||||||
Net unrealized gains on securities available for sale, net of tax, $4,068 | 7,554 | - | 7,554 | |||||||||||
Reclassification adjustment for losses on securities, net of tax, $0 | 1 | - | 1 | |||||||||||
Change in unfunded pension liability, net of tax, $(305) | - | (566 | ) | (566 | ) | |||||||||
Balance at December 31, 2011 | 8,832 | (2,002 | ) | 6,830 | ||||||||||
Net unrealized gains on securities available for sale, net of tax, $576 | 1,071 | - | 1,071 | |||||||||||
Reclassification adjustment for gains on securities, net of tax, $(55) | (103 | ) | - | (103 | ) | |||||||||
Change in unfunded pension liability, net of tax, $(108) | - | (201 | ) | (201 | ) | |||||||||
Balance at December 31, 2012 | 9,800 | (2,203 | ) | 7,597 | ||||||||||
Net unrealized losses on securities available for sale, net of tax, $(3,282) | (6,097 | ) | - | (6,097 | ) | |||||||||
Reclassification adjustment for gains on securities, net of tax, $67 | (125 | ) | - | (125 | ) | |||||||||
Change in unfunded pension liability, net of tax, $616 | - | 1,145 | 1,145 | |||||||||||
Balance at December 31, 2013 | $ | 3,578 | $ | (1,058 | ) | $ | 2,520 | |||||||
The following table provides information regarding reclassifications out of accumulated other comprehensive income (loss): | ||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income | Â Â Â | |||||||||||||
For the Three Years Ending December 31, 2013 | Â Â Â Â | |||||||||||||
Affected Line Item in | ||||||||||||||
the Statement of Where | ||||||||||||||
Details about AOCI Components | Amount Reclassified from AOCI | Net Income is Presented | ||||||||||||
(in thousands) | Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
      | ||||||||||||||
Available for sale securities: | Â Â Â Â | |||||||||||||
Realized gain on sale of securities | $ | 192 | $ | 158 | $ | 1 | Securities gains (losses), net | |||||||
(67 | ) | (55 | ) | - | Income taxes | |||||||||
Total reclassifications | $ | 125 | $ | 103 | $ | 1 | Net of tax | |||||||
      |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of Significant Accounting Policies [Abstract] | ' | |
Nature of Operations and Consolidation | ' | |
Nature of Operations and Consolidation | ||
The consolidated financial statements include the accounts of American National Bankshares Inc. (the "Company") and its wholly owned subsidiary, American National Bank and Trust Company (the "Bank"). The Bank offers a wide variety of retail, commercial, secondary market mortgage lending, and trust and investment services which also include non-deposit products such as mutual funds and insurance policies. | ||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, goodwill and intangible assets, other than temporary impairment, the valuation of deferred tax assets and liabilities, and the valuation of foreclosed real estate. | ||
In April 2006, AMNB Statutory Trust I, a Delaware statutory trust (the "AMNB Trust") and a wholly owned subsidiary of the Company, was formed for the purpose of issuing preferred securities (the "Trust Preferred Securities") in a private placement pursuant to an applicable exemption from registration. Proceeds from the securities were used to fund the acquisition of Community First Financial Corporation ("Community First") which occurred in April 2006. | ||
On July 1, 2011, the Company completed its merger with MidCarolina Financial Corporation ("MidCarolina"). MidCarolina was headquartered in Burlington, North Carolina, and engaged in banking operations through its subsidiary bank, MidCarolina Bank. This transaction expanded the Company's footprint in North Carolina, adding eight branches in Alamance and Guilford counties. | ||
In July 2011, and in connection with its acquisition of MidCarolina Financial Corporation, the Company assumed the liabilities of the MidCarolina Trust I and MidCarolina Trust II, two separate Delaware statutory trust (the "MidCarolina Trusts"), which were also formed for the purpose of issuing preferred securities. Refer to Note 12 for further details concerning these entities. | ||
All significant inter-company transactions and accounts are eliminated in consolidation, with the exception of the AMNB Trust and the MidCarolina Trusts, as detailed in Note 12. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
Cash includes cash on hand, cash with correspondent banks, and cash on deposit at the Federal Reserve Bank of Richmond. Cash equivalents are short-term, highly liquid investments that are readily convertible to cash with original maturities of three months or less and are subject to an insignificant risk of change in value. Cash and cash equivalents are carried at cost. | ||
Interest-bearing Deposits in Other Banks | ' | |
Interest-bearing Deposits in Other Banks | ||
Interest-bearing deposits in other banks mature within one year and are carried at cost. | ||
Securities | ' | |
Securities | ||
Certain debt securities that management has the positive intent and ability to hold to maturity are classified as "held to maturity" and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Securities not classified as held to maturity or trading, including equity securities with readily determinable fair values, are classified as "available for sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | ||
The Company does not currently have any securities in held to maturity or trading and has no plans to add any to either category. | ||
The Company follows accounting guidance related to recognition and presentation of other-than-temporary impairment. The guidance specifies that (1) if a company does not have the intent to sell a debt security prior to recovery and (2) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporarily impaired, unless there is a credit loss. When an entity does not intend to sell the security and it is more likely than not the entity will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income for the noncredit portion of a previous other-than-temporary impairment should be amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. | ||
For equity securities, when the Company has decided to sell an impaired available-for-sale security and the entity does not expect the fair value of the security to fully recover before the expected time of sale, the security is deemed other-than-temporarily impaired in the period in which the decision to sell is made. The Company recognizes an impairment loss when the impairment is deemed other-than-temporary even if a decision to sell has not been made. | ||
Due to the nature and restrictions placed on the Company's investment in common stock of the Federal Home Loan Bank of Atlanta ("FHLB") and the Federal Reserve Bank of Richmond, these securities have been classified as restricted equity securities and carried at cost. | ||
Loans Held for Sale | ' | |
Loans Held for Sale | ||
Secondary market mortgage loans are designated as held for sale at the time of their origination. These loans are pre-sold with servicing released and the Company does not retain any interest after the loans are sold. These loans consist primarily of fixed-rate, single-family residential mortgage loans which meet the underwriting characteristics of certain government-sponsored enterprises (conforming loans). In addition, the Company requires a firm purchase commitment from a permanent investor before a loan can be committed, thus limiting interest rate risk. Loans held for sale are carried at the lower of cost or fair value. Gains on sales of loans are recognized at the loan closing date and are included in noninterest income. | ||
Derivative Loan Commitments | ' | |
Derivative Loan Commitments | ||
The Company enters into mortgage loan commitments whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheets with net changes in their fair values recorded in other expenses. Derivative loan commitments resulted in no income or loss for 2013, 2012 or 2011. | ||
The period of time between issuance of a loan commitment and sale of the loan generally ranges from 30 to 60 days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery contracts, by committing to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed the interest rate risk on the loan. As a result, the Company is not generally exposed to significant losses nor will it realize significant gains related to its rate lock commitments due to changes in interest rates. The correlation between the rate lock commitments and the best efforts contracts is very high due to their similarity. | ||
The market value of rate lock commitments and best efforts contracts is not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments and best efforts contracts by measuring the change in the estimated value of the underlying assets while taking into consideration the probability that the loan will be funded. | ||
Loans | ' | |
Loans | ||
The Company makes mortgage, commercial, and consumer loans. A substantial portion of the loan portfolio is secured by real estate. The ability of the Company's debtors to honor their contracts is dependent upon the real estate market and general economic conditions in the Company's market area. | ||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off, generally are reported at their outstanding unpaid principal balance adjusted for the allowance for loan losses, and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. | ||
The accrual of interest on loans is generally discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Loans are typically charged off when the loan is 120 days past due, unless secured and in process of collection. Loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. | ||
Interest accrued but not collected for loans that are placed on nonaccrual status or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash basis or cost recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | ||
A loan is considered past due when a payment of principal or interest or both is due but not paid. Management closely monitors past due loans in timeframes of 30-59 days, 60-89 days, and 90 or more days past due. | ||
These policies apply to all loan portfolio classes and segments. | ||
Substandard and doubtful risk graded commercial, commercial real estate, and construction loans equal to or greater than $100,000 on an unsecured basis, and equal to or greater than $250,000 on a secured basis are reviewed for impairment. All troubled debt restructurings, regardless of dollar amount, are also evaluated for impairment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment and establishing a specific allowance include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial, commercial real estate, and construction loans by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | ||
Generally, large groups of smaller balance homogeneous loans (residential real estate and consumer loans) are collectively evaluated for impairment. The Company's policy for recognizing interest income on impaired loans is consistent with its nonaccrual policy. | ||
The Company's loan portfolio is organized by major segment. These include: commercial, commercial real estate, residential real estate and consumer loans. Each segment has particular risk characteristics that are specific to the borrower and the generic category of credit. Commercial loan repayments are highly dependent on cash flows associated with the underlying business and its profitability. They can also be impacted by changes in collateral values. Commercial real estate loans share the same general risk characteristics as commercial loans, but are often more dependent on the value of the underlying real estate collateral and, when construction is involved, the ultimate completion of and sale of the project. Residential real estate loans are generally dependent on the value of collateral and the credit worthiness of the underlying borrower. Consumer loans are very similar in risk characteristics to residential real estate. | ||
In connection with the MidCarolina merger, certain loans were acquired which exhibited deteriorated credit quality since origination and for which the Bank does not expect to collect all contractual payments. Accounting for these loans is done in accordance with Accounting Standards Codification ("ASC") 310-30, "Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality." The loans were recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition on these loans is based on a reasonable expectation about the timing and amount of cash flows to be collected. Acquired loans deemed impaired and considered collateral dependent, with the timing of the sale of loan collateral indeterminate, remain on non-accrual status and have no accretable yield. On a quarterly basis, management, in collaboration with an outside valuation firm, reviews and evaluates the cash flows related to the pools in the loans acquired with deteriorated credit quality. Based on this ongoing review, adjustments are made to accretion and the nonaccretable yield. | ||
Troubled Debt Restructurings | ' | |
Troubled Debt Restructurings | ||
In situations where, for economic or legal reasons related to a borrower's financial condition, management may grant a concession to the borrower that it would not otherwise consider, the related loan is classified as a troubled debt restructuring ("TDR"). Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loan reaches nonaccrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. In cases where borrowers are granted new terms that provide for a reduction of either interest or principal, management measures any impairment on the restructuring as noted above for impaired loans. The Company has $2,099,000 in loans classified as TDRs as of December 31, 2013 and $1,755,000 as of December 31, 2012. | ||
Allowance for Loan Losses | ' | |
Allowance for Loan Losses | ||
The purpose of the allowance for loan losses ("ALLL") is to provide for probable losses in the loan portfolio. The allowance is increased by the provision for loan losses and by recoveries of previously charged-off loans. Loan charge-offs decrease the allowance. | ||
The goal of the Company is to maintain an appropriate, systematic, and consistently applied process to determine the amounts of the ALLL and the provision for loan loss expense. | ||
The Company uses certain practices to manage its credit risk. These practices include (1) appropriate lending limits for loan officers, (2) a loan approval process, (3) careful underwriting of loan requests, including analysis of borrowers, cash flows, collateral, and market risks, (4) regular monitoring of the portfolio, including diversification by type and geography, (5) review of loans by the Loan Review department, which operates independently of loan production, (6) regular meetings of the Credit Committees to discuss portfolio and policy changes and make decisions on large or unusual loan requests, and (7) regular meetings of the Asset Quality Committee which reviews the status of individual loans. | ||
Risk grades are assigned as part of the loan origination process. From time to time risk grades may be modified as warranted by the facts and circumstances surrounding the credit. | ||
Calculation and analysis of the allowance for loan losses is prepared quarterly by the Finance Department. The Company's Credit Committee, Capital Management Committee, Audit Committee, and the Board of Directors review the allowance for adequacy. | ||
The Company's allowance for loan losses has two basic components: the formula allowance and the specific allowance. Each of these components is determined based upon estimates and judgments. | ||
The formula allowance uses historical loss experience as an indicator of future losses, along with various qualitative factors, including levels and trends in delinquencies, nonaccrual loans, charge-offs and recoveries, trends in volume and terms of loans, effects of changes in underwriting standards, experience of lending staff, economic conditions, and portfolio concentrations. In the formula allowance for commercial and commercial real estate loans, the historical loss rate is combined with the qualitative factors, resulting in an adjusted loss factor for each risk-grade category of loans. The period-end balances for each loan risk-grade category are multiplied by the adjusted loss factor. Allowance calculations for consumer loans are calculated based on historical losses for each product category without regard to risk grade. This loss rate is combined with qualitative factors resulting in an adjusted loss factor for each product category. | ||
The specific allowance uses various techniques to arrive at an estimate of loss for specifically identified impaired loans. These include: | ||
· | The present value of expected future cash flows discounted at the loan's effective interest rate. The effective interest rate on a loan is the rate of return implicit in the loan (that is, the contractual interest rate adjusted for any net deferred loan fees or costs and any premium or discount existing at the origination or acquisition of the loan); | |
· | The loan's observable market price, or | |
· | The fair value of the collateral, net of estimated costs to dispose, if the loan is collateral dependent. | |
     The use of these computed values is inherently subjective and actual losses could be greater or less than the estimates. | ||
No single statistic, formula, or measurement determines the adequacy of the allowance. Management makes subjective and complex judgments about matters that are inherently uncertain, and different amounts would be reported under different conditions or using different assumptions. For analytical purposes, management allocates a portion of the allowance to specific loan categories and specific loans. However, the entire allowance is used to absorb credit losses inherent in the loan portfolio, including identified and unidentified losses. | ||
The relationships and ratios used in calculating the allowance, including the qualitative factors, may change from period to period as facts and circumstances evolve. Furthermore, management cannot provide assurance that in any particular period the Bank will not have sizeable credit losses in relation to the amount reserved. Management may find it necessary to significantly adjust the allowance, considering current factors at the time. | ||
Premises and Equipment | ' | |
Premises and Equipment | ||
Land is carried at cost. Premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment are depreciated over their estimated useful lives ranging from three years to thirty-nine years; leasehold improvements are amortized over the lives of the respective leases or the estimated useful lives of the improvements, whichever is less. Software is generally amortized over three years. Depreciation and amortization are recorded on the straight-line method. | ||
Costs of maintenance and repairs are charged to expense as incurred. Costs of replacing structural parts of major units are considered individually and are expensed or capitalized as the facts dictate. Gains and losses on routine dispositions are reflected in current operations. | ||
Goodwill and Intangible Assets | ' | |
Goodwill and Intangible Assets | ||
Goodwill is subject to at least an annual assessment for impairment by applying a fair value based test. Additionally, acquired intangible assets (such as core deposit intangibles) are separately recognized if the benefit of the assets can be sold, transferred, licensed, rented, or exchanged, and amortized over their useful lives. Intangible assets related to branch transactions continued to amortize. The cost of purchased deposit relationships and other intangible assets, based on independent valuation, are being amortized over their estimated lives ranging from eight to ten years. | ||
The Company records as goodwill the excess of purchase price over the fair value of the identifiable net assets acquired. Impairment testing is performed annually, as well as when an event triggering impairment may have occurred. The Company performs its annual analysis as of June 30 each fiscal year. Accounting guidance permits preliminary assessment of qualitative factors to determine whether more substantial impairment testing is required. The Company chose to bypass the preliminary assessment and utilized a two-step process for impairment testing of goodwill. The first step tests for impairment, while the second step, if necessary, measures the impairment. No indicators of impairment were identified during the years ended December 31, 2013, 2012 and 2011. | ||
Trust Assets | ' | |
Trust Assets | ||
Securities and other property held by the trust and investment services segment in a fiduciary or agency capacity are not assets of the Company and are not included in the accompanying consolidated financial statements. | ||
Other Real Estate Owned | ' | |
Other Real Estate Owned | ||
Other real estate owned represents real estate that has been acquired through loan foreclosures or deeds received in lieu of loan payments. Generally, such properties are appraised at the time acquired, and are recorded at the fair value less estimated selling costs. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in noninterest expense. | ||
Transfers of Financial Assets | ' | |
Transfers of Financial Assets | ||
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Bank – put presumptively beyond reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Bank does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | ||
Income Taxes | ' | |
Income Taxes | ||
The Company uses the balance sheet method to account for deferred income tax assets and liabilities. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. | ||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company had no liability for unrecognized tax benefits as of December 31, 2013 and 2012. | ||
Stock-Based Compensation | ' | |
Stock-Based Compensation | ||
Stock compensation accounting guidance FASB ASC 718, "Compensation – Stock Compensation" requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. | ||
The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees' service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Company's common stock at the date of grant is used for restricted stock awards. | ||
Earnings Per Common Share | ' | |
Earnings Per Common Share | ||
Basic earnings per common share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflect the impact of additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company consist solely of outstanding stock options, and are determined using the treasury method. | ||
Comprehensive Income | ' | |
Comprehensive Income | ||
Comprehensive income is shown in a two statement approach, the first statement presents total net income and its components followed by a second statement that presents all the components of other comprehensive income such as unrealized gains and losses on available for sale securities and changes in the funded status of a defined benefit postretirement plan. | ||
Advertising and Marketing Costs | ' | |
Advertising and Marketing Costs | ||
Advertising and marketing costs are expensed as incurred, and were $607,000, $454,000, and $356,000 in 2013, 2012, and 2011, respectively. | ||
Reclassifications | ' | |
Reclassifications | ||
Certain reclassifications have been made in prior years financial statements to conform to classifications used in the current year. There were no material reclassifications. | ||
Use of Estimates | ' | |
Use of Estimates | ||
In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of foreclosed real estate, goodwill and intangible assets, the valuation of deferred tax assets, other-than-temporary impairments of securities, and acquired loans with specific credit-related deterioration. | ||
Recent Accounting Pronouncements | ' | |
Recent Accounting Pronouncements | ||
        In December 2011, the FASB issued ASU 2011-11, "Balance Sheet (Topic 210) – Disclosures about Offsetting Assets and Liabilities." This ASU requires entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the balance sheet and instruments and transactions subject to an agreement similar to a master netting arrangement. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | ||
        In July 2012, the FASB issued ASU 2012-02, "Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment." The amendments in this ASU apply to all entities that have indefinite-lived intangible assets, other than goodwill, reported in their financial statements. The amendments in this ASU provide an entity with the option to make a qualitative assessment about the likelihood that an indefinite-lived intangible asset is impaired to determine whether it should perform a quantitative impairment test. The amendments also enhance the consistency of impairment testing guidance among long-lived asset categories by permitting an entity to assess qualitative factors to determine whether it is necessary to calculate the asset's fair value when testing an indefinite-lived intangible asset for impairment. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | ||
        In January 2013, the FASB issued ASU 2013-01, "Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities." The amendments in this ASU clarify the scope for derivatives accounted for in accordance with Topic 815, "Derivatives and Hedging," including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements and securities borrowing and securities lending transactions that are either offset or subject to netting arrangements. An entity is required to apply the amendments for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | ||
        In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The amendments in this ASU require an entity to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. In addition, the amendments require a cross-reference to other disclosures currently required for other reclassification items to be reclassified directly to net income in their entirety in the same reporting period. Companies should apply these amendments for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. The Company has included the required disclosures from ASU 2013-02 in the consolidated financial statements. | ||
        In July 2013, the FASB issued ASU 2013-10, "Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes." The amendments in this ASU permit the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments apply to all entities that elect to apply hedge accounting of the benchmark interest rate under Topic 815. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | ||
        In July 2013, the FASB issued ASU 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists."  The amendments in this ASU provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | ||
        In January 2014, the FASB issued ASU 2014-01, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force)." The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company is currently assessing the impact that ASU 2014-01 will have on its consolidated financial statements. | ||
        In January 2014, the FASB issued ASU 2014-04, "Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)." The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently assessing the impact that ASU 2014-04 will have on its consolidated financial statements. | ||
Merger_with_MidCarolina_Tables
Merger with MidCarolina (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Merger with MidCarolina [Abstract] | ' | ||||||||||||
Schedule of consideration paid, and the fair value of identifiable assets acquired and liabilities assumed | ' | ||||||||||||
In connection with the merger, the consideration paid, and the fair value of identifiable assets acquired and liabilities assumed are summarized in the following table. | |||||||||||||
(dollars in thousands) | |||||||||||||
Consideration Paid: | |||||||||||||
Common shares issued (1,626,157) | $ | 29,905 | |||||||||||
Cash paid to shareholders | 12 | ||||||||||||
Fair value of options | 132 | ||||||||||||
Preferred shares issued (5,000) | 5,000 | ||||||||||||
Value of consideration | 35,049 | ||||||||||||
Assets acquired: | |||||||||||||
Cash and cash equivalents | 34,783 | ||||||||||||
Investment securities | 51,442 | ||||||||||||
Loans held for sale | 113 | ||||||||||||
Loans, net of unearned income | 328,123 | ||||||||||||
Premises and equipment, net | 5,708 | ||||||||||||
Deferred income taxes | 15,310 | ||||||||||||
Core deposit intangible | 6,556 | ||||||||||||
Other real estate owned | 3,538 | ||||||||||||
Other assets | 13,535 | ||||||||||||
Total assets | 459,108 | ||||||||||||
Liabilities assumed: | |||||||||||||
Deposits | 420,248 | ||||||||||||
FHLB advances | 9,858 | ||||||||||||
Other borrowings | 6,546 | ||||||||||||
Other liabilities | 3,982 | ||||||||||||
Total liabilities | 440,634 | ||||||||||||
Net assets acquired | 18,474 | ||||||||||||
Goodwill resulting from merger with MidCarolina | $ | 16,575 | |||||||||||
Changes in the carrying amount of goodwill | ' | ||||||||||||
The changes in the carrying amount of goodwill and intangibles for the twelve months ended December 31, 2013, are as follows (in thousands): | |||||||||||||
Goodwill | Intangibles | ||||||||||||
Balance as of December 31, 2012 | $ | 39,043 | $ | 4,660 | |||||||||
Additions | - | - | |||||||||||
Amortization | - | (1,501 | ) | ||||||||||
Impairment | - | - | |||||||||||
Balance at December 31, 2013 | $ | 39,043 | $ | 3,159 | |||||||||
Schedule of acquired loans that are accounted for in accordance with FASB ASC 310-30 | ' | ||||||||||||
The following table details the acquired loans that are accounted for in accordance with FASB ASC 310-30 (formerly Statement of Position ("SOP") 03-3) as of July 1, 2011 (in thousands). | |||||||||||||
Contractually required principal and interest at acquisition | $ | 56,681 | |||||||||||
Contractual cash flows not expected to be collected (nonaccretable difference) | 17,472 | ||||||||||||
Expected cash flows at acquisition | 39,209 | ||||||||||||
Interest component of expected cash flows (accretable discount) | 1,663 | ||||||||||||
Fair value of acquired loans accounted for under FASB ASC 310-30 | $ | 37,546 | |||||||||||
Schedule of unaudited pro forma information related to merger | ' | ||||||||||||
The following table presents unaudited pro forma information as if the merger with MidCarolina had occurred on January 1, 2010. This pro forma information gives effect to certain adjustments, including purchase accounting fair value adjustments, amortization of core deposit and other intangibles and related income tax effects. The pro forma information does not necessarily reflect the results of operations that would have occurred had the merger with MidCarolina occurred in 2010. In particular, expected operational cost savings are not reflected in the pro forma amounts. | |||||||||||||
Pro forma | |||||||||||||
At December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net interest income | $ | 40,959 | $ | 44,954 | $ | 50,781 | |||||||
Provision for loan losses | 294 | 2,133 | 5,570 | ||||||||||
Non-interest income | 10,827 | 11,410 | 10,299 | ||||||||||
Non-interest expense | 34,780 | 35,991 | 37,542 | ||||||||||
Income Taxes | 3,861 | 3,649 | 5,321 | ||||||||||
Net income | $ | 12,851 | $ | 14,591 | $ | 12,647 | |||||||
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of amortized cost and estimated fair value of investments in debt securities | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of investments in debt securities at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(in thousands) | Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Federal agencies and GSEs | $ | 66,241 | $ | 126 | $ | 486 | $ | 65,881 | |||||||||||||||||
Mortgage-backed and CMOs | 69,168 | 1,085 | 645 | 69,608 | |||||||||||||||||||||
State and municipal | 193,251 | 5,999 | 517 | 198,733 | |||||||||||||||||||||
Corporate | 10,959 | 4 | 164 | 10,799 | |||||||||||||||||||||
Equity securities | 1,000 | 103 | - | 1,103 | |||||||||||||||||||||
Total securities available for sale | $ | 340,619 | $ | 7,317 | $ | 1,812 | $ | 346,124 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Federal agencies and GSEs | $ | 42,458 | $ | 306 | $ | 5 | $ | 42,759 | |||||||||||||||||
Mortgage-backed and CMOs | 81,585 | 1,829 | 106 | 83,308 | |||||||||||||||||||||
State and municipal | 189,810 | 12,935 | 14 | 202,731 | |||||||||||||||||||||
Corporate | 6,317 | 131 | - | 6,448 | |||||||||||||||||||||
Total securities available for sale | $ | 320,170 | $ | 15,201 | $ | 125 | $ | 335,246 | |||||||||||||||||
Amortized cost and estimated fair value of investments in securities by contractual maturity | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of investments in securities at December 31, 2013, by contractual maturity, are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because mortgage-backed securities have both known principal repayment terms as well as unknown principal repayments due to potential borrower pre-payments, it is difficult to accurately predict the final maturity of these investments. Mortgage-backed securities are shown separately. | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||
(in thousands) | Cost | Fair Value | |||||||||||||||||||||||
Due in one year or less | $ | 7,737 | 7,782 | ||||||||||||||||||||||
Due after one year through five years | 140,272 | 142,014 | |||||||||||||||||||||||
Due after five years through ten years | 98,991 | 101,691 | |||||||||||||||||||||||
Due after ten years | 23,451 | 23,926 | |||||||||||||||||||||||
Mortgage-backed and CMOs | 69,168 | 69,608 | |||||||||||||||||||||||
Equity securities | 1,000 | 1,103 | |||||||||||||||||||||||
$ | 340,619 | $ | 346,124 | ||||||||||||||||||||||
Gross realized gains and losses | ' | ||||||||||||||||||||||||
Gross realized gains and losses from the call of certain securities or the sale of securities available for sale were as follows (in thousands): | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Realized gains | $ | 229 | $ | 193 | $ | 47 | |||||||||||||||||||
Realized losses | (37 | ) | (35 | ) | (48 | ) | |||||||||||||||||||
Other-than-temporary impairment | - | - | - | ||||||||||||||||||||||
Schedule of available for sale securities, continuous unrealized loss position | ' | ||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or More | |||||||||||||||||||||||
(in thousands) | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair | Loss | Fair | Loss | Fair | Loss | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
Federal agencies and GSEs | $ | 41,586 | $ | 486 | $ | 41,586 | $ | 486 | $ | - | $ | - | |||||||||||||
Mortgage-backed and CMOs | 23,916 | 645 | 19,042 | 577 | 4,874 | 68 | |||||||||||||||||||
State and municipal | 33,192 | 517 | 29,732 | 462 | 3,460 | 55 | |||||||||||||||||||
Corporate | 7,347 | 164 | 7,347 | 164 | - | - | |||||||||||||||||||
Total | $ | 106,041 | $ | 1,812 | $ | 97,707 | $ | 1,689 | $ | 8,334 | $ | 123 | |||||||||||||
The table below shows gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2012. | |||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or More | |||||||||||||||||||||||
(in thousands) | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair | Loss | Fair | Loss | Fair | Loss | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
Federal agencies and GSEs | $ | 5,501 | $ | 5 | $ | 5,501 | $ | 5 | $ | - | $ | - | |||||||||||||
Mortgage-backed and CMOs | 16,353 | 106 | 12,941 | 42 | 3,412 | 64 | |||||||||||||||||||
State and municipal | 4,329 | 14 | 4,329 | 14 | - | - | |||||||||||||||||||
Total | $ | 26,183 | $ | 125 | $ | 22,771 | $ | 61 | $ | 3,412 | $ | 64 |
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Loans [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of loans, excluding loans held for sale | ' | ||||||||||||||||||||||||||||||||||||
Loans, excluding loans held for sale, were comprised of the following: | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Commercial | $ | 122,553 | $ | 126,192 | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 41,822 | 48,812 | |||||||||||||||||||||||||||||||||||
Commercial real estate | 364,616 | 355,433 | |||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 171,917 | 161,033 | |||||||||||||||||||||||||||||||||||
Home equity | 87,797 | 91,313 | |||||||||||||||||||||||||||||||||||
Consumer | 5,966 | 5,922 | |||||||||||||||||||||||||||||||||||
Total loans | $ | 794,671 | $ | 788,705 | |||||||||||||||||||||||||||||||||
Schedule stating outstanding principal balance and the carrying amount of loan acquired | ' | ||||||||||||||||||||||||||||||||||||
Interest income, including accretion, on loans acquired from MidCarolina for the year ended December 31, 2013 was approximately $17.8 million. The outstanding principal balance and the carrying amount of these loans included in the consolidated balance sheets at December 31, 2013 and 2012, are as follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Outstanding principal balance | $ | 134,099 | $ | 219,569 | |||||||||||||||||||||||||||||||||
Carrying amount | 124,828 | 203,981 | |||||||||||||||||||||||||||||||||||
The outstanding principal balance and related carrying amount of acquired impaired loans, for which the Company applies ASC 310-30 (formerly SOP 03-3), to account for interest earned, as of the indicated dates is as follows: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Outstanding principal balance | $ | 21,014 | $ | 26,349 | |||||||||||||||||||||||||||||||||
Carrying amount | 16,644 | 20,182 | |||||||||||||||||||||||||||||||||||
     The following table presents changes in the accretable discount on acquired impaired loans, for which the Company applies ASC 310-30 (formerly SOP 03-3), for the year ended December 31, 2013. The accretion reflected below includes $1,764,000 related to loan payoffs. | |||||||||||||||||||||||||||||||||||||
Schedule of changes in the accretable discount on acquired loans | ' | ||||||||||||||||||||||||||||||||||||
Accretable Discount | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 2,165 | |||||||||||||||||||||||||||||||||||
Accretion | (2,635 | ) | |||||||||||||||||||||||||||||||||||
Reclassification from nonaccretable difference | 2,516 | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,046 | |||||||||||||||||||||||||||||||||||
Schedule of analysis by portfolio segment of the entity's past due loans | ' | ||||||||||||||||||||||||||||||||||||
Past Due Loans | |||||||||||||||||||||||||||||||||||||
The following table shows an analysis by portfolio segment of the Company's past due loans at December 31, 2013. | |||||||||||||||||||||||||||||||||||||
30- 59 Days | 60-89 Days | 90 Days + | Non- | Total | Current | Total | |||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Accrual | Past | Loans | ||||||||||||||||||||||||||||||||
and Still | Loans | Due | |||||||||||||||||||||||||||||||||||
(in thousands) | Accruing | ||||||||||||||||||||||||||||||||||||
Commercial | $ | 27 | $ | - | $ | - | $ | 11 | $ | 38 | $ | 122,515 | $ | 122,553 | |||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | - | 51 | - | 877 | 928 | 40,894 | 41,822 | ||||||||||||||||||||||||||||||
Commercial real estate | 667 | - | - | 2,879 | 3,546 | 361,070 | 364,616 | ||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | 642 | 202 | - | 880 | 1,724 | 170,193 | 171,917 | ||||||||||||||||||||||||||||||
Home equity | 109 | 18 | - | 424 | 551 | 87,246 | 87,797 | ||||||||||||||||||||||||||||||
Consumer | 21 | 1 | - | - | 22 | 5,944 | 5,966 | ||||||||||||||||||||||||||||||
Total | $ | 1,466 | $ | 272 | $ | - | $ | 5,071 | $ | 6,809 | $ | 787,862 | $ | 794,671 | |||||||||||||||||||||||
The following table shows an analysis by portfolio segment of the Company's past due loans at December 31, 2012. | |||||||||||||||||||||||||||||||||||||
(in thousands) | 30- 59 Days | 60-89 Days | 90 Days + | Non- | Total | Current | Total | ||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Accrual | Past | Loans | ||||||||||||||||||||||||||||||||
and Still | Loans | Due | |||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 219 | $ | - | $ | - | $ | 52 | $ | 271 | $ | 125,921 | $ | 126,192 | |||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 417 | - | - | 1,208 | 1,625 | 47,187 | 48,812 | ||||||||||||||||||||||||||||||
Commercial real estate | 1,120 | - | - | 1,526 | 2,646 | 352,787 | 355,433 | ||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | 672 | 168 | - | 2,130 | 2,970 | 158,063 | 161,033 | ||||||||||||||||||||||||||||||
Home equity | 144 | - | - | 397 | 541 | 90,772 | 91,313 | ||||||||||||||||||||||||||||||
Consumer | 33 | - | - | 3 | 36 | 5,886 | 5,922 | ||||||||||||||||||||||||||||||
Total | $ | 2,605 | $ | 168 | $ | - | $ | 5,316 | $ | 8,089 | $ | 780,616 | $ | 788,705 | |||||||||||||||||||||||
Schedule of impaired loan balances by portfolio segment | ' | ||||||||||||||||||||||||||||||||||||
The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at December 31, 2013. | |||||||||||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 19 | $ | 19 | $ | - | $ | 20 | $ | 1 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 18 | 18 | - | 261 | 4 | ||||||||||||||||||||||||||||||||
Commercial real estate | 936 | 936 | - | 950 | 13 | ||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | 880 | 888 | - | 1,200 | 11 | ||||||||||||||||||||||||||||||||
Home equity | 424 | 424 | - | 433 | - | ||||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||||||||||||||||
$ | 2,277 | $ | 2,285 | $ | - | $ | 2,864 | $ | 29 | ||||||||||||||||||||||||||||
With a related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 1,468 | 1,507 | 68 | 1,551 | 33 | ||||||||||||||||||||||||||||||||
Commercial real estate | 2,266 | 2,264 | 488 | 1,198 | 7 | ||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||
Residential | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Consumer | 18 | 18 | 3 | 19 | 1 | ||||||||||||||||||||||||||||||||
$ | 3,752 | $ | 3,789 | $ | 559 | $ | 2,768 | $ | 41 | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 19 | $ | 19 | $ | - | $ | 20 | $ | 1 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 1,486 | 1,525 | 68 | 1,812 | 37 | ||||||||||||||||||||||||||||||||
Commercial real estate | 3,202 | 3,200 | 488 | 2,148 | 20 | ||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | 880 | 888 | - | 1,200 | 11 | ||||||||||||||||||||||||||||||||
Home equity | 424 | 424 | - | 433 | - | ||||||||||||||||||||||||||||||||
Consumer | 18 | 18 | 3 | 19 | 1 | ||||||||||||||||||||||||||||||||
$ | 6,029 | $ | 6,074 | $ | 559 | $ | 5,632 | $ | 70 | ||||||||||||||||||||||||||||
The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at December 31, 2012. | |||||||||||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 39 | $ | 39 | $ | - | $ | 276 | $ | 11 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 2,302 | 2,335 | - | 1,562 | - | ||||||||||||||||||||||||||||||||
Commercial real estate | 305 | 306 | - | 557 | 8 | ||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | 270 | 541 | - | 861 | 15 | ||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||||||||||||||||
$ | 2,916 | $ | 3,221 | $ | - | $ | 3,256 | $ | 34 | ||||||||||||||||||||||||||||
With a related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 110 | $ | 110 | $ | 107 | $ | 35 | $ | - | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial real estate | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Consumer | 21 | 21 | 21 | 10 | - | ||||||||||||||||||||||||||||||||
$ | 131 | $ | 131 | $ | 128 | $ | 45 | $ | - | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 149 | $ | 149 | $ | 107 | $ | 311 | $ | 11 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Construction and land development | 2,302 | 2,335 | - | 1,562 | - | ||||||||||||||||||||||||||||||||
Commercial real estate | 305 | 306 | - | 557 | 8 | ||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||||
Residential | 270 | 541 | - | 861 | 15 | ||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Consumer | 21 | 21 | 21 | 10 | - | ||||||||||||||||||||||||||||||||
$ | 3,047 | $ | 3,352 | $ | 128 | $ | 3,301 | $ | 34 | ||||||||||||||||||||||||||||
Schedule of detail of loans modified as troubled debt restructurings | ' | ||||||||||||||||||||||||||||||||||||
The following table shows the detail of loans modified as troubled debt restructurings ("TDRs") during the year ended December 31, 2013, 2012, and 2011, included in the impaired loan balances. | |||||||||||||||||||||||||||||||||||||
Loans Modified as a TDR for the | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||
Contracts | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||
Commercial | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||
Commercial real estate | 1 | 1,190 | 1,190 | ||||||||||||||||||||||||||||||||||
   Residential real estate: | - | - | - | ||||||||||||||||||||||||||||||||||
   Consumer | - | - | - | ||||||||||||||||||||||||||||||||||
Total | 1 | $ | 1,190 | $ | 1,190 | ||||||||||||||||||||||||||||||||
Loans Modified as a TDR for the | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||
Contracts | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||
Commercial | 1 | $ | 11 | $ | 10 | ||||||||||||||||||||||||||||||||
Commercial real estate | 9 | 2,421 | 1,403 | ||||||||||||||||||||||||||||||||||
   Residential real estate | 1 | 11 | 11 | ||||||||||||||||||||||||||||||||||
   Consumer | 1 | 22 | 21 | ||||||||||||||||||||||||||||||||||
Total | 12 | $ | 2,465 | $ | 1,445 | ||||||||||||||||||||||||||||||||
Loans Modified as a TDR for the | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||
Contracts | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||
Commercial | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||
Commercial real estate | 4 | 417 | 369 | ||||||||||||||||||||||||||||||||||
   Residential real estate | 1 | 316 | 287 | ||||||||||||||||||||||||||||||||||
   Consumer | - | - | - | ||||||||||||||||||||||||||||||||||
Total | 5 | $ | 733 | $ | 656 | ||||||||||||||||||||||||||||||||
Schedule of Primary Reason For Modifications TDRs [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
 The following table summarizes the primary reason loan modification were classified as TDRs and includes newly designated TDRs as well as modifications made to existing TDRs. Balances represent the recorded investment at the end of the year in which the modification was made. Rate modifications include TDRs made with below market interest rates that also include modifications of loan structures. | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Type of Modification | ALLL | Type of Modification | ALLL | Type of Modification | ALLL | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Rate | Structure | Impact | Rate | Structure | Impact | Rate | Structure | Impact | ||||||||||||||||||||||||||||
    Commercial | $ | - | $ | - | $ | - | $ | - | $ | 10 | $ | 8 | $ | - | $ | - | $ | - | |||||||||||||||||||
    Commercial real estate | - | 1,190 | 137 | - | 1,403 | - | - | 369 | - | ||||||||||||||||||||||||||||
    Residential Real Estate | - | - | - | - | 11 | - | - | 287 | - | ||||||||||||||||||||||||||||
    Consumer | - | - | - | - | 21 | 22 | - | - | - | ||||||||||||||||||||||||||||
            Total | $ | - | $ | 1,190 | $ | 137 | $ | - | $ | 1,445 | $ | 30 | $ | - | $ | 656 | $ | - | |||||||||||||||||||
Schedule of commercial loan portfolio broken down by internal risk grading | ' | ||||||||||||||||||||||||||||||||||||
Risk Ratings | |||||||||||||||||||||||||||||||||||||
The following table shows the Company's loan portfolio broken down by internal risk grading as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial and Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||||||||||||||||||
Commercial | Construction and Land Developement | Commercial | Residential Real Estate | Home | |||||||||||||||||||||||||||||||||
Real Estate | Equity | ||||||||||||||||||||||||||||||||||||
Pass | $ | 121,033 | $ | 35,563 | $ | 351,801 | $ | 158,478 | $ | 85,163 | |||||||||||||||||||||||||||
Special Mention | 1,500 | 1,005 | 6,795 | 8,242 | 1,650 | ||||||||||||||||||||||||||||||||
Substandard | 20 | 5,254 | 6,020 | 5,197 | 984 | ||||||||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 122,553 | $ | 41,822 | $ | 364,616 | $ | 171,917 | $ | 87,797 | |||||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Performing | $ | 5,966 | |||||||||||||||||||||||||||||||||||
Nonperforming | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 5,966 | |||||||||||||||||||||||||||||||||||
The following table shows the Company's loan portfolio broken down by internal risk grading as of December 31, 2012. | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial and Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||||||||||||||||||
Commercial | Construction and Land Development | Commercial | Residential Real Estate | Home | |||||||||||||||||||||||||||||||||
Real Estate | Equity | ||||||||||||||||||||||||||||||||||||
Pass | $ | 125,072 | $ | 39,417 | $ | 340,094 | $ | 146,875 | $ | 89,066 | |||||||||||||||||||||||||||
Special Mention | 922 | 2,287 | 10,321 | 10,731 | 1,060 | ||||||||||||||||||||||||||||||||
Substandard | 198 | 7,108 | 5,018 | 3,427 | 1,187 | ||||||||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 126,192 | $ | 48,812 | $ | 355,433 | $ | 161,033 | $ | 91,313 | |||||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Performing | $ | 5,919 | |||||||||||||||||||||||||||||||||||
Nonperforming | 3 | ||||||||||||||||||||||||||||||||||||
Total | $ | 5,922 | |||||||||||||||||||||||||||||||||||
Allowance_for_Loan_Losses_and_1
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments [Abstract] | ' | ||||||||||||||||||||||||
Schedule of changes in the allowance for loan losses | ' | ||||||||||||||||||||||||
Changes in the allowance for loan losses and the reserve for unfunded lending commitments for each of the years in the three-year period ended December 31, 2013, are presented below: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
Balance, beginning of year | $ | 12,118 | $ | 10,529 | $ | 8,420 | |||||||||||||||||||
Provision for loan losses | 294 | 2,133 | 3,170 | ||||||||||||||||||||||
Charge-offs | (837 | ) | (2,086 | ) | (1,863 | ) | |||||||||||||||||||
Recoveries | 1,025 | 1,542 | 802 | ||||||||||||||||||||||
Balance, end of year | $ | 12,600 | $ | 12,118 | $ | 10,529 | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Reserve for Unfunded Lending Commitments | |||||||||||||||||||||||||
Balance, beginning of year | $ | 201 | $ | 200 | $ | 218 | |||||||||||||||||||
Provision for unfunded commitments | 9 | 1 | (18 | ) | |||||||||||||||||||||
Charge-offs | - | - | - | ||||||||||||||||||||||
Balance, end of year | $ | 210 | $ | 201 | $ | 200 | |||||||||||||||||||
The following table presents the Company's allowance for loan losses by portfolio segment and the related loan balance total by segment. | |||||||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||
Real Estate | Real Estate | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 1,450 | $ | 6,822 | $ | 3,638 | $ | 208 | $ | - | $ | 12,118 | |||||||||||||
Charge-offs | (129 | ) | (164 | ) | (369 | ) | (175 | ) | - | (837 | ) | ||||||||||||||
Recoveries | 335 | 323 | 244 | 123 | - | 1,025 | |||||||||||||||||||
Provision | 154 | (162 | ) | 177 | (57 | ) | 182,000 | 294 | |||||||||||||||||
Balance at December 31, 2013 | $ | 1,810 | $ | 6,819 | $ | 3,690 | $ | 99 | $ | 182,000 | $ | 12,600 | |||||||||||||
Balance at December 31, 2013: | |||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | 556 | $ | - | $ | 3 | $ | - | $ | 559 | |||||||||||||
Collectively evaluated for impairment | 1,810 | 6,039 | 3,483 | 96 | 182,000 | 11,610 | |||||||||||||||||||
Acquired impaired loans | - | 224 | 207 | - | - | 431 | |||||||||||||||||||
Total | $ | 1,810 | $ | 6,819 | $ | 3,690 | $ | 99 | $ | 182,000 | $ | 12,600 | |||||||||||||
Loans | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 19 | $ | 4,638 | $ | 1,304 | $ | 18 | $ | - | $ | 5,979 | |||||||||||||
Collectively evaluated for impairment | 122,424 | 392,770 | 250,906 | 5,948 | - | 772,048 | |||||||||||||||||||
Acquired impaired loans | 110 | 9,030 | 7,504 | - | - | 16,644 | |||||||||||||||||||
Total | $ | 122,553 | $ | 406,438 | $ | 259,714 | $ | 5,966 | $ | - | $ | 794,671 | |||||||||||||
Balance as of December 31, 2012: | |||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 1,236 | $ | 5,719 | $ | 3,412 | $ | 162 | $ | - | $ | 10,529 | |||||||||||||
Charge-offs | (748 | ) | (572 | ) | (694 | ) | (72 | ) | - | (2,086 | ) | ||||||||||||||
Recoveries | 707 | 475 | 279 | 81 | - | 1,542 | |||||||||||||||||||
Provision | 255 | 1,200 | 641 | 37 | - | 2,133 | |||||||||||||||||||
Balance as of December 31, 2012 | $ | 1,450 | $ | 6,822 | $ | 3,638 | $ | 208 | $ | - | $ | 12,118 | |||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 107 | $ | - | $ | - | $ | 21 | $ | - | $ | 128 | |||||||||||||
Collectively evaluated for impairment | 1,343 | 6,376 | 3,609 | 187 | - | 11,515 | |||||||||||||||||||
Acquired impaired loans | - | 446 | 29 | - | - | 475 | |||||||||||||||||||
Total | $ | 1,450 | $ | 6,822 | $ | 3,638 | $ | 208 | $ | - | $ | 12,118 | |||||||||||||
Loans | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 149 | $ | 2,607 | $ | 270 | $ | 21 | $ | - | $ | 3,047 | |||||||||||||
Collectively evaluated for impairment | 125,707 | 388,495 | 245,373 | 5,901 | - | 765,476 | |||||||||||||||||||
Acquired impaired loans | 336 | 13,143 | 6,703 | - | - | 20,182 | |||||||||||||||||||
Total | $ | 126,192 | $ | 404,245 | $ | 252,346 | $ | 5,922 | $ | - | $ | 788,705 |
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Premises and Equipment [Abstract] | ' | ||||||||
Classifications of premises and equipment | ' | ||||||||
Major classifications of premises and equipment are summarized as follows: | |||||||||
(in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Land | $ | 5,794 | $ | 5,794 | |||||
Buildings | 22,968 | 22,754 | |||||||
Leasehold improvements | 1,238 | 1,238 | |||||||
Furniture and equipment | 17,965 | 17,366 | |||||||
47,965 | 47,152 | ||||||||
Accumulated depreciation | (24,291 | ) | (22,609 | ) | |||||
Premises and equipment, net | $ | 23,674 | $ | 24,543 | |||||
Minimum annual rental payments under leases | ' | ||||||||
The Company has entered into operating leases for several of its branch and ATM facilities. The minimum annual rental payments under these leases at December 31, 2013 are as follows: | |||||||||
(in thousands) | Minimum Lease | ||||||||
Year | Payments | ||||||||
2014 | $ | 589 | |||||||
2015 | 553 | ||||||||
2016 | 455 | ||||||||
2017 | 399 | ||||||||
2018 | 275 | ||||||||
2019 and after | 3 | ||||||||
$ | 2,274 | ||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||||||
Changes in the carrying amount of goodwill | ' | ||||||||||||
The changes in the carrying amount of goodwill and intangibles for the twelve months ended December 31, 2013, are as follows (in thousands): | |||||||||||||
Goodwill | Intangibles | ||||||||||||
Balance as of December 31, 2012 | $ | 39,043 | $ | 4,660 | |||||||||
Additions | - | - | |||||||||||
Amortization | - | (1,501 | ) | ||||||||||
Impairment | - | - | |||||||||||
Balance at December 31, 2013 | $ | 39,043 | $ | 3,159 | |||||||||
Goodwill and intangible assets | ' | ||||||||||||
Goodwill and intangible assets are as follow (in thousands): | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Value | Amortization | Value | |||||||||||
31-Dec-13 | |||||||||||||
Core deposit intangibles | $ | 9,669 | $ | (6,510 | ) | $ | 3,159 | ||||||
Goodwill | 39,043 | - | 39,043 | ||||||||||
31-Dec-12 | |||||||||||||
Core deposit intangibles | $ | 9,669 | $ | (5,009 | ) | $ | 4,660 | ||||||
Goodwill | 39,043 | - | 39,043 | ||||||||||
Estimated future amortization expense of core deposit intangibles | ' | ||||||||||||
Amortization expense of core deposit intangibles for the years ended December 31, 2013, 2012, and 2011 were $1,501,000, $1,935,000, and $1,282,000, respectively. As of December 31, 2013, the estimated future amortization expense of core deposit intangibles is as follows (in thousands): | |||||||||||||
Year | Amount | ||||||||||||
2014 | $ | 1,114 | |||||||||||
2015 | 906 | ||||||||||||
2016 | 717 | ||||||||||||
2017 | 320 | ||||||||||||
2018 | 68 | ||||||||||||
2019 and after | 34 | ||||||||||||
Total | $ | 3,159 | |||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Deposits [Abstract] | ' | ||||
Scheduled maturities of certificates of deposits | ' | ||||
At December 31, 2013, the scheduled maturities of certificates of deposits (included in "time" deposits on the Consolidated Balance Sheet) were as follows (in thousands): | |||||
Year | Amount | ||||
2014 | $ | 133,481 | |||
2015 | 24,711 | ||||
2016 | 115,408 | ||||
2017 | 72,396 | ||||
2018 | 43,602 | ||||
Total | $ | 389,598 | |||
     The Company has a relatively small portion of its time deposits provided by wholesale sources. Brokered time deposits totaled $4,000,000 at December 31 2013, compared to $7,314,000 at December 31 2012. Time deposits through the CDARs program totaled $22,375,000 at December 31 2013, compared to $22,150,000 at December 31 2012. Deposits through the CDARs program are generated from major customers with substantial relationships to the Bank. |
Shortterm_Borrowings_Tables
Short-term Borrowings (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Short-term Borrowings [Abstract] | ' | ||||||||||||||||
Schedule of short-term borrowings | ' | ||||||||||||||||
Short-term borrowings consist of customer repurchase agreements, overnight borrowings from the FHLB, and Federal Funds purchased. The Company has federal funds lines of credit established with two correspondent banks in the amounts of $15,000,000 and $10,000,000, and, additionally, has access to the Federal Reserve Bank's discount window. Customer repurchase agreements are collateralized by securities of the U.S. Government, its agencies or GSEs. They mature daily. The interest rates are generally fixed but may be changed at the discretion of the Company. The securities underlying these agreements remain under the Company's control. FHLB overnight borrowings contain floating interest rates that may change daily at the discretion of the FHLB. Federal Funds purchased are unsecured overnight borrowings from other financial institutions. Short-term borrowings consisted solely of customer repurchase agreements at December 31, 2013 and 2012. | |||||||||||||||||
Short-term borrowings consisted soley of customer repurchase agreements at December 31, 2013 and 2012. | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Amount | Weighted | Amount | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Rate | Rate | ||||||||||||||||
Customer repurchase agreements | $ | 39,478 | 0.02 | % | $ | 49,942 | 0.18 | % | |||||||||
Longterm_Borrowings_Tables
Long-term Borrowings (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Long-term Borrowings [Abstract] | ' | ||||||||||||||||||
Schedule of long term advances with federal home loan bank | ' | ||||||||||||||||||
 Long-term borrowings consisted of the following fixed rate, advances as of December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||
Advance | Weighted | Advance Amount | Weighted | ||||||||||||||||
Amount | Average | Average | |||||||||||||||||
Due by | Rate | Due by | Rate | ||||||||||||||||
Mar-14 | $ | 38 | 3.78 | % | Mar-14 | $ | 188 | 3.78 | % | ||||||||||
Nov-17 | 9,913 | 2.98 | % | Nov-17 | 9,891 | 2.98 | % | ||||||||||||
$ | 9,951 | 2.98 | % | $ | 10,079 | 2.99 | % |
Trust_Preferred_Capital_Notes_
Trust Preferred Capital Notes (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Trust Preferred Capital Notes [Abstract] | ' | ||||||||||||||
Schedule of junior subordinated debt securities outstanding payable | ' | ||||||||||||||
A description of the junior subordinated debt securities outstanding payable to the trusts is shown below: | |||||||||||||||
    | (Amounts in thousands) | ||||||||||||||
Principal Amount | |||||||||||||||
Issuing Entity | Date | Maturity | 31-Dec-13 | 31-Dec-12 | |||||||||||
Issued | Interest | Date | |||||||||||||
Rate | |||||||||||||||
AMNB Trust I | 4/7/06 | Libor plus | 6/30/36 | $ | 20,619 | $ | 20,619 | ||||||||
1.35 | % | ||||||||||||||
MidCarolina Trust I | 10/29/02 | Libor plus | 11/7/32 | 4,098 | 4,042 | ||||||||||
3.45 | % | ||||||||||||||
MidCarolina Trust II | 12/3/03 | Libor plus | 10/7/33 | 2,702 | 2,656 | ||||||||||
2.95 | % | ||||||||||||||
    | $ | 27,419 | $ | 27,317 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||
Schedule of summary of stock option transactions | ' | ||||||||||||||||||||||
A summary of stock option transactions is as follows: | |||||||||||||||||||||||
Option | Weighted | Weighted | Aggregate | ||||||||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||
Price | Contractual Term | $0 | |||||||||||||||||||||
Outstanding at December 31, 2012 | 240,517 | $ | 24.28 | ||||||||||||||||||||
Granted | - | - | |||||||||||||||||||||
Exercised | 17,475 | 17.7 | |||||||||||||||||||||
Forfeited | 11,795 | 27.64 | |||||||||||||||||||||
Expired | 34,500 | 25.94 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 176,747 | $ | 24.39 | 3.33 years | $ | 556 | |||||||||||||||||
Exercisable at December 31, 2013 | 176,747 | $ | 24.39 | 3.33 years | $ | 556 | |||||||||||||||||
Schedule of summary of information related to stock options outstanding | ' | ||||||||||||||||||||||
The following table summarizes information related to stock options outstanding on December 31, 2013: | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Range of | Number of | Weighted- | Weighted- | Number of | Weighted | ||||||||||||||||||
Exercise Prices | Outstanding | Average | Average | Options | Average | ||||||||||||||||||
Options | Remaining | Exercise | Exercisable | Exercise | |||||||||||||||||||
Contractual Life | Price | Price | |||||||||||||||||||||
$ | 16.00 to $20.00 | 37,000 | Â Â Â Â Â 4.98 yrs | $ | 16.95 | 37,000 | $ | 16.95 | |||||||||||||||
20.01 to 25.00 | 73,460 | Â 2.82 | 23.52 | 73,460 | 23.52 | ||||||||||||||||||
25.01 to 30.00 | 23,925 | Â 4.55 | 25.81 | 23,925 | 25.81 | ||||||||||||||||||
30.01 to 41.67 | 42,362 | Â 2.10 | 31.59 | 42,362 | 31.59 | ||||||||||||||||||
  | 176,747 |      3.33 yrs | $ | 24.39 | 176,747 | $ | 24.39 | ||||||||||||||||
Schedule of Nonvested restricted stock activity | ' | ||||||||||||||||||||||
Nonvested restricted stock activity for the year ended December 31, 2013 is summarized in the following table: | |||||||||||||||||||||||
Restricted Stock | Shares | Weighted | |||||||||||||||||||||
Average Grant | |||||||||||||||||||||||
Date Value | |||||||||||||||||||||||
Nonvested at January 1, 2013 | 39,327 | $ | 20.17 | ||||||||||||||||||||
Granted | 13,599 | $ | 20.82 | ||||||||||||||||||||
Vested | 19,576 | $ | 21.31 | ||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||
Nonvested at December 31, 2013 | 33,350 | $ | 19.77 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Components of entity's net deferred tax assets (liabilities) | ' | ||||||||||||
The components of the Company's net deferred tax assets (liabilities) were as follows: | |||||||||||||
(in thousands) | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 4,410 | $ | 4,241 | |||||||||
Nonaccrual loan interest | 363 | 362 | |||||||||||
Other real estate owned expense | - | 127 | |||||||||||
Other real estate owned valuation allowance | 1,420 | 869 | |||||||||||
Deferred compensation | 665 | 579 | |||||||||||
Loans | 5,390 | 8,165 | |||||||||||
Other | 543 | 889 | |||||||||||
Total deferred tax assets | 12,791 | 15,232 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation | 1,021 | 1,055 | |||||||||||
Accretion of discounts on securities | 210 | 147 | |||||||||||
Core deposit intangibles | 1,105 | 1,631 | |||||||||||
Net unrealized gains on securities | 1,927 | 5,277 | |||||||||||
Prepaid pension expense | 656 | 265 | |||||||||||
Pension liability | 570 | 1,186 | |||||||||||
Trust preferred fair value adjustment | 687 | 723 | |||||||||||
Other | 253 | 528 | |||||||||||
Total deferred tax liabilities | 6,429 | 10,812 | |||||||||||
Net deferred tax assets | $ | 6,362 | $ | 4,420 | |||||||||
Provision for income taxes | ' | ||||||||||||
The provision for income taxes consists of the following: | |||||||||||||
(in thousands) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Taxes currently payable | $ | 4,030 | $ | 736 | $ | 1,857 | |||||||
Deferred tax expense | 2,024 | 5,557 | 3,053 | ||||||||||
Total income tax expense | $ | 6,054 | $ | 6,293 | $ | 4,910 | |||||||
A reconcilement of the "expected" Federal income tax expense to reported income tax expense | ' | ||||||||||||
A reconcilement of the "expected" Federal income tax expense to reported income tax expense is as follows: | |||||||||||||
(in thousands) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected federal tax expense | $ | 7,630 | $ | 7,805 | $ | 5,768 | |||||||
Nondeductible interest expense | 77 | 97 | 83 | ||||||||||
Tax-exempt interest | (1,491 | ) | (1,545 | ) | (1,331 | ) | |||||||
State income taxes | 254 | 214 | 68 | ||||||||||
Other, net | (416 | ) | (278 | ) | 322 | ||||||||
Total income tax expense | $ | 6,054 | $ | 6,293 | $ | 4,910 | |||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Earnings Per Common Share [Abstract] | ' | ||||||||||||||||||||||||
Schedule of weighted average number of shares used in computing earnings per share | ' | ||||||||||||||||||||||||
The following shows the weighted average number of shares used in computing earnings per common share and the effect on weighted average number of shares of potentially dilutive common stock. Potentially dilutive common stock had no effect on income available to common shareholders. | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Per Share | Shares | Per Share | Shares | Per Share | ||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||
Basic earnings per share | 7,872,870 | $ | 2 | 7,834,351 | $ | 2.04 | 6,982,524 | $ | 1.64 | ||||||||||||||||
Effect of dilutive securities - stock options | 11,691 | - | 11,301 | - | 7,353 | - | |||||||||||||||||||
Diluted earnings per share | 7,884,561 | $ | 2 | 7,845,652 | $ | 2.04 | 6,989,877 | $ | 1.64 |
OffBalance_Sheet_Activities_Ta
Off-Balance Sheet Activities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Off Balance Sheet Activities [Abstract] | ' | ||||||||
Off-balance sheet financial instruments outstanding | ' | ||||||||
The following off-balance sheet financial instruments were outstanding whose contract amounts represent credit risk: | |||||||||
December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Commitments to extend credit | $ | 179,272 | $ | 170,202 | |||||
Standby letters of credit | 3,405 | 4,591 | |||||||
Mortgage loan rate lock commitments | 5,913 | 9,486 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Related Party Transactions [Abstract] | ' | ||||
Activity of loans to related parties | ' | ||||
An analysis of these loans for 2013 is as follows (in thousands): | |||||
Balance at December 31, 2012 | $ | 16,240 | |||
Additions | 7,953 | ||||
Repayments | (4,966 | ) | |||
Balance at December 31, 2013 | $ | 19,227 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||
Schedule of components of net periodic benefit cost | ' | ||||||||||||||||
Information pertaining to the activity in the plan is as follows: | |||||||||||||||||
(in thousands) | As of and for the Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||
Projected benefit obligation at beginning of year | $ | 10,931 | $ | 9,769 | $ | 9,279 | |||||||||||
Service cost | - | - | 111 | ||||||||||||||
Interest cost | 288 | 389 | 403 | ||||||||||||||
Actuarial (gain) loss | (201 | ) | 1,289 | 725 | |||||||||||||
Benefits paid | (2,022 | ) | (516 | ) | (749 | ) | |||||||||||
Projected benefit obligation at end of year | 8,996 | 10,931 | 9,769 | ||||||||||||||
Change in Plan Assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | 11,689 | 11,144 | 11,674 | ||||||||||||||
Actual return on plan assets | 1,203 | 1,061 | 219 | ||||||||||||||
Benefits paid | (2,022 | ) | (516 | ) | (749 | ) | |||||||||||
Fair value of plan assets at end of year | 10,870 | 11,689 | 11,144 | ||||||||||||||
Funded Status at End of Year | $ | 1,874 | $ | 758 | $ | 1,375 | |||||||||||
Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||
Other assets | $ | 1,874 | $ | 758 | $ | 1,375 | |||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | |||||||||||||||||
Net actuarial loss | $ | 1,628 | $ | 3,389 | $ | 3,080 | |||||||||||
Deferred income tax asset | (570 | ) | (1,186 | ) | (1,078 | ) | |||||||||||
Amount recognized | $ | 1,058 | $ | 2,203 | $ | 2,002 | |||||||||||
As of and for the Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||
Service cost | $ | - | $ | - | $ | 111 | |||||||||||
Interest cost | 288 | 389 | 403 | ||||||||||||||
Expected return on plan assets | (513 | ) | (541 | ) | (525 | ) | |||||||||||
Recognized net loss due to settlement | 594 | 128 | - | ||||||||||||||
Recognized net actuarial loss | 275 | 332 | 160 | ||||||||||||||
Net periodic benefit cost | $ | 644 | $ | 308 | $ | 149 | |||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss | |||||||||||||||||
Net actuarial (gain) loss | $ | (1,761 | ) | $ | 309 | $ | 871 | ||||||||||
Amortization of prior service cost | - | - | - | ||||||||||||||
Total recognized in other comprehensive (income) loss | $ | (1,761 | ) | $ | 309 | $ | 871 | ||||||||||
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive (Income) Loss | $ | (1,117 | ) | $ | 617 | $ | 1,020 | ||||||||||
As of and for the Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-Average Assumptions at End of Year | |||||||||||||||||
Discount rate used for net periodic pension cost | 3.00% | 3.75% | 4.75% | ||||||||||||||
Discount rate used for disclosure | 4.00% | 3.00% | 3.75% | ||||||||||||||
Expected return on plan assets | 5.00% | 5.00% | 5.00% | ||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||
Weighted-average asset allocations by asset category | ' | ||||||||||||||||
Below is a description of the plan's assets. The plan's weighted-average asset allocations by asset category are as follows: | |||||||||||||||||
Asset Category | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Fixed Income | 33.30% | 33.50% | |||||||||||||||
Equity | 13.50% | 15.10% | |||||||||||||||
Mutual Funds | 49.80% | 49.80% | |||||||||||||||
Cash and Accrued Income | 3.40% | 1.60% | |||||||||||||||
Total | 100.00% | 100.00% | |||||||||||||||
Fair value of pension plan assets by asset category | ' | ||||||||||||||||
The fair value of the Company's pension plan assets at December 31, 2013 and 2012, by asset category are as follows (in thousands): | |||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | ||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | ||||||||||||||||
Asset Category | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash | $ | 369 | $ | 369 | $ | - | $ | - | |||||||||
Fixed income securities | |||||||||||||||||
Government sponsored entities | 1,159 | - | 1,159 | - | |||||||||||||
Municipal bonds and notes | 119 | - | 119 | - | |||||||||||||
Corporate bonds and notes | 2,339 | - | 2,339 | - | |||||||||||||
Mutual funds | 5,415 | - | 5,415 | - | |||||||||||||
Equity securities | |||||||||||||||||
U.S. companies | 1,454 | 1,454 | - | - | |||||||||||||
Foreign companies | 15 | 15 | - | - | |||||||||||||
$ | 10,870 | $ | 1,838 | $ | 9,032 | $ | - | ||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | ||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | ||||||||||||||||
Asset Category | 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash | $ | 188 | $ | 188 | $ | - | $ | - | |||||||||
Fixed income securities | |||||||||||||||||
Government sponsored entities | 904 | - | 904 | - | |||||||||||||
Municipal bonds and notes | 61 | - | 61 | ||||||||||||||
Corporate bonds and notes | 2,944 | - | 2,944 | - | |||||||||||||
Mutual funds | 5,826 | - | 5,826 | - | |||||||||||||
Equity securities | - | ||||||||||||||||
U.S. companies | 1,721 | 1,721 | - | - | |||||||||||||
Foreign companies | 45 | 45 | - | - | |||||||||||||
$ | 11,689 | $ | 1,954 | $ | 9,735 | $ | - | ||||||||||
Projected benefit payments | ' | ||||||||||||||||
Projected benefit payments for the years 2014 to 2023 are as follows (in thousands): | |||||||||||||||||
Year | Amount | ||||||||||||||||
2014 | 3,005 | ||||||||||||||||
2015 | 202 | ||||||||||||||||
2016 | 280 | ||||||||||||||||
2017 | 326 | ||||||||||||||||
2018 | 480 | ||||||||||||||||
2019-2023 | 3,473 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||||||
Schedule of fair value assets and liabilities measured on recurring basis | ' | ||||||||||||||||||||||||
The following table presents the balances of financial assets measured at fair value on a recurring basis during the period (in thousands): | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | ||||||||||||||||||||||
December 31, | in Active | Other | Unobservable Inputs | ||||||||||||||||||||||
Markets for | Observable | ||||||||||||||||||||||||
Identical Assets | Inputs | ||||||||||||||||||||||||
Description | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Federal agencies and GSEs | $ | 65,881 | $ | - | $ | 65,881 | $ | - | |||||||||||||||||
Mortgage-backed and CMOs | 69,608 | - | 69,608 | - | |||||||||||||||||||||
State and municipal | 198,733 | - | 198,733 | - | |||||||||||||||||||||
Corporate | 10,799 | - | 10,799 | - | |||||||||||||||||||||
Equity securities | 1,103 | - | - | 1,103 | |||||||||||||||||||||
Total | $ | 346,124 | $ | - | $ | 345,021 | $ | 1,103 | |||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | ||||||||||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||
Identical Assets | Inputs | ||||||||||||||||||||||||
Description | 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Federal agencies and GSEs | $ | 42,759 | $ | - | $ | 42,759 | $ | - | |||||||||||||||||
Mortgage-backed and CMOs | 83,308 | - | 83,308 | - | |||||||||||||||||||||
State and municipal | 202,731 | 2,110 | 200,621 | - | |||||||||||||||||||||
Corporate | 6,448 | - | 6,097 | 351 | |||||||||||||||||||||
Total | $ | 335,246 | $ | 2,110 | $ | 332,785 | $ | 351 | |||||||||||||||||
The following table summarizes the Company's assets that were measured at fair value on a nonrecurring basis during the period (in thousands): | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||||||
Balance as of | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||
December 31, | Active Markets | Other | Unobservable | ||||||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||||||
Assets | Inputs | ||||||||||||||||||||||||
Description | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Loans held for sale | $ | 2,760 | $ | - | $ | 2,760 | $ | - | |||||||||||||||||
Impaired loans, net of valuation allowance | 3,193 | - | - | 3,193 | |||||||||||||||||||||
Other real estate owned | 3,422 | - | - | 3,422 | |||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||||||||||
Balance as of | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||
December 31, | Active Markets | Other | Unobservable | ||||||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||||||
Assets | Inputs | ||||||||||||||||||||||||
Description | 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Loans held for sale | $ | 13,852 | $ | - | $ | 13,852 | $ | - | |||||||||||||||||
Impaired loans, net of valuation allowance | 3 | - | - | 3 | |||||||||||||||||||||
Other real estate owned | 6,193 | - | - | 6,193 | |||||||||||||||||||||
Schedule of fair value measurements using significant unobservable inputs (Level 3) | ' | ||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Balances as of January 1, 2013 | Total Realized / Unrealized Gains | Purchases, Sales, Issuances and Settlements, Net | Transfer In (Out) of Level 3 | Balances as of December 31, 2013 | |||||||||||||||||||||
(Losses) Included in | |||||||||||||||||||||||||
Net Income | Other Comprehensive Income | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Corporate | $ | 351 | $ | 136 | $ | - | $ | (487 | ) | $ | - | $ | - | ||||||||||||
Equity | - | - | 103 | 1,000 | - | 1,103 | |||||||||||||||||||
Total assets | $ | 351 | $ | 136 | $ | 103 | $ | 513 | $ | - | $ | 1,103 | |||||||||||||
Schedule of quantitative information of assets measured at Level 3 | ' | ||||||||||||||||||||||||
     Quantitative Information About Level 3 Fair Value Measurements as of December 31, 2013: | |||||||||||||||||||||||||
Assets | Valuation Technique | Unobservable Input | Weighted | ||||||||||||||||||||||
Rate | |||||||||||||||||||||||||
Securities available for sale | Discounted cash flow analysis | Discount rate | 11% | ||||||||||||||||||||||
Impaired loans | Discounted appraised value | Selling cost | 6% | ||||||||||||||||||||||
Other real estate owned | Discounted appraised value | Selling cost | 6% | ||||||||||||||||||||||
Other real estate owned | Discounted appraised value | Discount for lack of marketability and age of appraisal | 9% | ||||||||||||||||||||||
Schedule of carrying values and estimated fair values of the entity's financial instruments | ' | ||||||||||||||||||||||||
The carrying values and estimated fair value of the Company's financial instruments as of December 31, 2013 are as follows (in thousands): | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance | ||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 67,681 | $ | - | $ | 67,681 | $ | - | $ | 67,681 | |||||||||||||||
Securities available for sale | 346,124 | - | 345,021 | 1,103 | 346,124 | ||||||||||||||||||||
Restricted stock | 4,889 | - | 4,889 | - | 4,889 | ||||||||||||||||||||
Loans held for sale | 2,760 | - | 2,760 | - | 2,760 | ||||||||||||||||||||
Loans, net of allowance | 782,071 | - | - | 783,825 | 783,825 | ||||||||||||||||||||
Bank owned life insurance | 14,746 | - | 14,746 | - | 14,746 | ||||||||||||||||||||
Accrued interest receivable | 4,741 | - | 4,741 | - | 4,741 | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits | $ | 1,057,675 | $ | - | $ | 668,077 | $ | 392,991 | $ | 1,061,068 | |||||||||||||||
Repurchase agreements | 39,478 | - | 39,478 | - | 39,478 | ||||||||||||||||||||
Other borrowings | 9,951 | - | - | 10,560 | 10,560 | ||||||||||||||||||||
Trust preferred capital notes | 27,419 | - | - | 18,162 | 18,162 | ||||||||||||||||||||
Accrued interest payable | 610 | - | 610 | - | 610 | ||||||||||||||||||||
The carrying values and estimated fair values of the Company's financial instruments at December 31, 2012 are as follows (in thousands): | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance | ||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 47,442 | $ | - | $ | 47,442 | $ | - | $ | 47,442 | |||||||||||||||
Securities available for sale | 335,246 | 2,110 | 332,785 | 351 | 335,246 | ||||||||||||||||||||
Restricted stock | 5,287 | - | 5,287 | - | 5,287 | ||||||||||||||||||||
Loans held for sale | 13,852 | - | 13,852 | - | 13,852 | ||||||||||||||||||||
Loans, net of allowance | 776,587 | - | - | 777,761 | 777,761 | ||||||||||||||||||||
Bank owned life insurance | 14,289 | - | 14,289 | - | 14,289 | ||||||||||||||||||||
Accrued interest receivable | 4,711 | - | 4,711 | - | 4,711 | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits | $ | 1,027,667 | $ | - | $ | 618,099 | $ | 424,378 | $ | 1,042,477 | |||||||||||||||
Repurchase agreements | 49,942 | - | 49,942 | - | 49,942 | ||||||||||||||||||||
Other borrowings | 10,079 | - | - | 11,062 | 11,062 | ||||||||||||||||||||
Trust preferred capital notes | 27,317 | - | - | 22,524 | 22,524 | ||||||||||||||||||||
Accrued interest payable | 755 | - | 755 | - | 755 | ||||||||||||||||||||
Dividend_Restrictions_and_Regu1
Dividend Restrictions and Regulatory Capital (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Dividend Restrictions and Regulatory Capital [Abstract] | ' | ||||||||||||||||||||
Summary information regarding regulatory capital | ' | ||||||||||||||||||||
The following table provides summary information regarding regulatory capital: | |||||||||||||||||||||
Actual | Minimum | To Be Well | |||||||||||||||||||
Capital | Capitalized Under | ||||||||||||||||||||
(in thousands) | Requirement | Prompt Corrective | |||||||||||||||||||
Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Total Capital | |||||||||||||||||||||
Company | $ | 161,442 | 18.14 | % | $ | 71,212 | Â >8.0% | ||||||||||||||
Bank | 156,356 | 17.59 | % | 71,129 | >8.0% | $ | 88,911 | >10.0 | % | ||||||||||||
Tier 1 Capital | |||||||||||||||||||||
Company | 150,248 | 16.88 | % | 35,606 | >4.0% | ||||||||||||||||
Bank | 145,221 | 16.33 | % | 35,564 | >4.0% | 53,347 | >6.0 | Â % | |||||||||||||
Leverage Capital | |||||||||||||||||||||
Company | 150,248 | 11.81 | % | 50,900 | >4.0% | ||||||||||||||||
Bank | 145,221 | 11.43 | % | 50,825 | >4.0% | 63,532 | >5.0 | Â % | |||||||||||||
31-Dec-12 | |||||||||||||||||||||
Total Capital | |||||||||||||||||||||
Company | $ | 150,328 | 17 | % | $ | 70,725 | >8.0% | ||||||||||||||
Bank | 145,808 | 16.49 | % | 70,724 | >8.0% | $ | 88,406 | >10.00 | % | ||||||||||||
Tier 1 Capital | |||||||||||||||||||||
Company | 139,262 | 15.75 | % | 35,363 | >4.0% | ||||||||||||||||
Bank | 135,774 | 15.36 | % | 35,362 | >4.0% | 53,043 | >6.0 | Â % | |||||||||||||
Leverage Capital | |||||||||||||||||||||
Company | 139,262 | 11.27 | % | 49,441 | >4.0% | ||||||||||||||||
Bank | 135,774 | 10.98 | % | 49,467 | >4.0% | 61,834 | >5.0 | Â % | |||||||||||||
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment and Related Information [Abstract] | ' | ||||||||||||||||||||
Schedule of segment information | ' | ||||||||||||||||||||
Segment information as of and for the years ended December 31, 2013, 2012, and 2011, is shown in the following table: | |||||||||||||||||||||
2013Â | |||||||||||||||||||||
(in thousands) | Trust and | ||||||||||||||||||||
Community | Investment | Intersegment | |||||||||||||||||||
Banking | Services | Other | Eliminations | Total | |||||||||||||||||
Interest income | $ | 52,928 | $ | - | $ | 28 | $ | - | $ | 52,956 | |||||||||||
Interest expense | 5,829 | - | 754 | - | 6,583 | ||||||||||||||||
Noninterest income | 6,649 | 4,158 | 20 | - | 10,827 | ||||||||||||||||
Income (loss) before income taxes | 20,142 | 2,605 | (946 | ) | - | 21,801 | |||||||||||||||
Net income (loss) | 14,489 | 1,882 | (624 | ) | - | 15,747 | |||||||||||||||
Depreciation and amortization | 3,220 | 15 | - | - | 3,235 | ||||||||||||||||
Total assets | 1,305,540 | - | 1,972 | - | 1,307,512 | ||||||||||||||||
Capital expenditures | 861 | 4 | - | - | 865 | ||||||||||||||||
         2012       | |||||||||||||||||||||
Trust and | |||||||||||||||||||||
Community | Investment | Intersegment | |||||||||||||||||||
Banking | Services | Other | Eliminations | Total | |||||||||||||||||
Interest income | $ | 57,806 | $ | - | $ | 6 | $ | (6 | ) | $ | 57,806 | ||||||||||
Interest expense | 7,334 | - | 813 | (6 | ) | 8,141 | |||||||||||||||
Noninterest income | 7,255 | 4,136 | 19 | - | 11,410 | ||||||||||||||||
Income (loss) before income taxes | 21,051 | 2,380 | (1,132 | ) | - | 22,299 | |||||||||||||||
Net income (loss) | 15,049 | 1,709 | (752 | ) | - | 16,006 | |||||||||||||||
Depreciation and amortization | 3,677 | 19 | - | - | 3,696 | ||||||||||||||||
Total assets | 1,282,796 | - | 891 | - | 1,283,687 | ||||||||||||||||
Capital expenditures | 699 | - | - | - | 699 | ||||||||||||||||
2011 | |||||||||||||||||||||
Trust and | |||||||||||||||||||||
Community | Investment | Intersegment | |||||||||||||||||||
Banking | Services | Other | Eliminations | Total | |||||||||||||||||
Interest income | $ | 49,187 | $ | - | $ | 55 | $ | (55 | ) | $ | 49,187 | ||||||||||
Interest expense | 7,811 | - | 1,024 | (55 | ) | 8,780 | |||||||||||||||
Noninterest income | 5,379 | 3,836 | 29 | - | 9,244 | ||||||||||||||||
Income (loss) before income taxes | 16,610 | 2,330 | (2,459 | ) | - | 16,481 | |||||||||||||||
Net income (loss) | 11,886 | 1,697 | (2,012 | ) | - | 11,571 | |||||||||||||||
Depreciation and amortization | 2,647 | 20 | - | - | 2,667 | ||||||||||||||||
Total assets | 1,303,816 | - | 890 | - | 1,304,706 | ||||||||||||||||
Capital expenditures | 1,731 | 3 | - | - | 1,734 | ||||||||||||||||
Parent_Company_Financial_Infor1
Parent Company Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Parent Company Financial Information [Abstract] | ' | ||||||||||||
Condensed Balance Sheets | ' | ||||||||||||
Condensed Parent Company financial information is as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
Condensed Balance Sheets | 2013 | 2012 | |||||||||||
Cash | $ | 2,872 | $ | 2,288 | |||||||||
Investment in subsidiaries | 190,759 | 187,958 | |||||||||||
Due from subsidiaries | 322 | 380 | |||||||||||
Other assets | 1,123 | 8 | |||||||||||
Total Assets | $ | 195,076 | $ | 190,634 | |||||||||
Trust preferred capital notes | $ | 27,419 | $ | 27,317 | |||||||||
Other liabilities | 106 | 71 | |||||||||||
Shareholders' equity | 167,551 | 163,246 | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 195,076 | $ | 190,634 | |||||||||
Condensed Statements of Income | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
Condensed Statements of Income | 2013 | 2012 | 2011 | ||||||||||
Dividends from subsidiary | $ | 9,000 | $ | 8,000 | $ | 4,500 | |||||||
Other income | 48 | 27 | 84 | ||||||||||
Expenses | 994 | 1,159 | 2,542 | ||||||||||
Income taxes (benefit) | (322 | ) | (380 | ) | (447 | ) | |||||||
Income before equity in undistributed earnings of subsidiary | 8,376 | 7,248 | 2,489 | ||||||||||
Equity in undistributed earnings of subsidiary | 7,371 | 8,758 | 9,082 | ||||||||||
Net Income | $ | 15,747 | $ | 16,006 | $ | 11,571 | |||||||
Condensed Statements of Cash Flows | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
Condensed Statements of Cash Flows | 2013 | 2012 | 2011 | ||||||||||
Cash provided by dividends received from subsidiary | $ | 9,000 | $ | 8,000 | $ | 4,500 | |||||||
Cash used for payment of dividends | (7,248 | ) | (7,212 | ) | (6,524 | ) | |||||||
Cash used for repurchase of stock | - | - | (3,100 | ) | |||||||||
Proceeds from exercise of options and stock compensation | 883 | 856 | 769 | ||||||||||
Other | (2,051 | ) | (1,326 | ) | (2,260 | ) | |||||||
Net increase (decrease)Â in cash | $ | 584 | $ | 318 | $ | (6,615 | ) | ||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||||||
Schedule of supplemental disclosure of cash flow information | ' | ||||||||||||
(in thousands) | For the Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
 Supplemental Schedule of Cash and Cash Equivalents: | |||||||||||||
 Cash and due from banks | $ | 19,808 | $ | 20,435 | $ | 22,561 | |||||||
          Interest-bearing deposits in other banks | 47,873 | 27,007 | 6,332 | ||||||||||
   | $ | 67,681 | $ | 47,442 | $ | 28,893 | |||||||
 Supplemental Disclosure of Cash Flow Information: | |||||||||||||
 Cash paid for: | |||||||||||||
 Interest on deposits and borrowed funds | $ | 6,728 | $ | 8,243 | $ | 8,782 | |||||||
 Income taxes | 4,530 | 584 | 3,619 | ||||||||||
 Noncash investing and financing activities: | |||||||||||||
 Transfer of loans to other real estate owned | 1,826 | 6,983 | 803 | ||||||||||
 Unrealized gain (loss) on securities available for sale | (9,571 | ) | 1,489 | 11,623 | |||||||||
 Change in unfunded pension liability | (1,761 | ) | 309 | 871 | |||||||||
 Non-cash transactons related to acquisitions: | |||||||||||||
Assets acquired: | |||||||||||||
Investment securities | - | - | 51,442 | ||||||||||
Loans held for sale | - | - | 113 | ||||||||||
Loans, net of unearned income | - | - | 328,123 | ||||||||||
Premises and equipment, net | - | - | 5,708 | ||||||||||
Deferred income taxes | - | - | 15,310 | ||||||||||
Core deposit intangible | - | - | 6,556 | ||||||||||
Other real estate owned | - | - | 3,538 | ||||||||||
Other assets | - | - | 13,535 | ||||||||||
Liabilities assumed: | |||||||||||||
Demand, MMDA, and savings deposits | - | - | 281,311 | ||||||||||
Time deposits | - | - | 138,937 | ||||||||||
FHLB advances | - | - | 9,858 | ||||||||||
Other borrowings | - | - | 6,546 | ||||||||||
Other liabilities | - | - | 3,838 | ||||||||||
 Consideration: | |||||||||||||
 Issuance of preferred stock | - | - | 5,000 | ||||||||||
 Issuance of common stock | - | - | 29,905 | ||||||||||
 Fair value of replacement stock options | - | - | 132 | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||
Component of accumulated other comprehensive income (loss) | ' | |||||||||||||
Changes in each component of accumulated other comprehensive income (loss) were as follows (in thousands): | ||||||||||||||
Net Unrealized | Adjustments | Accumulated | ||||||||||||
Gains (Losses) | Related to | Other | ||||||||||||
on Securities | Pension | Comprehensive | ||||||||||||
Benefits | Income (Loss) | |||||||||||||
Balance at December 31, 2010 | $ | 1,277 | $ | (1,436 | ) | $ | (159 | ) | ||||||
Net unrealized gains on securities available for sale, net of tax, $4,068 | 7,554 | - | 7,554 | |||||||||||
Reclassification adjustment for losses on securities, net of tax, $0 | 1 | - | 1 | |||||||||||
Change in unfunded pension liability, net of tax, $(305) | - | (566 | ) | (566 | ) | |||||||||
Balance at December 31, 2011 | 8,832 | (2,002 | ) | 6,830 | ||||||||||
Net unrealized gains on securities available for sale, net of tax, $576 | 1,071 | - | 1,071 | |||||||||||
Reclassification adjustment for gains on securities, net of tax, $(55) | (103 | ) | - | (103 | ) | |||||||||
Change in unfunded pension liability, net of tax, $(108) | - | (201 | ) | (201 | ) | |||||||||
Balance at December 31, 2012 | 9,800 | (2,203 | ) | 7,597 | ||||||||||
Net unrealized losses on securities available for sale, net of tax, $(3,282) | (6,097 | ) | - | (6,097 | ) | |||||||||
Reclassification adjustment for gains on securities, net of tax, $67 | (125 | ) | - | (125 | ) | |||||||||
Change in unfunded pension liability, net of tax, $616 | - | 1,145 | 1,145 | |||||||||||
Balance at December 31, 2013 | $ | 3,578 | $ | (1,058 | ) | $ | 2,520 | |||||||
Reclassification out of accumulated other comprehensive income | ' | |||||||||||||
The following table provides information regarding reclassifications out of accumulated other comprehensive income (loss): | ||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income | Â Â Â | |||||||||||||
For the Three Years Ending December 31, 2013 | Â Â Â Â | |||||||||||||
Affected Line Item in | ||||||||||||||
the Statement of Where | ||||||||||||||
Details about AOCI Components | Amount Reclassified from AOCI | Net Income is Presented | ||||||||||||
(in thousands) | Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
      | ||||||||||||||
Available for sale securities: | Â Â Â Â | |||||||||||||
Realized gain on sale of securities | $ | 192 | $ | 158 | $ | 1 | Securities gains (losses), net | |||||||
(67 | ) | (55 | ) | - | Income taxes | |||||||||
Total reclassifications | $ | 125 | $ | 103 | $ | 1 | Net of tax | |||||||
      |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Branch | Branch | ||
Nature of Operations and Consolidation [Abstract] | ' | ' | ' |
Number of branches added during expansion of business | 8 | 8 | ' |
Cash and Cash Equivalents [Abstract] | ' | ' | ' |
Maximum maturity period of highly liquid investments | ' | '3 months | ' |
Interest-bearing Deposits in Other Banks [Abstract] | ' | ' | ' |
Maturity period of interest bearing deposits in other banks | ' | '1 year | ' |
Derivative Loan Commitments [Abstract] | ' | ' | ' |
Derivative loan commitments income | $0 | $0 | ' |
Derivative loan commitments expense | ' | ' | 5,000 |
Period of time between issuance and sale of loan commitment, minimum | '30 days | ' | ' |
Period of time between issuance and sale of loan commitment, maximum | '60 days | ' | ' |
Loans [Abstract] | ' | ' | ' |
Period to discontinued interest accrual on delinquent loans | '90 days | ' | ' |
Past due period when loans are charged off | '120 days | ' | ' |
Substandard and doubtful risk graded loan on unsecured basis | 100,000 | ' | ' |
Substandard and doubtful risk graded loan on secured basis | 250,000 | ' | ' |
Troubled Debt Restructurings [Abstract] | ' | ' | ' |
Loans classified as TDR | 2,099,000 | 1,755,000 | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated life of intangible asset | '9 years | ' | ' |
Income Taxes [Abstract] | ' | ' | ' |
Percentage of tax benefit that is being realized for settlement (in hundredths) | 50.00% | ' | ' |
Unrecognized tax benefits | 0 | 0 | ' |
Advertising and Marketing Costs [Abstract] | ' | ' | ' |
Advertising and marketing costs | $607,000 | $454,000 | $356,000 |
Recent Accounting Pronouncements [Abstract] | ' | ' | ' |
Minimum percentage of likelihood for more likely than not threshold (in hundredths) | 50.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives | '39 years | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated life of intangible asset | '10 years | ' | ' |
Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives | '3 years | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated life of intangible asset | '8 years | ' | ' |
Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives | '3 years | ' | ' |
Merger_with_MidCarolina_Detail
Merger with MidCarolina (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 01, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | |
Branch | Branch | MidCarolina [Member] | MidCarolina [Member] | MidCarolina [Member] | Marketing and Advertising Expense [Member] | Professional Fees [Member] | Technology and Communications [Member] | Other Noninterest Expense [Member] | Series A Preferred Stock [Member] | ||
MidCarolina [Member] | |||||||||||
Merger with MidCarolina [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective date of completion of merger | 1-Jul-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition agreement | 15-Dec-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of branches added during expansion of business | 8 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares received by the stockholder of acquiree entity in exchange of acquirer entity's common stock (in shares) | 0.33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares exchange ratio on acquisition | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional common stock issued in connection with merger (in shares) | 1,626,157 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period of core deposit | '9 years | ' | ' | '108 months | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of perpetual Series A preferred stock received in exchange on merger (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Consideration Paid [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares issued (1,626,157) | $0 | $0 | $29,905,000 | ' | ' | $29,905,000 | ' | ' | ' | ' | ' |
Cash paid to Shareholders | ' | ' | ' | ' | ' | 12,000 | ' | ' | ' | ' | ' |
Fair Value of Options | 0 | 0 | 132,000 | ' | ' | 132,000 | ' | ' | ' | ' | ' |
Preferred shares issued (5,000) | 0 | 0 | 5,000,000 | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
Value of consideration | ' | ' | ' | ' | ' | 35,049,000 | ' | ' | ' | ' | ' |
Assets acquired [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | 34,783,000 | ' | ' | ' | ' | ' |
Investment securities | 0 | 0 | 51,442,000 | ' | ' | 51,442,000 | ' | ' | ' | ' | ' |
Loans held for sale | 0 | 0 | 113,000 | ' | ' | 113,000 | ' | ' | ' | ' | ' |
Loans, net of unearned income | 0 | 0 | 328,123,000 | ' | ' | 328,123,000 | ' | ' | ' | ' | ' |
Premises and equipment, net | 0 | 0 | 5,708,000 | ' | ' | 5,708,000 | ' | ' | ' | ' | ' |
Deferred income taxes | 0 | 0 | 15,310,000 | ' | ' | 15,310,000 | ' | ' | ' | ' | ' |
Core deposit intangible | 0 | 0 | 6,556,000 | 6,556,000,000 | ' | 6,556,000 | ' | ' | ' | ' | ' |
Other real estate owned | 0 | 0 | 3,538,000 | ' | ' | 3,538,000 | ' | ' | ' | ' | ' |
Other assets | 0 | 0 | 13,535,000 | ' | ' | 13,535,000 | ' | ' | ' | ' | ' |
Total assets | ' | ' | ' | ' | ' | 459,108,000 | ' | ' | ' | ' | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits | ' | ' | ' | ' | ' | 420,248,000 | ' | ' | ' | ' | ' |
FHLB advances | 0 | 0 | 9,858,000 | ' | ' | 9,858,000 | ' | ' | ' | ' | ' |
Other borrowings | 0 | 0 | 6,546,000 | ' | ' | 6,546,000 | ' | ' | ' | ' | ' |
Other liabilities | 0 | 0 | 3,838,000 | ' | ' | 3,982,000 | ' | ' | ' | ' | ' |
Total Liabilities | ' | ' | ' | ' | ' | 440,634,000 | ' | ' | ' | ' | ' |
Net assets acquired | ' | ' | ' | ' | ' | 18,474,000 | ' | ' | ' | ' | ' |
Goodwill resulting from merger with MidCarolina | 39,043,000 | 39,043,000 | ' | ' | 16,575,000 | 16,575,000 | ' | ' | ' | ' | ' |
Preferred shares issued (in shares) | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in the fair value of net assets acquired and liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, beginning of period | 39,043,000 | ' | ' | 16,575,000 | 16,575,000 | 16,575,000 | ' | ' | ' | ' | ' |
Effect of adjustments to [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | 144,000 | ' | ' | ' | ' | ' | ' |
Goodwill, end of period | 39,043,000 | 39,043,000 | ' | ' | 16,575,000 | 16,575,000 | ' | ' | ' | ' | ' |
Direct costs related to acquisition expense | 0 | 19,000 | 1,607,000 | ' | ' | ' | 22,000 | 1,300,000 | 130,000 | 26,000 | ' |
Acquired loan portfolio at fair value | 367,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on acquired loan portfolio at fair value | 39,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performing portion of acquired loan portfolio estimated at fair value | 286,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Details the acquired loans that are accounted for in accordance with FASB ASC 310-30 [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractually required principal and interest at acquisition | 56,681,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual cash flows not expected to be collected (nonaccretable difference) | 17,472,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected cash flows at acquisition | 39,209,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest component of expected cash flows (accretable discount) | 1,663,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of acquired loans accounted for under FASB ASC 310-30 | 37,546,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unaudited pro forma information related to merger [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income | 40,959,000 | 44,954,000 | 50,781,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for loan loss | 294,000 | 2,133,000 | 5,570,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-interest income | 10,827,000 | 11,410,000 | 10,299,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-interest expense | 34,780,000 | 35,991,000 | 37,542,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Income taxes | 3,861,000 | 3,649,000 | 5,321,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $12,851,000 | $14,591,000 | $12,647,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Restrictions_on_Cash_Details
Restrictions on Cash (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Restrictions on Cash [Abstract] | ' | ' |
Cash and cash equivalents reserve requirement | $0 | $1,347,000 |
Federal Deposit Insurance Corporation deposit, in excess of insurance limits | $170,000 | ' |
Securities_Details
Securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Securities available for sale [Abstract] | ' | ' | ' |
Amortized Cost | $340,619,000 | $320,170,000 | ' |
Unrealized Gains | 7,317,000 | 15,201,000 | ' |
Unrealized Losses | 1,812,000 | 125,000 | ' |
Estimated Fair Value | 346,124,000 | 335,246,000 | ' |
Available-for-sale, Amortized Cost [Abstract] | ' | ' | ' |
Due in one year or less | 7,737,000 | ' | ' |
Due after one year through five years | 140,272,000 | ' | ' |
Due after five years through ten years | 98,991,000 | ' | ' |
Due after ten years | 23,451,000 | ' | ' |
Total | 340,619,000 | ' | ' |
Available for Sale, Estimated Fair Value [Abstract] | ' | ' | ' |
Due in one year or less | 7,782,000 | ' | ' |
Due after one year through five years | 142,014,000 | ' | ' |
Due after five years through ten years | 101,691,000 | ' | ' |
Due after ten years | 23,926,000 | ' | ' |
Total | 346,124,000 | ' | ' |
Gross realized gains and losses [Abstract] | ' | ' | ' |
Realized gains | 229,000 | 193,000 | 47,000 |
Realized losses | -37,000 | -35,000 | -48,000 |
Other-than-temporary impairment | 0 | 0 | 0 |
Securities pledged to secure public deposits, repurchase agreements and other | 154,946,000 | 127,599,000 | ' |
FHLB letters of credit used as additional collateral amount | 72,000,000 | 72,000,000 | ' |
Available for sale securities, continuous unrealized loss position [Abstract] | ' | ' | ' |
Estimated Fair Value | 106,041,000 | 26,183,000 | ' |
Unrealized Loss | 1,812,000 | 125,000 | ' |
Less than 12 Months, Estimated Fair Value | 97,707,000 | 22,771,000 | ' |
Less than 12 Months, Unrealized Loss | 1,689,000 | 61,000 | ' |
12 Months or More, Estimated Fair Value | 8,334,000 | 3,412,000 | ' |
12 Months or More, Unrealized Loss | 123,000 | 64,000 | ' |
Investment in FHLB stock | 2,000,000 | ' | ' |
Other-than-temporary impairment losses recognized | 0 | 0 | 0 |
Federal agencies and GSEs [Member] | ' | ' | ' |
Securities available for sale [Abstract] | ' | ' | ' |
Amortized Cost | 66,241,000 | 42,458,000 | ' |
Unrealized Gains | 126,000 | 306,000 | ' |
Unrealized Losses | 486,000 | 5,000 | ' |
Estimated Fair Value | 65,881,000 | 42,759,000 | ' |
Available for sale securities, continuous unrealized loss position [Abstract] | ' | ' | ' |
Estimated Fair Value | 41,586,000 | 5,501,000 | ' |
Unrealized Loss | 486,000 | 5,000 | ' |
Less than 12 Months, Estimated Fair Value | 41,586,000 | 5,501,000 | ' |
Less than 12 Months, Unrealized Loss | 486,000 | 5,000 | ' |
12 Months or More, Estimated Fair Value | 0 | 0 | ' |
12 Months or More, Unrealized Loss | 0 | 0 | ' |
Mortgage-backed and CMOs [Member] | ' | ' | ' |
Securities available for sale [Abstract] | ' | ' | ' |
Amortized Cost | 69,168,000 | 81,585,000 | ' |
Unrealized Gains | 1,085,000 | 1,829,000 | ' |
Unrealized Losses | 645,000 | 106,000 | ' |
Estimated Fair Value | 69,608,000 | 83,308,000 | ' |
Available-for-sale, Amortized Cost [Abstract] | ' | ' | ' |
Mortgage-backed and CMOs | 69,168,000 | ' | ' |
Available for Sale, Estimated Fair Value [Abstract] | ' | ' | ' |
Mortgage-backed and CMOs | 69,608,000 | ' | ' |
Available for sale securities, continuous unrealized loss position [Abstract] | ' | ' | ' |
Estimated Fair Value | 23,916,000 | 16,353,000 | ' |
Unrealized Loss | 645,000 | 106,000 | ' |
Less than 12 Months, Estimated Fair Value | 19,042,000 | 12,941,000 | ' |
Less than 12 Months, Unrealized Loss | 577,000 | 42,000 | ' |
12 Months or More, Estimated Fair Value | 4,874,000 | 3,412,000 | ' |
12 Months or More, Unrealized Loss | 68,000 | 64,000 | ' |
State and municipal [Member] | ' | ' | ' |
Securities available for sale [Abstract] | ' | ' | ' |
Amortized Cost | 193,251,000 | 189,810,000 | ' |
Unrealized Gains | 5,999,000 | 12,935,000 | ' |
Unrealized Losses | 517,000 | 14,000 | ' |
Estimated Fair Value | 198,733,000 | 202,731,000 | ' |
Available for sale securities, continuous unrealized loss position [Abstract] | ' | ' | ' |
Estimated Fair Value | 33,192,000 | 4,329,000 | ' |
Unrealized Loss | 517,000 | 14,000 | ' |
Less than 12 Months, Estimated Fair Value | 29,732,000 | 4,329,000 | ' |
Less than 12 Months, Unrealized Loss | 462,000 | 14,000 | ' |
12 Months or More, Estimated Fair Value | 3,460,000 | 0 | ' |
12 Months or More, Unrealized Loss | 55,000 | 0 | ' |
Number of available for sale securities in unrealized loss positions | 34 | ' | ' |
Corporate [Member] | ' | ' | ' |
Securities available for sale [Abstract] | ' | ' | ' |
Amortized Cost | 10,959,000 | 6,317,000 | ' |
Unrealized Gains | 4,000 | 131,000 | ' |
Unrealized Losses | 164,000 | 0 | ' |
Estimated Fair Value | 10,799,000 | 6,448,000 | ' |
Available for sale securities, continuous unrealized loss position [Abstract] | ' | ' | ' |
Estimated Fair Value | 7,347,000 | 0 | ' |
Unrealized Loss | 164,000 | 0 | ' |
Less than 12 Months, Estimated Fair Value | 7,347,000 | 0 | ' |
Less than 12 Months, Unrealized Loss | 164,000 | 0 | ' |
12 Months or More, Estimated Fair Value | 0 | 0 | ' |
12 Months or More, Unrealized Loss | 0 | 0 | ' |
Number of available for sale securities in unrealized loss positions | 7 | ' | ' |
Equity Securities [Member] | ' | ' | ' |
Securities available for sale [Abstract] | ' | ' | ' |
Amortized Cost | 1,000,000 | 0 | ' |
Unrealized Gains | 103,000 | 0 | ' |
Unrealized Losses | 0 | 0 | ' |
Estimated Fair Value | 1,103,000 | 0 | ' |
Available-for-sale, Amortized Cost [Abstract] | ' | ' | ' |
Equity securities | 1,000,000 | ' | ' |
Available for Sale, Estimated Fair Value [Abstract] | ' | ' | ' |
Equity securities | $1,103,000 | ' | ' |
GSE debt securities [Member] | ' | ' | ' |
Available for sale securities, continuous unrealized loss position [Abstract] | ' | ' | ' |
Number of available for sale securities in unrealized loss positions | 22 | ' | ' |
GSEs residential mortgage-backed securities [Member] | ' | ' | ' |
Available for sale securities, continuous unrealized loss position [Abstract] | ' | ' | ' |
Number of available for sale securities in unrealized loss positions | 19 | ' | ' |
Loans_Details
Loans (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $794,671,000 | $788,705,000 |
Net deferred loan costs | -299,000 | -128,000 |
Overdraft deposits | 71,000 | 110,000 |
Interest income, including accretion, on loans | 17,800 | ' |
Accretion income included in interest income | 5,600 | ' |
Loan pay offs and renewals amount included in interest income | 1,764,000 | ' |
Outstanding principal balance and the carrying amount of loan acquired [Abstract] | ' | ' |
Outstanding principal balance | 134,099,000 | 219,569,000 |
Carrying amount | 124,828,000 | 203,981,000 |
Outstanding principal balance and the carrying amount of loan acquired, impaired [Abstract] | ' | ' |
Outstanding principal balance | 21,014,000 | 26,349,000 |
Carrying amount | 16,644,000 | 20,182,000 |
Changes in the accretable discount on acquired loans [Abstract] | ' | ' |
Balance, beginning of period | 2,165,000 | ' |
Accretion | -2,635,000 | ' |
Reclassification from nonaccretable difference | 2,516,000 | ' |
Balance, end of period | 2,046,000 | ' |
Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 122,553,000 | 126,192,000 |
Commercial real estate, portfolio [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 406,438,000 | 404,245,000 |
Commercial real estate, portfolio [Member] | Construction and land development [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 41,822,000 | 48,812,000 |
Commercial real estate, portfolio [Member] | Commercial real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 364,616,000 | 355,433,000 |
Residential real estate, portfolio [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 259,714,000 | 252,346,000 |
Residential real estate, portfolio [Member] | Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 171,917,000 | 161,033,000 |
Residential real estate, portfolio [Member] | Home equity [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 87,797,000 | 91,313,000 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $5,966,000 | $5,922,000 |
Loans_Receivables_Past_Due_Det
Loans, Receivables Past Due (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Analysis by portfolio segment of the entity's past due loans [Abstract] | ' | ' |
30-59 Days Past Due | $1,466 | $2,605 |
60-89 Days Past Due | 272 | 168 |
90 Days + Past Due and Still Accruing | 0 | 0 |
Non-Accrual Loans | 5,071 | 5,316 |
Total Past Due | 6,809 | 8,089 |
Current | 787,862 | 780,616 |
Total Loans | 794,671 | 788,705 |
Commercial [Member] | ' | ' |
Analysis by portfolio segment of the entity's past due loans [Abstract] | ' | ' |
30-59 Days Past Due | 27 | 219 |
60-89 Days Past Due | 0 | 0 |
90 Days + Past Due and Still Accruing | 0 | 0 |
Non-Accrual Loans | 11 | 52 |
Total Past Due | 38 | 271 |
Current | 122,515 | 125,921 |
Total Loans | 122,553 | 126,192 |
Commercial real estate, portfolio [Member] | Construction and land development [Member] | ' | ' |
Analysis by portfolio segment of the entity's past due loans [Abstract] | ' | ' |
30-59 Days Past Due | 0 | 417 |
60-89 Days Past Due | 51 | 0 |
90 Days + Past Due and Still Accruing | 0 | 0 |
Non-Accrual Loans | 877 | 1,208 |
Total Past Due | 928 | 1,625 |
Current | 40,894 | 47,187 |
Total Loans | 41,822 | 48,812 |
Commercial real estate, portfolio [Member] | Commercial real estate [Member] | ' | ' |
Analysis by portfolio segment of the entity's past due loans [Abstract] | ' | ' |
30-59 Days Past Due | 667 | 1,120 |
60-89 Days Past Due | 0 | 0 |
90 Days + Past Due and Still Accruing | 0 | 0 |
Non-Accrual Loans | 2,879 | 1,526 |
Total Past Due | 3,546 | 2,646 |
Current | 361,070 | 352,787 |
Total Loans | 364,616 | 355,433 |
Residential real estate, portfolio [Member] | Residential [Member] | ' | ' |
Analysis by portfolio segment of the entity's past due loans [Abstract] | ' | ' |
30-59 Days Past Due | 642 | 672 |
60-89 Days Past Due | 202 | 168 |
90 Days + Past Due and Still Accruing | 0 | 0 |
Non-Accrual Loans | 880 | 2,130 |
Total Past Due | 1,724 | 2,970 |
Current | 170,193 | 158,063 |
Total Loans | 171,917 | 161,033 |
Residential real estate, portfolio [Member] | Home equity [Member] | ' | ' |
Analysis by portfolio segment of the entity's past due loans [Abstract] | ' | ' |
30-59 Days Past Due | 109 | 144 |
60-89 Days Past Due | 18 | 0 |
90 Days + Past Due and Still Accruing | 0 | 0 |
Non-Accrual Loans | 424 | 397 |
Total Past Due | 551 | 541 |
Current | 87,246 | 90,772 |
Total Loans | 87,797 | 91,313 |
Consumer [Member] | ' | ' |
Analysis by portfolio segment of the entity's past due loans [Abstract] | ' | ' |
30-59 Days Past Due | 21 | 33 |
60-89 Days Past Due | 1 | 0 |
90 Days + Past Due and Still Accruing | 0 | 0 |
Non-Accrual Loans | 0 | 3 |
Total Past Due | 22 | 36 |
Current | 5,944 | 5,886 |
Total Loans | $5,966 | $5,922 |
Loans_Impaired_Loan_Details
Loans, Impaired Loan (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, recorded investment | $2,277 | $2,916 |
Impaired loan, with an related allowance, recorded investment | 3,752 | 131 |
Impaired loan, total, recorded investment | 6,029 | 3,047 |
Unpaid Principal Balance [Abstract] | ' | ' |
Impaired loan, with no related allowance, unpaid principal balance | 2,285 | 3,221 |
Impaired loan, with an related allowance, unpaid principal balance | 3,789 | 131 |
Impaired loan, total, unpaid principal balance | 6,074 | 3,352 |
Related Allowance [Abstract] | ' | ' |
Impaired loan, with no related allowance | 0 | 0 |
Impaired loan, with related allowance | 559 | 128 |
Impaired loan, total, related allowance | 559 | 128 |
Average Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, average recorded investment | 2,864 | 3,256 |
Impaired loan, with related allowance, average recorded investment | 2,768 | 45 |
Impaired loan, total, average recorded investment | 5,632 | 3,301 |
Interest Income Recognized [Abstract] | ' | ' |
Impaired loan, with no related allowance, interest income recognized | 29 | 34 |
Impaired loan, with related allowance, interest income recognized | 41 | 0 |
Impaired loan, total, interest income recognized | 70 | 34 |
Commercial [Member] | ' | ' |
Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, recorded investment | 19 | 39 |
Impaired loan, with an related allowance, recorded investment | 0 | 110 |
Impaired loan, total, recorded investment | 19 | 149 |
Unpaid Principal Balance [Abstract] | ' | ' |
Impaired loan, with no related allowance, unpaid principal balance | 19 | 39 |
Impaired loan, with an related allowance, unpaid principal balance | 0 | 110 |
Impaired loan, total, unpaid principal balance | 19 | 149 |
Related Allowance [Abstract] | ' | ' |
Impaired loan, with no related allowance | 0 | 0 |
Impaired loan, with related allowance | 0 | 107 |
Impaired loan, total, related allowance | 0 | 107 |
Average Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, average recorded investment | 20 | 276 |
Impaired loan, with related allowance, average recorded investment | 0 | 35 |
Impaired loan, total, average recorded investment | 20 | 311 |
Interest Income Recognized [Abstract] | ' | ' |
Impaired loan, with no related allowance, interest income recognized | 1 | 11 |
Impaired loan, with related allowance, interest income recognized | 0 | 0 |
Impaired loan, total, interest income recognized | 1 | 11 |
Commercial real estate, portfolio [Member] | Construction and land development [Member] | ' | ' |
Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, recorded investment | 18 | 2,302 |
Impaired loan, with an related allowance, recorded investment | 1,468 | 0 |
Impaired loan, total, recorded investment | 1,486 | 2,302 |
Unpaid Principal Balance [Abstract] | ' | ' |
Impaired loan, with no related allowance, unpaid principal balance | 18 | 2,335 |
Impaired loan, with an related allowance, unpaid principal balance | 1,507 | 0 |
Impaired loan, total, unpaid principal balance | 1,525 | 2,335 |
Related Allowance [Abstract] | ' | ' |
Impaired loan, with no related allowance | 0 | 0 |
Impaired loan, with related allowance | 68 | 0 |
Impaired loan, total, related allowance | 68 | 0 |
Average Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, average recorded investment | 261 | 1,562 |
Impaired loan, with related allowance, average recorded investment | 1,551 | 0 |
Impaired loan, total, average recorded investment | 1,812 | 1,562 |
Interest Income Recognized [Abstract] | ' | ' |
Impaired loan, with no related allowance, interest income recognized | 4 | 0 |
Impaired loan, with related allowance, interest income recognized | 33 | 0 |
Impaired loan, total, interest income recognized | 37 | 0 |
Commercial real estate, portfolio [Member] | Commercial real estate [Member] | ' | ' |
Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, recorded investment | 936 | 305 |
Impaired loan, with an related allowance, recorded investment | 2,266 | 0 |
Impaired loan, total, recorded investment | 3,202 | 305 |
Unpaid Principal Balance [Abstract] | ' | ' |
Impaired loan, with no related allowance, unpaid principal balance | 936 | 306 |
Impaired loan, with an related allowance, unpaid principal balance | 2,264 | 0 |
Impaired loan, total, unpaid principal balance | 3,200 | 306 |
Related Allowance [Abstract] | ' | ' |
Impaired loan, with no related allowance | 0 | 0 |
Impaired loan, with related allowance | 488 | 0 |
Impaired loan, total, related allowance | 488 | 0 |
Average Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, average recorded investment | 950 | 557 |
Impaired loan, with related allowance, average recorded investment | 1,198 | 0 |
Impaired loan, total, average recorded investment | 2,148 | 557 |
Interest Income Recognized [Abstract] | ' | ' |
Impaired loan, with no related allowance, interest income recognized | 13 | 8 |
Impaired loan, with related allowance, interest income recognized | 7 | 0 |
Impaired loan, total, interest income recognized | 20 | 8 |
Residential real estate, portfolio [Member] | Residential [Member] | ' | ' |
Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, recorded investment | 880 | 270 |
Impaired loan, with an related allowance, recorded investment | 0 | 0 |
Impaired loan, total, recorded investment | 880 | 270 |
Unpaid Principal Balance [Abstract] | ' | ' |
Impaired loan, with no related allowance, unpaid principal balance | 888 | 541 |
Impaired loan, with an related allowance, unpaid principal balance | 0 | 0 |
Impaired loan, total, unpaid principal balance | 888 | 541 |
Related Allowance [Abstract] | ' | ' |
Impaired loan, with no related allowance | 0 | 0 |
Impaired loan, with related allowance | 0 | 0 |
Impaired loan, total, related allowance | 0 | 0 |
Average Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, average recorded investment | 1,200 | 861 |
Impaired loan, with related allowance, average recorded investment | 0 | 0 |
Impaired loan, total, average recorded investment | 1,200 | 861 |
Interest Income Recognized [Abstract] | ' | ' |
Impaired loan, with no related allowance, interest income recognized | 11 | 15 |
Impaired loan, with related allowance, interest income recognized | 0 | 0 |
Impaired loan, total, interest income recognized | 11 | 15 |
Residential real estate, portfolio [Member] | Home equity [Member] | ' | ' |
Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, recorded investment | 424 | 0 |
Impaired loan, with an related allowance, recorded investment | 0 | 0 |
Impaired loan, total, recorded investment | 424 | 0 |
Unpaid Principal Balance [Abstract] | ' | ' |
Impaired loan, with no related allowance, unpaid principal balance | 424 | 0 |
Impaired loan, with an related allowance, unpaid principal balance | 0 | 0 |
Impaired loan, total, unpaid principal balance | 424 | 0 |
Related Allowance [Abstract] | ' | ' |
Impaired loan, with no related allowance | 0 | 0 |
Impaired loan, with related allowance | 0 | 0 |
Impaired loan, total, related allowance | 0 | 0 |
Average Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, average recorded investment | 433 | 0 |
Impaired loan, with related allowance, average recorded investment | 0 | 0 |
Impaired loan, total, average recorded investment | 433 | 0 |
Interest Income Recognized [Abstract] | ' | ' |
Impaired loan, with no related allowance, interest income recognized | 0 | 0 |
Impaired loan, with related allowance, interest income recognized | 0 | 0 |
Impaired loan, total, interest income recognized | 0 | 0 |
Consumer [Member] | ' | ' |
Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, recorded investment | 0 | 0 |
Impaired loan, with an related allowance, recorded investment | 18 | 21 |
Impaired loan, total, recorded investment | 18 | 21 |
Unpaid Principal Balance [Abstract] | ' | ' |
Impaired loan, with no related allowance, unpaid principal balance | 0 | 0 |
Impaired loan, with an related allowance, unpaid principal balance | 18 | 21 |
Impaired loan, total, unpaid principal balance | 18 | 21 |
Related Allowance [Abstract] | ' | ' |
Impaired loan, with no related allowance | 0 | 0 |
Impaired loan, with related allowance | 3 | 21 |
Impaired loan, total, related allowance | 3 | 21 |
Average Recorded Investment [Abstract] | ' | ' |
Impaired loan, with no related allowance, average recorded investment | 0 | 0 |
Impaired loan, with related allowance, average recorded investment | 19 | 10 |
Impaired loan, total, average recorded investment | 19 | 10 |
Interest Income Recognized [Abstract] | ' | ' |
Impaired loan, with no related allowance, interest income recognized | 0 | 0 |
Impaired loan, with related allowance, interest income recognized | 1 | 0 |
Impaired loan, total, interest income recognized | $1 | $0 |
Loans_Troubled_Debt_Restructur
Loans, Troubled Debt Restructuring (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Security | Security | Security | |
Loans modified as troubled debt restructurings included in impaired loan balances [Abstract] | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | $1,190 | $2,465 | $733 |
Post-Modification Outstanding Recorded Investment | 1,190 | 1,445 | 656 |
Number of Contracts | 1 | 12 | 5 |
Loan Modifications, Rate | 0 | 0 | 0 |
Financing Receivable Modifications | 1,190 | 1,445 | 656 |
ALLL Impact | 137 | 30 | 0 |
Commercial real estate [Member] | ' | ' | ' |
Loans modified as troubled debt restructurings included in impaired loan balances [Abstract] | ' | ' | ' |
Number of Contracts | 1 | ' | ' |
Residential Real Estate [Member] | ' | ' | ' |
Loans modified as troubled debt restructurings included in impaired loan balances [Abstract] | ' | ' | ' |
Number of Contracts | 0 | ' | ' |
Commercial [Member] | ' | ' | ' |
Loans modified as troubled debt restructurings included in impaired loan balances [Abstract] | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | 0 | 11 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 10 | 0 |
Number of Contracts | 0 | 1 | ' |
Loan Modifications, Rate | 0 | 0 | 0 |
Financing Receivable Modifications | 0 | 10 | 0 |
ALLL Impact | 0 | 8 | 0 |
Commercial [Member] | Home equity [Member] | ' | ' | ' |
Loans modified as troubled debt restructurings included in impaired loan balances [Abstract] | ' | ' | ' |
Number of Contracts | ' | 0 | ' |
Commercial real estate, portfolio [Member] | ' | ' | ' |
Loans modified as troubled debt restructurings included in impaired loan balances [Abstract] | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | 1,190 | 2,421 | 417 |
Post-Modification Outstanding Recorded Investment | 1,190 | 1,403 | 369 |
Number of Contracts | ' | 9 | 4 |
Loan Modifications, Rate | 0 | 0 | 0 |
Financing Receivable Modifications | 1,190 | 1,403 | 369 |
ALLL Impact | 137 | 0 | 0 |
Residential real estate, portfolio [Member] | ' | ' | ' |
Loans modified as troubled debt restructurings included in impaired loan balances [Abstract] | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | 0 | 11 | 316 |
Post-Modification Outstanding Recorded Investment | 0 | 11 | 287 |
Number of Contracts | ' | 1 | 1 |
Loan Modifications, Rate | 0 | 0 | 0 |
Financing Receivable Modifications | 0 | 11 | 287 |
ALLL Impact | 0 | 0 | 0 |
Consumer [Member] | ' | ' | ' |
Loans modified as troubled debt restructurings included in impaired loan balances [Abstract] | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | 0 | 22 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 21 | 0 |
Number of Contracts | 0 | 1 | 0 |
Loan Modifications, Rate | 0 | 0 | 0 |
Financing Receivable Modifications | 0 | 21 | 0 |
ALLL Impact | $0 | $22 | $0 |
Loans_Credit_exposure_Details
Loans, Credit exposure (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | $794,671 | $788,705 |
Threshold limit to consider loan as nonperforming | '90 days | ' |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 122,553 | 126,192 |
Commercial Real Estate Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 41,822 | 48,812 |
Commercial Real Estate Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 364,616 | 355,433 |
Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 171,917 | 161,033 |
Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 87,797 | 91,313 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 5,966 | 5,922 |
Pass [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 121,033 | 125,072 |
Pass [Member] | Commercial Real Estate Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 35,563 | 39,417 |
Pass [Member] | Commercial Real Estate Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 351,801 | 340,094 |
Pass [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 158,478 | 146,875 |
Pass [Member] | Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 85,163 | 89,066 |
Special Mention [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 1,500 | 922 |
Special Mention [Member] | Commercial Real Estate Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 1,005 | 2,287 |
Special Mention [Member] | Commercial Real Estate Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 6,795 | 10,321 |
Special Mention [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 8,242 | 10,731 |
Special Mention [Member] | Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 1,650 | 1,060 |
Substandard [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 20 | 198 |
Substandard [Member] | Commercial Real Estate Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 5,254 | 7,108 |
Substandard [Member] | Commercial Real Estate Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 6,020 | 5,018 |
Substandard [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 5,197 | 3,427 |
Substandard [Member] | Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 984 | 1,187 |
Doubtful [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 0 | 0 |
Doubtful [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 0 | 0 |
Doubtful [Member] | Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 0 | 0 |
Performing [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 5,966 | 5,919 |
Nonperforming [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | $0 | $3 |
Allowance_for_Loan_Losses_and_2
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of year | $12,118,000 | $10,529,000 | $8,420,000 |
Provision for loan losses | 294,000 | 2,133,000 | 3,170,000 |
Charge-offs | -837,000 | -2,086,000 | -1,863,000 |
Recoveries | 1,025,000 | 1,542,000 | 802,000 |
Balance, end of year | 12,600,000 | 12,118,000 | 10,529,000 |
Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' |
Individually evaluated for impairment | 559,000 | 128,000 | ' |
Collectively evaluated for impairment | 11,610,000 | 11,515,000 | ' |
Loans acquired with deteriorated credit quality | 431,000 | 475,000 | ' |
Total Allowance for Loan Losses | 12,600,000 | 12,118,000 | 10,529,000 |
Reserve for Unfunded Lending Commitments [Abstract] | ' | ' | ' |
Balance, beginning of year | 201,000 | 200,000 | 218,000 |
Provision for unfunded commitments | 9,000 | 1,000 | -18,000 |
Charge-offs | 0 | 0 | 0 |
Balance, end of year | 210,000 | 201,000 | 200,000 |
Loans [Abstract] | ' | ' | ' |
Individually evaluated for impairment | 5,979,000 | 3,047,000 | ' |
Collectively evaluated for impairment | 772,048,000 | 765,476,000 | ' |
Loans acquired with deteriorated credit quality | 16,644,000 | 20,182,000 | ' |
Total Loans | 794,671,000 | 788,705,000 | ' |
Acquired loan portfolio | 88,000,000 | ' | ' |
Commercial [Member] | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of year | 1,450,000 | 1,236,000 | ' |
Provision for loan losses | 154,000 | 255,000 | ' |
Charge-offs | -129,000 | -748,000 | ' |
Recoveries | 335,000 | 707,000 | ' |
Balance, end of year | 1,810,000 | 1,450,000 | ' |
Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' |
Individually evaluated for impairment | 0 | 107,000 | ' |
Collectively evaluated for impairment | 1,810,000 | 1,343,000 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Total Allowance for Loan Losses | 1,810,000 | 1,450,000 | ' |
Loans [Abstract] | ' | ' | ' |
Individually evaluated for impairment | 19,000 | 149,000 | ' |
Collectively evaluated for impairment | 122,424,000 | 125,707,000 | ' |
Loans acquired with deteriorated credit quality | 110,000 | 336,000 | ' |
Total Loans | 122,553,000 | 126,192,000 | ' |
Commercial real estate, portfolio [Member] | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of year | 6,822,000 | 5,719,000 | ' |
Provision for loan losses | -162,000 | 1,200,000 | ' |
Charge-offs | -164,000 | -572,000 | ' |
Recoveries | 323,000 | 475,000 | ' |
Balance, end of year | 6,819,000 | 6,822,000 | ' |
Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' |
Individually evaluated for impairment | 556,000 | 0 | ' |
Collectively evaluated for impairment | 6,039,000 | 6,376,000 | ' |
Loans acquired with deteriorated credit quality | 224,000 | 446,000 | ' |
Total Allowance for Loan Losses | 6,819,000 | 6,822,000 | ' |
Loans [Abstract] | ' | ' | ' |
Individually evaluated for impairment | 4,638,000 | 2,607,000 | ' |
Collectively evaluated for impairment | 392,770,000 | 388,495,000 | ' |
Loans acquired with deteriorated credit quality | 9,030,000 | 13,143,000 | ' |
Total Loans | 406,438,000 | 404,245,000 | ' |
Residential real estate, portfolio [Member] | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of year | 3,638,000 | 3,412,000 | ' |
Provision for loan losses | 177,000 | 641,000 | ' |
Charge-offs | -369,000 | -694,000 | ' |
Recoveries | 244,000 | 279,000 | ' |
Balance, end of year | 3,690,000 | 3,638,000 | ' |
Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' |
Collectively evaluated for impairment | 3,483,000 | 3,609,000 | ' |
Loans acquired with deteriorated credit quality | 207,000 | 29,000 | ' |
Total Allowance for Loan Losses | 3,690,000 | 3,638,000 | ' |
Loans [Abstract] | ' | ' | ' |
Individually evaluated for impairment | 1,304,000 | 270,000 | ' |
Collectively evaluated for impairment | 250,906,000 | 245,373,000 | ' |
Loans acquired with deteriorated credit quality | 7,504,000 | 6,703,000 | ' |
Total Loans | 259,714,000 | 252,346,000 | ' |
Consumer [Member] | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of year | 208,000 | 162,000 | ' |
Provision for loan losses | -57,000 | 37,000 | ' |
Charge-offs | -175,000 | -72,000 | ' |
Recoveries | 123,000 | 81,000 | ' |
Balance, end of year | 99,000 | 208,000 | ' |
Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' |
Individually evaluated for impairment | 3,000 | 21,000 | ' |
Collectively evaluated for impairment | 96,000 | 187,000 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Total Allowance for Loan Losses | 99,000 | 208,000 | ' |
Loans [Abstract] | ' | ' | ' |
Individually evaluated for impairment | 18,000 | 21,000 | ' |
Collectively evaluated for impairment | 5,948,000 | 5,901,000 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Total Loans | 5,966,000 | 5,922,000 | ' |
Unallocated Financing Receivables [Member] | ' | ' | ' |
Allowance for Loan Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of year | 0 | 0 | ' |
Provision for loan losses | 182,000 | 0 | ' |
Charge-offs | 0 | 0 | ' |
Recoveries | 0 | 0 | ' |
Balance, end of year | 182,000 | 0 | ' |
Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' |
Collectively evaluated for impairment | 182,000 | 0 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Total Allowance for Loan Losses | 182,000 | 0 | ' |
Loans [Abstract] | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' |
Collectively evaluated for impairment | 0 | 0 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Total Loans | $0 | $0 | ' |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Major classifications of premises and equipment [Abstract] | ' | ' | ' |
Premises and equipment, gross | $47,965 | $47,152 | ' |
Accumulated depreciation | -24,291 | -22,609 | ' |
Premises and equipment, net | 23,674 | 24,543 | ' |
Depreciation expense | 1,734 | 1,761 | 1,385 |
Minimum annual rental payments under leases [Abstract] | ' | ' | ' |
2014 | 589 | ' | ' |
2015 | 553 | ' | ' |
2016 | 455 | ' | ' |
2017 | 399 | ' | ' |
2018 | 275 | ' | ' |
2019 and after | 3 | ' | ' |
Total | 2,274 | ' | ' |
Rent expense | 629 | 946 | 452 |
Land [Member] | ' | ' | ' |
Major classifications of premises and equipment [Abstract] | ' | ' | ' |
Premises and equipment, gross | 5,794 | 5,794 | ' |
Buildings [Member] | ' | ' | ' |
Major classifications of premises and equipment [Abstract] | ' | ' | ' |
Premises and equipment, gross | 22,968 | 22,754 | ' |
Leasehold improvements [Member] | ' | ' | ' |
Major classifications of premises and equipment [Abstract] | ' | ' | ' |
Premises and equipment, gross | 1,238 | 1,238 | ' |
Furniture and equipment [Member] | ' | ' | ' |
Major classifications of premises and equipment [Abstract] | ' | ' | ' |
Premises and equipment, gross | $17,965 | $17,366 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Jul. 01, 2011 | Dec. 31, 2013 | |
MidCarolina [Member] | MidCarolina [Member] | MidCarolina [Member] | Community First [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Core deposit intangible | $0 | $0 | $6,556,000 | $6,556,000,000 | ' | $6,556,000 | $3,112,000,000 |
Intangibles, Amortization | 1,501,000 | 1,935,000 | 1,282,000 | ' | ' | ' | ' |
Amortization period of intangible | '9 years | ' | ' | '108 months | ' | ' | '99 months |
Changes in the carrying amount of goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Goodwill, beginning of period | 39,043,000 | ' | ' | 16,575,000 | 16,575,000 | 16,575,000 | ' |
Goodwill, Additions | 0 | ' | ' | ' | ' | ' | ' |
Goodwill, Amortization | 0 | ' | ' | ' | ' | ' | ' |
Goodwill, Impairment | 0 | 0 | 0 | ' | ' | ' | ' |
Goodwill, end of period | 39,043,000 | 39,043,000 | ' | ' | 16,575,000 | 16,575,000 | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Intangibles, Beginning Balance | 4,660,000 | ' | ' | ' | ' | ' | ' |
Intangibles, Additions | 0 | ' | ' | ' | ' | ' | ' |
Intangibles, Amortization | -1,501,000 | -1,935,000 | -1,282,000 | ' | ' | ' | ' |
Intangibles, Impairment | 0 | ' | ' | ' | ' | ' | ' |
Intangibles, Ending Balance | 3,159,000 | 4,660,000 | ' | ' | ' | ' | ' |
Gross Carrying Value [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Core deposit intangibles | 9,669,000 | 9,669,000 | ' | ' | ' | ' | ' |
Goodwill | 39,043,000 | 39,043,000 | ' | ' | ' | ' | ' |
Accumulated Amortization [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Core deposit intangibles | -6,510,000 | -5,009,000 | ' | ' | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' | ' | ' | ' |
Net Carrying Value [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Core deposit intangibles | 3,159,000 | 4,660,000 | ' | ' | ' | ' | ' |
Goodwill | 39,043,000 | 39,043,000 | ' | ' | 16,575,000 | 16,575,000 | ' |
Amortization expense of core deposit intangibles | 1,501,000 | 1,935,000 | 1,282,000 | ' | ' | ' | ' |
Estimated future amortization expense of core deposit intangibles [Abstract] | ' | ' | ' | ' | ' | ' | ' |
2014 | 1,114,000 | ' | ' | ' | ' | ' | ' |
2015 | 906,000 | ' | ' | ' | ' | ' | ' |
2016 | 717,000 | ' | ' | ' | ' | ' | ' |
2017 | 320,000 | ' | ' | ' | ' | ' | ' |
2018 | 68,000 | ' | ' | ' | ' | ' | ' |
2019 and after | 34 | ' | ' | ' | ' | ' | ' |
Total | $3,159,000 | $4,660,000 | ' | ' | ' | ' | ' |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits [Abstract] | ' | ' |
Aggregate amount of time deposits, $100,000 or More | $240,661,000 | $249,246,000 |
Scheduled maturities of certificates of deposits [Abstract] | ' | ' |
2014 | 133,481,000 | ' |
2015 | 24,711,000 | ' |
2016 | 115,408,000 | ' |
2017 | 72,396,000 | ' |
2018 | 43,602,000 | ' |
Total | 389,598,000 | 409,568,000 |
Brokered time deposits | 4,000,000 | 7,314,000 |
Time deposits through CDARs program | $22,375,000 | $22,150,000 |
Shortterm_Borrowings_Details
Short-term Borrowings (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Short-term Borrowings [Abstract] | ' | ' |
Customer repurchase agreements | $39,478 | $49,942 |
FHLB overnight borrowings | 0 | 0 |
Short-term borrowings, Total | $39,478 | $49,942 |
Customer repurchase agreements, Weighted Average Rate (in hundredths) | 0.02% | 0.18% |
FHLB overnight borrowings, Weighted Average Rate (in hundredths) | 0.00% | 0.00% |
Short-term borrowings, Weighted Average Rate (in hundredths) | 0.02% | 0.18% |
Longterm_Borrowings_Details
Long-term Borrowings (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Long-term Borrowings [Abstract] | ' | ' |
Percentage of entity's assets equal to line of credit facility (in hundredths) | 30.00% | ' |
Collateral pledged under blanket floating lien agreement | $377,420,000 | ' |
Long term advances with federal home loan bank [Abstract] | ' | ' |
Advance Amount | 9,951,000 | 10,079,000 |
Weighted Average Rate (in hundredths) | 2.98% | 2.99% |
Valuation allowance, net, related to federal home loan bank, advances | 87,000 | ' |
Public deposit accounts | 128,116,000 | ' |
April 2014 [Member] | ' | ' |
Long term advances with federal home loan bank [Abstract] | ' | ' |
Due by | 1-Mar-14 | 1-Mar-14 |
Advance Amount | 38,000 | 188,000 |
Weighted Average Rate (in hundredths) | 3.78% | 3.78% |
November 2017 [Member] | ' | ' |
Long term advances with federal home loan bank [Abstract] | ' | ' |
Due by | 30-Nov-17 | 30-Nov-17 |
Advance Amount | 9,913,000 | 9,891,000 |
Weighted Average Rate (in hundredths) | 2.98% | 2.98% |
Federal Home Loan Bank Advances [Member] | ' | ' |
Long term advances with federal home loan bank [Abstract] | ' | ' |
Collateral for deposits | 72,000,000 | ' |
US government and agency securities [Member] | ' | ' |
Long term advances with federal home loan bank [Abstract] | ' | ' |
Collateral for deposits | $97,938,000 | ' |
Trust_Preferred_Capital_Notes_1
Trust Preferred Capital Notes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2006 | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ' | ' |
Proceeds from issuance of trust preferred securities | ' | $20,000,000 |
Proceeds from issuance of common securities | $619,000 | ' |
Trust Preferred Securities [Member] | ' | ' |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ' | ' |
Maturity Date | 30-Sep-36 | ' |
Fixed interest rate of trust preferred securities (in hundredths) | 6.66% | ' |
Reference rate, trust preferred securities | 'three-month LIBOR | ' |
Trust preferred securities, basis spread on variable rate (in hundredths) | 1.35% | ' |
Number of consecutive quarterly periods for deferral of distributions on Trust Preferred Securities, Maximum | 20 | ' |
Trust_Preferred_Capital_Notes_2
Trust Preferred Capital Notes - Outstanding Payables (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 01, 2011 | Dec. 31, 2013 | Jul. 01, 2011 | Dec. 31, 2013 | Jul. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
AMNB Trust I [Member] | MidCarolina I [Member] | MidCarolina I [Member] | MidCarolina II [Member] | MidCarolina II [Member] | MidCarolina Trust [Member] | MidCarolina Trust [Member] | Junior Subordinated Debt Securities [Member] | Junior Subordinated Debt Securities [Member] | Junior Subordinated Debt Securities [Member] | Junior Subordinated Debt Securities [Member] | Junior Subordinated Debt Securities [Member] | Junior Subordinated Debt Securities [Member] | Junior Subordinated Debt Securities [Member] | Junior Subordinated Debt Securities [Member] | ||
AMNB Trust I [Member] | AMNB Trust I [Member] | MidCarolina I [Member] | MidCarolina I [Member] | MidCarolina II [Member] | MidCarolina II [Member] | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date Issued | ' | ' | ' | ' | ' | ' | ' | ' | 7-Apr-06 | ' | ' | ' | 29-Oct-02 | ' | 3-Dec-03 | ' |
Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 'Libor plus 1.35% | ' | ' | ' | 'Libor plus 3.45% | ' | 'Libor plus 2.95% | ' |
Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | 'Libor plus | ' | ' | ' | 'Libor plus | ' | 'Libor plus | ' |
Basis Spread on Variable Rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 1.35% | ' | ' | ' | 3.45% | ' | 2.95% | ' |
Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-36 | ' | ' | ' | 7-Nov-32 | ' | 7-Oct-33 | ' |
Principal Amount | $20,619,000 | ' | ' | ' | ' | ' | ' | $8,764,000 | $27,419,000 | $27,317,000 | $20,619,000 | $20,619,000 | $4,098,000 | $4,042,000 | $2,702,000 | $2,656,000 |
Valuation allowance associated with junior subordinated debenture | ' | ' | 1,057,000 | 1,197,000 | 907,000 | 1,021,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investments | ' | $619,000 | ' | ' | ' | ' | $264,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Director | |||
Stock-Based Compensation [Abstract] | ' | ' | ' |
Maximum number of common stock authorizes for issuance (in shares) | 500,000 | ' | ' |
Option Shares [Abstract] | ' | ' | ' |
Outstanding at beginning of period (in shares) | 240,517 | ' | ' |
Granted (in shares) | 0 | ' | ' |
Exercised (in shares) | 17,475 | ' | ' |
Forfeited (in shares) | 11,795 | ' | ' |
Expired (in shares) | 34,500 | ' | ' |
Outstanding at end of period (in shares) | 176,747 | 240,517 | ' |
Exercisable at end of period (in shares) | 176,747 | ' | ' |
Weighted Average Exercise Price [Abstract] | ' | ' | ' |
Outstanding at beginning of period (in dollars per share) | $24.28 | ' | ' |
Granted (in dollars per share) | $0 | ' | ' |
Exercised (in dollars per share) | $17.70 | ' | ' |
Forfeited (in dollars per share) | $27.64 | ' | ' |
Expired (in dollars per share) | $25.94 | ' | ' |
Outstanding at end of period (in dollars per share) | $24.39 | $24.28 | ' |
Exercisable at end of period (in dollars per share) | $24.39 | ' | ' |
Weighted Average Remaining Contractual Term [Abstract] | ' | ' | ' |
Outstanding at end of period | '3 years 3 months 29 days | ' | ' |
Exercisable at end of period | '3 years 3 months 29 days | ' | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' |
Outstanding at end of period | $556,000 | ' | ' |
Exercisable at end of period | 556,000 | ' | ' |
Total proceeds of the in-the-money options exercised | 309,000 | 118,000 | 173,000 |
Total intrinsic value of options exercised | 75,000 | 33,000 | 56,000 |
Unrecognized compensation expense | 0 | 0 | 16,000 |
Compensation expense related to stock options | 0 | 0 | 63,000,000 |
Summarizes information related to stock options outstanding [Abstract] | ' | ' | ' |
Options Outstanding, Number of Outstanding Options (in shares) | 176,747 | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '3 years 3 months 29 days | ' | ' |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $24.39 | ' | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 176,747 | ' | ' |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $24.39 | ' | ' |
Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Regular quarterly retainer director could receive in cash | 3,000 | ' | ' |
Regular quarterly retainer if restricted stock vested | 4,688 | ' | ' |
Monthly meeting fees a director could receive in cash | 600 | ' | ' |
Monthly meeting fees a director could receive if restricted stock vested | 750 | ' | ' |
Number of directors elected to receive stock in lieu of cash | 11 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Shares [Roll Forward] | ' | ' | ' |
Nonvested at beginning of period (in shares) | 39,327 | ' | ' |
Granted (in shares) | 13,599 | ' | ' |
Vested (in shares) | 19,576 | ' | ' |
Forfeited (in shares) | 0 | ' | ' |
Nonvested at end of period (in shares) | 33,350 | 39,327 | ' |
Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Nonvested at end of period (in dollars per share) | $20.17 | ' | ' |
Granted (in dollars per share) | $20.82 | ' | ' |
Vested (in dollars per share) | $21.31 | ' | ' |
Forfeited (in dollars per share) | $0 | ' | ' |
Nonvested at end of period (in dollars per share) | $19.77 | $20.17 | ' |
Unrecognized compensation expense | 337,000 | 346,000 | 404,000 |
Weighted average period for recognition of unrecognized compensation cost | '1 year 2 months 12 days | ' | ' |
Share based compensation expense | 292,000 | 357,000 | 291,000 |
Number of shares issued (in shares) | 12,711 | 17,908 | ' |
Recognized share based compensation expense | $282,000 | $381,000 | ' |
Restricted Stock [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum vesting period of granted restricted stock | '36 months | ' | ' |
Restricted Stock [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum vesting period of granted restricted stock | '24 months | ' | ' |
$ 16.00 to $ 20.00 [Member] | ' | ' | ' |
Summarizes information related to stock options outstanding [Abstract] | ' | ' | ' |
Range of Exercise Prices, Lower Range Limit (in dollars per share) | $16 | ' | ' |
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $20 | ' | ' |
Options Outstanding, Number of Outstanding Options (in shares) | 37,000 | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '4 years 11 months 23 days | ' | ' |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $16.95 | ' | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 37,000 | ' | ' |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $16.95 | ' | ' |
$ 20.01 to $ 25.00 [Member] | ' | ' | ' |
Summarizes information related to stock options outstanding [Abstract] | ' | ' | ' |
Range of Exercise Prices, Lower Range Limit (in dollars per share) | $20.01 | ' | ' |
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $25 | ' | ' |
Options Outstanding, Number of Outstanding Options (in shares) | 73,460 | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '2 years 9 months 25 days | ' | ' |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $23.52 | ' | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 73,460 | ' | ' |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $23.52 | ' | ' |
$ 25.01 to $ 30.00 [Member] | ' | ' | ' |
Summarizes information related to stock options outstanding [Abstract] | ' | ' | ' |
Range of Exercise Prices, Lower Range Limit (in dollars per share) | $25.01 | ' | ' |
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $30 | ' | ' |
Options Outstanding, Number of Outstanding Options (in shares) | 23,925 | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '4 years 6 months 18 days | ' | ' |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $25.81 | ' | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 23,925 | ' | ' |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $25.81 | ' | ' |
$ 30.01 to $ 41.67 [Member] | ' | ' | ' |
Summarizes information related to stock options outstanding [Abstract] | ' | ' | ' |
Range of Exercise Prices, Lower Range Limit (in dollars per share) | $30.01 | ' | ' |
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $41.67 | ' | ' |
Options Outstanding, Number of Outstanding Options (in shares) | 42,362 | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '2 years 1 month 6 days | ' | ' |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $31.59 | ' | ' |
Options Exercisable, Number of Options Exercisable (in shares) | 42,362 | ' | ' |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $31.59 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred tax assets [Abstract] | ' | ' | ' |
Allowance for loan losses | $4,410 | $4,241 | ' |
Nonaccrual loan interest | 363 | 362 | ' |
Other real estate owned expense | 0 | 127 | ' |
Other real estate owned valuation allowance | 1,420 | 869 | ' |
Deferred compensation | 665 | 579 | ' |
Loans | 5,390 | 8,165 | ' |
Other | 543 | 889 | ' |
Total deferred tax assets | 12,791 | 15,232 | ' |
Deferred tax liabilities [Abstract] | ' | ' | ' |
Depreciation | 1,021 | 1,055 | ' |
Accretion of discounts on securities | 210 | 147 | ' |
Core deposit intangibles | 1,105 | 1,631 | ' |
Net unrealized gains on securities | 1,927 | 5,277 | ' |
Prepaid pension expense | 656 | 265 | ' |
Pension liability | 570 | 1,186 | ' |
Trust preferred fair value adjustment | 687 | 723 | ' |
Other | 253 | 528 | ' |
Total deferred tax liabilities | 6,429 | 10,812 | ' |
Net deferred tax assets | 6,362 | 4,420 | ' |
Provision for income taxes [Abstract] | ' | ' | ' |
Taxes currently payable | 4,030 | 736 | 1,857 |
Deferred tax expense | 2,024 | 5,557 | 3,053 |
Total income tax expense | 6,054 | 6,293 | 4,910 |
Reconcilement of the "expected" Federal income tax expense to reported income tax expense [Abstract] | ' | ' | ' |
Expected federal tax expense | 7,630 | 7,805 | 5,768 |
Nondeductible interest expense | 77 | 97 | 83 |
Tax-exempt interest | -1,491 | -1,545 | -1,331 |
State income taxes | 254 | 214 | 68 |
Other, net | -416 | -278 | 322 |
Total income tax expense | $6,054 | $6,293 | $4,910 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shares [Abstract] | ' | ' | ' |
Basic earnings per share (in shares) | 7,872,870 | 7,834,351 | 6,982,524 |
Effect of dilutive securities - stock options (in shares) | 11,691 | 11,301 | 7,353 |
Diluted earnings per share (in shares) | 7,884,561 | 7,845,652 | 6,989,877 |
Per Share Amount [Abstract] | ' | ' | ' |
Basic earnings per share (in dollars per share) | $2 | $2.04 | $1.64 |
Effect of dilutive securities - stock options (in dollars per share) | $0 | $0 | $0 |
Diluted earnings per share (in dollars per share) | $2 | $2.04 | $1.64 |
Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Stock options on common stock not included in computing diluted earnings per share (in shares) | 161,831 | 196,394 | 145,986 |
OffBalance_Sheet_Activities_De
Off-Balance Sheet Activities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments to extend credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet financial instruments outstanding | $179,272 | $170,202 |
Standby letters of credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet financial instruments outstanding | 3,405 | 4,591 |
Mortgage loan rate lock commitments [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet financial instruments outstanding | 5,913 | 9,486 |
Sell loans commitments [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet financial instruments outstanding | $8,672,000 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Activity of loans to related parties [Roll Forward] | ' | ' |
Beginning Balance | $16,240,000 | ' |
Additions | 7,953,000 | ' |
Repayments | -4,966,000 | ' |
Ending Balance | 19,227,000 | ' |
Related party deposits | $28,462,000 | $15,423,000 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plans [Abstract] | ' | ' | ' |
Defined benefit plan with individual requisite age | '21 years | ' | ' |
Defined benefit plan with individual requisite service period | '1 year | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Projected benefit obligation at beginning of year | $10,931 | $9,769 | $9,279 |
Service cost | 0 | 0 | 111 |
Interest cost | 288 | 389 | 403 |
Actuarial loss (gain) | -201 | 1,289 | 725 |
Benefits paid | -2,022 | -516 | -749 |
Projected benefit obligation at end of year | 8,996 | 10,931 | 9,769 |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 11,689 | 11,144 | 11,674 |
Actual return on plan assets | 1,203 | 1,061 | 219 |
Benefits paid | -2,022 | -516 | -749 |
Fair value of plan assets at end of year | 10,870 | 11,689 | 11,144 |
Funded Status at End of Year | 1,874 | 758 | 1,375 |
Amounts Recognized in the Consolidated Balance Sheets [Abstract] | ' | ' | ' |
Other assets | 1,874 | 758 | 1,375 |
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ' | ' | ' |
Net actuarial loss | 1,628 | 3,389 | 3,080 |
Deferred income tax benefit | -570 | -1,186 | -1,078 |
Amount recognized | 1,058 | 2,203 | 2,002 |
Components of Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | 0 | 0 | 111 |
Interest cost | 288 | 389 | 403 |
Expected return on plan assets | -513 | -541 | -525 |
Recognized net loss due to settlement | 594 | 128 | 0 |
Recognized net actuarial loss | 275 | 332 | 160 |
Net periodic benefit cost | 644 | 308 | 149 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | ' | ' | ' |
Net actuarial (gain) loss | -1,761 | 309 | 871 |
Amortization of prior service cost | 0 | 0 | 0 |
Total recognized in other comprehensive (income) loss | -1,761 | 309 | 871 |
Total Recognized in Net Periodic Benefit Cost, Retained Earnings and Other Comprehensive (Income) Loss | -1,117 | 617 | 1,020 |
Weighted-Average Assumptions at End of Year [Abstract] | ' | ' | ' |
Discount rate used for net periodic pension cost (in hundredths) | 3.00% | 3.75% | 4.75% |
Discount rate used for disclosure (in hundredths) | 4.00% | 3.00% | 3.75% |
Expected return on plan assets (in hundredths) | 5.00% | 5.00% | 5.00% |
Weighted-average asset allocations by asset category [Abstract] | ' | ' | ' |
Weighted-average asset allocations (in hundredths) | 100.00% | 100.00% | ' |
Maximum percentage of limiting equities (in hundredths) | 5.00% | ' | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 10,870 | 11,689 | 11,144 |
Projected benefit payments [Abstract] | ' | ' | ' |
2014 | 3,005 | ' | ' |
2015 | 202 | ' | ' |
2016 | 280 | ' | ' |
2017 | 326 | ' | ' |
2018 | 480 | ' | ' |
2019-2023 | 3,473 | ' | ' |
Employee benefits expense | 542 | 568 | 469 |
Period of deferred compensation agreements | 'P10Y | ' | ' |
Deferred compensation arrangement expense | 13 | 15 | 17 |
Profit sharing and incentive arrangements expense | 890 | 1,086 | 367 |
Minimum [Member] | ' | ' | ' |
Projected benefit payments [Abstract] | ' | ' | ' |
Deferred compensation arrangement annual payments | 25 | ' | ' |
Maximum [Member] | ' | ' | ' |
Projected benefit payments [Abstract] | ' | ' | ' |
Deferred compensation arrangement annual payments | 50 | ' | ' |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 1,838 | 1,954 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,838 | 1,954 | ' |
Significant Other Observable Inputs, Level 2 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 9,032 | 9,735 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 9,032 | 9,735 | ' |
Significant Unobservable Inputs, Level 3 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Cash [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 369 | 188 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 369 | 188 | ' |
Cash [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 369 | 188 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 369 | 188 | ' |
Cash [Member] | Significant Other Observable Inputs, Level 2 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Cash [Member] | Significant Unobservable Inputs, Level 3 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fixed income securities [Member] | ' | ' | ' |
Weighted-average asset allocations by asset category [Abstract] | ' | ' | ' |
Weighted-average asset allocations (in hundredths) | 33.30% | 33.50% | ' |
Fixed income securities [Member] | Government sponsored entities [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 1,159 | 904 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,159 | 904 | ' |
Fixed income securities [Member] | Government sponsored entities [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fixed income securities [Member] | Government sponsored entities [Member] | Significant Other Observable Inputs, Level 2 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 1,159 | 904 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,159 | 904 | ' |
Fixed income securities [Member] | Government sponsored entities [Member] | Significant Unobservable Inputs, Level 3 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fixed income securities [Member] | Corporate bonds and notes [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 2,339 | 2,944 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 2,339 | 2,944 | ' |
Fixed income securities [Member] | Corporate bonds and notes [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fixed income securities [Member] | Corporate bonds and notes [Member] | Significant Other Observable Inputs, Level 2 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 2,339 | 2,944 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 2,339 | 2,944 | ' |
Fixed income securities [Member] | Corporate bonds and notes [Member] | Significant Unobservable Inputs, Level 3 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fixed income securities [Member] | Municipal Bonds [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 119 | 61 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 119 | 61 | ' |
Fixed income securities [Member] | Municipal Bonds [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fixed income securities [Member] | Municipal Bonds [Member] | Significant Other Observable Inputs, Level 2 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 119 | 61 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 119 | 61 | ' |
Fixed income securities [Member] | Municipal Bonds [Member] | Significant Unobservable Inputs, Level 3 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Equity securities [Member] | ' | ' | ' |
Weighted-average asset allocations by asset category [Abstract] | ' | ' | ' |
Weighted-average asset allocations (in hundredths) | 13.50% | 15.10% | ' |
Equity securities [Member] | U.S. companies [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 1,454 | 1,721 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,454 | 1,721 | ' |
Equity securities [Member] | U.S. companies [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 1,454 | 1,721 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,454 | 1,721 | ' |
Equity securities [Member] | U.S. companies [Member] | Significant Other Observable Inputs, Level 2 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Equity securities [Member] | U.S. companies [Member] | Significant Unobservable Inputs, Level 3 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Equity securities [Member] | Foreign companies [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 15 | 45 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 15 | 45 | ' |
Equity securities [Member] | Foreign companies [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 15 | 45 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 15 | 45 | ' |
Equity securities [Member] | Foreign companies [Member] | Significant Other Observable Inputs, Level 2 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Equity securities [Member] | Foreign companies [Member] | Significant Unobservable Inputs, Level 3 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Mutual Funds [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 5,415 | 5,826 | ' |
Weighted-average asset allocations by asset category [Abstract] | ' | ' | ' |
Weighted-average asset allocations (in hundredths) | 49.80% | 49.80% | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 5,415 | 5,826 | ' |
Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Mutual Funds [Member] | Significant Other Observable Inputs, Level 2 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 5,415 | 5,826 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 5,415 | 5,826 | ' |
Mutual Funds [Member] | Significant Unobservable Inputs, Level 3 [Member] | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | $0 | $0 | ' |
Cash and Accrued Income [Member] | ' | ' | ' |
Weighted-average asset allocations by asset category [Abstract] | ' | ' | ' |
Weighted-average asset allocations (in hundredths) | 3.40% | 1.60% | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Corporate bond and trust preferred security, with a par value | $500 | ' |
Percentage of acquisition in connection with corporate bond and trust preferred security (in hundredths) | 62.00% | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 346,124 | 335,246 |
Recurring [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 346,124 | 335,246 |
Recurring [Member] | Federal agencies and GSEs [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 65,881 | 42,759 |
Recurring [Member] | Mortgage-backed and CMOs [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 69,608 | 83,308 |
Recurring [Member] | State and municipal [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 198,733 | 202,731 |
Recurring [Member] | Equity Securities [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 1,103 | 0 |
Recurring [Member] | Corporate [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 10,799 | 6,448 |
Nonrecurring [Member] | ' | ' |
Assets non-recurring [Abstract] | ' | ' |
Loans held for sale | 2,760 | 13,852 |
Impaired loans, net of valuation allowance | 3,193 | 3 |
Other real estate owned | 3,422 | 6,193 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 0 | 2,110 |
Assets non-recurring [Abstract] | ' | ' |
Loans held for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Recurring [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 0 | 2,110 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Recurring [Member] | Federal agencies and GSEs [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Recurring [Member] | Mortgage-backed and CMOs [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Recurring [Member] | State and municipal [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 0 | 2,110 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Recurring [Member] | Equity Securities [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Recurring [Member] | Corporate [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Nonrecurring [Member] | ' | ' |
Assets non-recurring [Abstract] | ' | ' |
Loans held for sale | 0 | 0 |
Impaired loans, net of valuation allowance | 0 | 0 |
Other real estate owned | 0 | 0 |
Significant Other Observable Inputs, Level 2 [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 345,021 | 332,785 |
Assets non-recurring [Abstract] | ' | ' |
Loans held for sale | 2,760 | 13,852 |
Significant Other Observable Inputs, Level 2 [Member] | Recurring [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 345,021 | 332,785 |
Significant Other Observable Inputs, Level 2 [Member] | Recurring [Member] | Federal agencies and GSEs [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 65,881 | 42,759 |
Significant Other Observable Inputs, Level 2 [Member] | Recurring [Member] | Mortgage-backed and CMOs [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 69,608 | 83,308 |
Significant Other Observable Inputs, Level 2 [Member] | Recurring [Member] | State and municipal [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 198,733 | 200,621 |
Significant Other Observable Inputs, Level 2 [Member] | Recurring [Member] | Equity Securities [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 0 | 0 |
Significant Other Observable Inputs, Level 2 [Member] | Recurring [Member] | Corporate [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 10,799 | 6,097 |
Significant Other Observable Inputs, Level 2 [Member] | Nonrecurring [Member] | ' | ' |
Assets non-recurring [Abstract] | ' | ' |
Loans held for sale | 2,760 | 13,852 |
Impaired loans, net of valuation allowance | 0 | 0 |
Other real estate owned | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 1,103 | 351 |
Assets non-recurring [Abstract] | ' | ' |
Loans held for sale | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | Recurring [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 1,103 | 351 |
Significant Unobservable Inputs, Level 3 [Member] | Recurring [Member] | Federal agencies and GSEs [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | Recurring [Member] | Mortgage-backed and CMOs [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | Recurring [Member] | State and municipal [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | Recurring [Member] | Equity Securities [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 1,103 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | Recurring [Member] | Corporate [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Securities available for sale | 0 | 351 |
Significant Unobservable Inputs, Level 3 [Member] | Nonrecurring [Member] | ' | ' |
Assets non-recurring [Abstract] | ' | ' |
Loans held for sale | 0 | 0 |
Impaired loans, net of valuation allowance | 3,193 | 3 |
Other real estate owned | $3,422 | $6,193 |
Fair_Value_Measurements_Unobse
Fair Value Measurements, Unobservable Input Reconciliation (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair value measurements using significant unobservable inputs (Level 3) [Rollforward] | ' | ' |
Balances, beginning of period | 1,103 | ' |
Total Realized / Unrealized Gains (Losses) Included in Net Income | 136 | ' |
Total Realized / Unrealized Gains (Losses) Included in Other Comprehensive Income | 103 | ' |
Accretion of Purchase Discount | 513 | ' |
Transfer In (Out) of Level 3 | 0 | ' |
Balances, end of period | 351 | ' |
Securities available-for-sale [Member] | Discounted Appraised Value [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Abstract] | ' | ' |
Selling cost (in hundredths) | 11.00% | ' |
Securities available-for-sale [Member] | Discounted Cash Flow Analysis [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Abstract] | ' | ' |
Discount rate (in hundredths) | ' | 38.00% |
Impaired Loans [Member] | Discounted Appraised Value [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Abstract] | ' | ' |
Selling cost (in hundredths) | 6.00% | 6.00% |
Other Real Estate Owned [Member] | Discounted Appraised Value [Member] | ' | ' |
Fair Value Inputs, Quantitative Information [Abstract] | ' | ' |
Selling cost (in hundredths) | 6.00% | 6.00% |
Discount for lack of marketability and age of appraisal (in hundredths) | 9.00% | 9.00% |
Equity Securities [Member] | ' | ' |
Fair value measurements using significant unobservable inputs (Level 3) [Rollforward] | ' | ' |
Balances, beginning of period | 1,103 | ' |
Total Realized / Unrealized Gains (Losses) Included in Net Income | 0 | ' |
Total Realized / Unrealized Gains (Losses) Included in Other Comprehensive Income | 103 | ' |
Accretion of Purchase Discount | 1,000 | ' |
Transfer In (Out) of Level 3 | 0 | ' |
Balances, end of period | 0 | ' |
Corporate [Member] | ' | ' |
Fair value measurements using significant unobservable inputs (Level 3) [Rollforward] | ' | ' |
Balances, beginning of period | 0 | ' |
Total Realized / Unrealized Gains (Losses) Included in Net Income | 136 | ' |
Total Realized / Unrealized Gains (Losses) Included in Other Comprehensive Income | 0 | ' |
Accretion of Purchase Discount | -487 | ' |
Transfer In (Out) of Level 3 | 0 | ' |
Balances, end of period | 351 | ' |
Fair_Value_Measurements_Balanc
Fair Value Measurements, Balance Sheet Grouping (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial assets [Abstract] | ' | ' |
Securities available for sale | $346,124 | $335,246 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 2,110 |
Restricted Stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowance | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ' | ' |
Deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
Other borrowings | 0 | 0 |
Trust preferred capital notes | 0 | 0 |
Accrued interest payable | 0 | 0 |
Significant Other Observable Inputs, Level 2 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and cash equivalents | 67,681 | 47,442 |
Securities available for sale | 345,021 | 332,785 |
Restricted Stock | 4,889 | 5,287 |
Loans held for sale | 2,760 | 13,852 |
Loans, net of allowance | 0 | 0 |
Bank owned life insurance | 14,746 | 14,289 |
Accrued interest receivable | 4,741 | 4,711 |
Financial liabilities [Abstract] | ' | ' |
Deposits | 668,077 | 618,099 |
Repurchase agreements | 39,478 | 49,942 |
Other borrowings | 0 | 0 |
Trust preferred capital notes | 0 | 0 |
Accrued interest payable | 610 | 755 |
Significant Unobservable Inputs, Level 3 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 1,103 | 351 |
Restricted Stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowance | 783,825 | 777,761 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ' | ' |
Deposits | 392,991 | 424,378 |
Repurchase agreements | 0 | 0 |
Other borrowings | 10,560 | 11,062 |
Trust preferred capital notes | 18,162 | 22,524 |
Accrued interest payable | 0 | 0 |
Carrying Value [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and cash equivalents | 67,681 | 47,442 |
Securities available for sale | 346,124 | 335,246 |
Restricted Stock | 4,889 | 5,287 |
Loans held for sale | 2,760 | 13,852 |
Loans, net of allowance | 782,071 | 776,587 |
Bank owned life insurance | 14,746 | 14,289 |
Accrued interest receivable | 4,741 | 4,711 |
Financial liabilities [Abstract] | ' | ' |
Deposits | 1,057,675 | 1,027,667 |
Repurchase agreements | 39,478 | 49,942 |
Other borrowings | 9,951 | 10,079 |
Trust preferred capital notes | 27,419 | 27,317 |
Accrued interest payable | 610 | 755 |
Fair Value [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and cash equivalents | 67,681 | 47,442 |
Securities available for sale | 346,124 | 335,246 |
Restricted Stock | 4,889 | 5,287 |
Loans held for sale | 2,760 | 13,852 |
Loans, net of allowance | 783,825 | 777,761 |
Bank owned life insurance | 14,746 | 14,289 |
Accrued interest receivable | 4,741 | 4,711 |
Financial liabilities [Abstract] | ' | ' |
Deposits | 1,061,068 | 1,042,477 |
Repurchase agreements | 39,478 | 49,942 |
Other borrowings | 10,560 | 11,062 |
Trust preferred capital notes | 18,162 | 22,524 |
Accrued interest payable | $610 | $755 |
Dividend_Restrictions_and_Regu2
Dividend Restrictions and Regulatory Capital (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Dividend Restrictions and Regulatory Capital [Abstract] | ' | ' |
Amount available for dividend distribution without prior approval from regulatory agency | $25,211,000 | ' |
Company [Member] | ' | ' |
Total Capital, Actual Amount [Abstract] | ' | ' |
Actual Amount | 161,442,000 | 150,328,000 |
Minimum Capital Requirement | 71,212,000 | 70,725,000 |
Total Capital, Ratios [Abstract] | ' | ' |
Actual Ratio (in hundredths) | 18.14% | 17.00% |
Minimum Capital Requirement (in hundredths) | 8.00% | 8.00% |
Tier 1 Capital, Actual Amount [Abstract] | ' | ' |
Actual Amount | 150,248,000 | 139,262,000 |
Minimum Capital Requirement | 35,606,000 | 35,363,000 |
Tier 1 Capital, Ratio [Abstract] | ' | ' |
Actual Ratio (in hundredths) | 16.88% | 15.75% |
Minimum Capital Requirement (in hundredths) | 4.00% | 4.00% |
Leverage Capital, Actual Amount [Abstract] | ' | ' |
Actual Amount | 150,248,000 | 139,262,000 |
Minimum Capital Requirement | 50,900,000 | 49,441,000 |
Leverage Capital, Ratios [Abstract] | ' | ' |
Actual Ratio (in hundredths) | 11.81% | 11.27% |
Minimum Capital Requirement (in hundredths) | 4.00% | 4.00% |
Bank [Member] | ' | ' |
Total Capital, Actual Amount [Abstract] | ' | ' |
Actual Amount | 156,356,000 | 145,808,000 |
Minimum Capital Requirement | 71,129,000 | 70,724,000 |
To Be Well Capitalized Under Prompt Corrective Action Provisions | 88,911,000 | 88,406,000 |
Total Capital, Ratios [Abstract] | ' | ' |
Actual Ratio (in hundredths) | 17.59% | 16.49% |
Minimum Capital Requirement (in hundredths) | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions (in hundredths) | 10.00% | 10.00% |
Tier 1 Capital, Actual Amount [Abstract] | ' | ' |
Actual Amount | 145,221,000 | 135,774,000 |
Minimum Capital Requirement | 35,564,000 | 35,362,000 |
To Be Well Capitalized Under Prompt Corrective Action Provisions | 53,347,000 | 53,043,000 |
Tier 1 Capital, Ratio [Abstract] | ' | ' |
Actual Ratio (in hundredths) | 16.33% | 15.36% |
Minimum Capital Requirement (in hundredths) | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions (in hundredths) | 6.00% | 6.00% |
Leverage Capital, Actual Amount [Abstract] | ' | ' |
Actual Amount | 145,221,000 | 135,774,000 |
Minimum Capital Requirement | 50,825,000 | 49,467,000 |
To Be Well Capitalized Under Prompt Corrective Action Provisions | $63,532,000 | $61,834,000 |
Leverage Capital, Ratios [Abstract] | ' | ' |
Actual Ratio (in hundredths) | 11.43% | 10.98% |
Minimum Capital Requirement (in hundredths) | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions (in hundredths) | 5.00% | 5.00% |
Segment_and_Related_Informatio2
Segment and Related Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||
Segment and Related Information [Abstract] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Interest income | $52,956 | $57,806 | $49,187 |
Interest expense | 6,583 | 8,141 | 8,780 |
Noninterest income | 10,827 | 11,410 | 9,244 |
Operating income before income taxes | 21,801 | 22,299 | 16,481 |
Net Income | 15,747 | 16,006 | 11,571 |
Depreciation and amortization | 3,235 | 3,696 | 2,667 |
Total assets | 1,307,512 | 1,283,687 | 1,304,706 |
Capital expenditures | 865 | 699 | 1,734 |
Community Banking [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Interest income | 52,928 | 57,806 | 49,187 |
Interest expense | 5,829 | 7,334 | 7,811 |
Noninterest income | 6,649 | 7,255 | 5,379 |
Operating income before income taxes | 20,142 | 21,051 | 16,610 |
Net Income | 14,489 | 15,049 | 11,886 |
Depreciation and amortization | 3,220 | 3,677 | 2,647 |
Total assets | 1,305,540 | 1,282,796 | 1,303,816 |
Capital expenditures | 861 | 699 | 1,731 |
Trust and Investment Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Interest income | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Noninterest income | 4,158 | 4,136 | 3,836 |
Operating income before income taxes | 2,605 | 2,380 | 2,330 |
Net Income | 1,882 | 1,709 | 1,697 |
Depreciation and amortization | 15 | 19 | 20 |
Total assets | 0 | 0 | 0 |
Capital expenditures | 4 | 0 | 3 |
Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Interest income | 28 | 6 | 55 |
Interest expense | 754 | 813 | 1,024 |
Noninterest income | 20 | 19 | 29 |
Operating income before income taxes | -946 | -1,132 | -2,459 |
Net Income | -624 | -752 | -2,012 |
Depreciation and amortization | 0 | 0 | 0 |
Total assets | 1,972 | 891 | 890 |
Capital expenditures | 0 | 0 | 0 |
Intersegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Interest income | 0 | -6 | -55 |
Interest expense | 0 | -6 | -55 |
Noninterest income | 0 | 0 | 0 |
Operating income before income taxes | 0 | 0 | 0 |
Net Income | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Capital expenditures | $0 | $0 | $0 |
Parent_Company_Financial_Infor2
Parent Company Financial Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Consolidated Balance Sheets [Abstract] | ' | ' | ' | ' |
Total assets | $1,307,512 | $1,283,687 | $1,304,706 | ' |
Trust preferred capital notes | 27,419 | 27,317 | ' | ' |
Shareholders' equity | 167,551 | 163,246 | 152,829 | 108,087 |
Total liabilities and shareholders' equity | 1,307,512 | 1,283,687 | ' | ' |
Consolidated Statements of Income [Abstract] | ' | ' | ' | ' |
Dividends from subsidiary | 245 | 213 | 131 | ' |
Income taxes (benefit) | 6,054 | 6,293 | 4,910 | ' |
Income before equity in undistributed earnings of subsidiary | 21,801 | 22,299 | 16,481 | ' |
Net Income | 15,747 | 16,006 | 11,571 | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
Net Increase (Decrease) in Cash and Cash Equivalents | 20,239 | 18,549 | 10,379 | ' |
Parent Company [Member] | ' | ' | ' | ' |
Consolidated Balance Sheets [Abstract] | ' | ' | ' | ' |
Cash | 2,872 | 2,288 | ' | ' |
Investment in subsidiaries | 190,759 | 187,958 | ' | ' |
Due from subsidiaries | 322 | 380 | ' | ' |
Other assets | 1,123 | 8 | ' | ' |
Total assets | 195,076 | 190,634 | ' | ' |
Trust preferred capital notes | 27,419 | 27,317 | ' | ' |
Other liabilities | 106 | 71 | ' | ' |
Shareholders' equity | 167,551 | 163,246 | ' | ' |
Total liabilities and shareholders' equity | 195,076 | 190,634 | ' | ' |
Consolidated Statements of Income [Abstract] | ' | ' | ' | ' |
Dividends from subsidiary | 9,000 | 8,000 | 4,500 | ' |
Other income | 48 | 27 | 84 | ' |
Expenses | 994 | 1,159 | 2,542 | ' |
Income taxes (benefit) | -322 | -380 | -447 | ' |
Income before equity in undistributed earnings of subsidiary | 8,376 | 7,248 | 2,489 | ' |
Equity in undistributed earnings of subsidiary | 7,371 | 8,758 | 9,082 | ' |
Net Income | 15,747 | 16,006 | 11,571 | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
Cash provided by dividends received from subsidiary | 9,000 | 8,000 | 4,500 | ' |
Cash used for payment of dividends | -7,248 | -7,212 | -6,524 | ' |
Cash used for repurchase of stock | 0 | 0 | -3,100 | ' |
Proceeds from exercise of options and stock compensation | 883 | 856 | 769 | ' |
Other | -2,051 | -1,326 | -2,260 | ' |
Net Increase (Decrease) in Cash and Cash Equivalents | $584 | $318 | ($6,615) | ' |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 |
Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Real Estate [Member] | Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Nonresidential Buildings [Member] | Nonresidential Buildings [Member] | |||
Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans secure to total loans portfolio | $782,071,000 | $776,587,000 | $666,152,000 | $656,591,000 | $666,152,000 | $656,591,000 | $364,616,000 | $355,433,000 | ' | ' |
Percentage of loans secure to total loans portfolio (in hundredths) | ' | ' | 83.80% | 83.20% | 83.80% | 83.20% | 45.90% | 45.10% | 11.80% | 13.80% |
Percentage of concentrations of loans to any individual, group of individuals, business, or industry (in hundredths) | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Supplemental Schedule of Cash and Cash Equivalents [Abstract] | ' | ' | ' | ' |
Cash and due from banks | $19,808 | $20,435 | $22,561 | ' |
Interest-bearing deposits in other banks | 47,873 | 27,007 | 6,332 | ' |
Cash and Cash Equivalents | 67,681 | 47,442 | 28,893 | 18,514 |
Cash paid for [Abstract] | ' | ' | ' | ' |
Interest on deposits and borrowed funds | 6,728 | 8,243 | 8,782 | ' |
Income taxes | 4,530 | 584 | 3,619 | ' |
Noncash investing and financing activities [Abstract] | ' | ' | ' | ' |
Transfer of loans to other real estate owned | 1,826 | 6,983 | 803 | ' |
Unrealized gain (loss) on securities available for sale | -9,571 | 1,489 | 11,623 | ' |
Change in unfunded pension liability | -1,761 | 309 | 871 | ' |
Assets acquired [Abstract] | ' | ' | ' | ' |
Investment securities | 0 | 0 | 51,442 | ' |
Loans held for sale | 0 | 0 | 113 | ' |
Loans, net of unearned income | 0 | 0 | 328,123 | ' |
Premises and equipment, net | 0 | 0 | 5,708 | ' |
Deferred income taxes | 0 | 0 | 15,310 | ' |
Core deposit intangible | 0 | 0 | 6,556 | ' |
Other real estate owned | 0 | 0 | 3,538 | ' |
Other assets | 0 | 0 | 13,535 | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' |
Demand, MMDA, and savings deposits | 0 | 0 | 281,311 | ' |
Time deposits | 0 | 0 | 138,937 | ' |
FHLB advances | 0 | 0 | 9,858 | ' |
Other borrowings | 0 | 0 | 6,546 | ' |
Other liabilities | 0 | 0 | 3,838 | ' |
Consideration [Abstract] | ' | ' | ' | ' |
Issuance of preferred stock | 0 | 0 | 5,000 | ' |
Issuance of common stock | 0 | 0 | 29,905 | ' |
Fair value of replacement stock options | $0 | $0 | $132 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Net Unrealized Gains (Losses) on Securities [Abstract] | ' | ' | ' | ' |
Balance, beginning | $9,800 | $8,832 | $1,277 | $2,700 |
Net unrealized losses on securities available for sale, net of tax | -6,097 | 1,071 | 7,554 | -1,341 |
Reclassification adjustment for gains on securities, net of tax | -125 | -103 | 1 | -102 |
Reclassification adjustment for gains on securities, other-than temporarily impaired, net of tax | ' | ' | ' | 20 |
Ending, balance | 3,578 | 9,800 | 8,832 | 1,277 |
Adjustments Related to Pension Benefits [Abstract] | ' | ' | ' | ' |
Beginning, balance | -2,203 | -2,002 | -1,436 | -1,591 |
Change in unfunded pension liability, net of tax | 1,145 | -201 | -566 | 155 |
Ending, balance | -1,058 | -2,203 | -2,002 | -1,436 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Beginning, balance | 7,597 | 6,830 | -159 | 1,109 |
Net unrealized losses on securities available for sale, net of tax | -6,097 | 1,071 | 7,554 | -1,341 |
Reclassification adjustment for gains on securities, net of tax | -125 | -103 | ' | -102 |
Reclassification adjustment for losses on securities other-than temporarily impaired, net of tax, | ' | ' | ' | 20 |
Change in unfunded pension liability, net of tax | 1,145 | -201 | -566 | 155 |
Ending, balance | 2,520 | 7,597 | 6,830 | -159 |
Change in unrealized gains on securities available for sale, tax | -3,282 | 576 | 4,068 | ' |
Reclassification adjustment for gains on securities, tax | 67 | 55 | 0 | ' |
Reclassification adjustment for losses on impairment of securities, tax | 0 | 0 | 0 | ' |
Change in unfunded pension liability, tax | 616 | -108 | -305 | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Securities gains, net | 192 | 158 | -1 | ' |
Income Taxes | 6,054 | 6,293 | 4,910 | ' |
Net income | 15,747 | 16,006 | 11,571 | ' |
Realized Investment Gains Losses [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Securities gains, net | 192 | 158 | ' | ' |
Income Taxes | -67 | -55 | ' | ' |
Net income | $125 | $103 | ' | ' |