Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 04, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AMERICAN NATIONAL BANKSHARES INC. | |
Entity Central Index Key | 741,516 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 8,609,160 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | [1] |
Assets | |||
Cash and due from banks | $ 21,625 | $ 19,352 | |
Interest-bearing deposits in other banks | 51,716 | 75,985 | |
Securities available for sale, at fair value | 362,800 | 340,349 | |
Restricted stock, at cost | 5,362 | 5,312 | |
Loans held for sale | 4,692 | 3,266 | |
Loans, net of unearned income | 1,057,959 | 1,005,525 | |
Less allowance for loan losses | (12,674) | (12,601) | |
Net loans | 1,045,285 | 992,924 | |
Premises and equipment, net | 22,878 | 23,567 | |
Other real estate owned, net of valuation allowance $134 in 2016 and $329 in 2015 | 1,289 | 2,184 | |
Goodwill | 43,872 | 43,872 | |
Core deposit intangibles, net | 2,107 | 2,683 | |
Bank owned life insurance | 17,885 | 17,658 | |
Accrued interest receivable and other assets | 22,140 | 20,447 | |
Total assets | 1,601,651 | 1,547,599 | |
Liabilities | |||
Demand deposits -- noninterest bearing | 321,442 | 322,442 | |
Demand deposits -- interest bearing | 205,440 | 227,030 | |
Money market deposits | 252,118 | 200,495 | |
Savings deposits | 116,047 | 115,383 | |
Time deposits | 403,338 | 397,310 | |
Total deposits | 1,298,385 | 1,262,660 | |
Customer repurchase agreements | 53,369 | 40,611 | |
Long-term borrowings | 9,969 | 9,958 | |
Junior subordinated debt | 27,673 | 27,622 | |
Accrued interest payable and other liabilities | 9,551 | 8,913 | |
Total liabilities | 1,398,947 | 1,349,764 | |
Shareholders' equity | |||
Preferred stock, $5 par, 2,000,000 shares authorized, none outstanding | 0 | 0 | |
Common stock, $1 par, 20,000,000 shares authorized, 8,609,160 shares outstanding at June 30, 2016 and 8,622,007 shares outstanding at December 31, 2015 | 8,572 | 8,605 | |
Capital in excess of par value | 74,753 | 75,375 | |
Retained earnings | 115,648 | 111,565 | |
Accumulated other comprehensive income, net | 3,731 | 2,290 | |
Total shareholders' equity | 202,704 | 197,835 | |
Total liabilities and shareholders' equity | $ 1,601,651 | $ 1,547,599 | |
[1] | Derived from audited consolidated financial statements. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Valuation allowance | $ 134 | $ 329 |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares outstanding (in shares) | 8,609,160 | 8,622,007 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest and Dividend Income: | ||||
Interest and fees on loans | $ 11,642 | $ 11,767 | $ 23,757 | $ 23,537 |
Interest on federal funds sold | 0 | 1 | 0 | 5 |
Interest and dividends on securities: | ||||
Taxable | 1,150 | 994 | 2,234 | 1,969 |
Tax-exempt | 817 | 940 | 1,640 | 1,900 |
Dividends | 93 | 85 | 184 | 167 |
Other interest income | 67 | 50 | 125 | 98 |
Total interest and dividend income | 13,769 | 13,837 | 27,940 | 27,676 |
Interest Expense: | ||||
Interest on deposits | 1,314 | 1,184 | 2,611 | 2,378 |
Interest on short-term borrowings | 1 | 2 | 2 | 5 |
Interest on long-term borrowings | 81 | 81 | 162 | 161 |
Interest on junior subordinated debt | 213 | 188 | 421 | 372 |
Total interest expense | 1,609 | 1,455 | 3,196 | 2,916 |
Net Interest Income | 12,160 | 12,382 | 24,744 | 24,760 |
Provision for Loan Losses | 50 | 100 | 100 | 700 |
Net Interest Income After Provision for Loan Losses | 12,110 | 12,282 | 24,644 | 24,060 |
Noninterest Income: | ||||
Trust fees | 961 | 1,005 | 1,891 | 1,957 |
Service charges on deposit accounts | 514 | 525 | 1,006 | 1,022 |
Other fees and commissions | 656 | 607 | 1,328 | 1,195 |
Mortgage banking income | 365 | 389 | 657 | 611 |
Securities gains, net | 222 | 237 | 588 | 547 |
Brokerage fees | 223 | 211 | 427 | 426 |
Income from Small Business Investment Companies | 72 | 94 | 238 | 328 |
Other | 354 | 190 | 529 | 328 |
Total noninterest income | 3,367 | 3,258 | 6,664 | 6,414 |
Noninterest Expense: | ||||
Salaries | 4,031 | 4,308 | 8,246 | 8,455 |
Employee benefits | 1,055 | 1,111 | 2,169 | 2,186 |
Occupancy and equipment | 1,059 | 1,024 | 2,158 | 2,196 |
FDIC assessment | 193 | 195 | 381 | 380 |
Bank franchise tax | 256 | 220 | 512 | 455 |
Core deposit intangible amortization | 288 | 300 | 576 | 601 |
Data processing | 459 | 483 | 903 | 945 |
Software | 274 | 277 | 571 | 560 |
Other real estate owned, net | 76 | 133 | 209 | 186 |
Merger related expense | 0 | 1,502 | 0 | 1,861 |
Other | 1,965 | 2,089 | 3,849 | 3,864 |
Total noninterest expense | 9,656 | 11,642 | 19,574 | 21,689 |
Income Before Income Taxes | 5,821 | 3,898 | 11,734 | 8,785 |
Income Taxes | 1,733 | 1,018 | 3,518 | 2,390 |
Net Income | $ 4,088 | $ 2,880 | $ 8,216 | $ 6,395 |
Net Income Per Common Share: | ||||
Basic (in dollars per share) | $ 0.47 | $ 0.33 | $ 0.95 | $ 0.73 |
Diluted (in dollars per share) | $ 0.47 | $ 0.33 | $ 0.95 | $ 0.73 |
Average Common Shares Outstanding: | ||||
Basic (in shares) | 8,610,156 | 8,707,504 | 8,610,998 | 8,713,528 |
Diluted (in shares) | 8,619,833 | 8,715,934 | 8,616,873 | 8,722,266 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,088 | $ 2,880 | $ 8,216 | $ 6,395 |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on securities available for sale | 583 | (2,628) | 2,805 | (1,394) |
Tax effect | (204) | 920 | (982) | 488 |
Reclassification adjustment for gains on sales of securities | (222) | (237) | (588) | (547) |
Tax effect | 78 | 82 | 206 | 191 |
Other comprehensive income (loss) | 235 | (1,863) | 1,441 | (1,262) |
Comprehensive income | $ 4,323 | $ 1,017 | $ 9,657 | $ 5,133 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | |
Beginning Balance at Dec. 31, 2014 | $ 173,780 | $ 7,872 | $ 57,650 | $ 104,594 | $ 3,664 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 6,395 | 6,395 | ||||
Other comprehensive income (loss) | (1,262) | (1,262) | ||||
Issuance of common stock | 20,483 | 826 | 19,657 | |||
Stock repurchased | (1,175) | (52) | (1,123) | |||
Stock options exercised | 265 | 15 | 250 | |||
Equity based compensation | 402 | 10 | 392 | |||
Cash dividends paid | (4,005) | (4,005) | ||||
Ending Balance at Jun. 30, 2015 | 194,883 | 8,671 | 76,826 | 106,984 | 2,402 | |
Beginning Balance at Mar. 31, 2015 | 4,265 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 2,880 | |||||
Other comprehensive income (loss) | (1,863) | |||||
Ending Balance at Jun. 30, 2015 | 194,883 | 8,671 | 76,826 | 106,984 | 2,402 | |
Beginning Balance at Dec. 31, 2015 | 197,835 | [1] | 8,605 | 75,375 | 111,565 | 2,290 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 8,216 | 8,216 | ||||
Other comprehensive income (loss) | 1,441 | 1,441 | ||||
Stock repurchased | (1,203) | (48) | (1,155) | |||
Stock options exercised | 101 | 4 | 97 | |||
Vesting of restricted stock | 3 | (3) | ||||
Equity based compensation | 447 | 8 | 439 | |||
Cash dividends paid | (4,133) | (4,133) | ||||
Ending Balance at Jun. 30, 2016 | 202,704 | 8,572 | 74,753 | 115,648 | 3,731 | |
Beginning Balance at Mar. 31, 2016 | 3,496 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 4,088 | |||||
Other comprehensive income (loss) | 235 | |||||
Ending Balance at Jun. 30, 2016 | $ 202,704 | $ 8,572 | $ 74,753 | $ 115,648 | $ 3,731 | |
[1] | Derived from audited consolidated financial statements. |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Stock repurchased during period (in shares) | 47,976 | 51,982 |
Stock options exercised (in shares) | 4,134 | 14,642 |
Vesting of restricted stock (in shares) | 3,046 | |
Equity-based compensation (in shares) | 30,995 | 26,760 |
Cash dividends paid (in dollars per share) | $ 0.48 | $ 0.46 |
Common Stock [Member] | ||
Issuance of common stock (in shares) | 825,586 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities: | ||
Net income | $ 8,216 | $ 6,395 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 100 | 700 |
Depreciation | 949 | 882 |
Net accretion of acquisition accounting adjustments | (1,353) | (1,957) |
Core deposit intangible amortization | 576 | 601 |
Net amortization of securities | 1,356 | 1,369 |
Net gains on sale or call of securities | (588) | (547) |
Gain on sale of loans held for sale | (514) | (481) |
Proceeds from sales of loans held for sale | 30,465 | 25,601 |
Originations of loans held for sale | (31,377) | (27,224) |
Net loss (gain) on other real estate owned | 64 | (10) |
Valuation allowance on other real estate owned | 76 | 63 |
Net loss (gain) on sale of premises and equipment | 8 | (5) |
Equity based compensation expense | 447 | 402 |
Net change in bank owned life insurance | (227) | (228) |
Deferred income tax (benefit) expense | (1,763) | 83 |
Net change in interest receivable | (858) | 391 |
Net change in other assets | 151 | (350) |
Net change in interest payable | 13 | (40) |
Net change in other liabilities | 625 | (1,161) |
Net cash provided by operating activities | 6,366 | 4,484 |
Cash Flows from Investing Activities: | ||
Proceeds from sales of securities available for sale | 9,317 | 7,429 |
Proceeds from maturities, calls and paydowns of securities available for sale | 63,183 | 57,846 |
Purchases of securities available for sale | (93,501) | (60,117) |
Net change in restricted stock | (50) | (224) |
Net increase in loans | (51,143) | (26,465) |
Proceeds from sale of premises and equipment | 1 | 42 |
Purchases of premises and equipment | (269) | (601) |
Proceeds from sales of other real estate owned | 852 | 1,047 |
Cash paid in bank acquisition | 0 | (5,935) |
Cash acquired in bank acquisition | 0 | 18,173 |
Net cash used in investing activities | (71,610) | (8,805) |
Cash Flows from Financing Activities: | ||
Net change in demand, money market, and savings deposits | 29,697 | 39,984 |
Net change in time deposits | 6,028 | (18,980) |
Net change in customer repurchase agreements | 12,758 | (3,357) |
Common stock dividends paid | (4,133) | (4,005) |
Repurchase of common stock | (1,203) | (1,175) |
Proceeds from exercise of stock options | 101 | 265 |
Net cash provided by financing activities | 43,248 | 12,732 |
Net (Decrease) Increase in Cash and Cash Equivalents | (21,996) | 8,411 |
Cash and Cash Equivalents at Beginning of Period | 95,337 | 67,303 |
Cash and Cash Equivalents at End of Period | $ 73,341 | $ 75,714 |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies 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 other real estate owned (OREO). 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 9. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the results of the interim periods. The results of operations for the interim periods are not necessarily indicative of the results that may occur for any other period. Certain reclassifications have been made to prior period balances to conform to the current period presentation. These reclassifications did not have an impact on net income and were considered immaterial. These statements should be read in conjunction with the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." This update is intended to provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in ASU 2016-01, among other things: (1) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (2) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (3) Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables); and (4) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-05, "Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships." The amendments in this ASU clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria remain intact. The amendments are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016-05 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, "Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting." The amendments in this ASU eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. In addition, the amendments in this ASU require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The Company does not expect the adoption of ASU 2016-07 to have a material impact on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Shares-Based Payment Accounting." The amendments in this ASU simplify several aspects of the accounting for share-based payment award transactions including: (1) income tax consequences; (2) classification of awards as either equity or liabilities; and (3) classification on the statement of cash flows. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that ASU 2016-09 will have on its consolidated financial statements. During June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for Securities and Exchange Commission ("SEC") filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For public companies that are not SEC filers, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. |
Acquisition of MainStreet Banks
Acquisition of MainStreet Bankshares, Inc. | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition of MainStreet Bankshares, Inc. | Acquisition of MainStreet BankShares, Inc. On January 1, 2015, the Company completed its acquisition of MainStreet BankShares, Inc. ("MainStreet"). The merger of MainStreet with and into the Company was effected pursuant to the terms and conditions of the Agreement and Plan of Reorganization, dated as of August 24, 2014, between the Company and MainStreet, and a related Plan of Merger. Immediately after the merger, Franklin Community Bank, N.A., MainStreet's wholly owned bank subsidiary, merged with and into the Bank. Pursuant to the MainStreet merger agreement, the former holders of shares of MainStreet common stock received $3.46 in cash and 0.482 shares of the Company's common stock for each share of MainStreet common stock held immediately prior to the effective date of the merger, plus cash in lieu of fractional shares. Each option to purchase shares of MainStreet common stock that was outstanding immediately prior to the effective date of the merger vested upon the merger and was converted into an option to purchase shares of the Company's common stock, adjusted based on a 0.643 exchange ratio. Each share of the Company's common stock outstanding immediately prior to the merger remained outstanding and was unaffected by the merger. The cash portion of the merger consideration was funded through a cash dividend of $6,000,000 from the Bank to the Company, and no borrowing was incurred by the Company or the Bank in connection with the merger. Replacement stock option awards representing 43,086 shares of the Company's common stock were granted in conjunction with the MainStreet acquisition. MainStreet was the holding company for Franklin Community Bank, N.A. As of January 1, 2015, MainStreet had net loans of approximately $122,000,000 , total assets of approximately $164,000,000 , and total deposits of approximately $137,000,000 . Franklin Community Bank, N.A. provided banking services to its customers from three banking offices located in Rocky Mount, Hardy, and Union Hall, Virginia, which are now branch offices of the Bank. The net impact of the amortization and accretion of premiums and discounts associated with the Company's acquisition accounting adjustments related to the MainStreet acquisition had the following impact on the Consolidated Statements of Income during the six months ended June 30, 2016 and 2015 (dollars in thousands): Six Months Ended June 30, 2016 June 30, 2015 Acquired performing loans $ 115 $ 216 Purchase acquired impaired loans 370 803 CD valuation — — Brokered CD valuation — — Amortization of core deposit intangible (124 ) (147 ) Net impact to income before taxes $ 361 $ 872 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost and fair value of investments in debt and equity securities at June 30, 2016 and December 31, 2015 were as follows (dollars in thousands): June 30, 2016 Amortized Unrealized Unrealized Securities available for sale: Federal agencies and GSEs $ 100,348 $ 381 $ 1 $ 100,728 Mortgage-backed and CMOs 80,948 1,467 19 82,396 State and municipal 162,905 6,037 7 168,935 Corporate 8,752 87 — 8,839 Equity securities 1,288 614 — 1,902 Total securities available for sale $ 354,241 $ 8,586 $ 27 $ 362,800 December 31, 2015 Amortized Unrealized Unrealized Securities available for sale: Federal agencies and GSEs $ 81,601 $ 170 $ 319 $ 81,452 Mortgage-backed and CMOs 70,520 799 389 70,930 State and municipal 170,268 5,659 36 175,891 Corporate 10,619 28 57 10,590 Equity securities 1,000 486 — 1,486 Total securities available for sale $ 334,008 $ 7,142 $ 801 $ 340,349 Restricted Stock Due to restrictions placed upon the Bank's common stock investment in the Federal Reserve Bank of Richmond ("FRB") and Federal Home Loan Bank of Atlanta ("FHLB"), these securities have been classified as restricted equity securities and carried at cost. The restricted securities are not subject to the investment security classification and are included as a separate line item on the Company's Consolidated Balance Sheet. The FRB requires the Bank to maintain stock with a par value equal to 3.0% of its outstanding capital and an additional 3.0% is on call. The FHLB requires the Bank to maintain stock in an amount equal to 4.5% of outstanding borrowings and a specific percentage of the Bank's total assets. The cost of restricted stock at June 30, 2016 and December 31, 2015 was as follows (dollars in thousands): June 30, December 31, FRB stock $ 3,547 $ 3,535 FHLB stock 1,815 1,777 Total restricted stock $ 5,362 $ 5,312 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 June 30, 2016 . 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 (dollars in thousands): Total Less than 12 Months 12 Months or More Fair Unrealized Fair Unrealized Fair Unrealized Federal agencies and GSEs $ 8,505 $ 1 $ 8,505 $ 1 $ — $ — Mortgage-backed and CMOs 2,589 19 648 1 1,941 18 State and municipal 5,064 7 4,244 7 820 — Total $ 16,158 $ 27 $ 13,397 $ 9 $ 2,761 $ 18 GSE debt securities: The unrealized loss on the Company's investment in two government sponsored entity ("GSE") securities was 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 basis 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 basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2016 . Mortgage-backed securities and CMOs: The unrealized losses on the Company's investment in six GSE mortgage-backed securities and collateralized mortgage obligations ("CMOs") 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 basis 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 basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2016 . State and municipal securities : The unrealized losses on seven state and municipal securities 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 basis 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 basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2016 . Corporate securities : The Company had zero investments with unrealized losses in corporate securities. In prior periods when unrealized losses were shown they were caused by interest rate increases. The contractual terms of those investments did not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Because the Company did not intend to sell the investments and it was not more likely than not that the Company would be required to sell the investments before recovery of their amortized cost basis, which may have been maturity, the Company did not consider those investments to be other-than-temporarily impaired at June 30, 2016 . Restricted stock: When evaluating restricted 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 restricted stock to be other-than-temporarily impaired at June 30, 2016 , and no impairment has been recognized. The table below shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2015 (dollars in thousands): Total Less than 12 Months 12 Months or More Fair Unrealized Fair Unrealized Fair Unrealized Federal agencies and GSEs $ 57,711 $ 319 $ 57,711 $ 319 $ — $ — Mortgage-backed and CMOs 37,368 389 35,424 346 1,944 43 State and municipal 13,540 36 12,716 34 824 2 Corporate 5,107 57 3,530 29 1,577 28 Total $ 113,726 $ 801 $ 109,381 $ 728 $ 4,345 $ 73 Other-Than-Temporary-Impaired Securities As of June 30, 2016 and December 31, 2015 , there were no securities classified as other-than-temporary impaired. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Loans | Loans Loans, excluding loans held for sale, at June 30, 2016 and December 31, 2015 , were comprised of the following (dollars in thousands): June 30, December 31, 2015 Commercial $ 201,381 $ 177,481 Commercial real estate: Construction and land development 89,451 72,968 Commercial real estate 438,164 430,186 Residential real estate: Residential 216,857 220,434 Home equity 107,007 98,449 Consumer 5,099 6,007 Total loans $ 1,057,959 $ 1,005,525 Acquired Loans The outstanding principal balance and the carrying amount of these loans included in the consolidated balance sheets at June 30, 2016 and December 31, 2015 are as follows (dollars in thousands): June 30, December 31, 2015 Outstanding principal balance $ 123,770 $ 145,380 Carrying amount 115,084 135,254 The outstanding principal balance and related carrying amount of acquired impaired loans, for which the Company applies FASB Accounting Standards Codification ("ASC") 310-30 to account for interest earned, as of the indicated dates are as follows (dollars in thousands): June 30, December 31, 2015 Outstanding principal balance $ 36,401 $ 40,951 Carrying amount 30,302 33,878 The following table presents changes in the accretable yield on acquired impaired loans, for which the Company applies FASB ASC 310-30, at June 30, 2016 and December 31, 2015 (dollars in thousands): June 30, 2016 December 31, 2015 Balance at January 1 $ 7,299 $ 1,440 Additions from merger with MainStreet — 7,140 Accretion (1,902 ) (4,313 ) Other changes, net 645 3,032 $ 6,042 $ 7,299 Past Due Loans The following table shows an analysis by portfolio segment of the Company's past due loans at June 30, 2016 (dollars in thousands): 30- 59 Days 60-89 Days 90 Days + Non- Total Current Total Commercial $ — $ 3 $ — $ 74 $ 77 $ 201,304 $ 201,381 Commercial real estate: Construction and land development — 28 — 86 114 89,337 89,451 Commercial real estate 1 — — 933 934 437,230 438,164 Residential: Residential 548 258 — 1,688 2,494 214,363 216,857 Home equity 191 57 — 628 876 106,131 107,007 Consumer 29 9 — 3 41 5,058 5,099 Total $ 769 $ 355 $ — $ 3,412 $ 4,536 $ 1,053,423 $ 1,057,959 The following table shows an analysis by portfolio segment of the Company's past due loans at December 31, 2015 (dollars in thousands): 30- 59 Days 60-89 Days 90 Days + Non- Total Current Total Commercial $ 137 $ — $ — $ 90 $ 227 $ 177,254 $ 177,481 Commercial real estate: Construction and land development — — — 258 258 72,710 72,968 Commercial real estate 135 182 — 2,497 2,814 427,372 430,186 Residential: Residential 913 398 — 1,731 3,042 217,392 220,434 Home equity 140 12 — 620 772 97,677 98,449 Consumer 53 1 — 9 63 5,944 6,007 Total $ 1,378 $ 593 $ — $ 5,205 $ 7,176 $ 998,349 $ 1,005,525 Impaired Loans The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at June 30, 2016 (dollars in thousands): Recorded Unpaid Related Average Interest With no related allowance recorded: Commercial $ 3 $ 3 $ — $ 3 $ — Commercial real estate: Construction and land development — — — — — Commercial real estate 1,577 1,577 — 1,096 40 Residential: Residential 2 3 — 1 2 Home equity 6 6 — 117 1 Consumer 10 10 — 11 — $ 1,598 $ 1,599 $ — $ 1,228 $ 43 With a related allowance recorded: Commercial * 98 98 — 102 1 Commercial real estate: Construction and land development 291 291 4 410 10 Commercial real estate 384 384 2 413 7 Residential Residential 1,415 1,420 22 1,588 9 Home equity* 271 270 — 341 2 Consumer* 1 1 — 15 — $ 2,460 $ 2,464 $ 28 $ 2,869 $ 29 Total: Commercial $ 101 $ 101 $ — $ 105 $ 1 Commercial real estate: Construction and land development 291 291 4 410 10 Commercial real estate 1,961 1,961 2 1,509 47 Residential: Residential 1,417 1,423 22 1,589 11 Home equity 277 276 — 458 3 Consumer 11 11 — 26 — $ 4,058 $ 4,063 $ 28 $ 4,097 $ 72 *Allowance is reported as zero in the table due to presentation in thousands and rounding. The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at December 31, 2015 (dollars in thousands): Recorded Unpaid Related Average Interest With no related allowance recorded: Commercial $ 4 $ 4 $ — $ 47 $ — Commercial real estate: Construction and land development 205 205 — 220 — Commercial real estate 1,202 1,206 — 1,504 1 Residential: Residential 127 124 — 126 — Home equity 173 173 — 305 — Consumer 13 13 — 14 — $ 1,724 $ 1,725 $ — $ 2,216 $ 1 With a related allowance recorded: Commercial* $ 91 $ 91 $ — $ 99 $ — Commercial real estate: Construction and land development 448 449 6 563 26 Commercial real estate 390 391 3 353 17 Residential: Residential* 1,649 1,690 — 1,034 22 Home equity 397 396 25 327 — Consumer 8 9 1 11 — $ 2,983 $ 3,026 $ 35 $ 2,387 $ 65 Total: Commercial $ 95 $ 95 $ — $ 146 $ — Commercial real estate: Construction and land development 653 654 6 783 26 Commercial real estate 1,592 1,597 3 1,857 18 Residential: Residential 1,776 1,814 — 1,160 22 Home equity 570 569 25 632 — Consumer 21 22 1 25 — $ 4,707 $ 4,751 $ 35 $ 4,603 $ 66 *Allowance is reported as zero in the table due to presentation in thousands and rounding. The following tables show the detail of loans modified as troubled debt restructurings ("TDRs") during the three and six months ended June 30, 2016 included in the impaired loan balances (dollars in thousands): Loans Modified as a TDR for the Three Months Ended June 30, 2016 Loan Type Number of Contracts Pre-Modification Post-Modification Commercial 1 $ 24 $ 24 Commercial real estate 1 937 937 Construction and land development — — — Home Equity — — — Residential real estate 1 2 1 Consumer — — — Total 3 $ 963 $ 962 Loans Modified as a TDR for the Six Months Ended June 30, 2016 Loan Type Number of Contracts Pre-Modification Post-Modification Commercial 1 $ 24 $ 24 Commercial real estate 2 1,005 1,003 Construction and land development — — — Home Equity — — — Residential real estate 1 2 1 Consumer — — — Total 4 $ 1,031 $ 1,028 The following tables show the detail of loans modified as TDRs during the three and six months ended June 30, 2015 included in the impaired loan balances (dollars in thousands): Loans Modified as a TDR for the Three Months Ended June 30, 2015 Loan Type Number of Contracts Pre-Modification Post-Modification Commercial — $ — $ — Commercial real estate 2 249 249 Construction and land development — — — Home Equity — — — Residential real estate 2 51 51 Consumer — — — Total 4 $ 300 $ 300 Loans Modified as a TDR for the Six Months Ended June 30, 2015 Loan Type Number of Contracts Pre-Modification Post-Modification Commercial — $ — $ — Commercial real estate 3 256 255 Construction and land development — — — Home Equity — — — Residential real estate 4 394 389 Consumer — — — Total 7 $ 650 $ 644 During the three and six months ended June 30, 2016 and 2015 , the Company had no loans that subsequently defaulted within twelve months of modification. The Company defines defaults as one or more payments that occur more than 90 days past the due date, charge-off or foreclosure subsequent to modification. Residential Real Estate in Process of Foreclosure The Company had $1,208,000 in residential real estate loans in the process of foreclosure at June 30, 2016 and $ 533,000 and $ 643,000 in residential other real estate owned at June 30, 2016 and December 31, 2015 , respectively. Risk Grades The following table shows the Company's loan portfolio broken down by internal risk grading as of June 30, 2016 (dollars in thousands): Commercial and Consumer Credit Exposure Credit Risk Profile by Internally Assigned Grade Commercial Construction and Land Development Commercial Residential Home Pass $ 200,609 $ 86,580 $ 426,666 $ 199,337 $ 104,426 Special Mention 683 818 6,811 12,517 1,548 Substandard 89 2,053 4,687 5,003 1,033 Doubtful — — — — — Total $ 201,381 $ 89,451 $ 438,164 $ 216,857 $ 107,007 Consumer Credit Exposure Credit Risk Profile Based on Payment Activity Consumer Performing $ 5,061 Nonperforming 38 Total $ 5,099 The following table shows the Company's loan portfolio broken down by internal risk grading as of December 31, 2015 (dollars in thousands): Commercial and Consumer Credit Exposure Credit Risk Profile by Internally Assigned Grade Commercial Construction and Land Development Commercial Residential Home Pass $ 175,963 $ 68,853 $ 418,719 $ 200,008 $ 96,142 Special Mention 1,364 1,210 5,860 14,638 1,314 Substandard 154 2,905 5,607 5,788 993 Doubtful — — — — — Total $ 177,481 $ 72,968 $ 430,186 $ 220,434 $ 98,449 Consumer Credit Exposure Credit Risk Profile Based on Payment Activity Consumer Performing $ 5,999 Nonperforming 8 Total $ 6,007 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 that 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. |
Allowance for Loan Losses and R
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments | Allowance for Loan Losses and Reserve for Unfunded Lending Commitments Changes in the allowance for loan losses and the reserve for unfunded lending commitments as of the indicated dates and periods are presented below (dollars in thousands): Six Months Ended Year Ended December 31, Six Months Ended Allowance for Loan Losses Balance, beginning of period $ 12,601 $ 12,427 $ 12,427 Provision for loan losses 100 950 700 Charge-offs (158 ) (1,200 ) (630 ) Recoveries 131 424 296 Balance, end of period $ 12,674 $ 12,601 $ 12,793 Reserve for Unfunded Lending Commitments Balance, beginning of period $ 184 $ 163 $ 163 Provision for unfunded commitments 12 21 13 Charge-offs — — — Balance, end of period $ 196 $ 184 $ 176 The reserve for unfunded loan commitments is included in other liabilities. The following table presents changes in the Company's allowance for loan losses by portfolio segment and the related loan balance total by segment at and for the six months ended June 30, 2016 (dollars in thousands): Commercial Commercial Residential Consumer Total Allowance for Loan Losses Balance at December 31, 2015: $ 2,065 $ 6,930 $ 3,546 $ 60 $ 12,601 Charge-offs (40 ) — (40 ) (78 ) (158 ) Recoveries 12 16 36 67 131 Provision for loan losses 184 (55 ) (32 ) 3 100 Balance at June 30, 2016: $ 2,221 $ 6,891 $ 3,510 $ 52 $ 12,674 Balance at June 30, 2016: Allowance for Loan Losses Individually evaluated for impairment $ — $ 6 $ 22 $ — $ 28 Collectively evaluated for impairment 2,216 6,760 3,253 52 12,281 Acquired impaired loans 5 125 235 — 365 Total $ 2,221 $ 6,891 $ 3,510 $ 52 $ 12,674 Loans Individually evaluated for impairment $ 101 $ 2,252 $ 1,694 $ 11 $ 4,058 Collectively evaluated for impairment 200,730 511,742 306,055 5,072 1,023,599 Acquired impaired loans 550 13,621 16,115 16 30,302 Total $ 201,381 $ 527,615 $ 323,864 $ 5,099 $ 1,057,959 The following table presents changes in the Company's allowance for loan losses by portfolio segment and the related loan balance total by segment at and for the year ended December 31, 2015 (dollars in thousands): Commercial Commercial Residential Consumer Total Allowance for Loan Losses Balance at December 31, 2014: $ 1,818 $ 6,814 $ 3,715 $ 80 $ 12,427 Charge-offs (175 ) (482 ) (323 ) (220 ) (1,200 ) Recoveries 32 124 139 129 424 Provision for loan losses 390 474 15 71 950 Balance at December 31, 2015: $ 2,065 $ 6,930 $ 3,546 $ 60 $ 12,601 Balance at December 31, 2015: Allowance for Loan Losses Individually evaluated for impairment $ — $ 9 $ 26 $ — $ 35 Collectively evaluated for impairment 2,065 6,750 3,284 60 12,159 Acquired impaired loans — 171 236 — 407 Total $ 2,065 $ 6,930 $ 3,546 $ 60 $ 12,601 Loans Individually evaluated for impairment $ 95 $ 2,245 $ 2,346 $ 21 $ 4,707 Collectively evaluated for impairment 176,798 487,177 297,281 5,684 966,940 Acquired impaired loans 588 13,732 19,256 302 33,878 Total $ 177,481 $ 503,154 $ 318,883 $ 6,007 $ 1,005,525 The allowance for loan losses is allocated to loan segments based upon historical loss factors, risk grades on individual loans, portfolio analysis 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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company records as goodwill the excess of the 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 as of June 30, 2016. Core deposit intangibles resulting from the acquisition of MidCarolina Financial Corporation ("MidCarolina") in July 2011 were $6,556,000 and are being amortized on an accelerated basis over 108 months. Core deposit intangibles resulting from the MainStreet acquisition in January 2015 were $1,839,000 and are being amortized on an accelerated basis over 120 months . The changes in the carrying amount of goodwill and intangibles for the six months ended June 30, 2016 , are as follows (dollars in thousands): Goodwill Intangibles Balance at December 31, 2015 $ 43,872 $ 2,683 Additions — — Amortization — (576 ) Impairment — — Balance at June 30, 2016 $ 43,872 $ 2,107 |
Short-term Borrowings
Short-term Borrowings | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings | 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 , each, and, additionally, has access to the FRB's discount window. Customer repurchase agreements are collateralized by securities of the U.S. Government or its agencies or GSEs. They mature daily. The interest rates 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 June 30, 2016 and December 31, 2015 (dollars in thousands): June 30, 2016 December 31, 2015 Customer repurchase agreements $ 53,369 $ 40,611 $ 53,369 $ 40,611 |
Long-term Borrowings
Long-term Borrowings | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Borrowings | 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 June 30, 2016 , $424,116,000 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, long-term advances as of June 30, 2016 and December 31, 2015 (dollars in thousands): June 30, 2016 December 31, 2015 Due by Advance Amount Weighted Due by Advance Amount Weighted November 30, 2017 $ 9,969 2.98 % November 30, 2017 $ 9,958 2.98 % The advance due in November 2017 is net of a fair value discount of $31,000 . The original discount recorded on July 1, 2011, was a result of the merger with MidCarolina. The adjustment to the face value is being amortized into interest expense over the life of the borrowing. There were no long-term borrowings acquired in the MainStreet acquisition and no borrowings were incurred to fund the acquisition. In the regular course of conducting its business, the Company takes deposits from political subdivisions of the states of Virginia and North Carolina. At June 30, 2016 , the Bank's public deposits totaled $160,185,000 . 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 June 30, 2016 , the Company had $70,000,000 in letters of credit with the FHLB outstanding, as well as $142,438,000 in agency, state, and municipal securities pledged to provide collateral for such deposits. |
Junior Subordinated Debt
Junior Subordinated Debt | 6 Months Ended |
Jun. 30, 2016 | |
Trust Preferred Capital Notes [Abstract] | |
Junior Subordinated Debt | Junior Subordinated Debt On April 7, 2006, AMNB Statutory Trust I, a Delaware statutory trust and a wholly owned unconsolidated subsidiary of the Company, issued $ 20,000,000 of preferred securities (the "Trust Preferred Securities") in a private placement pursuant to an applicable exemption from registration. The Trust Preferred Securities mature on June 30, 2036 , but may be redeemed at the Company's option beginning on September 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 September 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 "Junior Subordinated Debt"), issued pursuant to junior subordinated debentures entered into between the Company and Wilmington Trust Company, as trustee. The proceeds of the Junior Subordinated Debt were used to fund the cash portion of the merger consideration to the former shareholders of Community First Financial Corporation in connection with the Company's acquisition of that company in 2006, and for general corporate purposes. On July 1, 2011, in connection with the MidCarolina merger, the Company assumed $8,764,000 in junior subordinated debt to MidCarolina Trust I and MidCarolina Trust II, two separate Delaware statutory trusts (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 were not consolidated in the Company's financial statements. In accordance with 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 as of June 30, 2016 and December 31, 2015 (dollars in thousands): Issuing Entity Date Issued Interest Rate Maturity Date Principal Amount June 30, 2016 December 31, 2015 AMNB Trust I 4/7/2006 Libor plus 1.35% 6/30/2036 $ 20,619 $ 20,619 MidCarolina Trust I 10/29/2002 Libor plus 3.45% 11/7/2032 4,237 4,209 MidCarolina Trust II 12/3/2003 Libor plus 2.95% 10/7/2033 2,817 2,794 $ 27,673 $ 27,622 The principal amounts reflected above for the MidCarolina Trusts are net of fair value adjustments of $918,000 and $946,000 , respectively at June 30, 2016 and December 31, 2015 . The original fair value adjustments of $1,197,000 and $1,021,000 were recorded as a result of the acquisition of MidCarolina on July 1, 2011, and are being amortized into interest expense over the remaining lives of the respective borrowings. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | 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 and 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 expired 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 for the six months ended June 30, 2016 is as follows: Option Weighted Weighted Aggregate Outstanding at December 31, 2015 67,871 $ 24.47 Acquired in acquisition — — Granted — — Exercised (4,134 ) 24.30 Forfeited — — Expired — — Outstanding at June 30, 2016 63,737 $ 24.48 2.14 years $ 97 Exercisable at June 30, 2016 63,737 $ 24.48 2.14 years $ 97 The fair value of options is estimated at the date of grant using the Black-Scholes option pricing model and expensed over the options' vesting period. As of June 30, 2016 , there was no unrecognized compensation expenses related to nonvested stock option grants. 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 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 2016 cliff vests at the end of a 36 month period beginning on the date of the grant. Nonvested restricted stock activity for the six months ended June 30, 2016 is summarized in the following table. Restricted Stock Shares Weighted Average Grant Date Value Nonvested at December 31, 2015 41,563 $ 22.15 Granted 24,091 22.77 Vested (19,219 ) 21.47 Forfeited (547 ) 21.98 Nonvested at June 30, 2016 45,888 $ 22.76 As of June 30, 2016 and December 31, 2015 , there was $640,000 and $594,000 , respectively, in unrecognized compensation cost related to nonvested restricted stock granted under the 2008 Plan. The weighted average period over which this cost is expected to be recognized is 1.71 years . The share based compensation expense for nonvested restricted stock was $249,000 and $173,000 during the first six months of 2016 and 2015 , respectively . Starting in 2010, the Company began offering its outside directors alternatives with respect to director compensation. The regular monthly board retainer can be received in the form of either (a) $1,667 in cash or (b) shares of immediately vested, but restricted stock with a market value of $2,083 . Monthly meeting fees can also be received as $725 per meeting in cash or $900 in immediately vested, but restricted stock. For 2016 , all 13 outside directors have elected to receive stock in lieu of cash for either all or part of their monthly retainer board fees. Only outside directors receive board fees. The Company issued 7,451 and 5,953 shares and recognized share based compensation expense of $198,000 and $135,000 during the first six months of 2016 and 2015 , respectively. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 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. Nonvested restricted shares are included in the computation of basic earnings per share as the holder is entitled to full shareholder benefits during the vesting period including voting rights and sharing in nonforfeitable dividends. The following tables present basic and diluted earnings per share for the three and six month periods ended June 30, 2016 and 2015 . Three Months Ended June 30, 2016 2015 Shares Per Shares Per Basic earnings per share 8,610,156 $ 0.47 8,707,504 $ 0.33 Effect of dilutive securities - stock options 9,677 — 8,430 — Diluted earnings per share 8,619,833 $ 0.47 8,715,934 $ 0.33 Six Months Ended June 30, 2016 2015 Shares Per Shares Per Basic earnings per share 8,610,998 $ 0.95 8,713,528 $ 0.73 Effect of dilutive securities - stock options 5,875 — 8,738 — Diluted earnings per share 8,616,873 $ 0.95 8,722,266 $ 0.73 Outstanding stock options on common stock that were not included in computing diluted earnings per share for the six month periods ended June 30, 2016 and 2015 because their effects were anti-dilutive, averaged 30,571 and 79,726 shares, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The following information for the six months ended June 30, 2016 and 2015 pertains to the Company's non-contributory defined benefit pension plan which was frozen in 2009. If lump sum payments exceed the service cost plus interest cost, an additional settlement charge will apply (dollars in thousands): Components of Net Periodic Benefit Cost Six months ended June 30, 2016 2015 Service cost $ — $ — Interest cost 134 148 Expected return on plan assets (192 ) (230 ) Recognized net actuarial loss 114 308 Net periodic cost $ 56 $ 226 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments 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 820, the fair value of an 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 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 financial 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). If no observable market data is available, valuations are based upon third party model based techniques (Level 3). The following table presents the balances of financial assets measured at fair value on a recurring basis at the dates indicated (dollars in thousands): Fair Value Measurements at June 30, 2016 Using Balance at June 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2016 Level 1 Level 2 Level 3 Assets: Securities available for sale: Federal agencies and GSEs $ 100,728 $ — $ 100,728 $ — Mortgage-backed and CMOs 82,396 — 82,396 — State and municipal 168,935 — 168,935 — Corporate 8,839 — 8,839 — Equity securities 1,902 — 1,902 — Total $ 362,800 $ — $ 362,800 $ — Fair Value Measurements at December 31, 2015 Using Balance at December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2015 Level 1 Level 2 Level 3 Assets: Securities available for sale: Federal agencies and GSEs $ 81,452 $ — $ 81,452 $ — Mortgage-backed and CMOs 70,930 — 70,930 — State and municipal 175,891 — 175,891 — Corporate 10,590 — 10,590 — Equity securities 1,486 — — 1,486 Total $ 340,349 $ — $ 338,863 $ 1,486 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Total Realized / Unrealized Gains Balances as of January 1, 2016 Net Income Other Comprehensive Income Purchases, Sales, Issuances and Settlements, Net Transfer In (Out) of Level 3 Balances as of June 30, 2016 Securities available for sale: Equity $ 1,486 $ — $ 93 $ — $ (1,579 ) $ — The Company's investment in preferred securities ,a level 3 input, was converted into common stock, a level 1 input, at June 29, 2016. 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 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 six month period ended June 30, 2016 or the year ended December 31, 2015 . 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 when due. The measurement of the 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 comparables 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 receivable 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 other real estate owned expense, net on the Consolidated Statements of Income. The following table summarizes the Company's assets that were measured at fair value on a nonrecurring basis at the dates indicated (dollars in thousands): Fair Value Measurements at June 30, 2016 Using Balance at June 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2016 Level 1 Level 2 Level 3 Assets: Loans held for sale $ 4,692 $ — $ 4,692 $ — Impaired loans, net of valuation allowance 2,432 — — 2,432 Other real estate owned, net 1,289 — — 1,289 Fair Value Measurements at December 31, 2015 Using Balance at December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2015 Level 1 Level 2 Level 3 Assets: Loans held for sale $ 3,266 $ — $ 3,266 $ — Impaired loans, net of valuation allowance 2,948 — — 2,948 Other real estate owned, net 2,184 — — 2,184 The following tables summarize the Company's quantitative information about Level 3 fair value measurements at the dates indicated: Quantitative Information About Level 3 Fair Value Measurements at June 30, 2016 Assets Valuation Technique Unobservable Input Weighted Impaired loans Discounted appraised value Selling cost 8 % Other real estate owned, net Discounted appraised value Selling cost 6 % Quantitative Information About Level 3 Fair Value Measurements at December 31, 2015 Assets Valuation Technique Unobservable Input Weighted Securities available for sale Third party model based techniques Stock price in different rate environments 49 % Impaired loans Discounted appraised value Selling cost 6 % Discounted cash flow analysis Market rate for borrower (discount rate) 4 % Other real estate owned, net Discounted appraised value Selling cost 6 % The carrying values and estimated fair values of the Company's financial instruments at June 30, 2016 are as follows (dollars in thousands): Fair Value Measurements at June 30, 2016 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Carrying Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 73,341 $ 73,341 $ — $ — $ 73,341 Securities available for sale 362,800 362,477 — 362,477 Restricted stock 5,362 — 5,362 — 5,362 Loans held for sale 4,692 — 4,692 — 4,692 Loans, net of allowance 1,045,285 — — 1,048,001 1,048,001 Bank owned life insurance 17,885 — 17,885 — 17,885 Accrued interest receivable 4,974 — 4,974 — 4,974 Financial Liabilities: Deposits $ 1,298,385 $ — $ 895,047 $ 405,688 $ 1,300,735 Repurchase agreements 53,369 — 53,369 — 53,369 Other borrowings 9,969 — — 10,285 10,285 Junior subordinated debt 27,673 — — 26,856 26,856 Accrued interest payable 668 — 668 — 668 The carrying values and estimated fair values of the Company's financial instruments at December 31, 2015 are as follows (dollars in thousands): Fair Value Measurements at December 31, 2015 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Carrying Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 95,337 $ 95,337 $ — $ — $ 95,337 Securities available for sale 340,349 — 338,863 1,486 340,349 Restricted stock 5,312 — 5,312 — 5,312 Loans held for sale 3,266 — 3,266 — 3,266 Loans, net of allowance 992,924 — — 994,808 994,808 Bank owned life insurance 17,658 — 17,658 — 17,658 Accrued interest receivable 4,116 — 4,116 — 4,116 Financial Liabilities: Deposits $ 1,262,660 $ — $ 865,350 $ 396,551 $ 1,261,901 Repurchase agreements 40,611 — 40,611 — 40,611 Other borrowings 9,958 — — 10,293 10,293 Junior subordinated debt 27,622 — — 22,940 22,940 Accrued interest payable 655 — 655 — 655 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 analysis, 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 analysis 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 values 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 analysis based on the interest rates for similar types of borrowing arrangements. Junior subordinated debt . 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 June 30, 2016 and December 31, 2015 , the fair value of off-balance sheet instruments was deemed immaterial, and therefore was not included in the previous table. 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. |
Segment and Related Information
Segment and Related Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment and Related Information | 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 the community banking segment. 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 segment receives fees for investment and administrative services. Amounts shown in the "Other" column includes activities of the Company which are primarily debt service on trust preferred securities and corporate items. Segment information as of and for the three and six months ended June 30, 2016 and 2015 (unaudited), is shown in the following tables (dollars in thousands): Three Months Ended June 30, 2016 Community Trust and Other Intersegment Total Interest income $ 13,754 $ — $ 15 $ — $ 13,769 Interest expense 1,396 — 213 — 1,609 Noninterest income 2,177 1,184 6 — 3,367 Income (loss) before income taxes 5,566 679 (424 ) — 5,821 Net income (loss) 3,891 477 (280 ) — 4,088 Depreciation and amortization 759 3 — — 762 Total assets 1,597,722 — 230,456 (226,527 ) 1,601,651 Goodwill 43,872 — — — 43,872 Capital expenditures 120 — — — 120 Three Months Ended June 30, 2015 Community Trust and Other Intersegment Total Interest income $ 13,822 $ — $ 15 $ — $ 13,837 Interest expense 1,267 — 188 — 1,455 Noninterest income 2,038 1,215 5 — 3,258 Income (loss) before income taxes 3,647 573 (322 ) — 3,898 Net income (loss) 2,671 422 (213 ) — 2,880 Depreciation and amortization 739 3 — — 742 Total assets 1,522,208 — 222,526 (220,378 ) 1,524,356 Goodwill 44,210 — — — 44,210 Capital expenditures 232 21 — — 253 Six Months Ended June 30, 2016 Community Trust and Other Intersegment Total Interest income $ 27,910 $ — $ 30 $ — $ 27,940 Interest expense 2,775 — 421 — 3,196 Noninterest income 4,335 2,318 11 — 6,664 Income (loss) before income taxes 11,182 1,334 (782 ) — 11,734 Net income (loss) 7,798 934 (516 ) — 8,216 Depreciation and amortization 1,519 6 — — 1,525 Total assets 1,597,722 — 230,456 (226,527 ) 1,601,651 Goodwill 43,872 — — — 43,872 Capital expenditures 269 — — — 269 Six Months Ended June 30, 2015 Community Trust and Other Intersegment Total Interest income $ 27,646 $ — $ 30 $ — $ 27,676 Interest expense 2,544 — 372 — 2,916 Noninterest income 4,021 2,383 10 — 6,414 Income (loss) before income taxes 8,154 1,223 (592 ) — 8,785 Net income (loss) 5,896 890 (391 ) — 6,395 Depreciation and amortization 1,477 6 — — 1,483 Total assets 1,522,208 — 222,526 (220,378 ) 1,524,356 Goodwill 44,210 — — — 44,210 Capital expenditures 580 21 — — 601 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Six Months Ended 2016 2015 Supplemental Schedule of Cash and Cash Equivalents: Cash and due from banks $ 21,625 $ 24,548 Interest-bearing deposits in other banks 51,716 50,758 Federal funds sold — 408 Cash and Cash Equivalents $ 73,341 $ 75,714 Supplemental Disclosure of Cash Flow Information: Cash paid for: Interest on deposits and borrowed funds $ 3,183 $ 2,905 Income taxes 3,397 2,415 Noncash investing and financing activities: Transfer of loans to other real estate owned 97 1,047 Unrealized gains on securities available for sale 2,217 (1,941 ) Non-cash transactions related to acquisitions: Assets acquired: Investment securities — 18,800 Restricted stock — 738 Loans — 114,902 Premises and equipment — 1,475 Deferred income taxes — 2,683 Core deposit intangible — 1,839 Other real estate owned — 168 Bank owned life insurance — 1,955 Other assets — 917 Liabilities assumed: Deposits — 137,323 Other liabilities — 3,076 Consideration: Issuance of common stock — 20,483 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Changes in each component of accumulated other comprehensive income ("AOCI") for the three and six months ended June 30, 2016 and 2015 (unaudited) were as follows (dollars in thousands): For the Three Months Ended Net Unrealized Gains (Losses) on Securities Adjustments Related to Pension Benefits Accumulated Other Comprehensive Income (Loss) Balance at March 31, 2015 $ 6,446 $ (2,181 ) $ 4,265 Net unrealized gains on securities available for sale, net of tax, $(920) (1,708 ) — (1,708 ) Reclassification adjustment for gains on securities, net of tax, $(82) (155 ) — (155 ) Balance at June 30, 2015 $ 4,583 $ (2,181 ) $ 2,402 Balance at March 31, 2016 $ 5,328 $ (1,832 ) $ 3,496 Net unrealized gains on securities available for sale, net of tax, $204 379 — 379 Reclassification adjustment for gains on securities, net of tax, $(78) (144 ) — (144 ) Balance at June 30, 2016 $ 5,563 $ (1,832 ) $ 3,731 For the Six Months Ended Net Unrealized Gains (Losses) on Securities Adjustments Related to Pension Benefits Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2014 $ 5,845 $ (2,181 ) $ 3,664 Net unrealized gains on securities available for sale, net of tax, $(488) (906 ) — (906 ) Reclassification adjustment for gains on securities, net of tax, $(191) (356 ) — (356 ) Balance at June 30, 2015 $ 4,583 $ (2,181 ) $ 2,402 Balance at December 31, 2015 $ 4,122 $ (1,832 ) $ 2,290 Net unrealized losses on securities available for sale, net of tax, $982 1,823 — 1,823 Reclassification adjustment for gains on securities, net of tax, $(206) (382 ) — (382 ) Balance at June 30, 2016 $ 5,563 $ (1,832 ) $ 3,731 Reclassifications Out of Accumulated Other Comprehensive Income For the three and six months ended June 30, 2016 and 2015 (dollars in thousands) For the Three Months Ended June 30, 2016 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gain on sale of securities $ 222 Securities gains, net (78 ) Income taxes Total reclassifications $ 144 Net of tax For the Three Months Ended June 30, 2015 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gain on sale of securities $ 237 Securities gains, net (82 ) Income taxes Total reclassifications $ 155 Net of tax For the Six Months Ended June 30, 2016 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gain on sale of securities $ 588 Securities gains, net (206 ) Income taxes Total reclassifications $ 382 Net of tax For the Six Months Ended June 30, 2015 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gain on sale of securities $ 547 Securities gains, net (191 ) Income taxes Total reclassifications $ 356 Net of tax |
Accounting Policies - (Policies
Accounting Policies - (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." This update is intended to provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in ASU 2016-01, among other things: (1) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (2) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (3) Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables); and (4) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-05, "Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships." The amendments in this ASU clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria remain intact. The amendments are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016-05 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, "Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting." The amendments in this ASU eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. In addition, the amendments in this ASU require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The Company does not expect the adoption of ASU 2016-07 to have a material impact on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Shares-Based Payment Accounting." The amendments in this ASU simplify several aspects of the accounting for share-based payment award transactions including: (1) income tax consequences; (2) classification of awards as either equity or liabilities; and (3) classification on the statement of cash flows. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that ASU 2016-09 will have on its consolidated financial statements. During June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for Securities and Exchange Commission ("SEC") filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For public companies that are not SEC filers, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. |
Acquisition of MainStreet Ban26
Acquisition of MainStreet Bankshares, Inc. (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule of Amortization and Accretion of Premiums and Discounts | The net impact of the amortization and accretion of premiums and discounts associated with the Company's acquisition accounting adjustments related to the MainStreet acquisition had the following impact on the Consolidated Statements of Income during the six months ended June 30, 2016 and 2015 (dollars in thousands): Six Months Ended June 30, 2016 June 30, 2015 Acquired performing loans $ 115 $ 216 Purchase acquired impaired loans 370 803 CD valuation — — Brokered CD valuation — — Amortization of core deposit intangible (124 ) (147 ) Net impact to income before taxes $ 361 $ 872 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and estimated fair value of investments in debt securities | The amortized cost and fair value of investments in debt and equity securities at June 30, 2016 and December 31, 2015 were as follows (dollars in thousands): June 30, 2016 Amortized Unrealized Unrealized Securities available for sale: Federal agencies and GSEs $ 100,348 $ 381 $ 1 $ 100,728 Mortgage-backed and CMOs 80,948 1,467 19 82,396 State and municipal 162,905 6,037 7 168,935 Corporate 8,752 87 — 8,839 Equity securities 1,288 614 — 1,902 Total securities available for sale $ 354,241 $ 8,586 $ 27 $ 362,800 December 31, 2015 Amortized Unrealized Unrealized Securities available for sale: Federal agencies and GSEs $ 81,601 $ 170 $ 319 $ 81,452 Mortgage-backed and CMOs 70,520 799 389 70,930 State and municipal 170,268 5,659 36 175,891 Corporate 10,619 28 57 10,590 Equity securities 1,000 486 — 1,486 Total securities available for sale $ 334,008 $ 7,142 $ 801 $ 340,349 |
Cost of restricted stock | The cost of restricted stock at June 30, 2016 and December 31, 2015 was as follows (dollars in thousands): June 30, December 31, FRB stock $ 3,547 $ 3,535 FHLB stock 1,815 1,777 Total restricted stock $ 5,362 $ 5,312 |
Schedule of fair value and gross unrealized losses by investment category and length of time | 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 June 30, 2016 . 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 (dollars in thousands): Total Less than 12 Months 12 Months or More Fair Unrealized Fair Unrealized Fair Unrealized Federal agencies and GSEs $ 8,505 $ 1 $ 8,505 $ 1 $ — $ — Mortgage-backed and CMOs 2,589 19 648 1 1,941 18 State and municipal 5,064 7 4,244 7 820 — Total $ 16,158 $ 27 $ 13,397 $ 9 $ 2,761 $ 18 The table below shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2015 (dollars in thousands): Total Less than 12 Months 12 Months or More Fair Unrealized Fair Unrealized Fair Unrealized Federal agencies and GSEs $ 57,711 $ 319 $ 57,711 $ 319 $ — $ — Mortgage-backed and CMOs 37,368 389 35,424 346 1,944 43 State and municipal 13,540 36 12,716 34 824 2 Corporate 5,107 57 3,530 29 1,577 28 Total $ 113,726 $ 801 $ 109,381 $ 728 $ 4,345 $ 73 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Schedule of loans, excluding loans held for sale | Loans, excluding loans held for sale, at June 30, 2016 and December 31, 2015 , were comprised of the following (dollars in thousands): June 30, December 31, 2015 Commercial $ 201,381 $ 177,481 Commercial real estate: Construction and land development 89,451 72,968 Commercial real estate 438,164 430,186 Residential real estate: Residential 216,857 220,434 Home equity 107,007 98,449 Consumer 5,099 6,007 Total loans $ 1,057,959 $ 1,005,525 |
Schedule stating outstanding principal balance and the carrying amount of loan acquired | The outstanding principal balance and the carrying amount of these loans included in the consolidated balance sheets at June 30, 2016 and December 31, 2015 are as follows (dollars in thousands): June 30, December 31, 2015 Outstanding principal balance $ 123,770 $ 145,380 Carrying amount 115,084 135,254 The outstanding principal balance and related carrying amount of acquired impaired loans, for which the Company applies FASB Accounting Standards Codification ("ASC") 310-30 to account for interest earned, as of the indicated dates are as follows (dollars in thousands): June 30, December 31, 2015 Outstanding principal balance $ 36,401 $ 40,951 Carrying amount 30,302 33,878 |
Schedule of changes in the accretable yield on acquired impaired loans | The following table presents changes in the accretable yield on acquired impaired loans, for which the Company applies FASB ASC 310-30, at June 30, 2016 and December 31, 2015 (dollars in thousands): June 30, 2016 December 31, 2015 Balance at January 1 $ 7,299 $ 1,440 Additions from merger with MainStreet — 7,140 Accretion (1,902 ) (4,313 ) Other changes, net 645 3,032 $ 6,042 $ 7,299 |
Schedule of analysis by portfolio segment of the entity's past due loans | The following table shows an analysis by portfolio segment of the Company's past due loans at June 30, 2016 (dollars in thousands): 30- 59 Days 60-89 Days 90 Days + Non- Total Current Total Commercial $ — $ 3 $ — $ 74 $ 77 $ 201,304 $ 201,381 Commercial real estate: Construction and land development — 28 — 86 114 89,337 89,451 Commercial real estate 1 — — 933 934 437,230 438,164 Residential: Residential 548 258 — 1,688 2,494 214,363 216,857 Home equity 191 57 — 628 876 106,131 107,007 Consumer 29 9 — 3 41 5,058 5,099 Total $ 769 $ 355 $ — $ 3,412 $ 4,536 $ 1,053,423 $ 1,057,959 The following table shows an analysis by portfolio segment of the Company's past due loans at December 31, 2015 (dollars in thousands): 30- 59 Days 60-89 Days 90 Days + Non- Total Current Total Commercial $ 137 $ — $ — $ 90 $ 227 $ 177,254 $ 177,481 Commercial real estate: Construction and land development — — — 258 258 72,710 72,968 Commercial real estate 135 182 — 2,497 2,814 427,372 430,186 Residential: Residential 913 398 — 1,731 3,042 217,392 220,434 Home equity 140 12 — 620 772 97,677 98,449 Consumer 53 1 — 9 63 5,944 6,007 Total $ 1,378 $ 593 $ — $ 5,205 $ 7,176 $ 998,349 $ 1,005,525 |
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 June 30, 2016 (dollars in thousands): Recorded Unpaid Related Average Interest With no related allowance recorded: Commercial $ 3 $ 3 $ — $ 3 $ — Commercial real estate: Construction and land development — — — — — Commercial real estate 1,577 1,577 — 1,096 40 Residential: Residential 2 3 — 1 2 Home equity 6 6 — 117 1 Consumer 10 10 — 11 — $ 1,598 $ 1,599 $ — $ 1,228 $ 43 With a related allowance recorded: Commercial * 98 98 — 102 1 Commercial real estate: Construction and land development 291 291 4 410 10 Commercial real estate 384 384 2 413 7 Residential Residential 1,415 1,420 22 1,588 9 Home equity* 271 270 — 341 2 Consumer* 1 1 — 15 — $ 2,460 $ 2,464 $ 28 $ 2,869 $ 29 Total: Commercial $ 101 $ 101 $ — $ 105 $ 1 Commercial real estate: Construction and land development 291 291 4 410 10 Commercial real estate 1,961 1,961 2 1,509 47 Residential: Residential 1,417 1,423 22 1,589 11 Home equity 277 276 — 458 3 Consumer 11 11 — 26 — $ 4,058 $ 4,063 $ 28 $ 4,097 $ 72 *Allowance is reported as zero in the table due to presentation in thousands and rounding. The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at December 31, 2015 (dollars in thousands): Recorded Unpaid Related Average Interest With no related allowance recorded: Commercial $ 4 $ 4 $ — $ 47 $ — Commercial real estate: Construction and land development 205 205 — 220 — Commercial real estate 1,202 1,206 — 1,504 1 Residential: Residential 127 124 — 126 — Home equity 173 173 — 305 — Consumer 13 13 — 14 — $ 1,724 $ 1,725 $ — $ 2,216 $ 1 With a related allowance recorded: Commercial* $ 91 $ 91 $ — $ 99 $ — Commercial real estate: Construction and land development 448 449 6 563 26 Commercial real estate 390 391 3 353 17 Residential: Residential* 1,649 1,690 — 1,034 22 Home equity 397 396 25 327 — Consumer 8 9 1 11 — $ 2,983 $ 3,026 $ 35 $ 2,387 $ 65 Total: Commercial $ 95 $ 95 $ — $ 146 $ — Commercial real estate: Construction and land development 653 654 6 783 26 Commercial real estate 1,592 1,597 3 1,857 18 Residential: Residential 1,776 1,814 — 1,160 22 Home equity 570 569 25 632 — Consumer 21 22 1 25 — $ 4,707 $ 4,751 $ 35 $ 4,603 $ 66 *Allowance is reported as zero in the table due to presentation in thousands and rounding. |
Schedule of detail of loans modified as troubled debt restructurings | The following tables show the detail of loans modified as troubled debt restructurings ("TDRs") during the three and six months ended June 30, 2016 included in the impaired loan balances (dollars in thousands): Loans Modified as a TDR for the Three Months Ended June 30, 2016 Loan Type Number of Contracts Pre-Modification Post-Modification Commercial 1 $ 24 $ 24 Commercial real estate 1 937 937 Construction and land development — — — Home Equity — — — Residential real estate 1 2 1 Consumer — — — Total 3 $ 963 $ 962 Loans Modified as a TDR for the Six Months Ended June 30, 2016 Loan Type Number of Contracts Pre-Modification Post-Modification Commercial 1 $ 24 $ 24 Commercial real estate 2 1,005 1,003 Construction and land development — — — Home Equity — — — Residential real estate 1 2 1 Consumer — — — Total 4 $ 1,031 $ 1,028 The following tables show the detail of loans modified as TDRs during the three and six months ended June 30, 2015 included in the impaired loan balances (dollars in thousands): Loans Modified as a TDR for the Three Months Ended June 30, 2015 Loan Type Number of Contracts Pre-Modification Post-Modification Commercial — $ — $ — Commercial real estate 2 249 249 Construction and land development — — — Home Equity — — — Residential real estate 2 51 51 Consumer — — — Total 4 $ 300 $ 300 Loans Modified as a TDR for the Six Months Ended June 30, 2015 Loan Type Number of Contracts Pre-Modification Post-Modification Commercial — $ — $ — Commercial real estate 3 256 255 Construction and land development — — — Home Equity — — — Residential real estate 4 394 389 Consumer — — — Total 7 $ 650 $ 644 |
Schedule of commercial loan portfolio broken down by internal risk grading | The following table shows the Company's loan portfolio broken down by internal risk grading as of June 30, 2016 (dollars in thousands): Commercial and Consumer Credit Exposure Credit Risk Profile by Internally Assigned Grade Commercial Construction and Land Development Commercial Residential Home Pass $ 200,609 $ 86,580 $ 426,666 $ 199,337 $ 104,426 Special Mention 683 818 6,811 12,517 1,548 Substandard 89 2,053 4,687 5,003 1,033 Doubtful — — — — — Total $ 201,381 $ 89,451 $ 438,164 $ 216,857 $ 107,007 Consumer Credit Exposure Credit Risk Profile Based on Payment Activity Consumer Performing $ 5,061 Nonperforming 38 Total $ 5,099 The following table shows the Company's loan portfolio broken down by internal risk grading as of December 31, 2015 (dollars in thousands): Commercial and Consumer Credit Exposure Credit Risk Profile by Internally Assigned Grade Commercial Construction and Land Development Commercial Residential Home Pass $ 175,963 $ 68,853 $ 418,719 $ 200,008 $ 96,142 Special Mention 1,364 1,210 5,860 14,638 1,314 Substandard 154 2,905 5,607 5,788 993 Doubtful — — — — — Total $ 177,481 $ 72,968 $ 430,186 $ 220,434 $ 98,449 Consumer Credit Exposure Credit Risk Profile Based on Payment Activity Consumer Performing $ 5,999 Nonperforming 8 Total $ 6,007 |
Allowance for Loan Losses and29
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Schedule of changes in the allowance for loan losses | Changes in the allowance for loan losses and the reserve for unfunded lending commitments as of the indicated dates and periods are presented below (dollars in thousands): Six Months Ended Year Ended December 31, Six Months Ended Allowance for Loan Losses Balance, beginning of period $ 12,601 $ 12,427 $ 12,427 Provision for loan losses 100 950 700 Charge-offs (158 ) (1,200 ) (630 ) Recoveries 131 424 296 Balance, end of period $ 12,674 $ 12,601 $ 12,793 Reserve for Unfunded Lending Commitments Balance, beginning of period $ 184 $ 163 $ 163 Provision for unfunded commitments 12 21 13 Charge-offs — — — Balance, end of period $ 196 $ 184 $ 176 The reserve for unfunded loan commitments is included in other liabilities. The following table presents changes in the Company's allowance for loan losses by portfolio segment and the related loan balance total by segment at and for the six months ended June 30, 2016 (dollars in thousands): Commercial Commercial Residential Consumer Total Allowance for Loan Losses Balance at December 31, 2015: $ 2,065 $ 6,930 $ 3,546 $ 60 $ 12,601 Charge-offs (40 ) — (40 ) (78 ) (158 ) Recoveries 12 16 36 67 131 Provision for loan losses 184 (55 ) (32 ) 3 100 Balance at June 30, 2016: $ 2,221 $ 6,891 $ 3,510 $ 52 $ 12,674 Balance at June 30, 2016: Allowance for Loan Losses Individually evaluated for impairment $ — $ 6 $ 22 $ — $ 28 Collectively evaluated for impairment 2,216 6,760 3,253 52 12,281 Acquired impaired loans 5 125 235 — 365 Total $ 2,221 $ 6,891 $ 3,510 $ 52 $ 12,674 Loans Individually evaluated for impairment $ 101 $ 2,252 $ 1,694 $ 11 $ 4,058 Collectively evaluated for impairment 200,730 511,742 306,055 5,072 1,023,599 Acquired impaired loans 550 13,621 16,115 16 30,302 Total $ 201,381 $ 527,615 $ 323,864 $ 5,099 $ 1,057,959 The following table presents changes in the Company's allowance for loan losses by portfolio segment and the related loan balance total by segment at and for the year ended December 31, 2015 (dollars in thousands): Commercial Commercial Residential Consumer Total Allowance for Loan Losses Balance at December 31, 2014: $ 1,818 $ 6,814 $ 3,715 $ 80 $ 12,427 Charge-offs (175 ) (482 ) (323 ) (220 ) (1,200 ) Recoveries 32 124 139 129 424 Provision for loan losses 390 474 15 71 950 Balance at December 31, 2015: $ 2,065 $ 6,930 $ 3,546 $ 60 $ 12,601 Balance at December 31, 2015: Allowance for Loan Losses Individually evaluated for impairment $ — $ 9 $ 26 $ — $ 35 Collectively evaluated for impairment 2,065 6,750 3,284 60 12,159 Acquired impaired loans — 171 236 — 407 Total $ 2,065 $ 6,930 $ 3,546 $ 60 $ 12,601 Loans Individually evaluated for impairment $ 95 $ 2,245 $ 2,346 $ 21 $ 4,707 Collectively evaluated for impairment 176,798 487,177 297,281 5,684 966,940 Acquired impaired loans 588 13,732 19,256 302 33,878 Total $ 177,481 $ 503,154 $ 318,883 $ 6,007 $ 1,005,525 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in carrying amount of goodwill and intangibles | The changes in the carrying amount of goodwill and intangibles for the six months ended June 30, 2016 , are as follows (dollars in thousands): Goodwill Intangibles Balance at December 31, 2015 $ 43,872 $ 2,683 Additions — — Amortization — (576 ) Impairment — — Balance at June 30, 2016 $ 43,872 $ 2,107 |
Short-term Borrowings (Tables)
Short-term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | Short-term borrowings consisted solely of customer repurchase agreements at June 30, 2016 and December 31, 2015 (dollars in thousands): June 30, 2016 December 31, 2015 Customer repurchase agreements $ 53,369 $ 40,611 $ 53,369 $ 40,611 |
Long-term Borrowings (Tables)
Long-term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term borrowings | Long-term borrowings consisted of the following fixed rate, long-term advances as of June 30, 2016 and December 31, 2015 (dollars in thousands): June 30, 2016 December 31, 2015 Due by Advance Amount Weighted Due by Advance Amount Weighted November 30, 2017 $ 9,969 2.98 % November 30, 2017 $ 9,958 2.98 % |
Junior Subordinated Debt (Table
Junior Subordinated Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 as of June 30, 2016 and December 31, 2015 (dollars in thousands): Issuing Entity Date Issued Interest Rate Maturity Date Principal Amount June 30, 2016 December 31, 2015 AMNB Trust I 4/7/2006 Libor plus 1.35% 6/30/2036 $ 20,619 $ 20,619 MidCarolina Trust I 10/29/2002 Libor plus 3.45% 11/7/2032 4,237 4,209 MidCarolina Trust II 12/3/2003 Libor plus 2.95% 10/7/2033 2,817 2,794 $ 27,673 $ 27,622 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of summary of stock option transactions | A summary of stock option transactions for the six months ended June 30, 2016 is as follows: Option Weighted Weighted Aggregate Outstanding at December 31, 2015 67,871 $ 24.47 Acquired in acquisition — — Granted — — Exercised (4,134 ) 24.30 Forfeited — — Expired — — Outstanding at June 30, 2016 63,737 $ 24.48 2.14 years $ 97 Exercisable at June 30, 2016 63,737 $ 24.48 2.14 years $ 97 |
Schedule of nonvested restricted stock activity | Nonvested restricted stock activity for the six months ended June 30, 2016 is summarized in the following table. Restricted Stock Shares Weighted Average Grant Date Value Nonvested at December 31, 2015 41,563 $ 22.15 Granted 24,091 22.77 Vested (19,219 ) 21.47 Forfeited (547 ) 21.98 Nonvested at June 30, 2016 45,888 $ 22.76 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | The following tables present basic and diluted earnings per share for the three and six month periods ended June 30, 2016 and 2015 . Three Months Ended June 30, 2016 2015 Shares Per Shares Per Basic earnings per share 8,610,156 $ 0.47 8,707,504 $ 0.33 Effect of dilutive securities - stock options 9,677 — 8,430 — Diluted earnings per share 8,619,833 $ 0.47 8,715,934 $ 0.33 Six Months Ended June 30, 2016 2015 Shares Per Shares Per Basic earnings per share 8,610,998 $ 0.95 8,713,528 $ 0.73 Effect of dilutive securities - stock options 5,875 — 8,738 — Diluted earnings per share 8,616,873 $ 0.95 8,722,266 $ 0.73 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of components of net periodic benefit cost | The following information for the six months ended June 30, 2016 and 2015 pertains to the Company's non-contributory defined benefit pension plan which was frozen in 2009. If lump sum payments exceed the service cost plus interest cost, an additional settlement charge will apply (dollars in thousands): Components of Net Periodic Benefit Cost Six months ended June 30, 2016 2015 Service cost $ — $ — Interest cost 134 148 Expected return on plan assets (192 ) (230 ) Recognized net actuarial loss 114 308 Net periodic cost $ 56 $ 226 |
Fair Value of Financial Instr37
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [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 at the dates indicated (dollars in thousands): Fair Value Measurements at June 30, 2016 Using Balance at June 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2016 Level 1 Level 2 Level 3 Assets: Securities available for sale: Federal agencies and GSEs $ 100,728 $ — $ 100,728 $ — Mortgage-backed and CMOs 82,396 — 82,396 — State and municipal 168,935 — 168,935 — Corporate 8,839 — 8,839 — Equity securities 1,902 — 1,902 — Total $ 362,800 $ — $ 362,800 $ — Fair Value Measurements at December 31, 2015 Using Balance at December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2015 Level 1 Level 2 Level 3 Assets: Securities available for sale: Federal agencies and GSEs $ 81,452 $ — $ 81,452 $ — Mortgage-backed and CMOs 70,930 — 70,930 — State and municipal 175,891 — 175,891 — Corporate 10,590 — 10,590 — Equity securities 1,486 — — 1,486 Total $ 340,349 $ — $ 338,863 $ 1,486 |
Schedule of fair value measurements using significant unobservable inputs (Level 3) | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Total Realized / Unrealized Gains Balances as of January 1, 2016 Net Income Other Comprehensive Income Purchases, Sales, Issuances and Settlements, Net Transfer In (Out) of Level 3 Balances as of June 30, 2016 Securities available for sale: Equity $ 1,486 $ — $ 93 $ — $ (1,579 ) $ — |
Schedule of assets that were measured at fair value on a nonrecurring basis | The following table summarizes the Company's assets that were measured at fair value on a nonrecurring basis at the dates indicated (dollars in thousands): Fair Value Measurements at June 30, 2016 Using Balance at June 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2016 Level 1 Level 2 Level 3 Assets: Loans held for sale $ 4,692 $ — $ 4,692 $ — Impaired loans, net of valuation allowance 2,432 — — 2,432 Other real estate owned, net 1,289 — — 1,289 Fair Value Measurements at December 31, 2015 Using Balance at December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2015 Level 1 Level 2 Level 3 Assets: Loans held for sale $ 3,266 $ — $ 3,266 $ — Impaired loans, net of valuation allowance 2,948 — — 2,948 Other real estate owned, net 2,184 — — 2,184 |
Schedule of quantitative information of assets measured at Level 3 | The following tables summarize the Company's quantitative information about Level 3 fair value measurements at the dates indicated: Quantitative Information About Level 3 Fair Value Measurements at June 30, 2016 Assets Valuation Technique Unobservable Input Weighted Impaired loans Discounted appraised value Selling cost 8 % Other real estate owned, net Discounted appraised value Selling cost 6 % Quantitative Information About Level 3 Fair Value Measurements at December 31, 2015 Assets Valuation Technique Unobservable Input Weighted Securities available for sale Third party model based techniques Stock price in different rate environments 49 % Impaired loans Discounted appraised value Selling cost 6 % Discounted cash flow analysis Market rate for borrower (discount rate) 4 % Other real estate owned, net Discounted appraised value Selling cost 6 % |
Schedule of carrying values and estimated fair values of the entity's financial instruments | The carrying values and estimated fair values of the Company's financial instruments at June 30, 2016 are as follows (dollars in thousands): Fair Value Measurements at June 30, 2016 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Carrying Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 73,341 $ 73,341 $ — $ — $ 73,341 Securities available for sale 362,800 362,477 — 362,477 Restricted stock 5,362 — 5,362 — 5,362 Loans held for sale 4,692 — 4,692 — 4,692 Loans, net of allowance 1,045,285 — — 1,048,001 1,048,001 Bank owned life insurance 17,885 — 17,885 — 17,885 Accrued interest receivable 4,974 — 4,974 — 4,974 Financial Liabilities: Deposits $ 1,298,385 $ — $ 895,047 $ 405,688 $ 1,300,735 Repurchase agreements 53,369 — 53,369 — 53,369 Other borrowings 9,969 — — 10,285 10,285 Junior subordinated debt 27,673 — — 26,856 26,856 Accrued interest payable 668 — 668 — 668 The carrying values and estimated fair values of the Company's financial instruments at December 31, 2015 are as follows (dollars in thousands): Fair Value Measurements at December 31, 2015 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Carrying Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 95,337 $ 95,337 $ — $ — $ 95,337 Securities available for sale 340,349 — 338,863 1,486 340,349 Restricted stock 5,312 — 5,312 — 5,312 Loans held for sale 3,266 — 3,266 — 3,266 Loans, net of allowance 992,924 — — 994,808 994,808 Bank owned life insurance 17,658 — 17,658 — 17,658 Accrued interest receivable 4,116 — 4,116 — 4,116 Financial Liabilities: Deposits $ 1,262,660 $ — $ 865,350 $ 396,551 $ 1,261,901 Repurchase agreements 40,611 — 40,611 — 40,611 Other borrowings 9,958 — — 10,293 10,293 Junior subordinated debt 27,622 — — 22,940 22,940 Accrued interest payable 655 — 655 — 655 |
Segment and Related Informati38
Segment and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment information | Segment information as of and for the three and six months ended June 30, 2016 and 2015 (unaudited), is shown in the following tables (dollars in thousands): Three Months Ended June 30, 2016 Community Trust and Other Intersegment Total Interest income $ 13,754 $ — $ 15 $ — $ 13,769 Interest expense 1,396 — 213 — 1,609 Noninterest income 2,177 1,184 6 — 3,367 Income (loss) before income taxes 5,566 679 (424 ) — 5,821 Net income (loss) 3,891 477 (280 ) — 4,088 Depreciation and amortization 759 3 — — 762 Total assets 1,597,722 — 230,456 (226,527 ) 1,601,651 Goodwill 43,872 — — — 43,872 Capital expenditures 120 — — — 120 Three Months Ended June 30, 2015 Community Trust and Other Intersegment Total Interest income $ 13,822 $ — $ 15 $ — $ 13,837 Interest expense 1,267 — 188 — 1,455 Noninterest income 2,038 1,215 5 — 3,258 Income (loss) before income taxes 3,647 573 (322 ) — 3,898 Net income (loss) 2,671 422 (213 ) — 2,880 Depreciation and amortization 739 3 — — 742 Total assets 1,522,208 — 222,526 (220,378 ) 1,524,356 Goodwill 44,210 — — — 44,210 Capital expenditures 232 21 — — 253 Six Months Ended June 30, 2016 Community Trust and Other Intersegment Total Interest income $ 27,910 $ — $ 30 $ — $ 27,940 Interest expense 2,775 — 421 — 3,196 Noninterest income 4,335 2,318 11 — 6,664 Income (loss) before income taxes 11,182 1,334 (782 ) — 11,734 Net income (loss) 7,798 934 (516 ) — 8,216 Depreciation and amortization 1,519 6 — — 1,525 Total assets 1,597,722 — 230,456 (226,527 ) 1,601,651 Goodwill 43,872 — — — 43,872 Capital expenditures 269 — — — 269 Six Months Ended June 30, 2015 Community Trust and Other Intersegment Total Interest income $ 27,646 $ — $ 30 $ — $ 27,676 Interest expense 2,544 — 372 — 2,916 Noninterest income 4,021 2,383 10 — 6,414 Income (loss) before income taxes 8,154 1,223 (592 ) — 8,785 Net income (loss) 5,896 890 (391 ) — 6,395 Depreciation and amortization 1,477 6 — — 1,483 Total assets 1,522,208 — 222,526 (220,378 ) 1,524,356 Goodwill 44,210 — — — 44,210 Capital expenditures 580 21 — — 601 |
Supplemental Cash Flow Inform39
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of supplemental disclosure of cash flow information | Six Months Ended 2016 2015 Supplemental Schedule of Cash and Cash Equivalents: Cash and due from banks $ 21,625 $ 24,548 Interest-bearing deposits in other banks 51,716 50,758 Federal funds sold — 408 Cash and Cash Equivalents $ 73,341 $ 75,714 Supplemental Disclosure of Cash Flow Information: Cash paid for: Interest on deposits and borrowed funds $ 3,183 $ 2,905 Income taxes 3,397 2,415 Noncash investing and financing activities: Transfer of loans to other real estate owned 97 1,047 Unrealized gains on securities available for sale 2,217 (1,941 ) Non-cash transactions related to acquisitions: Assets acquired: Investment securities — 18,800 Restricted stock — 738 Loans — 114,902 Premises and equipment — 1,475 Deferred income taxes — 2,683 Core deposit intangible — 1,839 Other real estate owned — 168 Bank owned life insurance — 1,955 Other assets — 917 Liabilities assumed: Deposits — 137,323 Other liabilities — 3,076 Consideration: Issuance of common stock — 20,483 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Components of accumulated other comprehensive income (loss) | Changes in each component of accumulated other comprehensive income ("AOCI") for the three and six months ended June 30, 2016 and 2015 (unaudited) were as follows (dollars in thousands): For the Three Months Ended Net Unrealized Gains (Losses) on Securities Adjustments Related to Pension Benefits Accumulated Other Comprehensive Income (Loss) Balance at March 31, 2015 $ 6,446 $ (2,181 ) $ 4,265 Net unrealized gains on securities available for sale, net of tax, $(920) (1,708 ) — (1,708 ) Reclassification adjustment for gains on securities, net of tax, $(82) (155 ) — (155 ) Balance at June 30, 2015 $ 4,583 $ (2,181 ) $ 2,402 Balance at March 31, 2016 $ 5,328 $ (1,832 ) $ 3,496 Net unrealized gains on securities available for sale, net of tax, $204 379 — 379 Reclassification adjustment for gains on securities, net of tax, $(78) (144 ) — (144 ) Balance at June 30, 2016 $ 5,563 $ (1,832 ) $ 3,731 For the Six Months Ended Net Unrealized Gains (Losses) on Securities Adjustments Related to Pension Benefits Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2014 $ 5,845 $ (2,181 ) $ 3,664 Net unrealized gains on securities available for sale, net of tax, $(488) (906 ) — (906 ) Reclassification adjustment for gains on securities, net of tax, $(191) (356 ) — (356 ) Balance at June 30, 2015 $ 4,583 $ (2,181 ) $ 2,402 Balance at December 31, 2015 $ 4,122 $ (1,832 ) $ 2,290 Net unrealized losses on securities available for sale, net of tax, $982 1,823 — 1,823 Reclassification adjustment for gains on securities, net of tax, $(206) (382 ) — (382 ) Balance at June 30, 2016 $ 5,563 $ (1,832 ) $ 3,731 |
Reclassifications out of accumulated other comprehensive income | Reclassifications Out of Accumulated Other Comprehensive Income For the three and six months ended June 30, 2016 and 2015 (dollars in thousands) For the Three Months Ended June 30, 2016 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gain on sale of securities $ 222 Securities gains, net (78 ) Income taxes Total reclassifications $ 144 Net of tax For the Three Months Ended June 30, 2015 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gain on sale of securities $ 237 Securities gains, net (82 ) Income taxes Total reclassifications $ 155 Net of tax For the Six Months Ended June 30, 2016 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gain on sale of securities $ 588 Securities gains, net (206 ) Income taxes Total reclassifications $ 382 Net of tax For the Six Months Ended June 30, 2015 Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Details about AOCI Components Available for sale securities: Realized gain on sale of securities $ 547 Securities gains, net (191 ) Income taxes Total reclassifications $ 356 Net of tax |
Acquisition of MainStreet Ban41
Acquisition of MainStreet Bankshares, Inc. - (Details) | Jan. 01, 2015USD ($)bank$ / sharesshares | Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | [1] |
Business Acquisition [Line Items] | |||||
Number of shares granted in conjunction with the acquisition (in shares) | shares | 0 | ||||
Net loans | $ 1,045,285,000 | $ 992,924,000 | |||
Assets | 1,601,651,000 | $ 1,524,356,000 | 1,547,599,000 | ||
Deposits | 1,298,385,000 | $ 1,262,660,000 | |||
MainStreet BankShares, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Net loans | $ 122,000,000 | ||||
Assets | 164,000,000 | ||||
Deposits | $ 137,000,000 | ||||
Franklin Community Bank, N.A. [Member] | Virginia [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of banking offices served (banks) | bank | 3 | ||||
MainStreet BankShares, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Shares received by acquiree entity in exchange of acquirer entity's common stock (in dollars per share) | $ / shares | $ 3.46 | ||||
Shares received by acquiree entity in exchange of acquirer entity's common stock (in shares) | shares | 0.482 | ||||
Share exchange ratio on acquisitions | 0.643 | ||||
Cash dividends received for purchase of acquisition | $ 6,000,000 | ||||
Amount of loan taken to fund merger | $ 0 | ||||
Number of shares granted in conjunction with the acquisition (in shares) | shares | 43,086 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | |||||
Net impact to income before taxes | 361,000 | 872,000 | |||
MainStreet BankShares, Inc. [Member] | Amortization of intangible asset [Member] | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | |||||
Intangibles | (124,000) | (147,000) | |||
MainStreet BankShares, Inc. [Member] | CD [Member] | Interest on deposits [Member] | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | |||||
Financial assets | 0 | 0 | |||
MainStreet BankShares, Inc. [Member] | Brokered CD [Member] | Interest on deposits [Member] | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | |||||
Financial assets | 0 | 0 | |||
MainStreet BankShares, Inc. [Member] | Purchase Acquired Impaired Loans [Member] | Interest and fees on loans [Member] | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | |||||
Financial assets | 370,000 | 803,000 | |||
MainStreet BankShares, Inc. [Member] | Performing [Member] | Interest and fees on loans [Member] | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | |||||
Financial assets | $ 115,000 | $ 216,000 | |||
[1] | Derived from audited consolidated financial statements. |
Securities - Schedule of Amort
Securities - Schedule of Amortized Cost and Fair Value of Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Securities available for sale: | |||
Amortized Cost | $ 354,241 | $ 334,008 | |
Unrealized Gains | 8,586 | 7,142 | |
Unrealized Losses | 27 | 801 | |
Securities available for sale | 362,800 | 340,349 | [1] |
Federal agencies and GSEs [Member] | |||
Securities available for sale: | |||
Amortized Cost | 100,348 | 81,601 | |
Unrealized Gains | 381 | 170 | |
Unrealized Losses | 1 | 319 | |
Securities available for sale | 100,728 | 81,452 | |
Mortgage-backed and CMOs [Member] | |||
Securities available for sale: | |||
Amortized Cost | 80,948 | 70,520 | |
Unrealized Gains | 1,467 | 799 | |
Unrealized Losses | 19 | 389 | |
Securities available for sale | 82,396 | 70,930 | |
State and municipal [Member] | |||
Securities available for sale: | |||
Amortized Cost | 162,905 | 170,268 | |
Unrealized Gains | 6,037 | 5,659 | |
Unrealized Losses | 7 | 36 | |
Securities available for sale | 168,935 | 175,891 | |
Corporate [Member] | |||
Securities available for sale: | |||
Amortized Cost | 8,752 | 10,619 | |
Unrealized Gains | 87 | 28 | |
Unrealized Losses | 0 | 57 | |
Securities available for sale | 8,839 | 10,590 | |
Equity securities [Member] | |||
Securities available for sale: | |||
Amortized Cost | 1,288 | 1,000 | |
Unrealized Gains | 614 | 486 | |
Unrealized Losses | 0 | 0 | |
Securities available for sale | $ 1,902 | $ 1,486 | |
[1] | Derived from audited consolidated financial statements. |
Securities - Narrative (Detail
Securities - Narrative (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016USD ($)Investment | Dec. 31, 2015USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||
Par value of restricted stock out of outstanding capital required by FRB | 3.00% | |
Percentage restricted stock outstanding capital subject to call | 3.00% | |
Par value of restricted stock out of outstanding borrowings required by FHLB | 4.50% | |
Schedule of Available-for-sale Securities [Line Items] | ||
Other-than-temporary impairment losses recognized | $ | $ 0 | $ 0 |
Federal agencies and GSEs [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities with unrealized losses | 2 | |
Mortgage-backed and CMOs [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities with unrealized losses | 6 | |
State and municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities with unrealized losses | 7 | |
Corporate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities with unrealized losses | 0 |
Securities - Cost of Restricte
Securities - Cost of Restricted Stock (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | |||
Total restricted stock | $ 5,362 | $ 5,312 | [1] |
FRB Stock [Member] | |||
Schedule of Investments [Line Items] | |||
Total restricted stock | 3,547 | 3,535 | |
FHLB Stock [Member] | |||
Schedule of Investments [Line Items] | |||
Total restricted stock | $ 1,815 | $ 1,777 | |
[1] | Derived from audited consolidated financial statements. |
Securities - Fair Value and Gr
Securities - Fair Value and Gross Unrealized Losses by Investment Category and Length of Time (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Total Fair Value | $ 16,158 | $ 113,726 |
Available-for-sale Securities, Fair Value Less than 12 Months | 13,397 | 109,381 |
Available-for-sale Securities, Fair Value 12 Months or More | 2,761 | 4,345 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available-for-sale Securities, Total Unrealized Loss | 27 | 801 |
Available-for-sale Securities, Unrealized Loss Less than 12 Months | 9 | 728 |
Available-for-sale Securities, Unrealized Loss 12 Months or Longer | 18 | 73 |
Federal agencies and GSEs [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Total Fair Value | 8,505 | 57,711 |
Available-for-sale Securities, Fair Value Less than 12 Months | 8,505 | 57,711 |
Available-for-sale Securities, Fair Value 12 Months or More | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available-for-sale Securities, Total Unrealized Loss | 1 | 319 |
Available-for-sale Securities, Unrealized Loss Less than 12 Months | 1 | 319 |
Available-for-sale Securities, Unrealized Loss 12 Months or Longer | 0 | 0 |
Mortgage-backed and CMOs [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Total Fair Value | 2,589 | 37,368 |
Available-for-sale Securities, Fair Value Less than 12 Months | 648 | 35,424 |
Available-for-sale Securities, Fair Value 12 Months or More | 1,941 | 1,944 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available-for-sale Securities, Total Unrealized Loss | 19 | 389 |
Available-for-sale Securities, Unrealized Loss Less than 12 Months | 1 | 346 |
Available-for-sale Securities, Unrealized Loss 12 Months or Longer | 18 | 43 |
State and municipal [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Total Fair Value | 5,064 | 13,540 |
Available-for-sale Securities, Fair Value Less than 12 Months | 4,244 | 12,716 |
Available-for-sale Securities, Fair Value 12 Months or More | 820 | 824 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available-for-sale Securities, Total Unrealized Loss | 7 | 36 |
Available-for-sale Securities, Unrealized Loss Less than 12 Months | 7 | 34 |
Available-for-sale Securities, Unrealized Loss 12 Months or Longer | $ 0 | 2 |
Corporate [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Total Fair Value | 5,107 | |
Available-for-sale Securities, Fair Value Less than 12 Months | 3,530 | |
Available-for-sale Securities, Fair Value 12 Months or More | 1,577 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available-for-sale Securities, Total Unrealized Loss | 57 | |
Available-for-sale Securities, Unrealized Loss Less than 12 Months | 29 | |
Available-for-sale Securities, Unrealized Loss 12 Months or Longer | $ 28 |
Loans - Schedule of Loans Excl
Loans - Schedule of Loans Excluding Loans Held for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | $ 1,057,959 | $ 1,005,525 | [1] |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 201,381 | 177,481 | |
Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 527,615 | 503,154 | |
Commercial real estate [Member] | Construction and land development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 89,451 | 72,968 | |
Commercial real estate [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 438,164 | 430,186 | |
Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 323,864 | 318,883 | |
Residential [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 216,857 | 220,434 | |
Residential [Member] | Home equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 107,007 | 98,449 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | $ 5,099 | $ 6,007 | |
[1] | Derived from audited consolidated financial statements. |
Loans - Outstanding Principal
Loans - Outstanding Principal and Carrying Amount of Acquired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Outstanding principal balance and the carrying amount of loan acquired [Abstract] | ||
Outstanding principal balance | $ 123,770 | $ 145,380 |
Carrying amount | 115,084 | 135,254 |
Outstanding principal balance and the carrying amount of loan acquired, impaired [Abstract] | ||
Outstanding principal balance | 36,401 | 40,951 |
Carrying amount | $ 30,302 | $ 33,878 |
Loans - Accretable Yield on Ac
Loans - Accretable Yield on Acquired Impaired Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Changes in the accretable discount on acquired loans [Abstract] | ||
Beginning balance | $ 7,299 | $ 1,440 |
Additions from merger with MainStreet | 0 | 7,140 |
Accretion | (1,902) | (4,313) |
Other changes, net | 645 | 3,032 |
Ending balance | $ 6,042 | $ 7,299 |
Loans - Past Due (Details)
Loans - Past Due (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | $ 4,536 | $ 7,176 | |
90 Days Plus Past Due and Still Accruing | 0 | 0 | |
Non- Accrual Loans | 3,412 | 5,205 | |
Current | 1,053,423 | 998,349 | |
Total Loans | 1,057,959 | 1,005,525 | [1] |
Commercial [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 77 | 227 | |
90 Days Plus Past Due and Still Accruing | 0 | 0 | |
Non- Accrual Loans | 74 | 90 | |
Current | 201,304 | 177,254 | |
Total Loans | 201,381 | 177,481 | |
Commercial real estate [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Loans | 527,615 | 503,154 | |
Commercial real estate [Member] | Construction and land development [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 114 | 258 | |
90 Days Plus Past Due and Still Accruing | 0 | 0 | |
Non- Accrual Loans | 86 | 258 | |
Current | 89,337 | 72,710 | |
Total Loans | 89,451 | 72,968 | |
Commercial real estate [Member] | Real estate [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 934 | 2,814 | |
90 Days Plus Past Due and Still Accruing | 0 | 0 | |
Non- Accrual Loans | 933 | 2,497 | |
Current | 437,230 | 427,372 | |
Total Loans | 438,164 | 430,186 | |
Residential [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Loans | 323,864 | 318,883 | |
Residential [Member] | Real estate [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 2,494 | 3,042 | |
90 Days Plus Past Due and Still Accruing | 0 | 0 | |
Non- Accrual Loans | 1,688 | 1,731 | |
Current | 214,363 | 217,392 | |
Total Loans | 216,857 | 220,434 | |
Residential [Member] | Home equity [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 876 | 772 | |
90 Days Plus Past Due and Still Accruing | 0 | 0 | |
Non- Accrual Loans | 628 | 620 | |
Current | 106,131 | 97,677 | |
Total Loans | 107,007 | 98,449 | |
Consumer [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 41 | 63 | |
90 Days Plus Past Due and Still Accruing | 0 | 0 | |
Non- Accrual Loans | 3 | 9 | |
Current | 5,058 | 5,944 | |
Total Loans | 5,099 | 6,007 | |
30 to 59 Days Past Due [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 769 | 1,378 | |
30 to 59 Days Past Due [Member] | Commercial [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 0 | 137 | |
30 to 59 Days Past Due [Member] | Commercial real estate [Member] | Construction and land development [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 0 | 0 | |
30 to 59 Days Past Due [Member] | Commercial real estate [Member] | Real estate [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 1 | 135 | |
30 to 59 Days Past Due [Member] | Residential [Member] | Real estate [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 548 | 913 | |
30 to 59 Days Past Due [Member] | Residential [Member] | Home equity [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 191 | 140 | |
30 to 59 Days Past Due [Member] | Consumer [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 29 | 53 | |
60 to 89 Days Past Due [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 355 | 593 | |
60 to 89 Days Past Due [Member] | Commercial [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 3 | 0 | |
60 to 89 Days Past Due [Member] | Commercial real estate [Member] | Construction and land development [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 28 | 0 | |
60 to 89 Days Past Due [Member] | Commercial real estate [Member] | Real estate [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 0 | 182 | |
60 to 89 Days Past Due [Member] | Residential [Member] | Real estate [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 258 | 398 | |
60 to 89 Days Past Due [Member] | Residential [Member] | Home equity [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | 57 | 12 | |
60 to 89 Days Past Due [Member] | Consumer [Member] | |||
Analysis by portfolio segment of the entity's past due loans [Abstract] | |||
Total Past Due | $ 9 | $ 1 | |
[1] | Derived from audited consolidated financial statements. |
Loans - Impaired Loan Balances
Loans - Impaired Loan Balances By Portfolio Segment (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, recorded investment | $ 1,598 | $ 1,724 |
Impaired loan, with related allowance, recorded investment | 2,460 | 2,983 |
Impaired loan, total, recorded investment | 4,058 | 4,707 |
Unpaid Principal Balance [Abstract] | ||
Impaired loan, with no related allowance, unpaid principal balance | 1,599 | 1,725 |
Impaired loan, with related allowance, unpaid principal balance | 2,464 | 3,026 |
Impaired loan, total, unpaid principal balance | 4,063 | 4,751 |
Impaired loan, total, related allowance | 28 | 35 |
Average Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, average recorded investment | 1,228 | 2,216 |
Impaired loan, with related allowance, average recorded investment | 2,869 | 2,387 |
Impaired loan, total, average recorded investment | 4,097 | 4,603 |
Interest Income Recognized [Abstract] | ||
Impaired loan, with no related allowance, interest income recognized | 43 | 1 |
Impaired loan, with related allowance, interest income recognized | 29 | 65 |
Impaired loan, total, interest income recognized | 72 | 66 |
Commercial [Member] | ||
Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, recorded investment | 3 | 4 |
Impaired loan, with related allowance, recorded investment | 98 | 91 |
Impaired loan, total, recorded investment | 101 | 95 |
Unpaid Principal Balance [Abstract] | ||
Impaired loan, with no related allowance, unpaid principal balance | 3 | 4 |
Impaired loan, with related allowance, unpaid principal balance | 98 | 91 |
Impaired loan, total, unpaid principal balance | 101 | 95 |
Impaired loan, total, related allowance | 0 | 0 |
Average Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, average recorded investment | 3 | 47 |
Impaired loan, with related allowance, average recorded investment | 102 | 99 |
Impaired loan, total, average recorded investment | 105 | 146 |
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 |
Commercial real estate [Member] | Construction and land development [Member] | ||
Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, recorded investment | 0 | 205 |
Impaired loan, with related allowance, recorded investment | 291 | 448 |
Impaired loan, total, recorded investment | 291 | 653 |
Unpaid Principal Balance [Abstract] | ||
Impaired loan, with no related allowance, unpaid principal balance | 0 | 205 |
Impaired loan, with related allowance, unpaid principal balance | 291 | 449 |
Impaired loan, total, unpaid principal balance | 291 | 654 |
Impaired loan, total, related allowance | 4 | 6 |
Average Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, average recorded investment | 0 | 220 |
Impaired loan, with related allowance, average recorded investment | 410 | 563 |
Impaired loan, total, average recorded investment | 410 | 783 |
Interest Income Recognized [Abstract] | ||
Impaired loan, with no related allowance, interest income recognized | 0 | 0 |
Impaired loan, with related allowance, interest income recognized | 10 | 26 |
Impaired loan, total, interest income recognized | 10 | 26 |
Commercial real estate [Member] | Real estate [Member] | ||
Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, recorded investment | 1,577 | 1,202 |
Impaired loan, with related allowance, recorded investment | 384 | 390 |
Impaired loan, total, recorded investment | 1,961 | 1,592 |
Unpaid Principal Balance [Abstract] | ||
Impaired loan, with no related allowance, unpaid principal balance | 1,577 | 1,206 |
Impaired loan, with related allowance, unpaid principal balance | 384 | 391 |
Impaired loan, total, unpaid principal balance | 1,961 | 1,597 |
Impaired loan, total, related allowance | 2 | 3 |
Average Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, average recorded investment | 1,096 | 1,504 |
Impaired loan, with related allowance, average recorded investment | 413 | 353 |
Impaired loan, total, average recorded investment | 1,509 | 1,857 |
Interest Income Recognized [Abstract] | ||
Impaired loan, with no related allowance, interest income recognized | 40 | 1 |
Impaired loan, with related allowance, interest income recognized | 7 | 17 |
Impaired loan, total, interest income recognized | 47 | 18 |
Residential [Member] | Real estate [Member] | ||
Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, recorded investment | 2 | 127 |
Impaired loan, with related allowance, recorded investment | 1,415 | 1,649 |
Impaired loan, total, recorded investment | 1,417 | 1,776 |
Unpaid Principal Balance [Abstract] | ||
Impaired loan, with no related allowance, unpaid principal balance | 3 | 124 |
Impaired loan, with related allowance, unpaid principal balance | 1,420 | 1,690 |
Impaired loan, total, unpaid principal balance | 1,423 | 1,814 |
Impaired loan, total, related allowance | 22 | 0 |
Average Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, average recorded investment | 1 | 126 |
Impaired loan, with related allowance, average recorded investment | 1,588 | 1,034 |
Impaired loan, total, average recorded investment | 1,589 | 1,160 |
Interest Income Recognized [Abstract] | ||
Impaired loan, with no related allowance, interest income recognized | 2 | 0 |
Impaired loan, with related allowance, interest income recognized | 9 | 22 |
Impaired loan, total, interest income recognized | 11 | 22 |
Residential [Member] | Home equity [Member] | ||
Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, recorded investment | 6 | 173 |
Impaired loan, with related allowance, recorded investment | 271 | 397 |
Impaired loan, total, recorded investment | 277 | 570 |
Unpaid Principal Balance [Abstract] | ||
Impaired loan, with no related allowance, unpaid principal balance | 6 | 173 |
Impaired loan, with related allowance, unpaid principal balance | 270 | 396 |
Impaired loan, total, unpaid principal balance | 276 | 569 |
Impaired loan, total, related allowance | 0 | 25 |
Average Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, average recorded investment | 117 | 305 |
Impaired loan, with related allowance, average recorded investment | 341 | 327 |
Impaired loan, total, average recorded investment | 458 | 632 |
Interest Income Recognized [Abstract] | ||
Impaired loan, with no related allowance, interest income recognized | 1 | 0 |
Impaired loan, with related allowance, interest income recognized | 2 | 0 |
Impaired loan, total, interest income recognized | 3 | 0 |
Consumer [Member] | ||
Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, recorded investment | 10 | 13 |
Impaired loan, with related allowance, recorded investment | 1 | 8 |
Impaired loan, total, recorded investment | 11 | 21 |
Unpaid Principal Balance [Abstract] | ||
Impaired loan, with no related allowance, unpaid principal balance | 10 | 13 |
Impaired loan, with related allowance, unpaid principal balance | 1 | 9 |
Impaired loan, total, unpaid principal balance | 11 | 22 |
Impaired loan, total, related allowance | 0 | 1 |
Average Recorded Investment [Abstract] | ||
Impaired loan, with no related allowance, average recorded investment | 11 | 14 |
Impaired loan, with related allowance, average recorded investment | 15 | 11 |
Impaired loan, total, average recorded investment | 26 | 25 |
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 |
Loans - Loans Modified for Tro
Loans - Loans Modified for Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($)contract | Jun. 30, 2015USD ($)contract | Jun. 30, 2016USD ($)contract | Jun. 30, 2015USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 3 | 4 | 4 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 963 | $ 300 | $ 1,031 | $ 650 |
Post-Modification Outstanding Recorded Investment | $ 962 | $ 300 | $ 1,028 | $ 644 |
Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 24 | $ 0 | $ 24 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 24 | $ 0 | $ 24 | $ 0 |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Real estate [Member] | Commercial real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 2 | 2 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 937 | $ 249 | $ 1,005 | $ 256 |
Post-Modification Outstanding Recorded Investment | $ 937 | $ 249 | $ 1,003 | $ 255 |
Real estate [Member] | Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 2 | 1 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 2 | $ 51 | $ 2 | $ 394 |
Post-Modification Outstanding Recorded Investment | $ 1 | $ 51 | $ 1 | $ 389 |
Construction and land development [Member] | Commercial real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Home equity [Member] | Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Loans - Residential Real Estat
Loans - Residential Real Estate in Process of Foreclosures (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Residential real estate in process of foreclosure | $ 1,208 | |
Residential other real estate owned | $ 533 | $ 643 |
Loans - Loans Portfolio by Int
Loans - Loans Portfolio by Internal Risk Grading (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | $ 1,057,959 | $ 1,005,525 | [1] |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 201,381 | 177,481 | |
Commercial real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 527,615 | 503,154 | |
Commercial real estate [Member] | Construction and land development [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 89,451 | 72,968 | |
Commercial real estate [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 438,164 | 430,186 | |
Commercial real estate [Member] | Real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 438,164 | 430,186 | |
Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 323,864 | 318,883 | |
Residential [Member] | Real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 216,857 | 220,434 | |
Residential [Member] | Home equity [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 107,007 | 98,449 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 5,099 | 6,007 | |
Consumer [Member] | Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 5,061 | 5,999 | |
Consumer [Member] | Nonperforming [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 38 | 8 | |
Pass [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 200,609 | 175,963 | |
Pass [Member] | Commercial real estate [Member] | Construction and land development [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 86,580 | 68,853 | |
Pass [Member] | Commercial real estate [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 426,666 | 418,719 | |
Pass [Member] | Residential [Member] | Real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 199,337 | 200,008 | |
Pass [Member] | Residential [Member] | Home equity [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 104,426 | 96,142 | |
Special Mention [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 683 | 1,364 | |
Special Mention [Member] | Commercial real estate [Member] | Construction and land development [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 818 | 1,210 | |
Special Mention [Member] | Commercial real estate [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 6,811 | 5,860 | |
Special Mention [Member] | Residential [Member] | Real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 12,517 | 14,638 | |
Special Mention [Member] | Residential [Member] | Home equity [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,548 | 1,314 | |
Substandard [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 89 | 154 | |
Substandard [Member] | Commercial real estate [Member] | Construction and land development [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 2,053 | 2,905 | |
Substandard [Member] | Commercial real estate [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 4,687 | 5,607 | |
Substandard [Member] | Residential [Member] | Real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 5,003 | 5,788 | |
Substandard [Member] | Residential [Member] | Home equity [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,033 | 993 | |
Doubtful [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Doubtful [Member] | Commercial real estate [Member] | Construction and land development [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Doubtful [Member] | Commercial real estate [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Doubtful [Member] | Residential [Member] | Real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Doubtful [Member] | Residential [Member] | Home equity [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | $ 0 | $ 0 | |
[1] | Derived from audited consolidated financial statements. |
Allowance for Loan Losses and54
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | ||||
Allowance for Loan Losses | ||||||||||
Balance, beginning of period | $ 12,601 | [1] | $ 12,427 | $ 12,427 | ||||||
Provision for loan losses | $ 50 | $ 100 | 100 | 700 | 950 | |||||
Charge-offs | (158) | (630) | (1,200) | |||||||
Recoveries | 131 | 296 | 424 | |||||||
Balance, end of period | 12,674 | 12,793 | 12,674 | 12,793 | 12,601 | [1] | ||||
Reserve for Unfunded Lending Commitments | ||||||||||
Balance, beginning of period | 184 | 163 | 163 | |||||||
Provision for unfunded commitments | 12 | 13 | 21 | |||||||
Charge-offs | 0 | 0 | 0 | |||||||
Balance, end of period | 196 | 176 | 196 | 176 | 184 | |||||
Allowance for Loan Losses | ||||||||||
Individually evaluated for impairment | $ 28 | $ 35 | ||||||||
Collectively evaluated for impairment | 12,281 | 12,159 | ||||||||
Total | 12,674 | $ 12,793 | 12,601 | [1] | 12,427 | 12,427 | 12,674 | 12,601 | [1] | |
Loans | ||||||||||
Individually evaluated for impairment | 4,058 | 4,707 | ||||||||
Collectively evaluated for impairment | 1,023,599 | 966,940 | ||||||||
Total Loans | 1,057,959 | 1,005,525 | [1] | |||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||||
Allowance for Loan Losses | ||||||||||
Balance, beginning of period | 407 | |||||||||
Balance, end of period | 365 | 365 | 407 | |||||||
Allowance for Loan Losses | ||||||||||
Total | 365 | 407 | 407 | 365 | 407 | |||||
Loans | ||||||||||
Total Loans | 30,302 | 33,878 | ||||||||
Commercial [Member] | ||||||||||
Allowance for Loan Losses | ||||||||||
Balance, beginning of period | 2,065 | 1,818 | 1,818 | |||||||
Provision for loan losses | 184 | 390 | ||||||||
Charge-offs | (40) | (175) | ||||||||
Recoveries | 12 | 32 | ||||||||
Balance, end of period | 2,221 | 2,221 | 2,065 | |||||||
Allowance for Loan Losses | ||||||||||
Individually evaluated for impairment | 0 | 0 | ||||||||
Collectively evaluated for impairment | 2,216 | 2,065 | ||||||||
Total | 2,221 | 2,065 | 1,818 | 1,818 | 2,221 | 2,065 | ||||
Loans | ||||||||||
Individually evaluated for impairment | 101 | 95 | ||||||||
Collectively evaluated for impairment | 200,730 | 176,798 | ||||||||
Total Loans | 201,381 | 177,481 | ||||||||
Commercial [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||||
Allowance for Loan Losses | ||||||||||
Balance, beginning of period | 0 | |||||||||
Balance, end of period | 5 | 5 | 0 | |||||||
Allowance for Loan Losses | ||||||||||
Total | 5 | 0 | 0 | 5 | 0 | |||||
Loans | ||||||||||
Total Loans | 550 | 588 | ||||||||
Commercial real estate [Member] | ||||||||||
Allowance for Loan Losses | ||||||||||
Balance, beginning of period | 6,930 | 6,814 | 6,814 | |||||||
Provision for loan losses | (55) | 474 | ||||||||
Charge-offs | 0 | (482) | ||||||||
Recoveries | 16 | 124 | ||||||||
Balance, end of period | 6,891 | 6,891 | 6,930 | |||||||
Allowance for Loan Losses | ||||||||||
Individually evaluated for impairment | 6 | 9 | ||||||||
Collectively evaluated for impairment | 6,760 | 6,750 | ||||||||
Total | 6,891 | 6,930 | 6,814 | 6,814 | 6,891 | 6,930 | ||||
Loans | ||||||||||
Individually evaluated for impairment | 2,252 | 2,245 | ||||||||
Collectively evaluated for impairment | 511,742 | 487,177 | ||||||||
Total Loans | 527,615 | 503,154 | ||||||||
Commercial real estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||||
Allowance for Loan Losses | ||||||||||
Balance, beginning of period | 171 | |||||||||
Balance, end of period | 125 | 125 | 171 | |||||||
Allowance for Loan Losses | ||||||||||
Total | 125 | 171 | 171 | 125 | 171 | |||||
Loans | ||||||||||
Total Loans | 13,621 | 13,732 | ||||||||
Residential [Member] | ||||||||||
Allowance for Loan Losses | ||||||||||
Balance, beginning of period | 3,546 | 3,715 | 3,715 | |||||||
Provision for loan losses | (32) | 15 | ||||||||
Charge-offs | (40) | (323) | ||||||||
Recoveries | 36 | 139 | ||||||||
Balance, end of period | 3,510 | 3,510 | 3,546 | |||||||
Allowance for Loan Losses | ||||||||||
Individually evaluated for impairment | 22 | 26 | ||||||||
Collectively evaluated for impairment | 3,253 | 3,284 | ||||||||
Total | 3,510 | 3,546 | 3,715 | 3,715 | 3,510 | 3,546 | ||||
Loans | ||||||||||
Individually evaluated for impairment | 1,694 | 2,346 | ||||||||
Collectively evaluated for impairment | 306,055 | 297,281 | ||||||||
Total Loans | 323,864 | 318,883 | ||||||||
Residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||||
Allowance for Loan Losses | ||||||||||
Balance, beginning of period | 236 | |||||||||
Balance, end of period | 235 | 235 | 236 | |||||||
Allowance for Loan Losses | ||||||||||
Total | 235 | 236 | 236 | 235 | 236 | |||||
Loans | ||||||||||
Total Loans | 16,115 | 19,256 | ||||||||
Consumer [Member] | ||||||||||
Allowance for Loan Losses | ||||||||||
Balance, beginning of period | 60 | 80 | 80 | |||||||
Provision for loan losses | 3 | 71 | ||||||||
Charge-offs | (78) | (220) | ||||||||
Recoveries | 67 | 129 | ||||||||
Balance, end of period | 52 | 52 | 60 | |||||||
Allowance for Loan Losses | ||||||||||
Individually evaluated for impairment | 0 | 0 | ||||||||
Collectively evaluated for impairment | 52 | 60 | ||||||||
Total | 52 | 60 | $ 80 | 80 | 52 | 60 | ||||
Loans | ||||||||||
Individually evaluated for impairment | 11 | 21 | ||||||||
Collectively evaluated for impairment | 5,072 | 5,684 | ||||||||
Total Loans | 5,099 | 6,007 | ||||||||
Consumer [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||||
Allowance for Loan Losses | ||||||||||
Balance, beginning of period | 0 | |||||||||
Balance, end of period | 0 | 0 | 0 | |||||||
Allowance for Loan Losses | ||||||||||
Total | $ 0 | $ 0 | $ 0 | 0 | 0 | |||||
Loans | ||||||||||
Total Loans | $ 16 | $ 302 | ||||||||
[1] | Derived from audited consolidated financial statements. |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2015 | Jul. 31, 2011 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Core deposit intangible | $ 0 | $ 1,839 | $ 0 | $ 1,839 | |||
Goodwill | |||||||
December 31, 2015 | [1] | 43,872 | |||||
Additions | 0 | ||||||
Amortization | 0 | ||||||
Impairment | 0 | ||||||
June 30, 2016 | 43,872 | 44,210 | 43,872 | 44,210 | |||
Intangibles | |||||||
December 31, 2015 | 2,683 | ||||||
Additions | 0 | ||||||
Amortization | (288) | $ (300) | (576) | $ (601) | |||
Impairment | 0 | ||||||
June 30, 2016 | $ 2,107 | $ 2,107 | |||||
MidCarolina [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Core deposit intangible | $ 6,556 | ||||||
Amortization period of intangible | 108 months | ||||||
MainStreet BankShares, Inc. [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Core deposit intangible | $ 1,839 | ||||||
Amortization period of intangible | 120 months | ||||||
[1] | Derived from audited consolidated financial statements. |
Short-term Borrowings (Details)
Short-term Borrowings (Details) | Jun. 30, 2016USD ($)bank | Dec. 31, 2015USD ($) | |
Debt Disclosure [Abstract] | |||
Federal funds line of credit, number of banks | bank | 2 | ||
Federal funds line of credit, amount per agreement | $ 15,000,000 | ||
Customer repurchase agreements | 53,369,000 | $ 40,611,000 | [1] |
Short-term borrowings | $ 53,369,000 | $ 40,611,000 | |
[1] | Derived from audited consolidated financial statements. |
Long-term Borrowings (Details)
Long-term Borrowings (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | Jan. 01, 2015 | ||
Debt Disclosure [Abstract] | ||||
Percentage of entity's assets equal to line of credit facility | 30.00% | |||
Collateral pledged under blanket floating lien agreement | $ 424,116,000 | |||
Long term advances with federal home loan bank [Abstract] | ||||
Advance Amount | 9,969,000 | $ 9,958,000 | [1] | |
Advances due, net of fair value discount | 31,000 | |||
Public deposit accounts | $ 160,185,000 | |||
November 2017 [Member] | ||||
Long term advances with federal home loan bank [Abstract] | ||||
Due by | Nov. 30, 2017 | Nov. 30, 2017 | ||
Advance Amount | $ 9,969,000 | $ 9,958,000 | ||
Federal Home Loan Bank Advances [Member] | ||||
Long term advances with federal home loan bank [Abstract] | ||||
Outstanding letters of credit | 70,000,000 | |||
US government and agency securities [Member] | ||||
Long term advances with federal home loan bank [Abstract] | ||||
Outstanding letters of credit | $ 142,438,000 | |||
Weighted Average [Member] | November 2017 [Member] | ||||
Long term advances with federal home loan bank [Abstract] | ||||
Weighted Average Rate | 2.98% | 2.98% | ||
MainStreet BankShares, Inc. [Member] | ||||
Long term advances with federal home loan bank [Abstract] | ||||
Long-term borrowings acquired | $ 0 | |||
Amount of loan taken to fund merger | $ 0 | |||
[1] | Derived from audited consolidated financial statements. |
Junior Subordinated Debt (Detai
Junior Subordinated Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2011 | Apr. 07, 2006 | Jun. 30, 2016 | Jul. 01, 2011 |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Proceeds from issuance of trust preferred securities | $ 20,000 | |||
Number of consecutive quarterly periods (up to 20 quarterly periods) | 5 years | |||
Proceeds from issuance of common securities | $ 619 | |||
Principal Amount | 20,619 | |||
Mid Carolina Trust [Member] | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Principal Amount | $ 8,764 | |||
Equity method investments | 264 | |||
AMNB Trust I [Member] | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Equity method investments | $ 619 | |||
Trust Preferred Securities [Member] | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Fixed interest rate | 6.66% | |||
Trust Preferred Securities [Member] | LIBOR [Member] | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Basis Spread on Variable Rate | 1.35% |
Junior Subordinated Debt - Out
Junior Subordinated Debt - Outstanding Payables (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | Jul. 01, 2011 | |
Debt Instrument [Line Items] | |||
Principal Amount | $ 20,619 | ||
MidCarolina Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Valuation allowance associated with junior subordinated debenture | 918 | $ 1,197 | |
MidCarolina Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Valuation allowance associated with junior subordinated debenture | $ 946 | $ 1,021 | |
Junior Subordinated Debt Securities [Member] | |||
Debt Instrument [Line Items] | |||
Principal Amount | 27,673 | 27,622 | |
Junior Subordinated Debt Securities [Member] | AMNB Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Principal Amount | 20,619 | 20,619 | |
Junior Subordinated Debt Securities [Member] | MidCarolina Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Principal Amount | 4,237 | 4,209 | |
Junior Subordinated Debt Securities [Member] | MidCarolina Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Principal Amount | $ 2,817 | $ 2,794 | |
LIBOR [Member] | Junior Subordinated Debt Securities [Member] | AMNB Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.35% | ||
LIBOR [Member] | Junior Subordinated Debt Securities [Member] | MidCarolina Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 3.45% | ||
LIBOR [Member] | Junior Subordinated Debt Securities [Member] | MidCarolina Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 2.95% |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) | 6 Months Ended | |||
Jun. 30, 2016USD ($)directorshares | Jun. 30, 2015USD ($)shares | Dec. 31, 2015USD ($) | Apr. 22, 2008shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of common stock authorizes for issuance (in shares) | shares | 500,000 | |||
Unrecognized compensation expense | $ 0 | |||
Regular monthly board retainer director could receive in cash | 1,667 | |||
Regular monthly board retainer if restricted stock vested | 2,083 | |||
Monthly meeting fees a director could receive in cash | 725 | |||
Monthly meeting fees a director could receive if restricted stock vested | $ 900 | |||
Number of directors elected to receive stock in lieu of cash | director | 13 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum vesting period of granted restricted stock | 36 months | |||
Unrecognized compensation expense | $ 640,000 | $ 594,000 | ||
Weighted average period for recognition of unrecognized compensation cost | 1 year 8 months 16 days | |||
Share based compensation expense | $ 249,000 | $ 173,000 | ||
Number of shares issued (in shares) | shares | 7,451 | 5,953 | ||
Recognized share based compensation expense | $ 198,000 | $ 135,000 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Options Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Option Shares [Abstract] | ||
Outstanding at beginning of period (in shares) | 67,871 | |
Acquired in acquisition (in shares) | 0 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (4,134) | (14,642) |
Forfeited (in shares) | 0 | |
Expired (in shares) | 0 | |
Outstanding at end of period (in shares) | 63,737 | |
Exercisable at end of period (in shares) | 63,737 | |
Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of period (in dollars per share) | $ 24.47 | |
Acquired in acquisition (in dollars per share) | 0 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 24.30 | |
Forfeited (in dollars per share) | 0 | |
Expired (in dollars per share) | 0 | |
Outstanding at end of period (in dollars per share) | 24.48 | |
Exercisable at end of period (in dollars per share) | $ 24.48 | |
Weighted Average Remaining Contractual Term [Abstract] | ||
Outstanding at end of period | 2 years 1 month 21 days | |
Exercisable at end of period | 2 years 1 month 21 days | |
Aggregate Intrinsic Value [Abstract] | ||
Outstanding at end of period | $ 97 | |
Exercisable at end of period | $ 97 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Shares [Roll Forward] | |
Nonvested at December 31, 2015 (in shares) | shares | 41,563 |
Granted (in shares) | shares | 24,091 |
Vested (in shares) | shares | (19,219) |
Forfeited (in shares) | shares | (547) |
Nonvested at June 30, 2016 (in shares) | shares | 45,888 |
Weighted Average Grant Date Fair Value [Roll Forward] | |
Nonvested at December 31, 2015 (in dollars per share) | $ / shares | $ 22.15 |
Granted (in dollars per share) | $ / shares | 22.77 |
Vested (in dollars per share) | $ / shares | 21.47 |
Forfeited (in dollars per share) | $ / shares | 21.98 |
Nonvested at June 30, 2015 (in dollars per share) | $ / shares | $ 22.76 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Shares [Abstract] | ||||
Basic earnings per share (in shares) | 8,610,156 | 8,707,504 | 8,610,998 | 8,713,528 |
Effect of dilutive securities - stock options (in shares) | 9,677 | 8,430 | 5,875 | 8,738 |
Diluted earnings per share (in shares) | 8,619,833 | 8,715,934 | 8,616,873 | 8,722,266 |
Per Share Amount [Abstract] | ||||
Basic earnings per share (in dollars per share) | $ 0.47 | $ 0.33 | $ 0.95 | $ 0.73 |
Effect of dilutive securities - stock options (in dollars per share) | 0 | 0 | 0 | 0 |
Diluted earnings per share (in dollars per share) | $ 0.47 | $ 0.33 | $ 0.95 | $ 0.73 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities not included in computation of earning per share (in shares) | 30,571 | 79,726 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Components of Net Periodic Benefit Cost | ||
Service cost | $ 0 | $ 0 |
Interest cost | 134 | 148 |
Expected return on plan assets | (192) | (230) |
Recognized net actuarial loss | 114 | 308 |
Net periodic cost | $ 56 | $ 226 |
Fair Value of Financial Instr65
Fair Value of Financial Instruments - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Assets | |||
Securities available for sale, at fair value | $ 362,800 | $ 340,349 | [1] |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 0 | ||
Significant Other Observable Inputs Level 2 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 362,477 | 338,863 | |
Significant Unobservable Inputs Level 3 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 0 | 1,486 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets | |||
Securities available for sale, at fair value | 362,800 | 340,349 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 362,800 | 338,863 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 0 | 1,486 | |
Federal agencies and GSEs [Member] | |||
Assets | |||
Securities available for sale, at fair value | 100,728 | 81,452 | |
Federal agencies and GSEs [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets | |||
Securities available for sale, at fair value | 100,728 | 81,452 | |
Federal agencies and GSEs [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 0 | 0 | |
Federal agencies and GSEs [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 100,728 | 81,452 | |
Federal agencies and GSEs [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 0 | 0 | |
Mortgage-backed and CMOs [Member] | |||
Assets | |||
Securities available for sale, at fair value | 82,396 | 70,930 | |
Mortgage-backed and CMOs [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets | |||
Securities available for sale, at fair value | 82,396 | 70,930 | |
Mortgage-backed and CMOs [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 0 | 0 | |
Mortgage-backed and CMOs [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 82,396 | 70,930 | |
Mortgage-backed and CMOs [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 0 | 0 | |
State and municipal [Member] | |||
Assets | |||
Securities available for sale, at fair value | 168,935 | 175,891 | |
State and municipal [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets | |||
Securities available for sale, at fair value | 168,935 | 175,891 | |
State and municipal [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 0 | 0 | |
State and municipal [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 168,935 | 175,891 | |
State and municipal [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 0 | 0 | |
Corporate [Member] | |||
Assets | |||
Securities available for sale, at fair value | 8,839 | 10,590 | |
Corporate [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets | |||
Securities available for sale, at fair value | 8,839 | 10,590 | |
Corporate [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 0 | 0 | |
Corporate [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 8,839 | 10,590 | |
Corporate [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 0 | 0 | |
Equity securities [Member] | |||
Assets | |||
Securities available for sale, at fair value | 1,902 | 1,486 | |
Equity securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets | |||
Securities available for sale, at fair value | 1,902 | 1,486 | |
Equity securities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 0 | 0 | |
Equity securities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | |||
Assets | |||
Securities available for sale, at fair value | 1,902 | $ 0 | |
Equity securities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | |||
Assets | |||
Securities available for sale, at fair value | $ 0 | ||
[1] | Derived from audited consolidated financial statements. |
Fair Value of Financial Instr66
Fair Value of Financial Instruments - Level 3 Fair Value Measurements (Details) - Equity securities [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 1,486 |
Total Realized / Unrealized Gains (Losses) Included in Net Income | 0 |
Total Realized / Unrealized Gains (Losses) Included in Other Comprehensive Income | 93 |
Total Realized / Unrealized Gains (Losses) Included in Purchases, Sales, Issuances and Settlements, Net | 0 |
Transfer In (Out) of Level 3 | (1,579) |
June 30, 2016 | $ 0 |
Fair Value of Financial Instr67
Fair Value of Financial Instruments - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value adjustments | $ 0 | $ 0 |
Fair Value of Financial Instr68
Fair Value of Financial Instruments - Assets Measured on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Assets | ||
Loans held for sale | $ 0 | $ 0 |
Significant Other Observable Inputs Level 2 [Member] | ||
Assets | ||
Loans held for sale | 4,692 | 3,266 |
Significant Unobservable Inputs Level 3 [Member] | ||
Assets | ||
Loans held for sale | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Loans held for sale | 4,692 | 3,266 |
Impaired loans, net of valuation allowance | 2,432 | 2,948 |
Other real estate owned, net | 1,289 | 2,184 |
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Assets | ||
Loans held for sale | 0 | 0 |
Impaired loans, net of valuation allowance | 0 | 0 |
Other real estate owned, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Assets | ||
Loans held for sale | 4,692 | 3,266 |
Impaired loans, net of valuation allowance | 0 | 0 |
Other real estate owned, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Assets | ||
Loans held for sale | 0 | 0 |
Impaired loans, net of valuation allowance | 2,432 | 2,948 |
Other real estate owned, net | $ 1,289 | $ 2,184 |
Fair Value of Financial Instr69
Fair Value of Financial Instruments - Level 3 Quantitative Information (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Securities available-for-sale [Member] | ||
Fair Value Inputs, Quantitative Information [Abstract] | ||
Selling cost | 49.00% | |
Impaired loans [Member] | ||
Fair Value Inputs, Quantitative Information [Abstract] | ||
Selling cost | 8.00% | 6.00% |
Discount rate | 4.00% | |
Other Real Estate Owned [Member] | ||
Fair Value Inputs, Quantitative Information [Abstract] | ||
Selling cost | 6.00% | 6.00% |
Fair Value of Financial Instr70
Fair Value of Financial Instruments - Carrying and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Financial Assets: | |||
Securities available for sale | $ 362,800 | $ 340,349 | [1] |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Financial Assets: | |||
Cash and cash equivalents | 73,341 | 95,337 | |
Securities available for sale | 0 | ||
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: | |||
Deposits | 0 | 0 | |
Repurchase agreements | 0 | 0 | |
Other borrowings | 0 | 0 | |
Junior subordinated debt | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Significant Other Observable Inputs Level 2 [Member] | |||
Financial Assets: | |||
Cash and cash equivalents | 0 | 0 | |
Securities available for sale | 362,477 | 338,863 | |
Restricted stock | 5,362 | 5,312 | |
Loans held for sale | 4,692 | 3,266 | |
Loans, net of allowance | 0 | 0 | |
Bank owned life insurance | 17,885 | 17,658 | |
Accrued interest receivable | 4,974 | 4,116 | |
Financial Liabilities: | |||
Deposits | 895,047 | 865,350 | |
Repurchase agreements | 53,369 | 40,611 | |
Other borrowings | 0 | 0 | |
Junior subordinated debt | 0 | 0 | |
Accrued interest payable | 668 | 655 | |
Significant Unobservable Inputs Level 3 [Member] | |||
Financial Assets: | |||
Cash and cash equivalents | 0 | 0 | |
Securities available for sale | 0 | 1,486 | |
Restricted stock | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans, net of allowance | 1,048,001 | 994,808 | |
Bank owned life insurance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Financial Liabilities: | |||
Deposits | 405,688 | 396,551 | |
Repurchase agreements | 0 | 0 | |
Other borrowings | 10,285 | 10,293 | |
Junior subordinated debt | 26,856 | 22,940 | |
Accrued interest payable | 0 | 0 | |
Carrying Value [Member] | |||
Financial Assets: | |||
Cash and cash equivalents | 73,341 | 95,337 | |
Securities available for sale | 362,800 | 340,349 | |
Restricted stock | 5,362 | 5,312 | |
Loans held for sale | 4,692 | 3,266 | |
Loans, net of allowance | 1,045,285 | 992,924 | |
Bank owned life insurance | 17,885 | 17,658 | |
Accrued interest receivable | 4,974 | 4,116 | |
Financial Liabilities: | |||
Deposits | 1,298,385 | 1,262,660 | |
Repurchase agreements | 53,369 | 40,611 | |
Other borrowings | 9,969 | 9,958 | |
Junior subordinated debt | 27,673 | 27,622 | |
Accrued interest payable | 668 | 655 | |
Fair Value [Member] | |||
Financial Assets: | |||
Cash and cash equivalents | 73,341 | 95,337 | |
Securities available for sale | 362,477 | 340,349 | |
Restricted stock | 5,362 | 5,312 | |
Loans held for sale | 4,692 | 3,266 | |
Loans, net of allowance | 1,048,001 | 994,808 | |
Bank owned life insurance | 17,885 | 17,658 | |
Accrued interest receivable | 4,974 | 4,116 | |
Financial Liabilities: | |||
Deposits | 1,300,735 | 1,261,901 | |
Repurchase agreements | 53,369 | 40,611 | |
Other borrowings | 10,285 | 10,293 | |
Junior subordinated debt | 26,856 | 22,940 | |
Accrued interest payable | $ 668 | $ 655 | |
[1] | Derived from audited consolidated financial statements. |
Segment and Related Informati71
Segment and Related Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)segment | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | [1] | |
Segment Reporting [Abstract] | ||||||
Number of reportable segments | segment | 2 | |||||
Segment Reporting Information [Line Items] | ||||||
Interest income | $ 13,769 | $ 13,837 | $ 27,940 | $ 27,676 | ||
Interest expense | 1,609 | 1,455 | 3,196 | 2,916 | ||
Noninterest income | 3,367 | 3,258 | 6,664 | 6,414 | ||
Income (loss) before income taxes | 5,821 | 3,898 | 11,734 | 8,785 | ||
Net income (loss) | 4,088 | 2,880 | 8,216 | 6,395 | ||
Depreciation and amortization | 762 | 742 | 1,525 | 1,483 | ||
Total assets | 1,601,651 | 1,524,356 | 1,601,651 | 1,524,356 | $ 1,547,599 | |
Goodwill | 43,872 | 44,210 | 43,872 | 44,210 | $ 43,872 | |
Capital expenditures | 120 | 253 | 269 | 601 | ||
Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 15 | 15 | 30 | 30 | ||
Interest expense | 213 | 188 | 421 | 372 | ||
Noninterest income | 6 | 5 | 11 | 10 | ||
Income (loss) before income taxes | (424) | (322) | (782) | (592) | ||
Net income (loss) | (280) | (213) | (516) | (391) | ||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||
Total assets | 230,456 | 222,526 | 230,456 | 222,526 | ||
Goodwill | 0 | 0 | 0 | 0 | ||
Capital expenditures | 0 | 0 | 0 | 0 | ||
Operating Segments [Member] | Community Banking [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 13,754 | 13,822 | 27,910 | 27,646 | ||
Interest expense | 1,396 | 1,267 | 2,775 | 2,544 | ||
Noninterest income | 2,177 | 2,038 | 4,335 | 4,021 | ||
Income (loss) before income taxes | 5,566 | 3,647 | 11,182 | 8,154 | ||
Net income (loss) | 3,891 | 2,671 | 7,798 | 5,896 | ||
Depreciation and amortization | 759 | 739 | 1,519 | 1,477 | ||
Total assets | 1,597,722 | 1,522,208 | 1,597,722 | 1,522,208 | ||
Goodwill | 43,872 | 44,210 | 43,872 | 44,210 | ||
Capital expenditures | 120 | 232 | 269 | 580 | ||
Operating Segments [Member] | Trust and Investment Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 0 | 0 | 0 | 0 | ||
Interest expense | 0 | 0 | 0 | 0 | ||
Noninterest income | 1,184 | 1,215 | 2,318 | 2,383 | ||
Income (loss) before income taxes | 679 | 573 | 1,334 | 1,223 | ||
Net income (loss) | 477 | 422 | 934 | 890 | ||
Depreciation and amortization | 3 | 3 | 6 | 6 | ||
Total assets | 0 | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | 0 | ||
Capital expenditures | 0 | 21 | 0 | 21 | ||
Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 0 | 0 | 0 | 0 | ||
Interest expense | 0 | 0 | 0 | 0 | ||
Noninterest income | 0 | 0 | 0 | 0 | ||
Income (loss) before income taxes | 0 | 0 | 0 | 0 | ||
Net income (loss) | 0 | 0 | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||
Total assets | (226,527) | (220,378) | (226,527) | (220,378) | ||
Goodwill | 0 | 0 | 0 | 0 | ||
Capital expenditures | $ 0 | $ 0 | $ 0 | $ 0 | ||
[1] | Derived from audited consolidated financial statements. |
Supplemental Cash Flow Inform72
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Supplemental Schedule of Cash and Cash Equivalents: | |||||
Cash and due from banks | $ 21,625 | $ 24,548 | $ 19,352 | [1] | |
Interest-bearing deposits in other banks | 51,716 | 50,758 | 75,985 | [1] | |
Federal funds sold | 0 | 408 | |||
Cash and Cash Equivalents | 73,341 | 75,714 | $ 95,337 | $ 67,303 | |
Cash paid for: | |||||
Interest on deposits and borrowed funds | 3,183 | 2,905 | |||
Income taxes | 3,397 | 2,415 | |||
Noncash investing and financing activities: | |||||
Transfer of loans to other real estate owned | 97 | 1,047 | |||
Unrealized gains on securities available for sale | 2,217 | (1,941) | |||
Assets acquired: | |||||
Investment securities | 0 | 18,800 | |||
Restricted stock | 0 | 738 | |||
Loans | 0 | 114,902 | |||
Premises and equipment | 0 | 1,475 | |||
Deferred income taxes | 0 | 2,683 | |||
Core deposit intangible | 0 | 1,839 | |||
Other real estate owned | 0 | 168 | |||
Bank owned life insurance | 0 | 1,955 | |||
Other assets | 0 | 917 | |||
Liabilities assumed: | |||||
Deposits | 0 | 137,323 | |||
Other liabilities | 0 | 3,076 | |||
Consideration: | |||||
Issuance of common stock | $ 0 | $ 20,483 | |||
[1] | Derived from audited consolidated financial statements. |
Accumulated Other Comprehensi73
Accumulated Other Comprehensive Income - Components of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | $ 197,835 | [1] | $ 173,780 | ||
Ending Balance | $ 202,704 | $ 194,883 | 202,704 | 194,883 | |
Net Unrealized Gains (Losses) on Securities [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | 5,328 | 6,446 | 4,122 | 5,845 | |
Net unrealized gains (losses) on securities available for sale, net of tax | 379 | (1,708) | 1,823 | (906) | |
Reclassification adjustment for gains on securities, net of tax | (144) | (155) | (382) | (356) | |
Ending Balance | 5,563 | 4,583 | 5,563 | 4,583 | |
Net unrealized gains (losses) on securities available for sale, tax | 204 | (920) | 982 | (488) | |
Reclassification adjustment for gains on securities, tax | (78) | (82) | (206) | (191) | |
Adjustments Related to Pension Benefits [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (1,832) | (2,181) | (1,832) | (2,181) | |
Net unrealized gains (losses) on securities available for sale, net of tax | 0 | 0 | 0 | 0 | |
Reclassification adjustment for gains on securities, net of tax | 0 | 0 | 0 | 0 | |
Ending Balance | (1,832) | (2,181) | (1,832) | (2,181) | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | 3,496 | 4,265 | 2,290 | 3,664 | |
Net unrealized gains (losses) on securities available for sale, net of tax | 379 | (1,708) | 1,823 | (906) | |
Reclassification adjustment for gains on securities, net of tax | (144) | (155) | (382) | (356) | |
Ending Balance | $ 3,731 | $ 2,402 | $ 3,731 | $ 2,402 | |
[1] | Derived from audited consolidated financial statements. |
Accumulated Other Comprehensi74
Accumulated Other Comprehensive Income - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Securities gains, net | $ 222 | $ 237 | $ 588 | $ 547 |
Income taxes | (1,733) | (1,018) | (3,518) | (2,390) |
Net income | 4,088 | 2,880 | 8,216 | 6,395 |
Realized gain on sale of securities [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Securities gains, net | 222 | 237 | 588 | 547 |
Income taxes | (78) | (82) | (206) | (191) |
Net income | $ 144 | $ 155 | $ 382 | $ 356 |