Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 06, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MIDSOUTH BANCORP INC | |
Entity Central Index Key | 745,981 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,362,149 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks, including required reserves of $8,782 and $10,019, respectively | $ 38,386 | $ 45,142 |
Interest-bearing deposits in banks | 82,538 | 39,031 |
Federal funds sold | 4,513 | 2,699 |
Securities available-for-sale, at fair value (cost of $281,885 at September 30, 2015 and $272,588 at December 31, 2014) | 285,485 | 276,984 |
Securities held-to-maturity (fair value of $122,488 at September 30, 2015 and $141,593 at December 31, 2014) | 121,043 | 141,201 |
Other investments | 12,063 | 9,990 |
Loans | 1,301,452 | 1,284,431 |
Allowance for loan losses | (18,939) | (11,226) |
Loans, net | 1,282,513 | 1,273,205 |
Bank premises and equipment, net | 68,718 | 69,958 |
Accrued interest receivable | 6,655 | 6,635 |
Goodwill | 42,171 | 42,171 |
Intangibles | 6,004 | 6,834 |
Cash surrender value of life insurance | 13,548 | 13,659 |
Other real estate | 4,661 | 4,234 |
Other assets | 6,010 | 4,997 |
Total assets | 1,974,308 | 1,936,740 |
Deposits: | ||
Non-interest-bearing | 406,118 | 390,863 |
Interest-bearing | 1,137,303 | 1,194,371 |
Total deposits | 1,543,421 | 1,585,234 |
Securities sold under agreements to repurchase | 92,085 | 62,098 |
Short-term Federal Home Loan Bank advances | 70,000 | 25,000 |
Long-term Federal Home Loan Bank advances | 25,958 | 26,277 |
Junior subordinated debentures | 22,167 | 22,167 |
Other liabilities | 6,713 | 6,952 |
Total liabilities | $ 1,760,344 | $ 1,727,728 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock, $0.10 par value; 30,000,000 shares authorized, 11,361,839 and 11,340,736 shares issued and outstanding, respectively | $ 1,136 | $ 1,149 |
Additional paid-in capital | 110,482 | 112,744 |
Unearned ESOP shares | (1,155) | (250) |
Accumulated other comprehensive income | 2,340 | 2,857 |
Treasury stock – 0 and 150,967 shares at September 30, 2015 and December 31, 2014, respectively | 0 | (3,295) |
Retained earnings | 60,035 | 54,439 |
Total shareholders’ equity | 213,964 | 209,012 |
Total liabilities and shareholders’ equity | 1,974,308 | 1,936,740 |
Series B Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock | 32,000 | 32,000 |
Series C Preferred stock | ||
Shareholders’ equity: | ||
Preferred stock | $ 9,126 | $ 9,368 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks, reserves | $ 8,782 | $ 10,019 |
Securities available-for-sale, at cost | 281,885 | 272,588 |
Securities held-to-maturity, at fair value | $ 122,488 | $ 141,593 |
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, issued (in shares) | 11,361,839 | 11,340,736 |
Common stock, outstanding (in shares) | 11,361,839 | 11,340,736 |
Treasury stock (in shares) | 0 | 150,967 |
Series B Preferred Stock | ||
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 32,000 | 32,000 |
Preferred stock, outstanding (in shares) | 32,000 | 32,000 |
Series C Preferred stock | ||
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 100,000 | 100,000 |
Preferred stock, issued (in shares) | 91,256 | 93,680 |
Preferred stock, outstanding (in shares) | 91,256 | 93,680 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income: | ||||
Loans, including fees | $ 17,992 | $ 18,273 | $ 54,314 | $ 53,525 |
Securities and other investments: | ||||
Taxable | 1,850 | 1,965 | 5,628 | 6,164 |
Nontaxable | 536 | 652 | 1,679 | 2,007 |
Federal funds sold | 1 | 2 | 5 | 4 |
Time and interest bearing deposits in other banks | 40 | 15 | 112 | 42 |
Other investments | 113 | 109 | 273 | 268 |
Total interest income | 20,532 | 21,016 | 62,011 | 62,010 |
Interest expense: | ||||
Deposits | 883 | 859 | 2,751 | 2,588 |
Securities sold under agreements to repurchase | 249 | 210 | 721 | 588 |
Other borrowings and payables | 109 | 108 | 309 | 320 |
Junior subordinated debentures | 150 | 327 | 451 | 994 |
Total interest expense | 1,391 | 1,504 | 4,232 | 4,490 |
Net interest income | 19,141 | 19,512 | 57,779 | 57,520 |
Provision for loan losses | 3,800 | 1,175 | 10,900 | 2,925 |
Net interest income after provision for loan losses | 15,341 | 18,337 | 46,879 | 54,595 |
Non-interest income: | ||||
Service charges on deposits | 2,231 | 2,556 | 6,488 | 7,385 |
Gain on sale of securities, net | 0 | 0 | 1,243 | 128 |
ATM and debit card income | 1,823 | 1,808 | 5,529 | 5,375 |
Income from death benefit on BOLI/executive officer life insurance | 0 | 0 | 160 | 3,000 |
Other charges and fees | 786 | 1,830 | 2,553 | 3,484 |
Total non-interest income | 4,840 | 6,194 | 15,973 | 19,372 |
Non-interest expenses: | ||||
Salaries and employee benefits | 7,653 | 8,287 | 23,792 | 25,588 |
Occupancy expense | 3,815 | 3,834 | 11,365 | 11,314 |
FDIC insurance | 391 | 269 | 1,003 | 783 |
Other | 4,705 | 5,467 | 13,696 | 14,997 |
Total non-interest expenses | 16,564 | 17,857 | 49,856 | 52,682 |
Income before income taxes | 3,617 | 6,674 | 12,996 | 21,285 |
Income tax expense | 1,028 | 2,202 | 3,817 | 5,839 |
Net earnings | 2,589 | 4,472 | 9,179 | 15,446 |
Dividends on preferred stock | 172 | 174 | 517 | 524 |
Net earnings available to common shareholders | $ 2,417 | $ 4,298 | $ 8,662 | $ 14,922 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.22 | $ 0.38 | $ 0.77 | $ 1.32 |
Diluted (in dollars per share) | $ 0.21 | $ 0.37 | $ 0.75 | $ 1.28 |
Weighted average number of shares outstanding: | ||||
Basic (in shares) | 11,312 | 11,314 | 11,321 | 11,283 |
Diluted (in shares) | 11,831 | 11,955 | 11,848 | 11,904 |
Dividends declared per common share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.27 | $ 0.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 2,589 | $ 4,472 | $ 9,179 | $ 15,446 |
Unrealized gains (losses) on securities available-for-sale: | ||||
Unrealized holding gains (losses) arising during the year | 1,717 | (405) | 447 | 4,116 |
Less: reclassification adjustment for gains on sales of securities available-for-sale | 0 | 0 | (1,243) | (128) |
Total other comprehensive income (loss), before tax | 1,717 | (405) | (796) | 3,988 |
Income tax effect related to items of other comprehensive income (loss) | (601) | 142 | 279 | (1,396) |
Total other comprehensive income (loss), net of tax | 1,116 | (263) | (517) | 2,592 |
Total comprehensive income | $ 3,705 | $ 4,209 | $ 8,662 | $ 18,038 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Unearned ESOP Shares | Accumulated Other Comprehensive Income | Treasury Stock | Retained Earnings | |
Beginning balance at Dec. 31, 2014 | $ 209,012 | $ 41,368 | $ 1,149 | $ 112,744 | $ (250) | $ 2,857 | $ (3,295) | $ 54,439 | |
Beginning balance (in shares) at Dec. 31, 2014 | 125,680 | 11,491,703 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 9,179 | 9,179 | |||||||
Dividends on Series B and Series C preferred stock | (517) | (517) | |||||||
Dividends on common stock, $0.27 per share | (3,066) | (3,066) | |||||||
Conversion of Series C preferred stock to common stock | $ (242) | $ 1 | 241 | ||||||
Conversion of Series C preferred stock to common stock (in shares) | (2,424) | 13,448 | |||||||
Reclassification of treasury stock per the LBCA | [1] | $ (15) | (3,280) | 3,295 | |||||
Reclassification of treasury stock per the LBCA (in shares) | [1] | (150,967) | |||||||
Increase in ESOP obligation, net of repayments | (905) | (905) | |||||||
Exercise of stock options | 99 | $ 1 | 98 | ||||||
Exercise of stock options (in shares) | 7,655 | ||||||||
Tax benefit resulting from distribution from Directors Deferred Compensation Plan | 420 | 420 | |||||||
Stock option and restricted stock compensation expense | 259 | 259 | |||||||
Change in accumulated other comprehensive income | (517) | (517) | |||||||
Ending balance at Sep. 30, 2015 | $ 213,964 | $ 41,126 | $ 1,136 | $ 110,482 | $ (1,155) | $ 2,340 | $ 0 | $ 60,035 | |
Ending balance (in shares) at Sep. 30, 2015 | 123,256 | 11,361,839 | |||||||
[1] | (1) See Note 1 for an explanation of the elimination of treasury stock under the Louisiana Business Corporation Act. |
Consolidated Statement of Shar7
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares | Jul. 15, 2015 | Apr. 15, 2015 | Jan. 21, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Statement of Stockholders' Equity [Abstract] | |||||||
Dividends on common stock (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.27 | $ 0.26 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net earnings | $ 9,179 | $ 15,446 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 4,652 | 4,518 |
Accretion of purchase accounting adjustments | (1,003) | (1,924) |
Provision for loan losses | 10,900 | 2,925 |
Deferred tax (benefit) expense | (1,633) | 2,034 |
Amortization of premiums on securities, net | 2,141 | 2,432 |
(Accretion) amortization of other investments | (1) | 4 |
Stock option expense | 253 | 355 |
Restricted stock expense | 6 | 0 |
Net gain on sale of investment securities | (1,243) | (128) |
Net gain on sale of other real estate owned | (13) | (1,081) |
Net write down of other real estate owned | 111 | 31 |
Net (gain) loss on sale/disposal of premises and equipment | (8) | 232 |
Income recognized from death benefit on bank owned life insurance | (160) | 0 |
Change in accrued interest receivable | (20) | 45 |
Change in accrued interest payable | (48) | (240) |
Change in other assets & other liabilities, net | 481 | (2,006) |
Net cash provided by operating activities | 23,594 | 22,643 |
Cash flows from investing activities: | ||
Proceeds from maturities and calls of securities available-for-sale | 55,874 | 33,466 |
Proceeds from maturities and calls of securities held-to-maturity | 19,299 | 10,778 |
Proceeds from sale of securities available-for-sale | 40,277 | 22,153 |
Purchases of securities available-for-sale | (105,486) | 0 |
Purchases of securities held-to-maturity | 0 | (1,104) |
Proceeds from redemptions of other investments | 0 | 150 |
Redemption of Capital Securities related to MidSouth Statutory Trust I | 0 | 217 |
Proceeds from sale of other investments | 898 | 0 |
Purchases of other investments | (2,970) | (567) |
Net change in loans | (20,669) | (111,329) |
Proceeds from bank owned life insurance death benefit | 498 | 0 |
Purchases of premises and equipment | (3,439) | (4,265) |
Proceeds from sale of premises and equipment | 35 | 743 |
Proceeds from sale of other real estate owned | 857 | 3,315 |
Purchase of other real estate owned | (351) | 0 |
Net cash used in investing activities | (15,177) | (46,443) |
Cash flows from financing activities: | ||
Change in deposits | (41,728) | 2,244 |
Change in securities sold under agreements to repurchase | 29,987 | 17,048 |
Borrowings on Federal Home Loan Bank advances | 150,000 | 10,000 |
Repayments of Federal Home Loan Bank advances | (105,047) | (45) |
Redemption of MidSouth Statutory Trust I | 0 | (7,217) |
Repayments of notes payable | 0 | (1,000) |
Purchase of treasury stock | 0 | (9) |
Proceeds and tax benefit from exercise of stock options | 99 | 611 |
Tax benefit resulting from distribution from Directors Deferred Compensation Plan | 420 | 0 |
Payment of dividends on preferred stock | (519) | (530) |
Payment of dividends on common stock | (3,064) | (2,818) |
Net cash provided by financing activities | 30,148 | 18,284 |
Net increase (decrease) in cash and cash equivalents | 38,565 | (5,516) |
Cash and cash equivalents, beginning of period | 86,872 | 59,731 |
Cash and cash equivalents, end of period | 125,437 | 54,215 |
Supplemental cash flow information: | ||
Interest paid | 4,280 | 4,730 |
Income taxes paid | 5,180 | 5,815 |
Noncash investing and financing activities: | ||
Transfer of loans to other real estate | 1,031 | 317 |
Change in accrued common stock dividends | 3 | 121 |
Change in accrued preferred stock dividends | (2) | (6) |
Financed sales of other real estate | 0 | 84 |
Net change in loan to ESOP | $ (905) | $ (267) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the financial position of MidSouth Bancorp, Inc. (the “Company”) and its subsidiaries as of September 30, 2015 and the results of their operations and their cash flows for the periods presented. The interim financial information should be read in conjunction with the annual consolidated financial statements and the notes thereto included in the Company’s 2014 Annual Report on Form 10-K. The results of operations for the nine -month period ended September 30, 2015 are not necessarily indicative of the results to be expected for the entire year. Use of Estimates — The preparation of financial statements in conformity with 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 consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Summary of Significant Accounting Policies — The accounting and reporting policies of the Company conform with GAAP and general practices within the banking industry. There have been no material changes or developments in the application of accounting principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies and Estimates as disclosed in our 2014 Annual Report on Form 10-K. Recent Accounting Pronouncements — ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items was issued as part of the FASB's simplification initiative. ASU 2015-01 eliminates the concept of extraordinary items. The effective date of this Update is for fiscal years beginning on or after December 15, 2015 and interim periods within those annual periods. Adoption of this Update is not expected to have a material effect on the Company’s consolidated financial statements or the interim notes to the consolidated financial statements. ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs was also issued as part of the FASB's simplification initiative. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Currently, debt issuance costs are presented as an asset on the balance sheet. The FASB notes within the ASU, capitalized debt issuance costs do not meet the definition of an asset and are more akin to a debt discount, thereby reducing the carrying amount of the proceeds received. The effective date of this Update is for fiscal years beginning on or after December 15, 2015 and interim periods within those annual periods. Adoption of this Update is not expected to have a material effect on the Company’s consolidated financial statements or the interim notes to the consolidated financial statements. Louisiana Business Corporation Act — Effective January 1, 2015, companies incorporated under Louisiana law became subject to the Louisiana Business Corporation Act. Provisions of the Louisiana Business Corporation Act eliminate the concept of treasury stock. Rather, shares purchased by the Company constitute authorized but unissued shares. Accounting principles generally accepted in the United States of America state that accounting for treasury stock shall conform to state law. The Company's consolidated financial statements as of September 30, 2015 reflect this change. The cost of shares purchased by the Company has been allocated to common stock and additional paid-in capital balances. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The portfolio of investment securities consisted of the following (in thousands): September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 36,500 $ 979 $ 48 $ 37,431 GSE mortgage-backed securities 88,813 2,981 55 91,739 Collateralized mortgage obligations: residential 148,819 690 927 148,582 Collateralized mortgage obligations: commercial 5,653 9 45 5,617 Mutual funds 2,100 16 — 2,116 $ 281,885 $ 4,675 $ 1,075 $ 285,485 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: U.S. Government sponsored enterprises $ 10,339 $ — $ 112 $ 10,227 Obligations of state and political subdivisions 43,079 1,555 29 44,605 GSE mortgage-backed securities 106,208 3,183 288 109,103 Collateralized mortgage obligations: residential 62,093 266 1,520 60,839 Collateralized mortgage obligations: commercial 24,462 190 107 24,545 Other asset-backed securities 24,041 321 19 24,343 Collateralized debt obligation 266 952 — 1,218 Mutual funds 2,100 4 — 2,104 $ 272,588 $ 6,471 $ 2,075 $ 276,984 September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 43,933 $ 552 $ 38 $ 44,447 GSE mortgage-backed securities 58,420 1,212 82 59,550 Collateralized mortgage obligations: residential 11,284 — 250 11,034 Collateralized mortgage obligations: commercial 7,406 51 — 7,457 $ 121,043 $ 1,815 $ 370 $ 122,488 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 45,914 $ 267 $ 192 $ 45,989 GSE mortgage-backed securities 67,268 1,080 164 68,184 Collateralized mortgage obligations: residential 12,709 — 479 12,230 Collateralized mortgage obligations: commercial 15,310 53 173 15,190 $ 141,201 $ 1,400 $ 1,008 $ 141,593 With the exception of two private-label collateralized mortgage obligations (“CMOs”) with a combined balance remaining of $34,000 at September 30, 2015 , all of the Company’s CMOs are government-sponsored enterprise (“GSE”) securities. The amortized cost and fair value of debt securities at September 30, 2015 by contractual maturity are shown in the following table (in thousands) with the exception of other asset-backed securities, mortgage-backed securities, CMOs, and the collateralized debt obligation. Expected maturities may differ from contractual maturities for mortgage-backed securities and CMOs because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value Available-for-sale: Due in one year or less $ 5,074 $ 5,114 Due after one year through five years 19,498 20,120 Due after five years through ten years 9,540 9,832 Due after ten years 2,388 2,365 Mortgage-backed securities and collateralized mortgage obligations: Residential 237,632 240,321 Commercial 5,653 5,617 Mutual funds 2,100 2,116 $ 281,885 $ 285,485 Amortized Cost Fair Value Held-to-maturity: Due in one year or less $ 473 $ 475 Due after one year through five years 2,923 2,960 Due after five years through ten years 11,105 11,273 Due after ten years 29,432 29,739 Mortgage-backed securities and collateralized mortgage obligations: Residential 69,704 70,584 Commercial 7,406 7,457 $ 121,043 $ 122,488 Details concerning investment securities with unrealized losses are as follows (in thousands): September 30, 2015 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Available-for-sale: Obligations of state and political subdivisions $ 3,190 $ 48 $ — $ — $ 3,190 $ 48 GSE mortgage-backed securities 15,860 45 3,754 10 19,614 55 Collateralized mortgage obligations: residential 33,689 128 31,772 799 65,461 927 Collateralized mortgage obligations: commercial — — 3,073 45 3,073 45 $ 52,739 $ 221 $ 38,599 $ 854 $ 91,338 $ 1,075 December 31, 2014 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Available-for-sale: U.S. Government sponsored enterprises $ 4,973 $ 32 $ 5,254 $ 80 $ 10,227 $ 112 Obligations of state and political subdivisions 2,029 29 — — 2,029 29 GSE mortgage-backed securities 6,668 25 21,538 263 28,206 288 Collateralized mortgage obligations: residential 9,366 53 37,997 1,467 47,363 1,520 Collateralized mortgage obligations: commercial — — 3,747 107 3,747 107 Other asset-backed securities 6,401 19 — — 6,401 19 $ 29,437 $ 158 $ 68,536 $ 1,917 $ 97,973 $ 2,075 September 30, 2015 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Held-to-maturity: Obligations of state and political subdivisions $ 6,544 $ 19 $ 1,302 $ 19 $ 7,846 $ 38 GSE mortgage-backed securities — — 7,309 82 7,309 82 Collateralized mortgage obligations: residential — — 11,034 250 11,034 250 $ 6,544 $ 19 $ 19,645 $ 351 $ 26,189 $ 370 December 31, 2014 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Held-to-maturity: Obligations of state and political subdivisions $ 11,761 $ 35 $ 13,263 $ 157 $ 25,024 $ 192 GSE mortgage-backed securities — — 8,142 164 8,142 164 Collateralized mortgage obligations: residential — — 12,230 479 12,230 479 Collateralized mortgage obligations: commercial 7,599 173 — — 7,599 173 $ 19,360 $ 208 $ 33,635 $ 800 $ 52,995 $ 1,008 Management evaluates each quarter whether unrealized losses on securities represent impairment that is other than temporary. For debt securities, the Company considers its intent to sell the securities or if it is more likely than not the Company will be required to sell the securities. If such impairment is identified, based upon the intent to sell or the more likely than not threshold, the carrying amount of the security is reduced to fair value with a charge to earnings. Upon the result of the aforementioned review, management then reviews for potential other than temporary impairment based upon other qualitative factors. In making this evaluation, management considers changes in market rates relative to those available when the security was acquired, changes in market expectations about the timing of cash flows from securities that can be prepaid, performance of the debt security, and changes in the market’s perception of the issuer’s financial health and the security’s credit quality. If determined that a debt security has incurred other than temporary impairment, then the amount of the credit related impairment is determined. If a credit loss is evident, the amount of the credit loss is charged to earnings and the non-credit related impairment is recognized through other comprehensive income. As of September 30, 2015 , 42 securities had unrealized losses totaling 1.21% of the individual securities’ amortized cost basis and 0.36% of the Company’s total amortized cost basis. Of the 42 securities, 20 had been in an unrealized loss position for over twelve months at September 30, 2015 . These 20 securities had an amortized cost basis and unrealized loss of $59.4 million and $1.2 million , respectively. The unrealized losses on debt securities at September 30, 2015 resulted from changing market interest rates over the yields available at the time the underlying securities were purchased. Management identified no impairment related to credit quality. At September 30, 2015 , management had the intent and ability to hold impaired securities and no impairment was evaluated as other than temporary. As a result, no other than temporary impairment losses were recognized during the three months ended September 30, 2015 . During the nine months ended September 30, 2015 , the Company sold 21 securities classified as available-for-sale at a net gain of $1.2 million . Of the 21 securities sold, 11 were sold with gains totaling $1.4 million and 10 securities were sold at a loss of $135,000 . During the nine months ended September 30, 2014 , the Company sold 4 securities classified as available-for-sale at a net gain of $128,000 . All of the securities were sold at a gain. Securities with an aggregate carrying value of approximately $287.2 million and $279.8 million at September 30, 2015 and December 31, 2014 , respectively, were pledged to secure public funds on deposit and for other purposes required or permitted by law. |
Credit Quality of Loans and All
Credit Quality of Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Credit Quality of Loans and Allowance for Loan Losses | Credit Quality of Loans and Allowance for Loan Losses The loan portfolio consisted of the following (in thousands): September 30, 2015 December 31, 2014 Commercial, financial and agricultural $ 482,452 $ 467,147 Real estate - construction 74,279 68,577 Real estate – commercial 473,319 467,172 Real estate – residential 151,667 154,602 Installment loans to individuals 113,199 119,328 Lease financing receivable 4,790 4,857 Other 1,746 2,748 1,301,452 1,284,431 Less allowance for loan losses (18,939 ) (11,226 ) $ 1,282,513 $ 1,273,205 The Company monitors loan concentrations and evaluates individual customer and aggregate industry leverage, profitability, risk rating distributions, and liquidity for each major standard industry classification segment. At September 30, 2015 , one industry segment concentration, the oil and gas industry, constituted more than 10% of the loan portfolio. The Company’s exposure in the oil and gas industry, including related service and manufacturing industries, totaled approximately $295.6 million , or 22.7% of total loans. Additionally, the Company’s exposure to loans secured by commercial real estate is monitored. At September 30, 2015 , loans secured by commercial real estate (including commercial construction, farmland and multifamily loans) totaled approximately $529.0 million . Of the $529.0 million , $473.3 million represent CRE loans, 53% of which are secured by owner-occupied commercial properties. Of the $529.0 million in loans secured by commercial real estate, $20.0 million , or 3.8% , were on nonaccrual status at September 30, 2015 . Allowance for Loan Losses The allowance for loan losses is a valuation account available to absorb probable losses on loans. All losses are charged to the allowance for loan losses when the loss actually occurs or when a determination is made that a loss is likely to occur. Recoveries are credited to the allowance for loan losses at the time of recovery. Quarterly, the probable level of losses in the existing portfolio is estimated through consideration of various factors. Based on these estimates, the allowance for loan losses is increased by charges to earnings and decreased by charge‑offs (net of recoveries). The allowance is composed of general reserves and specific reserves. General reserves are determined by applying loss percentages to segments of the portfolio. The loss percentages are based on each segment’s historical loss experience, generally over the past twelve to eighteen months, and adjustment factors derived from conditions in the Company’s internal and external environment. All loans considered to be impaired are evaluated on an individual basis to determine specific reserve allocations in accordance with GAAP. Loans for which specific reserves are provided are excluded from the calculation of general reserves. Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of credit losses expected to be realized over the remaining lives of the loans, and therefore no corresponding allowance for loan losses is recorded for these loans at acquisition. Methods utilized to estimate any subsequently required allowance for loan losses for acquired loans not deemed credit-impaired at acquisition are similar to originated loans; however, the estimate of loss is based on the unpaid principal balance and then compared to any remaining unaccreted purchase discount. To the extent that the calculated loss is greater than the remaining unaccreted purchase discount, an allowance is recorded for such difference. The Company has an internal loan review department that is independent of the lending function to challenge and corroborate the loan grade assigned by the lender and to provide additional analysis in determining the adequacy of the allowance for loan losses. A rollforward of the activity within the allowance for loan losses by loan type and recorded investment in loans for the nine months ended September 30, 2015 and 2014 is as follows (in thousands): September 30, 2015 Real Estate Coml, Fin, and Agric Constru-ction Commercial Residential Installment loans to individuals Lease financing receivable Other Total Allowance for loan losses: Beginning balance $ 5,729 $ 954 $ 2,402 $ 810 $ 1,311 $ 16 $ 4 $ 11,226 Charge-offs (2,310 ) (76 ) (169 ) (45 ) (883 ) — — (3,483 ) Recoveries 185 1 20 10 80 — — 296 Provision 8,016 (62 ) 2,107 (104 ) 923 13 7 10,900 Ending balance $ 11,620 $ 817 $ 4,360 $ 671 $ 1,431 $ 29 $ 11 $ 18,939 Ending balance: individually evaluated for impairment $ 2,569 $ 26 $ 1,739 $ 147 $ 216 $ — $ — $ 4,697 Ending balance: collectively evaluated for impairment $ 9,051 $ 791 $ 2,621 $ 524 $ 1,215 $ 29 $ 11 $ 14,242 Loans: Ending balance $ 482,452 $ 74,279 $ 473,319 $ 151,667 $ 113,199 $ 4,790 $ 1,746 $ 1,301,452 Ending balance: individually evaluated for impairment $ 29,185 $ 212 $ 19,928 $ 1,796 $ 386 $ — $ — $ 51,507 Ending balance: collectively evaluated for impairment $ 453,267 $ 74,067 $ 452,758 $ 149,788 $ 112,813 $ 4,790 $ 1,746 $ 1,249,229 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 633 $ 83 $ — $ — $ — $ 716 September 30, 2014 Real Estate Coml, Fin, and Agric Constr-uction Commercial Residential Installment loans to individuals Lease financing receivable Other Total Allowance for loan losses: Beginning balance $ 3,906 $ 1,046 $ 1,389 $ 1,141 $ 1,273 $ 21 $ 3 $ 8,779 Charge-offs (2,084 ) (1 ) (93 ) (188 ) (566 ) — — (2,932 ) Recoveries 101 — 398 44 110 — — 653 Provision 2,731 103 (345 ) (8 ) 450 (6 ) — 2,925 Ending balance $ 4,654 $ 1,148 $ 1,349 $ 989 $ 1,267 $ 15 $ 3 $ 9,425 Ending balance: individually evaluated for impairment $ 853 $ 3 $ 55 $ 87 $ 140 $ — $ — $ 1,138 Ending balance: collectively evaluated for impairment $ 3,801 $ 1,145 $ 1,294 $ 902 $ 1,127 $ 15 $ 3 $ 8,287 Loans: Ending balance $ 452,065 $ 86,315 $ 430,930 $ 153,915 $ 116,340 $ 5,285 $ 3,523 $ 1,248,373 Ending balance: individually evaluated for impairment $ 2,662 $ 106 $ 3,312 $ 1,073 $ 426 $ — $ — $ 7,579 Ending balance: collectively evaluated for impairment $ 449,403 $ 86,209 $ 426,942 $ 152,742 $ 115,914 $ 5,285 $ 3,523 $ 1,240,018 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 676 $ 100 $ — $ — $ — $ 776 Non-Accrual and Past Due Loans Loans are considered past due if the required principal and interest payment have not been received as of the date such payments were due. Loans are placed on non-accrual status when, in management’s opinion, the probability of collection of interest is deemed insufficient to warrant further accrual. For loans placed on non-accrual status, the accrual of interest is discontinued and subsequent payments received are applied to the principal balance. Interest income is recorded after principal has been satisfied and as payments are received. Non-accrual loans may be returned to accrual status if all principal and interest amounts contractually owed are reasonably assured of repayment within a reasonable period and there is a period of at least six months to one year of repayment performance by the borrower depending on the contractual payment terms. An age analysis of past due loans (including both accruing and non-accruing loans) is as follows (in thousands): September 30, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total Loans Recorded Investment > 90 days and Accruing Commercial, financial, and agricultural $ 4,065 $ 3,124 $ 3,879 $ 11,068 $ 471,384 $ 482,452 $ 23 Commercial real estate - construction 93 99 12 204 55,484 55,688 — Commercial real estate - other 7,252 2,745 16,999 26,996 446,323 473,319 — Residential - construction — — 172 172 18,419 18,591 — Residential - prime 1,383 264 1,378 3,025 148,642 151,667 — Consumer - credit card 38 11 27 76 5,683 5,759 27 Consumer - other 1,228 162 329 1,719 105,721 107,440 32 Lease financing receivable — — — — 4,790 4,790 — Other loans 148 — — 148 1,598 1,746 — $ 14,207 $ 6,405 $ 22,796 $ 43,408 $ 1,258,044 $ 1,301,452 $ 82 December 31, 2014 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total Loans Recorded Investment > 90 days and Accruing Commercial, financial, and agricultural $ 2,179 $ 654 $ 2,556 $ 5,389 $ 461,758 $ 467,147 $ 26 Commercial real estate - construction 15 — 105 120 43,390 43,510 97 Commercial real estate - other 4,989 270 2,464 7,723 459,449 467,172 — Residential - construction 431 — — 431 24,636 25,067 — Residential - prime 1,843 523 704 3,070 151,532 154,602 — Consumer - credit card 5 19 18 42 5,970 6,012 18 Consumer - other 671 392 107 1,170 112,146 113,316 46 Lease financing receivable — — — — 4,857 4,857 — Other loans 134 — — 134 2,614 2,748 — $ 10,267 $ 1,858 $ 5,954 $ 18,079 $ 1,266,352 $ 1,284,431 $ 187 Non-accrual loans are as follows (in thousands): September 30, 2015 December 31, 2014 Commercial, financial, and agricultural $ 29,171 $ 2,642 Commercial real estate – construction 39 54 Commercial real estate - other 19,952 6,429 Residential - construction 172 — Residential - prime 1,896 1,194 Consumer - credit card — — Consumer - other 386 382 Lease financing receivable — — Other — — $ 51,616 $ 10,701 The amount of interest that would have been recorded on non-accrual loans, had the loans not been classified as non-accrual, totaled approximately $1.3 million and $392,000 for the nine months ended September 30, 2015 and 2014 , respectively. Interest actually received on non-accrual loans subsequent to their transfer to non-accrual status totaled at September 30, 2015 and 2014 was $19,000 and $93,000 , respectively. Impaired Loans Loans are considered impaired when, based upon current information, it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All loans classified as special mention, substandard, or doubtful, based on credit risk rating factors, are reviewed to determine whether impairment testing is appropriate. An allowance for each impaired loan is calculated based on the present value of expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or the fair value of the collateral if the loan is collaterally dependent. All impaired loans are reviewed, at a minimum, on a quarterly basis. Existing valuations are reviewed to determine if additional discounts or new appraisals are required. After this review, when comparing the resulting collateral valuation to the outstanding loan balance, if the discounted collateral value exceeds the loan balance no specific allocation is reserved. Acquired impaired loans are generally not subject to individual evaluation for impairment and are not reported with impaired loans or troubled debt restructurings, even if they would otherwise qualify for such treatment. Loans that are individually evaluated for impairment are as follows (in thousands): September 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 22,149 $ 22,412 $ — $ 21,863 $ 703 Commercial real estate – construction 39 39 — 40 — Commercial real estate – other 5,440 5,440 — 6,244 47 Residential – prime 1,144 1,164 — 1,211 11 Residential – construction 55 55 — 273 1 Consumer – other 30 30 — 33 — Subtotal: 28,857 29,140 — 29,664 762 With an allowance recorded: Commercial, financial, and agricultural 7,036 7,036 2,569 4,604 159 Commercial real estate – other 14,488 14,488 1,739 12,932 33 Residential – prime 652 652 147 599 5 Residential – construction 118 118 26 59 — Consumer – other 356 371 216 322 4 Subtotal: 22,650 22,665 4,697 18,516 201 Totals: Commercial 49,152 49,415 4,308 45,683 942 Residential 1,969 1,989 173 2,142 17 Consumer 386 401 216 355 4 Grand total: $ 51,507 $ 51,805 $ 4,697 $ 48,180 $ 963 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 438 $ 521 $ — $ 554 $ — Commercial real estate – construction 54 54 — 58 — Commercial real estate – other 1,921 1,921 — 1,885 17 Residential – prime 543 543 — 534 15 Consumer – other 78 78 — 72 — Subtotal: 3,034 3,117 — 3,103 32 With an allowance recorded: Commercial, financial, and agricultural 2,218 2,333 1,010 1,394 35 Commercial real estate – construction — — — 19 — Commercial real estate – other 4,467 4,467 1,484 2,416 220 Residential – prime 529 548 68 452 3 Consumer – other 299 313 179 252 4 Subtotal: 7,513 7,661 2,741 4,533 262 Totals: Commercial 9,098 9,296 2,494 6,326 272 Residential 1,072 1,091 68 986 18 Consumer 377 391 179 324 4 Grand total: $ 10,547 $ 10,778 $ 2,741 $ 7,636 $ 294 Credit Quality The Company manages credit risk by observing written underwriting standards and lending policy established by the Board of Directors and management to govern all lending activities. The risk management program requires that each individual loan officer review his or her portfolio on a quarterly basis and assign recommended credit ratings on each loan. These efforts are supplemented by independent reviews performed by a loan review officer and other validations performed by the internal audit department. The results of the reviews are reported directly to the Audit Committee of the Board of Directors. Loans can be classified into the following three risk rating grades: pass, special mention, and substandard/doubtful. Factors considered in determining a risk rating grade include debt service capacity, capital structure/liquidity, management, collateral quality, industry risk, company trends/operating performance, repayment source, revenue diversification/customer concentration, quality of financial information, and financing alternatives. Pass grade signifies the highest quality of loans to loans with reasonable credit risk, which may include borrowers with marginally adequate financial performance, but have the ability to repay the debt. Special mention loans have potential weaknesses that warrant extra attention from the loan officer and other management personnel, but still have the ability to repay the debt. Substandard classification includes loans with well-defined weaknesses with risk of potential loss. Loans classified as doubtful are considered to have little recovery value and are charged off. The following tables present the classes of loans by risk rating (in thousands): September 30, 2015 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, financial, and agricultural Commercial real estate - construction Commercial real estate - other Total % of Total Pass $ 417,600 $ 55,525 $ 417,095 $ 890,220 88.02 % Special mention 23,104 34 20,277 43,415 4.29 % Substandard 41,521 129 35,947 77,597 7.67 % Doubtful 227 — — 227 0.02 % $ 482,452 $ 55,688 $ 473,319 $ 1,011,459 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Residential - construction Residential - prime Total % of Total Pass $ 18,419 $ 147,721 $ 166,140 97.58 % Special mention — 1,326 1,326 0.78 % Substandard 172 2,620 2,792 1.64 % $ 18,591 $ 151,667 $ 170,258 100.00 % Consumer and Commercial Credit Exposure Credit Risk Profile Based on Payment Activity Consumer - credit card Consumer - other Lease financing receivable Other Total % of Total Performing $ 5,721 $ 107,022 $ 4,790 $ 1,746 $ 119,279 99.62 % Nonperforming 38 418 — — 456 0.38 % $ 5,759 $ 107,440 $ 4,790 $ 1,746 $ 119,735 100.00 % December 31, 2014 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, financial, and agricultural Commercial real estate - construction Commercial real estate - other Total % of Total Pass $ 456,221 $ 43,320 $ 440,281 $ 939,822 96.11 % Special mention 4,861 132 7,120 12,113 1.24 % Substandard 5,541 58 19,771 25,370 2.60 % Doubtful 524 — — 524 0.05 % $ 467,147 $ 43,510 $ 467,172 $ 977,829 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Residential - construction Residential - prime Total % of Total Pass $ 25,067 $ 150,664 $ 175,731 97.81 % Special mention — 1,184 1,184 0.66 % Substandard — 2,754 2,754 1.53 % $ 25,067 $ 154,602 $ 179,669 100.00 % Consumer and Commercial Credit Exposure Credit Risk Profile Based on Payment Activity Consumer - credit card Consumer - other Lease financing receivable Other Total % of Total Performing $ 5,995 $ 112,893 $ 4,857 $ 2,748 $ 126,493 99.65 % Nonperforming 17 423 — — 440 0.35 % $ 6,012 $ 113,316 $ 4,857 $ 2,748 $ 126,933 100.00 % Troubled Debt Restructurings A troubled debt restructuring (“TDR”) is a restructuring of a debt made by the Company to a debtor for economic or legal reasons related to the debtor’s financial difficulties that it would not otherwise consider. The Company grants the concession in an attempt to protect as much of its investment as possible. Information about the Company’s TDRs is as follows (in thousands): September 30, 2015 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial, financial and agricultural $ 18 $ — $ 21,324 $ 21,342 Real estate - commercial — 150 — 150 $ 18 $ 150 $ 21,324 $ 21,492 December 31, 2014 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial, financial and agricultural $ 21 $ — $ 234 $ 255 Real estate - commercial 155 — — 155 $ 176 $ — $ 234 $ 410 During the three months ended September 30, 2015 , there were no loans identified as a TDR. There was one TDR totaling $21.1 million that defaulted on the modified terms during the three months ended September 31, 2015. During the three months ended September 30, 2014 , there were no loans identified as a TDR, and there were no defaults on any loans that were modified as TDRs during the preceding twelve months. During the nine months ended September 30, 2015 , there was one loan relationship with a pre-modification balance of $21.4 million identified as a TDR after conversion of the loans to interest only for a limited amount of time. There was one TDR totaling $21.1 million that defaulted on the modified terms during the nine months ended September 31, 2015. During the nine months ended September 30, 2014 , there was one loan relationship with a pre-modification balance of $1.2 million identified as a TDR through a modification of the original loan terms, and there were no defaults on any loans that were modified as TDRs during the preceding twelve months. For purposes of the determination of an allowance for loan losses on these TDRs, as an identified TDR, the Company considers a loss probable on the loan and, as a result is reviewed for specific impairment in accordance with the Company’s allowance for loan loss methodology. If it is determined losses are probable on such TDRs, either because of delinquency or other credit quality indicator, the Company establishes specific reserves for these loans. As of September 30, 2015 , there were no commitments to lend additional funds to debtors owing sums to the Company whose terms have been modified in TDRs. |
Intangibles
Intangibles | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles A summary of core deposit intangible assets as of September 30, 2015 and December 31, 2014 is as follows (in thousands): September 30, 2015 December 31, 2014 Gross carrying amount $ 11,674 $ 11,674 Less accumulated amortization (5,670 ) (4,840 ) Net carrying amount $ 6,004 $ 6,834 |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income The following is a summary of the tax effects allocated to each component of other comprehensive income (loss) (in thousands): Three Months Ended September 30, 2015 2014 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount Other comprehensive income (loss): Securities available-for-sale: Change in unrealized gains (losses) during period $ 1,717 $ (601 ) $ 1,116 $ (405 ) $ 142 $ (263 ) Reclassification adjustment for gains included in net income — — — — — — Total other comprehensive income (loss) $ 1,717 $ (601 ) $ 1,116 $ (405 ) $ 142 $ (263 ) Nine Months Ended September 30, 2015 2014 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount Other comprehensive (loss) income: Securities available-for-sale: Change in unrealized gains during period $ 447 $ (156 ) $ 291 $ 4,116 $ (1,441 ) $ 2,675 Reclassification adjustment for gains included in net income (1,243 ) 435 (808 ) (128 ) 45 (83 ) Total other comprehensive (loss) income $ (796 ) $ 279 $ (517 ) $ 3,988 $ (1,396 ) $ 2,592 The reclassifications out of accumulated other comprehensive income into net income are presented below (in thousands): Three Months Ended September 30, 2015 2014 Details about Accumulated Other Comprehensive Income Components Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ — Gain on sale of securities, net $ — Gain on sale of securities, net — Tax expense — Tax expense $ — Net of tax $ — Net of tax Nine Months Ended September 30, 2015 2014 Details about Accumulated Other Comprehensive Income Components Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ (1,243 ) Gain on sale of securities, net $ (128 ) Gain on sale of securities, net 435 Tax expense 45 Tax expense $ (808 ) Net of tax $ (83 ) Net of tax |
Declaration of Dividends
Declaration of Dividends | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Declaration of Dividends | Declaration of Dividends A first quarter dividend of $0.09 per share for holders of common stock of record on March 13, 2015 was declared on January 21, 2015 , and was paid on April 1, 2015 . On January 21, 2015 , the Company also declared a 1.00% dividend for holders of its Series C preferred stock of record on April 1, 2015 , which was paid on April 15, 2015 . On April 15, 2015 , the Company declared a second quarter dividend of $0.09 per share for holders of common stock of record on June 15, 2015 , and was paid on July 1, 2015 . On April 15, 2015 , the Company also declared a 1.00% dividend for holders of its Series C preferred stock of record on July 1, 2015 , which was paid on July 15, 2015 . On July 15, 2015 , the Company declared a third quarter dividend of $0.09 per share for holders of common stock of record on September 15, 2015 to be paid on October 1, 2015 . On July 15, 2015 , the Company also declared a 1.00% dividend for holders of its Series C preferred stock of record on October 1, 2015 to be paid on October 15, 2015 . On October 21, 2015, the Company declared a fourth quarter dividend of $0.09 per share for holders of common stock of record on December 15, 2015 to be paid on January 4, 2016. On October 21, 2015, the Company also declared a 1.00% dividend for holders of its Series C preferred stock of record on January 4, 2016 to be paid on January 15, 2016. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Following is a summary of the information used in the computation of earnings per common share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net earnings available to common shareholders $ 2,417 $ 4,298 $ 8,662 $ 14,922 Dividends on Series C preferred stock 92 94 277 284 Adjusted net earnings available to common shareholders $ 2,509 $ 4,392 $ 8,939 $ 15,206 Weighted average number of common shares outstanding used in computation of basic earnings per common share 11,312 11,314 11,321 11,283 Effect of dilutive securities: Stock options 12 92 20 77 Convertible preferred stock and warrants 507 549 507 544 Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share 11,831 11,955 11,848 11,904 Options and warrants on 234,206 shares of common stock and 11,250 shares of restricted stock were not included in computing diluted earnings per share for the quarter and nine months ended September 30, 2015 because the effects of these shares were anti-dilutive as a result of the exercise price of such options. Options to acquire 7,355 and 24,855 shares of common stock were not included in computing diluted earnings per share for the quarter and nine months ended September 30, 2014 , respectively, because the effects of these shares were anti-dilutive as a result of the exercise price of such options. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The Company groups assets and liabilities 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. These levels are: Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Following is a description of valuation methodologies used for assets and liabilities which are either recorded or disclosed at fair value. Cash and Due From Banks, Interest-Bearing Deposits in Banks and Federal Funds Sold —The carrying value of these short-term instruments is a reasonable estimate of fair value. Securities Available-for-Sale —Securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange and U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter market funds. Securities are classified as Level 2 within the valuation hierarchy when the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the bond’s terms and conditions, among other things. Level 2 inputs are used to value U.S. Agency securities, mortgage-backed securities, asset-backed securities, municipal securities, single issue trust preferred securities, certain pooled trust preferred securities, collateralized debt obligations and certain equity securities that are not actively traded. Securities Held-to-Maturity —The fair value of securities held-to-maturity is estimated using the same measurement techniques as securities available-for-sale. Other Investments —The carrying value of other investments is a reasonable estimate of fair value. Loans —For disclosure purposes, the fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. For variable rate loans, the carrying amount is a reasonable estimate of fair value. The Company does not record loans at fair value on a recurring basis. No adjustment to fair value is taken related to illiquidity discounts. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management uses one of three methods to measure impairment, which, include collateral value, market value of similar debt, and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. Impaired loans where an allowance is established based on the fair value of collateral or where the loan balance has been charged down to fair value require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and adjusts the appraisal value by taking an additional discount for market conditions and there is no observable market price, the Company records the impaired loan as nonrecurring Level 3. For non-performing loans, collateral valuations currently in file are reviewed for acceptability in terms of timeliness and applicability. Although each determination is made based on the facts and circumstances of each credit, generally valuations are no longer considered acceptable when there has been physical deterioration of the property from when it was last appraised, or there has been a significant change in the underlying assumptions of the appraisal. If the valuation is deemed to be unacceptable, a new appraisal is ordered. New appraisals are typically received within 4-6 weeks. While awaiting new appraisals, the valuation in the file is utilized, net of discounts. Discounts are derived from available relevant market data, selling costs, taxes, and insurance. Any perceived collateral deficiency utilizing the discounted value is specifically reserved (as required by ASC Topic 310) until the new appraisal is received or charged off. Thus, provisions or charge-offs are recognized in the period the credit is identified as non-performing. The following sources are utilized to set appropriate discounts: in-market real estate agents, current local sales data, bank history for devaluation of similar property, Sheriff’s valuations and buy/sell contracts. If a real estate agent is used to market and sell the property, values are discounted 10% for selling costs. Additional discounts may be applied if research from the above sources indicates a discount is appropriate given devaluation of similar property from the time of the initial valuation. Other Real Estate —Other real estate (“ORE”) properties are adjusted to fair value upon transfer of the loans to other real estate, and annually thereafter to insure other real estate assets are carried at the lower of carrying value or fair value. Exceptions to obtaining initial appraisals are properties where a buy/sell agreement exists for the loan value or greater, or where a Sheriff’s valuation has been received for properties liquidated through a Sheriff sale. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the ORE as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and adjusts the appraisal value by taking an additional discount for market conditions and there is no observable market prices, the Company records the ORE asset as nonrecurring Level 3. Cash Surrender Value of Life Insurance Policies —Fair value for life insurance cash surrender value is based on cash surrender values indicated by the insurance companies. Deposits —The fair value of demand deposits, savings accounts, NOW accounts, and money market deposits is the amount payable on demand at the reporting date. The fair value of fixed maturity certificates of deposit is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. The estimated fair value does not include customer related intangibles. Securities Sold Under Agreements to Repurchase —The fair value approximates the carrying value of securities sold under agreements to repurchase due to their short-term nature. Short-term Federal Home Loan Bank Advances —The fair value approximates the carrying value of short-term FHLB advances due to their short-term nature. Long-term Federal Home Loan Bank Advances —The fair value of long-term FHLB advances is estimated using a discounted cash flow analysis that applies interest rates currently being offered on similar types of borrowings with similar terms. Junior Subordinated Debentures —For junior subordinated debentures that bear interest on a floating basis, the carrying amount approximates fair value. For junior subordinated debentures that bear interest on a fixed rate basis, the fair value is estimated using a discounted cash flow analysis that applies interest rates currently being offered on similar types of borrowings. Commitments to Extend Credit, Standby Letters of Credit and Credit Card Guarantees —Because commitments to extend credit and standby letters of credit are generally short-term and made using variable rates, the carrying value and estimated fair value associated with these instruments are immaterial. Assets Recorded at Fair Value The table below presents information about certain assets and liabilities measured at fair value on a recurring basis (in thousands): Assets / Liabilities Measured at Fair Value at Fair Value Measurements at September 30, 2015 Description September 30, 2015 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 37,431 $ — $ 37,431 $ — GSE mortgage-backed securities 91,739 — 91,739 — Collateralized mortgage obligations: residential 148,582 — 148,582 — Collateralized mortgage obligations: commercial 5,617 — 5,617 — Mutual funds 2,116 2,116 — — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2014 Description December 31, 2014 Level 1 Level 2 Level 3 Available-for-sale securities: U.S. Government sponsored enterprises $ 10,227 $ — $ 10,227 $ — Obligations of state and political subdivisions 44,605 — 44,605 — GSE mortgage-backed securities 109,103 — 109,103 — Collateralized mortgage obligations: residential 60,839 — 60,839 — Collateralized mortgage obligations: commercial 24,545 — 24,545 — Other asset-backed securities 24,343 — 24,343 — Collateralized debt obligation 1,218 — 1,218 — Mutual funds 2,104 2,104 — — Certain assets and liabilities are measured at fair value on a nonrecurring basis and are included in the table below (in thousands). Impaired loans are Level 2 assets measured using appraisals from external parties of the collateral less any prior liens. Other real estate properties are also Level 2 assets measured using appraisals from external parties. Assets / Liabilities Measured at Fair Value at Fair Value Measurements at September 30, 2015 Description September 30, 2015 Level 1 Level 2 Level 3 Impaired loans $ 14,966 $ — $ 14,966 $ — Other real estate 4,661 — 4,661 — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2014 Description December 31, 2014 Level 1 Level 2 Level 3 Impaired loans $ 5,051 $ — $ 5,051 $ — Other real estate 4,234 — 4,234 — Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. The carrying amounts and estimated fair values of the Company’s financial instruments are as follows at September 30, 2015 and December 31, 2014 (in thousands): Fair Value Measurements at September 30, 2015 Using: Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks, interest-bearing deposits in banks and federal funds sold $ 125,437 $ 125,437 $ — $ — Securities available-for-sale 285,485 2,116 283,369 — Securities held-to-maturity 121,043 — 122,488 — Other investments 12,063 12,063 — — Loans, net 1,282,513 — 14,966 1,282,506 Cash surrender value of life insurance policies 13,548 — 13,548 — Financial liabilities: Non-interest-bearing deposits 406,118 — 406,118 — Interest-bearing deposits 1,137,303 — 918,792 218,328 Securities sold under agreements to repurchase 92,085 92,085 — — Short-term Federal Home Loan Bank advances 70,000 — 70,000 — Long-term Federal Home Loan Bank advances 25,958 — — 26,956 Junior subordinated debentures 22,167 — 22,167 — Fair Value Measurements at December 31, 2014 Using: Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks, interest-bearing deposits in banks and federal funds sold $ 86,872 $ 86,872 $ — $ — Securities available-for-sale 276,984 2,104 274,880 — Securities held-to-maturity 141,201 — 141,593 — Other investments 9,990 9,990 — — Loans, net 1,273,205 — 5,051 1,277,882 Cash surrender value of life insurance policies 13,659 — 13,659 — Financial liabilities: Non-interest-bearing deposits 390,863 — 390,863 — Interest-bearing deposits 1,194,371 — 943,255 251,291 Securities sold under agreements to repurchase 62,098 62,098 — — Short-term Federal Home Loan Bank advances 25,000 — 25,000 — Long-term Federal Home Loan Bank advances 26,277 — — 27,193 Junior subordinated debentures 22,167 — 22,167 — |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with 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 consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies — The accounting and reporting policies of the Company conform with GAAP and general practices within the banking industry. There have been no material changes or developments in the application of accounting principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies and Estimates as disclosed in our 2014 Annual Report on Form 10-K. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items was issued as part of the FASB's simplification initiative. ASU 2015-01 eliminates the concept of extraordinary items. The effective date of this Update is for fiscal years beginning on or after December 15, 2015 and interim periods within those annual periods. Adoption of this Update is not expected to have a material effect on the Company’s consolidated financial statements or the interim notes to the consolidated financial statements. ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs was also issued as part of the FASB's simplification initiative. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Currently, debt issuance costs are presented as an asset on the balance sheet. The FASB notes within the ASU, capitalized debt issuance costs do not meet the definition of an asset and are more akin to a debt discount, thereby reducing the carrying amount of the proceeds received. The effective date of this Update is for fiscal years beginning on or after December 15, 2015 and interim periods within those annual periods. Adoption of this Update is not expected to have a material effect on the Company’s consolidated financial statements or the interim notes to the consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Investment Securities | The portfolio of investment securities consisted of the following (in thousands): September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 36,500 $ 979 $ 48 $ 37,431 GSE mortgage-backed securities 88,813 2,981 55 91,739 Collateralized mortgage obligations: residential 148,819 690 927 148,582 Collateralized mortgage obligations: commercial 5,653 9 45 5,617 Mutual funds 2,100 16 — 2,116 $ 281,885 $ 4,675 $ 1,075 $ 285,485 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: U.S. Government sponsored enterprises $ 10,339 $ — $ 112 $ 10,227 Obligations of state and political subdivisions 43,079 1,555 29 44,605 GSE mortgage-backed securities 106,208 3,183 288 109,103 Collateralized mortgage obligations: residential 62,093 266 1,520 60,839 Collateralized mortgage obligations: commercial 24,462 190 107 24,545 Other asset-backed securities 24,041 321 19 24,343 Collateralized debt obligation 266 952 — 1,218 Mutual funds 2,100 4 — 2,104 $ 272,588 $ 6,471 $ 2,075 $ 276,984 |
Schedule of Held-to-Maturity Securities | September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 43,933 $ 552 $ 38 $ 44,447 GSE mortgage-backed securities 58,420 1,212 82 59,550 Collateralized mortgage obligations: residential 11,284 — 250 11,034 Collateralized mortgage obligations: commercial 7,406 51 — 7,457 $ 121,043 $ 1,815 $ 370 $ 122,488 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 45,914 $ 267 $ 192 $ 45,989 GSE mortgage-backed securities 67,268 1,080 164 68,184 Collateralized mortgage obligations: residential 12,709 — 479 12,230 Collateralized mortgage obligations: commercial 15,310 53 173 15,190 $ 141,201 $ 1,400 $ 1,008 $ 141,593 |
Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at September 30, 2015 by contractual maturity are shown in the following table (in thousands) with the exception of other asset-backed securities, mortgage-backed securities, CMOs, and the collateralized debt obligation. Expected maturities may differ from contractual maturities for mortgage-backed securities and CMOs because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value Available-for-sale: Due in one year or less $ 5,074 $ 5,114 Due after one year through five years 19,498 20,120 Due after five years through ten years 9,540 9,832 Due after ten years 2,388 2,365 Mortgage-backed securities and collateralized mortgage obligations: Residential 237,632 240,321 Commercial 5,653 5,617 Mutual funds 2,100 2,116 $ 281,885 $ 285,485 Amortized Cost Fair Value Held-to-maturity: Due in one year or less $ 473 $ 475 Due after one year through five years 2,923 2,960 Due after five years through ten years 11,105 11,273 Due after ten years 29,432 29,739 Mortgage-backed securities and collateralized mortgage obligations: Residential 69,704 70,584 Commercial 7,406 7,457 $ 121,043 $ 122,488 |
Schedule of Investment Securities with Unrealized Losses | Details concerning investment securities with unrealized losses are as follows (in thousands): September 30, 2015 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Available-for-sale: Obligations of state and political subdivisions $ 3,190 $ 48 $ — $ — $ 3,190 $ 48 GSE mortgage-backed securities 15,860 45 3,754 10 19,614 55 Collateralized mortgage obligations: residential 33,689 128 31,772 799 65,461 927 Collateralized mortgage obligations: commercial — — 3,073 45 3,073 45 $ 52,739 $ 221 $ 38,599 $ 854 $ 91,338 $ 1,075 December 31, 2014 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Available-for-sale: U.S. Government sponsored enterprises $ 4,973 $ 32 $ 5,254 $ 80 $ 10,227 $ 112 Obligations of state and political subdivisions 2,029 29 — — 2,029 29 GSE mortgage-backed securities 6,668 25 21,538 263 28,206 288 Collateralized mortgage obligations: residential 9,366 53 37,997 1,467 47,363 1,520 Collateralized mortgage obligations: commercial — — 3,747 107 3,747 107 Other asset-backed securities 6,401 19 — — 6,401 19 $ 29,437 $ 158 $ 68,536 $ 1,917 $ 97,973 $ 2,075 September 30, 2015 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Held-to-maturity: Obligations of state and political subdivisions $ 6,544 $ 19 $ 1,302 $ 19 $ 7,846 $ 38 GSE mortgage-backed securities — — 7,309 82 7,309 82 Collateralized mortgage obligations: residential — — 11,034 250 11,034 250 $ 6,544 $ 19 $ 19,645 $ 351 $ 26,189 $ 370 December 31, 2014 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Held-to-maturity: Obligations of state and political subdivisions $ 11,761 $ 35 $ 13,263 $ 157 $ 25,024 $ 192 GSE mortgage-backed securities — — 8,142 164 8,142 164 Collateralized mortgage obligations: residential — — 12,230 479 12,230 479 Collateralized mortgage obligations: commercial 7,599 173 — — 7,599 173 $ 19,360 $ 208 $ 33,635 $ 800 $ 52,995 $ 1,008 |
Credit Quality of Loans and A19
Credit Quality of Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Components of Loans Receivable | The loan portfolio consisted of the following (in thousands): September 30, 2015 December 31, 2014 Commercial, financial and agricultural $ 482,452 $ 467,147 Real estate - construction 74,279 68,577 Real estate – commercial 473,319 467,172 Real estate – residential 151,667 154,602 Installment loans to individuals 113,199 119,328 Lease financing receivable 4,790 4,857 Other 1,746 2,748 1,301,452 1,284,431 Less allowance for loan losses (18,939 ) (11,226 ) $ 1,282,513 $ 1,273,205 |
Roll Forward of Activity in Allowance for Loan Losses | A rollforward of the activity within the allowance for loan losses by loan type and recorded investment in loans for the nine months ended September 30, 2015 and 2014 is as follows (in thousands): September 30, 2015 Real Estate Coml, Fin, and Agric Constru-ction Commercial Residential Installment loans to individuals Lease financing receivable Other Total Allowance for loan losses: Beginning balance $ 5,729 $ 954 $ 2,402 $ 810 $ 1,311 $ 16 $ 4 $ 11,226 Charge-offs (2,310 ) (76 ) (169 ) (45 ) (883 ) — — (3,483 ) Recoveries 185 1 20 10 80 — — 296 Provision 8,016 (62 ) 2,107 (104 ) 923 13 7 10,900 Ending balance $ 11,620 $ 817 $ 4,360 $ 671 $ 1,431 $ 29 $ 11 $ 18,939 Ending balance: individually evaluated for impairment $ 2,569 $ 26 $ 1,739 $ 147 $ 216 $ — $ — $ 4,697 Ending balance: collectively evaluated for impairment $ 9,051 $ 791 $ 2,621 $ 524 $ 1,215 $ 29 $ 11 $ 14,242 Loans: Ending balance $ 482,452 $ 74,279 $ 473,319 $ 151,667 $ 113,199 $ 4,790 $ 1,746 $ 1,301,452 Ending balance: individually evaluated for impairment $ 29,185 $ 212 $ 19,928 $ 1,796 $ 386 $ — $ — $ 51,507 Ending balance: collectively evaluated for impairment $ 453,267 $ 74,067 $ 452,758 $ 149,788 $ 112,813 $ 4,790 $ 1,746 $ 1,249,229 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 633 $ 83 $ — $ — $ — $ 716 September 30, 2014 Real Estate Coml, Fin, and Agric Constr-uction Commercial Residential Installment loans to individuals Lease financing receivable Other Total Allowance for loan losses: Beginning balance $ 3,906 $ 1,046 $ 1,389 $ 1,141 $ 1,273 $ 21 $ 3 $ 8,779 Charge-offs (2,084 ) (1 ) (93 ) (188 ) (566 ) — — (2,932 ) Recoveries 101 — 398 44 110 — — 653 Provision 2,731 103 (345 ) (8 ) 450 (6 ) — 2,925 Ending balance $ 4,654 $ 1,148 $ 1,349 $ 989 $ 1,267 $ 15 $ 3 $ 9,425 Ending balance: individually evaluated for impairment $ 853 $ 3 $ 55 $ 87 $ 140 $ — $ — $ 1,138 Ending balance: collectively evaluated for impairment $ 3,801 $ 1,145 $ 1,294 $ 902 $ 1,127 $ 15 $ 3 $ 8,287 Loans: Ending balance $ 452,065 $ 86,315 $ 430,930 $ 153,915 $ 116,340 $ 5,285 $ 3,523 $ 1,248,373 Ending balance: individually evaluated for impairment $ 2,662 $ 106 $ 3,312 $ 1,073 $ 426 $ — $ — $ 7,579 Ending balance: collectively evaluated for impairment $ 449,403 $ 86,209 $ 426,942 $ 152,742 $ 115,914 $ 5,285 $ 3,523 $ 1,240,018 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 676 $ 100 $ — $ — $ — $ 776 |
Age Analysis of Past Due Loans by Class of Loans | An age analysis of past due loans (including both accruing and non-accruing loans) is as follows (in thousands): September 30, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total Loans Recorded Investment > 90 days and Accruing Commercial, financial, and agricultural $ 4,065 $ 3,124 $ 3,879 $ 11,068 $ 471,384 $ 482,452 $ 23 Commercial real estate - construction 93 99 12 204 55,484 55,688 — Commercial real estate - other 7,252 2,745 16,999 26,996 446,323 473,319 — Residential - construction — — 172 172 18,419 18,591 — Residential - prime 1,383 264 1,378 3,025 148,642 151,667 — Consumer - credit card 38 11 27 76 5,683 5,759 27 Consumer - other 1,228 162 329 1,719 105,721 107,440 32 Lease financing receivable — — — — 4,790 4,790 — Other loans 148 — — 148 1,598 1,746 — $ 14,207 $ 6,405 $ 22,796 $ 43,408 $ 1,258,044 $ 1,301,452 $ 82 December 31, 2014 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total Loans Recorded Investment > 90 days and Accruing Commercial, financial, and agricultural $ 2,179 $ 654 $ 2,556 $ 5,389 $ 461,758 $ 467,147 $ 26 Commercial real estate - construction 15 — 105 120 43,390 43,510 97 Commercial real estate - other 4,989 270 2,464 7,723 459,449 467,172 — Residential - construction 431 — — 431 24,636 25,067 — Residential - prime 1,843 523 704 3,070 151,532 154,602 — Consumer - credit card 5 19 18 42 5,970 6,012 18 Consumer - other 671 392 107 1,170 112,146 113,316 46 Lease financing receivable — — — — 4,857 4,857 — Other loans 134 — — 134 2,614 2,748 — $ 10,267 $ 1,858 $ 5,954 $ 18,079 $ 1,266,352 $ 1,284,431 $ 187 |
Schedule of Loans on Nonaccrual Status | Non-accrual loans are as follows (in thousands): September 30, 2015 December 31, 2014 Commercial, financial, and agricultural $ 29,171 $ 2,642 Commercial real estate – construction 39 54 Commercial real estate - other 19,952 6,429 Residential - construction 172 — Residential - prime 1,896 1,194 Consumer - credit card — — Consumer - other 386 382 Lease financing receivable — — Other — — $ 51,616 $ 10,701 |
Schedule of Loans Evaluated for Impairment | Loans that are individually evaluated for impairment are as follows (in thousands): September 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 22,149 $ 22,412 $ — $ 21,863 $ 703 Commercial real estate – construction 39 39 — 40 — Commercial real estate – other 5,440 5,440 — 6,244 47 Residential – prime 1,144 1,164 — 1,211 11 Residential – construction 55 55 — 273 1 Consumer – other 30 30 — 33 — Subtotal: 28,857 29,140 — 29,664 762 With an allowance recorded: Commercial, financial, and agricultural 7,036 7,036 2,569 4,604 159 Commercial real estate – other 14,488 14,488 1,739 12,932 33 Residential – prime 652 652 147 599 5 Residential – construction 118 118 26 59 — Consumer – other 356 371 216 322 4 Subtotal: 22,650 22,665 4,697 18,516 201 Totals: Commercial 49,152 49,415 4,308 45,683 942 Residential 1,969 1,989 173 2,142 17 Consumer 386 401 216 355 4 Grand total: $ 51,507 $ 51,805 $ 4,697 $ 48,180 $ 963 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 438 $ 521 $ — $ 554 $ — Commercial real estate – construction 54 54 — 58 — Commercial real estate – other 1,921 1,921 — 1,885 17 Residential – prime 543 543 — 534 15 Consumer – other 78 78 — 72 — Subtotal: 3,034 3,117 — 3,103 32 With an allowance recorded: Commercial, financial, and agricultural 2,218 2,333 1,010 1,394 35 Commercial real estate – construction — — — 19 — Commercial real estate – other 4,467 4,467 1,484 2,416 220 Residential – prime 529 548 68 452 3 Consumer – other 299 313 179 252 4 Subtotal: 7,513 7,661 2,741 4,533 262 Totals: Commercial 9,098 9,296 2,494 6,326 272 Residential 1,072 1,091 68 986 18 Consumer 377 391 179 324 4 Grand total: $ 10,547 $ 10,778 $ 2,741 $ 7,636 $ 294 |
Credit Quality Indicators by Class of Loans | The following tables present the classes of loans by risk rating (in thousands): September 30, 2015 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, financial, and agricultural Commercial real estate - construction Commercial real estate - other Total % of Total Pass $ 417,600 $ 55,525 $ 417,095 $ 890,220 88.02 % Special mention 23,104 34 20,277 43,415 4.29 % Substandard 41,521 129 35,947 77,597 7.67 % Doubtful 227 — — 227 0.02 % $ 482,452 $ 55,688 $ 473,319 $ 1,011,459 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Residential - construction Residential - prime Total % of Total Pass $ 18,419 $ 147,721 $ 166,140 97.58 % Special mention — 1,326 1,326 0.78 % Substandard 172 2,620 2,792 1.64 % $ 18,591 $ 151,667 $ 170,258 100.00 % Consumer and Commercial Credit Exposure Credit Risk Profile Based on Payment Activity Consumer - credit card Consumer - other Lease financing receivable Other Total % of Total Performing $ 5,721 $ 107,022 $ 4,790 $ 1,746 $ 119,279 99.62 % Nonperforming 38 418 — — 456 0.38 % $ 5,759 $ 107,440 $ 4,790 $ 1,746 $ 119,735 100.00 % December 31, 2014 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, financial, and agricultural Commercial real estate - construction Commercial real estate - other Total % of Total Pass $ 456,221 $ 43,320 $ 440,281 $ 939,822 96.11 % Special mention 4,861 132 7,120 12,113 1.24 % Substandard 5,541 58 19,771 25,370 2.60 % Doubtful 524 — — 524 0.05 % $ 467,147 $ 43,510 $ 467,172 $ 977,829 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Residential - construction Residential - prime Total % of Total Pass $ 25,067 $ 150,664 $ 175,731 97.81 % Special mention — 1,184 1,184 0.66 % Substandard — 2,754 2,754 1.53 % $ 25,067 $ 154,602 $ 179,669 100.00 % Consumer and Commercial Credit Exposure Credit Risk Profile Based on Payment Activity Consumer - credit card Consumer - other Lease financing receivable Other Total % of Total Performing $ 5,995 $ 112,893 $ 4,857 $ 2,748 $ 126,493 99.65 % Nonperforming 17 423 — — 440 0.35 % $ 6,012 $ 113,316 $ 4,857 $ 2,748 $ 126,933 100.00 % |
Summary of Troubled Debt Restructurings | Information about the Company’s TDRs is as follows (in thousands): September 30, 2015 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial, financial and agricultural $ 18 $ — $ 21,324 $ 21,342 Real estate - commercial — 150 — 150 $ 18 $ 150 $ 21,324 $ 21,492 December 31, 2014 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial, financial and agricultural $ 21 $ — $ 234 $ 255 Real estate - commercial 155 — — 155 $ 176 $ — $ 234 $ 410 |
Intangibles (Tables)
Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Core Deposit Intangible Assets | A summary of core deposit intangible assets as of September 30, 2015 and December 31, 2014 is as follows (in thousands): September 30, 2015 December 31, 2014 Gross carrying amount $ 11,674 $ 11,674 Less accumulated amortization (5,670 ) (4,840 ) Net carrying amount $ 6,004 $ 6,834 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Summary of Tax Effects | The following is a summary of the tax effects allocated to each component of other comprehensive income (loss) (in thousands): Three Months Ended September 30, 2015 2014 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount Other comprehensive income (loss): Securities available-for-sale: Change in unrealized gains (losses) during period $ 1,717 $ (601 ) $ 1,116 $ (405 ) $ 142 $ (263 ) Reclassification adjustment for gains included in net income — — — — — — Total other comprehensive income (loss) $ 1,717 $ (601 ) $ 1,116 $ (405 ) $ 142 $ (263 ) Nine Months Ended September 30, 2015 2014 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount Other comprehensive (loss) income: Securities available-for-sale: Change in unrealized gains during period $ 447 $ (156 ) $ 291 $ 4,116 $ (1,441 ) $ 2,675 Reclassification adjustment for gains included in net income (1,243 ) 435 (808 ) (128 ) 45 (83 ) Total other comprehensive (loss) income $ (796 ) $ 279 $ (517 ) $ 3,988 $ (1,396 ) $ 2,592 |
Reclassification Out of Accumulated Other Comprehensive Income | The reclassifications out of accumulated other comprehensive income into net income are presented below (in thousands): Three Months Ended September 30, 2015 2014 Details about Accumulated Other Comprehensive Income Components Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ — Gain on sale of securities, net $ — Gain on sale of securities, net — Tax expense — Tax expense $ — Net of tax $ — Net of tax Nine Months Ended September 30, 2015 2014 Details about Accumulated Other Comprehensive Income Components Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ (1,243 ) Gain on sale of securities, net $ (128 ) Gain on sale of securities, net 435 Tax expense 45 Tax expense $ (808 ) Net of tax $ (83 ) Net of tax |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Components of Earnings per Common Share | Following is a summary of the information used in the computation of earnings per common share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net earnings available to common shareholders $ 2,417 $ 4,298 $ 8,662 $ 14,922 Dividends on Series C preferred stock 92 94 277 284 Adjusted net earnings available to common shareholders $ 2,509 $ 4,392 $ 8,939 $ 15,206 Weighted average number of common shares outstanding used in computation of basic earnings per common share 11,312 11,314 11,321 11,283 Effect of dilutive securities: Stock options 12 92 20 77 Convertible preferred stock and warrants 507 549 507 544 Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share 11,831 11,955 11,848 11,904 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The table below presents information about certain assets and liabilities measured at fair value on a recurring basis (in thousands): Assets / Liabilities Measured at Fair Value at Fair Value Measurements at September 30, 2015 Description September 30, 2015 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 37,431 $ — $ 37,431 $ — GSE mortgage-backed securities 91,739 — 91,739 — Collateralized mortgage obligations: residential 148,582 — 148,582 — Collateralized mortgage obligations: commercial 5,617 — 5,617 — Mutual funds 2,116 2,116 — — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2014 Description December 31, 2014 Level 1 Level 2 Level 3 Available-for-sale securities: U.S. Government sponsored enterprises $ 10,227 $ — $ 10,227 $ — Obligations of state and political subdivisions 44,605 — 44,605 — GSE mortgage-backed securities 109,103 — 109,103 — Collateralized mortgage obligations: residential 60,839 — 60,839 — Collateralized mortgage obligations: commercial 24,545 — 24,545 — Other asset-backed securities 24,343 — 24,343 — Collateralized debt obligation 1,218 — 1,218 — Mutual funds 2,104 2,104 — — |
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | Certain assets and liabilities are measured at fair value on a nonrecurring basis and are included in the table below (in thousands). Impaired loans are Level 2 assets measured using appraisals from external parties of the collateral less any prior liens. Other real estate properties are also Level 2 assets measured using appraisals from external parties. Assets / Liabilities Measured at Fair Value at Fair Value Measurements at September 30, 2015 Description September 30, 2015 Level 1 Level 2 Level 3 Impaired loans $ 14,966 $ — $ 14,966 $ — Other real estate 4,661 — 4,661 — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2014 Description December 31, 2014 Level 1 Level 2 Level 3 Impaired loans $ 5,051 $ — $ 5,051 $ — Other real estate 4,234 — 4,234 — |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of the Company’s financial instruments are as follows at September 30, 2015 and December 31, 2014 (in thousands): Fair Value Measurements at September 30, 2015 Using: Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks, interest-bearing deposits in banks and federal funds sold $ 125,437 $ 125,437 $ — $ — Securities available-for-sale 285,485 2,116 283,369 — Securities held-to-maturity 121,043 — 122,488 — Other investments 12,063 12,063 — — Loans, net 1,282,513 — 14,966 1,282,506 Cash surrender value of life insurance policies 13,548 — 13,548 — Financial liabilities: Non-interest-bearing deposits 406,118 — 406,118 — Interest-bearing deposits 1,137,303 — 918,792 218,328 Securities sold under agreements to repurchase 92,085 92,085 — — Short-term Federal Home Loan Bank advances 70,000 — 70,000 — Long-term Federal Home Loan Bank advances 25,958 — — 26,956 Junior subordinated debentures 22,167 — 22,167 — Fair Value Measurements at December 31, 2014 Using: Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks, interest-bearing deposits in banks and federal funds sold $ 86,872 $ 86,872 $ — $ — Securities available-for-sale 276,984 2,104 274,880 — Securities held-to-maturity 141,201 — 141,593 — Other investments 9,990 9,990 — — Loans, net 1,273,205 — 5,051 1,277,882 Cash surrender value of life insurance policies 13,659 — 13,659 — Financial liabilities: Non-interest-bearing deposits 390,863 — 390,863 — Interest-bearing deposits 1,194,371 — 943,255 251,291 Securities sold under agreements to repurchase 62,098 62,098 — — Short-term Federal Home Loan Bank advances 25,000 — 25,000 — Long-term Federal Home Loan Bank advances 26,277 — — 27,193 Junior subordinated debentures 22,167 — 22,167 — |
Investment Securities - Portfol
Investment Securities - Portfolio of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $ 281,885 | $ 272,588 |
Gross Unrealized Gains | 4,675 | 6,471 |
Gross Unrealized Losses | 1,075 | 2,075 |
Fair Value | 285,485 | 276,984 |
Obligations of state and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 36,500 | 43,079 |
Gross Unrealized Gains | 979 | 1,555 |
Gross Unrealized Losses | 48 | 29 |
Fair Value | 37,431 | 44,605 |
GSE mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 88,813 | 106,208 |
Gross Unrealized Gains | 2,981 | 3,183 |
Gross Unrealized Losses | 55 | 288 |
Fair Value | 91,739 | 109,103 |
Collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 148,819 | 62,093 |
Gross Unrealized Gains | 690 | 266 |
Gross Unrealized Losses | 927 | 1,520 |
Fair Value | 148,582 | 60,839 |
Collateralized mortgage obligations: commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 5,653 | 24,462 |
Gross Unrealized Gains | 9 | 190 |
Gross Unrealized Losses | 45 | 107 |
Fair Value | 5,617 | 24,545 |
Mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 2,100 | 2,100 |
Gross Unrealized Gains | 16 | 4 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 2,116 | 2,104 |
U.S. Government sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 10,339 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 112 | |
Fair Value | 10,227 | |
Other asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 24,041 | |
Gross Unrealized Gains | 321 | |
Gross Unrealized Losses | 19 | |
Fair Value | 24,343 | |
Collateralized debt obligation | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 266 | |
Gross Unrealized Gains | 952 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 1,218 |
Investment Securities - Portf25
Investment Securities - Portfolio of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | $ 121,043 | $ 141,201 |
Gross Unrealized Gains | 1,815 | 1,400 |
Gross Unrealized Losses | 370 | 1,008 |
Fair Value | 122,488 | 141,593 |
Obligations of state and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 43,933 | 45,914 |
Gross Unrealized Gains | 552 | 267 |
Gross Unrealized Losses | 38 | 192 |
Fair Value | 44,447 | 45,989 |
GSE mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 58,420 | 67,268 |
Gross Unrealized Gains | 1,212 | 1,080 |
Gross Unrealized Losses | 82 | 164 |
Fair Value | 59,550 | 68,184 |
Collateralized mortgage obligations: residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 11,284 | 12,709 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 250 | 479 |
Fair Value | 11,034 | 12,230 |
Collateralized mortgage obligations: commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 7,406 | 15,310 |
Gross Unrealized Gains | 51 | 53 |
Gross Unrealized Losses | 0 | 173 |
Fair Value | $ 7,457 | $ 15,190 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Amortized Cost | ||
Available-for-sale: Due in one year or less | $ 5,074 | |
Available-for-sale: Due after one year through five years | 19,498 | |
Available-for-sale: Due after five years through ten years | 9,540 | |
Available-for-sale: Due after ten years | 2,388 | |
Mortgage-backed securities and collateralized mortgage obligations: Residential | 237,632 | |
Mortgage-backed securities and collateralized mortgage obligations: Commercial | 5,653 | |
Mutual funds | 2,100 | |
Available-for-sale, Amortized Cost | 281,885 | $ 272,588 |
Fair Value | ||
Available-for-sale: Due in one year or less | 5,114 | |
Available-for-sale: Due after one year through five years | 20,120 | |
Available-for-sale: Due after five years through ten years | 9,832 | |
Available-for-sale: Due after ten years | 2,365 | |
Mortgage-backed securities and collateralized mortgage obligations: Residential | 240,321 | |
Mortgage-backed securities and collateralized mortgage obligations: Commercial | 5,617 | |
Mutual funds | 2,116 | |
Available-for-sale, Fair Value | 285,485 | 276,984 |
Amortized Cost | ||
Held-to-maturity: Due in one year or less | 473 | |
Held-to-maturity: Due after one year through five years | 2,923 | |
Held-to-maturity: Due after five years through ten years | 11,105 | |
Held-to-maturity: Due after ten years | 29,432 | |
Mortgage-backed securities and collateralized mortgage obligations: Residential | 69,704 | |
Mortgage-backed securities and collateralized mortgage obligations: Commercial | 7,406 | |
Held-to-maturity, Amortized Cost | 121,043 | 141,201 |
Fair Value | ||
Held-to-maturity: Due in one year or less | 475 | |
Held-to-maturity: Due after one year through five years | 2,960 | |
Held-to-maturity: Due after five years through ten years | 11,273 | |
Held-to-maturity: Due after ten years | 29,739 | |
Mortgage-backed securities and collateralized mortgage obligations: Residential | 70,584 | |
Mortgage-backed securities and collateralized mortgage obligations: Commercial | 7,457 | |
Held-to-maturity, Fair Value | $ 122,488 | $ 141,593 |
Investment Securities - Summa27
Investment Securities - Summary of Unrealized Losses of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | $ 52,739 | $ 29,437 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 221 | 158 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 38,599 | 68,536 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 854 | 1,917 |
Available-for-sale, Total, Fair Value | 91,338 | 97,973 |
Available-for-sale, Total, Gross Unrealized Loss | 1,075 | 2,075 |
Obligations of state and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 3,190 | 2,029 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 48 | 29 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 0 | 0 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 0 | 0 |
Available-for-sale, Total, Fair Value | 3,190 | 2,029 |
Available-for-sale, Total, Gross Unrealized Loss | 48 | 29 |
GSE mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 15,860 | 6,668 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 45 | 25 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 3,754 | 21,538 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 10 | 263 |
Available-for-sale, Total, Fair Value | 19,614 | 28,206 |
Available-for-sale, Total, Gross Unrealized Loss | 55 | 288 |
Collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 33,689 | 9,366 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 128 | 53 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 31,772 | 37,997 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 799 | 1,467 |
Available-for-sale, Total, Fair Value | 65,461 | 47,363 |
Available-for-sale, Total, Gross Unrealized Loss | 927 | 1,520 |
Collateralized mortgage obligations: commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 0 | 0 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 0 | 0 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 3,073 | 3,747 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 45 | 107 |
Available-for-sale, Total, Fair Value | 3,073 | 3,747 |
Available-for-sale, Total, Gross Unrealized Loss | $ 45 | 107 |
U.S. Government sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 4,973 | |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 32 | |
Available-for-sale, Securities with losses over 12 months, Fair Value | 5,254 | |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 80 | |
Available-for-sale, Total, Fair Value | 10,227 | |
Available-for-sale, Total, Gross Unrealized Loss | 112 | |
Other asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 6,401 | |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 19 | |
Available-for-sale, Securities with losses over 12 months, Fair Value | 0 | |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 0 | |
Available-for-sale, Total, Fair Value | 6,401 | |
Available-for-sale, Total, Gross Unrealized Loss | $ 19 |
Investment Securities - Summa28
Investment Securities - Summary of Unrealized Losses of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | $ 6,544 | $ 19,360 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 19 | 208 |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 19,645 | 33,635 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 351 | 800 |
Held-to-maturity, Total, Fair Value | 26,189 | 52,995 |
Held-to-maturity, Total, Gross Unrealized Loss | 370 | 1,008 |
Obligations of state and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | 6,544 | 11,761 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 19 | 35 |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 1,302 | 13,263 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 19 | 157 |
Held-to-maturity, Total, Fair Value | 7,846 | 25,024 |
Held-to-maturity, Total, Gross Unrealized Loss | 38 | 192 |
GSE mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | 0 | 0 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 0 | 0 |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 7,309 | 8,142 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 82 | 164 |
Held-to-maturity, Total, Fair Value | 7,309 | 8,142 |
Held-to-maturity, Total, Gross Unrealized Loss | 82 | 164 |
Collateralized mortgage obligations: residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | 0 | 0 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 0 | 0 |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 11,034 | 12,230 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 250 | 479 |
Held-to-maturity, Total, Fair Value | 11,034 | 12,230 |
Held-to-maturity, Total, Gross Unrealized Loss | $ 250 | 479 |
Collateralized mortgage obligations: commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | 7,599 | |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 173 | |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 0 | |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 0 | |
Held-to-maturity, Total, Fair Value | 7,599 | |
Held-to-maturity, Total, Gross Unrealized Loss | $ 173 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 9 Months Ended | ||
Sep. 30, 2015USD ($)security | Sep. 30, 2014USD ($)security | Dec. 31, 2014USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of private-label collateralized mortgage obligations | security | 2 | ||
Combined balance of private-label collateralized mortgage obligations | $ 34,000 | ||
AFS and HTM securities in unrealized loss positions qualitative disclosure number of positions | security | 42 | ||
Unrealized losses as a percentage of individual securities amortized cost basis | 1.21% | ||
Unrealized losses as percentage of Company's total amortized cost basis | 0.36% | ||
Number of securities in an unrealized loss position for over 12 months | security | 20 | ||
Unamortized cost basis of securities in a continuous loss position | $ 59,400,000 | ||
Unrealized loss on securities in a continuous loss position | 1,200,000 | ||
Impairment related to credit quality | $ 0 | ||
Securities sold, classified as available-for-sale | security | 21 | 4 | |
Available-for-sale securities, realized gain (loss) | $ 1,200,000 | $ 128,000 | |
Number of available-for-sale securities sold with gains | security | 11 | ||
Available-for-sale securities, gross realized gains | $ 1,400,000 | ||
Number of available-for-sale securities sold with losses | security | 10 | ||
Available-for-sale securities, gross realized losses | $ 135,000 | ||
Securities pledged as collateral for public funding | $ 287,200,000 | $ 279,800,000 |
Credit Quality of Loans and A30
Credit Quality of Loans and Allowance for Loan Losses - Loan Portfolio and Concentrations (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015USD ($)industry_concentration | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | |
Loan portfolio [Abstract] | |||
Loans | $ 1,301,452 | $ 1,284,431 | $ 1,248,373 |
Less allowance for loan losses | (18,939) | (11,226) | |
Loans, net | $ 1,282,513 | 1,273,205 | |
Number of industry segment concentration above threshold limit | industry_concentration | 1 | ||
Concentration risk, percentage | 10.00% | ||
Loans exposure in oil and gas industry | $ 295,600 | ||
Exposure in the oil and gas industry specified as percentage of total loans | 22.70% | ||
Loans with exposure in commercial real estate | $ 529,000 | ||
Loans on nonaccrual status | 51,616 | 10,701 | |
Commercial, financial and agricultural | |||
Loan portfolio [Abstract] | |||
Loans | 482,452 | 467,147 | 452,065 |
Loans on nonaccrual status | 29,171 | 2,642 | |
Real estate - construction | |||
Loan portfolio [Abstract] | |||
Loans | 74,279 | 68,577 | 86,315 |
Real estate – commercial | |||
Loan portfolio [Abstract] | |||
Loans | $ 473,319 | 467,172 | 430,930 |
Percentage of CRE loans secured by owner-occupied commercial properties | 53.00% | ||
Loans on nonaccrual status | $ 20,000 | ||
Nonaccrual status of loans specified as percentage of total CRE loans | 3.80% | ||
Real estate – residential | |||
Loan portfolio [Abstract] | |||
Loans | $ 151,667 | 154,602 | 153,915 |
Installment loans to individuals | |||
Loan portfolio [Abstract] | |||
Loans | 113,199 | 119,328 | 116,340 |
Lease financing receivable | |||
Loan portfolio [Abstract] | |||
Loans | 4,790 | 4,857 | 5,285 |
Loans on nonaccrual status | 0 | 0 | |
Other | |||
Loan portfolio [Abstract] | |||
Loans | 1,746 | 2,748 | $ 3,523 |
Loans on nonaccrual status | $ 0 | $ 0 |
Credit Quality of Loans and A31
Credit Quality of Loans and Allowance for Loan Losses - Roll Forward of Activity In Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | $ 11,226 | $ 8,779 | |
Charge-offs | (3,483) | (2,932) | |
Recoveries | 296 | 653 | |
Provision | 10,900 | 2,925 | |
Ending balance | 18,939 | 9,425 | |
Ending balance: individually evaluated for impairment | 4,697 | 1,138 | |
Ending balance: collectively evaluated for impairment | 14,242 | 8,287 | |
Loans: | |||
Ending balance | 1,301,452 | 1,248,373 | $ 1,284,431 |
Ending balance: individually evaluated for impairment | 51,507 | 7,579 | |
Ending balance: collectively evaluated for impairment | 1,249,229 | 1,240,018 | |
Ending balance: loans acquired with deteriorated credit quality | 716 | 776 | |
Commercial, financial and agricultural | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 5,729 | 3,906 | |
Charge-offs | (2,310) | (2,084) | |
Recoveries | 185 | 101 | |
Provision | 8,016 | 2,731 | |
Ending balance | 11,620 | 4,654 | |
Ending balance: individually evaluated for impairment | 2,569 | 853 | |
Ending balance: collectively evaluated for impairment | 9,051 | 3,801 | |
Loans: | |||
Ending balance | 482,452 | 452,065 | 467,147 |
Ending balance: individually evaluated for impairment | 29,185 | 2,662 | |
Ending balance: collectively evaluated for impairment | 453,267 | 449,403 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Real estate - construction | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 954 | 1,046 | |
Charge-offs | (76) | (1) | |
Recoveries | 1 | 0 | |
Provision | (62) | 103 | |
Ending balance | 817 | 1,148 | |
Ending balance: individually evaluated for impairment | 26 | 3 | |
Ending balance: collectively evaluated for impairment | 791 | 1,145 | |
Loans: | |||
Ending balance | 74,279 | 86,315 | 68,577 |
Ending balance: individually evaluated for impairment | 212 | 106 | |
Ending balance: collectively evaluated for impairment | 74,067 | 86,209 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Real estate – commercial | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 2,402 | 1,389 | |
Charge-offs | (169) | (93) | |
Recoveries | 20 | 398 | |
Provision | 2,107 | (345) | |
Ending balance | 4,360 | 1,349 | |
Ending balance: individually evaluated for impairment | 1,739 | 55 | |
Ending balance: collectively evaluated for impairment | 2,621 | 1,294 | |
Loans: | |||
Ending balance | 473,319 | 430,930 | 467,172 |
Ending balance: individually evaluated for impairment | 19,928 | 3,312 | |
Ending balance: collectively evaluated for impairment | 452,758 | 426,942 | |
Ending balance: loans acquired with deteriorated credit quality | 633 | 676 | |
Real estate – residential | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 810 | 1,141 | |
Charge-offs | (45) | (188) | |
Recoveries | 10 | 44 | |
Provision | (104) | (8) | |
Ending balance | 671 | 989 | |
Ending balance: individually evaluated for impairment | 147 | 87 | |
Ending balance: collectively evaluated for impairment | 524 | 902 | |
Loans: | |||
Ending balance | 151,667 | 153,915 | 154,602 |
Ending balance: individually evaluated for impairment | 1,796 | 1,073 | |
Ending balance: collectively evaluated for impairment | 149,788 | 152,742 | |
Ending balance: loans acquired with deteriorated credit quality | 83 | 100 | |
Installment loans to individuals | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 1,311 | 1,273 | |
Charge-offs | (883) | (566) | |
Recoveries | 80 | 110 | |
Provision | 923 | 450 | |
Ending balance | 1,431 | 1,267 | |
Ending balance: individually evaluated for impairment | 216 | 140 | |
Ending balance: collectively evaluated for impairment | 1,215 | 1,127 | |
Loans: | |||
Ending balance | 113,199 | 116,340 | 119,328 |
Ending balance: individually evaluated for impairment | 386 | 426 | |
Ending balance: collectively evaluated for impairment | 112,813 | 115,914 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Lease financing receivable | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 16 | 21 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 13 | (6) | |
Ending balance | 29 | 15 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 29 | 15 | |
Loans: | |||
Ending balance | 4,790 | 5,285 | 4,857 |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 4,790 | 5,285 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Other | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 4 | 3 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 7 | 0 | |
Ending balance | 11 | 3 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 11 | 3 | |
Loans: | |||
Ending balance | 1,746 | 3,523 | $ 2,748 |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 1,746 | 3,523 | |
Ending balance: loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Credit Quality of Loans and A32
Credit Quality of Loans and Allowance for Loan Losses - Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | $ 14,207 | $ 10,267 |
60-89 Days Past Due | 6,405 | 1,858 |
Greater than 90 Days Past Due | 22,796 | 5,954 |
Total Past Due | 43,408 | 18,079 |
Current | 1,258,044 | 1,266,352 |
Total Loans | 1,301,452 | 1,284,431 |
Recorded Investment, 90 days past due and Accruing | 82 | 187 |
Commercial, financial and agricultural | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 4,065 | 2,179 |
60-89 Days Past Due | 3,124 | 654 |
Greater than 90 Days Past Due | 3,879 | 2,556 |
Total Past Due | 11,068 | 5,389 |
Current | 471,384 | 461,758 |
Total Loans | 482,452 | 467,147 |
Recorded Investment, 90 days past due and Accruing | 23 | 26 |
Commercial real estate - construction | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 93 | 15 |
60-89 Days Past Due | 99 | 0 |
Greater than 90 Days Past Due | 12 | 105 |
Total Past Due | 204 | 120 |
Current | 55,484 | 43,390 |
Total Loans | 55,688 | 43,510 |
Recorded Investment, 90 days past due and Accruing | 0 | 97 |
Commercial real estate - other | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 7,252 | 4,989 |
60-89 Days Past Due | 2,745 | 270 |
Greater than 90 Days Past Due | 16,999 | 2,464 |
Total Past Due | 26,996 | 7,723 |
Current | 446,323 | 459,449 |
Total Loans | 473,319 | 467,172 |
Recorded Investment, 90 days past due and Accruing | 0 | 0 |
Residential - construction | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 0 | 431 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 172 | 0 |
Total Past Due | 172 | 431 |
Current | 18,419 | 24,636 |
Total Loans | 18,591 | 25,067 |
Recorded Investment, 90 days past due and Accruing | 0 | 0 |
Residential - prime | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 1,383 | 1,843 |
60-89 Days Past Due | 264 | 523 |
Greater than 90 Days Past Due | 1,378 | 704 |
Total Past Due | 3,025 | 3,070 |
Current | 148,642 | 151,532 |
Total Loans | 151,667 | 154,602 |
Recorded Investment, 90 days past due and Accruing | 0 | 0 |
Consumer - credit card | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 38 | 5 |
60-89 Days Past Due | 11 | 19 |
Greater than 90 Days Past Due | 27 | 18 |
Total Past Due | 76 | 42 |
Current | 5,683 | 5,970 |
Total Loans | 5,759 | 6,012 |
Recorded Investment, 90 days past due and Accruing | 27 | 18 |
Consumer - other | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 1,228 | 671 |
60-89 Days Past Due | 162 | 392 |
Greater than 90 Days Past Due | 329 | 107 |
Total Past Due | 1,719 | 1,170 |
Current | 105,721 | 112,146 |
Total Loans | 107,440 | 113,316 |
Recorded Investment, 90 days past due and Accruing | 32 | 46 |
Lease financing receivable | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 4,790 | 4,857 |
Total Loans | 4,790 | 4,857 |
Recorded Investment, 90 days past due and Accruing | 0 | 0 |
Other loans | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 148 | 134 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 148 | 134 |
Current | 1,598 | 2,614 |
Total Loans | 1,746 | 2,748 |
Recorded Investment, 90 days past due and Accruing | $ 0 | $ 0 |
Credit Quality of Loans and A33
Credit Quality of Loans and Allowance for Loan Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | $ 51,616 | $ 10,701 | |
Interest lost on nonaccrual loans | 1,300 | $ 392 | |
Interest received on nonaccrual loans | 19 | $ 93 | |
Commercial, financial and agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 29,171 | 2,642 | |
Commercial real estate - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 39 | 54 | |
Commercial real estate - other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 19,952 | 6,429 | |
Residential - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 172 | 0 | |
Residential - prime | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 1,896 | 1,194 | |
Consumer - credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 0 | 0 | |
Consumer - other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 386 | 382 | |
Lease financing receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 0 | 0 | |
Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | $ 0 | $ 0 |
Credit Quality of Loans and A34
Credit Quality of Loans and Allowance for Loan Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
With no related allowance recorded [Abstract] | ||
Recorded Investment | $ 28,857 | $ 3,034 |
Unpaid Principal Balance | 29,140 | 3,117 |
Average Recorded Investment | 29,664 | 3,103 |
Interest Income Recognized | 762 | 32 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 22,650 | 7,513 |
Unpaid Principal Balance | 22,665 | 7,661 |
Related Allowance | 4,697 | 2,741 |
Average Recorded Investment | 18,516 | 4,533 |
Interest Income Recognized | 201 | 262 |
Totals [Abstract] | ||
Recorded Investment | 51,507 | 10,547 |
Unpaid Principal Balance | 51,805 | 10,778 |
Related Allowance | 4,697 | 2,741 |
Average Recorded Investment | 48,180 | 7,636 |
Interest Income Recognized | 963 | 294 |
Commercial, financial and agricultural | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 22,149 | 438 |
Unpaid Principal Balance | 22,412 | 521 |
Average Recorded Investment | 21,863 | 554 |
Interest Income Recognized | 703 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 7,036 | 2,218 |
Unpaid Principal Balance | 7,036 | 2,333 |
Related Allowance | 2,569 | 1,010 |
Average Recorded Investment | 4,604 | 1,394 |
Interest Income Recognized | 159 | 35 |
Totals [Abstract] | ||
Related Allowance | 2,569 | 1,010 |
Commercial real estate - construction | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 39 | 54 |
Unpaid Principal Balance | 39 | 54 |
Average Recorded Investment | 40 | 58 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 0 | |
Unpaid Principal Balance | 0 | |
Related Allowance | 0 | |
Average Recorded Investment | 19 | |
Interest Income Recognized | 0 | |
Totals [Abstract] | ||
Related Allowance | 0 | |
Commercial real estate - other | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 5,440 | 1,921 |
Unpaid Principal Balance | 5,440 | 1,921 |
Average Recorded Investment | 6,244 | 1,885 |
Interest Income Recognized | 47 | 17 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 14,488 | 4,467 |
Unpaid Principal Balance | 14,488 | 4,467 |
Related Allowance | 1,739 | 1,484 |
Average Recorded Investment | 12,932 | 2,416 |
Interest Income Recognized | 33 | 220 |
Totals [Abstract] | ||
Related Allowance | 1,739 | 1,484 |
Residential - prime | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 1,144 | 543 |
Unpaid Principal Balance | 1,164 | 543 |
Average Recorded Investment | 1,211 | 534 |
Interest Income Recognized | 11 | 15 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 652 | 529 |
Unpaid Principal Balance | 652 | 548 |
Related Allowance | 147 | 68 |
Average Recorded Investment | 599 | 452 |
Interest Income Recognized | 5 | 3 |
Totals [Abstract] | ||
Related Allowance | 147 | 68 |
Residential - construction | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 55 | |
Unpaid Principal Balance | 55 | |
Average Recorded Investment | 273 | |
Interest Income Recognized | 1 | |
With an allowance recorded [Abstract] | ||
Recorded Investment | 118 | |
Unpaid Principal Balance | 118 | |
Related Allowance | 26 | |
Average Recorded Investment | 59 | |
Interest Income Recognized | 0 | |
Totals [Abstract] | ||
Related Allowance | 26 | |
Consumer - other | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 30 | 78 |
Unpaid Principal Balance | 30 | 78 |
Average Recorded Investment | 33 | 72 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 356 | 299 |
Unpaid Principal Balance | 371 | 313 |
Related Allowance | 216 | 179 |
Average Recorded Investment | 322 | 252 |
Interest Income Recognized | 4 | 4 |
Totals [Abstract] | ||
Related Allowance | 216 | 179 |
Total: Commercial | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 4,308 | 2,494 |
Totals [Abstract] | ||
Recorded Investment | 49,152 | 9,098 |
Unpaid Principal Balance | 49,415 | 9,296 |
Related Allowance | 4,308 | 2,494 |
Average Recorded Investment | 45,683 | 6,326 |
Interest Income Recognized | 942 | 272 |
Total: Residential | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 173 | 68 |
Totals [Abstract] | ||
Recorded Investment | 1,969 | 1,072 |
Unpaid Principal Balance | 1,989 | 1,091 |
Related Allowance | 173 | 68 |
Average Recorded Investment | 2,142 | 986 |
Interest Income Recognized | 17 | 18 |
Total: Consumer | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 216 | 179 |
Totals [Abstract] | ||
Recorded Investment | 386 | 377 |
Unpaid Principal Balance | 401 | 391 |
Related Allowance | 216 | 179 |
Average Recorded Investment | 355 | 324 |
Interest Income Recognized | $ 4 | $ 4 |
Credit Quality of Loans and A35
Credit Quality of Loans and Allowance for Loan Losses - Classes of Loans by Risk Rating (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 1,301,452 | $ 1,284,431 | $ 1,248,373 |
Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 482,452 | 467,147 | 452,065 |
Commercial real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 55,688 | 43,510 | |
Commercial real estate - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 473,319 | 467,172 | |
Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 1,011,459 | $ 977,829 | |
Percentage of Total Loans | 100.00% | 100.00% | |
Residential - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 18,591 | $ 25,067 | |
Residential - prime | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 151,667 | 154,602 | |
Residential, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 170,258 | $ 179,669 | |
Percentage of Total Loans | 100.00% | 100.00% | |
Consumer - credit card | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 5,759 | $ 6,012 | |
Consumer - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 107,440 | 113,316 | |
Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 4,790 | 4,857 | 5,285 |
Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 1,746 | 2,748 | $ 3,523 |
Consumer, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 119,735 | $ 126,933 | |
Percentage of Total Loans | 100.00% | 100.00% | |
Pass | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 417,600 | $ 456,221 | |
Pass | Commercial real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 55,525 | 43,320 | |
Pass | Commercial real estate - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 417,095 | 440,281 | |
Pass | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 890,220 | $ 939,822 | |
Percentage of Total Loans | 88.02% | 96.11% | |
Pass | Residential - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 18,419 | $ 25,067 | |
Pass | Residential - prime | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 147,721 | 150,664 | |
Pass | Residential, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 166,140 | $ 175,731 | |
Percentage of Total Loans | 97.58% | 97.81% | |
Special mention | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 23,104 | $ 4,861 | |
Special mention | Commercial real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 34 | 132 | |
Special mention | Commercial real estate - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 20,277 | 7,120 | |
Special mention | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 43,415 | $ 12,113 | |
Percentage of Total Loans | 4.29% | 1.24% | |
Special mention | Residential - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 0 | $ 0 | |
Special mention | Residential - prime | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 1,326 | 1,184 | |
Special mention | Residential, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 1,326 | $ 1,184 | |
Percentage of Total Loans | 0.78% | 0.66% | |
Substandard | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 41,521 | $ 5,541 | |
Substandard | Commercial real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 129 | 58 | |
Substandard | Commercial real estate - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 35,947 | 19,771 | |
Substandard | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 77,597 | $ 25,370 | |
Percentage of Total Loans | 7.67% | 2.60% | |
Substandard | Residential - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 172 | $ 0 | |
Substandard | Residential - prime | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 2,620 | 2,754 | |
Substandard | Residential, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 2,792 | $ 2,754 | |
Percentage of Total Loans | 1.64% | 1.53% | |
Doubtful | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 227 | $ 524 | |
Doubtful | Commercial real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 0 | 0 | |
Doubtful | Commercial real estate - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 0 | 0 | |
Doubtful | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 227 | $ 524 | |
Percentage of Total Loans | 0.02% | 0.05% | |
Performing | Consumer - credit card | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 5,721 | $ 5,995 | |
Performing | Consumer - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 107,022 | 112,893 | |
Performing | Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 4,790 | 4,857 | |
Performing | Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 1,746 | 2,748 | |
Performing | Consumer, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 119,279 | $ 126,493 | |
Percentage of Total Loans | 99.62% | 99.65% | |
Nonperforming | Consumer - credit card | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 38 | $ 17 | |
Nonperforming | Consumer - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 418 | 423 | |
Nonperforming | Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 0 | 0 | |
Nonperforming | Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 0 | 0 | |
Nonperforming | Consumer, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 456 | $ 440 | |
Percentage of Total Loans | 0.38% | 0.35% |
Credit Quality of Loans and A36
Credit Quality of Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)contract | Sep. 30, 2014contract | Sep. 30, 2015USD ($)contract | Sep. 30, 2014USD ($)contract | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||
Current | $ 18,000 | $ 18,000 | $ 176,000 | ||
Past Due Greater Than 30 Days | 150,000 | 150,000 | 0 | ||
Nonaccrual TDRs | 21,324,000 | 21,324,000 | 234,000 | ||
Total TDRs | $ 21,492,000 | $ 21,492,000 | 410,000 | ||
Pre-modified contracts identified as TDRs (contracts) | contract | 0 | 0 | 1 | 1 | |
Number of TDR defaulted (contracts) | contract | 1 | 0 | 1 | 0 | |
TDRs defaulted, amount | $ 21,100,000 | $ 21,100,000 | |||
Pre-modification balance identified as TDR | 21,400,000 | $ 1,200,000 | |||
Commitments to lend additional funds | 0 | 0 | |||
Commercial, financial and agricultural | |||||
Financing Receivable, Modifications [Line Items] | |||||
Current | 18,000 | 18,000 | 21,000 | ||
Past Due Greater Than 30 Days | 0 | 0 | 0 | ||
Nonaccrual TDRs | 21,324,000 | 21,324,000 | 234,000 | ||
Total TDRs | 21,342,000 | 21,342,000 | 255,000 | ||
Real estate – commercial | |||||
Financing Receivable, Modifications [Line Items] | |||||
Current | 0 | 0 | 155,000 | ||
Past Due Greater Than 30 Days | 150,000 | 150,000 | 0 | ||
Nonaccrual TDRs | 0 | 0 | 0 | ||
Total TDRs | $ 150,000 | $ 150,000 | $ 155,000 |
Intangibles (Details)
Intangibles (Details) - Core Deposit Intangible Assets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 11,674 | $ 11,674 |
Less accumulated amortization | (5,670) | (4,840) |
Net carrying amount | $ 6,004 | $ 6,834 |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of the Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other comprehensive income (loss): Securities available-for-sale: Before Tax Amount | ||||
Change in unrealized gains (losses) during period | $ 1,717 | $ (405) | $ 447 | $ 4,116 |
Reclassification adjustment for gains included in net income | 0 | 0 | (1,243) | (128) |
Total other comprehensive income (loss), before tax | 1,717 | (405) | (796) | 3,988 |
Other comprehensive income (loss): Securities available-for-sale: Tax Effect | ||||
Change in unrealized gains (losses) during period | (601) | 142 | (156) | (1,441) |
Reclassification adjustment for gains included in net income | 0 | 0 | 435 | 45 |
Total other comprehensive income (loss) | (601) | 142 | 279 | (1,396) |
Other comprehensive income (loss): Securities available-for-sale: Net of Tax Amount | ||||
Change in unrealized gains (losses) during period | 1,116 | (263) | 291 | 2,675 |
Reclassification adjustment for gains included in net income | 0 | 0 | (808) | (83) |
Total other comprehensive income (loss), net of tax | $ 1,116 | $ (263) | $ (517) | $ 2,592 |
Other Comprehensive Income - Re
Other Comprehensive Income - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on sale of securities, net | $ 0 | $ 0 | $ (1,243) | $ (128) |
Tax expense | 0 | 0 | 435 | 45 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on sale of securities, net | 0 | 0 | (1,243) | (128) |
Tax expense | 0 | 0 | 435 | 45 |
Net earnings | $ 0 | $ 0 | $ (808) | $ (83) |
Declaration of Dividends (Detai
Declaration of Dividends (Details) - $ / shares | Oct. 21, 2015 | Jul. 15, 2015 | Apr. 15, 2015 | Jan. 21, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Dividends Payable [Line Items] | ||||||||
Dividends on common stock (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.27 | $ 0.26 | |
Subsequent Event [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends on common stock (in dollars per share) | $ 0.09 | |||||||
Series C Preferred stock | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock dividend rate | 1.00% | 1.00% | 1.00% | |||||
Series C Preferred stock | Subsequent Event [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock dividend rate | 1.00% |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net earnings available to common shareholders | $ 2,417 | $ 4,298 | $ 8,662 | $ 14,922 |
Dividends on Series C preferred stock | 92 | 94 | 277 | 284 |
Adjusted net earnings available to common shareholders | $ 2,509 | $ 4,392 | $ 8,939 | $ 15,206 |
Weighted average number of common shares outstanding used in computation of basic earnings per common share | 11,312,000 | 11,314,000 | 11,321,000 | 11,283,000 |
Effect of dilutive securities: | ||||
Stock options (in shares) | 12,000 | 92,000 | 20,000 | 77,000 |
Convertible preferred stock and warrants (in shares) | 507,000 | 549,000 | 507,000 | 544,000 |
Weighted average number of common shares outstanding plus effect of dilutive securities - used in computation of diluted earnings per common share (in shares) | 11,831,000 | 11,955,000 | 11,848,000 | 11,904,000 |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 234,206 | 7,355 | 11,250 | 24,855 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets Recorded at Fair Value and Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount for selling costs | 10.00% | ||
Fair Value | $ 285,485 | $ 285,485 | $ 276,984 |
Recurring | Level 1 | |||
Available-for-sale securities: | |||
Obligations of state and political subdivisions | 0 | 0 | 0 |
GSE mortgage-backed securities | 0 | 0 | 0 |
Collateralized mortgage obligations: residential | 0 | 0 | 0 |
Collateralized mortgage obligations: commercial | 0 | 0 | 0 |
Mutual funds | 2,116 | 2,116 | 2,104 |
U.S. Government sponsored enterprises | 0 | ||
Other asset-backed securities | 0 | ||
Collateralized debt obligation | 0 | ||
Recurring | Level 2 | |||
Available-for-sale securities: | |||
Obligations of state and political subdivisions | 37,431 | 37,431 | 44,605 |
GSE mortgage-backed securities | 91,739 | 91,739 | 109,103 |
Collateralized mortgage obligations: residential | 148,582 | 148,582 | 60,839 |
Collateralized mortgage obligations: commercial | 5,617 | 5,617 | 24,545 |
Mutual funds | 0 | 0 | 0 |
U.S. Government sponsored enterprises | 10,227 | ||
Other asset-backed securities | 24,343 | ||
Collateralized debt obligation | 1,218 | ||
Recurring | Level 3 | |||
Available-for-sale securities: | |||
Obligations of state and political subdivisions | 0 | 0 | 0 |
GSE mortgage-backed securities | 0 | 0 | 0 |
Collateralized mortgage obligations: residential | 0 | 0 | 0 |
Collateralized mortgage obligations: commercial | 0 | 0 | 0 |
Mutual funds | 0 | 0 | 0 |
U.S. Government sponsored enterprises | 0 | ||
Other asset-backed securities | 0 | ||
Collateralized debt obligation | 0 | ||
Nonrecurring | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Impaired loans | 14,966 | 14,966 | 5,051 |
Other real estate | 4,661 | 4,661 | 4,234 |
Nonrecurring | Level 1 | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Impaired loans | 0 | 0 | 0 |
Other real estate | 0 | 0 | 0 |
Nonrecurring | Level 2 | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Impaired loans | 14,966 | 14,966 | 5,051 |
Other real estate | 4,661 | 4,661 | 4,234 |
Nonrecurring | Level 3 | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Impaired loans | 0 | 0 | 0 |
Other real estate | 0 | 0 | 0 |
Obligations of state and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 37,431 | 37,431 | 44,605 |
Obligations of state and political subdivisions | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 37,431 | 37,431 | 44,605 |
GSE mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 91,739 | 91,739 | 109,103 |
GSE mortgage-backed securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 91,739 | 91,739 | 109,103 |
Collateralized mortgage obligations: residential | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 148,582 | 148,582 | 60,839 |
Collateralized mortgage obligations: residential | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 148,582 | 148,582 | 60,839 |
Collateralized mortgage obligations: commercial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 5,617 | 5,617 | 24,545 |
Collateralized mortgage obligations: commercial | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 5,617 | 5,617 | 24,545 |
Mutual funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 2,116 | 2,116 | 2,104 |
Mutual funds | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 2,116 | $ 2,116 | 2,104 |
U.S. Government sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 10,227 | ||
U.S. Government sponsored enterprises | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 10,227 | ||
Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 24,343 | ||
Other asset-backed securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 24,343 | ||
Collateralized debt obligation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 1,218 | ||
Collateralized debt obligation | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 1,218 | ||
Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Period when new appraisals are received | 28 days | ||
Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Period when new appraisals are received | 42 days |
Fair Value Measurement - Limita
Fair Value Measurement - Limitations (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financial assets [Abstract] | ||
Securities available-for-sale | $ 285,485 | $ 276,984 |
Securities held-to-maturity | 122,488 | 141,593 |
Financial liabilities [Abstract] | ||
Long-term Federal Home Loan Bank advances | 25,958 | 26,277 |
Carrying Value | ||
Financial assets [Abstract] | ||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 125,437 | 86,872 |
Securities available-for-sale | 285,485 | 276,984 |
Securities held-to-maturity | 121,043 | 141,201 |
Other investments | 12,063 | 9,990 |
Loans, net | 1,282,513 | 1,273,205 |
Cash surrender value of life insurance policies | 13,548 | 13,659 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 406,118 | 390,863 |
Interest-bearing deposits | 1,137,303 | 1,194,371 |
Securities sold under agreements to repurchase | 92,085 | 62,098 |
Short-term Federal Home Loan Bank advances | 70,000 | 25,000 |
Long-term Federal Home Loan Bank advances | 25,958 | 26,277 |
Junior subordinated debentures | 22,167 | 22,167 |
Fair Value | Level 1 | ||
Financial assets [Abstract] | ||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 125,437 | 86,872 |
Securities available-for-sale | 2,116 | 2,104 |
Securities held-to-maturity | 0 | 0 |
Other investments | 12,063 | 9,990 |
Loans, net | 0 | 0 |
Cash surrender value of life insurance policies | 0 | 0 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Securities sold under agreements to repurchase | 92,085 | 62,098 |
Short-term Federal Home Loan Bank advances | 0 | 0 |
Long-term Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Fair Value | Level 2 | ||
Financial assets [Abstract] | ||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 0 | 0 |
Securities available-for-sale | 283,369 | 274,880 |
Securities held-to-maturity | 122,488 | 141,593 |
Other investments | 0 | 0 |
Loans, net | 14,966 | 5,051 |
Cash surrender value of life insurance policies | 13,548 | 13,659 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 406,118 | 390,863 |
Interest-bearing deposits | 918,792 | 943,255 |
Securities sold under agreements to repurchase | 0 | 0 |
Short-term Federal Home Loan Bank advances | 70,000 | 25,000 |
Long-term Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 22,167 | 22,167 |
Fair Value | Level 3 | ||
Financial assets [Abstract] | ||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Other investments | 0 | 0 |
Loans, net | 1,282,506 | 1,277,882 |
Cash surrender value of life insurance policies | 0 | 0 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 218,328 | 251,291 |
Securities sold under agreements to repurchase | 0 | 0 |
Short-term Federal Home Loan Bank advances | 0 | 0 |
Long-term Federal Home Loan Bank advances | 26,956 | 27,193 |
Junior subordinated debentures | $ 0 | $ 0 |